Morgan Stanley Pathway Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06318

MORGAN STANLEY PATHWAY FUNDS

(Exact name of registrant as specified in charter)

2000 Westchester Avenue

Purchase, NY 10577

(Address of principal executive offices)(Zip code)

CT Corp

155 Federal Street, Suite 700

Boston, MA 02110

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2021

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Morgan Stanley

Pathway Funds

Semi-Annual Report

» February 28, 2021

• Large Cap Equity Fund

• Small-Mid Cap Equity Fund

• International Equity Fund

• Emerging Markets Equity Fund

• Core Fixed Income Fund

• High Yield Fund

• International Fixed Income Fund

• Municipal Bond Fund

• Inflation-Linked Fixed Income Fund

��� Ultra-Short Term Fixed Income Fund

• Alternative Strategies Fund

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

Table of Contents

SHAREHOLDER LETTER	I
FUND EXPENSES	1
SCHEDULESOF INVESTMENTS
LARGE CAP EQUITY FUND	3
SMALL-MID CAP EQUITY FUND	27
INTERNATIONAL EQUITY FUND	80
EMERGING MARKETS EQUITY FUND	106
CORE FIXED INCOME FUND	133
HIGH YIELD FUND	186
INTERNATIONAL FIXED INCOME FUND	211
MUNICIPAL BOND FUND	236
INFLATION-LINKED FIXED INCOME FUND	242
ULTRA-SHORT TERM FIXED INCOME FUND	254
ALTERNATIVE STRATEGIES FUND	268
STATEMENTSOF ASSETSAND LIABILITIES	272
STATEMENTSOF OPERATIONS	274
STATEMENTSOF CHANGESIN NET ASSETS	276
STATEMENTSOF CASH FLOWS	280
FINANCIAL HIGHLIGHTS	281
NOTESTO FINANCIAL STATEMENTS	292
BOARD APPROVALOF MANAGEMENT AGREEMENTAND INVESTMENT ADVISORY AGREEMENTS	330
ADDITIONAL INFORMATION	337
IMPORTANT TAX INFORMATION	342

Morgan Stanley Pathway Funds

DEAR SHAREHOLDER,

The Large Cap Equity Fund gained 12.39% during the six-month period ending February 28, 2021. This compares to the Russell 1000^® Index ⁱ which gained 11.78% and the Lipper Large-Cap Core Funds Average ^xii investment category which gained 10.23% during the same period. Both sector positioning and stock selection added value relative to the benchmark. Top contributors included Information Technology and Industrials while the top detractors included Financials and Consumer Discretionary.

The Small-Mid Cap Equity Fund gained 30.36% during the six-month period ending February 28, 2021. This compares to the Russell 2500^® Index ⁱⁱ which gained 35.45% and the Lipper Small-Cap Core Funds Average ^xiii investment category which gained 38.38% during the same period. Both sector positioning and stock selection detracted from performance relative to the benchmark. The top contributor was Information Technology while the top detractors included Health Care and Industrials.

The International Equity Fund gained 17.15% during the six-month period ending February 28, 2021. This compares to the MSCI EAFE^® Index (Net) ⁱⁱⁱ which gained 14.33% and the Lipper International Large-Cap Core Funds Average ^xiv investment category which gained 15.18% during the same period. Both sector positioning and stock selection added value relative to the benchmark. Top contributors included Industrials and Information Technology while the top detractors included Materials and Real Estate.

The Emerging Markets Equity Fund gained 22.05% during the six-month period ending February 28, 2021. This compares to the MSCI Emerging Markets Index (Net) ^iv which gained 22.32% and the Lipper Emerging Markets Funds Average ^xv investment category which gained 22.73% during the same period. Sector positioning was neutral while stock selection added value relative to the benchmark. Top contributors included Financials and Health Care while top detractors included Industrials and Consumer Discretionary.

The Core Fixed Income Fund declined 1.19% during the six-month period ending February 28, 2021. This compares to the Bloomberg Barclays U.S. Aggregate Bond^TM Index ^vi which declined 1.55% and the Lipper Core Bond Funds Average ^xvii investment category which declined 0.55% during the same period.

The High Yield Fund gained 5.39% during the six-month period ending February 28, 2021. This compares to the Bloomberg Barclays U.S. Corporate High Yield Bond Index ^viii which gained 6.09% and the Lipper High Yield Funds Average ^xix investment category which gained 6.04% during the same period.

The International Fixed Income Fund gained 0.85% during the six-month period ending February 28, 2021. This compares to the FTSE Non-USD World Government Bond Index (USD) Hedged ^x which declined 0.80% and the Lipper International Income Funds Average ^xxi investment category which gained 1.18% during the same period.

The Municipal Bond Fund gained 0.94% during the six-month period ending February 28, 2021. This compares to the Bloomberg Barclays U.S. Municipal Bond Index ^vii which gained 0.86% and the Lipper General & Insured Municipal Debt Funds Average ^xviii investment category which gained 1.64% during the same period.

The Inflation-Linked Fixed Income Fund declined 0.21% during the six-month period ending February 28, 2021. This compares to the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index ^ix which declined 0.06% and the Lipper Inflation Protected Bond Funds Average ^xx investment category which gained 1.11% during the same period.

The Ultra-Short Term Fixed Income Fund gained 0.61% during the six-month period ending February 28, 2021. This compares to the FTSE 3-Month U.S. Treasury Bill Index ^v which gained 0.05% and the Lipper Ultra-Short Obligations Funds Average ^xvi investment category which gained 0.50% during the same period.

I

The Alternative Strategies Fund gained 6.07% during the six-month period ending February 28, 2021. This compares to the HFRX Global Hedge Fund Index ^xi which gained 6.34% and the Lipper Alternative Multi-Strategy Funds Average ^xxii investment category which gained 5.47% during the same period.

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

Sincerely,

Paul Ricciardelli

Chief Executive Officer

II

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

Index Definitions

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

ii. The Russell 2500^® Index measures the performance of the 2,500 smallest companies in the Russell 3000^® Index. Please note that an investor cannot invest directly in an index.

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

iv. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index (Net) consists of the following 21 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Because the index is not a managed portfolio, there are no advisory fees or internal management expenses reflected in the index’s performance. Please note that an investor cannot invest directly in an index.

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

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

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

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

ix. The Bloomberg Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index — The Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 / BBB- or better), have at least one year to final maturity, and at least $250 million par amount outstanding.

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

xi. The HFRX Global Hedge Fund Index — is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, even driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.

xii. The Lipper Large-Cap Core Funds Average — Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite^® 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.

xiii. The Lipper Small-Cap Core Funds Average — Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite^® 1500 Index. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P Small Cap 600 Index.

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

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

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

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

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

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

III

xx. The Lipper Inflation Protected Bond Funds Average — These are equally weighted total returns using all the active funds available within the category Lipper analytical averages are an average of all funds in the specified investment objective’s universe. Averages include all funds in the group in existence for the period. The number of component funds always changes. Inflation protected bond funds invest primarily in inflation-indexed fixed income securities issued in the United States. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation.

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

xxii. The Lipper Alternative Multi-Strategy Funds Average is an equally weighted average of all active funds available within the investment category. The classification includes funds who by their prospectus language seek total return through the management of several different hedge-like strategies. These funds are typically quantitatively driven to measure the existing relationship between instruments, and in some cases to identify positions in which the risk-adjusted spread between these instruments represents an opportunity for the investment manager.

IV

Risk Considerations

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

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

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

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

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

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

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

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

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

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

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

V

Performance of the Morgan Staley Pathway Funds For the Six Months Ended February 28, 2021†* (unaudited)
Large Cap Equity Fund	12.39	%
Russell 1000® Index (1)	11.78
Small-Mid Cap Equity Fund	30.36
Russell 2500® Index (2)	35.45
International Equity Fund	17.15
MSCI EAFE® Index (Net) (3)	14.33
Emerging Markets Equity Fund	22.05
MSCI Emerging Markets Value Index (Net) (4)	22.32
Core Fixed Income Fund	-1.19
Bloomberg Barclays U.S. Aggregate BondTM Index (5)	-1.55
High Yield Fund	5.39
Bloomberg Barclays U.S. Corporate High Yield Bond Index (6)	6.09
International Fixed Income Fund	0.85
FTSE Non-USD World Government Bond Index (USD) Hedged (7)	-0.80
Municipal Bond Fund	0.94
Bloomberg Barclays U.S. Municipal Bond Index (8)	0.86
Inflation-Linked Fixed Income Fund	-0.21
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (9)	-0.06
Ultra-Short Term Fixed Income Fund	0.61
FTSE 3-Month U.S. Treasury Bill Index (10)	0.05
Alternative Strategies Fund	6.07
HFRX Global Hedge Fund Index (11)	6.34

See pages VII through VIII for all footnotes.

VI

FOOTNOTES

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

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

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

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

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

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

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

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

7. The FTSE Non-USD World Government Bond Index (USD) Hedged and Unhedged are each sub-indices of the FTSE World Government Bond Index

VII

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

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

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

10. The FTSE 3-Month U.S. Treasury Bill Index — Equal dollar amounts of three- month Treasury bills are purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new three-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the index. The index is rebalanced monthly by market capitalization. Please note that an investor cannot invest directly in an index.

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

VIII

Fund Expenses

(unaudited)

Example

As a shareholder of a Fund, you may incur two types of costs: (1) annual advisory program fees, which may be up to 2.00%; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested on September 1, 2020 and held for the six months ended February 28, 2021.

Actual Expenses

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

Based on Actual Total Return(1)
Fund	Total Return Without Annual Advisory Program Fees(2)			Beginning Account Value			Ending Account Value			Annualized Expense Ratios			Expense Paid During the Period(3)
Large Cap Equity Fund		12.39	%		$	1,000.00		$	1,123.90		0.48	%		$	2.53
Small-Mid Cap Equity Fund		30.36	%			1,000.00			1,303.60		0.58	%			3.31
International Equity Fund		17.15	%			1,000.00			1,171.50		0.71	%			3.82
Emerging Markets Equity Fund		22.05	%			1,000.00			1,220.50		0.80	%			4.40
Core Fixed Income Fund		-1.19	%			1,000.00			988.10		0.56	%			2.76
High Yield Fund		5.39	%			1,000.00			1,053.90		0.77	%			3.92
International Fixed Income Fund		0.85	%			1,000.00			1,008.50		0.97	%			4.83
Municipal Bond Fund		0.94	%			1,000.00			1,009.40		0.78	%			3.89
Inflation-Linked Fixed Income Fund		-0.21	%			1,000.00			997.90		0.92	%			4.56
Ultra-Short Term Fixed Income Fund		0.61	%			1,000.00			1,006.10		0.64	%			3.18
Alternative Strategies Fund		6.07	%			1,000.00			1,060.70		0.63	%			3.22

(1) For the six months ended February 28, 2021.

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

(3) Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, then divided by 365 (to reflect the one-half year period).

1

Fund Expenses

(unaudited) (continued)

Hypothetical Example for Comparison Purposes

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

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

Based on Hypothetical Total Return(1)
Fund	Hypothetical Annualized Total Return			Beginning Account Value			Ending Account Value			Annualized Expense Ratios			Expense Paid During the Period(2)
Large Cap Equity Fund		5.00	%		$	1,000.00		$	1,023.51		0.48	%		$	2.41
Small-Mid Cap Equity Fund		5.00	%			1,000.00			1,021.92		0.58	%			2.91
International Equity Fund		5.00	%			1,000.00			1,021.27		0.71	%			3.56
Emerging Markets Equity Fund		5.00	%			1,000.00			1,020.83		0.80	%			4.01
Core Fixed Income Fund		5.00	%			1,000.00			1,022.02		0.56	%			2.81
High Yield Fund		5.00	%			1,000.00			1,020.98		0.77	%			3.86
International Fixed Income Fund		5.00	%			1,000.00			1,019.98		0.97	%			4.86
Municipal Bond Fund		5.00	%			1,000.00			1,020.93		0.78	%			3.91
Inflation-Linked Fixed Income Fund		5.00	%			1,000.00			1,020.23		0.92	%			4.61
Ultra-Short Term Fixed Income Fund		5.00	%			1,000.00			1,021.62		0.64	%			3.21
Alternative Strategies Fund		5.00	%			1,000.00			1,021.67		0.63	%			3.16

(1) For the six months ended February 28, 2021.

(2) Expenses (net of fee waivers and/or expense reimbursements) are equal to each Fund’s respective annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (181 days) in the most recent fiscal half-year, then divided by 365 (to reflect the one-half year period).

2

Schedules of Investments

February 28, 2021 (unaudited)

Large Cap Equity Fund
Shares/Units		Security	Value
	COMMON STOCKS — 96.1%
	COMMUNICATION SERVICES — 9.4%
	Diversified Telecommunication Services — 1.4%
	322,437	AT&T Inc.	$	8,992,768
	182,050	Liberty Global PLC, Class C Shares*		4,423,815
	31,611	Lumen Technologies Inc.		388,499
	241,397	Verizon Communications Inc.		13,349,254
		Total Diversified Telecommunication Services		27,154,336
	Entertainment — 2.0%
	62,307	Activision Blizzard Inc.		5,957,172
	16,946	Electronic Arts Inc.		2,270,256
	736	Liberty Media Corp-Liberty Formula One, Class A Shares*		28,535
	5,725	Liberty Media Corp-Liberty Formula One, Class C Shares*		251,327
	1,492	Lions Gate Entertainment Corp., Class A Shares*(a)		21,664
	3,040	Lions Gate Entertainment Corp., Class B Shares*		38,122
	4,098	Live Nation Entertainment Inc.*		364,148
	579	Madison Square Garden Entertainment Corp.*		62,399
	579	Madison Square Garden Sports Corp., Class A Shares*		111,371
	11,902	Netflix Inc.*		6,413,393
	3,028	Roku Inc., Class A Shares*		1,197,513
	3,661	Spotify Technology SA*		1,125,318
	3,256	Take-Two Interactive Software Inc.*		600,602
	112,310	Walt Disney Co. (The)*		21,231,082
	1,268	World Wrestling Entertainment Inc., Class A Shares		62,639
	25,191	Zynga Inc., Class A Shares*		280,880
		Total Entertainment		40,016,421
	Interactive Media & Services — 4.6%
	15,773	Alphabet Inc., Class A Shares*		31,891,586
	8,132	Alphabet Inc., Class C Shares*		16,563,745
	132,672	Facebook Inc., Class A Shares*		34,178,961
	2,002	IAC/InterActiveCorp*		490,150
	27,247	Match Group Inc.*		4,164,704
	11,099	Pinterest Inc., Class A Shares*		894,357
	2,245	TripAdvisor Inc.*		111,397
	21,645	Twitter Inc.*		1,667,964
	1,606	Zillow Group Inc., Class A Shares*		272,731
	4,054	Zillow Group Inc., Class C Shares*		654,032
		Total Interactive Media & Services		90,889,627
	Media — 1.3%
	8,372	Altice USA Inc., Class A Shares*(a)		281,383
	152	Cable One Inc.		291,057
	4,025	Charter Communications Inc., Class A Shares*		2,469,015
	321,819	Comcast Corp., Class A Shares		16,966,298
	4,910	Discovery Inc., Class A Shares*(a)		260,377
	8,617	Discovery Inc., Class C Shares*		387,765
	6,079	DISH Network Corp., Class A Shares*		191,549
	9,781	Fox Corp., Class A Shares		325,805
	4,646	Fox Corp., Class B Shares		148,347
	11,224	Interpublic Group of Cos., Inc. (The)		293,171
	1,295	John Wiley & Sons Inc., Class A Shares		68,221
	423	Liberty Broadband Corp., Class A Shares*		61,487
	4,568	Liberty Broadband Corp., Class C Shares*		682,962
	2,263	Liberty Media Corp-Liberty SiriusXM, Class A Shares*		100,500
	5,012	Liberty Media Corp-Liberty SiriusXM, Class C Shares*		221,129

See Notes to Financial Statements.

3

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	COMMUNICATION SERVICES — 9.4% — (continued)
	Media — 1.3% — (continued)
	4,703	New York Times Co. (The), Class A Shares	$	240,652
	11,208	News Corp., Class A Shares		262,828
	3,589	News Corp., Class B Shares		82,260
	1,235	Nexstar Media Group Inc., Class A Shares		169,874
	5,541	Omnicom Group Inc.		380,833
	28,654	Sirius XM Holdings Inc.(a)		167,626
	181	ViacomCBS Inc., Class A Shares		11,631
	15,181	ViacomCBS Inc., Class B Shares		979,023
		Total Media		25,043,793
	Wireless Telecommunication Services — 0.1%
	2,906	Telephone & Data Systems Inc.		51,988
	15,319	T-Mobile US Inc.*		1,837,821
	446	United States Cellular Corp.*		13,126
		Total Wireless Telecommunication Services		1,902,935
		TOTAL COMMUNICATION SERVICES		185,007,112
	CONSUMER DISCRETIONARY — 12.6%
	Auto Components — 0.3%
	39,139	Adient PLC*		1,451,274
	27,790	Aptiv PLC*		4,164,054
	7,002	BorgWarner Inc.		315,090
	6,195	Gentex Corp.		219,179
	1,666	Lear Corp.		276,706
		Total Auto Components		6,426,303
	Automobiles — 0.9%
	108,937	Ford Motor Co.*		1,274,563
	34,717	General Motors Co.		1,782,024
	4,418	Harley-Davidson Inc.		157,590
	21,176	Tesla Inc.*		14,304,388
	1,593	Thor Industries Inc.(a)		186,476
		Total Automobiles		17,705,041
	Distributors — 0.3%
	3,964	Genuine Parts Co.		417,608
	103,835	LKQ Corp.*		4,090,061
	1,120	Pool Corp.		374,942
		Total Distributors		4,882,611
	Diversified Consumer Services — 0.2%
	1,757	Bright Horizons Family Solutions Inc.*		280,523
	3,498	Chegg Inc.*		337,662
	2,473	frontdoor Inc.*		129,511
	120	Graham Holdings Co., Class B Shares		72,099
	1,056	Grand Canyon Education Inc.*		110,553
	5,433	H&R Block Inc.		104,476
	17,154	New Oriental Education & Technology Group Inc., ADR*		3,046,893
	4,868	Service Corp. International		232,496
	3,766	Terminix Global Holdings Inc.*		169,508
		Total Diversified Consumer Services		4,483,721
	Hotels, Restaurants & Leisure — 1.4%
	5,718	Aramark		212,252
	13,333	Carnival Corp.*		356,658
	805	Chipotle Mexican Grill Inc., Class A Shares*		1,160,810

See Notes to Financial Statements.

4

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 12.6% — (continued)
	Hotels, Restaurants & Leisure — 1.4% — (continued)
	983	Choice Hotels International Inc.	$	103,087
	3,682	Darden Restaurants Inc.		505,649
	1,126	Domino’s Pizza Inc.		390,170
	5,326	Extended Stay America Inc.		85,695
	7,453	Hilton Worldwide Holdings Inc.*		921,787
	1,062	Hyatt Hotels Corp., Class A Shares*		93,403
	9,597	Las Vegas Sands Corp.		600,772
	7,483	Marriott International Inc., Class A Shares*		1,108,008
	53,680	McDonald’s Corp.		11,065,595
	12,848	MGM Resorts International		485,526
	8,825	Norwegian Cruise Line Holdings Ltd.*(a)		260,867
	2,292	Planet Fitness Inc., Class A Shares*		197,318
	5,123	Royal Caribbean Cruises Ltd.		477,822
	2,187	Six Flags Entertainment Corp.		97,540
	66,036	Starbucks Corp.		7,133,869
	2,593	Travel + Leisure Co.		156,695
	1,020	Vail Resorts Inc.		315,364
	5,249	Wendy’s Co. (The)		107,237
	2,649	Wyndham Hotels & Resorts Inc.		172,927
	2,828	Wynn Resorts Ltd.*		372,533
	11,576	Yum China Holdings Inc.		692,708
	8,681	Yum! Brands Inc.		898,744
		Total Hotels, Restaurants & Leisure		27,973,036
	Household Durables — 0.4%
	8,813	DR Horton Inc.		677,455
	4,071	Garmin Ltd.		504,885
	3,928	Leggett & Platt Inc.		169,965
	7,820	Lennar Corp., Class A Shares		648,825
	460	Lennar Corp., Class B Shares		30,434
	1,678	Mohawk Industries Inc.*		293,633
	11,081	Newell Brands Inc.		256,747
	90	NVR Inc.*		405,076
	7,708	PulteGroup Inc.		347,708
	5,228	Tempur Sealy International Inc.		174,667
	3,332	Toll Brothers Inc.		177,995
	26,745	Whirlpool Corp.		5,083,690
		Total Household Durables		8,771,080
	Internet & Direct Marketing Retail — 4.5%
	11,160	Alibaba Group Holding Ltd., ADR*		2,653,402
	19,231	Amazon.com Inc.*		59,480,137
	5,118	Booking Holdings Inc.*		11,917,314
	29,681	Chewy Inc., Class A Shares*(a)		3,014,402
	121,357	eBay Inc.		6,846,962
	3,410	Etsy Inc.*		751,121
	3,906	Expedia Group Inc.		628,866
	2,656	Grubhub Inc.*		170,170
	182,879	Qurate Retail Inc., Class A Shares		2,271,357
	1,878	Wayfair Inc., Class A Shares*(a)		542,704
		Total Internet & Direct Marketing Retail		88,276,435
	Leisure Products — 0.2%
	15,884	Brunswick Corp.		1,403,669
	3,675	Hasbro Inc.		344,384

See Notes to Financial Statements.

5

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 12.6% — (continued)
	Leisure Products — 0.2% — (continued)
	10,435	Mattel Inc.*	$	210,787
	7,271	Peloton Interactive Inc., Class A Shares*		875,938
	1,678	Polaris Inc.		197,601
		Total Leisure Products		3,032,379
	Multiline Retail — 0.9%
	7,145	Dollar General Corp.		1,350,334
	139,021	Dollar Tree Inc.*		13,651,862
	3,945	Kohl’s Corp.		217,961
	3,084	Nordstrom Inc.		112,412
	1,517	Ollie’s Bargain Outlet Holdings Inc.*		125,426
	13,960	Target Corp.		2,560,822
		Total Multiline Retail		18,018,817
	Specialty Retail — 2.6%
	17,754	Advance Auto Parts Inc.		2,846,854
	1,577	AutoNation Inc.*		118,306
	637	AutoZone Inc.*		738,869
	6,242	Best Buy Co., Inc.		626,385
	1,851	Burlington Stores Inc.*		479,076
	4,354	CarMax Inc.*		520,347
	1,579	Carvana Co., Class A Shares*		447,646
	1,860	Dick’s Sporting Goods Inc.		132,748
	1,539	Five Below Inc.*		286,439
	2,752	Floor & Decor Holdings Inc., Class A Shares*		261,688
	2,989	Foot Locker Inc.		143,741
	4,908	Gap Inc. (The)*		122,455
	45,111	Home Depot Inc. (The)		11,653,976
	6,494	L Brands Inc.*		354,962
	1,440	Leslie’s Inc.*(a)		34,963
	10,156	Lithia Motors Inc., Class A Shares		3,797,836
	107,608	Lowe’s Cos., Inc.		17,190,378
	1,998	O’Reilly Automotive Inc.*		893,765
	992	Penske Automotive Group Inc.		67,436
	9,606	Ross Stores Inc.		1,120,444
	33,434	TJX Cos., Inc. (The)		2,206,310
	15,210	Tractor Supply Co.		2,417,782
	13,152	Ulta Beauty Inc.*		4,239,284
	674	Vroom Inc.*(a)		29,824
	2,219	Williams-Sonoma Inc.		291,332
		Total Specialty Retail		51,022,846
	Textiles, Apparel & Luxury Goods — 0.9%
	4,130	Capri Holdings Ltd.*		192,747
	1,319	Carter’s Inc.		110,097
	843	Columbia Sportswear Co.		86,888
	163,983	Hanesbrands Inc.		2,900,859
	3,204	lululemon athletica Inc.*		998,623
	80,222	NIKE Inc., Class B Shares		10,812,321
	1,699	PVH Corp.		169,832
	1,341	Ralph Lauren Corp., Class A Shares		157,004
	4,004	Skechers USA Inc., Class A Shares*(a)		146,547
	7,988	Tapestry Inc.		336,614
	5,350	Under Armour Inc., Class A Shares*		117,112
	5,519	Under Armour Inc., Class C Shares*		100,446

See Notes to Financial Statements.

6

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 12.6% — (continued)
	Textiles, Apparel & Luxury Goods — 0.9% — (continued)
	8,818	VF Corp.	$	697,768
		Total Textiles, Apparel & Luxury Goods		16,826,858
		TOTAL CONSUMER DISCRETIONARY		247,419,127
	CONSUMER STAPLES — 4.9%
	Beverages — 0.9%
	26,460	Anheuser-Busch InBev SA, ADR(a)		1,527,536
	257	Boston Beer Co., Inc. (The), Class A Shares*		264,378
	1,309	Brown-Forman Corp., Class A Shares		87,166
	5,219	Brown-Forman Corp., Class B Shares		373,576
	108,256	Coca-Cola Co. (The)		5,303,461
	4,390	Constellation Brands Inc., Class A Shares		940,075
	12,325	Keurig Dr Pepper Inc.		376,159
	5,042	Molson Coors Beverage Co., Class B Shares		224,117
	40,890	Monster Beverage Corp.*		3,587,689
	38,874	PepsiCo Inc.		5,022,132
		Total Beverages		17,706,289
	Food & Staples Retailing — 1.2%
	1,113	Albertsons Cos., Inc., Class A Shares(a)		17,997
	1,063	Casey’s General Stores Inc.		214,684
	30,752	Costco Wholesale Corp.		10,178,912
	2,060	Grocery Outlet Holding Corp.*		74,139
	21,543	Kroger Co. (The)		693,900
	3,487	Sprouts Farmers Market Inc.*		73,611
	71,863	Sysco Corp.		5,722,451
	5,735	US Foods Holding Corp.*		209,098
	20,094	Walgreens Boots Alliance Inc.		963,105
	39,158	Walmart Inc.		5,087,407
		Total Food & Staples Retailing		23,235,304
	Food Products — 1.6%
	149,845	Archer-Daniels-Midland Co.		8,478,230
	1,280	Beyond Meat Inc.*(a)		186,214
	3,918	Bunge Ltd.		300,040
	5,118	Campbell Soup Co.		232,767
	223,285	Conagra Brands Inc.		7,576,060
	4,855	Flowers Foods Inc.		105,596
	17,059	General Mills Inc.		938,416
	1,774	Hain Celestial Group Inc. (The)*		74,827
	4,263	Hershey Co. (The)		620,906
	7,192	Hormel Foods Corp.(a)		333,493
	1,923	Ingredion Inc.		173,455
	3,191	J.M. Smucker Co. (The)		357,392
	7,132	Kellogg Co.		411,588
	18,820	Kraft Heinz Co. (The)		684,672
	4,216	Lamb Weston Holdings Inc.		336,310
	6,955	McCormick & Co., Inc.		586,167
	179,279	Mondelez International Inc., Class A Shares		9,530,472
	1,576	Pilgrim’s Pride Corp.*		35,287
	1,623	Post Holdings Inc.*		155,905
	8	Seaboard Corp.		26,505
	1,644	TreeHouse Foods Inc.*		82,233
	8,074	Tyson Foods Inc., Class A Shares		546,368
		Total Food Products		31,772,903
	Household Products — 0.7%
	7,105	Church & Dwight Co., Inc.		559,519

See Notes to Financial Statements.

7

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER STAPLES — 4.9% — (continued)
	Household Products — 0.7% — (continued)
	3,646	Clorox Co. (The)	$	660,108
	23,523	Colgate-Palmolive Co.		1,768,930
	1,937	Energizer Holdings Inc.		80,967
	9,429	Kimberly-Clark Corp.		1,210,023
	68,411	Procter & Gamble Co. (The)		8,450,811
	1,441	Reynolds Consumer Products Inc.		39,786
	1,140	Spectrum Brands Holdings Inc.		88,407
		Total Household Products		12,858,551
	Personal Products — 0.2%
	8,462	Coty Inc., Class A Shares*		64,904
	16,389	Estee Lauder Cos., Inc. (The), Class A Shares		4,684,959
	2,445	Herbalife Nutrition Ltd.*		109,976
	1,422	Nu Skin Enterprises Inc., Class A Shares		72,778
		Total Personal Products		4,932,617
	Tobacco — 0.3%
	51,908	Altria Group Inc.		2,263,189
	43,524	Philip Morris International Inc.		3,656,886
		Total Tobacco		5,920,075
		TOTAL CONSUMER STAPLES		96,425,739
	ENERGY — 2.1%
	Energy Equipment & Services — 0.1%
	18,967	Baker Hughes Co., Class A Shares		464,312
	25,033	Halliburton Co.		546,470
	3,038	Helmerich & Payne Inc.		87,282
	10,988	NOV Inc.		165,919
	38,948	Schlumberger NV		1,087,039
		Total Energy Equipment & Services		2,351,022
	Oil, Gas & Consumable Fuels — 2.0%
	8,284	Antero Midstream Corp.		73,065
	9,979	Apache Corp.		196,886
	11,326	Cabot Oil & Gas Corp.		209,644
	6,685	Cheniere Energy Inc.*		450,502
	53,784	Chevron Corp.		5,378,400
	2,850	Cimarex Energy Co.		165,271
	240,936	ConocoPhillips		12,531,081
	636	Continental Resources Inc.*(a)		15,378
	16,792	Devon Energy Corp.		361,700
	4,548	Diamondback Energy Inc.		315,085
	16,185	EOG Resources Inc.		1,044,904
	7,745	EQT Corp.*		137,784
	12,196	Equitrans Midstream Corp.		88,177
	118,415	Exxon Mobil Corp.		6,438,224
	7,935	Hess Corp.		519,981
	4,600	HollyFrontier Corp.		174,248
	56,283	Kinder Morgan Inc.		827,360
	21,936	Marathon Oil Corp.		243,490
	17,909	Marathon Petroleum Corp.		978,190
	4,392	Murphy Oil Corp.		71,721
	22,917	Occidental Petroleum Corp.		609,821
	12,676	ONEOK Inc.		561,420
	12,091	Phillips 66		1,004,158
	5,572	Pioneer Natural Resources Co.		827,832
	160,317	Suncor Energy Inc.		3,183,896

See Notes to Financial Statements.

8

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	ENERGY — 2.1% — (continued)
	Oil, Gas & Consumable Fuels — 2.0% — (continued)
	6,521	Targa Resources Corp.	$	201,694
	11,178	Valero Energy Corp.		860,482
	33,180	Williams Cos., Inc. (The)		757,831
		Total Oil, Gas & Consumable Fuels		38,228,225
		TOTAL ENERGY		40,579,247
	FINANCIALS — 9.7%
	Banks — 2.6%
	4,563	Associated Banc-Corp.		91,944
	216,971	Bank of America Corp.		7,531,063
	1,161	Bank of Hawaii Corp.		101,588
	3,881	Bank OZK		159,975
	973	BOK Financial Corp.		83,736
	58,283	Citigroup Inc.		3,839,684
	11,312	Citizens Financial Group Inc.		491,393
	3,932	Comerica Inc.		267,769
	3,050	Commerce Bancshares Inc.		225,792
	1,428	Cullen/Frost Bankers Inc.		149,083
	4,072	East West Bancorp Inc.		293,836
	20,355	Fifth Third Bancorp		706,115
	136	First Citizens BancShares Inc., Class A Shares		100,353
	2,988	First Hawaiian Inc.		83,335
	12,429	First Horizon Corp.		201,350
	4,921	First Republic Bank		810,735
	10,165	FNB Corp.		120,252
	27,987	Huntington Bancshares Inc.		429,321
	85,096	JPMorgan Chase & Co.		12,523,578
	27,051	KeyCorp		544,807
	3,435	M&T Bank Corp.		518,479
	3,217	PacWest Bancorp		116,584
	12,217	People’s United Financial Inc.		219,173
	1,816	Pinnacle Financial Partners Inc.		147,405
	12,061	PNC Financial Services Group Inc. (The)		2,030,590
	2,466	Popular Inc.		164,778
	2,578	Prosperity Bancshares Inc.		189,406
	26,693	Regions Financial Corp.		550,677
	1,430	Signature Bank		312,226
	5,768	Sterling Bancorp		125,915
	1,426	SVB Financial Group*		720,643
	4,540	Synovus Financial Corp.		192,087
	3,584	TCF Financial Corp.		160,635
	184,597	Truist Financial Corp.		10,514,645
	6,708	Umpqua Holdings Corp.		114,506
	37,914	US Bancorp		1,895,700
	2,783	Webster Financial Corp.		153,928
	105,205	Wells Fargo & Co.		3,805,265
	2,755	Western Alliance Bancorp		252,110
	1,618	Wintrust Financial Corp.		119,182
	3,872	Zions Bancorp NA		205,874
		Total Banks		51,265,517
	Capital Markets — 3.0%
	20,931	Affiliated Managers Group Inc.		2,929,712
	34,148	Ameriprise Financial Inc.		7,554,904
	4,864	Apollo Global Management Inc., Class A Shares		240,573

See Notes to Financial Statements.

9

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 9.7% — (continued)
	Capital Markets — 3.0% — (continued)
	2,911	Ares Management Corp., Class A Shares	$	151,314
	22,072	Bank of New York Mellon Corp. (The)		930,556
	4,112	BlackRock Inc., Class A Shares		2,855,784
	3,396	Carlyle Group Inc. (The)		116,313
	2,785	Cboe Global Markets Inc.		275,604
	38,485	Charles Schwab Corp. (The)		2,375,294
	9,916	CME Group Inc., Class A Shares		1,980,225
	1,612	Eaton Vance Corp.		117,789
	1,126	Evercore Inc., Class A Shares		134,861
	1,070	FactSet Research Systems Inc.(a)		325,184
	7,826	Franklin Resources Inc.		204,806
	9,255	Goldman Sachs Group Inc. (The)		2,956,787
	2,090	Interactive Brokers Group Inc., Class A Shares		151,295
	97,959	Intercontinental Exchange Inc.		10,805,857
	10,892	Invesco Ltd.		244,199
	15,397	KKR & Co., Inc.		701,487
	3,102	Lazard Ltd., Class A Shares		120,016
	2,144	LPL Financial Holdings Inc.		282,022
	1,075	MarketAxess Holdings Inc.		597,636
	4,443	Moody’s Corp.		1,221,336
	38,114	Morgan Stanley(b)		2,929,823
	638	Morningstar Inc.		143,072
	13,584	MSCI Inc., Class A Shares		5,630,840
	3,294	Nasdaq Inc.		455,527
	5,542	Northern Trust Corp.		527,210
	3,547	Raymond James Financial Inc.		414,077
	28,720	S&P Global Inc.		9,459,219
	3,377	SEI Investments Co.		189,112
	9,613	State Street Corp.		699,538
	6,266	T. Rowe Price Group Inc.		1,015,969
	2,445	Tradeweb Markets Inc., Class A Shares		177,972
	1,549	Virtu Financial Inc., Class A Shares		42,241
		Total Capital Markets		58,958,154
	Consumer Finance — 0.7%
	10,700	Ally Financial Inc.		444,050
	18,296	American Express Co.		2,474,717
	12,606	Capital One Financial Corp.		1,515,115
	279	Credit Acceptance Corp.*(a)		101,283
	94,632	Discover Financial Services		8,902,032
	216	LendingTree Inc.*(a)		58,076
	1,910	OneMain Holdings Inc., Class A Shares		89,598
	2,175	Santander Consumer USA Holdings Inc.		54,375
	11,425	SLM Corp.		180,401
	15,781	Synchrony Financial		610,409
		Total Consumer Finance		14,430,056
	Diversified Financial Services — 0.7%
	52,800	Berkshire Hathaway Inc., Class B Shares*		12,698,928
	11,399	Equitable Holdings Inc.		337,069
	5,106	Jefferies Financial Group Inc.		148,278
	3,508	Voya Financial Inc.		211,462
		Total Diversified Financial Services		13,395,737
	Insurance — 2.7%
	18,800	Aflac Inc.		900,332

See Notes to Financial Statements.

10

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 9.7% — (continued)
	Insurance — 2.7% — (continued)
	402	Alleghany Corp.	$	259,865
	81,010	Allstate Corp. (The)		8,635,666
	2,099	American Financial Group Inc.		223,963
	199,662	American International Group Inc.		8,775,145
	225	American National Group Inc.		20,255
	6,492	Aon PLC, Class A Shares		1,478,293
	11,361	Arch Capital Group Ltd.*		406,951
	5,440	Arthur J. Gallagher & Co.		651,712
	25,246	Assurant Inc.(a)		3,110,812
	1,927	Assured Guaranty Ltd.		85,212
	3,439	Athene Holding Ltd., Class A Shares*		156,784
	2,302	Axis Capital Holdings Ltd.		116,320
	2,684	Brighthouse Financial Inc.*		107,065
	6,809	Brown & Brown Inc.		312,533
	12,559	Chubb Ltd.		2,041,842
	3,954	Cincinnati Financial Corp.		386,978
	826	CNA Financial Corp.		35,138
	717	Erie Indemnity Co., Class A Shares		173,586
	1,116	Everest Re Group Ltd.		269,860
	8,081	Fidelity National Financial Inc.		309,341
	3,134	First American Financial Corp.		164,660
	3,030	Globe Life Inc.		283,002
	1,070	Hanover Insurance Group Inc. (The)		123,424
	10,330	Hartford Financial Services Group Inc. (The)		523,628
	1,783	Kemper Corp.		134,830
	337	Lemonade Inc.*(a)		42,391
	89,672	Lincoln National Corp.		5,099,647
	6,059	Loews Corp.		289,681
	389	Markel Corp.*		423,543
	14,085	Marsh & McLennan Cos., Inc.		1,622,874
	827	Mercury General Corp.		48,297
	166,219	MetLife Inc.		9,574,214
	8,020	Old Republic International Corp.		155,027
	1,056	Primerica Inc.		149,139
	7,447	Principal Financial Group Inc.		421,351
	16,331	Progressive Corp. (The)		1,403,649
	10,764	Prudential Financial Inc.		933,454
	1,912	Reinsurance Group of America Inc., Class A Shares		233,704
	1,470	RenaissanceRe Holdings Ltd.		245,461
	6,991	Travelers Cos., Inc. (The)		1,017,190
	5,702	Unum Group		150,989
	85	White Mountains Insurance Group Ltd.		101,580
	3,605	Willis Towers Watson PLC		795,407
	3,491	WR Berkley Corp.		242,031
		Total Insurance		52,636,826
	Mortgage Real Estate Investment Trusts (REITs) — 0.0%
	14,044	AGNC Investment Corp.		225,125
	40,558	Annaly Capital Management Inc.		337,037
	12,835	New Residential Investment Corp.		131,944
	6,748	Starwood Property Trust Inc.		154,057
		Total Mortgage Real Estate Investment Trusts (REITs)		848,163
	Thrifts & Mortgage Finance — 0.0%
	9,755	MGIC Investment Corp.		118,816

See Notes to Financial Statements.

11

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 9.7% — (continued)
	Thrifts & Mortgage Finance — 0.0% — (continued)
	10,891	New York Community Bancorp Inc.	$	132,979
	2,729	Rocket Cos., Inc., Class A Shares*(a)		59,629
	1,501	TFS Financial Corp.		29,314
		Total Thrifts & Mortgage Finance		340,738
		TOTAL FINANCIALS		191,875,191
	HEALTH CARE — 13.8%
	Biotechnology — 1.8%
	49,289	AbbVie Inc.		5,310,397
	3,276	ACADIA Pharmaceuticals Inc.*		160,426
	1,377	Acceleron Pharma Inc.*		187,492
	1,730	Agios Pharmaceuticals Inc.*		82,071
	12,131	Alexion Pharmaceuticals Inc.*		1,853,010
	4,562	Alkermes PLC*		86,860
	3,335	Alnylam Pharmaceuticals Inc.*		493,914
	33,258	Amgen Inc.		7,480,389
	4,372	Biogen Inc.*		1,193,031
	57,226	BioMarin Pharmaceutical Inc.*		4,431,009
	2,000	Bluebird Bio Inc.*		62,200
	35,263	Exact Sciences Corp.*		4,800,000
	9,184	Exelixis Inc.*		198,925
	35,050	Gilead Sciences Inc.		2,152,070
	1,745	Global Blood Therapeutics Inc.*		74,337
	5,262	Incyte Corp.*		413,909
	3,915	Ionis Pharmaceuticals Inc.*		205,146
	4,050	Iovance Biotherapeutics Inc.*		151,065
	8,089	Moderna Inc.*		1,252,258
	2,458	Neurocrine Biosciences Inc.*		269,176
	2,689	Regeneron Pharmaceuticals Inc.*		1,211,583
	1,478	Sage Therapeutics Inc.*(a)		125,630
	20,731	Sarepta Therapeutics Inc.*		1,804,841
	3,536	Seagen Inc.*		534,325
	1,078	United Therapeutics Corp.*		180,220
	7,189	Vertex Pharmaceuticals Inc.*		1,528,022
		Total Biotechnology		36,242,306
	Health Care Equipment & Supplies — 3.9%
	48,414	Abbott Laboratories		5,799,029
	12,550	ABIOMED Inc.*		4,073,102
	36,290	Alcon Inc.*		2,482,236
	11,405	Align Technology Inc.*		6,467,890
	103,307	Baxter International Inc.		8,025,921
	7,721	Becton Dickinson and Co.		1,861,919
	39,424	Boston Scientific Corp.*		1,528,863
	1,331	Cooper Cos., Inc. (The)		513,939
	17,510	Danaher Corp.		3,846,422
	6,217	DENTSPLY SIRONA Inc.		329,936
	2,559	DexCom Inc.*		1,017,919
	54,237	Edwards Lifesciences Corp.*		4,507,095
	4,609	Envista Holdings Corp.*		177,631
	2,160	Globus Medical Inc., Class A Shares*		135,000
	1,451	Haemonetics Corp.*		183,551
	1,926	Hill-Rom Holdings Inc.		205,446
	6,855	Hologic Inc.*		494,177
	583	ICU Medical Inc.*		120,972

See Notes to Financial Statements.

12

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 13.8% — (continued)
	Health Care Equipment & Supplies — 3.9% — (continued)
	10,792	IDEXX Laboratories Inc.*	$	5,613,675
	1,901	Insulet Corp.*		492,549
	2,077	Integra LifeSciences Holdings Corp.*(a)		141,942
	3,231	Intuitive Surgical Inc.*		2,380,601
	1,401	Masimo Corp.*		351,273
	160,799	Medtronic PLC		18,808,659
	2,871	Novocure Ltd.*		428,066
	818	Penumbra Inc.*(a)		232,664
	1,074	Quidel Corp.*		176,415
	4,129	ResMed Inc.		795,989
	2,193	STERIS PLC		383,336
	9,671	Stryker Corp.		2,347,055
	1,749	Tandem Diabetes Care Inc.*		167,886
	1,337	Teleflex Inc.		532,286
	2,647	Varian Medical Systems Inc.*		463,940
	2,121	West Pharmaceutical Services Inc.		595,259
	5,715	Zimmer Biomet Holdings Inc.		931,888
		Total Health Care Equipment & Supplies		76,614,531
	Health Care Providers & Services — 3.4%
	2,475	Acadia Healthcare Co., Inc.*		136,719
	943	Amedisys Inc.*		239,183
	4,211	AmerisourceBergen Corp., Class A Shares		426,237
	6,924	Anthem Inc.		2,099,288
	129,823	Cardinal Health Inc.		6,688,481
	100,491	Centene Corp.*		5,882,743
	421	Chemed Corp.		187,433
	45,565	Cigna Corp.		9,564,094
	137,488	CVS Health Corp.		9,367,057
	2,159	DaVita Inc.*		220,499
	2,843	Encompass Health Corp.		228,691
	2,225	Guardant Health Inc.*		327,476
	43,648	HCA Healthcare Inc.*		7,508,765
	4,184	Henry Schein Inc.*		258,780
	3,752	Humana Inc.		1,424,447
	2,649	Laboratory Corp. of America Holdings*		635,522
	4,490	McKesson Corp.		761,145
	1,698	Molina Healthcare Inc.*		368,058
	564	Oak Street Health Inc.*		29,909
	3,170	Premier Inc., Class A Shares(a)		107,209
	3,808	Quest Diagnostics Inc.		440,167
	58,541	UnitedHealth Group Inc.		19,448,491
	2,103	Universal Health Services Inc., Class B Shares*		263,569
		Total Health Care Providers & Services		66,613,963
	Health Care Technology — 0.1%
	1,198	American Well Corp., Class A Shares*(a)		29,315
	8,400	Cerner Corp.		580,776
	6,869	Change Healthcare Inc.*		157,094
	3,058	Teladoc Health Inc.*(a)		676,094
	3,720	Veeva Systems Inc., Class A Shares*		1,042,009
		Total Health Care Technology		2,485,288
	Life Sciences Tools & Services — 1.3%
	1,621	10X Genomics Inc., Class A Shares*		288,522
	2,032	Adaptive Biotechnologies Corp.*		114,950

See Notes to Financial Statements.

13

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 13.8% — (continued)
	Life Sciences Tools & Services — 1.3% — (continued)
	8,942	Agilent Technologies Inc.	$	1,091,550
	13,376	Avantor Inc.*		372,789
	254	Berkeley Lights Inc.*(a)		15,740
	596	Bio-Rad Laboratories Inc., Class A Shares*		348,362
	987	Bio-Techne Corp.		356,988
	3,058	Bruker Corp.		186,477
	1,411	Charles River Laboratories International Inc.*		403,743
	13,595	Illumina Inc.*		5,973,779
	5,244	IQVIA Holdings Inc.*		1,010,991
	645	Mettler-Toledo International Inc.*		719,852
	2,898	PerkinElmer Inc.		365,409
	4,476	PPD Inc.*(a)		156,929
	1,824	PRA Health Sciences Inc.*		268,876
	6,497	QIAGEN NV*		324,850
	1,505	Repligen Corp.*		319,647
	74,091	Sotera Health Co.*		1,937,480
	1,863	Syneos Health Inc., Class A Shares*		144,103
	21,725	Thermo Fisher Scientific Inc.		9,777,988
	1,767	Waters Corp.*		483,946
		Total Life Sciences Tools & Services		24,662,971
	Pharmaceuticals — 3.3%
	132,385	Bristol-Myers Squibb Co.		8,119,172
	4,458	Catalent Inc.*		506,919
	12,866	Elanco Animal Health Inc.*		422,777
	23,581	Eli Lilly & Co.		4,831,511
	5,194	Horizon Therapeutics PLC*		472,187
	1,528	Jazz Pharmaceuticals PLC*		256,765
	119,633	Johnson & Johnson		18,957,045
	173,891	Merck & Co., Inc.		12,627,964
	5,112	Nektar Therapeutics, Class A Shares*(a)		115,991
	3,555	Perrigo Co. PLC		143,480
	155,690	Pfizer Inc.		5,214,058
	712	Reata Pharmaceuticals Inc., Class A Shares*		87,049
	3,002	Royalty Pharma PLC, Class A Shares		139,803
	455,070	Viatris Inc.*		6,757,790
	41,887	Zoetis Inc., Class A Shares		6,502,538
		Total Pharmaceuticals		65,155,049
		TOTAL HEALTH CARE		271,774,108
	INDUSTRIALS — 9.4%
	Aerospace & Defense — 1.7%
	1,855	Axon Enterprise Inc.*		306,984
	14,930	Boeing Co. (The)*		3,165,309
	2,748	BWX Technologies Inc.		159,412
	1,177	Curtiss-Wright Corp.		130,047
	6,984	General Dynamics Corp.		1,141,675
	1,323	HEICO Corp.		166,407
	2,086	HEICO Corp., Class A Shares		241,475
	2,523	Hexcel Corp.*		135,637
	10,331	Howmet Aerospace Inc.*		290,404
	1,143	Huntington Ingalls Industries Inc.		201,065
	5,911	L3Harris Technologies Inc.		1,075,270
	6,918	Lockheed Martin Corp.		2,284,670
	1,616	Mercury Systems Inc.*		105,622

See Notes to Financial Statements.

14

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 9.4% — (continued)
	Aerospace & Defense — 1.7% — (continued)
	28,982	Northrop Grumman Corp.	$	8,452,890
	181,379	Raytheon Technologies Corp.		13,057,474
	2,933	Spirit AeroSystems Holdings Inc., Class A Shares		125,620
	1,047	Teledyne Technologies Inc.*		388,437
	6,304	Textron Inc.		317,343
	1,509	TransDigm Group Inc.*		870,195
	1,744	Virgin Galactic Holdings Inc.*(a)		64,929
		Total Aerospace & Defense		32,680,865
	Air Freight & Logistics — 0.8%
	3,801	CH Robinson Worldwide Inc.		345,321
	4,796	Expeditors International of Washington Inc.		440,465
	6,726	FedEx Corp.		1,711,767
	45,762	United Parcel Service Inc., Class B Shares		7,222,616
	47,755	XPO Logistics Inc.*		5,568,233
		Total Air Freight & Logistics		15,288,402
	Airlines — 0.1%
	3,465	Alaska Air Group Inc.*		225,294
	14,957	American Airlines Group Inc.*(a)		313,200
	893	Copa Holdings SA, Class A Shares*		81,861
	18,421	Delta Air Lines Inc.*		883,103
	7,862	JetBlue Airways Corp.*		144,897
	17,034	Southwest Airlines Co.		990,186
	7,492	United Airlines Holdings Inc.*		394,679
		Total Airlines		3,033,220
	Building Products — 0.7%
	2,609	Allegion PLC		283,807
	3,615	AO Smith Corp.		214,622
	60,214	Armstrong World Industries Inc.		5,153,114
	1,924	AZEK Co., Inc. (The), Class A Shares*		84,868
	23,992	Carrier Global Corp.		876,428
	3,979	Fortune Brands Home & Security Inc.		330,814
	20,424	Johnson Controls International PLC		1,139,455
	988	Lennox International Inc.		276,413
	7,593	Masco Corp.		404,099
	2,932	Owens Corning		237,551
	26,045	Trane Technologies PLC		3,991,136
	3,329	Trex Co., Inc.*		305,069
		Total Building Products		13,297,376
	Commercial Services & Supplies — 0.6%
	3,147	ADT Inc.		23,949
	2,540	Cintas Corp.		823,824
	1,468	Clean Harbors Inc.*		125,000
	5,875	Copart Inc.*		641,315
	3,879	IAA Inc.*		227,426
	1,052	MSA Safety Inc.		169,361
	5,536	Republic Services Inc., Class A Shares		493,202
	6,498	Rollins Inc.		215,539
	2,752	Stericycle Inc.*		178,522
	74,451	Waste Management Inc.		8,255,871
		Total Commercial Services & Supplies		11,154,009
	Construction & Engineering — 0.3%
	3,849	AECOM*		222,819
	63,076	Quanta Services Inc.		5,288,922

See Notes to Financial Statements.

15

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 9.4% — (continued)
	Construction & Engineering — 0.3% — (continued)
	605	Valmont Industries Inc.	$	143,101
		Total Construction & Engineering		5,654,842
	Electrical Equipment — 0.3%
	1,182	Acuity Brands Inc.		145,741
	6,222	AMETEK Inc.		734,009
	1,549	Array Technologies Inc.*		57,437
	11,085	Eaton Corp. PLC		1,443,156
	16,504	Emerson Electric Co.		1,417,694
	1,631	Generac Holdings Inc.*		537,512
	1,240	GrafTech International Ltd.		14,669
	1,561	Hubbell Inc., Class B Shares		277,093
	4,394	nVent Electric PLC		115,386
	1,246	Regal Beloit Corp.		170,291
	3,200	Rockwell Automation Inc.		778,496
	4,172	Sensata Technologies Holding PLC*		239,014
	5,803	Vertiv Holdings Co., Class A Shares		121,457
		Total Electrical Equipment		6,051,955
	Industrial Conglomerates — 0.9%
	15,734	3M Co.		2,754,394
	1,457	Carlisle Cos., Inc.		211,629
	243,067	General Electric Co.		3,048,060
	57,290	Honeywell International Inc.		11,592,632
	2,895	Roper Technologies Inc.		1,093,210
		Total Industrial Conglomerates		18,699,925
	Machinery — 1.4%
	1,811	AGCO Corp.		234,488
	3,329	Allison Transmission Holdings Inc.		126,236
	54,231	Caterpillar Inc.		11,707,388
	2,825	Colfax Corp.*		125,289
	1,428	Crane Co.		119,752
	4,053	Cummins Inc.		1,026,220
	7,839	Deere & Co.		2,736,752
	3,667	Donaldson Co., Inc.		216,023
	4,179	Dover Corp.		515,104
	3,993	Flowserve Corp.(a)		147,741
	8,659	Fortive Corp.		569,935
	1,535	Gates Industrial Corp. PLC*		23,025
	4,770	Graco Inc.		330,799
	2,153	IDEX Corp.		420,201
	8,963	Illinois Tool Works Inc.		1,812,139
	10,012	Ingersoll Rand Inc.*		463,956
	2,266	ITT Inc.		188,033
	1,648	Lincoln Electric Holdings Inc.		194,645
	1,353	Middleby Corp. (The)*		198,093
	1,618	Nordson Corp.		311,319
	1,956	Oshkosh Corp.		207,336
	11,118	Otis Worldwide Corp.		708,328
	9,368	PACCAR Inc.		852,394
	3,527	Parker-Hannifin Corp.		1,012,108
	4,768	Pentair PLC		266,674
	1,481	Snap-on Inc.(a)		300,806
	4,228	Stanley Black & Decker Inc.		739,224
	1,912	Timken Co. (The)		149,805

See Notes to Financial Statements.

16

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 9.4% — (continued)
	Machinery — 1.4% — (continued)
	3,088	Toro Co. (The)	$	311,178
	1,813	Trinity Industries Inc.		58,197
	5,083	Westinghouse Air Brake Technologies Corp.		368,162
	1,641	Woodward Inc.		187,435
	5,131	Xylem Inc.		510,842
		Total Machinery		27,139,627
	Marine — 0.0%
	1,722	Kirby Corp.*		107,728
	Professional Services — 0.5%
	3,893	Booz Allen Hamilton Holding Corp., Class A Shares		300,306
	585	CACI International Inc., Class A Shares*		129,484
	2,331	CoreLogic Inc.		197,342
	2,526	CoStar Group Inc.*		2,080,818
	1,869	Dun & Bradstreet Holdings Inc.*		40,856
	3,293	Equifax Inc.		533,071
	1,082	FTI Consulting Inc.*		123,943
	47,453	IHS Markit Ltd.		4,278,363
	3,396	Jacobs Engineering Group Inc.		390,812
	3,794	Leidos Holdings Inc.		335,579
	1,459	ManpowerGroup Inc.		137,788
	10,191	Nielsen Holdings PLC		228,380
	2,978	Robert Half International Inc.		231,659
	1,676	Science Applications International Corp.		144,354
	5,415	TransUnion		455,997
	4,279	Verisk Analytics Inc., Class A Shares		701,114
		Total Professional Services		10,309,866
	Road & Rail — 1.1%
	252	AMERCO		144,829
	21,189	CSX Corp.		1,939,853
	2,236	JB Hunt Transport Services Inc.		328,401
	2,535	Kansas City Southern		538,282
	3,728	Knight-Swift Transportation Holdings Inc., Class A Shares		161,050
	1,102	Landstar System Inc.		176,474
	7,144	Lyft Inc., Class A Shares*		397,921
	20,008	Norfolk Southern Corp.		5,043,217
	2,828	Old Dominion Freight Line Inc.		607,370
	1,485	Ryder System Inc.		100,638
	1,656	Schneider National Inc., Class B Shares		38,303
	160,239	Uber Technologies Inc.*		8,292,368
	18,982	Union Pacific Corp.		3,909,533
		Total Road & Rail		21,678,239
	Trading Companies & Distributors — 1.0%
	71,094	AerCap Holdings NV*		3,425,309
	58,506	Air Lease Corp., Class A Shares		2,683,085
	15,658	Fastenal Co.		726,062
	1,358	MSC Industrial Direct Co., Inc., Class A Shares		116,965
	27,414	United Rentals Inc.*		8,152,375
	85,682	Univar Solutions Inc.*		1,705,929
	941	Watsco Inc.		228,757
	9,437	WW Grainger Inc.		3,517,264
		Total Trading Companies & Distributors		20,555,746
	Transportation Infrastructure — 0.0%
	2,091	Macquarie Infrastructure Corp.		65,532
		TOTAL INDUSTRIALS		185,717,332

See Notes to Financial Statements.

17

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 26.7%
	Communications Equipment — 1.2%
	1,693	Arista Networks Inc.*	$	473,769
	4,402	Ciena Corp.*		229,652
	288,032	Cisco Systems Inc.		12,923,996
	75,577	CommScope Holding Co., Inc.*		1,102,669
	1,404	EchoStar Corp., Class A Shares*		31,871
	1,681	F5 Networks Inc.*		319,356
	8,703	Juniper Networks Inc.		202,606
	1,769	Lumentum Holdings Inc.*(a)		159,210
	47,981	Motorola Solutions Inc.		8,419,706
	247	Ubiquiti Inc.		78,773
	1,717	ViaSat Inc.*(a)		87,807
		Total Communications Equipment		24,029,415
	Electronic Equipment, Instruments & Components — 1.2%
	8,360	Amphenol Corp., Class A Shares		1,050,685
	35,856	Arrow Electronics Inc.*		3,594,923
	2,963	Avnet Inc.		112,801
	17,000	CDW Corp.		2,667,130
	4,759	Cognex Corp.		393,046
	696	Coherent Inc.*		168,390
	20,583	Corning Inc.		787,094
	1,899	Dolby Laboratories Inc., Class A Shares		185,399
	199,680	Flex Ltd.*		3,632,179
	3,387	FLIR Systems Inc.		180,866
	1,023	IPG Photonics Corp.*		232,579
	4,244	Jabil Inc.		183,214
	5,095	Keysight Technologies Inc.*		721,044
	672	Littelfuse Inc.		174,868
	3,961	National Instruments Corp.		175,868
	22,823	SYNNEX Corp.		2,034,899
	7,083	Trimble Inc.*		525,134
	3,463	Vontier Corp.*		108,738
	10,569	Zebra Technologies Corp., Class A Shares*		5,278,476
		Total Electronic Equipment, Instruments & Components		22,207,333
	IT Services — 6.2%
	17,831	Accenture PLC, Class A Shares		4,473,798
	30,145	Akamai Technologies Inc.*		2,848,702
	26,635	Alliance Data Systems Corp.		2,570,278
	3,832	Amdocs Ltd.		290,504
	12,002	Automatic Data Processing Inc.		2,088,588
	277	BigCommerce Holdings Inc.*(a)		16,373
	3,891	Black Knight Inc.*		298,401
	3,027	Broadridge Financial Solutions Inc.		431,317
	114,089	Cognizant Technology Solutions Corp., Class A Shares		8,383,260
	22,823	Concentrix Corp.*		2,818,869
	6,465	DXC Technology Co.		163,047
	1,413	EPAM Systems Inc.*		527,911
	1,448	Euronet Worldwide Inc.*		217,649
	2,194	Fastly Inc., Class A Shares*(a)		161,435
	71,028	Fidelity National Information Services Inc.		9,801,864
	126,523	Fiserv Inc.*		14,596,959
	2,237	FleetCor Technologies Inc.*		620,342
	2,431	Gartner Inc.*		435,246
	5,094	Genpact Ltd.		206,001

See Notes to Financial Statements.

18

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 26.7% — (continued)
	IT Services — 6.2% — (continued)
	8,266	Global Payments Inc.	$	1,636,585
	1,078	Globant SA*		231,468
	4,783	GoDaddy Inc., Class A Shares*		387,997
	24,814	International Business Machines Corp.		2,951,129
	2,196	Jack Henry & Associates Inc.		325,974
	24,699	MasterCard Inc., Class A Shares		8,739,741
	1,442	MongoDB Inc., Class A Shares*		556,511
	3,126	Okta Inc., Class A Shares*		817,293
	8,793	Paychex Inc.		800,779
	57,338	PayPal Holdings Inc.*		14,899,279
	7,975	Sabre Corp.		117,153
	22,854	Square Inc., Class A Shares*		5,257,106
	5,730	StoneCo Ltd., Class A Shares*		491,691
	622	Switch Inc., Class A Shares		10,785
	3,898	Twilio Inc., Class A Shares*		1,531,446
	5,465	VeriSign Inc.*		1,060,374
	141,263	Visa Inc., Class A Shares		30,002,849
	12,017	Western Union Co. (The)		279,035
	1,252	WEX Inc.*		260,854
		Total IT Services		121,308,593
	Semiconductors & Semiconductor Equipment — 5.8%
	33,497	Advanced Micro Devices Inc.*		2,830,831
	85,877	Analog Devices Inc.		13,381,354
	58,671	Applied Materials Inc.		6,934,326
	4,070	ASML Holding NV, ADR		2,308,056
	42,165	Broadcom Inc.		19,812,069
	1,700	Cirrus Logic Inc.*		139,026
	3,126	Cree Inc.*		354,676
	2,949	Enphase Energy Inc.*		519,201
	3,870	Entegris Inc.		407,163
	2,242	First Solar Inc.*		181,647
	1,421	Inphi Corp.*		233,882
	114,918	Intel Corp.		6,984,716
	4,310	KLA Corp.		1,341,401
	4,049	Lam Research Corp.		2,296,552
	19,053	Marvell Technology Group Ltd.		919,879
	7,673	Maxim Integrated Products Inc.		714,893
	6,979	Microchip Technology Inc.		1,065,205
	31,067	Micron Technology Inc.*		2,843,563
	1,577	MKS Instruments Inc.		260,047
	1,137	Monolithic Power Systems Inc.		425,829
	36,873	NVIDIA Corp.		20,227,790
	14,020	NXP Semiconductors NV		2,559,351
	11,722	ON Semiconductor Corp.*		472,045
	3,070	Qorvo Inc.*		536,421
	66,415	QUALCOMM Inc.		9,045,059
	45,889	Skyworks Solutions Inc.		8,159,982
	1,412	SolarEdge Technologies Inc.*		421,214
	4,468	Teradyne Inc.		574,629
	40,970	Texas Instruments Inc.		7,057,902
	1,240	Universal Display Corp.		262,496
	6,890	Xilinx Inc.		897,767
		Total Semiconductors & Semiconductor Equipment		114,168,972

See Notes to Financial Statements.

19

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 26.7% — (continued)
	Software — 8.3%
	1,658	2U Inc.*	$	65,707
	38,025	Adobe Inc.*		17,478,952
	1,521	Alteryx Inc., Class A Shares*		145,408
	3,742	Anaplan Inc.*		243,193
	2,349	ANSYS Inc.*		800,985
	1,953	Aspen Technology Inc.*		293,946
	9,321	Atlassian Corp. PLC, Class A Shares*		2,215,602
	6,099	Autodesk Inc.*		1,683,324
	2,309	Avalara Inc.*		362,374
	2,086	Bill.com Holdings Inc.*		344,211
	7,591	Cadence Design Systems Inc.*		1,071,014
	3,518	CDK Global Inc.		176,393
	3,179	Ceridian HCM Holding Inc.*(a)		285,029
	3,561	Citrix Systems Inc.		475,678
	3,223	Cloudflare Inc., Class A Shares*		238,405
	1,880	Coupa Software Inc.*		650,969
	4,384	Crowdstrike Holdings Inc., Class A Shares*		946,944
	4,405	Datadog Inc., Class A Shares*		420,281
	11,590	DocuSign Inc., Class A Shares*		2,626,989
	7,295	Dropbox Inc., Class A Shares*		164,466
	555	Duck Creek Technologies Inc.*		26,251
	5,335	Dynatrace Inc.*		265,470
	1,898	Elastic NV*		255,072
	1,028	Everbridge Inc.*		157,520
	805	Fair Isaac Corp.*		368,328
	5,842	FireEye Inc.*		112,867
	1,783	Five9 Inc.*		330,283
	3,842	Fortinet Inc.*		648,722
	2,399	Guidewire Software Inc.*		266,265
	1,196	HubSpot Inc.*		615,940
	18,843	Intuit Inc.		7,351,408
	721	Jamf Holding Corp.*		26,965
	460	JFrog Ltd.*(a)		24,605
	1,827	Manhattan Associates Inc.*		224,630
	2,389	Medallia Inc.*(a)		96,444
	251,317	Microsoft Corp.		58,401,044
	302	nCino Inc.*		20,651
	1,533	New Relic Inc.*		93,728
	14,031	NortonLifeLock Inc.		273,745
	8,035	Nuance Communications Inc.*		358,361
	48,092	Nutanix Inc., Class A Shares*		1,456,466
	171,997	Oracle Corp.		11,095,526
	2,025	PagerDuty Inc.*		90,598
	14,160	Palo Alto Networks Inc.*		5,073,670
	1,306	Paycom Software Inc.*		488,757
	1,000	Paylocity Holding Corp.*		191,190
	1,169	Pegasystems Inc.		154,717
	2,766	Pluralsight Inc., Class A Shares*		56,952
	1,618	Proofpoint Inc.*		195,649
	3,014	PTC Inc.*		412,737
	2,685	RealPage Inc.*		233,004
	2,241	RingCentral Inc., Class A Shares*		847,457
	67,964	salesforce.com Inc.*		14,714,206
	15,869	ServiceNow Inc.*		8,465,477
	10,979	Slack Technologies Inc., Class A Shares*		449,370

See Notes to Financial Statements.

20

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 26.7% — (continued)
	Software — 8.3% — (continued)
	3,305	Smartsheet Inc., Class A Shares*	$	228,871
	1,293	SolarWinds Corp.*		20,934
	49,365	Splunk Inc.*		7,059,689
	6,492	SS&C Technologies Holdings Inc.		430,290
	4,150	Synopsys Inc.*		1,017,621
	3,236	Teradata Corp.*(a)		129,764
	1,149	Trade Desk Inc. (The), Class A Shares*		925,393
	1,102	Tyler Technologies Inc.*		510,689
	797	Unity Software Inc.*(a)		85,781
	18,303	VMware Inc., Class A Shares*(a)		2,529,658
	13,070	Workday Inc., Class A Shares*		3,204,503
	3,298	Zendesk Inc.*		481,970
	4,758	Zoom Video Communications Inc., Class A Shares*		1,777,636
	2,073	Zscaler Inc.*		425,027
		Total Software		163,361,771
	Technology Hardware, Storage & Peripherals — 4.0%
	522,787	Apple Inc.		63,393,152
	92,879	Dell Technologies Inc., Class C Shares*		7,529,700
	35,637	Hewlett Packard Enterprise Co.		518,875
	38,976	HP Inc.		1,129,135
	3,670	NCR Corp.*		127,569
	6,050	NetApp Inc.		378,730
	6,763	Pure Storage Inc., Class A Shares*		158,119
	84,857	Western Digital Corp.		5,815,250
	5,287	Xerox Holdings Corp.		134,713
		Total Technology Hardware, Storage & Peripherals		79,185,243
		TOTAL INFORMATION TECHNOLOGY		524,261,327
	MATERIALS — 3.0%
	Chemicals — 1.7%
	6,125	Air Products & Chemicals Inc.		1,565,672
	3,049	Albemarle Corp.		479,333
	1,389	Ashland Global Holdings Inc.		116,843
	6,270	Axalta Coating Systems Ltd.*		171,422
	1,624	Cabot Corp.		79,949
	3,344	Celanese Corp., Class A Shares		464,515
	5,871	CF Industries Holdings Inc.		265,839
	4,838	Chemours Co. (The)		113,838
	20,768	Corteva Inc.		937,675
	20,457	Dow Inc.		1,213,305
	129,747	DuPont de Nemours Inc.		9,123,809
	3,805	Eastman Chemical Co.		415,734
	19,231	Ecolab Inc.		4,026,202
	6,634	Element Solutions Inc.		119,744
	3,348	FMC Corp.		340,458
	5,644	Huntsman Corp.		154,081
	6,839	International Flavors & Fragrances Inc.		926,753
	14,684	Linde PLC		3,586,861
	7,011	LyondellBasell Industries NV, Class A Shares		722,764
	9,977	Mosaic Co. (The)		293,324
	206	NewMarket Corp.		78,070
	4,688	Olin Corp.		145,047
	6,819	PPG Industries Inc.		919,338
	3,693	RPM International Inc.		294,110

See Notes to Financial Statements.

21

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	MATERIALS — 3.0% — (continued)
	Chemicals — 1.7% — (continued)
	1,186	Scotts Miracle-Gro Co. (The)	$	252,796
	6,447	Sherwin-Williams Co. (The)		4,386,152
	5,261	Valvoline Inc.		131,314
	1,035	Westlake Chemical Corp.		88,586
	32,519	WR Grace & Co.(a)		1,927,076
		Total Chemicals		33,340,610
	Construction Materials — 0.4%
	1,210	Eagle Materials Inc.		151,710
	1,784	Martin Marietta Materials Inc.		600,976
	40,418	Vulcan Materials Co.		6,749,402
		Total Construction Materials		7,502,088
	Containers & Packaging — 0.7%
	41,944	Amcor PLC		458,867
	1,855	AptarGroup Inc.		241,280
	532	Ardagh Group SA, Class A Shares		13,481
	2,405	Avery Dennison Corp.		421,380
	8,745	Ball Corp.		746,735
	67,895	Berry Global Group Inc.*		3,761,383
	54,421	Crown Holdings Inc.*		5,200,471
	8,029	Graphic Packaging Holding Co.		127,420
	11,261	International Paper Co.		559,109
	72,240	O-I Glass Inc.*		843,763
	2,399	Packaging Corp. of America		316,716
	4,081	Sealed Air Corp.		170,994
	2,255	Silgan Holdings Inc.		84,698
	2,530	Sonoco Products Co.(a)		150,712
	7,412	WestRock Co.		323,089
		Total Containers & Packaging		13,420,098
	Metals & Mining — 0.2%
	40,313	Freeport-McMoRan Inc.*		1,367,014
	22,402	Newmont Corp.		1,218,221
	8,671	Nucor Corp.		518,699
	1,729	Reliance Steel & Aluminum Co.		228,574
	1,894	Royal Gold Inc.		196,427
	2,395	Southern Copper Corp.		170,835
	5,791	Steel Dynamics Inc.		240,790
		Total Metals & Mining		3,940,560
		TOTAL MATERIALS		58,203,356
	REAL ESTATE — 2.8%
	Equity Real Estate Investment Trusts (REITs) — 2.8%
	3,790	Alexandria Real Estate Equities Inc.		605,225
	3,920	American Campus Communities Inc.		160,563
	7,498	American Homes 4 Rent, Class A Shares		233,488
	12,345	American Tower Corp.		2,668,125
	5,857	Americold Realty Trust		205,229
	4,211	Apartment Income REIT Corp.		172,146
	4,211	Apartment Investment & Management Co., Class A Shares		20,044
	6,154	Apple Hospitality REIT Inc.		87,695
	3,829	AvalonBay Communities Inc.		672,947
	4,411	Boston Properties Inc.		437,262
	4,963	Brandywine Realty Trust		60,698

See Notes to Financial Statements.

22

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 2.8% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 2.8% — (continued)
	8,429	Brixmor Property Group Inc.	$	165,883
	1,594	Brookfield Property REIT Inc., Class A Shares(a)		27,895
	2,322	Camden Property Trust		241,836
	1,145	CoreSite Realty Corp.		139,358
	3,225	Corporate Office Properties Trust		83,850
	4,399	Cousins Properties Inc.		147,542
	51,502	Crown Castle International Corp.		8,021,437
	5,580	CubeSmart		206,237
	3,422	CyrusOne Inc.		224,586
	7,662	Digital Realty Trust Inc.		1,032,301
	4,687	Douglas Emmett Inc.		153,499
	9,612	Duke Realty Corp.		377,271
	4,296	Empire State Realty Trust Inc., Class A Shares		47,299
	2,164	EPR Properties		97,770
	6,752	Equinix Inc.		4,377,592
	2,452	Equity Commonwealth		69,171
	5,023	Equity LifeStyle Properties Inc.		309,668
	125,356	Equity Residential		8,199,536
	1,856	Essex Property Trust Inc.		472,890
	3,291	Extra Space Storage Inc.		413,679
	2,156	Federal Realty Investment Trust		218,123
	3,495	First Industrial Realty Trust Inc.		149,271
	6,025	Gaming and Leisure Properties Inc.		267,510
	6,293	Healthcare Trust of America Inc., Class A Shares		170,918
	14,215	Healthpeak Properties Inc.		413,514
	3,096	Highwoods Properties Inc.		123,716
	19,808	Host Hotels & Resorts Inc.		328,615
	4,572	Hudson Pacific Properties Inc.		116,997
	14,954	Invitation Homes Inc.		435,760
	8,262	Iron Mountain Inc.(a)		287,435
	3,736	JBG SMITH Properties		118,618
	3,269	Kilroy Realty Corp.(a)		207,451
	11,571	Kimco Realty Corp.		212,096
	2,483	Lamar Advertising Co., Class A Shares		215,003
	2,020	Life Storage Inc.		169,478
	15,023	Medical Properties Trust Inc.		324,347
	2,986	Mid-America Apartment Communities Inc.		402,304
	4,947	National Retail Properties Inc.		216,876
	6,439	Omega Healthcare Investors Inc.		239,144
	4,270	Outfront Media Inc.		86,596
	5,736	Paramount Group Inc.		53,173
	6,794	Park Hotels & Resorts Inc.		147,770
	20,564	Prologis Inc.		2,037,275
	42,274	Public Storage		9,889,580
	3,943	Rayonier Inc.		128,700
	9,940	Realty Income Corp.		598,984
	4,835	Regency Centers Corp.		264,861
	3,653	Rexford Industrial Realty Inc.		174,321
	3,196	SBA Communications Corp., Class A Shares		815,395
	9,162	Simon Property Group Inc.		1,034,573
	1,970	SL Green Realty Corp.(a)		136,068
	3,020	Spirit Realty Capital Inc.		129,920
	6,651	STORE Capital Corp.		222,409
	2,995	Sun Communities Inc.		455,090
	8,472	UDR Inc.		348,792

See Notes to Financial Statements.

23

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 2.8% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 2.8% — (continued)
	10,120	Ventas Inc.	$	535,348
	6,536	VEREIT Inc.		254,904
	14,169	VICI Properties Inc.		403,817
	5,001	Vornado Realty Trust		214,743
	3,829	Weingarten Realty Investors		97,218
	12,086	Welltower Inc.		820,639
	20,582	Weyerhaeuser Co.		697,112
	4,774	WP Carey Inc.		327,210
		Total Equity Real Estate Investment Trusts (REITs)		54,624,396
	Real Estate Management & Development — 0.0%
	9,068	CBRE Group Inc., Class A Shares*		687,083
	1,168	Howard Hughes Corp. (The)*		110,808
	1,484	Jones Lang LaSalle Inc.*		258,186
		Total Real Estate Management & Development		1,056,077
		TOTAL REAL ESTATE		55,680,473
	UTILITIES — 1.7%
	Electric Utilities — 1.3%
	7,183	Alliant Energy Corp.		331,567
	13,826	American Electric Power Co., Inc.		1,034,876
	1,630	Avangrid Inc.		74,589
	20,475	Duke Energy Corp.		1,752,455
	124,591	Edison International		6,726,668
	5,790	Entergy Corp.		502,630
	6,519	Evergy Inc.		349,614
	9,399	Eversource Energy		747,033
	27,141	Exelon Corp.		1,047,643
	15,614	FirstEnergy Corp.		517,448
	3,042	Hawaiian Electric Industries Inc.		106,348
	1,429	IDACORP Inc.		123,237
	54,860	NextEra Energy Inc.		4,031,113
	104,470	NRG Energy Inc.		3,814,200
	5,772	OGE Energy Corp.		168,946
	34,491	PG&E Corp.*		362,500
	3,251	Pinnacle West Capital Corp.		227,342
	22,418	PPL Corp.		587,127
	29,430	Southern Co. (The)		1,669,270
	14,510	Xcel Energy Inc.		850,141
		Total Electric Utilities		25,024,747
	Gas Utilities — 0.0%
	3,419	Atmos Energy Corp.		289,282
	2,437	National Fuel Gas Co.		110,737
	6,008	UGI Corp.		230,166
		Total Gas Utilities		630,185
	Independent Power & Renewable Electricity Producers — 0.0%
	18,741	AES Corp. (The)		497,761
	14,291	Vistra Corp.		246,520
		Total Independent Power & Renewable Electricity Producers		744,281
	Multi-Utilities — 0.3%
	7,087	Ameren Corp.		498,004
	14,553	CenterPoint Energy Inc.		282,910
	7,774	CMS Energy Corp.		420,651

See Notes to Financial Statements.

24

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units			Security	Value
	UTILITIES — 1.7% — (continued)
	Multi-Utilities — 0.3% — (continued)
	9,363		Consolidated Edison Inc.	$	614,681
	22,507		Dominion Energy Inc.		1,537,678
	5,552		DTE Energy Co.		653,582
	6,117		MDU Resources Group Inc.		171,888
	11,406		NiSource Inc.		246,370
	13,869		Public Service Enterprise Group Inc.		746,568
	8,044		Sempra Energy		932,943
	8,627		WEC Energy Group Inc.		695,681
			Total Multi-Utilities		6,800,956
	Water Utilities — 0.1%
	5,031		American Water Works Co., Inc.		713,798
	5,679		Essential Utilities Inc.		238,859
			Total Water Utilities		952,657
			TOTAL UTILITIES		34,152,826
			TOTAL COMMON STOCKS (Cost — $982,246,667)		1,891,095,838
	CLOSED END MUTUAL FUND SECURITY — 1.1%
	FINANCIALS — 1.1%
	Capital Markets — 1.1%
	321,576		iShares® Core S&P U.S. Value, Common Class Shares(a) (Cost — $18,278,347)		20,934,597
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost —$1,000,525,014)		1,912,030,435
Face Amount†
	SHORT-TERM INVESTMENTS (c) — 3.3%
	MONEY MARKET FUND — 0.8%
$	16,139,427		Invesco STIT — Government & Agency Portfolio, 0.030%, Institutional Class(d) (Cost — $16,139,427)		16,139,427
	TIME DEPOSITS — 2.5%
	22,935,326		ANZ National Bank — London, 0.000% due 3/1/21		22,935,326
	12,415,302		Barclays Bank PLC — London, 0.000% due 3/1/21		12,415,302
			BBH — Grand Cayman:
	29,803	CAD	0.010% due 3/1/21		23,425
	5,384		0.000% due 3/1/21		5,384
	12,332,357		Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		12,332,357
	245,181		Sumitomo Mitsui Banking Corp. — Tokyo, 0.000% due 3/1/21		245,181
			TOTAL TIME DEPOSITS (Cost — $47,956,975)		47,956,975
			TOTAL SHORT-TERM INVESTMENTS (Cost — $64,096,402)		64,096,402
			TOTAL INVESTMENTS — 100.5% (Cost — $1,064,621,416)		1,976,126,837
			Liabilities in Excess of Other Assets — (0.5)%		(9,463,001	)
			TOTAL NET ASSETS — 100.0%	$	1,966,663,836

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

* Non-income producing security.

See Notes to Financial Statements.

25

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund

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

(b) Affiliated security (See Note 2). As of February 28, 2021, total cost and total market value of affiliated securities amounted to $904,811 and $2,929,823, 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 2.5%.

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

At February 28, 2021, for Large Cap Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Large Cap Equity Fund	$	1,064,621,416	$	938,074,242	$	(26,466,735)	$	911,607,507

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

Summary of Investments by Security Sector^
Information Technology	26.8	%
Health Care	13.9
Consumer Discretionary	12.6
Financials	10.9
Industrials	9.5
Communication Services	9.4
Consumer Staples	4.9
Materials	3.0
Real Estate	2.8
Energy	2.1
Utilities	1.7
Short-Term Investments	2.4
	100.0	%+

^ As a percentage of total investments.

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

At February 28, 2021, Large Cap Equity Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
S&P 500 E-mini Index March Futures		60		3/21	$	11,350,214	$	11,427,750	$	77,536
S&P MidCap 400 E-mini Index March Futures		3		3/21		723,860		748,410		24,550
									$	102,086

At February 28, 2021, Large Cap Equity Fund had deposited cash of $685,984 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

Currency Abbreviation used in this schedule:
CAD	— Canadian Dollar

See Notes to Financial Statements.

26

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	COMMON STOCKS — 96.2%
	COMMUNICATION SERVICES — 2.5%
	Diversified Telecommunication Services — 0.2%
	2,933	Alaska Communications Systems Group Inc.	$	9,591
	591	Anterix Inc.*		24,958
	595	ATN International Inc.		28,964
	1,054	Bandwidth Inc., Class A Shares*		166,911
	1,942	Cincinnati Bell Inc.*		29,674
	2,334	Cogent Communications Holdings Inc.		139,690
	4,038	Consolidated Communications Holdings Inc.*		21,240
	693	IDT Corp., Class B Shares*		12,439
	6,458	Iridium Communications Inc.*		247,406
	2,331	Liberty Latin America Ltd., Class A Shares*		25,571
	8,677	Liberty Latin America Ltd., Class C Shares*		95,100
	1,271	Ooma Inc.*		20,082
	48,265	ORBCOMM Inc.*		368,262
	40,409	Vonage Holdings Corp.*		534,207
		Total Diversified Telecommunication Services		1,724,095
	Entertainment — 0.6%
	2,972	AMC Entertainment Holdings Inc., Class A Shares		23,806
	5,880	Cinemark Holdings Inc.(a)		132,006
	7,782	Eros STX Global Corp.*(a)		14,241
	276	Gaia Inc., Class A Shares*		2,628
	7,921	Glu Mobile Inc.*		98,854
	2,644	IMAX Corp.*		54,651
	594	Liberty Media Corp-Liberty Braves, Class A Shares*		17,452
	2,091	Liberty Media Corp-Liberty Braves, Class C Shares*		60,200
	1,397	Liberty Media Corp-Liberty Formula One, Class A Shares*		54,162
	10,796	Liberty Media Corp-Liberty Formula One, Class C Shares*		473,944
	3,417	Lions Gate Entertainment Corp., Class A Shares*(a)		49,615
	6,129	Lions Gate Entertainment Corp., Class B Shares*		76,858
	3,392	LiveXLive Media Inc.*		13,466
	1,025	Madison Square Garden Entertainment Corp.*		110,464
	3,655	Madison Square Garden Sports Corp., Class A Shares*		703,039
	1,226	Marcus Corp. (The)*		24,079
	13,292	World Wrestling Entertainment Inc., Class A Shares(a)		656,625
	182,016	Zynga Inc., Class A Shares*		2,029,478
		Total Entertainment		4,595,568
	Interactive Media & Services — 0.4%
	4,727	Cargurus Inc., Class A Shares*		122,666
	3,633	Cars.com Inc.*		42,397
	2,121	DHI Group Inc.*		6,596
	3,464	Eventbrite Inc., Class A Shares*		68,830
	774	EverQuote Inc., Class A Shares*		37,910
	4,565	Liberty TripAdvisor Holdings Inc., Class A Shares*		25,701
	498	MediaAlpha Inc., Class A Shares*		26,150
	2,640	QuinStreet Inc.*		63,069
	5,435	TripAdvisor Inc.*		269,685
	6,296	TrueCar Inc.*		34,124
	3,846	Yelp Inc., Class A Shares*		145,033
	3,166	Zillow Group Inc., Class A Shares*		537,650
	7,827	Zillow Group Inc., Class C Shares*		1,262,730
		Total Interactive Media & Services		2,642,541

See Notes to Financial Statements.

27

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	COMMUNICATION SERVICES — 2.5% — (continued)
	Media — 1.3%
	1,344	AMC Networks Inc., Class A Shares*(a)	$	88,153
	700	Boston Omaha Corp., Class A Shares*		29,386
	1,625	Cable One Inc.		3,111,631
	1,422	Cardlytics Inc.*		188,315
	3,423	comScore Inc.*		12,494
	75,579	Criteo SA, ADR*		2,599,162
	62	Daily Journal Corp.*		21,223
	930	Emerald Holding Inc.*		5,087
	7,106	Entercom Communications Corp., Class A Shares		31,764
	2,331	Entravision Communications Corp., Class A Shares		7,296
	3,017	EW Scripps Co. (The), Class A Shares		56,780
	2,051	Fluent Inc.*		12,983
	7,491	Gannett Co., Inc.*		37,080
	4,483	Gray Television Inc.*		81,366
	634	Hemisphere Media Group Inc., Class A Shares*		7,006
	3,322	iHeartMedia Inc., Class A Shares*		46,741
	21,117	Interpublic Group of Cos., Inc. (The)		551,576
	7,937	John Wiley & Sons Inc., Class A Shares		418,121
	764	Loral Space & Communications Inc.		33,876
	1,905	Meredith Corp.*		47,206
	871	MSG Networks Inc., Class A Shares*		14,772
	3,988	National CineMedia Inc.		18,823
	8,801	New York Times Co. (The), Class A Shares		450,347
	20,464	News Corp., Class A Shares		479,881
	6,710	News Corp., Class B Shares		153,793
	2,345	Nexstar Media Group Inc., Class A Shares		322,555
	152	Saga Communications Inc., Class A Shares		3,143
	1,571	Scholastic Corp.		45,245
	2,329	Sinclair Broadcast Group Inc., Class A Shares		72,036
	1,347	TechTarget Inc.*		112,650
	12,035	TEGNA Inc.		219,398
	1,112	Tribune Publishing Co.*		18,882
	2,901	WideOpenWest Inc.*		40,759
		Total Media		9,339,530
	Wireless Telecommunication Services — 0.0%
	2,492	Boingo Wireless Inc.*		28,409
	2,907	Gogo Inc.*(a)		34,448
	2,646	Shenandoah Telecommunications Co.(a)		117,350
	801	Spok Holdings Inc.		8,586
	5,557	Telephone & Data Systems Inc.		99,415
	846	United States Cellular Corp.*		24,898
		Total Wireless Telecommunication Services		313,106
		TOTAL COMMUNICATION SERVICES		18,614,840
	CONSUMER DISCRETIONARY — 8.9%
	Auto Components — 0.5%
	4,800	Adient PLC*		177,984
	6,163	American Axle & Manufacturing Holdings Inc.*		60,213
	13,031	BorgWarner Inc.		586,395
	2,758	Cooper Tire & Rubber Co.		157,868
	800	Cooper-Standard Holdings Inc.*		28,656
	7,924	Dana Inc.*		188,670
	1,450	Dorman Products Inc.*		144,579
	2,242	Fox Factory Holding Corp.*		285,070

See Notes to Financial Statements.

28

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 8.9% — (continued)
	Auto Components — 0.5% — (continued)
	13,321	Gentex Corp.	$	471,297
	1,766	Gentherm Inc.*		125,015
	12,247	Goodyear Tire & Rubber Co. (The)*		205,872
	1,358	LCI Industries		191,397
	3,196	Lear Corp.		530,824
	2,230	Modine Manufacturing Co.*		30,930
	1,072	Motorcar Parts of America Inc.*		22,812
	1,228	Patrick Industries Inc.		96,926
	1,189	Standard Motor Products Inc.		49,950
	1,385	Stoneridge Inc.*		42,464
	2,911	Tenneco Inc., Class A Shares*		32,429
	1,515	Visteon Corp.*		192,663
	912	XPEL Inc.*		44,095
		Total Auto Components		3,666,109
	Automobiles — 0.1%
	8,294	Harley-Davidson Inc.		295,847
	2,860	Thor Industries Inc.(a)		334,791
	1,713	Winnebago Industries Inc.		119,225
	5,088	Workhorse Group Inc.*(a)		82,273
		Total Automobiles		832,136
	Distributors — 0.1%
	2,484	Core-Mark Holding Co., Inc.		80,929
	1,513	Funko Inc., Class A Shares*(a)		20,546
	421	Greenlane Holdings Inc., Class A Shares*		2,257
	2,076	Pool Corp.		694,982
	241	Weyco Group Inc.		4,230
		Total Distributors		802,944
	Diversified Consumer Services — 0.6%
	2,816	Adtalem Global Education Inc.*		110,669
	838	American Public Education Inc.*		24,671
	1,014	Aspen Group Inc.*		9,004
	10,720	Bright Horizons Family Solutions Inc.*		1,711,555
	928	Carriage Services Inc., Class A Shares		30,587
	7,033	Chegg Inc.*		678,895
	4,715	frontdoor Inc.*		246,925
	212	Graham Holdings Co., Class B Shares		127,376
	2,537	Grand Canyon Education Inc.*		265,599
	10,593	H&R Block Inc.		203,703
	6,551	Houghton Mifflin Harcourt Co.*		39,961
	5,835	Laureate Education Inc., Class A Shares*		80,231
	1,806	OneSpaWorld Holdings Ltd.*		19,703
	3,809	Perdoceo Education Corp.*		49,022
	1,186	Regis Corp.*		13,935
	9,002	Service Corp. International		429,935
	1,306	Strategic Education Inc.		118,742
	2,192	Stride Inc.*		52,718
	7,186	Terminix Global Holdings Inc.*		323,442
	1,566	Universal Technical Institute Inc.*		9,600
	4,255	Vivint Smart Home Inc.*		72,335
	2,394	WW International Inc.*		70,599
		Total Diversified Consumer Services		4,689,207

See Notes to Financial Statements.

29

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 8.9% — (continued)
	Hotels, Restaurants & Leisure — 2.0%
	2,216	Accel Entertainment Inc., Class A Shares*	$	24,575
	12,161	Aramark		451,416
	1,001	Bally’s Corp.		59,580
	3	Biglari Holdings Inc., Class A Shares*		1,757
	43	Biglari Holdings Inc., Class B Shares*		5,037
	1,137	BJ’s Restaurants Inc.*		63,138
	4,700	Bloomin’ Brands Inc.*		116,748
	271	Bluegreen Vacations Corp.		2,168
	490	Bluegreen Vacations Holding Corp., Class A Shares*		7,781
	4,252	Boyd Gaming Corp.*		249,592
	2,400	Brinker International Inc.		164,616
	9,657	Caesars Entertainment Inc.*		902,350
	2,267	Carrols Restaurant Group Inc.*		14,010
	1,124	Century Casinos Inc.*		9,059
	24,281	Cheesecake Factory Inc. (The)(a)		1,334,241
	1,909	Choice Hotels International Inc.		200,197
	8,910	Churchill Downs Inc.		2,054,913
	1,103	Chuy’s Holdings Inc.*		45,223
	1,276	Cracker Barrel Old Country Store Inc.		197,614
	2,220	Dave & Buster’s Entertainment Inc.*		90,154
	1,875	Del Taco Restaurants Inc.		18,825
	3,542	Denny’s Corp.*(a)		62,162
	855	Dine Brands Global Inc.		67,639
	1,056	El Pollo Loco Holdings Inc.*		19,357
	4,367	Everi Holdings Inc.*		65,985
	9,808	Extended Stay America Inc.		157,811
	893	Fiesta Restaurant Group Inc.*		13,627
	1,166	GAN Ltd.*		29,780
	1,107	Golden Entertainment Inc.*		26,158
	4,671	Hilton Grand Vacations Inc.*		184,551
	1,920	Hyatt Hotels Corp., Class A Shares*		168,864
	77,272	International Game Technology PLC		1,413,305
	1,235	Jack in the Box Inc.		126,402
	296	Kura Sushi USA Inc., Class A Shares*		8,847
	1,459	Lindblad Expeditions Holdings Inc.*		30,391
	2,136	Marriott Vacations Worldwide Corp.*		362,501
	697	Monarch Casino & Resort Inc.*		47,159
	185	Nathan’s Famous Inc.		11,056
	2,016	Noodles & Co., Class A Shares*		19,031
	17,214	Norwegian Cruise Line Holdings Ltd.*(a)		508,846
	1,770	Papa John’s International Inc.(a)		159,636
	8,383	Penn National Gaming Inc.*		970,584
	4,420	Planet Fitness Inc., Class A Shares*		380,518
	101,310	Playa Hotels & Resorts NV*		726,393
	1,121	PlayAGS Inc.*		9,159
	322	RCI Hospitality Holdings Inc.		20,689
	946	Red Robin Gourmet Burgers Inc.*		29,033
	3,589	Red Rock Resorts Inc., Class A Shares		108,280
	1,747	Ruth’s Hospitality Group Inc.		39,840
	3,076	Scientific Games Corp., Class A Shares*		144,049
	15,050	SeaWorld Entertainment Inc.*		747,383
	1,915	Shake Shack Inc., Class A Shares*		226,889
	4,264	Six Flags Entertainment Corp.		190,174
	1,394	Target Hospitality Corp.*		2,328

See Notes to Financial Statements.

30

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 8.9% — (continued)
	Hotels, Restaurants & Leisure — 2.0% — (continued)
	3,554	Texas Roadhouse Inc., Class A Shares	$	322,988
	4,622	Travel + Leisure Co.		279,307
	2,146	Vail Resorts Inc.		663,500
	9,835	Wendy’s Co. (The)		200,929
	1,613	Wingstop Inc.		219,610
	5,045	Wyndham Hotels & Resorts Inc.		329,338
		Total Hotels, Restaurants & Leisure		15,107,093
	Household Durables — 1.4%
	1,540	Beazer Homes USA Inc.*		27,212
	1,304	Casper Sleep Inc.*		10,941
	509	Cavco Industries Inc.*		107,353
	1,614	Century Communities Inc.*		89,303
	1,148	Ethan Allen Interiors Inc.		29,412
	7,058	GoPro Inc., Class A Shares*		53,076
	1,313	Green Brick Partners Inc.*		25,905
	302	Hamilton Beach Brands Holding Co., Class A Shares		5,306
	1,343	Helen of Troy Ltd.*(a)		291,162
	681	Hooker Furniture Corp.		23,025
	1,260	Installed Building Products Inc.*		137,794
	1,514	iRobot Corp.*		187,903
	4,842	KB Home		195,520
	2,474	La-Z-Boy Inc.		105,417
	368	Legacy Housing Corp.*		5,781
	7,168	Leggett & Platt Inc.		310,159
	1,224	LGI Homes Inc.*		133,722
	500	Lifetime Brands Inc.		6,485
	489	Lovesac Co. (The)*		28,210
	1,472	M/I Homes Inc.*		73,453
	2,796	MDC Holdings Inc.		158,170
	2,044	Meritage Homes Corp.*		172,330
	3,128	Mohawk Industries Inc.*		547,369
	55,032	Newell Brands Inc.		1,275,091
	183	NVR Inc.*		823,654
	14,104	PulteGroup Inc.		636,231
	846	Purple Innovation Inc., Class A Shares*		31,124
	2,688	Skyline Champion Corp.*		118,944
	4,248	Sonos Inc.*		165,417
	6,771	Taylor Morrison Home Corp., Class A Shares*		186,270
	44,190	Tempur Sealy International Inc.		1,476,388
	6,330	Toll Brothers Inc.		338,149
	11,315	TopBuild Corp.*		2,154,489
	7,030	TRI Pointe Group Inc.*		133,570
	2,621	Tupperware Brands Corp.*(a)		80,124
	758	Turtle Beach Corp.*		22,664
	701	Universal Electronics Inc.*		40,791
	1,020	VOXX International Corp., Class A Shares*		21,145
		Total Household Durables		10,229,059
	Internet & Direct Marketing Retail — 0.5%
	24,741	1-800-Flowers.com Inc., Class A Shares*(a)		699,676
	1,895	CarParts.com Inc.*		33,598
	429	Duluth Holdings Inc., Class B Shares*(a)		5,997
	6,374	Etsy Inc.*		1,404,001
	1,217	Groupon Inc., Class A Shares*		52,818

See Notes to Financial Statements.

31

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 8.9% — (continued)
	Internet & Direct Marketing Retail — 0.5% — (continued)
	4,935	Grubhub Inc.*	$	316,185
	533	Lands’ End Inc.*		17,610
	1,785	Liquidity Services Inc.*		27,864
	5,785	Magnite Inc.*		282,713
	2,314	Overstock.com Inc.*		155,431
	1,141	PetMed Express Inc.		39,604
	4,752	Quotient Technology Inc.*		63,772
	20,152	Qurate Retail Inc., Class A Shares		250,288
	3,411	RealReal Inc. (The)*		87,117
	1,200	Shutterstock Inc.		105,876
	888	Stamps.com Inc.*		161,554
	3,225	Stitch Fix Inc., Class A Shares*(a)		246,100
	4,149	Waitr Holdings Inc.*		13,194
		Total Internet & Direct Marketing Retail		3,963,398
	Leisure Products — 0.5%
	1,896	Acushnet Holdings Corp.		80,049
	770	American Outdoor Brands Inc.*		15,408
	18,690	BRP Inc.		1,350,166
	4,299	Brunswick Corp.		379,903
	5,133	Callaway Golf Co.		143,467
	773	Clarus Corp.		13,419
	544	Escalade Inc.		10,749
	285	Johnson Outdoors Inc., Class A Shares		34,394
	1,119	Malibu Boats Inc., Class A Shares*		83,410
	338	Marine Products Corp.		5,682
	1,019	MasterCraft Boat Holdings Inc.*		26,117
	18,384	Mattel Inc.*		371,357
	1,615	Nautilus Inc.*		29,732
	3,173	Polaris Inc.		373,652
	3,080	Smith & Wesson Brands Inc.		53,007
	937	Sturm Ruger & Co., Inc.		63,903
	3,013	Vista Outdoor Inc.*		95,241
	4,340	YETI Holdings Inc.*		298,462
		Total Leisure Products		3,428,118
	Multiline Retail — 0.2%
	2,147	Big Lots Inc.(a)		136,420
	328	Dillard’s Inc., Class A Shares(a)		26,142
	1,302	Franchise Group Inc.		45,674
	8,541	Kohl’s Corp.		471,890
	16,026	Macy’s Inc.		243,756
	6,012	Nordstrom Inc.		219,138
	2,996	Ollie’s Bargain Outlet Holdings Inc.*		247,709
		Total Multiline Retail		1,390,729
	Specialty Retail — 2.1%
	1,850	Aaron’s Co., Inc. (The)*		40,626
	3,284	Abercrombie & Fitch Co., Class A Shares		89,883
	640	Academy Sports & Outdoors Inc.*		15,334
	8,163	American Eagle Outfitters Inc.(a)		209,789
	360	America’s Car-Mart Inc.*		48,600
	1,060	Asbury Automotive Group Inc.*		179,617
	3,007	At Home Group Inc.*		75,746
	3,093	AutoNation Inc.*		232,037

See Notes to Financial Statements.

32

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 8.9% — (continued)
	Specialty Retail — 2.1% — (continued)
	6,932	Bed Bath & Beyond Inc.(a)	$	186,194
	1,549	Boot Barn Holdings Inc.*		93,591
	1,495	Buckle Inc. (The)		57,468
	1,947	Caleres Inc.		30,879
	1,821	Camping World Holdings Inc., Class A Shares		56,997
	14,979	CarMax Inc.*		1,790,140
	1,221	Cato Corp. (The), Class A Shares		15,067
	36,653	Chico’s FAS Inc.		98,597
	7,657	Children’s Place Inc. (The)*(a)		530,247
	480	Citi Trends Inc.		37,387
	814	Conn’s Inc.*		11,551
	465	Container Store Group Inc. (The)*		7,128
	32,721	Designer Brands Inc., Class A Shares		408,685
	3,409	Dick’s Sporting Goods Inc.		243,300
	2,386	Express Inc.*(a)		6,418
	9,089	Five Below Inc.*		1,691,645
	5,033	Floor & Decor Holdings Inc., Class A Shares*		478,588
	5,702	Foot Locker Inc.		274,209
	2,944	GameStop Corp., Class A Shares*(a)		299,523
	10,046	Gap Inc. (The)*		250,648
	863	Genesco Inc.*		38,783
	905	Group 1 Automotive Inc.(a)		137,958
	1,961	GrowGeneration Corp.*(a)		89,480
	2,360	Guess? Inc.		59,496
	992	Haverty Furniture Cos., Inc.		35,881
	924	Hibbett Sports Inc.*		59,376
	12,328	L Brands Inc.*		673,848
	4,064	Leslie’s Inc.*(a)		98,674
	1,388	Lithia Motors Inc., Class A Shares		519,043
	1,569	Lumber Liquidators Holdings Inc.*		38,864
	972	MarineMax Inc.*		43,400
	4,190	Michaels Cos., Inc. (The)*		62,850
	19,654	Monro Inc.		1,218,351
	1,413	Murphy USA Inc.		176,130
	37,045	National Vision Holdings Inc.*		1,759,267
	16,940	ODP Corp. (The)*		648,294
	260	OneWater Marine Inc., Class A Shares*		9,259
	1,672	Penske Automotive Group Inc.		113,663
	2,667	Rent-A-Center Inc.		154,046
	846	RH*		414,853
	6,123	Sally Beauty Holdings Inc.*		98,580
	564	Shoe Carnival Inc.		27,613
	2,737	Signet Jewelers Ltd.*		136,248
	1,394	Sleep Number Corp.*		191,159
	1,370	Sonic Automotive Inc., Class A Shares(a)		63,171
	2,372	Sportsman’s Warehouse Holdings Inc.*		40,182
	1,548	Tilly’s Inc., Class A Shares*		15,975
	3,769	Urban Outfitters Inc.*		127,769
	1,326	Vroom Inc.*(a)		58,676
	4,092	Williams-Sonoma Inc.		537,239
	173	Winmark Corp.		30,533
	1,208	Zumiez Inc.*		54,457
		Total Specialty Retail		15,193,012

See Notes to Financial Statements.

33

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 8.9% — (continued)
	Textiles, Apparel & Luxury Goods — 0.9%
	7,596	Capri Holdings Ltd.*	$	354,505
	15,749	Carter’s Inc.(a)		1,314,569
	1,575	Columbia Sportswear Co.		162,335
	3,548	Crocs Inc.*		272,203
	1,500	Deckers Outdoor Corp.*		489,165
	2,154	Fossil Group Inc.*		32,612
	2,282	G-III Apparel Group Ltd.*		65,699
	18,892	Hanesbrands Inc.		334,200
	2,821	Kontoor Brands Inc.		119,187
	426	Lakeland Industries Inc.*		13,372
	703	Movado Group Inc.		16,028
	911	Oxford Industries Inc.(a)		69,455
	3,767	PVH Corp.		376,549
	2,575	Ralph Lauren Corp., Class A Shares		301,481
	439	Rocky Brands Inc.		19,136
	7,146	Skechers USA Inc., Class A Shares*		261,544
	4,503	Steven Madden Ltd.		166,566
	353	Superior Group of Cos., Inc.		8,409
	14,872	Tapestry Inc.		626,706
	10,230	Under Armour Inc., Class A Shares*		223,935
	10,527	Under Armour Inc., Class C Shares*		191,591
	888	Unifi Inc.*		22,138
	915	Vera Bradley Inc.*		8,683
	39,992	Wolverine World Wide Inc.		1,397,720
		Total Textiles, Apparel & Luxury Goods		6,847,788
		TOTAL CONSUMER DISCRETIONARY		66,149,593
	CONSUMER STAPLES — 3.8%
	Beverages — 0.1%
	486	Boston Beer Co., Inc. (The), Class A Shares*		499,953
	1,843	Celsius Holdings Inc.*		109,714
	257	Coca-Cola Consolidated Inc.		65,961
	716	MGP Ingredients Inc.		45,738
	1,354	National Beverage Corp.(a)		64,532
	5,798	NewAge Inc.*(a)		15,249
	5,317	Pernod Ricard SA, ADR(a)		202,259
	8,559	Primo Water Corp.		122,308
		Total Beverages		1,125,714
	Food & Staples Retailing — 0.3%
	2,360	Albertsons Cos., Inc., Class A Shares(a)		38,161
	1,628	Andersons Inc. (The)		42,556
	7,437	BJ’s Wholesale Club Holdings Inc.*(a)		298,819
	1,977	Casey’s General Stores Inc.		399,275
	1,515	Chefs’ Warehouse Inc. (The)*		47,177
	3,788	Grocery Outlet Holding Corp.*		136,330
	1,917	HF Foods Group Inc.*(a)		14,128
	768	Ingles Markets Inc., Class A Shares		39,905
	321	Natural Grocers by Vitamin Cottage Inc.		4,520
	7,105	Performance Food Group Co.*		385,375
	1,242	PriceSmart Inc.		119,791
	2,924	Rite Aid Corp.*(a)		57,252
	2,027	SpartanNash Co.		36,952
	6,406	Sprouts Farmers Market Inc.*		135,231

See Notes to Financial Statements.

34

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER STAPLES — 3.8% — (continued)
	Food & Staples Retailing — 0.3% — (continued)
	3,026	United Natural Foods Inc.*(a)	$	80,038
	11,772	US Foods Holding Corp.*		429,207
	542	Village Super Market Inc., Class A Shares		12,493
	487	Weis Markets Inc.		26,030
		Total Food & Staples Retailing		2,303,240
	Food Products — 2.2%
	325	Alico Inc.		9,633
	3,490	B&G Foods Inc.(a)		105,852
	2,819	Beyond Meat Inc.*(a)		410,108
	71	Bridgford Foods Corp.*		1,093
	7,389	Bunge Ltd.		565,850
	6,100	Calavo Growers Inc.		459,025
	86,667	Cal-Maine Foods Inc.*		3,302,013
	8,637	Darling Ingredients Inc.*		544,477
	956	Farmer Brothers Co.*		7,466
	10,668	Flowers Foods Inc.		232,029
	1,724	Fresh Del Monte Produce Inc.		44,376
	2,125	Freshpet Inc.*		331,245
	29,086	Hain Celestial Group Inc. (The)*(a)		1,226,848
	6,578	Hostess Brands Inc., Class A Shares*(a)		94,657
	3,589	Ingredion Inc.		323,728
	819	J&J Snack Foods Corp.		130,024
	455	John B Sanfilippo & Son Inc.		39,339
	7,847	Lamb Weston Holdings Inc.		625,955
	1,022	Lancaster Colony Corp.(a)		178,513
	1,555	Landec Corp.*		17,338
	974	Limoneira Co.		14,931
	20,772	Mission Produce Inc.*		435,381
	2,939	Pilgrim’s Pride Corp.*		65,804
	3,471	Post Holdings Inc.*		333,424
	27,578	Sanderson Farms Inc.		4,205,645
	14	Seaboard Corp.		46,384
	375	Seneca Foods Corp., Class A Shares*		20,423
	4,640	Simply Good Foods Co. (The)*		135,349
	910	Tootsie Roll Industries Inc.		28,037
	39,780	TreeHouse Foods Inc.*(a)		1,989,796
	520	Vital Farms Inc.*		14,102
		Total Food Products		15,938,845
	Household Products — 0.2%
	2,713	Central Garden & Pet Co., Class A Shares*		114,289
	3,420	Energizer Holdings Inc.		142,956
	27,752	Henkel AG & Co. KGaA, ADR		613,597
	1,459	Kimberly-Clark Corp.		187,233
	205	Oil-Dri Corp. of America		6,884
	2,681	Reynolds Consumer Products Inc.		74,022
	2,310	Spectrum Brands Holdings Inc.		179,141
	713	WD-40 Co.(a)		222,278
		Total Household Products		1,540,400
	Personal Products — 1.0%
	232,137	Beiersdorf AG, ADR(a)		4,589,349
	2,250	BellRing Brands Inc., Class A Shares*		51,120
	15,833	Coty Inc., Class A Shares*		121,439

See Notes to Financial Statements.

35

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER STAPLES — 3.8% — (continued)
	Personal Products — 1.0% — (continued)
	2,970	Edgewell Personal Care Co.(a)	$	90,852
	2,343	elf Beauty Inc.*(a)		60,098
	25,434	Herbalife Nutrition Ltd.*		1,144,021
	996	Inter Parfums Inc.		72,878
	920	Lifevantage Corp.*		8,050
	578	Medifast Inc.		146,228
	462	Nature’s Sunshine Products Inc.*		7,614
	14,368	Nu Skin Enterprises Inc., Class A Shares		735,354
	325	Revlon Inc., Class A Shares*(a)		3,682
	648	USANA Health Sciences Inc.*		62,895
	2,601	Veru Inc.*		35,946
		Total Personal Products		7,129,526
	Tobacco — 0.0%
	700	Turning Point Brands Inc.		34,440
	1,350	Universal Corp.		68,607
	7,355	Vector Group Ltd.		100,396
		Total Tobacco		203,443
		TOTAL CONSUMER STAPLES		28,241,168
	ENERGY — 1.5%
	Energy Equipment & Services — 0.4%
	7,139	Archrock Inc.		73,603
	1,053	Aspen Aerogels Inc.*		23,429
	284	Bristow Group Inc.*		7,560
	2,683	Cactus Inc., Class A Shares(a)		85,507
	10,117	ChampionX Corp.*		215,189
	854	DMC Global Inc.		53,793
	9,242	Dril-Quip Inc.*		313,858
	1,217	Exterran Corp.*		6,657
	1,630	Forum Energy Technologies Inc.*		34,801
	8,417	Frank’s International NV*		38,129
	7,965	Helix Energy Solutions Group Inc.*		39,028
	5,786	Helmerich & Payne Inc.		166,232
	7,488	ION Geophysical Corp.*(a)		22,764
	3,510	Liberty Oilfield Services Inc., Class A Shares		41,032
	246	Nabors Industries Ltd.		27,308
	984	National Energy Services Reunited Corp.*		13,038
	5,187	Newpark Resources Inc.*		17,947
	63,710	NexTier Oilfield Solutions Inc.*		296,252
	21,318	NOV Inc.		321,902
	28,450	Oceaneering International Inc.*		335,710
	19,582	Oil States International Inc.*(a)		143,536
	30,792	Patterson-UTI Energy Inc.		227,861
	4,718	ProPetro Holding Corp.*		54,115
	3,734	RPC Inc.*		23,711
	3,334	Select Energy Services Inc., Class A Shares*		21,071
	1,342	Solaris Oilfield Infrastructure Inc., Class A Shares		15,849
	37,113	TETRA Technologies Inc.*		92,782
	1,554	Tidewater Inc.*		19,363
	32,510	Transocean Ltd.*(a)		112,810
	4,215	US Silica Holdings Inc.		56,102
		Total Energy Equipment & Services		2,900,939

See Notes to Financial Statements.

36

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	ENERGY — 1.5% — (continued)
	Oil, Gas & Consumable Fuels — 1.1%
	166	Adams Resources & Energy Inc.	$	4,831
	15,819	Antero Midstream Corp.		139,524
	12,708	Antero Resources Corp.*		114,372
	20,029	Apache Corp.		395,172
	895	Arch Resources Inc.		42,888
	1,299	Ardmore Shipping Corp.*		5,118
	4,260	Berry Corp.		21,130
	1,131	Bonanza Creek Energy Inc.*		36,113
	2,535	Brigham Minerals Inc., Class A Shares		36,276
	5,562	Cimarex Energy Co.		322,540
	6,164	Clean Energy Fuels Corp.*		80,379
	12,114	CNX Resources Corp.*		152,758
	671	Comstock Resources Inc.*		3,831
	1,079	CONSOL Energy Inc.*		11,664
	4,895	Contango Oil & Gas Co.*		23,839
	4,159	Continental Resources Inc.*(a)		100,565
	1,608	CVR Energy Inc.		35,505
	3,419	Delek US Holdings Inc.		83,971
	60,171	Devon Energy Corp.		1,296,083
	5,873	DHT Holdings Inc.		32,771
	1,459	Diamond S Shipping Inc.*		11,818
	8,583	Diamondback Energy Inc.		594,630
	1,888	Dorian LPG Ltd.*		23,506
	660	Earthstone Energy Inc., Class A Shares*		4,673
	6,337	Energy Fuels Inc.*		32,889
	14,711	EQT Corp.*		261,709
	22,454	Equitrans Midstream Corp.		162,342
	969	Evolution Petroleum Corp.		3,440
	1,579	Falcon Minerals Corp.		6,237
	6,450	Frontline Ltd.		43,666
	5,145	Golar LNG Ltd.*		58,087
	224	Goodrich Petroleum Corp.*		2,175
	1,908	Green Plains Inc.*		48,311
	8,207	HollyFrontier Corp.		310,881
	1,318	International Seaways Inc.		22,854
	22,339	Kosmos Energy Ltd.(a)		68,804
	6,876	Magnolia Oil & Gas Corp., Class A Shares*		82,925
	43,103	Marathon Oil Corp.		478,443
	6,113	Matador Resources Co.*		127,701
	8,145	Murphy Oil Corp.		133,008
	175	NACCO Industries Inc., Class A Shares		4,364
	636	NextDecade Corp.*		1,259
	7,882	Nordic American Tankers Ltd.		23,410
	3,617	Overseas Shipholding Group Inc., Class A Shares*		7,957
	14,370	Ovintiv Inc.		331,516
	1,976	Par Pacific Holdings Inc.*		34,916
	5,319	PBF Energy Inc., Class A Shares*		75,530
	5,509	PDC Energy Inc.*		192,540
	3,508	Peabody Energy Corp.*		15,084
	589	Penn Virginia Corp.*		8,623
	28	PrimeEnergy Resources Corp.*		1,310
	73,195	QEP Resources Inc.		251,791
	56,188	Range Resources Corp.*		541,652
	1,976	Renewable Energy Group Inc.*		153,673

See Notes to Financial Statements.

37

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	ENERGY — 1.5% — (continued)
	Oil, Gas & Consumable Fuels — 1.1% — (continued)
	334	REX American Resources Corp.*	$	31,419
	2,779	Scorpio Tankers Inc.		41,018
	5,075	SFL Corp., Ltd.		38,265
	5,850	SM Energy Co.		81,081
	34,242	Southwestern Energy Co.*		138,680
	669	Talos Energy Inc.*		7,085
	12,025	Targa Resources Corp.		371,933
	8,170	Tellurian Inc.*		25,245
	10,570	Uranium Energy Corp.*		22,408
	5,333	W&T Offshore Inc.*		17,546
	50	Whiting Petroleum Corp.*		1,715
	3,412	World Fuel Services Corp.		106,045
		Total Oil, Gas & Consumable Fuels		7,943,494
		TOTAL ENERGY		10,844,433
	FINANCIALS — 13.3%
	Banks — 5.3%
	350	1st Constitution Bancorp		6,143
	963	1st Source Corp.		42,728
	494	ACNB Corp.		13,639
	950	Allegiance Bancshares Inc.		35,767
	985	Altabancorp		33,904
	634	Amalgamated Bank, Class A Shares		11,133
	1,137	Amerant Bancorp Inc., Class A Shares*		18,726
	732	American National Bankshares Inc.		22,692
	3,629	Ameris Bancorp		172,886
	548	Ames National Corp.		12,527
	777	Arrow Financial Corp.		24,755
	8,394	Associated Banc-Corp.		169,139
	1,396	Atlantic Capital Bancshares Inc.*		28,409
	4,373	Atlantic Union Bankshares Corp.		160,620
	136	Auburn National Bancorporation Inc.		5,318
	2,690	Banc of California Inc.		49,926
	942	BancFirst Corp.		60,175
	2,877	Bancorp Inc. (The)*		58,317
	5,575	BancorpSouth Bank		167,585
	331	Bank First Corp.		23,137
	1,542	Bank of Commerce Holdings		16,762
	2,091	Bank of Hawaii Corp.		182,962
	842	Bank of Marin Bancorp		31,154
	2,905	Bank of NT Butterfield & Son Ltd. (The)		106,003
	221	Bank of Princeton (The)		5,806
	6,524	Bank OZK		268,919
	201	Bank7 Corp.		3,282
	701	BankFinancial Corp.		6,624
	82,369	BankUnited Inc.		3,310,410
	317	Bankwell Financial Group Inc.		7,862
	7,462	Banner Corp.		386,382
	911	Bar Harbor Bankshares		25,499
	780	Baycom Corp.*		13,330
	686	BCB Bancorp Inc.		9,076
	26,646	Berkshire Hills Bancorp Inc.(a)		537,183
	1,668	BOK Financial Corp.		143,548
	4,532	Boston Private Financial Holdings Inc.		62,360

See Notes to Financial Statements.

38

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Banks — 5.3% — (continued)
	4,128	Brookline Bancorp Inc.	$	58,741
	951	Bryn Mawr Bank Corp.		35,976
	797	Business First Bancshares Inc.		17,510
	1,431	Byline Bancorp Inc.		28,506
	237	C&F Financial Corp.		10,309
	6,781	Cadence BanCorp, Class A Shares		139,146
	430	California BanCorp*		6,631
	388	Cambridge Bancorp		29,573
	760	Camden National Corp.		30,803
	297	Capital Bancorp Inc.*		4,737
	632	Capital City Bank Group Inc.		15,604
	1,036	Capstar Financial Holdings Inc.		16,794
	946	Carter Bankshares Inc.*		11,191
	3,917	Cathay General Bancorp		147,436
	286	CB Financial Services Inc.		5,820
	1,153	CBTX Inc.		33,633
	1,125	Central Pacific Financial Corp.		25,459
	335	Central Valley Community Bancorp		5,919
	185	Century Bancorp Inc., Class A Shares		16,770
	124	Chemung Financial Corp.		4,366
	377	ChoiceOne Financial Services Inc.		9,568
	5,202	CIT Group Inc.		235,911
	722	Citizens & Northern Corp.		15,104
	268	Citizens Holding Co.		5,245
	862	City Holding Co.		64,831
	1,009	Civista Bancshares Inc.		19,403
	776	CNB Financial Corp.		18,011
	656	Coastal Financial Corp.*		18,368
	632	Codorus Valley Bancorp Inc.		10,649
	315	Colony Bankcorp Inc.		4,520
	3,948	Columbia Banking System Inc.		174,857
	26,481	Comerica Inc.		1,803,356
	5,696	Commerce Bancshares Inc.		421,675
	2,870	Community Bank System Inc.		204,315
	856	Community Bankers Trust Corp.		6,643
	155	Community Financial Corp. (The)		4,696
	925	Community Trust Bancorp Inc.		37,795
	2,170	ConnectOne Bancorp Inc.		50,409
	293	County Bancorp Inc.		6,625
	2,532	CrossFirst Bankshares Inc.*		33,802
	3,038	Cullen/Frost Bankers Inc.		317,167
	1,569	Customers Bancorp Inc.*		42,018
	7,072	CVB Financial Corp.		151,412
	2,104	Dime Community Bancshares Inc.		61,879
	1,760	Eagle Bancorp Inc.		86,046
	391	Eagle Bancorp Montana Inc.		8,512
	7,624	East West Bancorp Inc.		550,148
	7,955	Eastern Bankshares Inc.*		140,088
	544	Enterprise Bancorp Inc.		15,776
	1,468	Enterprise Financial Services Corp.		63,124
	998	Equity Bancshares Inc., Class A Shares*		25,948
	279	Esquire Financial Holdings Inc.*		6,227
	187	Evans Bancorp Inc.		6,059
	473	Farmers & Merchants Bancorp Inc.		10,903

See Notes to Financial Statements.

39

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Banks — 5.3% — (continued)
	1,758	Farmers National Banc Corp.	$	24,331
	1,697	FB Financial Corp.		71,970
	224	Fidelity D&D Bancorp Inc.		11,357
	750	Financial Institutions Inc.		20,535
	12,224	First Bancorp		160,274
	581	First Bancorp Inc. (The)		14,850
	1,080	First Bancshares Inc. (The)		34,636
	727	First Bank		7,670
	3,031	First Busey Corp.		69,380
	370	First Business Financial Services Inc.		8,214
	193	First Capital Inc.		9,274
	702	First Choice Bancorp		13,893
	2,224	First Citizens BancShares Inc., Class A Shares		1,641,067
	3,394	First Commonwealth Financial Corp.		45,514
	1,018	First Community Bancshares Inc.		26,122
	407	First Community Corp.		7,253
	5,332	First Financial Bancorp		119,597
	6,669	First Financial Bankshares Inc.		297,838
	743	First Financial Corp.		31,488
	2,043	First Foundation Inc.		46,683
	211	First Guaranty Bancshares Inc.		3,494
	6,881	First Hawaiian Inc.		191,911
	86,942	First Horizon Corp.		1,408,460
	617	First Internet Bancorp		20,207
	2,195	First Interstate BancSystem Inc., Class A Shares		99,697
	2,725	First Merchants Corp.		114,586
	677	First Mid Bancshares Inc.		24,636
	5,980	First Midwest Bancorp Inc.		118,284
	347	First Northwest Bancorp		5,649
	1,379	First of Long Island Corp. (The)		25,622
	108	First Savings Financial Group Inc.		6,751
	378	First United Corp.		6,842
	357	First Western Financial Inc.*		6,515
	1,650	Flushing Financial Corp.		34,237
	17,214	FNB Corp.		203,642
	712	FNCB Bancorp Inc.		5,012
	188	Franklin Financial Services Corp.		5,162
	28,834	Fulton Financial Corp.(a)		445,485
	502	FVCBankcorp Inc.*		7,932
	1,272	German American Bancorp Inc.		50,117
	5,067	Glacier Bancorp Inc.		274,631
	489	Great Southern Bancorp Inc.		25,814
	2,814	Great Western Bancorp Inc.		75,500
	421	Guaranty Bancshares Inc.		12,841
	4,170	Hancock Whitney Corp.		157,417
	1,156	Hanmi Financial Corp.		19,791
	2,982	HarborOne Bancorp Inc.		35,635
	244	Hawthorn Bancshares Inc.		4,914
	695	HBT Financial Inc.		11,217
	1,742	Heartland Financial USA Inc.		81,421
	3,874	Heritage Commerce Corp.		36,842
	1,981	Heritage Financial Corp.		51,288
	4,005	Hilltop Holdings Inc.		132,325
	8,246	Home BancShares Inc.		201,532

See Notes to Financial Statements.

40

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Banks — 5.3% — (continued)
	925	HomeTrust Bancshares Inc.	$	21,404
	5,886	Hope Bancorp Inc.		77,460
	2,452	Horizon Bancorp Inc.		43,793
	590	Howard Bancorp Inc.*		8,113
	1,192	Independent Bank Corp.		24,639
	1,808	Independent Bank Corp.(a)		154,602
	2,060	Independent Bank Group Inc.		143,561
	2,846	International Bancshares Corp.		124,029
	659	Investar Holding Corp.		12,653
	12,814	Investors Bancorp Inc.		170,939
	3,154	Lakeland Bancorp Inc.		49,455
	1,410	Lakeland Financial Corp.		97,219
	249	Landmark Bancorp Incnhattan		6,096
	848	LCNB Corp.		14,391
	228	Level One Bancorp Inc.		4,879
	1,574	Live Oak Bancshares Inc.		86,743
	2,001	Macatawa Bank Corp.		17,669
	392	Mackinac Financial Corp.		5,057
	314	MainStreet Bancshares Inc.*		5,840
	1,126	Mercantile Bank Corp.		32,924
	303	Meridian Corp.		7,405
	937	Metrocity Bankshares Inc.		13,390
	442	Metropolitan Bank Holding Corp.*		22,865
	367	Mid Penn Bancorp Inc.		8,632
	341	Middlefield Banc Corp.		7,628
	1,365	Midland States Bancorp Inc.		33,443
	770	MidWestOne Financial Group Inc.		21,129
	291	MVB Financial Corp.		9,487
	32,963	National Bank Holdings Corp., Class A Shares		1,277,316
	376	National Bankshares Inc.		12,468
	2,217	NBT Bancorp Inc.		80,322
	519	Nicolet Bankshares Inc.*		38,432
	318	Northeast Bank		8,258
	197	Northrim BanCorp Inc.		7,583
	377	Norwood Financial Corp.		9,629
	304	Oak Valley Bancorp		4,913
	3,538	OceanFirst Financial Corp.		76,881
	2,769	OFG Bancorp		53,469
	134	Ohio Valley Banc Corp.		3,255
	8,980	Old National Bancorp		162,807
	1,993	Old Second Bancorp Inc.		23,856
	1,295	Origin Bancorp Inc.		44,367
	454	Orrstown Financial Services Inc.		8,844
	35,915	Pacific Premier Bancorp Inc.		1,447,374
	26,456	PacWest Bancorp		958,765
	799	Park National Corp.		99,076
	491	Parke Bancorp Inc.		8,912
	634	Partners Bancorp		4,508
	473	PCB Bancorp		6,589
	1,042	Peapack Gladstone Financial Corp.		28,665
	484	Penns Woods Bancorp Inc.		11,534
	1,252	Peoples Bancorp Inc.		38,987
	165	Peoples Bancorp of North Carolina Inc.		3,858
	428	Peoples Financial Services Corp.		17,925
	22,737	People’s United Financial Inc.		407,902
	3,998	Pinnacle Financial Partners Inc.		324,518
	284	Plumas Bancorp		7,103
	4,485	Popular Inc.		299,688

See Notes to Financial Statements.

41

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Banks — 5.3% — (continued)
	797	Preferred Bank	$	46,186
	854	Premier Financial Bancorp Inc.		13,271
	896	Professional Holding Corp., Class A Shares*		14,336
	4,824	Prosperity Bancshares Inc.		354,419
	892	QCR Holdings Inc.		36,929
	1,057	RBB Bancorp		19,872
	148	Red River Bancshares Inc.		7,681
	870	Reliant Bancorp Inc.		19,236
	2,814	Renasant Corp.		110,534
	549	Republic Bancorp Inc., Class A Shares		23,080
	1,597	Republic First Bancorp Inc.*		5,669
	617	Richmond Mutual Bancorporation Inc.		8,070
	2,114	S&T Bancorp Inc.		61,052
	151	Salisbury Bancorp Inc.		6,162
	2,665	Sandy Spring Bancorp Inc.		100,151
	398	SB Financial Group Inc.		6,881
	2,622	Seacoast Banking Corp. of Florida*		94,261
	823	Select Bancorp Inc.*		9,004
	2,699	ServisFirst Bancshares Inc.		133,762
	902	Shore Bancshares Inc.		13,801
	850	Sierra Bancorp		20,272
	8,918	Signature Bank		1,947,156
	860	Silvergate Capital Corp., Class A Shares*		109,702
	5,336	Simmons First National Corp., Class A Shares		156,238
	947	SmartFinancial Inc.		19,887
	781	South Plains Financial Inc.		15,073
	3,711	South State Corp.		292,649
	585	Southern First Bancshares Inc.*		25,740
	772	Southern National Bancorp of Virginia Inc.		10,962
	1,594	Southside Bancshares Inc.		55,121
	867	Spirit of Texas Bancshares Inc.		17,999
	10,730	Sterling Bancorp		234,236
	1,052	Stock Yards Bancorp Inc.		51,832
	722	Summit Financial Group Inc.		17,393
	7,582	Synovus Financial Corp.		320,794
	54,896	TCF Financial Corp.		2,460,439
	33,999	Texas Capital Bancshares Inc.*		2,590,724
	828	Tompkins Financial Corp.		64,029
	13,268	Towne Bank		382,649
	1,515	TriCo Bancshares		65,251
	1,684	TriState Capital Holdings Inc.*		38,648
	1,150	Triumph Bancorp Inc.*		88,205
	3,506	Trustmark Corp.		105,741
	10,991	UMB Financial Corp.		927,311
	12,358	Umpqua Holdings Corp.		210,951
	6,303	United Bankshares Inc.		232,896
	3,772	United Community Banks Inc.		124,702
	508	United Security Bancshares		3,790
	281	Unity Bancorp Inc.		5,578
	1,763	Univest Financial Corp.		44,339
	106,581	Valley National Bancorp		1,305,617
	2,500	Veritex Holdings Inc.		72,700
	1,040	Washington Trust Bancorp Inc.		49,452
	4,775	Webster Financial Corp.		264,105
	3,525	WesBanco Inc.		113,787
	1,053	West Bancorporation Inc.		24,040
	1,429	Westamerica Bancorporation		85,897
	5,301	Western Alliance Bancorp		485,095

See Notes to Financial Statements.

42

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Banks — 5.3% — (continued)
	2,843	Wintrust Financial Corp.	$	209,415
	8,750	Zions Bancorp NA		465,237
		Total Banks		39,581,315
	Capital Markets — 2.2%
	2,447	Affiliated Managers Group Inc.		342,507
	5,413	Ares Management Corp., Class A Shares		281,368
	2,985	Artisan Partners Asset Management Inc., Class A Shares		141,787
	884	Assetmark Financial Holdings Inc.*		20,889
	56	Associated Capital Group Inc., Class A Shares		1,910
	1,114	B. Riley Financial Inc.		73,323
	15,707	BGC Partners Inc., Class A Shares		70,367
	2,610	Blucora Inc.*		42,282
	3,491	Brightsphere Investment Group Inc.		63,187
	6,451	Carlyle Group Inc. (The)		220,947
	16,229	Cohen & Steers Inc.		1,044,823
	1,400	Cowen Inc., Class A Shares		47,390
	172	Diamond Hill Investment Group Inc.		24,398
	1,782	Donnelley Financial Solutions Inc.*		46,314
	9,316	Evercore Inc., Class A Shares		1,115,777
	1,997	FactSet Research Systems Inc.		606,908
	5,059	Federated Hermes Inc., Class B Shares		135,176
	1,674	Focus Financial Partners Inc., Class A Shares*(a)		78,695
	205	GAMCO Investors Inc., Class A Shares		3,895
	659	Greenhill & Co., Inc.		9,944
	1,598	Hamilton Lane Inc., Class A Shares		142,861
	2,742	Houlihan Lokey Inc., Class A Shares		174,282
	20,572	Invesco Ltd.		461,224
	5,385	Lazard Ltd., Class A Shares		208,346
	11,073	LPL Financial Holdings Inc.		1,456,542
	2,896	Moelis & Co., Class A Shares		149,549
	8,495	Moody’s Corp.		2,335,191
	1,187	Morningstar Inc.		266,185
	7,030	Nasdaq Inc.		972,179
	39,392	Northern Trust Corp.		3,747,361
	410	Oppenheimer Holdings Inc., Class A Shares		15,539
	958	Piper Sandler Cos.		101,855
	1,291	PJT Partners Inc., Class A Shares		90,009
	552	Pzena Investment Management Inc., Class A Shares		5,089
	1,386	Safeguard Scientifics Inc.*		10,603
	1,055	Sculptor Capital Management Inc., Class A Shares		21,775
	5,939	SEI Investments Co.		332,584
	309	Siebert Financial Corp.*(a)		1,443
	518	Silvercrest Asset Management Group Inc., Class A Shares		7,273
	43,973	SLR Investment Corp.		850,878
	832	StepStone Group Inc., Class A Shares*		29,960
	5,354	Stifel Financial Corp.		327,022
	907	StoneX Group Inc.*		52,325
	3,438	Virtu Financial Inc., Class A Shares		93,754
	409	Virtus Investment Partners Inc.		102,618
	3,178	Waddell & Reed Financial Inc., Class A Shares		79,736
	331	Westwood Holdings Group Inc.		5,710
	7,976	WisdomTree Investments Inc.		42,273
		Total Capital Markets		16,456,053
	Consumer Finance — 0.4%
	20,120	Ally Financial Inc.		834,980
	345	Atlanticus Holdings Corp.*		9,067

See Notes to Financial Statements.

43

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Consumer Finance — 0.4% — (continued)
	538	Credit Acceptance Corp.*(a)	$	195,305
	1,245	Curo Group Holdings Corp.		18,015
	1,713	Encore Capital Group Inc.*(a)		57,249
	1,722	Enova International Inc.*		52,865
	2,954	EZCORP Inc., Class A Shares*		14,179
	2,217	FirstCash Inc.		140,380
	2,786	Green Dot Corp., Class A Shares*		131,666
	3,681	LendingClub Corp.*		39,644
	597	LendingTree Inc.*(a)		160,515
	9,073	Navient Corp.		112,324
	904	Nelnet Inc., Class A Shares		65,630
	3,547	OneMain Holdings Inc., Class A Shares		166,390
	1,053	Oportun Financial Corp.*		17,185
	2,474	PRA Group Inc.*(a)		91,192
	3,701	PROG Holdings Inc.		185,050
	359	Regional Management Corp.		11,621
	3,763	Santander Consumer USA Holdings Inc.		94,075
	19,922	SLM Corp.		314,568
	250	World Acceptance Corp.*		31,638
		Total Consumer Finance		2,743,538
	Diversified Financial Services — 0.2%
	873	Alerus Financial Corp.		24,016
	261	A-Mark Precious Metals Inc.		7,423
	1,751	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		26,720
	4,622	Cannae Holdings Inc.*		172,632
	1,062	GWG Holdings Inc.*		7,243
	11,533	Jefferies Financial Group Inc.		334,918
	329	Marlin Business Services Corp.		5,001
	345	SWK Holdings Corp.*		4,744
	15,963	Voya Financial Inc.		962,250
		Total Diversified Financial Services		1,544,947
	Insurance — 4.3%
	728	Alleghany Corp.		470,601
	2,471	Ambac Financial Group Inc.*		41,883
	4,681	American Equity Investment Life Holding Co.		129,336
	3,788	American Financial Group Inc.		404,180
	413	American National Group Inc.		37,178
	1,004	AMERISAFE Inc.		58,754
	1,820	Argo Group International Holdings Ltd.		84,102
	3,160	Assurant Inc.(a)		389,375
	4,245	Assured Guaranty Ltd.		187,714
	6,112	Athene Holding Ltd., Class A Shares*		278,646
	4,421	Axis Capital Holdings Ltd.		223,393
	4,591	Brighthouse Financial Inc.*		183,135
	12,824	Brown & Brown Inc.		588,622
	51,596	BRP Group Inc., Class A Shares*		1,368,842
	14,816	Chubb Ltd.		2,408,785
	2,289	Citizens Inc., Class A Shares*(a)		13,894
	7,542	CNO Financial Group Inc.		181,461
	698	Crawford & Co., Class A Shares		6,561
	558	Donegal Group Inc., Class A Shares		7,645
	7,356	eHealth Inc.*		437,094
	1,059	Employers Holdings Inc.		35,254
	670	Enstar Group Ltd.*		142,435
	1,348	Erie Indemnity Co., Class A Shares		326,351
	13,201	Everest Re Group Ltd.		3,192,134

See Notes to Financial Statements.

44

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Insurance — 4.3% — (continued)
	548	FBL Financial Group Inc., Class A Shares	$	31,258
	812	FedNat Holding Co.		5,619
	5,925	First American Financial Corp.		311,300
	27,702	Genworth Financial Inc., Class A Shares*		86,430
	5,548	Globe Life Inc.		518,183
	2,381	GoHealth Inc., Class A Shares*		32,310
	715	Goosehead Insurance Inc., Class A Shares		92,621
	1,274	Greenlight Capital Re Ltd., Class A Shares*		9,924
	1,879	Hanover Insurance Group Inc. (The)		216,743
	293	HCI Group Inc.		16,956
	1,523	Heritage Insurance Holdings Inc.		14,788
	2,293	Horace Mann Educators Corp.		88,372
	214	Independence Holding Co.		8,134
	67	Investors Title Co.		10,169
	1,634	James River Group Holdings Ltd.		75,017
	3,296	Kemper Corp.		249,244
	1,149	Kinsale Capital Group Inc.		202,293
	730	Lemonade Inc.*(a)		91,827
	2,651	Markel Corp.*		2,886,409
	2,964	MBIA Inc.*		21,637
	1,523	Mercury General Corp.		88,943
	24,827	MetLife Inc.		1,430,035
	154	National Western Life Group Inc., Class A Shares		32,160
	380	NI Holdings Inc.*		6,775
	15,552	Old Republic International Corp.		300,620
	7,827	Palomar Holdings Inc., Class A Shares*		666,313
	9,809	Primerica Inc.		1,385,325
	2,768	ProAssurance Corp.		68,508
	465	ProSight Global Inc.*		5,878
	420	Protective Insurance Corp., Class B Shares		9,622
	8,959	Reinsurance Group of America Inc., Class A Shares		1,095,059
	2,760	RenaissanceRe Holdings Ltd.		460,865
	2,160	RLI Corp.(a)		225,374
	804	Safety Insurance Group Inc.		63,580
	3,094	Selective Insurance Group Inc.		209,866
	1,686	Selectquote Inc.*		51,423
	1,024	State Auto Financial Corp.		19,190
	1,381	Stewart Information Services Corp.		65,183
	4,714	Third Point Reinsurance Ltd.*		48,130
	1,343	Tiptree Inc.		6,728
	39,269	Travelers Cos., Inc. (The)		5,713,640
	573	Trean Insurance Group Inc.*		9,695
	1,546	Trupanion Inc.*		149,591
	1,194	United Fire Group Inc.		35,163
	904	United Insurance Holdings Corp.		5,623
	1,507	Universal Insurance Holdings Inc.		22,439
	11,094	Unum Group		293,769
	873	Watford Holdings Ltd.*		30,232
	1,728	White Mountains Insurance Group Ltd.		2,065,064
	13,304	WR Berkley Corp.		922,366
		Total Insurance		31,653,768
	Mortgage Real Estate Investment Trusts (REITs) — 0.4%
	29,274	AGNC Investment Corp.		469,262
	4,060	Anworth Mortgage Asset Corp.		11,246
	7,865	Apollo Commercial Real Estate Finance Inc.		104,526
	6,280	Arbor Realty Trust Inc.		104,688
	1,963	Ares Commercial Real Estate Corp.		27,109

See Notes to Financial Statements.

45

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Mortgage Real Estate Investment Trusts (REITs) — 0.4% — (continued)
	1,767	Arlington Asset Investment Corp., Class A Shares*	$	7,086
	3,544	ARMOUR Residential REIT Inc.		42,776
	7,522	Blackstone Mortgage Trust Inc., Class A Shares		219,642
	7,043	Broadmark Realty Capital Inc.		72,261
	5,021	Capstead Mortgage Corp.		28,770
	783	Cherry Hill Mortgage Investment Corp.		7,689
	10,549	Chimera Investment Corp.		121,735
	4,765	Colony Credit Real Estate Inc.		39,311
	1,280	Dynex Capital Inc.		24,090
	1,840	Ellington Financial Inc.		28,925
	486	Ellington Residential Mortgage REIT		5,954
	2,658	Granite Point Mortgage Trust Inc.		29,663
	1,102	Great Ajax Corp.		12,398
	4,007	Hannon Armstrong Sustainable Infrastructure Capital Inc.		225,314
	8,581	Invesco Mortgage Capital Inc.		33,380
	1,472	KKR Real Estate Finance Trust Inc.		27,129
	5,714	Ladder Capital Corp., Class A Shares		65,368
	24,913	MFA Financial Inc.		100,150
	22,839	New Residential Investment Corp.		234,785
	21,021	New York Mortgage Trust Inc.		87,658
	3,629	Orchid Island Capital Inc., Class A Shares		20,794
	5,425	PennyMac Mortgage Investment Trust		102,912
	2,023	Ready Capital Corp.		26,542
	6,352	Redwood Trust Inc.		62,504
	14,410	Starwood Property Trust Inc.		328,980
	3,378	TPG RE Finance Trust Inc.		35,266
	14,962	Two Harbors Investment Corp.		108,026
	2,534	Western Asset Mortgage Capital Corp.		8,261
		Total Mortgage Real Estate Investment Trusts (REITs)		2,824,200
	Thrifts & Mortgage Finance — 0.5%
	3,233	Axos Financial Inc.*		149,591
	506	Bogota Financial Corp.*		4,584
	1,595	Bridgewater Bancshares Inc.*		23,048
	7,332	Capitol Federal Financial Inc.		97,589
	2,907	Columbia Financial Inc.*		47,500
	639	ESSA Bancorp Inc.		10,039
	5,824	Essent Group Ltd.		240,124
	537	Federal Agricultural Mortgage Corp., Class C Shares		46,316
	2,267	Flagstar Bancorp Inc.		98,365
	171	FS Bancorp Inc.		10,368
	75	Greene County Bancorp Inc.		1,793
	84	Hingham Institution for Savings		20,360
	539	Home Bancorp Inc.		17,437
	818	HomeStreet Inc.		35,141
	4,255	Kearny Financial Corp.		48,294
	1,062	Luther Burbank Corp.		10,843
	630	Merchants Bancorp		21,439
	2,841	Meridian Bancorp Inc.		47,587
	1,714	Meta Financial Group Inc.		75,913
	17,840	MGIC Investment Corp.		217,291
	202	MMA Capital Holdings Inc.*		4,484
	4,084	Mr Cooper Group Inc.*		128,442
	23,992	New York Community Bancorp Inc.		292,942
	4,403	NMI Holdings Inc., Class A Shares*(a)		100,653
	2,608	Northfield Bancorp Inc.		35,703
	6,414	Northwest Bancshares Inc.		90,566
	581	OP Bancorp		5,339

See Notes to Financial Statements.

46

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 13.3% — (continued)
	Thrifts & Mortgage Finance — 0.5% — (continued)
	738	PCSB Financial Corp.	$	11,926
	270	PDL Community Bancorp*		2,749
	2,306	PennyMac Financial Services Inc.		136,538
	545	Pioneer Bancorp Inc.*		5,886
	2,132	Premier Financial Corp.		65,367
	375	Provident Bancorp Inc.		4,594
	253	Provident Financial Holdings Inc.		3,985
	3,829	Provident Financial Services Inc.		77,461
	276	Prudential Bancorp Inc.		3,740
	9,855	Radian Group Inc.		201,042
	886	Riverview Bancorp Inc.		5,848
	664	Security National Financial Corp., Class A Shares*		5,983
	517	Southern Missouri Bancorp Inc.		18,995
	228	Standard AVB Financial Corp.		7,449
	662	Sterling Bancorp Inc.*		3,403
	521	Territorial Bancorp Inc.		12,806
	2,591	TFS Financial Corp.		50,602
	287	Timberland Bancorp Inc.		7,964
	4,938	TrustCo Bank Corp. NY		33,973
	1,464	Walker & Dunlop Inc.		145,902
	4,252	Washington Federal Inc.		128,495
	1,142	Waterstone Financial Inc.		22,189
	950	Western New England Bancorp Inc.		7,609
	11,550	WSFS Financial Corp.		613,767
		Total Thrifts & Mortgage Finance		3,460,024
		TOTAL FINANCIALS		98,263,845
	HEALTH CARE — 17.0%
	Biotechnology — 4.5%
	438	89bio Inc.*		10,757
	3,868	Abeona Therapeutics Inc.*		9,361
	6,034	ACADIA Pharmaceuticals Inc.*		295,485
	14,513	Acceleron Pharma Inc.*		1,976,090
	3,377	ADMA Biologics Inc.*(a)		7,801
	870	Aduro Biotech*(b)(c)		2,610
	4,744	Adverum Biotechnologies Inc.*		60,866
	2,283	Aeglea BioTherapeutics Inc.*		17,008
	4,007	Affimed NV*		22,720
	8,826	Agenus Inc.*		35,304
	3,387	Agios Pharmaceuticals Inc.*		160,679
	7,120	Akebia Therapeutics Inc.*		24,635
	782	Akero Therapeutics Inc.*		23,773
	774	Akouos Inc.*		15,766
	938	Albireo Pharma Inc.*		32,699
	2,535	Alector Inc.*		46,086
	490	Aligos Therapeutics Inc.*		14,083
	8,667	Alkermes PLC*		165,020
	1,414	Allakos Inc.*		171,349
	2,948	Allogene Therapeutics Inc.*		102,325
	986	Allovir Inc.*		36,048
	525	ALX Oncology Holdings Inc.*		42,152
	13,900	Amicus Therapeutics Inc.*		170,692
	1,171	AnaptysBio Inc.*		33,608
	2,783	Anavex Life Sciences Corp.*(a)		36,235
	802	Anika Therapeutics Inc.*		29,433
	787	Annexon Inc.*		22,910
	3,285	Apellis Pharmaceuticals Inc.*		158,238

See Notes to Financial Statements.

47

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Biotechnology — 4.5% — (continued)
	1,265	Applied Genetic Technologies Corp.*	$	6,426
	667	Applied Molecular Transport Inc.*		32,596
	730	Applied Therapeutics Inc.*		15,856
	346	Aprea Therapeutics Inc.*		2,086
	1,282	Aptinyx Inc., Class A Shares*		4,692
	655	Aravive Inc.*		4,461
	1,177	Arcturus Therapeutics Holdings Inc.*(a)		61,993
	2,279	Arcus Biosciences Inc.*		80,358
	985	Arcutis Biotherapeutics Inc.*		33,657
	3,971	Ardelyx Inc.*		25,613
	3,071	Arena Pharmaceuticals Inc.*		246,755
	5,462	Arrowhead Pharmaceuticals Inc.*		435,103
	8,250	Ascendis Pharma AS, ADR*		1,278,503
	1,672	Assembly Biosciences Inc.*		8,494
	3,922	Atara Biotherapeutics Inc.*		65,811
	3,372	Athenex Inc.*		40,801
	9,424	Athersys Inc.*		19,225
	1,597	Atreca Inc., Class A Shares*		27,708
	864	AVEO Pharmaceuticals Inc.*		7,137
	3,072	Avid Bioservices Inc.*		63,222
	902	Avidity Biosciences Inc.*		21,765
	1,693	Avrobio Inc.*		18,623
	805	Axcella Health Inc.*		4,589
	2,147	Beam Therapeutics Inc.*(a)		191,362
	748	Beyondspring Inc.*		9,709
	9,985	BioCryst Pharmaceuticals Inc.*(a)		107,638
	2,602	Biohaven Pharmaceutical Holding Co., Ltd.*		221,118
	579	Bioxcel Therapeutics Inc.*		31,040
	985	Black Diamond Therapeutics Inc.*		27,580
	3,501	Bluebird Bio Inc.*		108,881
	19,232	Blueprint Medicines Corp.*		1,888,967
	1,464	BrainStorm Cell Therapeutics Inc.*(a)		5,944
	20,249	Bridgebio Pharma Inc.*(a)		1,431,199
	529	C4 Therapeutics Inc.*		22,705
	661	Cabaletta Bio Inc.*		7,185
	3,348	Calithera Biosciences Inc.*		9,776
	526	Calyxt Inc.*		5,018
	2,602	CareDx Inc.*		205,766
	3,407	CASI Pharmaceuticals Inc.*		8,381
	952	Catabasis Pharmaceuticals Inc.*		2,742
	944	Catalyst Biosciences Inc.*		5,692
	5,270	Catalyst Pharmaceuticals Inc.*		20,500
	1,653	CEL-SCI Corp.*(a)		29,341
	214	Centogene NV*		2,474
	77	Checkmate Pharmaceuticals Inc.*		1,024
	2,484	Checkpoint Therapeutics Inc.*		7,974
	2,709	ChemoCentryx Inc.*		183,779
	2,890	Chimerix Inc.*		28,351
	870	Chinook Therapeutics Inc.*		14,390
	1,796	Cidara Therapeutics Inc.*		4,077
	4,768	Clovis Oncology Inc.*(a)		28,560
	1,995	Cohbar Inc.*		3,052
	43,224	Coherus Biosciences Inc.*		701,958
	1,457	Concert Pharmaceuticals Inc.*		9,747
	1,476	Constellation Pharmaceuticals Inc.*		37,195
	1,814	ContraFect Corp.*		9,524
	3,572	Corbus Pharmaceuticals Holdings Inc.*(a)		7,787
	858	Cortexyme Inc.*		29,232

See Notes to Financial Statements.

48

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Biotechnology — 4.5% — (continued)
	1,461	Crinetics Pharmaceuticals Inc.*	$	22,339
	1,517	Cue Biopharma Inc.*		20,646
	993	Cyclerion Therapeutics Inc.*		3,813
	3,604	Cytokinetics Inc.*		67,503
	2,753	CytomX Therapeutics Inc.*		21,611
	2,048	Deciphera Pharmaceuticals Inc.*		89,661
	3,439	Denali Therapeutics Inc.*		246,920
	432	DermTech Inc.*		28,827
	3,548	Dicerna Pharmaceuticals Inc.*		95,725
	1,057	Dyadic International Inc.*		5,613
	6,014	Dynavax Technologies Corp., Class A Shares*		52,622
	700	Dyne Therapeutics Inc.*		12,929
	586	Eagle Pharmaceuticals Inc.*		26,077
	3,439	Editas Medicine Inc., Class A Shares*		150,835
	1,397	Eiger BioPharmaceuticals Inc.*		14,207
	2,432	Emergent BioSolutions Inc.*		233,472
	1,031	Enanta Pharmaceuticals Inc.*		50,849
	1,204	Enochian Biosciences Inc.*		4,262
	4,880	Epizyme Inc.*		46,799
	1,424	Esperion Therapeutics Inc.*(a)		39,003
	624	Evelo Biosciences Inc.*		7,594
	16,640	Exelixis Inc.*		360,422
	3,120	Exicure Inc.*		6,770
	8,336	Fate Therapeutics Inc.*		747,906
	1,180	Fennec Pharmaceuticals Inc.*		8,638
	15,824	FibroGen Inc.*		791,675
	1,695	Five Prime Therapeutics Inc.*		37,680
	2,525	Flexion Therapeutics Inc.*		27,826
	422	Foghorn Therapeutics Inc.*		6,946
	868	Forma Therapeutics Holdings Inc.*		33,513
	3,102	Fortress Biotech Inc.*		11,539
	1,265	Frequency Therapeutics Inc.*(a)		62,251
	1,981	G1 Therapeutics Inc.*		43,780
	1,363	Galectin Therapeutics Inc.*(a)		3,053
	508	Galera Therapeutics Inc.*		5,329
	653	Generation Bio Co.*		22,803
	1,520	Genprex Inc.*		7,843
	15,456	Geron Corp.*		27,666
	3,218	Global Blood Therapeutics Inc.*		137,087
	1,545	GlycoMimetics Inc.*		5,129
	3,182	Gossamer Bio Inc.*		29,911
	1,742	Gritstone Oncology Inc.*		23,639
	7,261	Halozyme Therapeutics Inc.*		328,560
	576	Harpoon Therapeutics Inc.*		11,111
	4,724	Heron Therapeutics Inc.*		85,410
	1,849	Homology Medicines Inc.*		19,858
	627	Hookipa Pharma Inc.*		7,424
	11,162	iBio Inc.*		19,645
	661	Ideaya Biosciences Inc.*		12,605
	388	IGM Biosciences Inc.*		33,923
	323	Immunic Inc.*		5,152
	10,198	ImmunoGen Inc.*		89,232
	1,895	Immunovant Inc.*		29,903
	394	Inhibrx Inc.*		10,015
	8,540	Inovio Pharmaceuticals Inc.*(a)		94,794
	434	Inozyme Pharma Inc.*		8,680
	42,557	Insmed Inc.*		1,522,264
	2,735	Intellia Therapeutics Inc.*(a)		165,358

See Notes to Financial Statements.

49

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Biotechnology — 4.5% — (continued)
	1,416	Intercept Pharmaceuticals Inc.*	$	30,671
	29,673	Invitae Corp.*(a)		1,190,777
	7,016	Ionis Pharmaceuticals Inc.*		367,638
	7,406	Iovance Biotherapeutics Inc.*		276,244
	107,940	Ironwood Pharmaceuticals Inc., Class A Shares*		996,286
	586	iTeos Therapeutics Inc.*		24,366
	4,294	IVERIC bio Inc.*		26,365
	747	Jounce Therapeutics Inc.*		8,202
	8,288	Kadmon Holdings Inc.*		38,042
	910	KalVista Pharmaceuticals Inc.*		29,912
	848	Karuna Therapeutics Inc.*		105,966
	3,837	Karyopharm Therapeutics Inc.*		53,027
	684	Keros Therapeutics Inc.*		44,781
	1,825	Kezar Life Sciences Inc.*		10,001
	1,656	Kindred Biosciences Inc.*		7,469
	1,462	Kiniksa Pharmaceuticals Ltd., Class A Shares*		30,073
	1,705	Kodiak Sciences Inc.*		219,962
	754	Kronos Bio Inc.*		21,919
	697	Krystal Biotech Inc.*		54,986
	3,287	Kura Oncology Inc.*		92,036
	522	Kymera Therapeutics Inc.*		25,046
	798	La Jolla Pharmaceutical Co.*		4,182
	1,501	Lexicon Pharmaceuticals Inc.*		10,792
	796	Ligand Pharmaceuticals Inc.*(a)		117,983
	748	LogicBio Therapeutics Inc.*		6,201
	2,861	MacroGenics Inc.*		71,554
	493	Madrigal Pharmaceuticals Inc.*		59,747
	815	Magenta Therapeutics Inc.*		8,566
	12,398	MannKind Corp.*		70,793
	1,128	Marker Therapeutics Inc.*(a)		2,730
	2,415	MediciNova Inc.*		13,476
	6,139	MEI Pharma Inc.*		23,021
	1,099	MeiraGTx Holdings PLC*		16,309
	40,138	Mersana Therapeutics Inc.*		729,709
	1,669	Minerva Neurosciences Inc.*		5,174
	2,311	Mirati Therapeutics Inc.*		464,326
	194	Mirum Pharmaceuticals Inc.*		3,562
	1,052	Molecular Templates Inc.*		11,467
	748	Morphic Holding Inc.*		27,048
	1,465	Mustang Bio Inc.*		5,171
	4,004	Myriad Genetics Inc.*		122,082
	1,592	NantKwest Inc.*(a)		51,756
	4,066	Natera Inc.*		472,022
	1,619	Neoleukin Therapeutics Inc.*		19,493
	950	NeuBase Therapeutics Inc.*		9,006
	4,953	Neurocrine Biosciences Inc.*		542,403
	960	NextCure Inc.*		10,906
	8,356	Nkarta Inc.*(a)		407,439
	4,468	Novavax Inc.*		1,033,136
	592	Nurix Therapeutics Inc.*		21,081
	2,127	Nymox Pharmaceutical Corp.*(a)		5,551
	2,214	Oncocyte Corp.*		10,893
	319	Oncorus Inc.*		5,040
	19	Oncternal Therapeutics Inc.*(c)		39
	21,781	OPKO Health Inc.*(a)		98,014
	764	Organogenesis Holdings Inc., Class A Shares*		11,620
	941	Orgenesis Inc.*		6,295
	1,142	ORIC Pharmaceuticals Inc.*		37,001

See Notes to Financial Statements.

50

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Biotechnology — 4.5% — (continued)
	2,352	Ovid therapeutics Inc.*	$	6,938
	307	Oyster Point Pharma Inc.*		6,082
	417	Pandion Therapeutics Inc.*		25,103
	1,259	Passage Bio Inc.*		22,687
	567	PhaseBio Pharmaceuticals Inc.*		2,200
	3,285	Pieris Pharmaceuticals Inc.*		8,935
	700	PMV Pharmaceuticals Inc.*		26,341
	757	Poseida Therapeutics Inc.*		8,357
	566	Praxis Precision Medicines Inc.*		24,621
	3,925	Precigen Inc.*		33,127
	2,470	Precision BioSciences Inc.*		29,541
	477	Prelude Therapeutics Inc.*(a)		29,731
	1,634	Protagonist Therapeutics Inc.*		38,513
	145	Protara Therapeutics Inc.*		2,494
	1,690	Prothena Corp. PLC*		37,721
	3,379	PTC Therapeutics Inc.*		192,941
	1,741	Puma Biotechnology Inc.*		17,340
	2,482	Radius Health Inc.*		46,190
	599	RAPT Therapeutics Inc.*		10,872
	1,859	REGENXBIO Inc.*		76,052
	1,764	Relay Therapeutics Inc.*		72,800
	1,300	Replimune Group Inc.*		45,019
	2,098	REVOLUTION Medicines Inc.*		95,837
	1,813	Rhythm Pharmaceuticals Inc.*		46,993
	9,148	Rigel Pharmaceuticals Inc.*		37,964
	20,202	Rocket Pharmaceuticals Inc.*		1,122,827
	2,112	Rubius Therapeutics Inc.*		21,923
	2,813	Sage Therapeutics Inc.*(a)		239,105
	6,530	Sangamo Therapeutics Inc.*		75,030
	4,034	Sarepta Therapeutics Inc.*		351,200
	2,794	Savara Inc.*		4,750
	1,271	Scholar Rock Holding Corp.*(a)		68,761
	3,599	Selecta Biosciences Inc.*		15,188
	2,886	Seres Therapeutics Inc.*		54,949
	654	Shattuck Labs Inc.*		27,010
	2,415	Soleno Therapeutics Inc.*		5,820
	1,724	Solid Biosciences Inc.*		13,740
	13,371	Sorrento Therapeutics Inc.*(a)		129,298
	7,783	Spectrum Pharmaceuticals Inc.*		26,696
	771	Spero Therapeutics Inc.*		14,009
	1,291	SpringWorks Therapeutics Inc.*		111,091
	396	Spruce Biosciences Inc.*		8,276
	343	SQZ Biotechnologies Co.*		5,145
	669	Stoke Therapeutics Inc.*		40,066
	1,566	Sutro Biopharma Inc.*		34,765
	1,524	Syndax Pharmaceuticals Inc.*		37,201
	2,249	Syros Pharmaceuticals Inc.*		18,892
	417	Taysha Gene Therapies Inc.*		10,671
	1,365	TCR2 Therapeutics Inc.*		36,118
	6,217	TG Therapeutics Inc.*		272,118
	3,727	Translate Bio Inc.*		86,988
	2,661	Travere Therapeutics Inc., Class Preferre Shares*		82,012
	13,371	Turning Point Therapeutics Inc.*(a)		1,576,575
	1,784	Twist Bioscience Corp.*		245,550
	2,439	Tyme Technologies Inc.*		4,878
	3,354	Ultragenyx Pharmaceutical Inc.*		474,725
	2,327	United Therapeutics Corp.*		389,028
	1,781	UNITY Biotechnology Inc.*		12,129

See Notes to Financial Statements.

51

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Biotechnology — 4.5% — (continued)
	1,093	UroGen Pharma Ltd.*	$	20,822
	2,919	Vanda Pharmaceuticals Inc.*		54,439
	2,372	Vaxart Inc.*(a)		16,960
	992	Vaxcyte Inc.*		23,372
	9,834	VBI Vaccines Inc.*		33,141
	3,473	Veracyte Inc.*		201,642
	8,821	Verastem Inc.*		20,729
	2,439	Vericel Corp.*		117,755
	1,102	Viela Bio Inc.*(a)		58,626
	3,786	Viking Therapeutics Inc.*		25,518
	2,942	Vir Biotechnology Inc.*(a)		184,257
	1,389	Voyager Therapeutics Inc.*		7,876
	942	X4 Pharmaceuticals Inc.*		9,015
	822	XBiotech Inc.*		15,618
	3,025	Xencor Inc.*		149,042
	325	XOMA Corp.*(a)		11,765
	1,643	Y-mAbs Therapeutics Inc.*		57,784
	1,517	Zentalis Pharmaceuticals Inc.*		63,775
	11,604	ZIOPHARM Oncology Inc.*(a)		61,849
		Total Biotechnology		33,589,797
	Health Care Equipment & Supplies — 5.0%
	1,665	Accelerate Diagnostics Inc.*(a)		16,667
	135,013	Accuray Inc.*		672,365
	518	Acutus Medical Inc.*		10,754
	2,421	Alphatec Holdings Inc.*		38,857
	2,169	AngioDynamics Inc.*		45,441
	9,660	Antares Pharma Inc.*		41,055
	1,433	Apyx Medical Corp.*		14,975
	4,988	Aspira Women’s Health Inc.*		34,567
	18,898	AtriCure Inc.*(a)		1,233,472
	79	Atrion Corp.		49,367
	14,149	Avanos Medical Inc.*		650,571
	1,964	AxoGen Inc.*		43,404
	1,666	Axonics Modulation Technologies Inc.*(a)		83,816
	17,535	Baxter International Inc.		1,362,294
	353	Bellerophon Therapeutics Inc.*(a)		2,242
	679	Beyond Air Inc.*		4,026
	720	BioLife Solutions Inc.*		28,246
	1,143	BioSig Technologies Inc.*(a)		5,086
	2,078	Cantel Medical Corp.*		154,354
	2,079	Cardiovascular Systems Inc.*		85,863
	8,852	Cerus Corp.*		54,351
	1,250	Chembio Diagnostics Inc.*(a)		6,950
	1,413	Co.-Diagnostics Inc.*(a)		19,443
	1,428	CONMED Corp.		175,730
	2,118	CryoLife Inc.*		53,479
	1,834	CryoPort Inc.*(a)		109,013
	902	Cutera Inc.*		31,859
	23,139	CytoSorbents Corp.*(a)		217,969
	69,963	DENTSPLY SIRONA Inc.		3,712,936
	333	Eargo Inc.*		19,451
	388	Electromed Inc.*		4,097
	8,713	Envista Holdings Corp.*		335,799
	349	FONAR Corp.*		6,767
	3,712	GenMark Diagnostics Inc.*		72,570
	2,311	Glaukos Corp.*		218,528
	6,611	Globus Medical Inc., Class A Shares*		413,188

See Notes to Financial Statements.

52

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Health Care Equipment & Supplies — 5.0% — (continued)
	20,605	Haemonetics Corp.*	$	2,606,533
	372	Heska Corp.*		70,085
	3,564	Hill-Rom Holdings Inc.		380,172
	12,020	ICU Medical Inc.*		2,494,150
	1,970	IDEXX Laboratories Inc.*		1,024,735
	412	Inari Medical Inc.*		43,095
	1,068	Inogen Inc.*		56,059
	1,790	Integer Holdings Corp.*		157,860
	3,915	Integra LifeSciences Holdings Corp.*(a)		267,551
	26,026	Intersect ENT Inc.*		593,653
	613	IntriCon Corp.*		14,074
	1,816	Intuitive Surgical Inc.*		1,338,029
	1,981	Invacare Corp.		18,027
	388	iRadimed Corp.*		8,652
	1,555	iRhythm Technologies Inc.*		250,200
	3,759	Lantheus Holdings Inc.*		70,218
	986	LeMaitre Vascular Inc.		50,671
	463	LENSAR Inc.*		4,186
	2,669	LivaNova PLC*		206,954
	1,332	Masimo Corp.*		333,972
	2,264	Meridian Bioscience Inc.*		47,725
	44,511	Merit Medical Systems Inc.*		2,480,153
	251	Mesa Laboratories Inc.		68,249
	1,981	Milestone Scientific Inc.*		7,766
	757	Misonix Inc.*		12,687
	1,737	Natus Medical Inc.*		45,006
	367	Nemaura Medical Inc.*		2,279
	2,875	Neogen Corp.*		235,520
	1,829	Nevro Corp.*		302,114
	5,438	Novocure Ltd.*		810,806
	2,831	NuVasive Inc.*		170,794
	34,848	OraSure Technologies Inc.*(a)		369,389
	999	Orthofix Medical Inc.*		46,463
	652	OrthoPediatrics Corp.*		35,508
	445	Outset Medical Inc.*		22,157
	2,040	PAVmed Inc.*		8,568
	1,796	Penumbra Inc.*(a)		510,836
	547	Pulmonx Corp.*		31,086
	819	Pulse Biosciences Inc.*		23,956
	4,199	Quidel Corp.*		689,728
	3,288	Quotient Ltd.*		14,763
	1,341	Repro-Med Systems Inc.*		5,203
	776	Retractable Technologies Inc.*(a)		12,183
	4,050	Rockwell Medical Inc.*		5,467
	1,404	SeaSpine Holdings Corp.*		26,564
	1,546	Shockwave Medical Inc.*		180,511
	1,468	SI-BONE Inc.*		46,081
	2,668	Sientra Inc.*		20,757
	1,455	Silk Road Medical Inc.*		79,690
	85,863	Smith & Nephew PLC, ADR(a)		3,335,778
	364	Soliton Inc.*(a)		4,834
	2,458	STAAR Surgical Co.*		255,657
	2,430	Stereotaxis Inc.*		17,010
	3,478	Surgalign Holdings Inc.*		8,486
	771	Surmodics Inc.*		40,208
	970	Tactile Systems Technology Inc.*		49,295
	15,971	Tandem Diabetes Care Inc.*		1,533,056
	294	Tela Bio Inc.*		4,519

See Notes to Financial Statements.

53

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Health Care Equipment & Supplies — 5.0% — (continued)
	6,947	Teleflex Inc.	$	2,765,740
	1,423	TransMedics Group Inc.*		51,071
	188	Utah Medical Products Inc.		15,867
	1,053	Vapotherm Inc.*		25,588
	20,075	Varex Imaging Corp.*		460,320
	12,961	Varian Medical Systems Inc.*		2,271,674
	1,159	Venus Concept Inc.*		3,013
	5,877	ViewRay Inc.*		25,624
	1,214	VolitionRX Ltd.*		4,953
	915	Zynex Inc.*		13,286
		Total Health Care Equipment & Supplies		37,216,416
	Health Care Providers & Services — 2.3%
	4,276	1Life Healthcare Inc.*		203,153
	58,792	Acadia Healthcare Co., Inc.*		3,247,670
	627	Accolade Inc.*		27,789
	1,328	AdaptHealth Corp., Class A Shares*		40,863
	752	Addus HomeCare Corp.*		80,893
	7,227	Amedisys Inc.*		1,833,056
	2,563	AMN Healthcare Services Inc.*		186,766
	953	Apollo Medical Holdings Inc.*		23,587
	741	Avalon GloboCare Corp.*		889
	10,773	Brookdale Senior Living Inc.*		62,699
	618	Castle Biosciences Inc.*		47,017
	3,424	Chemed Corp.		1,524,399
	4,644	Community Health Systems Inc.*		39,753
	513	CorVel Corp.*		52,070
	6,166	Covetrus Inc.*		229,129
	2,213	Cross Country Healthcare Inc.*		24,586
	13,247	Encompass Health Corp.		1,065,589
	2,787	Ensign Group Inc. (The)		228,590
	1,486	Enzo Biochem Inc.*		4,339
	312	Exagen Inc.*		5,706
	1,165	Five Star Senior Living Inc.*		7,782
	728	Fulgent Genetics Inc.*(a)		73,717
	4,440	Guardant Health Inc.*		653,479
	2,143	Hanger Inc.*		47,103
	13,482	HealthEquity Inc.*		1,110,243
	783	InfuSystem Holdings Inc.*		13,358
	537	Joint Corp. (The)*		21,378
	1,646	LHC Group Inc.*		299,095
	1,306	Magellan Health Inc.*		121,876
	49,537	MEDNAX Inc.*		1,210,189
	662	ModivCare Inc.*		84,908
	8,579	Molina Healthcare Inc.*		1,859,584
	698	National HealthCare Corp.		48,546
	733	National Research Corp.		37,874
	379	Ontrak Inc.*(a)		22,338
	2,396	Option Care Health Inc.*		45,979
	3,797	Owens & Minor Inc.		129,136
	23,385	Patterson Cos., Inc.		726,338
	1,372	Pennant Group Inc. (The)*		72,414
	1,172	PetIQ Inc., Class A Shares*		40,399
	6,342	Premier Inc., Class A Shares		214,486
	1,422	Progyny Inc.*		59,852
	5,799	R1 RCM Inc.*		160,284
	2,289	RadNet Inc.*		42,209
	5,899	Select Medical Holdings Corp.*		186,703

See Notes to Financial Statements.

54

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Health Care Providers & Services — 2.3% — (continued)
	767	Sharps Compliance Corp.*	$	9,756
	1,011	Surgery Partners Inc.*		39,904
	5,706	Tenet Healthcare Corp.*		291,120
	2,532	Tivity Health Inc.*		60,262
	1,056	Triple-S Management Corp., Class B Shares*		26,717
	2,960	Universal Health Services Inc., Class B Shares*		370,977
	691	US Physical Therapy Inc.		81,013
	1,875	Viemed Healthcare Inc.*		17,681
		Total Health Care Providers & Services		17,115,243
	Health Care Technology — 0.7%
	8,467	Allscripts Healthcare Solutions Inc.*(a)		130,646
	2,439	American Well Corp., Class A Shares*(a)		59,682
	13,352	Change Healthcare Inc.*		305,360
	759	Computer Programs & Systems Inc.		23,871
	3,975	Evolent Health Inc., Class A Shares*		80,096
	1,745	Health Catalyst Inc.*(a)		84,615
	1,375	HealthStream Inc.*		32,038
	47,032	HMS Holdings Corp.*		1,730,072
	1,084	iCAD Inc.*		20,043
	4,040	Inovalon Holdings Inc., Class A Shares*		99,222
	1,389	Inspire Medical Systems Inc.*		323,345
	1,523	NantHealth Inc.*(a)		5,818
	2,890	NextGen Healthcare Inc.*		54,043
	2,322	Omnicell Inc.*		294,662
	852	OptimizeRx Corp.*		45,309
	1,728	Phreesia Inc.*		105,840
	1,593	Schrodinger Inc.*		163,251
	786	Simulations Plus Inc.		56,372
	1,119	Tabula Rasa HealthCare Inc.*(a)		45,375
	5,996	Veeva Systems Inc., Class A Shares*		1,679,540
	1,718	Vocera Communications Inc.*		73,599
		Total Health Care Technology		5,412,799
	Life Sciences Tools & Services — 3.1%
	3,145	10X Genomics Inc., Class A Shares*		559,779
	4,118	Adaptive Biotechnologies Corp.*		232,955
	26,742	Avantor Inc.*		745,300
	676	Berkeley Lights Inc.*		41,892
	2,280	Bio-Rad Laboratories Inc., Class A Shares*		1,332,660
	9,944	Bio-Techne Corp.		3,596,645
	5,672	Bruker Corp.		345,879
	503	Champions Oncology Inc.*		5,875
	16,285	Charles River Laboratories International Inc.*		4,659,790
	2,386	ChromaDex Corp.*		33,237
	2,824	Codexis Inc.*		62,439
	111,756	Fluidigm Corp.*(a)		514,078
	2,006	Harvard Bioscience Inc.*		8,806
	8,290	ICON PLC, ADR*		1,497,837
	6,756	Illumina Inc.*		2,968,654
	24,953	Luminex Corp.(a)		811,472
	1,510	Medpace Holdings Inc.*		245,269
	2,336	NanoString Technologies Inc.*		163,029
	5,663	NeoGenomics Inc.*		288,643
	25,457	Pacific Biosciences of California Inc.*		778,220
	6,030	PerkinElmer Inc.		760,323
	1,193	Personalis Inc.*		36,780
	8,750	PPD Inc.*		306,775

See Notes to Financial Statements.

55

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Life Sciences Tools & Services — 3.1% — (continued)
	3,400	PRA Health Sciences Inc.*	$	501,194
	12,129	QIAGEN NV*		606,450
	1,218	Quanterix Corp.*		92,263
	4,623	Repligen Corp.*		981,879
	4,099	Syneos Health Inc., Class A Shares*		317,058
		Total Life Sciences Tools & Services		22,495,181
	Pharmaceuticals — 1.4%
	3,301	AcelRx Pharmaceuticals Inc.*(a)		6,206
	5,051	Achillion Pharmaceuticals Inc.*(c)		2,323
	1,968	Aerie Pharmaceuticals Inc.*		36,192
	3,643	Agile Therapeutics Inc.*		10,455
	92,998	Amneal Pharmaceuticals Inc.*		501,259
	2,020	Amphastar Pharmaceuticals Inc.*		35,411
	502	ANI Pharmaceuticals Inc.*		14,608
	1,030	Aquestive Therapeutics Inc.*(a)		4,717
	1,594	Arvinas Inc.*		124,810
	737	Atea Pharmaceuticals Inc.*(a)		55,540
	631	Athira Pharma Inc.*		13,920
	421	Avenue Therapeutics Inc.*		1,979
	1,517	Axsome Therapeutics Inc.*		102,185
	4,869	BioDelivery Sciences International Inc.*		20,450
	2,402	Cara Therapeutics Inc.*		44,077
	1,675	Cassava Sciences Inc.*(a)		81,372
	23,999	Catalent Inc.*		2,728,926
	902	Cerecor Inc.*		3,040
	3,139	Chiasma Inc.*		12,211
	1,924	Collegium Pharmaceutical Inc.*		45,387
	5,256	Corcept Therapeutics Inc.*		132,188
	1,684	CorMedix Inc.*		25,260
	3,979	Cymabay Therapeutics Inc.*		19,099
	10,719	Durect Corp.*		23,796
	785	Eloxx Pharmaceuticals Inc.*		3,540
	11,394	Endo International PLC*		90,354
	814	Eton Pharmaceuticals Inc.*(a)		6,439
	2,570	Evofem Biosciences Inc.*(a)		9,946
	1,199	Evolus Inc.*(a)		14,520
	647	Fulcrum Therapeutics Inc.*		8,159
	348	Graybug Vision Inc.*		6,988
	238	Harmony Biosciences Holdings Inc.*(a)		8,442
	1,226	Harrow Health Inc.*		9,403
	10,528	Horizon Therapeutics PLC*		957,101
	275	IMARA Inc.*		3,462
	71,440	Innoviva Inc.*		816,559
	3,548	Intra-Cellular Therapies Inc.*		125,706
	2,949	Jazz Pharmaceuticals PLC*		495,550
	2,157	Kala Pharmaceuticals Inc.*(a)		15,983
	431	Kaleido Biosciences Inc.*(a)		3,849
	1,738	Lannett Co., Inc.*		10,532
	1,088	Liquidia Corp.*		3,046
	394	Lyra Therapeutics Inc.*		5,878
	1,268	Marinus Pharmaceuticals Inc.*		19,159
	9,579	Nektar Therapeutics, Class A Shares*(a)		217,348
	1,357	NGM Biopharmaceuticals Inc.*		36,259
	3,596	Ocular Therapeutix Inc.*		65,951
	718	Odonate Therapeutics Inc.*		15,114
	3,362	Omeros Corp.*(a)		67,038
	1,693	Optinose Inc.*(a)		6,569

See Notes to Financial Statements.

56

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 17.0% — (continued)
	Pharmaceuticals — 1.4% — (continued)
	430	Osmotica Pharmaceuticals PLC*(a)	$	1,634
	12,630	Pacira BioSciences Inc.*		928,305
	2,176	Paratek Pharmaceuticals Inc.*		16,277
	7,473	Perrigo Co. PLC		301,610
	567	Phathom Pharmaceuticals Inc.*		24,976
	1,086	Phibro Animal Health Corp., Class A Shares		23,425
	521	Pliant Therapeutics Inc.*		17,240
	16,536	Prestige Consumer Healthcare Inc.*		689,717
	3,674	Progenics Pharmaceuticals Inc.*(c)		–
	2,318	Provention Bio Inc.*		29,485
	1,287	Reata Pharmaceuticals Inc., Class A Shares*		157,349
	719	Recro Pharma Inc.*		2,466
	769	Relmada Therapeutics Inc.*		25,638
	3,422	Revance Therapeutics Inc.*		89,862
	501	Satsuma Pharmaceuticals Inc.*		2,846
	3,238	SIGA Technologies Inc.*		20,464
	1,532	Strongbridge Biopharma PLC*		4,811
	23,601	Supernus Pharmaceuticals Inc.*		634,159
	280	Tarsus Pharmaceuticals Inc.*		10,150
	12,916	TherapeuticsMD Inc.*		19,632
	2,545	Theravance Biopharma Inc.*		42,171
	1,534	Tricida Inc.*		7,839
	710	Verrica Pharmaceuticals Inc.*		9,734
	2,348	VYNE Therapeutics Inc.*		17,516
	1,508	WaVe Life Sciences Ltd.*		14,190
	1,493	Xeris Pharmaceuticals Inc.*(a)		8,137
	3,034	Zogenix Inc.*		64,351
		Total Pharmaceuticals		10,232,290
		TOTAL HEALTH CARE		126,061,726
	INDUSTRIALS — 15.7%
	Aerospace & Defense — 1.8%
	1,817	AAR Corp.		72,280
	3,685	Aerojet Rocketdyne Holdings Inc.*		188,930
	1,185	Aerovironment Inc.*		130,445
	1,401	Astronics Corp.*		22,136
	3,411	Axon Enterprise Inc.*		564,486
	5,054	BWX Technologies Inc.		293,183
	1,728	Cubic Corp.(a)		120,010
	2,285	Curtiss-Wright Corp.		252,470
	645	Ducommun Inc.*		35,088
	21,377	HEICO Corp., Class A Shares		2,474,601
	31,750	Hexcel Corp.*		1,706,880
	21,202	Howmet Aerospace Inc.*		595,988
	2,160	Huntington Ingalls Industries Inc.		379,966
	1,518	Kaman Corp.(a)		73,866
	6,543	Kratos Defense & Security Solutions Inc.*		179,932
	3,337	Maxar Technologies Inc.		159,675
	9,845	Mercury Systems Inc.*		643,469
	1,631	Moog Inc., Class A Shares		126,663
	284	National Presto Industries Inc.		29,062
	2,796	Northrop Grumman Corp.		815,481
	3,240	PAE Inc.*		26,471
	809	Park Aerospace Corp.		11,237
	1,239	Parsons Corp.*		44,282
	17,829	Spirit AeroSystems Holdings Inc., Class A Shares		763,616
	1,053	Teledyne Technologies Inc.*		390,663

See Notes to Financial Statements.

57

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 15.7% — (continued)
	Aerospace & Defense — 1.8% — (continued)
	12,160	Textron Inc.	$	612,134
	3,609	TransDigm Group Inc.*		2,081,202
	2,895	Triumph Group Inc.*		42,180
	596	Vectrus Inc.*		32,542
	3,659	Virgin Galactic Holdings Inc.*(a)		136,225
		Total Aerospace & Defense		13,005,163
	Air Freight & Logistics — 0.1%
	3,210	Air Transport Services Group Inc.*(a)		85,193
	1,403	Atlas Air Worldwide Holdings Inc.*		77,347
	1,550	Echo Global Logistics Inc.*		43,183
	1,539	Forward Air Corp.		132,000
	1,794	Hub Group Inc., Class A Shares*		103,299
	1,467	Radiant Logistics Inc.*		9,932
	4,860	XPO Logistics Inc.*		566,676
		Total Air Freight & Logistics		1,017,630
	Airlines — 0.3%
	6,453	Alaska Air Group Inc.*		419,574
	719	Allegiant Travel Co., Class A Shares*		181,324
	29,384	American Airlines Group Inc.*(a)		615,301
	1,694	Copa Holdings SA, Class A Shares*		155,289
	2,424	Hawaiian Holdings Inc.*		65,012
	16,844	JetBlue Airways Corp.*		310,435
	970	Mesa Air Group Inc.*		11,834
	2,714	SkyWest Inc.		152,988
	5,125	Spirit Airlines Inc.*(a)		183,885
		Total Airlines		2,095,642
	Building Products — 1.6%
	2,199	AAON Inc.		169,543
	25,064	Advanced Drainage Systems Inc.		2,757,541
	4,927	Allegion PLC		535,959
	670	Alpha Pro Tech Ltd.*(a)		9,367
	954	American Woodmark Corp.*		89,113
	7,231	AO Smith Corp.		429,305
	1,375	Apogee Enterprises Inc.		51,425
	2,598	Armstrong World Industries Inc.		222,337
	4,922	AZEK Co., Inc. (The), Class A Shares*		217,110
	11,189	Builders FirstSource Inc.*		484,092
	1,082	Caesarstone Ltd.		13,644
	2,075	Cornerstone Building Brands Inc.*		23,634
	767	CSW Industrials Inc.		96,312
	7,392	Fortune Brands Home & Security Inc.		614,571
	1,786	Gibraltar Industries Inc.*		156,007
	2,421	Griffon Corp.		59,557
	1,106	Insteel Industries Inc.		34,153
	3,637	JELD-WEN Holding Inc.*		107,837
	1,882	Lennox International Inc.		526,527
	1,335	Masonite International Corp.*		146,476
	5,650	Owens Corning		457,763
	3,222	PGT Innovations Inc.*		76,007
	1,948	Quanex Building Products Corp.		47,395
	95,017	Resideo Technologies Inc.*		2,282,308
	2,386	Simpson Manufacturing Co., Inc.		232,540
	22,052	Trex Co., Inc.*		2,020,845
	3,217	UFP Industries Inc.		196,237
		Total Building Products		12,057,605

See Notes to Financial Statements.

58

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 15.7% — (continued)
	Commercial Services & Supplies — 1.8%
	3,691	ABM Industries Inc.	$	159,377
	5,085	ACCO Brands Corp.		41,188
	7,650	ADT Inc.		58,216
	2,490	Brady Corp., Class A Shares		130,501
	2,479	BrightView Holdings Inc.*		39,441
	2,557	Brink’s Co. (The)		196,454
	2,529	Casella Waste Systems Inc., Class A Shares*		146,480
	1,390	CECO Environmental Corp.*		11,398
	988	Cimpress PLC*		97,891
	12,165	Clean Harbors Inc.*		1,035,850
	6,495	CoreCivic Inc.		46,634
	44,743	Covanta Holding Corp.		628,639
	2,361	Deluxe Corp.		93,330
	1,438	Ennis Inc.		28,501
	141,217	Harsco Corp.*		2,310,310
	4,028	Healthcare Services Group Inc.		114,597
	898	Heritage-Crystal Clean Inc.*		23,546
	3,238	Herman Miller Inc.		124,193
	2,367	HNI Corp.(a)		84,242
	7,187	IAA Inc.*		421,374
	3,021	Interface Inc., Class A Shares		37,521
	6,994	KAR Auction Services Inc.		97,287
	1,975	Kimball International Inc., Class B Shares		25,556
	2,592	Knoll Inc.		42,276
	25,694	Matthews International Corp., Class A Shares		917,276
	525	Montrose Environmental Group Inc.*		25,662
	6,438	MSA Safety Inc.		1,036,454
	157	NL Industries Inc.		881
	787	PICO Holdings Inc.*		7,193
	8,688	Pitney Bowes Inc.		73,674
	1,336	Quad/Graphics Inc.*		5,852
	1,194	SP Plus Corp.*		39,581
	4,745	Steelcase Inc., Class A Shares		66,145
	26,256	Stericycle Inc.*		1,703,227
	58,923	Team Inc.*		653,456
	2,913	Tetra Tech Inc.		403,072
	826	UniFirst Corp.		200,132
	1,684	US Ecology Inc.*		64,346
	1,116	Viad Corp.		46,693
	531	VSE Corp.		20,475
	21,035	Waste Connections Inc.		2,054,909
		Total Commercial Services & Supplies		13,313,830
	Construction & Engineering — 0.9%
	8,343	AECOM*		482,976
	1,740	Aegion Corp., Class A Shares*		44,979
	1,383	Ameresco Inc., Class A Shares*		78,997
	7,691	API Group Corp.*(d)		142,284
	2,665	Arcosa Inc.		151,185
	793	Argan Inc.		39,666
	1,966	Comfort Systems USA Inc.		121,774
	1,823	Concrete Pumping Holdings Inc.*		11,230
	1,375	Construction Partners Inc., Class A Shares*		39,792
	21,683	Dycom Industries Inc.*		1,660,484
	2,940	EMCOR Group Inc.		286,268
	7,573	Fluor Corp.*		129,953
	2,500	Granite Construction Inc.		85,950
	3,701	Great Lakes Dredge & Dock Corp.*		56,218

See Notes to Financial Statements.

59

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 15.7% — (continued)
	Construction & Engineering — 0.9% — (continued)
	3,693	HC2 Holdings Inc.*(a)	$	12,925
	505	IES Holdings Inc.*		23,149
	3,029	MasTec Inc.*		262,766
	1,521	Matrix Service Co.*		20,640
	928	MYR Group Inc.*		54,706
	554	Northwest Pipe Co.*		18,853
	559	NV5 Global Inc.*		57,722
	2,627	Primoris Services Corp.		87,926
	7,413	Quanta Services Inc.		621,580
	1,526	Sterling Construction Co., Inc.*		34,762
	2,164	Tutor Perini Corp.*		31,811
	4,081	Valmont Industries Inc.		965,279
	32,766	WillScot Mobile Mini Holdings Corp., Class A Shares*		908,601
		Total Construction & Engineering		6,432,476
	Electrical Equipment — 1.3%
	7,596	ABB Ltd., ADR		218,613
	1,925	Acuity Brands Inc.		237,353
	386	Allied Motion Technologies Inc.		18,736
	1,407	American Superconductor Corp.*		33,473
	2,974	Array Technologies Inc.*		110,276
	19,556	Atkore Inc.*		1,322,963
	13,854	AZZ Inc.		707,801
	150,399	Babcock & Wilcox Enterprises Inc.*		1,064,825
	25,799	Bloom Energy Corp., Class A Shares*		736,045
	1,144	Encore Wire Corp.		74,966
	2,321	EnerSys		209,540
	15,190	FuelCell Energy Inc.*		257,319
	3,295	Generac Holdings Inc.*		1,085,900
	3,767	GrafTech International Ltd.		44,564
	2,916	Hubbell Inc., Class B Shares		517,619
	1,362	LSI Industries Inc.		12,285
	8,493	nVent Electric PLC		223,026
	1,358	Orion Energy Systems Inc.*		11,407
	21,480	Plug Power Inc.*		1,039,202
	528	Powell Industries Inc.		16,437
	194	Preformed Line Products Co.		14,232
	2,223	Regal Beloit Corp.		303,817
	8,330	Sensata Technologies Holding PLC*		477,226
	8,096	Sunrun Inc.*		506,648
	1,647	Thermon Group Holdings Inc.*		33,648
	1,653	TPI Composites Inc.*		78,782
	623	Ultralife Corp.*		4,243
	11,932	Vertiv Holdings Co., Class A Shares		249,737
	976	Vicor Corp.*(a)		96,126
		Total Electrical Equipment		9,706,809
	Industrial Conglomerates — 0.4%
	7,089	Carlisle Cos., Inc.		1,029,677
	2,006	Raven Industries Inc.		78,635
	5,148	Roper Technologies Inc.		1,943,988
		Total Industrial Conglomerates		3,052,300

See Notes to Financial Statements.

60

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 15.7% — (continued)
	Machinery — 3.4%
	3,351	AGCO Corp.	$	433,887
	539	Alamo Group Inc.		82,268
	16,013	Albany International Corp., Class A Shares		1,265,828
	5,910	Allison Transmission Holdings Inc.		224,107
	24,488	Altra Industrial Motion Corp.		1,418,345
	1,278	Astec Industries Inc.		86,802
	14,460	Barnes Group Inc.		756,981
	916	Blue Bird Corp.*		22,268
	1,979	Chart Industries Inc.*		283,175
	1,156	CIRCOR International Inc.*		41,165
	5,443	Colfax Corp.*		241,397
	1,274	Columbus McKinnon Corp.		64,133
	2,626	Crane Co.		220,216
	6,595	Donaldson Co., Inc.		388,511
	1,267	Douglas Dynamics Inc.		61,044
	203	Eastern Co. (The)		5,176
	2,160	Energy Recovery Inc.*		38,016
	25,656	Enerpac Tool Group Corp., Class A Shares		633,703
	1,081	EnPro Industries Inc.		86,848
	1,414	ESCO Technologies Inc.		149,417
	4,998	Evoqua Water Technologies Corp.*		122,701
	584	ExOne Co. (The)*		19,914
	3,262	Federal Signal Corp.		118,769
	21,602	Flowserve Corp.(a)		799,274
	2,515	Franklin Electric Co., Inc.		188,776
	2,633	Gates Industrial Corp. PLC*		39,495
	303	Gencor Industries Inc.*		4,303
	1,012	Gorman-Rupp Co. (The)		32,374
	8,745	Graco Inc.		606,466
	303	Graham Corp.		4,648
	1,726	Greenbrier Cos., Inc. (The)		81,208
	1,609	Helios Technologies Inc.		105,229
	4,047	Hillenbrand Inc.		188,024
	389	Hurco Cos., Inc.		12,226
	532	Hyster-Yale Materials Handling Inc.		45,513
	4,850	IDEX Corp.		946,575
	17,150	ITT Inc.		1,423,107
	1,717	John Bean Technologies Corp.		253,378
	621	Kadant Inc.		108,054
	4,551	Kennametal Inc.(a)		170,025
	712	LB Foster Co., Class A Shares*		12,068
	12,834	Lincoln Electric Holdings Inc.		1,515,824
	1,423	Lindsay Corp.		228,036
	1,527	Luxfer Holdings PLC		29,257
	28,264	Lydall Inc.*		984,435
	1,860	Manitowoc Co., Inc. (The)*		30,299
	267	Mayville Engineering Co., Inc.*		3,741
	3,802	Meritor Inc.*		115,467
	2,973	Middleby Corp. (The)*		435,277
	588	Miller Industries Inc.		23,208
	3,033	Mueller Industries Inc.		123,261
	162,869	Mueller Water Products Inc., Class A Shares		2,099,381
	2,734	Navistar International Corp.*		120,460
	2,653	NN Inc.*		16,210

See Notes to Financial Statements.

61

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 15.7% — (continued)
	Machinery — 3.4% — (continued)
	3,081	Nordson Corp.	$	592,815
	172	Omega Flex Inc.		29,670
	3,568	Oshkosh Corp.		378,208
	384	Park-Ohio Holdings Corp.		12,415
	8,764	Pentair PLC		490,171
	1,460	Proto Labs Inc.*		212,693
	1,298	RBC Bearings Inc.*		258,380
	1,837	REV Group Inc.		22,816
	6,575	Rexnord Corp.		295,546
	1,887	Shyft Group Inc. (The)		62,063
	2,909	Snap-on Inc.		590,847
	2,354	SPX Corp.*		130,859
	2,289	SPX FLOW Inc.*		140,911
	679	Standex International Corp.		66,583
	998	Tennant Co.		76,048
	3,722	Terex Corp.		153,272
	22,033	Timken Co. (The)		1,726,286
	5,663	Toro Co. (The)		570,661
	2,394	TriMas Corp.*		80,414
	4,263	Trinity Industries Inc.		136,842
	7,248	Twin Disc Inc.*		59,941
	2,961	Wabash National Corp.		49,093
	1,481	Watts Water Technologies Inc., Class A Shares		168,967
	43,805	Welbilt Inc.*(a)		700,004
	3,154	Westinghouse Air Brake Technologies Corp.		228,444
	2,992	Woodward Inc.		341,746
		Total Machinery		25,085,965
	Marine — 0.1%
	3,224	Costamare Inc.		31,112
	263	Eagle Bulk Shipping Inc.*		7,716
	104	Eneti Inc.		2,062
	761	Genco Shipping & Trading Ltd.		7,990
	3,298	Kirby Corp.*		206,323
	2,340	Matson Inc.		162,092
	2,124	Safe Bulkers Inc.*		5,841
	1,062	SEACOR Holdings Inc.*		45,146
		Total Marine		468,282
	Professional Services — 2.1%
	721	Acacia Research Corp.*		5,119
	537	Akerna Corp.*		2,970
	18,969	ASGN Inc.*		1,763,548
	440	Barrett Business Services Inc.		31,328
	477	BGSF Inc.		6,649
	7,279	Booz Allen Hamilton Holding Corp., Class A Shares		561,502
	1,334	CACI International Inc., Class A Shares*		295,267
	2,798	CBIZ Inc.*		84,360
	4,250	CoreLogic Inc.		359,805
	2,050	CoStar Group Inc.*		1,688,708
	457	CRA International Inc.		25,213
	2,709	Exponent Inc.		261,337
	615	Forrester Research Inc.*		27,786
	684	Franklin Covey Co.*		17,586
	14,481	FTI Consulting Inc.*		1,658,798
	467	GP Strategies Corp.*		6,132
	1,013	Heidrick & Struggles International Inc.		36,357

See Notes to Financial Statements.

62

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 15.7% — (continued)
	Professional Services — 2.1% — (continued)
	13,928	Huron Consulting Group Inc.*	$	708,935
	998	ICF International Inc.		83,283
	1,891	Insperity Inc.		167,732
	6,690	Jacobs Engineering Group Inc.		769,885
	72,709	KBR Inc.		2,253,979
	1,817	Kelly Services Inc., Class A Shares*		37,830
	1,114	Kforce Inc.		57,204
	3,056	Korn Ferry		188,097
	3,094	ManpowerGroup Inc.		292,197
	1,484	ManTech International Corp., Class A Shares		115,989
	233	Mastech Digital Inc.*		3,728
	729	Mistras Group Inc.*		5,803
	18,783	Nielsen Holdings PLC		420,927
	345	Red Violet Inc.*		8,004
	1,834	Resources Connection Inc.		23,402
	6,027	Robert Half International Inc.		468,840
	3,103	Science Applications International Corp.		267,261
	2,256	TriNet Group Inc.*		181,089
	2,052	TrueBlue Inc.*		42,743
	5,066	Upwork Inc.*		272,956
	13,356	Verisk Analytics Inc., Class A Shares		2,188,381
	586	Willdan Group Inc.*		25,702
		Total Professional Services		15,416,432
	Road & Rail — 0.9%
	489	AMERCO		281,038
	1,296	ArcBest Corp.		76,451
	24,011	Avis Budget Group Inc.*(a)		1,333,811
	321	Covenant Logistics Group Inc., Class A Shares*		5,836
	2,863	Daseke Inc.*		15,804
	2,499	Heartland Express Inc.		45,482
	20,911	Knight-Swift Transportation Holdings Inc., Class A Shares		903,355
	2,060	Landstar System Inc.		329,888
	3,333	Marten Transport Ltd.		53,928
	4,791	Old Dominion Freight Line Inc.		1,028,963
	82	PAM Transportation Services Inc.*		4,755
	8,295	Ryder System Inc.		562,152
	8,321	Saia Inc.*		1,668,610
	3,237	Schneider National Inc., Class B Shares		74,872
	346	Universal Logistics Holdings Inc.		8,100
	948	US Xpress Enterprises Inc., Class A Shares*		8,769
	13,381	Werner Enterprises Inc.		574,313
		Total Road & Rail		6,976,127
	Trading Companies & Distributors — 1.0%
	51,057	AerCap Holdings NV*		2,459,926
	5,874	Air Lease Corp., Class A Shares		269,382
	924	Alta Equipment Group Inc.*		9,804
	1,888	Applied Industrial Technologies Inc.		161,179
	2,986	Beacon Roofing Supply Inc.*		142,820
	2,140	Boise Cascade Co.		106,872
	945	CAI International Inc.		41,580
	941	DXP Enterprises Inc.*		28,268
	107	EVI Industries Inc.*		3,916
	36,151	Fastenal Co.		1,676,322
	1,880	GATX Corp.		179,408
	295	General Finance Corp.*		2,977

See Notes to Financial Statements.

63

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 15.7% — (continued)
	Trading Companies & Distributors — 1.0% — (continued)
	2,325	GMS Inc.*	$	85,095
	1,849	H&E Equipment Services Inc.		57,190
	1,368	Herc Holdings Inc.*		120,056
	282	Lawson Products Inc.*		14,946
	1,309	McGrath RentCorp.		101,657
	4,213	MRC Global Inc.*		36,822
	2,354	MSC Industrial Direct Co., Inc., Class A Shares		202,750
	1,125	Nesco Holdings Inc.*		9,112
	6,291	NOW Inc.*		66,873
	2,310	Rush Enterprises Inc., Class A Shares		98,013
	288	Rush Enterprises Inc., Class B Shares		10,930
	2,383	SiteOne Landscape Supply Inc.*		377,729
	687	Systemax Inc.		24,801
	2,490	Textainer Group Holdings Ltd.*		64,840
	1,195	Titan Machinery Inc.*		29,277
	309	Transcat Inc.*		13,852
	3,181	Triton International Ltd.		183,798
	9,194	Univar Solutions Inc.*		183,052
	727	Veritiv Corp.*		17,288
	1,774	Watsco Inc.		431,259
	2,539	WESCO International Inc.*		203,831
	120	Willis Lease Finance Corp.*		3,876
		Total Trading Companies & Distributors		7,419,501
	Transportation Infrastructure — 0.0%
	4,041	Macquarie Infrastructure Corp.		126,645
		TOTAL INDUSTRIALS		116,174,407
	INFORMATION TECHNOLOGY — 20.2%
	Communications Equipment — 1.4%
	2,131	Acacia Communications Inc.*(a)		245,044
	2,687	ADTRAN Inc.		45,249
	1,155	Applied Optoelectronics Inc.*(a)		10,770
	58,814	CalAmp Corp.*(a)		656,952
	2,937	Calix Inc.*		116,041
	195	Cambium Networks Corp.*		8,247
	1,434	Casa Systems Inc.*		11,773
	58,681	Ciena Corp.*		3,061,388
	390	Clearfield Inc.*		12,640
	10,625	CommScope Holding Co., Inc.*		155,019
	1,333	Comtech Telecommunications Corp.		35,831
	1,623	Digi International Inc.*		37,913
	734	DZS Inc.*		12,214
	2,678	EchoStar Corp., Class A Shares*(a)		60,791
	6,126	Extreme Networks Inc.*		56,175
	1,820	Genasys Inc.*		12,503
	5,568	Harmonic Inc.*		43,124
	114,739	Infinera Corp.*		1,127,311
	3,751	Inseego Corp.*(a)		54,727
	659	KVH Industries Inc.*		9,002
	4,026	Lumentum Holdings Inc.*(a)		362,340
	1,644	NETGEAR Inc.*		65,760
	3,872	NetScout Systems Inc.*		109,268
	936	PCTEL Inc.*		7,076

See Notes to Financial Statements.

64

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.2% — (continued)
	Communications Equipment — 1.4% — (continued)
	1,880	Plantronics Inc.*	$	76,121
	9,239	Radware Ltd.*		240,768
	2,628	Resonant Inc.*(a)		13,429
	80,696	Ribbon Communications Inc.*		697,214
	26,417	ViaSat Inc.*(a)		1,350,965
	105,243	Viavi Solutions Inc.*		1,703,358
		Total Communications Equipment		10,399,013
	Electronic Equipment, Instruments & Components — 2.9%
	1,846	Akoustis Technologies Inc.*(a)		26,379
	9,632	Amphenol Corp., Class A Shares		1,210,550
	4,445	Arlo Technologies Inc.*		30,937
	4,006	Arrow Electronics Inc.*		401,642
	5,410	Avnet Inc.		205,959
	1,582	Badger Meter Inc.		171,789
	420	Bel Fuse Inc., Class B Shares		7,455
	21,564	Belden Inc.		953,344
	1,879	Benchmark Electronics Inc.		53,364
	9,009	Cognex Corp.		744,053
	1,329	Coherent Inc.*		321,538
	1,669	CTS Corp.		53,692
	1,375	Daktronics Inc.		7,439
	3,392	Dolby Laboratories Inc., Class A Shares		331,161
	751	ePlus Inc.*		71,015
	2,015	Fabrinet*		177,985
	939	FARO Technologies Inc.*		87,759
	40,017	FLIR Systems Inc.		2,136,908
	11,273	II-VI Inc.*		950,314
	1,930	Insight Enterprises Inc.*		161,329
	857	Intellicheck Inc.*		10,430
	4,404	IPG Photonics Corp.*		1,001,249
	2,709	Iteris Inc.*		14,927
	37,107	Itron Inc.*		4,350,425
	7,900	Jabil Inc.		341,043
	1,399	Kimball Electronics Inc.*		32,849
	54,956	Knowles Corp.*		1,142,535
	1,277	Littelfuse Inc.		332,301
	1,557	Luna Innovations Inc.*		18,279
	2,017	Methode Electronics Inc.		78,522
	24,893	MTS Systems Corp.		1,452,756
	702	Napco Security Technologies Inc.*		21,853
	7,018	National Instruments Corp.		311,599
	1,987	nLight Inc.*		75,744
	1,874	Novanta Inc.*		247,986
	8,570	OSI Systems Inc.*(a)		810,893
	1,021	PAR Technology Corp.*(a)		88,704
	650	PC Connection Inc.		29,907
	1,588	Plexus Corp.*		133,360
	1,439	Powerfleet Inc.*		11,325
	1,448	Research Frontiers Inc.*		5,835
	7,848	Rogers Corp.*		1,424,255
	3,184	Sanmina Corp.*		113,414
	1,388	ScanSource Inc.*		39,475
	2,287	SYNNEX Corp.		203,909
	13,431	Trimble Inc.*		995,774

See Notes to Financial Statements.

65

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.2% — (continued)
	Electronic Equipment, Instruments & Components — 2.9% — (continued)
	5,442	TTM Technologies Inc.*(a)	$	76,841
	7,212	Vishay Intertechnology Inc.		172,150
	672	Vishay Precision Group Inc.*		21,719
	695	Wrap Technologies Inc.*(a)		3,656
		Total Electronic Equipment, Instruments & Components		21,668,327
	IT Services — 3.1%
	2,581	Alliance Data Systems Corp.		249,066
	6,865	Amdocs Ltd.		520,436
	659	BigCommerce Holdings Inc.*(a)		38,953
	45,153	Black Knight Inc.*		3,462,784
	241	BM Technologies Inc.*(b)		3,037
	2,182	Brightcove Inc.*		47,524
	2,055	Cardtronics PLC, Class A Shares*		79,220
	772	Cass Information Systems Inc.		33,258
	2,287	Concentrix Corp.*		282,467
	244,858	Conduent Inc.*		1,317,336
	1,784	CSG Systems International Inc.		82,332
	13,860	DXC Technology Co.		349,549
	10,483	Euronet Worldwide Inc.*		1,575,700
	3,315	EVERTEC Inc.		128,953
	2,237	Evo Payments Inc., Class A Shares*		56,954
	1,840	ExlService Holdings Inc.*		155,701
	4,316	Fastly Inc., Class A Shares*(a)		317,571
	4,955	Gartner Inc.*		887,143
	10,259	Genpact Ltd.		414,874
	2,071	Globant SA*		444,685
	3,413	GreenSky Inc., Class A Shares*		18,157
	1,136	Grid Dynamics Holdings Inc.*		16,938
	1,968	GTT Communications Inc.*(a)		3,700
	1,321	Hackett Group Inc. (The)		20,634
	841	I3 Verticals Inc., Class A Shares*		27,921
	73	IBEX Holdings Ltd.*		1,607
	1,089	Information Services Group Inc.*		3,964
	1,199	International Money Express Inc.*		17,661
	6,270	Limelight Networks Inc.*		20,503
	3,471	LiveRamp Holdings Inc.*		219,228
	3,332	MAXIMUS Inc.		270,825
	3,433	MoneyGram International Inc.*		22,898
	2,752	MongoDB Inc., Class A Shares*		1,062,079
	3,600	NIC Inc.		124,956
	3,681	Okta Inc., Class A Shares*		962,397
	1,815	Paysign Inc.*		8,222
	1,788	Perficient Inc.*		99,574
	7,617	Perspecta Inc.		222,416
	780	PFSweb Inc.*		5,476
	482	Priority Technology Holdings Inc.*		4,377
	1,707	Rackspace Technology Inc.*		35,881
	25,236	Repay Holdings Corp., Class A Shares*		550,145
	16,961	Sabre Corp.		249,157
	4,566	ServiceSource International Inc.*		7,328
	14,100	Shift4 Payments Inc., Class A Shares*		1,078,650
	675	StarTek Inc.*		5,474
	10,892	StoneCo Ltd., Class A Shares*		934,643
	3,972	Switch Inc., Class A Shares		68,874

See Notes to Financial Statements.

66

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.2% — (continued)
	IT Services — 3.1% — (continued)
	2,136	Sykes Enterprises Inc.*	$	87,277
	1,000	TTEC Holdings Inc.		84,140
	530	Tucows Inc., Class A Shares*		41,881
	2,636	Twilio Inc., Class A Shares*		1,035,632
	96,852	Unisys Corp.*(a)		2,377,717
	7,329	Verra Mobility Corp., Class A Shares*		104,438
	7,919	WEX Inc.*		1,649,924
	12,200	WNS Holdings Ltd., ADR*		911,462
		Total IT Services		22,803,699
	Semiconductors & Semiconductor Equipment — 4.0%
	24,646	Advanced Energy Industries Inc.(a)		2,574,275
	1,482	Allegro MicroSystems Inc.*		38,740
	928	Alpha & Omega Semiconductor Ltd.*		32,656
	1,825	Ambarella Inc.*		205,294
	5,505	Amkor Technology Inc.(a)		131,515
	785	Atomera Inc.*(a)		21,964
	1,736	Axcelis Technologies Inc.*(a)		64,006
	2,299	AXT Inc.*		29,726
	32,126	Brooks Automation Inc.		2,671,598
	1,184	CEVA Inc.*		72,496
	3,100	Cirrus Logic Inc.*		253,518
	1,532	CMC Materials Inc.		261,206
	2,105	Cohu Inc.*(a)		91,462
	5,958	Cree Inc.*		675,995
	392	CyberOptics Corp.*		10,486
	2,325	Diodes Inc.*		182,559
	1,175	DSP Group Inc.*		18,295
	5,715	Enphase Energy Inc.*		1,006,183
	14,257	Entegris Inc.		1,499,979
	4,928	First Solar Inc.*		399,267
	4,204	FormFactor Inc.*(a)		190,736
	606	GSI Technology Inc.*		4,448
	1,036	Ichor Holdings Ltd.*		44,299
	6,854	Impinj Inc.*(a)		438,450
	2,619	Inphi Corp.*		431,061
	16,557	Kulicke & Soffa Industries Inc.		825,532
	7,287	Lattice Semiconductor Corp.*		350,650
	62,410	MACOM Technology Solutions Holdings Inc.*		4,016,084
	562	Maxeon Solar Technologies Ltd.*(a)		18,923
	3,651	MaxLinear Inc., Class A Shares*		145,200
	2,947	MKS Instruments Inc.		485,960
	2,351	Monolithic Power Systems Inc.		880,497
	2,843	NeoPhotonics Corp.*		27,321
	288	NVE Corp.		20,295
	21,933	ON Semiconductor Corp.*		883,242
	2,586	Onto Innovation Inc.*		161,522
	1,549	PDF Solutions Inc.*		28,440
	3,498	Photronics Inc.*		41,661
	1,973	Pixelworks Inc.*		7,083
	3,170	Power Integrations Inc.		280,133
	78,878	Rambus Inc.*(a)		1,654,860
	3,438	Semtech Corp.*		252,040
	2,294	Silicon Laboratories Inc.*		357,268
	27,530	Silicon Motion Technology Corp., ADR		1,636,383

See Notes to Financial Statements.

67

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.2% — (continued)
	Semiconductors & Semiconductor Equipment — 4.0% — (continued)
	484	SiTime Corp.*	$	47,156
	17,015	SMART Global Holdings Inc.*		794,430
	2,641	SolarEdge Technologies Inc.*		787,837
	4,020	SunPower Corp., Class A Shares*(a)		139,775
	9,686	Synaptics Inc.*(a)		1,298,215
	8,947	Teradyne Inc.		1,150,674
	2,214	Ultra Clean Holdings Inc.*		102,685
	2,310	Universal Display Corp.		489,004
	64,824	Veeco Instruments Inc.*		1,393,716
		Total Semiconductors & Semiconductor Equipment		29,626,800
	Software — 7.9%
	17,930	2U Inc.*		710,566
	5,545	8x8 Inc.*		189,694
	3,336	A10 Networks Inc.*		31,158
	38,565	ACI Worldwide Inc.*		1,475,497
	949	Agilysys Inc.*		56,551
	2,608	Alarm.com Holdings Inc.*		229,191
	2,300	Altair Engineering Inc., Class A Shares*		141,657
	2,882	Alteryx Inc., Class A Shares*		275,519
	1,562	American Software Inc., Class A Shares		31,552
	7,161	Anaplan Inc.*		465,393
	8,806	ANSYS Inc.*		3,002,758
	876	Appfolio Inc., Class A Shares*		143,682
	1,929	Appian Corp., Class A Shares*		331,595
	11,016	Aspen Technology Inc.*		1,658,018
	538	Asure Software Inc.*		4,191
	3,609	Atlassian Corp. PLC, Class A Shares*		857,859
	4,483	Avalara Inc.*		703,562
	4,455	Avaya Holdings Corp.*(a)		132,180
	1,594	Benefitfocus Inc.*		24,229
	3,955	Bill.com Holdings Inc.*		652,615
	2,677	Blackbaud Inc.*		184,231
	29,802	Blackline Inc.*		3,696,044
	48,359	Bottomline Technologies de Inc.*		2,170,352
	36,692	Box Inc., Class A Shares*		673,298
	6,633	CDK Global Inc.		332,579
	1,996	Cerence Inc.*		221,995
	6,225	Ceridian HCM Holding Inc.*(a)		558,134
	1,588	ChannelAdvisor Corp.*		35,889
	139,232	Cloudera Inc.*		2,247,205
	5,894	Cloudflare Inc., Class A Shares*		435,979
	62,923	Cognyte Software Ltd.*		1,816,587
	2,280	CommVault Systems Inc.*		145,304
	3,313	Cornerstone OnDemand Inc.*		167,373
	1,162	Coupa Software Inc.*		402,354
	4,699	Crowdstrike Holdings Inc., Class A Shares*		1,014,984
	5,110	CyberArk Software Ltd.*		750,301
	1,254	Datto Holding Corp.*		29,193
	704	Digimarc Corp.*		25,759
	4,453	Digital Turbine Inc.*		367,684
	1,398	Domo Inc., Class B Shares*		89,095
	1,231	Duck Creek Technologies Inc.*		58,226
	10,019	Dynatrace Inc.*		498,545
	1,396	Ebix Inc.		34,035

See Notes to Financial Statements.

68

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.2% — (continued)
	Software — 7.9% — (continued)
	552	eGain Corp.*	$	6,414
	3,565	Elastic NV*		479,100
	16,799	Envestnet Inc.*		1,075,472
	1,887	Everbridge Inc.*		289,145
	1,507	Fair Isaac Corp.*		689,528
	97,705	FireEye Inc.*		1,887,661
	3,378	Five9 Inc.*		625,741
	2,223	GTY Technology Holdings Inc.*		16,295
	14,254	Guidewire Software Inc.*		1,582,051
	2,243	HubSpot Inc.*		1,155,145
	416	Intelligent Systems Corp.*		16,507
	1,699	InterDigital Inc.		107,666
	2,279	j2 Global Inc.*(a)		253,835
	1,621	Jamf Holding Corp.*		60,625
	706	JFrog Ltd.*(a)		37,764
	3,346	LivePerson Inc.*		219,565
	3,446	Manhattan Associates Inc.*		423,686
	1,939	McAfee Corp., Class A Shares		40,137
	4,548	Medallia Inc.*(a)		183,603
	384	MicroStrategy Inc., Class A Shares*(a)		288,157
	25,370	Mimecast Ltd.*		1,087,866
	1,743	Mitek Systems Inc.*		26,633
	1,866	Model N Inc.*		79,025
	789	nCino Inc.*		53,952
	6,449	New Relic Inc.*		394,292
	95,337	Nuance Communications Inc.*		4,252,030
	10,407	Nutanix Inc., Class A Shares*		315,176
	30,982	OneSpan Inc.*		723,740
	3,772	PagerDuty Inc.*		168,759
	929	Park City Group Inc.*		5,648
	2,066	Paylocity Holding Corp.*		394,999
	2,172	Pegasystems Inc.		287,464
	1,955	Ping Identity Holding Corp.*		45,806
	4,640	Pluralsight Inc., Class A Shares*		95,538
	2,500	Progress Software Corp.		106,350
	6,718	Proofpoint Inc.*		812,341
	30,436	PROS Holdings Inc.*(a)		1,442,666
	5,616	PTC Inc.*		769,055
	2,709	Q2 Holdings Inc.*		330,173
	672	QAD Inc., Class A Shares		43,142
	8,578	Qualys Inc.*(a)		833,439
	2,756	Rapid7 Inc.*		210,117
	4,810	RealPage Inc.*		417,412
	1,073	Rimini Street Inc.*		8,337
	4,829	SailPoint Technologies Holding Inc.*		272,259
	1,405	Sapiens International Corp. NV		44,089
	1,260	Seachange International Inc.*		1,487
	333	SecureWorks Corp., Class A Shares*		4,805
	415	ShotSpotter Inc.*		17,422
	6,076	Smartsheet Inc., Class A Shares*		420,763
	1,796	Smith Micro Software Inc.*		11,854
	2,567	SolarWinds Corp.*		41,560
	1,461	Sprout Social Inc., Class A Shares*		99,304
	1,929	SPS Commerce Inc.*		194,308

See Notes to Financial Statements.

69

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.2% — (continued)
	Software — 7.9% — (continued)
	632	Sumo Logic Inc.*	$	19,200
	6,533	SVMK Inc.*		121,644
	2,724	Synchronoss Technologies Inc.*		12,067
	10,592	Talend SA, ADR*		537,332
	3,785	Tenable Holdings Inc.*		154,844
	5,639	Teradata Corp.*(a)		226,124
	1,333	Upland Software Inc.*		65,890
	1,709	Varonis Systems Inc., Class B Shares*		313,670
	31,963	Verint Systems Inc.*		1,575,456
	1,276	Veritone Inc.*(a)		46,000
	3,570	VirnetX Holding Corp.(a)		24,847
	5,539	Workiva Inc., Class A Shares*		560,270
	94,881	Xperi Holding Corp.		2,001,989
	5,525	Yext Inc.*		93,483
	6,270	Zendesk Inc.*		916,298
	3,236	Zix Corp.*		23,882
	3,910	Zscaler Inc.*		801,667
	5,346	Zuora Inc., Class A Shares*		79,816
		Total Software		58,097,000
	Technology Hardware, Storage & Peripherals — 0.9%
	6,048	3D Systems Corp.*		216,760
	1,710	Avid Technology Inc.*		33,157
	706	Corsair Gaming Inc.*(a)		25,303
	64,217	Diebold Nixdorf Inc.*		932,431
	990	Eastman Kodak Co.*(a)		8,534
	1,328	Immersion Corp.*		13,160
	1,166	Intevac Inc.*		7,427
	64,909	NCR Corp.*		2,256,237
	13,241	Pure Storage Inc., Class A Shares*		309,575
	186,342	Quantum Corp.*		1,554,092
	31,201	Stratasys Ltd.*(a)		1,076,123
	2,456	Super Micro Computer Inc.*		80,139
	8,860	Xerox Holdings Corp.		225,753
		Total Technology Hardware, Storage & Peripherals		6,738,691
		TOTAL INFORMATION TECHNOLOGY		149,333,530
	MATERIALS — 4.6%
	Chemicals — 1.8%
	664	Advanced Emissions Solutions Inc.*		3,785
	1,530	AdvanSix Inc.*		42,534
	1,569	AgroFresh Solutions Inc.*		3,750
	9,852	Albemarle Corp.		1,548,833
	1,581	American Vanguard Corp.		30,861
	5,849	Amyris Inc.*(a)		80,716
	2,975	Ashland Global Holdings Inc.(a)		250,257
	5,013	Avient Corp.		216,662
	11,283	Axalta Coating Systems Ltd.*		308,477
	1,757	Balchem Corp.		209,716
	3,071	Cabot Corp.		151,185
	11,398	CF Industries Holdings Inc.		516,101
	413	Chase Corp.		44,472
	8,996	Chemours Co. (The)		211,676
	12,941	Ecolab Inc.		2,709,328
	11,009	Element Solutions Inc.		198,712

See Notes to Financial Statements.

70

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	MATERIALS — 4.6% — (continued)
	Chemicals — 1.8% — (continued)
	4,626	Ferro Corp.*	$	73,415
	1,486	FutureFuel Corp.		21,814
	2,585	GCP Applied Technologies Inc.*		64,082
	570	Hawkins Inc.		35,682
	2,829	HB Fuller Co.		158,622
	10,611	Huntsman Corp.		289,680
	2,272	Ingevity Corp.*		157,859
	1,331	Innospec Inc.		133,699
	359	Intrepid Potash Inc.*		10,659
	1,137	Koppers Holdings Inc.*		37,987
	28,755	Kraton Corp.*		1,069,398
	1,402	Kronos Worldwide Inc.		20,259
	7,723	Livent Corp.*		143,802
	2,518	Marrone Bio Innovations Inc.*		6,433
	1,835	Minerals Technologies Inc.		130,707
	18,489	Mosaic Co. (The)		543,577
	370	NewMarket Corp.		140,223
	7,691	Olin Corp.		237,960
	3,196	Orion Engineered Carbons SA		56,569
	2,114	PQ Group Holdings Inc.		32,471
	718	Quaker Chemical Corp.		202,749
	3,651	Rayonier Advanced Materials Inc.*		33,772
	6,842	RPM International Inc.		544,897
	2,176	Scotts Miracle-Gro Co. (The)		463,814
	2,239	Sensient Technologies Corp.		174,306
	1,160	Stepan Co.		140,000
	396	Trecora Resources*		2,812
	1,482	Tredegar Corp.		22,586
	2,055	Trinseo SA		132,979
	60,911	Tronox Holdings PLC, Class A Shares		1,117,108
	10,200	Valvoline Inc.		254,592
	1,877	Westlake Chemical Corp.		160,652
	2,969	WR Grace & Co.(a)		175,943
		Total Chemicals		13,318,173
	Construction Materials — 0.5%
	2,269	Eagle Materials Inc.		284,487
	1,388	Forterra Inc.*		32,299
	6,115	Summit Materials Inc., Class A Shares*		169,447
	136	United States Lime & Minerals Inc.		19,059
	936	US Concrete Inc.*		48,166
	19,089	Vulcan Materials Co.		3,187,672
		Total Construction Materials		3,741,130
	Containers & Packaging — 1.5%
	12,255	AptarGroup Inc.(a)		1,594,008
	616	Ardagh Group SA, Class A Shares		15,609
	14,728	Avery Dennison Corp.		2,580,493
	27,670	Berry Global Group Inc.*		1,532,918
	31,261	Crown Holdings Inc.*		2,987,301
	14,193	Graphic Packaging Holding Co.		225,243
	1,405	Greif Inc., Class A Shares		67,861
	197	Greif Inc., Class B Shares		9,752
	1,948	Myers Industries Inc.		43,129
	8,544	O-I Glass Inc.*		99,794

See Notes to Financial Statements.

71

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	MATERIALS — 4.6% — (continued)
	Containers & Packaging — 1.5% — (continued)
	5,089	Packaging Corp. of America	$	671,850
	1,431	Pactiv Evergreen Inc.		20,005
	21,530	Ranpak Holdings Corp., Class A Shares*(a)		387,755
	8,342	Sealed Air Corp.		349,530
	13,178	Silgan Holdings Inc.		494,966
	5,435	Sonoco Products Co.		323,763
	411	UFP Technologies Inc.*		20,353
		Total Containers & Packaging		11,424,330
	Metals & Mining — 0.7%
	83,766	Alamos Gold Inc., Class A Shares		594,739
	10,233	Alcoa Corp.*		251,220
	6,950	Allegheny Technologies Inc.*		136,637
	5,452	Arconic Corp.*		119,508
	615	Caledonia Mining Corp. PLC		8,708
	2,595	Carpenter Technology Corp.		105,513
	2,619	Century Aluminum Co.*		35,959
	81,778	Cleveland-Cliffs Inc.		1,090,919
	13,260	Coeur Mining Inc.*		119,473
	6,500	Commercial Metals Co.(a)		163,475
	1,854	Compass Minerals International Inc.		116,969
	3,346	Ferroglobe Representation & Warranty Insurance Trust*#(b)(c)		—
	1,007	Gatos Silver Inc.*		14,058
	3,913	Gold Resource Corp.		10,526
	717	Haynes International Inc.		20,026
	27,173	Hecla Mining Co.		177,440
	835	Kaiser Aluminum Corp.		95,273
	1,105	Materion Corp.		75,670
	12,963	Novagold Resources Inc.*		108,241
	372	Olympic Steel Inc.		6,636
	3,390	Reliance Steel & Aluminum Co.		448,158
	3,504	Royal Gold Inc.		363,400
	539	Ryerson Holding Corp.*		6,861
	1,398	Schnitzer Steel Industries Inc., Class A Shares		48,287
	10,606	Steel Dynamics Inc.		440,997
	4,484	SunCoke Energy Inc.		28,653
	2,877	TimkenSteel Corp.*		23,246
	14,005	United States Steel Corp.(a)		232,623
	2,839	Warrior Met Coal Inc.		54,424
	1,942	Worthington Industries Inc.		124,074
		Total Metals & Mining		5,021,713
	Paper & Forest Products — 0.1%
	930	Clearwater Paper Corp.*		32,559
	2,817	Domtar Corp.		104,370
	2,440	Glatfelter Corp.		39,162
	5,796	Louisiana-Pacific Corp.		275,948
	936	Neenah Inc.		51,779
	1,718	Schweitzer-Mauduit International Inc.		80,231
	1,838	Verso Corp., Class A Shares		22,975
		Total Paper & Forest Products		607,024
		TOTAL MATERIALS		34,112,370

See Notes to Financial Statements.

72

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.0%
	Equity Real Estate Investment Trusts (REITs) — 5.3%
	4,712	Acadia Realty Trust	$	89,104
	2,896	Agree Realty Corp.		186,966
	4,078	Alexander & Baldwin Inc.		71,243
	106	Alexander’s Inc.		28,738
	368	Alpine Income Property Trust Inc.		6,742
	2,742	American Assets Trust Inc.		85,221
	7,428	American Campus Communities Inc.		304,251
	6,220	American Finance Trust Inc.		55,109
	14,413	American Homes 4 Rent, Class A Shares		448,821
	10,958	Americold Realty Trust		383,968
	8,209	Apartment Income REIT Corp.		335,584
	8,209	Apartment Investment & Management Co., Class A Shares		39,075
	11,357	Apple Hospitality REIT Inc.		161,837
	2,971	Armada Hoffler Properties Inc.		38,356
	6,270	AvalonBay Communities Inc.		1,101,952
	1,411	Bluerock Residential Growth REIT Inc., Class A Shares		15,126
	16,043	Boston Properties Inc.		1,590,343
	9,287	Brandywine Realty Trust		113,580
	16,314	Brixmor Property Group Inc.		321,059
	1,555	Broadstone Net Lease Inc., Class A Shares		28,130
	750	BRT Apartments Corp.		11,880
	5,129	Camden Property Trust		534,185
	5,226	CareTrust REIT Inc.		115,913
	2,823	CatchMark Timber Trust Inc., Class A Shares		28,823
	674	Centerspace		46,257
	2,818	Chatham Lodging Trust*		39,255
	765	CIM Commercial Trust Corp.		9,295
	2,714	City Office REIT Inc.		27,574
	586	Clipper Realty Inc.		5,116
	26,509	Colony Capital Inc.		156,933
	6,302	Columbia Property Trust Inc.		88,984
	1,153	Community Healthcare Trust Inc.		50,536
	945	CorEnergy Infrastructure Trust Inc.		7,059
	1,600	CorePoint Lodging Inc.		14,576
	2,210	CoreSite Realty Corp.		268,979
	6,170	Corporate Office Properties Trust		160,420
	8,150	Cousins Properties Inc.		273,351
	334	CTO Realty Growth Inc.		17,284
	10,602	CubeSmart		391,850
	6,444	CyrusOne Inc.		422,920
	10,430	DiamondRock Hospitality Co.*		105,552
	12,469	Diversified Healthcare Trust		56,110
	9,037	Douglas Emmett Inc.		295,962
	4,413	Easterly Government Properties Inc.		96,998
	2,051	EastGroup Properties Inc.		279,162
	8,095	Empire State Realty Trust Inc., Class A Shares		89,126
	4,010	EPR Properties		181,172
	181,405	Equity Commonwealth		5,117,435
	9,466	Equity LifeStyle Properties Inc.		583,579
	5,436	Essential Properties Realty Trust Inc.		126,115
	1,263	Farmland Partners Inc.		15,105
	4,132	Federal Realty Investment Trust		418,034
	6,867	First Industrial Realty Trust Inc.		293,290
	3,941	Four Corners Property Trust Inc.		106,762

See Notes to Financial Statements.

73

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.0% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 5.3% — (continued)
	5,536	Franklin Street Properties Corp.	$	27,458
	11,760	Gaming and Leisure Properties Inc.		522,144
	6,430	GEO Group Inc. (The)(a)		46,296
	1,857	Getty Realty Corp.		51,959
	1,912	Gladstone Commercial Corp.		35,716
	1,077	Gladstone Land Corp.		19,267
	2,245	Global Medical REIT Inc.		30,240
	5,060	Global Net Lease Inc.		94,015
	54,546	Healthcare Realty Trust Inc.		1,574,197
	11,604	Healthcare Trust of America Inc., Class A Shares		315,165
	2,103	Hersha Hospitality Trust, Class A Shares*		23,385
	5,659	Highwoods Properties Inc.		226,134
	8,275	Hudson Pacific Properties Inc.		211,757
	5,219	Independence Realty Trust Inc.		73,275
	138	Indus Realty Trust Inc.(b)		8,374
	3,546	Industrial Logistics Properties Trust		75,423
	1,144	Innovative Industrial Properties Inc., Class A Shares		223,080
	15,611	Iron Mountain Inc.(a)		543,107
	4,094	iStar Inc.(a)		72,546
	31,673	JBG SMITH Properties		1,005,618
	6,039	Kilroy Realty Corp.(a)		383,235
	22,505	Kimco Realty Corp.		412,517
	4,692	Kite Realty Group Trust		89,946
	4,584	Lamar Advertising Co., Class A Shares		396,928
	14,695	Lexington Realty Trust, Class B Shares		157,530
	3,844	Life Storage Inc.		322,512
	2,128	LTC Properties Inc.		87,056
	7,698	Macerich Co. (The)(a)		99,458
	4,967	Mack-Cali Realty Corp.		69,389
	30,452	Medical Properties Trust Inc.		657,459
	5,213	Monmouth Real Estate Investment Corp.		90,289
	2,358	National Health Investors Inc.		160,981
	9,425	National Retail Properties Inc.		413,192
	3,389	National Storage Affiliates Trust		130,646
	592	NETSTREIT Corp.		10,401
	4,700	New Senior Investment Group Inc.		28,717
	1,189	NexPoint Residential Trust Inc.		48,797
	2,617	Office Properties Income Trust		66,184
	12,298	Omega Healthcare Investors Inc.		456,748
	892	One Liberty Properties Inc.		19,098
	7,918	Outfront Media Inc.		160,577
	10,348	Paramount Group Inc.		95,926
	12,715	Park Hotels & Resorts Inc.		276,551
	7,131	Pebblebrook Hotel Trust		161,588
	11,274	Physicians Realty Trust		191,658
	6,960	Piedmont Office Realty Trust Inc., Class A Shares		118,738
	728	Plymouth Industrial REIT Inc.		10,862
	3,579	PotlatchDeltic Corp.		181,634
	2,691	Preferred Apartment Communities Inc., Class A Shares		22,147
	8,400	PS Business Parks Inc.		1,216,824
	25,815	QTS Realty Trust Inc., Class A Shares(a)		1,603,628
	7,205	Rayonier Inc.		235,171
	8,940	Regency Centers Corp.		489,733
	6,240	Retail Opportunity Investments Corp.		98,654

See Notes to Financial Statements.

74

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.0% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 5.3% — (continued)
	11,754	Retail Properties of America Inc., Class A Shares	$	123,770
	784	Retail Value Inc.		13,093
	6,728	Rexford Industrial Realty Inc.		321,060
	9,148	RLJ Lodging Trust		143,624
	4,143	RPT Realty		45,449
	2,765	Ryman Hospitality Properties Inc.		213,707
	11,242	Sabra Health Care REIT Inc.		193,587
	950	Safehold Inc.(a)		72,437
	672	Saul Centers Inc.		23,802
	11,364	SBA Communications Corp., Class A Shares		2,899,297
	1,957	Seritage Growth Properties, Class A Shares*(a)		39,512
	8,491	Service Properties Trust		109,024
	8,042	SITE Centers Corp.		107,280
	3,968	SL Green Realty Corp.(a)		274,070
	35,716	Spirit Realty Capital Inc.		1,536,502
	14,495	STAG Industrial Inc.		457,317
	12,953	STORE Capital Corp.		433,148
	5,650	Summit Hotel Properties Inc.*		58,477
	11,971	Sunstone Hotel Investors Inc.		158,137
	4,736	Tanger Factory Outlet Centers Inc.(a)		74,545
	3,496	Terreno Realty Corp.		195,916
	2,056	UMH Properties Inc.		35,096
	10,571	Uniti Group Inc.		125,901
	724	Universal Health Realty Income Trust		44,852
	6,340	Urban Edge Properties		104,610
	1,665	Urstadt Biddle Properties Inc., Class A Shares		26,840
	11,793	VEREIT Inc.		459,927
	28,636	VICI Properties Inc.		816,126
	4,484	Washington Real Estate Investment Trust		100,980
	6,680	Weingarten Realty Investors		169,605
	2,227	Whitestone REIT, Class B Shares		20,822
	6,202	Xenia Hotels & Resorts Inc.		123,854
		Total Equity Real Estate Investment Trusts (REITs)		39,507,094
	Real Estate Management & Development — 0.7%
	191	Altisource Portfolio Solutions SA*		1,942
	36,139	CBRE Group Inc., Class A Shares*		2,738,252
	6,058	Cushman & Wakefield PLC*		93,778
	2,686	eXp World Holdings Inc.*		162,207
	27	Fathom Holdings Inc.*		1,177
	802	Forestar Group Inc.*		17,075
	386	FRP Holdings Inc.*		17,424
	4,799	Howard Hughes Corp. (The)*		455,281
	2,741	Jones Lang LaSalle Inc.*		476,879
	6,696	Kennedy-Wilson Holdings Inc.		125,617
	1,299	Marcus & Millichap Inc.*		49,193
	322	Maui Land & Pineapple Co., Inc.*		3,806
	7,140	Newmark Group Inc., Class A Shares		71,543
	435	Rafael Holdings Inc., Class B Shares*		15,564
	1,039	RE/MAX Holdings Inc., Class A Shares		43,347
	5,987	Realogy Holdings Corp.*		90,284
	5,390	Redfin Corp.*		408,239
	693	RMR Group Inc. (The), Class A Shares		27,852
	1,827	St Joe Co. (The)(a)		91,953
	302	Stratus Properties Inc.*		7,335

See Notes to Financial Statements.

75

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.0% — (continued)
	Real Estate Management & Development — 0.7% — (continued)
	1,130	Tejon Ranch Co.*	$	18,442
	70	Transcontinental Realty Investors Inc.*		1,456
		Total Real Estate Management & Development		4,918,646
		TOTAL REAL ESTATE		44,425,740
	UTILITIES — 2.7%
	Electric Utilities — 0.7%
	22,660	ALLETE Inc.		1,407,866
	596	Genie Energy Ltd., Class B Shares		4,500
	5,880	Hawaiian Electric Industries Inc.		205,565
	8,995	IDACORP Inc.		775,729
	2,024	MGE Energy Inc.		128,929
	13,176	NRG Energy Inc.		481,056
	10,929	OGE Energy Corp.		319,892
	2,170	Otter Tail Corp.		87,928
	71,516	PG&E Corp.*		751,633
	6,136	Pinnacle West Capital Corp.		429,090
	4,339	PNM Resources Inc.		208,315
	4,719	Portland General Electric Co.		198,953
	502	Spark Energy Inc., Class A Shares		5,005
		Total Electric Utilities		5,004,461
	Gas Utilities — 0.3%
	1,786	Brookfield Infrastructure Corp., Class A Shares(a)		118,269
	873	Chesapeake Utilities Corp.		92,302
	4,741	National Fuel Gas Co.		215,431
	5,163	New Jersey Resources Corp.		202,854
	1,656	Northwest Natural Holding Co.		79,471
	2,745	ONE Gas Inc.		183,833
	457	RGC Resources Inc.		10,379
	5,409	South Jersey Industries Inc.		135,820
	2,997	Southwest Gas Holdings Inc.		186,863
	2,738	Spire Inc.		181,858
	10,981	UGI Corp.		420,682
		Total Gas Utilities		1,827,762
	Independent Power & Renewable Electricity Producers — 0.4%
	4,080	Atlantic Power Corp.*		11,710
	6,319	Brookfield Renewable Corp., Class A Shares		291,812
	1,647	Clearway Energy Inc., Class A Shares		43,069
	4,607	Clearway Energy Inc., Class C Shares		126,508
	16,278	Ormat Technologies Inc.(a)		1,394,536
	2,867	Sunnova Energy International Inc.*		128,556
	69,596	Vistra Corp.		1,200,531
		Total Independent Power & Renewable Electricity Producers		3,196,722
	Multi-Utilities — 0.3%
	23,926	Avista Corp.		962,065
	3,434	Black Hills Corp.		203,155
	10,561	MDU Resources Group Inc.		296,764
	10,998	NorthWestern Corp.		643,163
	744	Unitil Corp.		31,129
		Total Multi-Utilities		2,136,276

See Notes to Financial Statements.

76

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	UTILITIES — 2.7% — (continued)
	Water Utilities — 1.0%
	2,017	American States Water Co.	$	147,342
	492	Artesian Resources Corp., Class A Shares		18,204
	1,059	Cadiz Inc.*(a)		11,511
	18,585	California Water Service Group		1,021,246
	873	Consolidated Water Co., Ltd.		11,305
	40,601	Essential Utilities Inc.		1,707,678
	818	Global Water Resources Inc.		14,176
	3,251	Middlesex Water Co.		223,246
	1,083	Pure Cycle Corp.*		12,736
	34,668	SJW Group		2,172,990
	90,284	United Utilities Group PLC, ADR(a)		2,210,152
	681	York Water Co. (The)		28,337
		Total Water Utilities		7,578,923
		TOTAL UTILITIES		19,744,144
		TOTAL COMMON STOCKS (Cost — $447,567,804)		711,965,796
	CONVERTIBLE PREFERRED STOCKS — 0.7%
	HEALTH CARE — 0.4%
	Health Care Equipment & Supplies — 0.4%
	59,347	Becton Dickinson & Co., 6.000% due 6/1/23		3,128,180
	UTILITIES — 0.3%
	Water Utilities — 0.3%
	30,372	Essential Utilities Inc., 6.000% due 4/30/22		1,656,489
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $4,727,804)		4,784,669
	CLOSED END MUTUAL FUND SECURITIES — 0.3%
	FINANCIALS — 0.3%
	Capital Markets — 0.3%
	4,664	iShares® Core S&P Small-Capital ETF		490,140
	4,508	iShares® Russell 2000 ETF, Common Class Shares(a)		984,141
	12,967	iShares® Russell Mid-Capital ETF, Common Class Shares		935,699
		TOTAL CLOSED END MUTUAL FUND SECURITIES (Cost — $1,470,942)		2,409,980
	PREFERRED STOCKS — 0.3%
	FINANCIALS — 0.3%
	Banks — 0.2%
	52,155	US Bancorp, 3.500% (3-Month USD-LIBOR + 0.600%)(a)(e)(f)		1,220,427
	11,178	US Bancorp, 6.500% (3-Month USD-LIBOR + 4.468%)(e)(f)		293,534
		Total Banks		1,513,961
	Capital Markets — 0.0%
	16,038	Charles Schwab Corp. (The), 5.950%(f)		406,724
	Insurance — 0.1%
	13,520	MetLife Inc., 4.750%(f)		342,732
	6,440	MetLife Inc., 5.625%(f)		169,887
		Total Insurance		512,619
		TOTAL PREFERRED STOCKS (Cost — $2,429,576)		2,433,304

See Notes to Financial Statements.

77

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Face Amount/Units†			Rating††	Security	Value
	CORPORATE BOND & NOTE — 0.1%
	COMMUNICATION SERVICES — 0.1%
	Diversified Telecommunication Services — 0.1%
$	702,000		NR	Infinera Corp., Senior Unsecured Notes, 2.500% due 3/1/27(b)(d) (Cost — $702,000)	$	1,057,410
				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $456,898,126)		722,651,159
Face Amount†
	SHORT-TERM INVESTMENTS (g) — 8.3%
	MONEY MARKET FUND — 5.8%
$	42,980,372			Invesco STIT — Government & Agency Portfolio, 0.030%, Institutional Class(h) (Cost — $42,980,372)		42,980,372
	TIME DEPOSITS — 2.5%
	9,617,310			Barclays Bank PLC — London, 0.000% due 3/1/21		9,617,310
				BBH — Grand Cayman:
	47,719			0.000% due 3/1/21		47,719
	20,372	CAD		0.010% due 3/1/21		16,012
	320,249			Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		320,249
	8,441,426			Sumitomo Mitsui Banking Corp. — Tokyo, 0.000% due 3/1/21		8,441,426
				TOTAL TIME DEPOSITS (Cost — $18,442,716)		18,442,716
				TOTAL SHORT-TERM INVESTMENTS (Cost — $61,423,088)		61,423,088
				TOTAL INVESTMENTS — 105.9% (Cost — $518,321,214)		784,074,247
				Liabilities in Excess of Other Assets — (5.9)%		(43,712,440	)
				TOTAL NET ASSETS — 100.0%	$	740,361,807

† 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.

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

(b) Illiquid security.

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

(d) 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, 2021, amounts to $1,199,694 and represents 0.2% of net assets.

(e) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.

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

(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 2.5%.

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

# Security that used significant unobservable inputs to determine fair value.

At February 28, 2021, for Small-Mid Cap Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Small-Mid Cap Equity Fund	$	518,321,214	$	275,979,534	$	(9,918,723)	$	266,060,811

See Notes to Financial Statements.

78

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund

Abbreviations used in this schedule:
ADR	— American Depositary Receipts
LIBOR	— London Interbank Offered Rate
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

Summary of Investments by Security Sector^
Information Technology	20.1	%
Health Care	17.4
Industrials	15.7
Financials	13.9
Consumer Discretionary	8.9
Real Estate	6.0
Materials	4.6
Consumer Staples	3.8
Utilities	2.9
Communication Services	2.7
Energy	1.5
Short-Term Investments	2.5
	100.0	%+

^ As a percentage of total investments.

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

At February 28, 2021, Small-Mid Cap Equity Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
Russell 2000 E-mini Index March Futures		22		3/21	$	2,257,608	$	2,419,120	$	161,512
NASDAQ 100 E-mini Index March Futures		1		3/21		248,023		258,220		10,197
S&P MidCap 400 E-mini Index March Futures		8		3/21		1,859,691		1,995,760		136,069
									$	307,778

At February 28, 2021, Small-Mid Cap Equity Fund had deposited cash of $267,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

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

See pages 269-270 for definitions of ratings.

See Notes to Financial Statements.

79

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	COMMON STOCKS — 96.6%
	Argentina — 0.1%
	418	MercadoLibre Inc.*	$	684,730
	63,849	YPF SA, ADR*		276,466
		Total Argentina		961,196
	Australia — 3.3%
	4,603	Afterpay Ltd.*(a)		421,817
	13,687	AGL Energy Ltd.		98,871
	76,782	AMP Ltd.		88,767
	5,110	Ampol Ltd.		96,888
	31,242	Ansell Ltd.		866,332
	24,347	APA Group		174,205
	12,195	Aristocrat Leisure Ltd.		285,750
	4,076	ASX Ltd.		212,210
	7,685	Atlassian Corp. PLC, Class A Shares*		1,826,725
	41,663	Aurizon Holdings Ltd.		122,392
	36,895	AusNet Services, Class Miscella Shares		47,024
	60,545	Australia & New Zealand Banking Group Ltd.		1,222,366
	115,849	Bapcor Ltd.		610,519
	1,021,107	Beach Energy Ltd.		1,315,857
	62,586	BHP Group Ltd.		2,360,170
	44,466	BHP Group PLC		1,405,106
	10,085	BlueScope Steel Ltd.		129,175
	33,000	Brambles Ltd.		253,359
	122,611	Charter Hall Group, REIT		1,113,513
	2,514	CIMIC Group Ltd.*		41,205
	11,285	Coca-Cola Amatil Ltd.		116,238
	1,361	Cochlear Ltd.		221,622
	27,961	Coles Group Ltd.		330,166
	37,541	Commonwealth Bank of Australia		2,361,720
	10,170	Computershare Ltd.		104,063
	7,474	Crown Resorts Ltd.		57,352
	29,581	CSL Ltd.		5,987,501
	139,672	CSR Ltd.		587,147
	23,276	Dexus, REIT		159,664
	93,940	Elders Ltd.		814,646
	34,893	Evolution Mining Ltd.		110,948
	35,353	Fortescue Metals Group Ltd.		657,684
	35,855	Goodman Group, REIT		457,441
	39,900	GPT Group (The), REIT		131,356
	53,269	Insurance Australia Group Ltd.		204,957
	21,793	JB Hi-Fi Ltd.		727,082
	14,273	Lendlease Corp., Ltd.		146,386
	19,586	Macquarie Group Ltd.		2,151,506
	2,673	Magellan Financial Group Ltd.		89,648
	58,441	Medibank Pvt Ltd.		124,670
	69,190	Mineral Resources Ltd.		2,024,035
	83,120	Mirvac Group, REIT		142,953
	69,289	National Australia Bank Ltd.		1,317,460
	17,009	Newcrest Mining Ltd.		319,732
	23,287	Northern Star Resources Ltd.		180,545
	42,522	Oil Search Ltd.		140,450
	8,577	Orica Ltd.		83,137
	37,374	Origin Energy Ltd.		130,394
	93,496	OZ Minerals Ltd.		1,614,535
	115,108	Pendal Group Ltd.		527,566

See Notes to Financial Statements.

80

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Australia — 3.3% — (continued)
	18,281	Qantas Airways Ltd.*	$	70,550
	31,126	QBE Insurance Group Ltd.		223,238
	3,834	Ramsay Health Care Ltd.		195,059
	1,077	REA Group Ltd.		113,581
	8,005	Rio Tinto Ltd.		785,901
	37,573	Santos Ltd.		211,438
	111,490	Scentre Group, REIT		247,780
	7,060	SEEK Ltd.		139,939
	46,012	Seven Group Holdings Ltd.		769,851
	318,122	Shopping Centres Australasia Property Group, REIT, Class Miscella Shares		571,765
	615,442	Silver Lake Resources Ltd.*		676,185
	9,575	Sonic Healthcare Ltd.		233,839
	104,884	South32 Ltd.		224,193
	50,069	Stockland, REIT		160,929
	26,756	Suncorp Group Ltd.		204,031
	30,454	Sydney Airport*		137,605
	46,820	Tabcorp Holdings Ltd.		160,827
	90,572	Technology One Ltd.		589,028
	87,637	Telstra Corp., Ltd.		207,994
	8,418	TPG Telecom Ltd.*		44,074
	57,581	Transurban Group		568,365
	15,164	Treasury Wine Estates Ltd.		127,446
	84,094	Vicinity Centres, REIT		106,472
	2,114	Washington H Soul Pattinson & Co., Ltd.		48,723
	23,871	Wesfarmers Ltd.		905,653
	76,037	Westpac Banking Corp.		1,396,694
	3,097	WiseTech Global Ltd.		64,859
	19,838	Woodside Petroleum Ltd.		378,222
	26,553	Woolworths Group Ltd.		806,132
		Total Australia		45,085,228
	Austria — 0.3%
	94,618	Erste Group Bank AG*		3,110,237
	3,061	OMV AG		147,462
	3,089	Raiffeisen Bank International AG		62,563
	1,373	Verbund AG		104,600
	2,612	Voestalpine AG		103,426
		Total Austria		3,528,288
	Belgium — 0.8%
	33,842	Ageas SA NV		1,896,319
	16,042	Anheuser-Busch InBev SA/NV		923,062
	666	Elia Group SA/NV		71,889
	1,256	Etablissements Franz Colruyt NV		75,170
	10,064	Galapagos NV*		829,176
	2,366	Groupe Bruxelles Lambert SA		234,471
	5,299	KBC Group NV*		381,003
	3,139	Proximus SADP		61,189
	332	Sofina SA		109,924
	1,573	Solvay SA		191,802
	26,075	UCB SA		2,593,074
	44,407	Umicore SA		2,606,256
	15,122	Warehouses de Pauw CVA, REIT		517,029
		Total Belgium		10,490,364

See Notes to Financial Statements.

81

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Canada — 2.4%
	226,600	Air Canada*(b)	$	4,470,376
	81,035	Alimentation Couche-Tard Inc., Class B Shares		2,436,209
	39,415	Aphria Inc.*		704,160
	59,151	ARC Resources Ltd.		354,264
	34,046	ATS Automation Tooling Systems Inc.*		750,601
	17,262	Ballard Power Systems Inc.*		483,005
	73,654	Barrick Gold Corp.		1,374,898
	12,634	BRP Inc.		913,068
	103,990	CAE Inc.		2,752,797
	41,372	Cameco Corp.		647,885
	15,653	Canadian Apartment Properties REIT(b)		627,941
	21,422	Canadian National Railway Co.		2,338,859
	33,502	Canadian Western Bank(b)		880,800
	8,241	Cogeco Communications Inc.		745,337
	9,226	Descartes Systems Group Inc. (The)*		540,304
	45,145	Dollarama Inc.		1,718,441
	87,045	Dundee Precious Metals Inc.		541,166
	35,948	Finning International Inc.		938,327
	84,337	Fortuna Silver Mines Inc.*		634,367
	129,193	Kinross Gold Corp.		804,872
	34,800	Northland Power Inc., Class Common S Shares		1,155,624
	76,513	Parex Resources Inc.*		1,223,198
	39,049	Real Matters Inc.*(b)		491,067
	1,476	Shopify Inc., Class A Shares*		1,912,698
	18,242	Stella-Jones Inc.		659,683
	22,989	TFI International Inc.		1,606,140
	21,750	Tourmaline Oil Corp.		395,921
	94,596	Tricon Residential Inc.(b)		921,201
	8,063	West Fraser Timber Co., Ltd.		551,349
		Total Canada		33,574,558
	Chile — 0.2%
	119,420	Antofagasta PLC		2,964,085
	China — 1.3%
	22,664	Alibaba Group Holding Ltd., ADR*		5,388,593
	3,964	Baidu Inc., ADR*		1,123,635
	1,720,000	Beijing Capital International Airport Co., Ltd., Class H Shares(c)		1,341,197
	1,682,901	Dongfeng Motor Group Co., Ltd., Class H Shares(c)		1,565,459
	231,000	Kingdee International Software Group Co., Ltd.*		836,434
	85,500	Tencent Holdings Ltd.		7,291,160
		Total China		17,546,478
	Czech Republic — 0.0%
	8,300	Avast PLC(d)		53,398
	Denmark — 1.5%
	3,518	Ambu AS, Class B Shares		162,773
	67	AP Moller — Maersk AS, Class A Shares		134,371
	825	AP Moller — Maersk AS, Class B Shares		1,770,866
	8,442	Ascendis Pharma AS, ADR*		1,308,257
	2,148	Carlsberg AS, Class B Shares		337,811
	2,238	Chr Hansen Holding AS*		191,892
	2,501	Coloplast AS, Class B Shares		381,431
	14,912	Danske Bank AS*		274,870
	2,342	Demant AS*		96,773
	2,208	Drilling Co. of 1972 AS (The)*		87,814

See Notes to Financial Statements.

82

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Denmark — 1.5% — (continued)
	4,356	DSV PANALPINA AS	$	798,801
	1,370	Genmab AS*		462,053
	2,715	GN Store Nord AS		227,988
	1,585	H. Lundbeck AS		60,317
	5,669	Netcompany Group AS*(d)		506,269
	88,873	Novo Nordisk AS, Class B Shares		6,322,313
	4,426	Novozymes AS, Class B Shares*		273,283
	3,983	Orsted AS(d)		642,839
	26,267	Pandora AS		2,546,592
	170	ROCKWOOL International AS, Class B Shares		61,353
	7,409	Royal Unibrew AS		762,502
	3,193	Tryg AS		100,544
	17,372	Vestas Wind Systems AS		3,248,195
		Total Denmark		20,759,907
	Finland — 0.7%
	3,018	Elisa OYJ		179,894
	9,425	Fortum OYJ		235,220
	36,004	Kemira OYJ		580,657
	5,752	Kesko OYJ, Class B Shares		145,983
	7,156	Kone OYJ, Class B Shares*		570,418
	97,426	Metso Outotec OYJ		1,093,719
	8,907	Neste OYJ		586,279
	491,929	Nokia OYJ*		1,944,775
	68,211	Nordea Bank Abp		616,313
	2,120	Orion OYJ, Class B Shares		86,774
	10,150	Sampo OYJ, Class A Shares		450,756
	12,345	Stora Enso OYJ, Class R Shares		243,057
	24,153	TietoEVRY OYJ		745,888
	11,237	UPM-Kymmene OYJ		427,473
	37,265	Valmet OYJ		1,254,163
	46,984	Wartsila OYJ Abp		536,531
		Total Finland		9,697,900
	France — 11.2%
	4,212	Accor SA*		175,554
	667	Aeroports de Paris*		84,621
	10,059	Air Liquide SA		1,512,998
	85,041	Airbus SE*		9,835,378
	57,812	Alstom SA*		2,875,869
	17,893	Amundi SA*(d)		1,359,690
	6,201	Arkema SA		682,959
	10,567	Atos SE*		821,041
	379,649	AXA SA		9,524,090
	878	BioMerieux		111,428
	131,849	BNP Paribas SA*		7,834,008
	18,090	Bollore SA		86,522
	4,636	Bouygues SA		187,659
	6,234	Bureau Veritas SA		168,360
	3,387	Capgemini SE		542,410
	59,743	Carrefour SA		1,038,813
	74,638	Cie de Saint-Gobain*		3,998,662
	3,628	Cie Générale des Établissements Michelin SCA		524,003
	3,163	CNP Assurances*		56,877
	1,151	Covivio, REIT		96,698
	24,486	Credit Agricole SA*		342,959
	73,111	Danone SA		4,968,872

See Notes to Financial Statements.

83

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	France — 11.2% — (continued)
	598	Dassault Aviation SA*	$	644,123
	13,306	Dassault Systemes SE		2,758,958
	43,517	Edenred		2,408,912
	16,205	Eiffage SA*		1,664,357
	12,657	Electricite de France SA*		150,295
	41,210	Elis SA*		712,667
	196,184	Engie SA*		2,859,456
	12,793	EssilorLuxottica SA		2,083,131
	742	Eurazeo SE*		54,907
	28,263	Faurecia SE*		1,459,158
	970	Gecina SA, REIT		133,906
	9,277	Getlink SE*		151,523
	5,831	Hermes International		6,479,140
	344	Iliad SA		60,839
	794	Ipsen SA		67,556
	4,393	Kering SA		2,781,041
	49,074	Klepierre SA, REIT		1,156,968
	18,190	Korian SA*		631,908
	14,085	La Francaise des Jeux SAEM(d)		634,315
	24,383	Legrand SA		2,115,142
	10,787	L’Oréal SA		3,932,772
	13,266	LVMH Moët Hennessy Louis Vuitton SE		8,399,976
	23,006	Natixis SA*		111,978
	12,624	Nexans SA*		979,854
	186,110	Orange SA		2,143,339
	1,114	Orpea SA*		133,677
	20,783	Pernod Ricard SA		3,944,461
	26,403	Publicis Groupe SA		1,545,747
	518	Remy Cointreau SA		98,728
	32,608	Renault SA*		1,459,855
	92,840	Rexel SA*		1,736,380
	16,639	Rubis SCA		761,846
	6,746	Safran SA*		921,396
	95,601	Sanofi		8,750,611
	6,744	Sartorius Stedim Biotech		2,945,135
	36,906	Schneider Electric SE		5,468,468
	47,945	SCOR SE*		1,584,585
	13,945	SEB SA		2,501,399
	87,781	Societe Generale SA*		2,173,511
	1,877	Sodexo SA*		179,321
	5,395	SOITEC*		1,136,595
	4,457	Sopra Steria Group*		724,146
	7,252	Suez SA		150,913
	1,236	Teleperformance		436,998
	2,261	Thales SA		213,899
	300,141	TOTAL SE		13,903,738
	18,345	Ubisoft Entertainment SA*		1,496,286
	2,936	Unibail-Rodamco-Westfield, REIT		215,410
	49,677	Valeo SA		1,751,770
	11,436	Veolia Environnement SA		308,279
	41,203	Vinci SA		4,275,554
	17,457	Vivendi SE		601,627
	575	Wendel SE		65,683
	53,655	Worldline SA*(d)		4,775,930
		Total France		155,667,640

See Notes to Financial Statements.

84

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Germany — 8.3%
	10,208	adidas AG*	$	3,543,497
	21,102	Allianz SE, Class Registered Shares		5,097,986
	54,136	alstria office REIT-AG		899,612
	8,614	Aurubis AG		748,416
	112,742	BASF SE		9,230,937
	65,386	Bayer AG, Class Registered Shares		3,955,375
	41,435	Bayerische Motoren Werke AG		3,569,880
	6,098	Bechtle AG		1,146,614
	2,139	Beiersdorf AG		211,255
	14,820	Brenntag SE		1,148,448
	5,898	Carl Zeiss Meditec AG		881,535
	93,502	CECONOMY AG*		583,103
	20,700	Commerzbank AG*		135,781
	2,334	Continental AG		333,651
	17,019	Covestro AG(d)		1,231,547
	41,347	CTS Eventim AG & Co. KGaA		2,804,941
	54,773	Daimler AG, Class Registered Shares		4,373,469
	2,753	Delivery Hero SE*(d)		351,076
	41,665	Deutsche Bank AG, Class Registered Shares*		512,159
	4,000	Deutsche Boerse AG		653,506
	6,500	Deutsche Lufthansa AG, Class Registered Shares*		96,241
	72,568	Deutsche Pfandbriefbank AG*(d)		788,164
	21,171	Deutsche Post AG, Class Registered Shares		1,047,883
	71,073	Deutsche Telekom AG, Class Registered Shares		1,286,330
	49,991	Deutsche Wohnen SE		2,347,674
	17,940	DWS Group GmbH & Co. KGaA(d)		745,572
	47,267	E.ON SE		481,530
	43,741	Encavis AG		921,892
	4,450	Evonik Industries AG		149,950
	37,063	Freenet AG		784,211
	17,483	Fresenius Medical Care AG & Co. KGaA		1,210,213
	47,744	Fresenius SE & Co. KGaA		2,042,008
	48,735	GEA Group AG		1,681,158
	8,849	Gerresheimer AG		913,785
	1,269	Hannover Rueck SE		214,649
	3,158	HeidelbergCement AG		249,269
	12,508	HelloFresh SE*		970,372
	2,205	Henkel AG & Co. KGaA		194,650
	473	Hochtief AG		42,096
	290,309	Infineon Technologies AG		12,595,612
	1,642	KION Group AG		138,053
	14,385	Knorr-Bremse AG		1,830,218
	1,680	Lanxess AG		124,043
	1,487	LEG Immobilien AG		202,863
	15,275	Merck KGaA		2,473,484
	32,048	METRO AG		352,700
	1,107	MTU Aero Engines AG		262,911
	2,949	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares		861,023
	1,244	Nemetschek SE		78,276
	50,782	ProSiebenSat.1 Media SE*		1,039,605
	2,063	Puma SE*		218,881
	108	Rational AG		92,131
	10,724	Rheinmetall AG		1,068,261
	129,003	RWE AG		4,873,614
	86,725	SAP SE		10,670,833
	2,319	Scout24 AG(d)		174,406

See Notes to Financial Statements.

85

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Germany — 8.3% — (continued)
	87,983	Siemens AG, Class Registered Shares	$	13,538,806
	8,632	Siemens Energy AG*		324,370
	50,031	Siemens Healthineers AG(d)		2,762,099
	2,709	Symrise AG, Class A Shares		315,264
	42,644	TAG Immobilien AG		1,211,491
	3,188	TeamViewer AG*(d)		171,079
	23,429	Telefonica Deutschland Holding AG		62,311
	4,271	Uniper SE		149,101
	16,387	United Internet AG, Class Registered Shares		718,710
	689	Volkswagen AG		161,142
	11,089	Vonovia SE		706,182
	3,269	Zalando SE*(d)		335,161
		Total Germany		115,093,065
	Hong Kong — 2.0%
	623,200	AIA Group Ltd.		7,800,819
	6,400	ASM Pacific Technology Ltd.		88,902
	25,600	Bank of East Asia Ltd. (The)		60,459
	760,000	BOC Hong Kong Holdings Ltd.		2,526,876
	37,100	Budweiser Brewing Co. APAC Ltd.(d)		113,293
	162,000	China Mengniu Dairy Co., Ltd.*		889,346
	302,516	CK Asset Holdings Ltd.		1,780,289
	57,000	CK Hutchison Holdings Ltd.		430,428
	15,000	CK Infrastructure Holdings Ltd.		86,917
	34,500	CLP Holdings Ltd.		336,344
	35,400	ESR Cayman Ltd.*(d)		111,989
	46,000	Galaxy Entertainment Group Ltd.		425,398
	43,000	Hang Lung Properties Ltd.		111,279
	16,100	Hang Seng Bank Ltd.		312,212
	28,894	Henderson Land Development Co., Ltd.		125,498
	53,500	HK Electric Investments & HK Electric Investments Ltd.		52,419
	80,000	HKT Trust & HKT Ltd., Class Miscella Shares		108,675
	224,600	Hong Kong & China Gas Co., Ltd.		338,571
	54,519	Hong Kong Exchanges & Clearing Ltd.		3,319,345
	27,400	Hongkong Land Holdings Ltd.		131,842
	218,000	Hysan Development Co., Ltd.		934,236
	4,700	Jardine Matheson Holdings Ltd.		246,157
	5,100	Jardine Strategic Holdings Ltd.		131,678
	44,500	Link REIT		419,871
	4,414	Melco Resorts & Entertainment Ltd., ADR*		95,607
	32,500	MTR Corp., Ltd.		195,439
	32,669	New World Development Co., Ltd.		166,432
	95,000	PCCW Ltd.		54,476
	29,500	Power Assets Holdings Ltd.		163,874
	64,646	Sino Land Co., Ltd.		97,807
	42,000	SJM Holdings Ltd.		58,928
	28,000	Sun Hung Kai Properties Ltd.		451,453
	10,000	Swire Pacific Ltd., Class A Shares		73,650
	24,800	Swire Properties Ltd.		79,837
	174,000	Techtronic Industries Co., Ltd.		2,651,187
	859,000	Towngas China Co., Ltd.*		381,914
	704,000	United Laboratories International Holdings Ltd. (The)		511,729
	1,933,000	WH Group Ltd.(d)		1,733,827
	36,000	Wharf Real Estate Investment Co., Ltd.		216,021
	38,000	Xinyi Glass Holdings Ltd.		106,375
		Total Hong Kong		27,921,399

See Notes to Financial Statements.

86

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	India — 0.6%
	259,797	Canara Bank*	$	545,923
	28,475	Dr Lal PathLabs Ltd.(d)		884,637
	72,850	HDFC Bank Ltd.*		1,508,771
	96,578	NTPC Ltd.		139,834
	438,134	Oil & Natural Gas Corp., Ltd.		655,958
	164,236	Reliance Industries Ltd.		4,611,757
	209,164	Zee Entertainment Enterprises Ltd.		566,775
		Total India		8,913,655
	Indonesia — 0.1%
	513,000	Bank Central Asia Tbk PT		1,208,148
	1,821,473	Bank Mandiri Persero Tbk PT*		784,960
		Total Indonesia		1,993,108
	Ireland — 1.6%
	14,097	AerCap Holdings NV*		679,194
	426,206	AIB Group PLC*		964,192
	472,191	Bank of Ireland Group PLC		1,932,111
	16,532	CRH PLC		714,205
	130,575	Dalata Hotel Group PLC*		656,166
	2,088	DCC PLC		167,777
	19,592	Experian PLC		619,252
	22,812	Flutter Entertainment PLC*		4,390,663
	121,400	James Hardie Industries PLC, CDI		3,403,012
	16,389	Kerry Group PLC, Class A Shares		1,982,566
	3,262	Kingspan Group PLC*		237,437
	15,225	Medtronic PLC		1,780,868
	35,622	Ryanair Holdings PLC, ADR*		3,830,078
	5,181	Smurfit Kappa Group PLC		244,724
	104,541	UDG Healthcare PLC		1,123,260
		Total Ireland		22,725,505
	Isle of Man — 0.3%
	209,576	Entain PLC*		4,123,561
	Israel — 0.3%
	922	Azrieli Group Ltd.		55,590
	24,083	Bank Hapoalim BM*		168,684
	31,114	Bank Leumi Le-Israel BM		187,525
	2,451	Check Point Software Technologies Ltd.*		270,198
	804	CyberArk Software Ltd.*		118,051
	614	Elbit Systems Ltd.		79,471
	14,106	ICL Group Ltd.		81,020
	18,794	Inmode Ltd.*		1,296,034
	24,701	Israel Discount Bank Ltd., Class A Shares		90,595
	3,396	Mizrahi Tefahot Bank Ltd.		80,307
	1,363	Nice Ltd.*		313,166
	23,175	Teva Pharmaceutical Industries Ltd., ADR*		249,363
	1,165	Wix.com Ltd.*		406,084
		Total Israel		3,396,088
	Italy — 2.7%
	41,802	ACEA SpA		822,905
	2,622	Amplifon SpA*		104,398
	123,132	Assicurazioni Generali SpA		2,310,283
	10,514	Atlantia SpA*		196,956
	64,987	Banca Mediolanum SpA		566,542
	278,744	BPER Banca*		610,321

See Notes to Financial Statements.

87

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Italy — 2.7% — (continued)
	35,815	Buzzi Unicem SpA	$	903,816
	228,792	Davide Campari-Milano NV		2,578,261
	543	DiaSorin SpA		106,316
	626,234	Enel SpA		5,927,101
	268,068	Eni SpA		3,063,459
	2,639	Ferrari NV		511,192
	99,465	FinecoBank Banca Fineco SpA*		1,748,550
	7,104	Infrastrutture Wireless Italiane SpA(d)		73,779
	12,712	Interpump Group SpA		583,032
	1,297,936	Intesa Sanpaolo SpA*		3,342,146
	12,531	Mediobanca Banca di Credito Finanziario SpA*		130,306
	4,213	Moncler SpA*		260,781
	9,269	Nexi SpA*(d)		166,473
	12,127	Poste Italiane SpA(d)		137,604
	5,121	Prysmian SpA		163,982
	2,219	Recordati Industria Chimica e Farmaceutica SpA		112,819
	8,055	Reply SpA		929,763
	261,358	Saipem SpA		729,697
	42,883	Snam SpA		222,279
	302,839	Telecom Italia SpA		150,232
	29,857	Terna Rete Elettrica Nazionale SpA		207,602
	999,986	UniCredit SpA*		10,304,849
		Total Italy		36,965,444
	Japan — 17.8%
	800	ABC-Mart Inc.		45,882
	8,800	Acom Co., Ltd.		39,484
	4,100	Advantest Corp.		336,488
	13,900	Aeon Co., Ltd.		419,890
	2,500	Aeon Mall Co., Ltd.		42,307
	4,100	AGC Inc.		151,292
	4,400	Air Water Inc.		73,055
	3,400	Aisin Seiki Co., Ltd.		117,002
	10,100	Ajinomoto Co., Inc.		200,758
	3,800	Alfresa Holdings Corp.		74,117
	7,500	Amada Co., Ltd.		92,851
	3,300	ANA Holdings Inc.*		82,699
	34,400	Anritsu Corp.(b)		736,220
	9,600	Asahi Group Holdings Ltd.		422,890
	4,100	Asahi Intecc Co., Ltd.		118,110
	26,600	Asahi Kasei Corp.		290,193
	20,200	ASKUL Corp.		667,942
	39,100	Astellas Pharma Inc.		619,313
	2,600	Azbil Corp.		110,365
	4,200	Bandai Namco Holdings Inc.		320,975
	1,000	Bank of Kyoto Ltd. (The)		60,707
	6,200	BayCurrent Consulting Inc.		1,246,780
	29,000	Bell System24 Holdings Inc.		469,742
	5,293	Benesse Holdings Inc.		108,667
	84,100	Bridgestone Corp.		3,315,168
	5,200	Brother Industries Ltd.		103,140
	1,700	Calbee Inc.		44,647
	52,144	Canon Inc.		1,123,671
	19,900	Capcom Co., Ltd.		1,209,616
	4,100	Casio Computer Co., Ltd.		79,766
	3,000	Central Japan Railway Co.		505,813

See Notes to Financial Statements.

88

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 17.8% — (continued)
	11,200	Chiba Bank Ltd. (The)	$	72,146
	58,706	Chiyoda Corp.*		249,293
	13,700	Chubu Electric Power Co., Inc.		168,724
	14,100	Chugai Pharmaceutical Co., Ltd.		635,220
	6,700	Chugoku Electric Power Co., Inc. (The)		80,080
	140,801	Citizen Watch Co., Ltd.		511,576
	2,300	Coca-Cola Bottlers Japan Holdings Inc.		39,913
	22,500	Concordia Financial Group Ltd.		88,079
	400	Cosmos Pharmaceutical Corp.		57,296
	2,100	CyberAgent Inc.		126,462
	5,200	Dai Nippon Printing Co., Ltd.		94,239
	2,200	Daifuku Co., Ltd.		210,086
	16,600	Daihen Corp.		709,814
	113,483	Dai-ichi Life Holdings Inc.		2,030,425
	36,200	Daiichi Sankyo Co., Ltd.		1,028,853
	29,500	Daikin Industries Ltd.		5,806,817
	1,500	Daito Trust Construction Co., Ltd.		167,243
	12,000	Daiwa House Industry Co., Ltd.		341,143
	42	Daiwa House REIT Investment Corp., Class A Shares		110,506
	31,700	Daiwa Securities Group Inc.		155,409
	46,938	DeNA Co., Ltd.		931,075
	25,600	Denka Co., Ltd.		968,309
	9,100	Denso Corp.		550,594
	4,900	Dentsu Group Inc.		170,275
	5,400	Disco Corp.		1,691,814
	6,300	East Japan Railway Co.		480,391
	38,200	Eiken Chemical Co., Ltd.		726,771
	15,168	Eisai Co., Ltd.		1,051,228
	65,150	ENEOS Holdings Inc.		288,636
	27,300	FANUC Corp.		6,813,244
	1,200	Fast Retailing Co., Ltd.		1,191,389
	5,100	Freee KK*		523,340
	41,900	Fuji Corp.		989,191
	2,600	Fuji Electric Co., Ltd.		109,023
	29,731	Fuji Media Holdings Inc.		361,835
	11,300	Fuji Soft Inc.		561,570
	7,700	FUJIFILM Holdings Corp.		441,474
	8,699	Fujitsu Ltd.		1,253,269
	3,500	Fukuoka Financial Group Inc.		63,538
	28,200	FULLCAST Holdings Co., Ltd.		517,488
	78	GLP J-REIT		124,106
	800	GMO Payment Gateway Inc.		105,879
	127,457	Gree Inc.		662,289
	25,400	H.U. Group Holdings Inc.		785,087
	5,400	Hakuhodo DY Holdings Inc.		89,972
	3,000	Hamamatsu Photonics KK		176,434
	4,900	Hankyu Hanshin Holdings Inc.		165,011
	800	Harmonic Drive Systems Inc.(b)		61,457
	500	Hikari Tsushin Inc.		98,917
	182,780	Hino Motors Ltd.		1,740,641
	745	Hirose Electric Co., Ltd.		109,822
	1,100	Hisamitsu Pharmaceutical Co., Inc.		69,001
	2,300	Hitachi Construction Machinery Co., Ltd.		71,592
	46,300	Hitachi Ltd.		2,137,214
	4,900	Hitachi Metals Ltd.		78,122
	158,330	Honda Motor Co., Ltd.		4,354,252

See Notes to Financial Statements.

89

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 17.8% — (continued)
	1,000	Hoshizaki Corp.	$	88,291
	25,500	Hoya Corp.		2,894,433
	6,400	Hulic Co., Ltd.		71,874
	2,200	Ibiden Co., Ltd.		89,353
	3,937	Idemitsu Kosan Co., Ltd.		104,006
	3,400	Iida Group Holdings Co., Ltd.		77,496
	219,850	Inpex Corp.		1,665,067
	44,100	Internet Initiative Japan Inc.		910,042
	1,513	Invincible Investment Corp., REIT		620,895
	187,935	Isuzu Motors Ltd.		1,986,450
	1,200	Ito En Ltd.		66,404
	28,400	ITOCHU Corp.		852,282
	2,000	Itochu Techno-Solutions Corp.		61,619
	76,905	Japan Airlines Co., Ltd.*		1,843,068
	1,000	Japan Airport Terminal Co., Ltd.		48,756
	10,800	Japan Exchange Group Inc.		232,354
	8,300	Japan Post Bank Co., Ltd.(b)		79,561
	33,400	Japan Post Holdings Co., Ltd.		287,791
	4,300	Japan Post Insurance Co., Ltd.		88,701
	29	Japan Real Estate Investment Corp., REIT		176,508
	148	Japan Retail Fund Investment Corp., REIT(b)		147,634
	25,300	Japan Tobacco Inc.		458,647
	11,400	JFE Holdings Inc.		121,887
	107,964	JGC Holdings Corp.		1,404,764
	4,300	JSR Corp.		128,060
	9,200	Kajima Corp.		118,428
	3,100	Kakaku.com Inc.		98,173
	35,190	Kamigumi Co., Ltd.		664,125
	21,900	Kanamoto Co., Ltd.		488,712
	15,500	Kaneka Corp.		606,801
	14,900	Kansai Electric Power Co., Inc. (The)		148,969
	3,800	Kansai Paint Co., Ltd.		100,125
	10,100	Kao Corp.		681,713
	90,600	KDDI Corp.		2,796,118
	2,000	Keihan Holdings Co., Ltd.		90,977
	4,200	Keikyu Corp.		67,298
	2,200	Keio Corp.		165,389
	2,700	Keisei Electric Railway Co., Ltd.		97,156
	98	Kenedix Office Investment Corp., REIT, Class A Shares		646,834
	14,500	Keyence Corp.		6,935,049
	3,200	Kikkoman Corp.		211,014
	3,600	Kintetsu Group Holdings Co., Ltd.		151,879
	33,400	Kintetsu World Express Inc.		870,771
	17,300	Kirin Holdings Co., Ltd.		340,928
	1,100	Kobayashi Pharmaceutical Co., Ltd.		104,131
	28,900	Kobe Bussan Co., Ltd.		741,457
	1,000	Koei Tecmo Holdings Co., Ltd.		56,187
	2,300	Koito Manufacturing Co., Ltd.		152,931
	18,400	Komatsu Ltd.		559,889
	20,400	Komeri Co., Ltd.		549,237
	2,100	Konami Holdings Corp.		135,662
	800	Kose Corp.		127,967
	109,700	Kubota Corp.		2,498,363
	23,300	Kumagai Gumi Co., Ltd.		616,351
	7,200	Kuraray Co., Ltd.		81,863
	1,800	Kurita Water Industries Ltd.		73,323

See Notes to Financial Statements.

90

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 17.8% — (continued)
	6,700	Kyocera Corp.	$	434,095
	5,800	Kyowa Kirin Co., Ltd.		162,179
	8,000	Kyushu Electric Power Co., Inc.		68,622
	3,400	Kyushu Railway Co.		89,301
	1,600	Lasertec Corp.		195,720
	1,100	Lawson Inc.		51,602
	4,700	Lion Corp.		90,240
	5,300	Lixil Corp.		148,502
	9,300	M3 Inc.		738,076
	4,800	Makita Corp.		203,969
	33,500	Marubeni Corp.		251,916
	3,800	Marui Group Co., Ltd.		72,784
	12,100	Mazda Motor Corp.		96,819
	1,400	McDonald’s Holdings Co. Japan Ltd.		69,518
	3,900	Medipal Holdings Corp.		77,690
	2,400	MEIJI Holdings Co., Ltd.		152,153
	1,900	Mercari Inc.*		91,250
	7,700	MINEBEA MITSUMI Inc.		191,162
	6,000	MISUMI Group Inc.		182,758
	27,200	Mitsubishi Chemical Holdings Corp.		191,792
	28,500	Mitsubishi Corp.		809,410
	38,400	Mitsubishi Electric Corp.		570,465
	125,360	Mitsubishi Estate Co., Ltd.		2,183,971
	3,700	Mitsubishi Gas Chemical Co., Inc.		86,730
	29,986	Mitsubishi Heavy Industries Ltd.		877,541
	139,890	Mitsubishi Motors Corp.*		401,451
	257,300	Mitsubishi UFJ Financial Group Inc.		1,362,068
	10,300	Mitsubishi UFJ Lease & Finance Co., Ltd.		55,889
	34,900	Mitsui & Co., Ltd.		748,799
	3,900	Mitsui Chemicals Inc.		121,321
	20,000	Mitsui Fudosan Co., Ltd.		456,979
	1,900	Miura Co., Ltd.		98,203
	50,790	Mizuho Financial Group Inc.		753,173
	2,700	MonotaRO Co., Ltd.		155,003
	13,800	Morinaga Milk Industry Co., Ltd.		627,854
	9,400	MS&AD Insurance Group Holdings Inc.		267,211
	105,900	Murata Manufacturing Co., Ltd.		9,069,716
	55,500	Nabtesco Corp.		2,376,775
	3,900	Nagoya Railroad Co., Ltd.		99,624
	5,600	NEC Corp.		307,566
	51,200	NEC Networks & System Integration Corp.		855,643
	75,100	Nexon Co., Ltd.		2,366,071
	5,800	NGK Insulators Ltd.		103,590
	2,900	NGK Spark Plug Co., Ltd.		49,596
	1,700	NH Foods Ltd.		71,911
	20,100	Nichirei Corp.		521,543
	35,900	Nidec Corp.		4,602,980
	47,500	Nihon M&A Center Inc.		2,588,676
	48,300	Nikkiso Co., Ltd.		501,007
	93,985	Nikon Corp.		843,596
	2,400	Nintendo Co., Ltd.		1,457,811
	133	Nippon Accommodations Fund Inc., REIT, Class A Shares(b)		740,807
	31	Nippon Building Fund Inc., REIT		189,986
	36,400	Nippon Electric Glass Co., Ltd.		830,149
	1,500	Nippon Express Co., Ltd.		112,553
	3,100	Nippon Paint Holdings Co., Ltd.		232,391

See Notes to Financial Statements.

91

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 17.8% — (continued)
	42	Nippon Prologis REIT Inc.	$	128,409
	2,800	Nippon Sanso Holdings Corp.		53,079
	1,100	Nippon Shinyaku Co., Ltd.		74,605
	17,100	Nippon Steel Corp.*		256,535
	27,100	Nippon Telegraph & Telephone Corp.		701,110
	57,799	Nippon Television Holdings Inc.		770,996
	3,300	Nippon Yusen KK		96,524
	2,600	Nissan Chemical Corp.		142,290
	294,425	Nissan Motor Co., Ltd.		1,606,679
	3,900	Nisshin Seifun Group Inc.		63,111
	1,300	Nissin Foods Holdings Co., Ltd.		98,167
	9,900	Nitori Holdings Co., Ltd.		1,845,748
	3,400	Nitto Denko Corp.		292,162
	285,162	Nomura Holdings Inc.		1,677,227
	2,700	Nomura Real Estate Holdings Inc.		61,379
	87	Nomura Real Estate Master Fund Inc., REIT		130,697
	6,580	Nomura Research Institute Ltd.		204,215
	219,900	North Pacific Bank Ltd.		499,592
	7,500	NSK Ltd.		74,789
	13,400	NTT Data Corp.		207,023
	13,400	Obayashi Corp.		116,875
	1,500	Obic Co., Ltd.		252,977
	6,300	Odakyu Electric Railway Co., Ltd.		185,237
	19,600	Oji Holdings Corp.		124,433
	24,500	Olympus Corp.		515,801
	3,900	Omron Corp.		316,220
	7,800	Ono Pharmaceutical Co., Ltd.		210,908
	28,700	Open House Co., Ltd.		1,104,459
	800	Oracle Corp. Japan		81,655
	4,200	Oriental Land Co., Ltd.		707,544
	28,100	ORIX Corp.		483,220
	55	Orix JREIT Inc.		94,020
	8,000	Osaka Gas Co., Ltd.		143,892
	2,200	Otsuka Corp.		102,161
	8,200	Otsuka Holdings Co., Ltd.		328,473
	10,300	PALTAC Corp.		560,423
	8,700	Pan Pacific International Holdings Corp.		205,206
	46,500	Panasonic Corp.		601,610
	119,100	Penta-Ocean Construction Co., Ltd.		890,843
	2,000	PeptiDream Inc.*		95,613
	4,200	Persol Holdings Co., Ltd.		83,930
	2,400	Pigeon Corp.		86,646
	2,000	Pola Orbis Holdings Inc.		46,065
	18,300	Rakuten Inc.		205,797
	74,100	Recruit Holdings Co., Ltd.		3,712,040
	16,300	Renesas Electronics Corp.*		179,885
	112,000	Rengo Co., Ltd.		910,999
	508,600	Resona Holdings Inc.		2,059,244
	36,000	Resorttrust Inc.		638,346
	14,200	Ricoh Co., Ltd.		125,401
	800	Rinnai Corp.		81,358
	1,900	Rohm Co., Ltd.		188,575
	5,000	Ryohin Keikaku Co., Ltd.		113,410
	12,900	Sankyu Inc.		542,865
	104,000	Santen Pharmaceutical Co., Ltd.		1,433,888
	58,700	Sanwa Holdings Corp.		728,061

See Notes to Financial Statements.

92

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 17.8% — (continued)
	15,900	Sawai Pharmaceutical Co., Ltd.	$	712,944
	5,000	SBI Holdings Inc.		138,303
	1,100	SCSK Corp.		65,081
	4,500	Secom Co., Ltd.		392,335
	3,800	Sega Sammy Holdings Inc.		63,768
	4,200	Seibu Holdings Inc.		51,107
	5,600	Seiko Epson Corp.		92,618
	83,800	Sekisui Chemical Co., Ltd.		1,513,988
	13,200	Sekisui House Ltd.		248,777
	15,900	Seven & i Holdings Co., Ltd.		607,246
	7,000	SG Holdings Co., Ltd.		160,732
	4,700	Sharp Corp.		89,485
	25,400	Shiga Bank Ltd. (The)		501,677
	4,900	Shimadzu Corp.		177,887
	15,926	Shimamura Co., Ltd.		1,585,136
	1,600	Shimano Inc.		357,373
	12,500	Shimizu Corp.		95,280
	7,500	Shin-Etsu Chemical Co., Ltd.		1,230,816
	56,400	Shinko Electric Industries Co., Ltd.		1,528,827
	3,300	Shinsei Bank Ltd.		47,638
	5,700	Shionogi & Co., Ltd.		291,425
	15,200	Ship Healthcare Holdings Inc.		846,546
	8,400	Shiseido Co., Ltd.		635,665
	9,700	Shizuoka Bank Ltd. (The)		71,869
	4,600	SMC Corp.		2,734,665
	60,400	Softbank Corp.		819,122
	33,300	SoftBank Group Corp.		3,090,715
	1,400	Sohgo Security Services Co., Ltd.		63,427
	48,400	Sompo Holdings Inc.		1,869,599
	71,900	Sony Corp.		7,557,319
	1,900	Square Enix Holdings Co., Ltd.		107,653
	2,600	Stanley Electric Co., Ltd.		77,678
	20,200	Starts Corp., Inc.		530,625
	13,100	Subaru Corp.		247,483
	5,600	SUMCO Corp.		128,736
	30,200	Sumitomo Chemical Co., Ltd.		147,261
	25,000	Sumitomo Corp.		364,581
	3,900	Sumitomo Dainippon Pharma Co., Ltd.		62,022
	16,000	Sumitomo Electric Industries Ltd.		234,752
	36,700	Sumitomo Forestry Co., Ltd.		663,884
	28,515	Sumitomo Heavy Industries Ltd.		803,825
	4,900	Sumitomo Metal Mining Co., Ltd.		238,726
	213,890	Sumitomo Mitsui Financial Group Inc.		7,581,264
	57,736	Sumitomo Mitsui Trust Holdings Inc.		1,926,600
	6,500	Sumitomo Realty & Development Co., Ltd.		226,289
	1,700	Sundrug Co., Ltd.		64,073
	2,800	Suntory Beverage & Food Ltd.		96,287
	22,100	Sushiro Global Holdings Ltd.		833,417
	1,400	Suzuken Co., Ltd.		53,569
	29,100	Suzuki Motor Corp.		1,268,093
	3,600	Sysmex Corp.		375,344
	196,775	T&D Holdings Inc.		2,715,898
	2,700	Taiheiyo Cement Corp.		68,539
	3,800	Taisei Corp.		135,335
	600	Taisho Pharmaceutical Holdings Co., Ltd.		36,986
	20,300	Taiyo Yuden Co., Ltd.		1,012,941

See Notes to Financial Statements.

93

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 17.8% — (continued)
	359,654	Takeda Pharmaceutical Co., Ltd.	$	12,022,820
	29,100	Takeuchi Manufacturing Co., Ltd.		743,971
	2,700	TDK Corp.		390,097
	4,100	Teijin Ltd.		71,113
	45,900	Terumo Corp.		1,712,472
	38,645	THK Co., Ltd.		1,268,963
	4,800	TIS Inc.		99,689
	4,100	Tobu Railway Co., Ltd.		118,026
	2,300	Toho Co., Ltd.		86,840
	1,500	Toho Gas Co., Ltd.		88,313
	9,100	Tohoku Electric Power Co., Inc.		80,626
	56,400	Tokio Marine Holdings Inc.		2,840,138
	800	Tokyo Century Corp.		52,593
	32,400	Tokyo Electric Power Co. Holdings Inc.*		104,812
	3,200	Tokyo Electron Ltd.		1,318,010
	8,000	Tokyo Gas Co., Ltd.		165,220
	12,200	Tokyo Seimitsu Co., Ltd.		534,756
	11,900	Tokyotokeiba Co., Ltd.		555,899
	10,600	Tokyu Corp.		147,205
	12,100	Tokyu Fudosan Holdings Corp.		76,545
	39,920	Toppan Printing Co., Ltd.		631,143
	29,400	Toray Industries Inc.		194,555
	8,200	Toshiba Corp.		259,848
	5,500	Tosoh Corp.		101,723
	3,000	TOTO Ltd.		183,859
	1,800	Toyo Suisan Kaisha Ltd.		76,657
	60,300	Toyo Tire Corp.		1,062,323
	1,200	Toyoda Gosei Co., Ltd.		31,367
	3,100	Toyota Industries Corp.		268,326
	84,600	Toyota Motor Corp.		6,232,157
	4,500	Toyota Tsusho Corp.		190,760
	2,700	Trend Micro Inc.		129,673
	800	Tsuruha Holdings Inc.		102,891
	8,600	Unicharm Corp.		339,908
	59	United Urban Investment Corp., REIT		81,268
	5,000	USS Co., Ltd.		97,481
	28,500	Valor Holdings Co., Ltd.		604,482
	1,800	Welcia Holdings Co., Ltd.		57,494
	3,500	West Japan Railway Co.		220,386
	2,900	Yakult Honsha Co., Ltd.		144,073
	16,100	Yamada Holdings Co., Ltd.		77,213
	2,900	Yamaha Corp.		163,128
	5,900	Yamaha Motor Co., Ltd.		134,148
	6,500	Yamato Holdings Co., Ltd.		170,848
	2,300	Yamazaki Baking Co., Ltd.		38,661
	42,500	Yaskawa Electric Corp.		2,145,119
	4,400	Yokogawa Electric Corp.		84,258
	56,300	Z Holdings Corp.		342,481
	20,000	Zenkoku Hosho Co., Ltd.		923,008
	38,600	Zeon Corp.		569,905
	2,100	ZOZO Inc.		65,600
		Total Japan		246,057,593
	Jordan — 0.1%
	23,764	Hikma Pharmaceuticals PLC		738,897

See Notes to Financial Statements.

94

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units			Security	Value
	Luxembourg — 0.2%
	68,622		ArcelorMittal SA*	$	1,601,874
	23,447		Aroundtown SA		170,013
	2,840		Eurofins Scientific SE*		252,402
	18,059		RTL Group SA		1,015,292
	8,292		SES SA, FDR, Class A Shares		66,010
	10,817		Tenaris SA		112,633
			Total Luxembourg		3,218,224
	Macau — 0.2%
	606,800		Sands China Ltd.*		2,869,772
	33,200		Wynn Macau Ltd.*		63,355
			Total Macau		2,933,127
	Malaysia — 0.1%
	636,625		CIMB Group Holdings Bhd		677,665
	Malta — 0.1%
	84,608		Kindred Group PLC*		1,342,497
	Mexico — 0.2%
	74,815		America Movil SAB de CV, Class L Shares, ADR		950,151
	3,880		Fresnillo PLC		49,153
	272,931		Grupo Financiero Banorte SAB de CV, Class O Shares*		1,370,034
			Total Mexico		2,369,338
	Monaco — 0.0%
	31,537		Endeavour Mining Corp.(b)		607,539
	Netherlands — 5.8%
	114,074		Aalberts NV		5,315,790
	152,580		ABN AMRO Group NV, Dutch Certificate, GDR*(d)		1,751,885
	1,438		Adyen NV*(d)		3,319,594
	37,524		Aegon NV		179,039
	68,080		Akzo Nobel NV		7,026,190
	3,491		Argenx SE*		1,160,997
	9,429		ASM International NV		2,542,264
	30,762		ASML Holding NV		17,320,024
	22,190		ASR Nederland NV		926,062
	13,517	��	Boskalis Westminster*		415,428
	11,234		Euronext NV(d)		1,208,748
	2,286		EXOR NV		183,156
	2,445		Heineken Holding NV		209,584
	5,457		Heineken NV(b)		536,696
	989,063		ING Groep NV*		10,781,544
	29,645		Intertrust NV*(d)		481,630
	1,579		JDE Peet’s NV*		64,061
	2,615		Just Eat Takeaway.com NV*(d)		251,976
	23,174		Koninklijke Ahold Delhaize NV		610,580
	3,629		Koninklijke DSM NV		597,095
	75,808		Koninklijke KPN NV		247,637
	56,145		Koninklijke Philips NV*		3,044,494
	1,492		Koninklijke Vopak NV		71,113
	6,148		NN Group NV		283,267
	154,423		PostNL NV*		656,161
	10,407		Prosus NV*		1,232,721
	4,811		QIAGEN NV*		237,560
	2,400		Randstad NV*		159,783
	346,039		Royal Dutch Shell PLC, Class A Shares		7,036,018

See Notes to Financial Statements.

95

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Netherlands — 5.8% — (continued)
	319,256	Royal Dutch Shell PLC, Class B Shares	$	6,187,011
	39,092	SBM Offshore NV		692,437
	4,633	Shop Apotheke Europe NV*(d)		1,125,519
	27,838	Signify NV*(d)		1,207,219
	45,024	Stellantis NV		729,812
	92,444	Stellantis NV*		1,497,228
	314,412	VEON Ltd., ADR*		559,653
	5,944	Wolters Kluwer NV		470,964
		Total Netherlands		80,320,940
	New Zealand — 0.3%
	15,616	a2 Milk Co., Ltd. (The)*		108,457
	23,296	Auckland International Airport Ltd.*		126,730
	11,954	Fisher & Paykel Healthcare Corp., Ltd.		252,431
	17,295	Mercury NZ Ltd.		75,654
	27,194	Meridian Energy Ltd.		111,634
	8,488	Ryman Healthcare Ltd.		89,780
	38,983	Spark New Zealand Ltd.		128,948
	40,192	Xero Ltd.*		3,669,875
		Total New Zealand		4,563,509
	Norway — 0.8%
	102,136	Adevinta ASA, Class B Shares*		1,428,345
	133,960	DNB ASA		2,608,582
	179,449	Equinor ASA		3,399,274
	3,986	Gjensidige Forsikring ASA		91,507
	9,327	Mowi ASA		225,915
	447,648	Norsk Hydro ASA		2,482,778
	15,938	Orkla ASA		146,875
	1,592	Schibsted ASA, Class A Shares*		64,456
	1,911	Schibsted ASA, Class B Shares*		65,581
	58,763	Sparebanken Vest		515,966
	15,305	Telenor ASA		247,707
	3,757	Yara International ASA		180,756
		Total Norway		11,457,742
	Portugal — 0.0%
	58,580	EDP — Energias de Portugal SA		334,503
	10,637	Galp Energia SGPS SA		119,394
	5,342	Jeronimo Martins SGPS SA		82,809
		Total Portugal		536,706
	Russia — 0.2%
	206,255	Gazprom PJSC, ADR		1,191,559
	5,422	LUKOIL PJSC, ADR		403,939
	52,553	Sberbank of Russia PJSC, ADR		765,172
		Total Russia		2,360,670
	Singapore — 0.5%
	225,300	AEM Holdings Ltd.		676,808
	71,158	Ascendas Real Estate Investment Trust, REIT		156,855
	93,094	CapitaLand Integrated Commercial Trust, REIT		145,671
	51,500	CapitaLand Ltd.		122,110
	9,400	City Developments Ltd.		51,775
	37,800	DBS Group Holdings Ltd.		749,021
	741,500	Frasers Logistics & Industrial Trust, REIT		764,000
	128,300	Genting Singapore Ltd.		81,715

See Notes to Financial Statements.

96

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Singapore — 0.5% — (continued)
	30,900	Keppel Corp., Ltd.	$	116,923
	48,500	Mapletree Commercial Trust, REIT		74,022
	69,888	Mapletree Logistics Trust, REIT		96,798
	70,200	Oversea-Chinese Banking Corp., Ltd.		574,923
	5,875	Sea Ltd., ADR*		1,384,679
	28,650	Singapore Airlines Ltd.*		106,067
	17,600	Singapore Exchange Ltd.		131,157
	33,100	Singapore Technologies Engineering Ltd.		92,850
	173,300	Singapore Telecommunications Ltd.		304,637
	48,500	Suntec Real Estate Investment Trust, REIT		52,659
	24,803	United Overseas Bank Ltd.		456,171
	9,271	UOL Group Ltd.		51,257
	5,800	Venture Corp., Ltd.		83,052
	40,800	Wilmar International Ltd.		160,815
		Total Singapore		6,433,965
	South Africa — 0.2%
	82,569	Gold Fields Ltd., ADR		676,240
	31,799	Impala Platinum Holdings Ltd.		515,355
	123,763	MTN Group		594,257
	750,193	Old Mutual Ltd.		664,717
		Total South Africa		2,450,569
	South Korea — 2.5%
	8,280	AfreecaTV Co., Ltd.		534,297
	5,336	Chong Kun Dang Pharmaceutical Corp.*		809,035
	8,687	Coway Co., Ltd.		498,121
	10,367	Douzone Bizon Co., Ltd.		1,009,449
	23,289	Hankook Tire & Technology Co., Ltd.		983,259
	17,871	Hite Jinro Co., Ltd.*		541,601
	51,016	KB Financial Group Inc.		1,959,183
	151,409	KT Corp., ADR		1,709,408
	7,663	Maeil Dairies Co., Ltd.		485,832
	34,333	Neowiz*		675,526
	17,507	Osstem Implant Co., Ltd.		1,126,537
	64,366	Partron Co., Ltd.		637,269
	158,454	Samsung Electronics Co., Ltd.		11,579,369
	47,284	Samsung Engineering Co., Ltd.*		539,230
	3,215	Samsung SDI Co., Ltd.		1,919,990
	4,223	Seegene Inc.		466,165
	17,118	SFA Engineering Corp.		642,861
	57,839	Shinhan Financial Group Co., Ltd.		1,688,525
	43,965	SK Hynix Inc.		5,509,466
	6,588	Soulbrain Co., Ltd.		1,806,135
		Total South Korea		35,121,258
	Spain — 3.2%
	5,851	ACS Actividades de Construccion y Servicios SA		178,809
	24,992	Aena SME SA*(d)		4,246,883
	129,780	Amadeus IT Group SA*(d)		8,999,841
	64,938	Applus Services SA*		668,087
	1,478,747	Banco Bilbao Vizcaya Argentaria SA		8,205,392
	370,574	Banco Santander SA*		1,294,808
	135,006	Bankinter SA		894,172
	2,488,746	CaixaBank SA		7,224,489
	6,661	Cellnex Telecom SA(d)		361,991
	36,836	Cia de Distribucion Integral Logista Holdings SA		710,580

See Notes to Financial Statements.

97

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Spain — 3.2% — (continued)
	4,798	Enagas SA	$	100,504
	6,687	Endesa SA		165,485
	10,609	Ferrovial SA		264,102
	6,330	Grifols SA		158,986
	361,349	Iberdrola SA(b)		4,536,449
	86,110	Industria de Diseno Textil SA		2,836,284
	80,457	Merlin Properties Socimi SA, REIT		833,179
	6,265	Naturgy Energy Group SA		155,986
	596,179	Prosegur Cash SA(d)		568,063
	9,186	Red Electrica Corp. SA		153,017
	31,603	Repsol SA		396,934
	5,015	Siemens Gamesa Renewable Energy SA		185,626
	108,172	Telefonica SA		458,550
	8,393	Viscofan SA		589,503
		Total Spain		44,187,720
	Sweden — 2.3%
	6,676	Alfa Laval AB*		206,500
	97,841	Assa Abloy AB, Class B Shares		2,451,920
	80,718	Atlas Copco AB, Class A Shares		4,606,289
	8,281	Atlas Copco AB, Class B Shares		400,090
	5,804	Boliden AB		229,812
	59,929	Dometic Group AB*(d)		825,713
	4,612	Electrolux AB, Series B		108,896
	204,681	Epiroc AB, Class A Shares		4,342,189
	8,454	Epiroc AB, Class B Shares		166,335
	5,134	EQT AB		142,764
	13,298	Essity AB, Class B Shares		399,148
	3,373	Evolution Gaming Group AB(d)		419,849
	2,133	Fastighets AB Balder, Class B Shares*		101,909
	35,756	Getinge AB, Class B Shares		903,294
	17,048	Hennes & Mauritz AB, Class B Shares*		401,633
	6,065	Hexagon AB, Class B Shares		505,187
	8,868	Husqvarna AB, Class B Shares		108,143
	2,167	ICA Gruppen AB		102,815
	2,250	Industrivarden AB, Class A Shares*		79,912
	3,262	Industrivarden AB, Class C Shares*		107,705
	3,190	Investment AB Latour, Class B Shares		72,476
	9,589	Investor AB, Class B Shares		709,266
	5,008	Kinnevik AB, Class B Shares*		232,652
	1,736	L E Lundbergforetagen AB, Class B Shares*		86,338
	3,909	Lundin Energy AB		126,384
	6,720	Nibe Industrier AB, Class B Shares		210,645
	52,530	Peab AB, Class B Shares*		622,516
	23,768	Sandvik AB*		637,806
	6,130	Securitas AB, Class B Shares		93,943
	34,264	Skandinaviska Enskilda Banken AB, Class A Shares		394,217
	7,101	Skanska AB, Class B Shares		172,155
	90,944	SKF AB, Class B Shares		2,476,986
	78,640	Stillfront Group AB*		859,579
	13,056	Svenska Cellulosa AB SCA, Class B Shares*		224,516
	156,522	Svenska Handelsbanken AB, Class A Shares*		1,649,536
	19,217	Swedbank AB, Class A Shares		336,029
	41,893	Swedish Match AB		3,007,642
	10,597	Tele2 AB, Class B Shares		133,081
	61,449	Telefonaktiebolaget LM Ericsson, Class B Shares		767,926

See Notes to Financial Statements.

98

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Sweden — 2.3% — (continued)
	53,174	Telia Co. AB	$	214,041
	38,055	Volvo AB, Class B Shares*		971,586
	52,613	Wihlborgs Fastigheter AB		1,015,533
		Total Sweden		31,624,956
	Switzerland — 9.0%
	207,967	ABB Ltd., Class Registered Shares		5,955,117
	64,782	Adecco Group AG, Class Registered Shares		4,064,191
	35,223	Alcon Inc.*		2,415,720
	943	Baloise Holding AG, Class Registered Shares		164,502
	649	Banque Cantonale Vaudoise, Class Registered Shares		68,059
	967	Barry Callebaut AG, Class Registered Shares		2,089,152
	2,147	Bucher Industries AG, Class Registered Shares		1,035,922
	231	Chocoladefabriken Lindt & Spruengli AG		1,936,457
	2	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		177,038
	93,096	Cie Financiere Richemont SA, Class Registered Shares		8,960,983
	4,226	Clariant AG, Class Registered Shares		88,299
	21,850	Coca-Cola HBC AG		681,094
	172,214	Credit Suisse Group AG, Class Registered Shares		2,477,963
	174	EMS-Chemie Holding AG, Class Registered Shares		153,751
	340	Forbo Holding AG, Class Registered Shares		586,374
	780	Geberit AG, Class Registered Shares		459,720
	194	Givaudan SA, Class Registered Shares		730,849
	210,389	Glencore PLC*		849,994
	38,997	Julius Baer Group Ltd.		2,391,641
	1,146	Kuehne + Nagel International AG, Class Registered Shares		271,701
	61,540	LafargeHolcim Ltd., Class Registered Shares*		3,392,772
	24,371	Logitech International SA, Class Registered Shares		2,595,065
	5,554	Lonza Group AG, Class Registered Shares		3,499,397
	119,115	Nestlé SA, Class Registered Shares		12,439,369
	179,778	Novartis AG, Class Registered Shares		15,451,337
	397	Partners Group Holding AG		475,476
	8,940	PSP Swiss Property AG, Class Registered Shares		1,065,294
	51,799	Roche Holding AG		16,933,087
	678	Roche Holding AG*		226,447
	864	Schindler Holding AG		235,706
	427	Schindler Holding AG, Class Registered Shares		113,679
	128	SGS SA, Class Registered Shares		365,135
	19,348	Sika AG, Class Registered Shares		5,100,883
	1,169	Sonova Holding AG, Class Registered Shares*		299,111
	119,138	STMicroelectronics NV		4,586,852
	1,025	Straumann Holding AG, Class Registered Shares		1,235,643
	8,542	Sulzer AG, Class Registered Shares		960,394
	603	Swatch Group AG (The)		179,729
	1,068	Swatch Group AG (The), Class Registered Shares		61,272
	3,000	Swiss Life Holding AG, Class Registered Shares		1,491,319
	1,612	Swiss Prime Site AG, Class Registered Shares		150,526
	6,018	Swiss Re AG		565,167
	550	Swisscom AG, Class Registered Shares		275,990
	1,795	Tecan Group AG, Class Registered Shares		753,222
	8,541	Temenos AG, Class Registered Shares		1,148,927
	309,716	UBS Group AG, Class Registered Shares		4,787,804
	8,270	VAT Group AG(d)		2,293,297
	966	Vifor Pharma AG		120,080
	12,133	Vontobel Holding AG, Class Registered Shares		921,592
	13,092	Wizz Air Holdings PLC*(d)		968,098

See Notes to Financial Statements.

99

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Switzerland — 9.0% — (continued)
	1,146	Zur Rose Group AG*	$	540,334
	14,861	Zurich Insurance Group AG		6,060,044
		Total Switzerland		124,851,575
	Taiwan — 0.9%
	162,206	Catcher Technology Co., Ltd.		1,116,580
	425,994	Hon Hai Precision Industry Co., Ltd.		1,717,170
	1,889,077	Shin Kong Financial Holding Co., Ltd.		562,403
	437,000	Taiwan Semiconductor Manufacturing Co., Ltd.		9,542,771
		Total Taiwan		12,938,924
	Thailand — 0.1%
	416,560	Kasikornbank PCL, NVDR		1,882,799
	Turkey — 0.1%
	600,761	Türk Telekomunikasyon AS		619,266
	319,704	Turkcell Iletisim Hizmetleri AS		680,194
		Total Turkey		1,299,460
	United Kingdom — 13.5%
	20,296	3i Group PLC		312,040
	4,051	Admiral Group PLC		174,224
	85,578	Anglo American PLC		3,291,998
	9,641	Ashtead Group PLC		520,907
	7,560	Associated British Foods PLC*		249,298
	27,765	AstraZeneca PLC		2,686,827
	18,107	Atlantica Sustainable Infrastructure PLC		654,568
	20,574	Auto Trader Group PLC*(d)		157,362
	2,344	AVEVA Group PLC		110,832
	84,850	Aviva PLC		427,557
	168,264	B&M European Value Retail SA		1,280,416
	206,474	Babcock International Group PLC*		742,555
	313,678	BAE Systems PLC		2,113,649
	390,629	Balfour Beatty PLC*		1,492,292
	3,325,815	Barclays PLC*		7,390,637
	21,587	Barratt Developments PLC*		199,693
	2,564	Berkeley Group Holdings PLC		144,248
	33,809	Blue Prism Group PLC*		719,494
	672,265	boohoo Group PLC*		3,154,132
	2,463,020	BP PLC		10,010,386
	184,588	British American Tobacco PLC		6,397,743
	138,909	British Land Co. PLC (The), REIT		947,025
	185,928	Britvic PLC		2,096,266
	894,006	BT Group PLC*		1,538,133
	53,934	Bunzl PLC		1,680,159
	106,257	Burberry Group PLC*		2,686,234
	309,582	Cairn Energy PLC		820,773
	970,456	Centrica PLC*		709,182
	29,229	Close Brothers Group PLC		632,702
	21,498	CNH Industrial NV*		317,506
	4,321	Coca-Cola European Partners PLC		220,155
	283,240	Compass Group PLC*		5,738,163
	38,259	Computacenter PLC		1,111,196
	12,666	Cranswick PLC		598,440
	20,975	Croda International PLC		1,801,732
	131,124	Diageo PLC		5,153,097
	29,178	Direct Line Insurance Group PLC		130,251

See Notes to Financial Statements.

100

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	United Kingdom — 13.5% — (continued)
	125,154	Electrocomponents PLC	$	1,690,507
	12,864	Evraz PLC		102,289
	23,515	Ferguson PLC		2,754,524
	41,800	Future PLC		1,132,837
	43,641	Gamesys Group PLC		829,113
	9,023	Genus PLC		631,041
	203,705	GlaxoSmithKline PLC		3,378,071
	8,056	Halma PLC		254,303
	7,046	Hargreaves Lansdown PLC		148,191
	431,435	HSBC Holdings PLC*		2,552,400
	55,280	IG Group Holdings PLC		599,727
	58,437	IMI PLC		1,065,092
	19,925	Imperial Brands PLC		369,864
	31,875	Informa PLC*		244,466
	3,670	InterContinental Hotels Group PLC*		257,010
	30,790	Intermediate Capital Group PLC		742,179
	1,106,747	International Consolidated Airlines Group SA*		2,944,010
	3,398	Intertek Group PLC		253,445
	751,640	J Sainsbury PLC		2,367,736
	10,927	JD Sports Fashion PLC*		126,340
	4,012	Johnson Matthey PLC		170,672
	955,502	Kingfisher PLC*		3,531,417
	95,067	Land Securities Group PLC, REIT		875,413
	629,478	Legal & General Group PLC		2,272,594
	1,512,267	Lloyds Banking Group PLC*		819,027
	36,314	London Stock Exchange Group PLC		4,863,490
	262,167	LondonMetric Property PLC, REIT		798,913
	53,910	M&G PLC		138,074
	366,653	Marks & Spencer Group PLC*		724,510
	1,718,468	Melrose Industries PLC*		3,969,621
	103,090	Micro Focus International PLC*		601,481
	10,304	Mondi PLC		247,417
	295,299	National Grid PLC		3,291,373
	108,300	Natwest Group PLC*		277,203
	66,103	Next PLC*		6,946,785
	129,766	Ocado Group PLC*		3,975,597
	145,201	OSB Group PLC*		896,312
	15,839	Pearson PLC		165,197
	6,714	Persimmon PLC		242,113
	119,610	Pets at Home Group PLC		656,899
	11,573	Phoenix Group Holdings PLC		114,428
	373,671	Prudential PLC		7,327,274
	34,342	Reckitt Benckiser Group PLC		2,871,321
	123,265	Redrow PLC		935,490
	40,705	RELX PLC		959,359
	39,244	Rentokil Initial PLC*		255,044
	262,785	Rightmove PLC*		2,067,744
	23,812	Rio Tinto PLC		2,057,411
	6,587,185	Rolls-Royce Holdings PLC*		9,877,594
	108,919	Royal Mail PLC*		686,620
	22,430	RSA Insurance Group PLC		211,004
	94,088	Safestore Holdings PLC, REIT		1,045,274
	22,654	Sage Group PLC (The)		176,220
	2,625	Schroders PLC		128,046
	25,583	Segro PLC, REIT		324,145
	374,194	Serco Group PLC*		676,365

See Notes to Financial Statements.

101

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	United Kingdom — 13.5% — (continued)
	5,049	Severn Trent PLC	$	153,995
	18,413	Smith & Nephew PLC		355,125
	8,407	Smiths Group PLC		171,377
	1,563	Spirax-Sarco Engineering PLC		233,122
	171,383	Spirent Communications PLC		562,016
	21,684	SSE PLC		397,707
	11,202	St. James’s Place PLC		183,141
	353,275	Standard Chartered PLC*		2,265,023
	49,835	Standard Life Aberdeen PLC		215,687
	170,649	Stock Spirits Group PLC		625,409
	121,287	Synthomer PLC		776,598
	81,494	Tate & Lyle PLC		825,047
	79,091	Taylor Wimpey PLC*		173,611
	162,776	Tesco PLC		508,542
	393,380	Trainline PLC*(d)		2,826,797
	44,103	Travis Perkins PLC*		882,773
	22,432	Ultra Electronics Holdings PLC		596,639
	171,492	Unilever PLC		8,910,838
	50,374	UNITE Group PLC (The), REIT*		681,175
	14,470	United Utilities Group PLC		173,141
	59,525	Vistry Group PLC*		697,922
	563,618	Vodafone Group PLC		958,095
	104,646	WH Smith PLC*(d)		2,783,055
	54,529	Whitbread PLC*		2,571,417
	51,017	WM Morrison Supermarkets PLC		121,175
	225,454	WPP PLC		2,673,813
		Total United Kingdom		187,355,704
	United States — 0.8%
	821	Booking Holdings Inc.*		1,911,707
	9,045	EPAM Systems Inc.*		3,379,302
	434,000	Nexteer Automotive Group Ltd.		572,794
	38,918	Ovintiv Inc.		897,778
	194,371	Reliance Worldwide Corp., Ltd.		644,079
	17,264	ResMed Inc.		3,328,154
		Total United States		10,733,814
		TOTAL COMMON STOCKS (Cost — $979,417,922)		1,337,526,058
	PREFERRED STOCKS — 0.9%
	Germany — 0.9%
	1,135	Bayerische Motoren Werke AG, Class Preferred Shares		76,732
	1,540	FUCHS PETROLUB SE, Class Preferred Shares		84,028
	3,751	Henkel AG & Co. KGaA, Class Preferred Shares		369,533
	3,249	Porsche Automobil Holding SE, Class Preferred Shares		260,111
	749	Sartorius AG, Class Preferred Shares		384,713
	55,112	Volkswagen AG, Class Preferred Shares		11,493,050
		TOTAL PREFERRED STOCKS (Cost — $7,278,614)		12,668,167
	CLOSED END MUTUAL FUND SECURITIES — 0.1%
	United States — 0.1%
	2,231	iShares Core® MSCI EAFE ETF, Common Class Shares		156,906
	16,922	Vanguard FTSE Developed Markets ETF, Common Class		812,425
		TOTAL CLOSED END MUTUAL FUND SECURITIES (Cost — $783,977)		969,331

See Notes to Financial Statements.

102

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units			Security	Value
	WARRANT — 0.0%
	Switzerland — 0.0%
	113,018		Cie Financiere Richemont SA, expires 9/13/23* (Cost — $0)	$	39,760
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $987,480,513)		1,351,203,316
Face Amount†
	SHORT-TERM INVESTMENTS (e) — 2.9%
	MONEY MARKET FUND — 0.7%
$	9,320,857		Invesco STIT — Government & Agency Portfolio, 0.030%, Institutional Class(f) (Cost — $9,320,857)		9,320,857
	TIME DEPOSITS — 2.2%
	1,286,441		ANZ National Bank — London, 0.000% due 3/1/21		1,286,441
	20,326,167		Barclays Bank PLC — London, 0.000% due 3/1/21		20,326,167
			BBH — Grand Cayman:
	399,175	CHF	(1.350)% due 3/1/21		438,847
	35,357	DKK	(0.520)% due 3/1/21		5,736
	76,297	JPY	(0.320)% due 3/1/21		716
	9	SEK	(0.290)% due 3/1/21		1
	352,762	NOK	(0.080)% due 3/1/21		40,674
	59,634	AUD	(0.060)% due 3/1/21		45,889
	347,036	GBP	0.000% due 3/1/21		483,386
	100,464	HKD	0.000% due 3/1/21		12,952
	2,339	CAD	0.010% due 3/1/21		1,839
	9,802	NZD	0.010% due 3/1/21		7,084
	19	SGD	0.050% due 3/1/21		14
	1,146	ZAR	2.800% due 3/1/21		76
	543,210	EUR	BNP Paribas — Paris, (0.710)% due 3/1/21		655,382
	25,104	EUR	Citibank — London, (0.710)% due 3/1/21		30,289
	161,953	HKD	HSBC Bank — Hong Kong, 0.000% due 3/1/21		20,880
	81,848	SGD	HSBC Bank — Singapore, 0.050% due 3/1/21		61,367
	7,452,605		Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		7,452,605
	182,691	SEK	Skandinaviska Enskilda Banken AB — Sweden, (0.290)% due 3/1/21		21,632
			Sumitomo Mitsui Banking Corp. — Tokyo:
	28,008,337	JPY	(0.320)% due 3/1/21		262,755
	64,090		0.000% due 3/1/21		64,090
			TOTAL TIME DEPOSITS (Cost — $31,218,822)		31,218,822
			TOTAL SHORT-TERM INVESTMENTS (Cost — $40,539,679)		40,539,679
			TOTAL INVESTMENTS — 100.5% (Cost — $1,028,020,192)		1,391,742,995
			Liabilities in Excess of Other Assets — (0.5)%		(6,479,399	)
			TOTAL NET ASSETS — 100.0%	$	1,385,263,596

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

* Non-income producing security.

(a) Illiquid security.

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

(c) Security trades on the Hong Kong exchange.

See Notes to Financial Statements.

103

Schedules of Investments

(unaudited) (continued)

International Equity Fund

(d) 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, 2021, amounts to $51,550,667 and represents 3.7% of net assets.

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

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

At February 28, 2021, for International Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
International Equity Fund	$	1,028,020,192	$	417,592,952	$	(53,863,402)	$	363,729,550

Abbreviations used in this schedule:
ADR	— American Depositary Receipts
CDI	— Clearing House Electronics System (CHESS) Depositary Interest
FDR	— Fiduciary Depositary Receipt
GDR	— Global Depositary Receipt
NVDR	— Non Voting Depository Receipt
PCL	— Public Company Limited
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

Summary of Investments by Security Sector^
Industrials	17.6	%
Financials	16.3
Consumer Discretionary	14.1
Information Technology	12.4
Health Care	10.3
Consumer Staples	6.8
Materials	6.2
Communication Services	4.6
Energy	4.5
Real Estate	2.5
Utilities	2.5
Short-Term Investments	2.2
	100.0	%+

^ As a percentage of total investments.

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

At February 28, 2021, International Equity Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro STOXX 50 March Futures		13		3/21	$	566,681	$	568,877	$	2,196
FTSE 100 Index March Futures		3		3/21		273,113		269,087		(4,026	)
SPI 200 Index March Futures		1		3/21		131,277		127,526		(3,751	)
TOPIX Index March Futures		3		3/21		515,511		527,839		12,328
									$	6,747

See Notes to Financial Statements.

104

Schedules of Investments

(unaudited) (continued)

International Equity Fund

At February 28, 2021, International Equity Fund had deposited cash of $169,361 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

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

See Notes to Financial Statements.

105

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	COMMON STOCKS — 95.6%
	Argentina — 0.4%
	962	Globant SA*	$	206,560
	1,255	MercadoLibre Inc.*		2,055,828
	1,726	Telecom Argentina SA, ADR		10,287
	5,996	YPF SA, ADR*		25,963
		Total Argentina		2,298,638
	Brazil — 4.5%
	110,199	Ambev SA		275,581
	12,055	Atacadao SA		40,876
	4,429	B2W Cia Digital*		64,780
	50,972	B3 SA — Brasil Bolsa Balcao		493,691
	32,652	Banco Bradesco SA		119,920
	6,376	Banco BTG Pactual SA		115,594
	743,686	Banco do Brasil SA		3,720,884
	2,472	Banco Inter SA*		68,512
	9,295	Banco Santander Brasil SA		61,991
	569,823	BB Seguridade Participacoes SA		2,584,699
	10,506	BRF SA*		40,553
	1,329,282	CCR SA		2,667,432
	7,810	Centrais Eletricas Brasileiras SA		45,150
	7,187	Cia de Saneamento Basico do Estado de Sao Paulo		47,176
	17,041	Compania Siderurgica Nacional SA		99,912
	4,551	Cosan SA		66,313
	4,500	CPFL Energia SA		23,165
	5,411	Energisa SA		42,149
	174,800	Engie Brasil Energia SA		1,283,024
	25,170	Equatorial Energia SA		90,241
	379,750	Fleury SA		1,817,365
	32,360	Hapvida Participacoes e Investimentos SA(a)		89,467
	8,769	Hypera SA		51,272
	26,790	JBS SA		123,382
	792,700	JSL SA		1,333,350
	16,556	Klabin SA*		87,028
	13,764	Localiza Rent a Car SA		142,396
	284,800	Locaweb Servicos de Internet SA, (Restricted, cost — $265,479, acquired 4/17/20)(a)(b)		1,462,024
	17,971	Lojas Renner SA		117,514
	74,425	Magazine Luiza SA		320,995
	528,300	Movida Participacoes SA		1,667,929
	23,544	Natura & Co. Holding SA*		193,894
	12,210	Notre Dame Intermedica Participacoes SA		188,868
	503,549	Petrobras Distribuidora SA		1,781,997
	94,732	Petroleo Brasileiro SA		374,278
	24,959	Raia Drogasil SA		103,508
	17,900	Rede D’Or Sao Luiz SA, (Restricted, cost — $201,158, acquired 12/9/20)(a)(b)		220,625
	282,538	Rumo SA*		912,177
	7,195	Sul America SA		42,390
	19,531	Suzano SA*		254,907
	26,912	TIM SA		61,444
	12,300	TOTVS SA		68,847
	16,567	Ultrapar Participações SA*		57,269
	91,891	Vale SA		1,549,246
	157,000	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA*		966,145
	71,547	Vasta Platform Ltd., Class A Shares*		956,583
	35,150	Via Varejo SA*		74,422
	20,581	WEG SA		286,525

See Notes to Financial Statements.

106

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Brazil — 4.5% — (continued)
	270,000	Westwing Comercio Varejista Ltda*	$	565,881
		Total Brazil		27,823,371
	Chile — 0.1%
	1,140,767	Banco de Chile		124,984
	969	Banco de Credito e Inversiones SA		42,032
	1,935,679	Banco Santander Chile		110,704
	42,252	Cencosud SA		82,737
	12,906	Cencosud Shopping SA		25,495
	2,598	Cia Cervecerias Unidas SA		22,413
	115,265	Colbun SA		21,528
	31,677	Empresas CMPC SA		92,342
	9,480	Empresas COPEC SA		106,877
	824,822	Enel Americas SA		125,509
	564,409	Enel Chile SA		41,714
	16,321	Falabella SA		67,617
		Total Chile		863,952
	China — 28.6%
	2,081	21Vianet Group Inc., ADR*		75,832
	9,300	360 Security Technology Inc., Class A Shares		23,079
	32,500	3SBio Inc.*(a)		32,342
	127	51job Inc., ADR*		8,331
	263,982	AAC Technologies Holdings Inc.		1,419,642
	3,000	AECC Aviation Power Co., Ltd., Class A Shares		27,802
	24,000	Agile Group Holdings Ltd.		33,871
	106,600	Agricultural Bank of China Ltd., Class A Shares		53,588
	664,000	Agricultural Bank of China Ltd., Class H Shares(c)		241,329
	7,073	Aier Eye Hospital Group Co., Ltd., Class A Shares		78,850
	40,000	Air China Ltd., Class H Shares(c)		32,987
	12,000	AK Medical Holdings Ltd.(a)		17,664
	98,891	Alibaba Group Holding Ltd., ADR*		23,512,324
	899,250	A-Living Smart City Services Co., Ltd., (Restricted, cost — $1,370,741, acquired 5/14/19), Class H Shares(a)(b)(c)		3,765,957
	31,400	Aluminum Corp. of China Ltd., Class A Shares*		20,563
	118,000	Aluminum Corp. of China Ltd., Class H Shares*(c)		59,597
	2,500	Angel Yeast Co., Ltd., Class A Shares		20,588
	6,100	Anhui Conch Cement Co., Ltd., Class A Shares		50,155
	562,837	Anhui Conch Cement Co., Ltd., Class H Shares(c)		3,620,127
	1,100	Anhui Gujing Distillery Co., Ltd., Class A Shares		39,729
	700	Anhui Gujing Distillery Co., Ltd., Class B Shares		9,284
	28,000	ANTA Sports Products Ltd.		429,215
	500	Asymchem Laboratories Tianjin Co., Ltd., Class A Shares		20,323
	1,532	Autohome Inc., ADR		174,709
	34,799	Avic Capital Co., Ltd., Class A Shares		22,049
	1,700	AVIC Jonhon Optronic Technology Co., Ltd., Class A Shares		18,039
	2,600	AVIC Shenyang Aircraft Co., Ltd., Class A Shares		32,471
	3,600	AVIC Xi’an Aircraft Industry Group Co., Ltd., Class A Shares		17,556
	42,000	AviChina Industry & Technology Co., Ltd., Class H Shares(c)		28,419
	6,662	Baidu Inc., ADR*		1,888,411
	19,200	Bank of Beijing Co., Ltd., Class A Shares		14,122
	58,930	Bank of China Ltd., Class A Shares		29,423
	1,968,000	Bank of China Ltd., Class H Shares(c)		689,874
	39,800	Bank of Communications Co., Ltd., Class A Shares		28,047
	252,000	Bank of Communications Co., Ltd., Class H Shares(c)		142,190
	4,600	Bank of Hangzhou Co., Ltd., Class A Shares		11,364

See Notes to Financial Statements.

107

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	19,890	Bank of Jiangsu Co., Ltd., Class A Shares	$	17,641
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		22,527
	10,900	Bank of Ningbo Co., Ltd., Class A Shares		67,392
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		38,297
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		35,012
	28,109	Baozun Inc., ADR*(d)		1,291,046
	1,044	BeiGene Ltd., ADR*		334,080
	54,000	Beijing Capital International Airport Co., Ltd., Class H Shares(c)		42,107
	2,000	Beijing New Building Materials PLC, Class A Shares		14,908
	1,350	Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A Shares		9,834
	4,000	Beijing Tiantan Biological Products Corp., Ltd., Class A Shares		21,644
	23,700	Beijing Yanjing Brewery Co., Ltd., Class A Shares		25,435
	28,200	Beijing-Shanghai High Speed Railway Co., Ltd., Class A Shares		24,702
	1,400	Betta Pharmaceuticals Co., Ltd., Class A Shares		25,504
	1,000	BGI Genomics Co., Ltd., Class A Shares		21,254
	2,942	Bilibili Inc., ADR*		370,604
	72,500	BOE Technology Group Co., Ltd., Class A Shares		68,232
	2,500	BYD Co., Ltd., Class A Shares		75,990
	20,000	BYD Co., Ltd., Class H Shares(c)		506,567
	17,500	BYD Electronic International Co., Ltd.		97,274
	1,800	Cansino Blologics Inc., Class H Shares*(a)(c)		85,596
	227,000	CGN Power Co., Ltd., Class H Shares(a)(c)		50,015
	800	Changchun High & New Technology Industry Group Inc., Class A Shares		51,900
	1,100	Changjiang Securities Co., Ltd., Class A Shares		1,228
	3,900	Chaozhou Three-Circle Group Co., Ltd., Class A Shares		22,489
	300	Chengdu Kanghong Pharmaceutical Group Co., Ltd., Class A Shares		1,759
	35,000	China Aoyuan Group Ltd.		33,133
	5,300	China Avionics Systems Co., Ltd., Class A Shares		13,966
	57,500	China Bohai Bank Co., Ltd., Class H Shares*(a)(c)		31,676
	255,000	China Cinda Asset Management Co., Ltd., Class H Shares(c)		50,585
	233,000	China CITIC Bank Corp., Ltd., Class H Shares(c)		110,327
	82,000	China Communications Services Corp., Ltd., Class H Shares(c)		38,687
	443,000	China Conch Venture Holdings Ltd.		1,969,032
	21,100	China Construction Bank Corp., Class A Shares		23,624
	10,283,224	China Construction Bank Corp., Class H Shares(c)		8,256,256
	16,000	China East Education Holdings Ltd.(a)		35,973
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares		19,873
	30,812	China Everbright Bank Co., Ltd., Class A Shares		19,481
	148,000	China Everbright Bank Co., Ltd., Class H Shares(c)		64,211
	47,000	China Evergrande Group(d)		96,072
	27,000	China Feihe Ltd.(a)		73,851
	4,901	China Fortune Land Development Co., Ltd., Class A Shares		6,407
	13,200	China Galaxy Securities Co., Ltd., Class A Shares		21,927
	50,500	China Galaxy Securities Co., Ltd., Class H Shares(c)		31,173
	1,500	China Greatwall Technology Group Co., Ltd., Class A Shares		3,993
	45,500	China Hongqiao Group Ltd.		56,399
	286,000	China Huarong Asset Management Co., Ltd., Class H Shares(a)(c)		33,898
	102,000	China Huishan Dairy Holdings Co., Ltd.*(e)(f)		—
	34,000	China International Capital Corp., Ltd., Class H Shares*(a)(c)		78,419
	6,300	China Jushi Co., Ltd., Class A Shares		21,795
	32,000	China Lesso Group Holdings Ltd.		59,079
	4,800	China Life Insurance Co., Ltd., Class A Shares		24,532
	186,000	China Life Insurance Co., Ltd., Class H Shares(c)		392,119
	6,400	China Literature Ltd.*(a)(d)		59,581
	86,000	China Longyuan Power Group Corp., Ltd., Class H Shares(c)		128,580
	27,000	China Medical System Holdings Ltd.		42,179

See Notes to Financial Statements.

108

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	14,000	China Meidong Auto Holdings., Ltd.	$	53,590
	33,900	China Merchants Bank Co., Ltd., Class A Shares		267,257
	657,391	China Merchants Bank Co., Ltd., Class H Shares(c)		5,043,700
	20,400	China Merchants Energy Shipping Co., Ltd., Class A Shares		16,455
	9,230	China Merchants Securities Co., Ltd., Class A Shares		30,985
	14,820	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		29,458
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		44,667
	140,200	China Minsheng Banking Corp., Ltd., Class H Shares(c)		83,677
	26,600	China Molybdenum Co., Ltd., Class A Shares		27,462
	48,000	China Molybdenum Co., Ltd., Class H Shares(c)		37,095
	98,000	China National Building Material Co., Ltd., Class H Shares(c)		148,311
	18,900	China National Nuclear Power Co., Ltd., Class A Shares		15,063
	600	China National Software & Service Co., Ltd., Class A Shares		5,377
	8,500	China Northern Rare Earth Group High-Tech Co., Ltd., Class A Shares*		27,115
	30,000	China Oilfield Services Ltd., Class H Shares(c)		34,785
	10,500	China Pacific Insurance Group Co., Ltd., Class A Shares		71,582
	68,000	China Pacific Insurance Group Co., Ltd., Class H Shares(c)		311,955
	38,900	China Petroleum & Chemical Corp., Class A Shares		27,067
	614,000	China Petroleum & Chemical Corp., Class H Shares(c)		338,699
	27,800	China Railway Group Ltd., Class A Shares		24,480
	118,000	China Railway Group Ltd., Class H Shares(c)		62,357
	20,500	China Resources Pharmaceutical Group Ltd.(a)		13,119
	6,299	China Shenhua Energy Co., Ltd., Class A Shares		17,234
	1,687,500	China Shenhua Energy Co., Ltd., Class H Shares(c)		3,202,912
	21,800	China Shipbuilding Industry Co., Ltd., Class A Shares*		13,846
	9,100	China South Publishing & Media Group Co., Ltd., Class A Shares		13,932
	20,400	China Southern Airlines Co., Ltd., Class A Shares*		19,100
	44,000	China Southern Airlines Co., Ltd., Class H Shares*(c)		30,051
	91,240	China State Construction Engineering Corp., Ltd., Class A Shares		71,056
	2,735	China Tourism Group Duty Free Corp., Ltd., Class A Shares		129,807
	1,194,000	China Tower Corp., Ltd., Class H Shares(a)(c)		179,364
	15,600	China Vanke Co., Ltd., Class A Shares		79,594
	744,800	China Vanke Co., Ltd., Class H Shares(c)		3,158,519
	31,600	China Yangtze Power Co., Ltd., Class A Shares		96,191
	34,000	China Yuhua Education Corp., Ltd.(a)		28,114
	1,200	Chongqing Brewery Co., Ltd., Class A Shares		22,333
	4,100	Chongqing Changan Automobile Co., Ltd., Class A Shares*		11,466
	24,000	Chongqing Rural Commercial Bank Co., Ltd., Class H Shares(c)		10,570
	2,700	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		72,790
	84,000	CIFI Holdings Group Co., Ltd.		79,478
	15,100	CITIC Securities Co., Ltd., Class A Shares		63,420
	50,000	CITIC Securities Co., Ltd., Class H Shares(c)		107,605
	3,100	Contemporary Amperex Technology Co., Ltd., Class A Shares		153,915
	17,800	COSCO SHIPPING Holdings Co., Ltd., Class A Shares*		34,717
	62,500	COSCO SHIPPING Holdings Co., Ltd., Class H Shares*(c)		69,309
	189,000	Country Garden Holdings Co., Ltd.		235,623
	33,000	Country Garden Services Holdings Co., Ltd.(e)		271,073
	3,800	CSC Financial Co., Ltd., Class A Shares		20,702
	221,120	CSPC Pharmaceutical Group Ltd.		231,890
	59,000	Dali Foods Group Co., Ltd.(a)		35,902
	34,999	Daqin Railway Co., Ltd., Class A Shares		35,285
	1,334	Daqo New Energy Corp., ADR*		139,070
	1,900	DaShenLin Pharmaceutical Group Co., Ltd., Class A Shares		25,214
	800	DHC Software Co., Ltd., Class A Shares		946
	64,000	Dongfeng Motor Group Co., Ltd., Class H Shares(c)		59,534
	2,574	DouYu International Holdings Ltd., ADR*		36,911

See Notes to Financial Statements.

109

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	10,860	East Money Information Co., Ltd., Class A Shares	$	50,826
	45,900	ENN Energy Holdings Ltd.		702,766
	881	Eve Energy Co., Ltd., Class A Shares		11,606
	16,000	Ever Sunshine Lifestyle Services Group Ltd.		39,399
	7,300	Everbright Securities Co., Ltd., Class A Shares		17,342
	20,400	Financial Street Holdings Co., Ltd., Class A Shares		19,094
	20,800	Focus Media Information Technology Co., Ltd., Class A Shares		35,104
	4,500	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		119,851
	71,500	Fosun International Ltd.		107,277
	16,400	Founder Securities Co., Ltd., Class A Shares*		21,690
	15,000	Foxconn Industrial Internet Co., Ltd., Class A Shares		32,001
	600	Fu Jian Anjoy Foods Co., Ltd., Class A Shares*		20,543
	1,751,300	Fu Shou Yuan International Group Ltd.		1,758,632
	4,100	Fuyao Glass Industry Group Co., Ltd., Class A Shares		29,924
	11,200	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(c)		68,611
	1,200	Ganfeng Lithium Co., Ltd., Class A Shares		18,311
	31,400	GDS Holdings Ltd., ADR*(d)		3,207,824
	9,300	Gemdale Corp., Class A Shares		18,177
	26,000	Genscript Biotech Corp.*		44,771
	8,200	GF Securities Co., Ltd., Class A Shares		20,250
	31,400	GF Securities Co., Ltd., Class H Shares(c)		44,512
	8,700	Giant Network Group Co., Ltd., Class A Shares		22,629
	660	Gigadevice Semiconductor Beijing Inc., Class A Shares		19,581
	4,300	GoerTek Inc., Class A Shares		21,200
	294,000	GOME Retail Holdings Ltd.*(d)		86,267
	2,000	Gotion High-tech Co., Ltd., Class A Shares*		11,371
	4,100	Great Wall Motor Co., Ltd., Class A Shares		19,822
	74,000	Great Wall Motor Co., Ltd., Class H Shares(c)		214,455
	21,900	Greenland Holdings Corp., Ltd., Class A Shares		19,001
	22,000	Greentown China Holdings Ltd.		32,739
	32,000	Greentown Service Group Co., Ltd.		32,466
	1,828	GSX Techedu Inc., ADR*(d)		188,010
	2,200	Guangdong Haid Group Co., Ltd., Class A Shares		26,973
	900	Guangdong Kinlong Hardware Products Co., Ltd., Class A Shares		21,147
	30,000	Guanghui Energy Co., Ltd., Class A Shares*		12,633
	84,000	Guangzhou Automobile Group Co., Ltd., Class H Shares(c)		77,831
	2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		11,571
	7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		11,558
	1,100	Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A Shares		23,221
	38,000	Guangzhou R&F Properties Co., Ltd., Class H Shares(c)		50,717
	600	Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A Shares		11,783
	1,300	Guangzhou Tinci Materials Technology Co., Ltd., Class A Shares		16,709
	9,400	Guosen Securities Co., Ltd., Class A Shares		17,663
	16,600	Guotai Junan Securities Co., Ltd., Class A Shares		42,653
	5,900	Guoyuan Securities Co., Ltd., Class A Shares		7,262
	21,000	Haidilao International Holding Ltd.(a)		172,227
	7,300	Haier Smart Home Co., Ltd., Class A Shares		32,538
	51,200	Haier Smart Home Co., Ltd., Class H Shares*(c)		194,728
	16,000	Haitian International Holdings Ltd.		54,880
	9,300	Haitong Securities Co., Ltd., Class A Shares		17,330
	84,800	Haitong Securities Co., Ltd., Class H Shares(c)		77,424
	1,500	Hangzhou First Applied Material Co., Ltd., Class A Shares		20,837
	400	Hangzhou Tigermed Consulting Co., Ltd., Class A Shares		8,662
	3,300	Hangzhou Tigermed Consulting Co., Ltd., Class H Shares*(a)(c)		64,555
	28,000	Hansoh Pharmaceutical Group Co., Ltd.*(a)		142,137
	900	Hefei Meiya Optoelectronic Technology Inc., Class A Shares		5,219

See Notes to Financial Statements.

110

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares	$	37,614
	532,500	Hengan International Group Co., Ltd.		3,681,720
	10,778	Hengli Petrochemical Co.,Ltd., Class A Shares		60,102
	10,600	Hengtong Optic-electric Co., Ltd., Class A Shares		20,963
	2,990	Hengyi Petrochemical Co., Ltd., Class A Shares		8,276
	43,300	Hesteel Co., Ltd., Class A Shares*		14,768
	1,299	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		26,972
	6,000	Hua Hong Semiconductor Ltd.*(a)(d)		37,043
	38,500	Huadian Power International Corp., Ltd., Class A Shares		18,998
	5,694	Huadong Medicine Co., Ltd., Class A Shares		27,918
	2,260	Hualan Biological Engineering Inc., Class A Shares		14,909
	52,000	Huaneng Power International Inc., Class H Shares(c)		17,788
	7,200	Huatai Securities Co., Ltd., Class A Shares		19,056
	47,800	Huatai Securities Co., Ltd., Class H Shares(a)(c)		71,058
	35,600	Huaxia Bank Co., Ltd., Class A Shares		34,255
	1,600	Huaxin Cement Co., Ltd., Class A Shares		5,523
	5,800	Huayu Automotive Systems Co., Ltd., Class A Shares		23,098
	4,180	Huazhu Group Ltd., ADR*		243,025
	108,080	Hundsun Technologies Inc., Class A Shares		1,455,839
	64,806	HUYA Inc., ADR*(d)		1,707,638
	3,900	Iflytek Co., Ltd., Class A Shares		29,069
	82,200	Industrial & Commercial Bank of China Ltd., Class A Shares		68,070
	1,485,000	Industrial & Commercial Bank of China Ltd., Class H Shares(c)		968,282
	31,500	Industrial Bank Co., Ltd., Class A Shares		119,922
	24,900	Industrial Securities Co., Ltd., Class A Shares		34,839
	98,200	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares*		23,321
	16,300	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares		14,957
	8,700	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		57,938
	25,000	Innovent Biologics Inc.*(a)		257,017
	3,700	Inspur Electronic Information Industry Co., Ltd., Class A Shares		17,878
	7,054	iQIYI Inc., ADR*		178,678
	1,500	Jafron Biomedical Co., Ltd., Class A Shares		18,146
	4,000	JCET Group Co., Ltd., Class A Shares*		24,398
	6,700	JD Health International Inc.*(a)		122,194
	21,536	JD.com Inc., ADR*		2,021,584
	24,000	Jiangsu Expressway Co., Ltd., Class H Shares(c)		27,868
	1,948	Jiangsu Hengli Hydraulic Co., Ltd., Class A Shares		28,525
	8,068	Jiangsu Hengrui Medicine Co., Ltd., Class A Shares		126,597
	3,800	Jiangsu King’S Luck Brewery JSC Ltd., Class A Shares		28,832
	2,500	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A Shares		72,884
	6,200	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		9,910
	11,800	Jiangxi Copper Co., Ltd., Class A Shares		50,822
	19,000	Jiangxi Copper Co., Ltd., Class H Shares(c)		46,054
	7,800	Jiangxi Zhengbang Technology Co., Ltd., Class A Shares		19,907
	10,000	Jilin Aodong Pharmaceutical Group Co., Ltd., Class A Shares		24,120
	7,400	Jinke Properties Group Co., Ltd., Class A Shares		8,497
	32,000	Jinxin Fertility Group Ltd.(a)		72,235
	900	JiuGui Liquor Co., Ltd., Class A Shares		19,158
	16,000	Jiumaojiu International Holdings Ltd.*(a)		62,812
	6,800	Joincare Pharmaceutical Group Industry Co., Ltd., Class A Shares		12,965
	7,800	Jointown Pharmaceutical Group Co., Ltd., Class A Shares*		20,283
	2,200	Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd., Class A Shares		17,590
	1,519	JOYY Inc., ADR		179,090
	1,500	Juewei Food Co., Ltd., Class A Shares		20,067
	52,000	Kaisa Group Holdings Ltd.		26,910
	2,963	KE Holdings Inc., ADR*		189,128

See Notes to Financial Statements.

111

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	58,000	Kingdee International Software Group Co., Ltd.*	$	210,014
	5,800	Kingfa Sci. & Tech. Co., Ltd., Class A Shares		22,571
	1,431	Kingsoft Cloud Holdings Ltd., ADR*		84,257
	22,000	Kingsoft Corp., Ltd.		154,932
	7,000	Koolearn Technology Holding Ltd.*(a)(d)		19,559
	4,900	Kuaishou Technology*(a)		195,079
	1,888	Kweichow Moutai Co., Ltd., Class A Shares		618,057
	20,500	KWG Group Holdings Ltd.		31,069
	172,000	Lenovo Group Ltd.		217,335
	9,000	Lens Technology Co., Ltd., Class A Shares		43,493
	4,500	Lepu Medical Technology Beijing Co., Ltd., Class A Shares		22,092
	4,453	Li Auto Inc., ADR*		112,973
	51,500	Li Ning Co., Ltd.		291,542
	14,500	Lingyi iTech Guangdong Co., Class A Shares		22,730
	42,000	Logan Group Co., Ltd.		65,394
	4,200	Lomon Billions Group Co., Ltd., Class A Shares		26,280
	46,000	Longfor Group Holdings Ltd.(a)		272,278
	5,800	LONGi Green Energy Technology Co., Ltd., Class A Shares		93,503
	4,663	Lufax Holding Ltd., ADR*(d)		70,038
	11,038	Luxshare Precision Industry Co., Ltd., Class A Shares		79,573
	2,000	Luzhou Laojiao Co., Ltd., Class A Shares		72,463
	3,400	Mango Excellent Media Co., Ltd., Class A Shares		33,619
	300	Maxscend Microelectronics Co., Ltd., Class A Shares		29,128
	9,480	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A Shares*		23,384
	186,600	Meituan Dianping, (Restricted, cost — $2,416,944, acquired 3/23/20), Class B Shares*(a)(b)		8,233,402
	36,900	Metallurgical Corp. of China Ltd., Class A Shares		18,839
	15,000	Microport Scientific Corp.		88,208
	5,300	Midea Group Co., Ltd., Class A Shares		76,061
	9,000	Ming Yuan Cloud Group Holdings Ltd.*		50,938
	20,000	Minth Group Ltd.		87,741
	4,216	Momo Inc., ADR		66,781
	4,990	Muyuan Foodstuff Co., Ltd., Class A Shares		87,901
	7,600	Nanjing Securities Co., Ltd., Class A Shares		12,308
	5,900	NARI Technology Co., Ltd., Class A Shares		25,816
	1,000	NAURA Technology Group Co., Ltd., Class A Shares		27,644
	21,982	NetEase Inc., ADR		2,414,723
	2,400	New China Life Insurance Co., Ltd., Class A Shares		19,266
	19,500	New China Life Insurance Co., Ltd., Class H Shares(c)		74,316
	6,400	New Hope Liuhe Co., Ltd., Class A Shares		23,746
	16,867	New Oriental Education & Technology Group Inc., ADR*		2,995,917
	31,411	NIO Inc., ADR*		1,437,996
	834	Noah Holdings Ltd., ADR*		37,280
	6,000	Nongfu Spring Co., Ltd., Class H Shares*(a)(c)		39,838
	1,400	Offcn Education Technology Co., Ltd., Class A Shares		7,026
	9,000	OFILM Group Co., Ltd., Class A Shares		14,732
	66,500	OneConnect Financial Technology Co., Ltd., ADR*		1,212,295
	1,000	Oppein Home Group Inc., Class A Shares*		23,363
	11,300	Orient Securities Co., Ltd., Class A Shares		16,703
	10,800	Oriental Pearl Group Co., Ltd., Class A Shares		14,369
	1,450	Ovctek China Inc., Class A Shares		20,846
	14,200	Pacific Securities Co., Ltd., Class A Shares*		7,309
	266,000	People’s Insurance Co. Group of China Ltd., Class H Shares(c)		82,957
	4,650	Perfect World Co., Ltd., Class A Shares		16,916
	21,700	PetroChina Co., Ltd., Class A Shares		14,610
	546,000	PetroChina Co., Ltd., Class H Shares(c)		194,440
	3,200	Pharmaron Beijing Co., Ltd., Class H Shares(a)(c)		54,605

See Notes to Financial Statements.

112

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	166,000	PICC Property & Casualty Co., Ltd., Class H Shares(c)	$	125,584
	9,748	Pinduoduo Inc., ADR*		1,668,468
	679,479	Ping An Bank Co., Ltd., Class A Shares		2,242,241
	76,900	Ping An Healthcare & Technology Co., Ltd., (Restricted, cost — $394,793, acquired 8/9/19)*(a)(b)		1,110,694
	15,800	Ping An Insurance Group Co. of China Ltd., Class A Shares		207,618
	753,000	Ping An Insurance Group Co. of China Ltd., Class H Shares(c)		9,247,080
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		43,194
	3,400	Poly Property Services Co., Ltd.		22,348
	45,300	Postal Savings Bank of China Co., Ltd., Class A Shares		42,744
	236,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(c)		175,984
	22,300	Power Construction Corp. of China Ltd., Class A Shares		13,310
	271,971	Qingdao TGOOD Electric Co., Ltd., Class A Shares		1,243,550
	18,700	RiseSun Real Estate Development Co., Ltd., Class A Shares		19,142
	2,965	RLX Technology Inc., ADR*		51,917
	7,700	Rongsheng Petro Chemical Co., Ltd., Class A Shares		39,982
	11,800	SAIC Motor Corp., Ltd., Class A Shares		38,623
	8,900	Sanan Optoelectronics Co., Ltd., Class A Shares		41,068
	800	Sangfor Technologies Inc., Class A Shares		32,723
	14,600	Sany Heavy Industry Co., Ltd., Class A Shares		92,594
	8,700	SDIC Capital Co., Ltd., Class A Shares		16,414
	12,700	SDIC Power Holdings Co., Ltd., Class A Shares		16,349
	50,000	Seazen Group Ltd.*		60,624
	3,000	Seazen Holdings Co., Ltd., Class A Shares		23,576
	5,400	SF Holding Co., Ltd., Class A Shares		87,452
	12,300	Shaanxi Coal Industry Co., Ltd., Class A Shares		20,336
	5,600	Shandong Gold Mining Co., Ltd., Class A Shares		18,973
	22,500	Shandong Gold Mining Co., Ltd., Class H Shares(a)(c)		45,383
	4,500	Shandong Hualu Hengsheng Chemical Co., Ltd., Class A Shares		29,563
	3,100	Shandong Linglong Tyre Co., Ltd., Class A Shares*		20,132
	14,900	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		9,461
	6,800	Shandong Sun Paper Industry JSC Ltd., Class A Shares		18,513
	64,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(c)		110,107
	1,300	Shanghai Bairun Investment Holging Group Co., Ltd., Class A Shares		19,516
	2,000	Shanghai Baosight Software Co., Ltd., Class A Shares		17,652
	36,900	Shanghai Electric Group Co., Ltd., Class A Shares*		31,739
	4,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		28,407
	9,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H Shares(c)		42,445
	2,000	Shanghai International Airport Co., Ltd., Class A Shares		19,088
	17,999	Shanghai International Port Group Co., Ltd., Class A Shares		13,244
	32,520	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class B Shares		26,045
	2,200	Shanghai M&G Stationery Inc., Class A Shares		26,347
	8,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		27,462
	6,900	Shanghai Pharmaceuticals Holding Co., Ltd., Class H Shares(c)		12,645
	40,200	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		65,341
	1,200	Shanghai Putailai New Energy Technology Co., Ltd., Class A Shares		16,221
	15,800	Shanghai RAAS Blood Products Co., Ltd., Class A Shares		18,615
	20,100	Shanxi Meijin Energy Co., Ltd., Class A Shares*		22,553
	9,600	Shanxi Securities Co., Ltd., Class A Shares		10,805
	1,400	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		67,572
	26,800	Shenergy Co., Ltd., Class A Shares		21,529
	4,400	Shengyi Technology Co., Ltd., Class A Shares		16,597
	1,260	Shennan Circuits Co., Ltd., Class A Shares		21,360
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		36,036
	1,680	Shenzhen Energy Group Co., Ltd., Class A Shares		1,492
	700	Shenzhen Goodix Technology Co., Ltd., Class A Shares		14,902
	3,000	Shenzhen Inovance Technology Co., Ltd., Class A Shares		39,762

See Notes to Financial Statements.

113

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	1,400	Shenzhen Kangtai Biological Products Co., Ltd., Class A Shares	$	33,053
	1,700	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		109,527
	15,200	Shenzhen Overseas Chinese Town Co., Ltd., Class A Shares		18,939
	3,000	Shenzhen Sunway Communication Co., Ltd., Class A Shares		15,671
	20,200	Shenzhou International Group Holdings Ltd.		423,463
	3,321	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A Shares		12,014
	16,600	Sichuan Chuantou Energy Co., Ltd., Class A Shares		27,468
	2,000	Silergy Corp.		193,348
	1,285	SINA Corp.*(d)		55,473
	3,700	Sinolink Securities Co., Ltd., Class A Shares		7,347
	1,369,372	Sinopharm Group Co., Ltd., Class H Shares(c)		3,205,166
	20,000	Sinotruk Hong Kong Ltd.		63,775
	15,000	Smoore International Holdings Ltd.*(a)		121,488
	1,120	Songcheng Performance Development Co., Ltd., Class A Shares		3,483
	63,000	Sunac China Holdings Ltd.		269,196
	800	Sungrow Power Supply Co., Ltd., Class A Shares		10,660
	24,400	Suning.com Co., Ltd., Class A Shares(e)(f)		26,269
	17,400	Sunny Optical Technology Group Co., Ltd.		433,879
	5,400	Suzhou Dongshan Precision Manufacturing Co., Ltd., Class A Shares		18,090
	6,199	Suzhou Gold Mantis Construction Decoration Co., Ltd., Class A Shares		9,193
	9,341	TAL Education Group, ADR*		724,301
	2,100	Tangshan Jidong Cement Co., Ltd., Class A Shares		4,890
	6,200	TBEA Co., Ltd., Class A Shares		11,589
	18,200	TCL Technology Group Corp., Class A Shares		23,121
	317,931	Tencent Holdings Ltd.		27,112,114
	71,717	Tencent Music Entertainment Group, ADR*		1,844,561
	1,200	Thunder Software Technology Co., Ltd., Class A Shares		22,258
	7,400	Tianjin Zhonghuan Semiconductor Co., Ltd., Class A Shares		30,165
	9,900	Tianma Microelectronics Co., Ltd., Class A Shares		22,987
	532,000	Tingyi Cayman Islands Holding Corp.		1,068,164
	24,000	Tongcheng-Elong Holdings Ltd.*		56,352
	5,900	Tongkun Group Co., Ltd., Class A Shares*		23,297
	5,400	Tongwei Co., Ltd., Class A Shares		39,086
	1,154,000	Topsports International Holdings Ltd., (Restricted, cost — $1,262,180, acquired 3/24/20)(a)(b)		1,695,537
	3,700	Transfar Zhilian Co., Ltd., Class A Shares		3,509
	20,000	TravelSky Technology Ltd., Class H Shares(c)		50,694
	11,623	Trip.com Group Ltd., ADR*		458,527
	14,000	Tsingtao Brewery Co., Ltd., Class H Shares(c)		115,626
	700	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		11,976
	37,000	Uni-President China Holdings Ltd.		44,450
	7,560	Unisplendour Corp., Ltd., Class A Shares		25,041
	2,600	Universal Scientific Industrial Shanghai Co., Ltd., Class A Shares		7,933
	10,229	Vipshop Holdings Ltd., ADR*(d)		381,746
	1,800	Walvax Biotechnology Co., Ltd., Class A Shares		12,718
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		94,872
	125,000	Want Want China Holdings Ltd.		90,213
	1,280	Weibo Corp., ADR*		70,618
	11,600	Weichai Power Co., Ltd., Class A Shares		39,464
	736,200	Weichai Power Co., Ltd., Class H Shares(c)		2,169,718
	1,900	Weihai Guangwei Composites Co., Ltd., Class A Shares		21,316
	40,000	Weimob Inc.*(a)		116,290
	14,040	Wens Foodstuffs Group Co., Ltd., Class A Shares		39,328
	11,400	Western Securities Co., Ltd., Class A Shares		16,605
	1,200	Will Semiconductor Co., Ltd., Class A Shares		52,327
	1,600	Wingtech Technology Co., Ltd., Class A Shares		24,860
	29,900	Wuchan Zhongda Group Co., Ltd., Class A Shares		21,565

See Notes to Financial Statements.

114

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.6% — (continued)
	800	Wuhan Guide Infrared Co., Ltd., Class A Shares	$	4,844
	3,900	Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		16,925
	5,300	Wuliangye Yibin Co., Ltd., Class A Shares		228,934
	6,600	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		17,617
	3,220	WuXi AppTec Co., Ltd., Class A Shares		71,313
	6,640	WuXi AppTec Co., Ltd., Class H Shares(a)(c)		138,234
	319,000	Wuxi Biologics Cayman Inc., (Restricted, cost — $1,280,602, acquired 11/21/19)*(a)(b)		3,940,750
	500	Wuxi Lead Intelligent Equipment Co., Ltd., Class A Shares		6,464
	5,000	Xiamen Tungsten Co., Ltd., Class A Shares		15,288
	354,600	Xiaomi Corp., Class B Shares*(a)		1,153,508
	10,200	Xinjiang Goldwind Science & Technology Co., Ltd., Class A Shares		23,847
	16,982	Xinjiang Goldwind Science & Technology Co., Ltd., Class H Shares(c)(d)		36,307
	98,000	Xinyi Solar Holdings Ltd.		209,224
	4,013	XPeng Inc., ADR*(d)		136,883
	28,000	Yadea Group Holdings., Ltd.(a)		60,920
	58,000	Yanzhou Coal Mining Co., Ltd., Class H Shares(c)		53,755
	1,050	Yealink Network Technology Corp., Ltd., Class A Shares		12,265
	9,000	Yihai International Holding Ltd.*		123,101
	1,700	Yihai Kerry Arawana Holdings Co., Ltd., Class A Shares*		23,459
	12,500	Yonghui Superstores Co., Ltd., Class A Shares		13,893
	5,330	Yonyou Network Technology Co., Ltd., Class A Shares		30,371
	44,539	Yum China Holdings Inc.		2,665,214
	4,160	Yunda Holding Co., Ltd., Class A Shares		10,772
	1,400	Yunnan Baiyao Group Co., Ltd., Class A Shares		28,231
	1,300	Yunnan Energy New Material Co., Ltd., Class A Shares		21,246
	1,679	Zai Lab Ltd., ADR*		247,686
	800	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		36,683
	27,000	Zhaojin Mining Industry Co., Ltd., Class H Shares(c)		27,307
	14,520	Zhejiang Century Huatong Group Co., Ltd., Class A Shares*		14,055
	4,800	Zhejiang Chint Electrics Co., Ltd., Class A Shares		25,355
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		20,666
	1,300	Zhejiang Dingli Machinery Co., Ltd., Class A Shares		23,014
	36,000	Zhejiang Expressway Co., Ltd., Class H Shares(c)		31,418
	4,400	Zhejiang Huahai Pharmaceutical Co., Ltd., Class A Shares		19,176
	7,900	Zhejiang Longsheng Group Co., Ltd., Class A Shares		20,157
	5,000	Zhejiang NHU Co., Ltd., Class A Shares		33,443
	9,100	Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A Shares		33,917
	2,000	Zhejiang Supor Co., Ltd., Class A Shares		23,219
	10,700	Zhengzhou Yutong Bus Co., Ltd., Class A Shares		25,015
	44,000	Zhenro Properties Group Ltd.		28,976
	7,900	Zheshang Securities Co., Ltd., Class A Shares		15,329
	10,000	ZhongAn Online P&C Insurance Co., Ltd., Class H Shares*(a)(c)(d)		67,054
	11,600	Zhongjin Gold Corp., Ltd., Class A Shares		16,663
	13,000	Zhongsheng Group Holdings Ltd.		80,314
	10,900	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(c)		47,496
	30,500	Zijin Mining Group Co., Ltd., Class A Shares		57,267
	138,000	Zijin Mining Group Co., Ltd., Class H Shares(c)		204,191
	13,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		29,289
	29,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class H Shares(c)		44,411
	6,400	ZTE Corp., Class A Shares		31,419
	19,000	ZTE Corp., Class H Shares(c)		48,763
	10,051	ZTO Express Cayman Inc., ADR		339,121
		Total China		178,110,333
	Colombia — 0.0%
	4,158	Bancolombia SA		35,799

See Notes to Financial Statements.

115

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Colombia — 0.0% — (continued)
	101,878	Ecopetrol SA	$	62,853
	7,067	Grupo de Inversiones Suramericana SA		45,867
	11,971	Interconexion Electrica SA ESP		78,122
		Total Colombia		222,641
	Cyprus — 0.0%
	2,908	TCS Group Holdings PLC, Class Registered Shares, GDR*		150,833
	Czech Republic — 0.0%
	3,761	CEZ AS		91,804
	1,684	Komercní Banka AS*		52,653
	15,820	Moneta Money Bank AS*(a)		57,781
		Total Czech Republic		202,238
	Egypt — 1.2%
	3,641,004	Cleopatra Hospital*		1,240,764
	1,104,676	Commercial International Bank Egypt SAE, Class Registered Shares, GDR		4,329,010
	69,145	Commercial International Bank Egypt SAE, GDR		274,818
	22,745	Eastern Co. SAE		21,611
	21,328	ElSewedy Electric Co.		12,809
	325,180	Fawry for Banking & Payment Technology Services SAE*		1,005,349
	924,156	Juhayna Food Industries		342,595
		Total Egypt		7,226,956
	Georgia — 0.3%
	106,700	Bank of Georgia Group PLC*		1,483,037
	61,700	Georgia Capital PLC*		434,345
		Total Georgia		1,917,382
	Germany— 0.6%
	31,260	Delivery Hero SE, (Restricted, cost — $1,345,222, acquired 2/26/19)*(a)(b)		3,986,424
	Greece — 0.0%
	1,594	FF Group*(e)(f)		19
	6,598	Hellenic Telecommunications Organization SA		101,237
	2,114	JUMBO SA		34,630
	4,940	OPAP SA		66,490
		Total Greece		202,376
	Hong Kong — 2.2%
	876,000	Alibaba Health Information Technology Ltd.*		2,930,913
	250,000	Alibaba Pictures Group Ltd.*		34,778
	152,200	ASM Pacific Technology Ltd.		2,114,208
	11,000	Beijing Enterprises Holdings Ltd.		38,068
	164,000	Beijing Enterprises Water Group Ltd.*		64,848
	92,000	Bosideng International Holdings Ltd.		38,878
	70,000	Brilliance China Automotive Holdings Ltd.		62,738
	2,393,000	China Education Group Holdings Ltd., (Restricted, cost — $3,970,352, acquired 1/27/21)(b)		4,436,191
	106,888	China Everbright Environment Group Ltd.		61,157
	24,000	China Everbright Ltd.		30,961
	66,000	China Gas Holdings Ltd.		265,619
	156,000	China Jinmao Holdings Group Ltd.		65,329
	71,000	China Mengniu Dairy Co., Ltd.*		389,775
	39,538	China Merchants Port Holdings Co., Ltd.		57,726
	95,000	China Overseas Land & Investment Ltd.		241,236
	40,000	China Overseas Property Holdings Ltd.		26,313
	92,000	China Power International Development Ltd.		19,680
	36,000	China Resources Beer Holdings Co., Ltd.		272,715

See Notes to Financial Statements.

116

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Hong Kong — 2.2% — (continued)
	54,000	China Resources Cement Holdings Ltd.	$	64,328
	24,000	China Resources Gas Group Ltd.		119,866
	82,000	China Resources Land Ltd.		388,886
	38,000	China Resources Power Holdings Co., Ltd.		44,205
	36,000	China State Construction International Holdings Ltd.		24,817
	35,800	China Taiping Insurance Holdings Co., Ltd.		77,050
	72,000	China Traditional Chinese Medicine Holdings Co., Ltd.		43,129
	324,000	China Youzan Ltd.*		138,233
	149,000	CITIC Ltd.		126,036
	46,000	COSCO SHIPPING Ports Ltd.		33,439
	46,000	Far East Horizon Ltd.		49,241
	145,000	Geely Automobile Holdings Ltd.		469,350
	76,000	Guangdong Investment Ltd.		135,873
	18,000	Hopson Development Holdings Ltd.		58,901
	1,788	Hutchison China MediTech Ltd., ADR*		51,387
	17,500	Kingboard Holdings Ltd.		80,745
	31,000	Kingboard Laminates Holdings Ltd.		52,876
	106,000	Kunlun Energy Co., Ltd.		97,387
	11,000	Lee & Man Paper Manufacturing Ltd.		10,189
	24,000	Nine Dragons Paper Holdings Ltd.		38,665
	26,000	Shenzhen International Holdings Ltd.		43,172
	80,000	Shenzhen Investment Ltd.		28,746
	32,000	Shimao Group Holdings Ltd.		105,756
	259,750	Sino Biopharmaceutical Ltd.		288,947
	50,000	SSY Group Ltd.		26,845
	58,000	Sun Art Retail Group Ltd.		50,052
	11,000	Vinda International Holdings Ltd.		32,824
	36,000	Wharf Holdings Ltd.		85,166
	64,000	Yuexiu Property Co., Ltd.		14,176
		Total Hong Kong		13,931,420
	Hungary — 1.1%
	9,056	MOL Hungarian Oil & Gas PLC*		65,027
	142,292	OTP Bank Nyrt*		6,472,987
	4,013	Richter Gedeon Nyrt		114,550
		Total Hungary		6,652,564
	India — 10.2%
	1,964	ACC Ltd.		45,915
	10,226	Adani Green Energy Ltd.*		160,306
	12,372	Adani Ports & Special Economic Zone Ltd.		112,821
	18,748	Ambuja Cements Ltd.		69,164
	2,365	Apollo Hospitals Enterprise Ltd.		98,797
	9,261	Asian Paints Ltd.		287,623
	7,984	Aurobindo Pharma Ltd.		92,149
	3,778	Avenue Supermarts Ltd., Class A Shares*(a)		154,106
	359,869	Axis Bank Ltd.*		3,514,845
	33,152	Bajaj Auto Ltd.		1,699,505
	6,736	Bajaj Finance Ltd.		478,156
	899	Bajaj Finserv Ltd.		116,942
	2,275	Balkrishna Industries Ltd.		47,991
	373,559	Bandhan Bank Ltd., (Restricted, cost — $2,388,289, acquired 3/28/19)*(a)(b)		1,736,959
	6,522	Berger Paints India Ltd.		59,771
	6,110	Bharat Forge Ltd.		50,243
	268,556	Bharat Petroleum Corp., Ltd.		1,629,806
	59,367	Bharti Airtel Ltd.		450,154
	8,802	Biocon Ltd.*		46,406

See Notes to Financial Statements.

117

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		��	Security	Value
	India — 10.2% — (continued)
	2,833		Britannia Industries Ltd.	$	128,548
	456,400		Cholamandalam Investment & Finance Co., Ltd.		3,183,562
	11,835		Cipla Ltd.		125,776
	839,557		Coal India Ltd.		1,741,775
	3,227		Colgate-Palmolive India Ltd.		68,875
	6,095		Container Corp. Of India Ltd.		46,356
	13,376		Dabur India Ltd.		90,779
	3,471		Divi’s Laboratories Ltd.*		157,367
	16,810		DLF Ltd.		68,465
	2,744		Dr Reddy’s Laboratories Ltd.		163,941
	3,510		Eicher Motors Ltd.		118,369
	34,196		GAIL India Ltd.		65,311
	9,248		Godrej Consumer Products Ltd.*		86,456
	6,757		Grasim Industries Ltd.		109,500
	5,321		Havells India Ltd.		79,347
	83,572		HCL Technologies Ltd.		1,035,555
	1,229		HDFC Asset Management Co., Ltd.(a)		48,704
	272,000		HDFC Bank Ltd.*		5,633,298
	67,977		HDFC Bank Ltd., ADR*		5,379,700
	18,294		HDFC Life Insurance Co., Ltd.*(a)		173,047
	34,976		Hero MotoCorp Ltd.		1,521,082
	41,453		Hindalco Industries Ltd.		189,946
	17,094		Hindustan Petroleum Corp., Ltd.		55,876
	20,084		Hindustan Unilever Ltd.		578,100
	42,418		Housing Development Finance Corp., Ltd.		1,454,848
	126,725		ICICI Bank Ltd.*		1,026,978
	5,614		ICICI Lombard General Insurance Co., Ltd.*(a)		108,012
	9,515		ICICI Prudential Life Insurance Co., Ltd.*(a)		59,276
	52,879		Indian Oil Corp., Ltd.		69,940
	5,863		Indraprastha Gas Ltd.		39,399
	591,247		Indus Towers Ltd.		2,053,974
	1,743		Info Edge India Ltd.*		114,961
	84,660		Infosys Ltd.		1,427,013
	87,171		Infosys Ltd., ADR		1,492,368
	2,780		InterGlobe Aviation Ltd.*(a)		60,698
	1,817		Ipca Laboratories Ltd.		45,274
	72,083		ITC Ltd.		198,286
	21,446		JSW Steel Ltd.		114,210
	2,142		Jubilant Foodworks Ltd.		86,885
	13,530		Kotak Mahindra Bank Ltd.*		324,795
	1,369		Larsen & Toubro Infotech Ltd.(a)		66,544
	16,754		Larsen & Toubro Ltd.		325,861
	1,634,423		Lemon Tree Hotels Ltd., (Restricted, cost — $1,316,598, acquired 8/29/19)*(a)(b)		903,004
	5,356		Lupin Ltd.		73,558
	19,302		Mahindra & Mahindra Ltd.		212,805
	12,963		Marico Ltd.		69,533
	3,325		Maruti Suzuki India Ltd.		309,236
	28,021		Motherson Sumi Systems Ltd.		80,683
	50		MRF Ltd.		57,137
	3,147		Muthoot Finance Ltd.		55,189
	769		Nestle India Ltd.		167,976
	116,443		NTPC Ltd.		168,597
	142,000		Oberoi Realty Ltd.*		1,043,606
	1,483,845		Oil & Natural Gas Corp., Ltd.		2,221,556
	169		Page Industries Ltd.		64,274
	17,509		Petronet LNG Ltd.		60,289

See Notes to Financial Statements.

118

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	India — 10.2% — (continued)
	134,000	Phoenix Mills Ltd.*	$	1,467,412
	2,182	PI Industries Ltd.		64,692
	4,019	Pidilite Industries Ltd.		91,502
	1,645	Piramal Enterprises Ltd.		40,623
	616,000	Power Grid Corp. of India Ltd.		1,779,895
	13,216	REC Ltd.		24,134
	232,721	Reliance Industries Ltd.		6,432,907
	10,061	SBI Life Insurance Co., Ltd.*(a)		118,055
	257	Shree Cement Ltd.*		91,968
	5,004	Shriram Transport Finance Co., Ltd.		86,429
	2,065	Siemens Ltd.		51,562
	46,446	State Bank of India*		243,880
	19,901	Sun Pharmaceutical Industries Ltd.		159,831
	59,012	Tata Consultancy Services Ltd.		2,307,986
	13,065	Tata Consumer Products Ltd.		107,229
	36,237	Tata Motors Ltd.*		158,922
	14,891	Tata Steel Ltd.		143,476
	14,678	Tech Mahindra Ltd.		181,787
	8,108	Titan Co., Ltd.		153,760
	1,476	Torrent Pharmaceuticals Ltd.		48,400
	4,741	Trent Ltd.		51,748
	2,967	UltraTech Cement Ltd.		244,961
	5,897	United Spirits Ltd.*		42,508
	391,716	UPL Ltd.		2,962,714
	44,299	Vedanta Ltd.		123,829
	29,534	Wipro Ltd.		163,631
	241,179	Yes Bank Ltd.*(e)		51,308
	19,212	Zee Entertainment Enterprises Ltd.		52,059
		Total India		63,705,367
	Indonesia — 2.5%
	299,900	Adaro Energy Tbk PT		24,955
	197,700	Aneka Tambang Tbk PT*		39,374
	4,902,500	Astra International Tbk PT		1,852,661
	11,690,000	Bank BTPN Syariah Tbk PT		3,356,963
	244,400	Bank Central Asia Tbk PT		575,578
	8,744,524	Bank Mandiri Persero Tbk PT*		3,768,436
	151,100	Bank Negara Indonesia Persero Tbk PT		63,007
	3,713,000	Bank Rakyat Indonesia Persero Tbk PT*		1,225,433
	798,600	Barito Pacific Tbk PT*		61,506
	174,600	Charoen Pokphand Indonesia Tbk PT		75,267
	14,300	Gudang Garam Tbk PT*		36,722
	77,100	Indah Kiat Pulp & Paper Corp. Tbk PT		71,192
	34,200	Indocement Tunggal Prakarsa Tbk PT		29,931
	69,500	Indofood CBP Sukses Makmur Tbk PT		41,771
	90,400	Indofood Sukses Makmur Tbk PT		38,343
	492,600	Kalbe Farma Tbk PT		50,768
	220,500	Merdeka Copper Gold Tbk PT*		43,694
	365,400	Perusahaan Gas Negara Tbk PT		36,866
	505,900	Sarana Menara Nusantara Tbk PT		44,864
	69,600	Semen Indonesia Persero Tbk PT		49,718
	1,231,387	Telekom Indonesia Persero Tbk PT		301,198
	142,822	Telekom Indonesia Persero Tbk PT, ADR		3,424,872
	190,000	Unilever Indonesia Tbk PT		93,532
	38,900	United Tractors Tbk PT		61,421
		Total Indonesia		15,368,072

See Notes to Financial Statements.

119

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Kazakhstan — 0.2%
	16,200	Kaspi.KZ JSC, (Restricted, cost — $546,750, acquired 10/15/20), GDR*(b)	$	1,142,100
	Kenya —0.3%
	4,524,000	Safaricom PLC		1,569,830
	Kuwait — 0.3%
	26,340	Agility Public Warehousing Co., KSC		57,450
	25,052	Boubyan Bank KSCP		45,640
	37,241	Gulf Bank KSCP		26,578
	94,000	Humansoft Holding Co. KSC*		1,187,650
	107,982	Kuwait Finance House KSCP		257,124
	11,729	Mabanee Co., KPSC		27,060
	46,291	Mobile Telecommunications Co., KSCP		95,778
	159,162	National Bank of Kuwait SAKP		433,750
		Total Kuwait		2,131,030
	Luxembourg — 0.3%
	4,430	Reinet Investments SCA		82,952
	47,198	Ternium SA, ADR		1,449,450
		Total Luxembourg		1,532,402
	Malaysia — 0.5%
	46,100	AMMB Holdings Bhd		35,865
	77,700	Axiata Group Bhd		67,829
	164,607	CIMB Group Holdings Bhd		175,218
	85,400	Dialog Group Bhd		67,901
	60,900	DiGi.Com Bhd		55,552
	3,000	Fraser & Neave Holdings Bhd		23,054
	56,200	Gamuda Bhd*		46,091
	57,500	Genting Bhd		65,393
	80,300	Genting Malaysia Bhd		57,165
	5,900	Genting Plantations Bhd		13,811
	20,100	HAP Seng Consolidated Bhd		42,171
	39,400	Hartalega Holdings Bhd		96,659
	15,800	Hong Leong Bank Bhd		69,293
	7,300	Hong Leong Financial Group Bhd		30,479
	48,500	IHH Healthcare Bhd		60,684
	56,900	IOI Corp. Bhd		60,067
	21,300	Kossan Rubber Industries		20,682
	13,100	Kuala Lumpur Kepong Bhd		75,873
	91,809	Malayan Banking Bhd		181,736
	25,900	Malaysia Airports Holdings Bhd		38,260
	57,900	Maxis Bhd		67,680
	34,300	MISC Bhd		57,159
	1,600	Nestle Malaysia Bhd		54,343
	62,100	Petronas Chemicals Group Bhd		113,882
	3,600	Petronas Dagangan Bhd		17,739
	18,400	Petronas Gas Bhd		74,398
	16,700	PPB Group Bhd		77,231
	37,500	Press Metal Aluminium Holdings Bhd		89,465
	353,300	Public Bank Bhd		361,918
	31,500	QL Resources Bhd		47,652
	37,800	RHB Bank Bhd		50,395
	77,200	Sime Darby Bhd		43,139
	63,200	Sime Darby Plantation Bhd		76,237
	44,160	Supermax Corp. Bhd		52,445
	31,400	Telekom Malaysia Bhd		47,482
	52,800	Tenaga Nasional Bhd		131,369

See Notes to Financial Statements.

120

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Malaysia — 0.5% — (continued)
	123,200	Top Glove Corp. Bhd	$	158,376
	13,800	Westports Holdings Bhd		13,880
		Total Malaysia		2,818,573
	Mexico — 3.2%
	304,150	America Movil SAB de CV, Class L Shares, ADR		3,862,705
	840,644	America Movil SAB de CV, Series L		537,013
	12,126	Arca Continental SAB de CV		55,127
	15,467	Becle SAB de CV		31,992
	318,068	Cemex SAB de CV, Class Preferred Shares*		210,784
	12,281	Coca-Cola Femsa SAB de CV		51,783
	76,190	Fibra Uno Administracion SA de CV, REIT		86,494
	46,884	Fomento Economico Mexicano SAB de CV		319,751
	6,096	Gruma SAB de CV, Class B Shares		66,408
	10,437	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares*		105,465
	4,684	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares*		87,293
	42,785	Grupo Bimbo SAB de CV, Series A		80,053
	4,060	Grupo Carso SAB de CV, Series A1*		9,992
	531,285	Grupo Financiero Banorte SAB de CV, Class O Shares*		2,666,896
	67,892	Grupo Financiero Inbursa SAB de CV, Class O Shares*		60,984
	860,262	Grupo México SAB de CV, Series B		4,076,580
	52,398	Grupo Televisa SAB*		77,460
	2,464	Industrias Peñoles SAB de CV*		33,827
	12,296	Infraestructura Energetica Nova SAB de CV*		43,081
	914,206	Kimberly-Clark de México SAB de CV, Class A Shares		1,464,162
	7,978	Megacable Holdings SAB de CV		27,541
	31,079	Orbia Advance Corp. SAB de CV		72,064
	6,730	Promotora y Operadora de Infraestructura SAB de CV		49,629
	489,527	Qualitas Controladora SAB de CV		2,655,625
	552,100	Regional SAB de CV*		2,504,953
	29,228	Telesites SAB de CV*		25,751
	130,503	Wal-Mart de Mexico SAB de CV		371,253
		Total Mexico		19,634,666
	Netherlands — 1.0%
	53,370	Prosus NV*		6,321,736
	Pakistan — 0.0%
	21,800	Habib Bank Ltd.		16,869
	822	MCB Bank Ltd.		944
	17,868	Oil & Gas Development Co., Ltd.		11,725
		Total Pakistan		29,538
	Peru —0.1%
	4,824	Cia de Minas Buenaventura SAA, ADR*		53,353
	1,662	Credicorp Ltd.		265,937
	2,181	Southern Copper Corp.		155,571
		Total Peru		474,861
	Philippines — 1.2%
	43,280	Aboitiz Equity Ventures Inc.		37,429
	43,300	Aboitiz Power Corp.		21,513
	6,660	Ayala Corp.		102,477
	2,567,310	Ayala Land Inc.		2,058,198
	34,918	Bank of the Philippine Islands		63,986
	45,844	BDO Unibank Inc.		99,453
	10,546,900	Bloomberry Resorts Corp.		1,731,820
	620	Globe Telecom Inc.		25,708

See Notes to Financial Statements.

121

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Philippines — 1.2% — (continued)
	2,800	GT Capital Holdings Inc.	$	32,135
	1,063,640	International Container Terminal Services Inc.		2,621,915
	67,856	JG Summit Holdings Inc.		89,861
	9,470	Jollibee Foods Corp.		34,794
	6,170	Manila Electric Co.		34,279
	434,000	Megaworld Corp.		32,302
	419,500	Metro Pacific Investments Corp.		35,000
	55,156	Metropolitan Bank & Trust Co.		57,429
	1,505	PLDT Inc.		39,454
	27,600	Puregold Price Club Inc.		20,964
	5,930	SM Investments Corp.		122,815
	263,700	SM Prime Holdings Inc.		195,325
	22,540	Universal Robina Corp.		59,102
		Total Philippines		7,515,959
	Poland — 0.3%
	5,546	Allegro.eu SA*(a)		95,189
	3,979	Bank Polska Kasa Opieki SA*		71,932
	1,667	CD Projekt SA*		105,202
	6,856	Cyfrowy Polsat SA		52,163
	1,144	Dino Polska SA*(a)		75,060
	33,700	InPost SA*		738,206
	3,716	KGHM Polska Miedz SA*		187,579
	36	LPP SA*		75,171
	20,391	Orange Polska SA*		34,358
	12,922	PGE Polska Grupa Energetyczna SA*		22,807
	7,141	Polski Koncern Naftowy ORLEN SA		111,599
	38,865	Polskie Gornictwo Naftowe i Gazownictwo SA		57,917
	22,511	Powszechna Kasa Oszczednosci Bank Polski SA*		180,883
	13,963	Powszechny Zaklad Ubezpieczen SA*		108,952
	1,017	Santander Bank Polska SA*		57,061
		Total Poland		1,974,079
	Portugal — 0.4%
	204,332	Galp Energia SGPS SA		2,293,504
	Qatar — 0.2%
	58,133	Barwa Real Estate Co.		51,698
	56,283	Commercial Bank PSQC		65,945
	45,250	Industries Qatar QSC		143,791
	93,218	Masraf Al Rayan QSC		110,696
	127,934	Mesaieed Petrochemical Holding Co.		65,909
	13,747	Ooredoo QPSC		29,082
	12,424	Qatar Electricity & Water Co. QSC		59,311
	10,432	Qatar Fuel QSC		48,307
	73,108	Qatar Gas Transport Co., Ltd.		65,979
	16,205	Qatar International Islamic Bank QSC		37,608
	30,634	Qatar Islamic Bank SAQ		132,023
	108,838	Qatar National Bank QPSC		515,189
		Total Qatar		1,325,538
	Romania — 0.0%
	9,224	NEPI Rockcastle PLC		56,528
	Russia — 4.9%
	2,117,518	Alrosa PJSC		2,825,307
	662,100	Detsky Mir PJSC, (Restricted, cost — $1,010,714, acquired 9/2/20)(a)(b)		1,259,680
	299,217	Gazprom PJSC		878,283

See Notes to Financial Statements.

122

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Russia — 4.9% — (continued)
	260,922	Gazprom PJSC, ADR	$	1,513,348
	885,983	Inter RAO UES PJSC		60,651
	10,603	Lukoil PJSC		796,716
	55,734	Lukoil PJSC, ADR		4,152,183
	65,714	Magnit PJSC, Class Registered Shares, GDR		894,051
	2,330	Mail.Ru Group Ltd., GDR*		62,801
	1,618	MMC Norilsk Nickel PJSC		506,618
	407,575	Mobile TeleSystems PJSC, ADR		3,350,266
	37,008	Moscow Exchange MICEX-RTS PJSC		85,829
	2,358	Novatek PJSC, Class Registered Shares, GDR		399,908
	29,577	Novolipetsk Steel PJSC		88,792
	2,783	PhosAgro PJSC, Class Registered Shares, GDR		48,841
	5,443	Polymetal International PLC		108,304
	906	Polyus PJSC		170,634
	29,079	Rosneft Oil Co. PJSC		205,068
	1,626,919	Sberbank of Russia PJSC		5,891,059
	201,500	Sberbank of Russia PJSC, ADR		2,933,840
	5,352	Severstal PAO		96,815
	157,330	Surgutneftegas PJSC		68,535
	36,372	Tatneft PJSC		255,794
	92,960,626	VTB Bank PJSC		46,108
	8,314	X5 Retail Group NV, Class Registered Shares, GDR		270,818
	35,160	X5 Retail Group NV, GDR		1,142,700
	39,982	Yandex NV, Class A Shares*		2,561,977
		Total Russia		30,674,926
	Saudi Arabia — 0.8%
	1,366	Abdullah Al Othaim Markets Co.		44,454
	2,938	Advanced Petrochemical Co.		53,111
	30,352	Al Rajhi Bank		735,710
	23,349	Alinma Bank*		100,697
	6,060	Almarai Co. JSC		82,442
	14,805	Arab National Bank		76,146
	10,770	Bank AlBilad		94,389
	12,294	Bank Al-Jazira		43,989
	12,740	Banque Saudi Fransi		94,576
	1,692	Bupa Arabia for Cooperative Insurance Co.*		53,858
	1,797	Co. for Cooperative Insurance*		37,970
	16,229	Dar Al Arkan Real Estate Development Co.*		37,963
	944	Dr Sulaiman Al Habib Medical Services Group Co.		29,888
	3,935	Emaar Economic City*		9,623
	8,287	Etihad Etisalat Co.*		63,314
	1,138	Jarir Marketing Co.		51,812
	12,541	Mobile Telecommunications Co.*		44,587
	36,793	National Commercial Bank		460,812
	9,889	National Industrialization Co.*		39,092
	6,566	Rabigh Refining & Petrochemical Co.*		25,588
	32,887	Riyad Bank		173,693
	4,953	SABIC Agri-Nutrients Co.		128,690
	10,666	Sahara International Petrochemical Co.		53,824
	24,746	Samba Financial Group		221,777
	1,171	Saudi Airlines Catering Co.		23,053
	10,443	Saudi Arabian Mining Co.*		142,736
	52,896	Saudi Arabian Oil Co.(a)		487,954
	22,517	Saudi Basic Industries Corp.		639,823
	19,518	Saudi British Bank		126,277

See Notes to Financial Statements.

123

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Saudi Arabia — 0.8% — (continued)
	2,168	Saudi Cement Co.	$	36,638
	18,903	Saudi Electricity Co.		106,122
	6,611	Saudi Industrial Investment Group		49,733
	15,381	Saudi Kayan Petrochemical Co.*		60,620
	15,173	Saudi Telecom Co.		480,112
	5,902	Savola Group		59,280
	6,603	Yanbu National Petrochemical Co.		125,881
		Total Saudi Arabia		5,096,234
	Singapore — 0.5%
	3,600	BOC Aviation Ltd.(a)		34,796
	13,100	Sea Ltd., ADR*		3,087,539
		Total Singapore		3,122,335
	South Africa — 4.2%
	18,540	Absa Group Ltd.		148,250
	1,957	African Rainbow Minerals Ltd.		38,304
	1,393	Anglo American Platinum Ltd.		169,017
	10,370	AngloGold Ashanti Ltd.		206,580
	9,733	Aspen Pharmacare Holdings Ltd.*		91,661
	8,307	Bid Corp., Ltd.		155,675
	190,259	Bidvest Group Ltd.		2,107,112
	1,595	Capitec Bank Holdings Ltd.*		141,024
	5,665	Clicks Group Ltd.		91,567
	10,460	Discovery Ltd.		97,650
	5,384	Exxaro Resources Ltd.		60,696
	118,889	FirstRand Ltd.		394,031
	21,882	Gold Fields Ltd.		180,352
	79,517	Growthpoint Properties Ltd., REIT		71,794
	14,005	Harmony Gold Mining Co., Ltd.*		52,618
	19,167	Impala Platinum Holdings Ltd.		310,632
	1,756	Kumba Iron Ore Ltd.		75,187
	1,344,769	Life Healthcare Group Holdings Ltd.*		1,596,137
	5,962	Mr Price Group Ltd.		68,663
	41,728	MTN Group		200,360
	11,623	MultiChoice Group		97,918
	28,385	Naspers Ltd., Class N Shares		6,599,408
	309,076	Nedbank Group Ltd.		2,659,912
	8,443	Northam Platinum Ltd.*		123,721
	109,246	Old Mutual Ltd.		96,799
	18,253	Rand Merchant Investment Holdings Ltd.		36,679
	15,494	Remgro Ltd.		106,030
	439,605	Sanlam Ltd.		1,764,348
	13,629	Sasol Ltd.*		170,879
	190,440	Shoprite Holdings Ltd.		1,670,073
	67,877	Sibanye Stillwater Ltd.		313,063
	3,447	SPAR Group Ltd.		43,376
	232,840	Standard Bank Group Ltd.		2,040,054
	4,420	Tiger Brands Ltd.		58,921
	1,486,173	Transaction Capital Ltd.*		2,608,173
	180,693	Vodacom Group Ltd.		1,485,057
	20,440	Woolworths Holdings Ltd.		62,141
		Total South Africa		26,193,862
	South Korea — 11.2%
	314	Alteogen Inc.*		36,109
	802	Amorepacific Corp.		166,753

See Notes to Financial Statements.

124

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	South Korea — 11.2% — (continued)
	638	AMOREPACIFIC Group	$	36,603
	233	BGF retail Co., Ltd.		32,806
	1,593	Celltrion Healthcare Co., Ltd.*		177,204
	2,350	Celltrion Inc.*		619,294
	413	Celltrion Pharm Inc.*		56,231
	2,195	Cheil Worldwide Inc.		37,814
	218	CJ CheilJedang Corp.		78,523
	488	CJ Corp.		40,084
	153	CJ ENM Co., Ltd.		18,762
	248	CJ Logistics Corp.*		36,056
	41,871	Coway Co., Ltd.		2,400,924
	1,129	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		25,477
	1,408	DB Insurance Co., Ltd.		51,709
	1,233	Doosan Bobcat Inc.*		35,289
	5,019	Doosan Heavy Industries & Construction Co., Ltd.*		47,034
	12,165	Douzone Bizon Co., Ltd.		1,184,522
	446	E-MART Inc.		66,777
	1,475	Fila Holdings Corp.		52,317
	1,746	GS Engineering & Construction Corp.		56,215
	1,234	GS Holdings Corp.		42,880
	684	GS Retail Co., Ltd.		21,955
	7,428	Hana Financial Group Inc.		244,010
	1,886	Hankook Tire & Technology Co., Ltd.		79,627
	191	Hanmi Pharm Co., Ltd.*		58,064
	3,831	Hanon Systems		52,379
	823	Hanwha Corp.		21,340
	3,043	Hanwha Solutions Corp.*		121,455
	913	HLB Inc.*		55,609
	672	Hotel Shilla Co., Ltd.		49,084
	1,803	Hyundai Engineering & Construction Co., Ltd.		63,575
	434	Hyundai Glovis Co., Ltd.		74,030
	220	Hyundai Heavy Industries Holdings Co., Ltd.		52,764
	1,535	Hyundai Marine & Fire Insurance Co., Ltd.		29,803
	14,128	Hyundai Mobis Co., Ltd.		3,779,305
	3,768	Hyundai Motor Co.		790,522
	2,277	Hyundai Steel Co.		80,357
	7,803	Industrial Bank of Korea		57,568
	1,364	Kakao Corp.		589,753
	2,405	Kangwon Land Inc.*		52,066
	92,830	KB Financial Group Inc.		3,564,978
	6,436	Kia Motors Corp.		453,095
	751	KMW Co., Ltd.*		41,284
	1,943	Korea Aerospace Industries Ltd.*		57,005
	6,075	Korea Electric Power Corp.		122,285
	714	Korea Gas Corp.*		20,164
	955	Korea Investment Holdings Co., Ltd.*		73,923
	890	Korea Shipbuilding & Offshore Engineering Co., Ltd.*		88,327
	194	Korea Zinc Co., Ltd.		69,382
	1,980	Korean Air Lines Co., Ltd.*		49,401
	38,800	KT&G Corp.		2,692,971
	408	Kumho Petrochemical Co., Ltd.*		76,279
	3,901	LG Chem Ltd.		2,871,410
	2,354	LG Corp.		195,550
	5,648	LG Display Co., Ltd.		112,838
	2,604	LG Electronics Inc.		337,291
	237	LG Household & Health Care Ltd.		318,015

See Notes to Financial Statements.

125

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	South Korea — 11.2% — (continued)
	336	LG Innotek Co., Ltd.	$	59,105
	4,603	LG Uplus Corp.		48,101
	422	Lotte Chemical Corp.		118,578
	904	Lotte Corp.		26,884
	312	Lotte Shopping Co., Ltd.		33,031
	8,685	Meritz Securities Co., Ltd.		28,892
	8,373	Mirae Asset Daewoo Co., Ltd.		69,132
	11,095	NAVER Corp.		3,686,710
	2,163	NCSoft Corp.		1,792,290
	529	Netmarble Corp.(a)		57,885
	3,693	NH Investment & Securities Co., Ltd.*		35,505
	640	Orion Corp.		72,878
	19	Ottogi Corp.		9,438
	6,901	Pan Ocean Co., Ltd.		34,984
	177	Pearl Abyss Corp.*		45,408
	1,772	POSCO		441,988
	598	POSCO Chemical Co., Ltd.		83,501
	519	S-1 Corp.		38,207
	409	Samsung Biologics Co., Ltd.*(a)		271,879
	2,171	Samsung C&T Corp.		233,772
	865	Samsung Card Co., Ltd.		25,259
	1,410	Samsung Electro-Mechanics Co., Ltd.		236,179
	241,490	Samsung Electronics Co., Ltd.		17,647,405
	4,498	Samsung Engineering Co., Ltd.*		51,295
	790	Samsung Fire & Marine Insurance Co., Ltd.		121,148
	9,859	Samsung Heavy Industries Co., Ltd.*		57,343
	1,745	Samsung Life Insurance Co., Ltd.		115,813
	9,536	Samsung SDI Co., Ltd.		5,694,877
	870	Samsung SDS Co., Ltd.		149,913
	2,009	Samsung Securities Co., Ltd.		65,105
	397	Seegene Inc.		43,824
	766	Shin Poong Pharmaceutical Co., Ltd.		56,791
	112,879	Shinhan Financial Group Co., Ltd.		3,295,337
	131	Shinsegae Inc.		31,286
	400	SK Biopharmaceuticals Co., Ltd.*		41,854
	200	SK Chemicals Co., Ltd.		66,662
	872	SK Holdings Co., Ltd.		202,376
	87,000	SK Hynix Inc.		10,902,389
	1,353	SK Innovation Co., Ltd.*		312,421
	945	SK Telecom Co., Ltd.		207,000
	1,034	S-Oil Corp.*		77,908
	13,616	Woori Financial Group Inc.		115,858
	1,354	Yuhan Corp.		74,502
		Total South Korea		69,497,560
	Spain — 0.1%
	30,271	CIE Automotive SA		830,949
	Taiwan — 9.6%
	12,000	Accton Technology Corp.		112,989
	72,000	Acer Inc.		69,411
	10,777	Advantech Co., Ltd.		140,471
	3,000	Airtac International Group		104,665
	85,498	ASE Technology Holding Co., Ltd.		318,985
	60,000	Asia Cement Corp.		91,794
	1,000	ASMedia Technology Inc.		60,915
	17,000	Asustek Computer Inc.		185,297

See Notes to Financial Statements.

126

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Taiwan — 9.6% — (continued)
	204,000	AU Optronics Corp.*	$	138,871
	207,000	Catcher Technology Co., Ltd.		1,424,929
	175,738	Cathay Financial Holding Co., Ltd.		264,807
	31,088	Chailease Holding Co., Ltd.		192,077
	137,154	Chang Hwa Commercial Bank Ltd.		83,879
	54,000	Cheng Shin Rubber Industry Co., Ltd.		83,695
	17,130	Chicony Electronics Co., Ltd.		57,829
	324,000	China Development Financial Holding Corp.		108,205
	36,193	China Life Insurance Co., Ltd.		29,467
	288,000	China Steel Corp.		255,671
	305,900	Chroma ATE Inc.		2,254,626
	91,000	Chunghwa Telecom Co., Ltd.		357,508
	104,000	Compal Electronics Inc.		82,930
	412,880	CTBC Financial Holding Co., Ltd.		296,597
	49,000	Delta Electronics Inc.		494,657
	280,246	E.Sun Financial Holding Co., Ltd.		254,201
	5,100	Eclat Textile Co., Ltd.		78,691
	64,478	Evergreen Marine Corp. Taiwan Ltd.*		88,313
	85,000	Far Eastern New Century Corp.		88,466
	44,000	Far EasTone Telecommunications Co., Ltd.		97,549
	10,920	Feng TAY Enterprise Co., Ltd.		73,121
	249,198	First Financial Holding Co., Ltd.		186,515
	93,000	Formosa Chemicals & Fibre Corp.		287,350
	28,000	Formosa Petrochemical Corp.		101,051
	95,000	Formosa Plastics Corp.		332,778
	11,230	Foxconn Technology Co., Ltd.		28,269
	166,000	Fubon Financial Holding Co., Ltd.		297,834
	8,000	Giant Manufacturing Co., Ltd.		80,802
	87,000	Globalwafers Co., Ltd.		2,319,921
	20,900	Highwealth Construction Corp.		33,920
	6,422	Hiwin Technologies Corp.		92,373
	1,219,660	Hon Hai Precision Industry Co., Ltd.		4,916,414
	8,000	Hotai Motor Co., Ltd.		169,564
	216,562	Hua Nan Financial Holdings Co., Ltd.		141,102
	206,000	Innolux Corp.*		126,052
	49,000	Inventec Corp.		43,621
	2,541	Largan Precision Co., Ltd.		300,172
	48,264	Lite-On Technology Corp., ADR		103,060
	57,000	MediaTek Inc.		1,840,633
	242,000	Mega Financial Holding Co., Ltd.		253,412
	17,000	Micro-Star International Co., Ltd.		91,206
	125,000	Nan Ya Plastics Corp.		326,470
	6,000	Nan Ya Printed Circuit Board Corp.*		64,368
	29,000	Nanya Technology Corp.		100,822
	5,000	Nien Made Enterprise Co., Ltd.		70,038
	246,000	Novatek Microelectronics Corp.		4,201,978
	5,000	Oneness Biotech Co., Ltd.*		46,797
	43,000	Pegatron Corp.		115,049
	4,000	Phison Electronics Corp.		66,191
	44,000	Pou Chen Corp.		47,897
	8,000	Powertech Technology Inc.		28,684
	144,660	Poya International Co., Ltd.		3,252,516
	13,539	President Chain Store Corp.		127,542
	279,000	Quanta Computer Inc.		852,197
	12,000	Realtek Semiconductor Corp.		198,837
	24,180	Ruentex Development Co., Ltd.		36,206

See Notes to Financial Statements.

127

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Taiwan — 9.6% — (continued)
	96,206	Shanghai Commercial & Savings Bank Ltd.	$	138,175
	239,221	Shin Kong Financial Holding Co., Ltd.		71,219
	268,846	SinoPac Financial Holdings Co., Ltd.		112,452
	35,700	Synnex Technology International Corp.		63,191
	225,811	Taishin Financial Holding Co., Ltd.		104,970
	192,313	Taiwan Business Bank		65,367
	109,980	Taiwan Cement Corp.		165,691
	216,792	Taiwan Cooperative Financial Holding Co., Ltd.		155,481
	60,000	Taiwan High Speed Rail Corp.		65,124
	41,000	Taiwan Mobile Co., Ltd.		142,843
	1,077,507	Taiwan Semiconductor Manufacturing Co., Ltd.		23,529,524
	32,000	Unimicron Technology Corp.		111,748
	121,000	Uni-President Enterprises Corp.		292,580
	294,000	United Microelectronics Corp.		575,298
	23,000	Vanguard International Semiconductor Corp.		96,073
	7,000	Walsin Technology Corp.		64,104
	8,000	Win Semiconductors Corp.		109,628
	59,000	Winbond Electronics Corp.		65,043
	73,361	Wistron Corp.		84,188
	133,000	Wiwynn Corp.		3,846,022
	48,760	WPG Holdings Ltd.		79,430
	9,188	Yageo Corp.		196,366
	232,960	Yuanta Financial Holding Co., Ltd.		177,875
	14,000	Zhen Ding Technology Holding Ltd.		60,218
		Total Taiwan		59,544,867
	Thailand — 1.6%
	28,100	Advanced Info Service PCL, NVDR		151,086
	103,000	Airports of Thailand PCL, NVDR		209,897
	185,700	Asset World Corp. PCL, NVDR		29,490
	20,800	B Grimm Power PCL, NVDR		32,204
	10,000	Bangkok Bank PCL, Class Registered Shares		39,305
	51,800	Bangkok Commercial Asset Mangement PCL, NVDR		36,331
	229,400	Bangkok Dusit Medical Services PCL, NVDR		147,798
	215,400	Bangkok Expressway & Metro PCL, NVDR		55,502
	34,400	Berli Jucker PCL, NVDR		41,078
	220,700	BTS Group Holdings PCL, NVDR		67,039
	9,500	Bumrungrad Hospital PCL, NVDR		38,486
	52,000	Central Pattana PCL, NVDR		87,628
	33,616	Central Retail Corp. PCL, NVDR*		36,045
	86,300	Charoen Pokphand Foods PCL, NVDR		80,208
	141,500	CP ALL PCL, NVDR(d)		272,407
	8,100	Delta Electronics Thailand PCL, NVDR*		106,363
	9,700	Electricity Generating PCL, NVDR		52,903
	37,100	Energy Absolute PCL, NVDR		74,297
	17,400	Global Power Synergy PCL, NVDR		41,412
	64,600	Gulf Energy Development PCL, NVDR		69,370
	137,900	Home Product Center PCL, NVDR		59,215
	47,600	Indorama Ventures PCL, NVDR		60,999
	50,700	Intouch Holdings PCL, NVDR		92,188
	544,500	Kasikornbank PCL		2,456,108
	9,700	Kasikornbank PCL, NVDR		43,843
	110,000	Krung Thai Bank PCL, NVDR		42,400
	22,200	Krungthai Card PCL, NVDR		45,744
	226,700	Land and Houses PCL, NVDR		57,610
	87,700	Minor International PCL, NVDR*		85,769

See Notes to Financial Statements.

128

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Thailand — 1.6% — (continued)
	19,800	Muangthai Capital PCL, NVDR	$	41,721
	22,800	Osotspa PCL, NVDR		25,723
	35,100	PTT Exploration & Production PCL, NVDR		130,787
	54,100	PTT Global Chemical PCL, NVDR		108,423
	60,000	PTT Oil & Retail Business PCL, NVDR*		58,185
	291,300	PTT PCL, NVDR		378,531
	21,400	Ratch Group PCL, NVDR		35,467
	247,100	Siam Cement PCL, Class Registered Shares		2,972,998
	19,100	Siam Cement PCL, NVDR		227,633
	20,000	Siam Commercial Bank PCL, NVDR		66,367
	21,600	Sri Trang Gloves Thailand PCL		27,414
	165,000	Srisawad Corp. PCL		341,716
	163,174	Srisawad Corp. PCL, NVDR		332,740
	1,223,000	Thai Beverage PCL		671,271
	24,300	Thai Oil PCL, NVDR		46,401
	92,400	Thai Union Group PCL, NVDR		41,934
	20,200	Total Access Communication PCL, NVDR		20,804
	336,600	True Corp. PCL, NVDR		34,042
		Total Thailand		10,174,882
	Turkey — 1.0%
	92,671	Akbank TAS*		75,305
	17,844	Aselsan Elektronik Sanayi Ve Ticaret AS		40,676
	221,491	AvivaSA Emeklilik ve Hayat AS		526,291
	11,261	BIM Birlesik Magazalar AS		100,068
	41,908	Eregli Demir ve Celik Fabrikalari TAS		82,038
	1,793	Ford Otomotiv Sanayi AS		42,315
	27,526	Haci Ömer Sabanci Holding AS		38,724
	10,393	KOC Holding AS		30,103
	800,066	MLP Saglik Hizmetleri AS, (Restricted, cost — $2,105,107, acquired 5/3/18), Class B Shares*(a)(b)		2,552,794
	822,254	Sok Marketler Ticaret AS*		1,247,321
	258,100	Tofas Turk Otomobil Fabrikasi AS		1,201,577
	14,117	Turk Hava Yollari AO*		25,573
	25,061	Turkcell Iletisim Hizmetleri AS		53,319
	49,356	Türkiye Garanti Bankasi AS*		59,007
	18,380	Turkiye Is Bankasi AS, Class C Shares*		14,116
	3,542	Turkiye Petrol Rafinerileri AS*		48,059
	36,548	Türkiye Sise ve Cam Fabrikalari AS		34,969
	88,209	Yapi ve Kredi Bankasi AS*		31,332
		Total Turkey		6,203,587
	United Arab Emirates — 0.2%
	80,337	Abu Dhabi Commercial Bank PJSC		136,972
	20,043	Abu Dhabi Islamic Bank PJSC		27,040
	87,516	Aldar Properties PJSC		86,047
	52,710	Dubai Islamic Bank PJSC		67,739
	67,240	Emaar Malls PJSC*		30,621
	95,193	Emaar Properties PJSC*		89,391
	61,913	Emirates NBD Bank PJSC		187,654
	43,943	Emirates Telecommunications Group Co. PJSC		237,631
	68,569	First Abu Dhabi Bank PJSC		273,708
		Total United Arab Emirates		1,136,803
	United Kingdom — 1.6%
	66,623	Anglo American PLC		2,562,841
	990,959	Helios Towers PLC*		2,229,124
	63,473	Mondi PLC		1,524,094

See Notes to Financial Statements.

129

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units			Security	Value
	United Kingdom — 1.6% — (continued)
	66,477		Unilever PLC	$	3,447,117
			Total United Kingdom		9,763,176
	United States — 0.2%
	89,600		Laureate Education Inc., Class A Shares*		1,232,000
			TOTAL COMMON STOCKS (Cost — $401,426,292)		594,954,092
	PREFERRED STOCKS — 1.4%
	Brazil — 0.3%
	4,378		Alpargatas SA, Class Preferred Shares*		27,277
	111,885		Banco Bradesco SA, Class Preferred Shares		459,011
	5,534		Bradespar SA, Class Preferred Shares		62,049
	3,015		Centrais Eletricas Brasileiras SA, Class Preferred B Shares		17,623
	20,936		Cia Energetica de Minas Gerais, Class Preferred Shares		44,663
	2,480		Cia Paranaense de Energia, Class Preferred B Shares		25,913
	25,282		Gerdau SA, Class Preferred Shares		116,663
	111,385		Itau Unibanco Holding SA, Class Preferred Shares		507,623
	105,947		Itausa SA, Class Preferred Shares		188,034
	23,624		Lojas Americanas SA, Class Preferred Shares		104,967
	222		Lojas Americanas SA, Class Preferred Shares*(e)(f)		986
	113,375		Petroleo Brasileiro SA, Class Preferred Shares		449,755
	10,499		Telefonica Brasil SA, Class Preferred Shares		82,400
			Total Brazil		2,086,964
	Chile — 0.0%
	10,869		Embotelladora Andina SA, Class Preferred B Shares		29,387
	2,971		Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		159,245
			Total Chile		188,632
	Colombia — 0.0%
	13,625		Bancolombia SA, Class Preferred Shares		115,814
	Russia — 0.0%
	158,119		Surgutneftegas PJSC, Class Preferred Shares		83,389
	South Korea — 1.1%
	715		Hyundai Motor Co., Class Preferred 2nd Shares		64,588
	565		Hyundai Motor Co., Class Preferred Shares		52,042
	157		LG Chem Ltd., Class Preferred Shares		54,170
	55		LG Household & Health Care Ltd., Class Preferred Shares		34,386
	98,955		Samsung Electronics Co., Ltd., Class Preferred Shares		6,395,681
			Total South Korea		6,600,867
		��	TOTAL PREFERRED STOCKS (Cost — $8,318,662)		9,075,666
	RIGHTS — 0.0%
	China — 0.0%
	1,176		Legend Holdings Corp.*(e)(f)		1,755
	South Korea — 0.0%
	1,568		Korean Air Lines Co., Ltd.*(f)		12,586
			TOTAL RIGHTS (Cost — $7,875)		14,341
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $409,752,829)		604,044,099

See Notes to Financial Statements.

130

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Face Amount†			Security	Value
	SHORT-TERM INVESTMENTS (g) — 3.2%
	MONEY MARKET FUND — 0.2%
$	1,367,398		Invesco STIT — Government & Agency Portfolio, Institutional Class(h) (Cost — $1,367,398)	$	1,367,398
	TIME DEPOSITS — 3.0%
	17,816,229		Barclays Bank PLC — London, 0.000% due 3/1/21		17,816,229
			BBH — Grand Cayman:
	1,214	EUR	(0.710)% due 3/1/21		1,465
	10	GBP	0.000% due 3/1/21		14
	1,584	HKD	0.000% due 3/1/21		204
	24,036		0.000% due 3/1/21		24,036
	17,500	SGD	0.050% due 3/1/21		13,121
	359,758	ZAR	2.800% due 3/1/21		23,768
	504,406		Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		504,406
			TOTAL TIME DEPOSITS (Cost — $18,383,243)		18,383,243
			TOTAL SHORT-TERM INVESTMENTS (Cost — $19,750,641)		19,750,641
			TOTAL INVESTMENTS — 100.2% (Cost — $429,503,470)		623,794,740
			Liabilities in Excess of Other Assets — (0.2)%		(1,502,468	)
			TOTAL NET ASSETS — 100.0%	$	622,292,272

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

* Non-income producing security.

(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, 2021, amounts to $37,111,926 and represents 6.0% of net assets.

(b) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2021, amounts to $36,446,141 and represents 5.9% of net assets.

(c) Security trades on the Hong Kong exchange.

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

(e) Illiquid security.

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

(g) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 3.0%.

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

At February 28, 2021, for Emerging Markets Equity Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Emerging Markets Equity Fund	$	429,503,470	$	229,658,701	$	(35,324,088)	$	194,334,613

Abbreviations used in this schedule:
ADR	— American Depositary Receipts
GDR	— Global Depositary Receipt
NVDR	— Non Voting Depository Receipt
PCL	— Public Company Limited
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

See Notes to Financial Statements.

131

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund

Summary of Investments by Security Sector^
Financials
Banks	16.3	%
Insurance	3.3
Consumer Finance	1.4
Other	0.8
Information Technology	18.6
Consumer Discretionary	17.5
Communication Services	11.5
Materials	6.2
Energy	4.9
Industrials	4.8
Consumer Staples	4.6
Health Care	4.1
Real Estate	1.9
Utilities	1.1
Short-Term Investments	3.0
	100.0	%+

^ As a percentage of total investments.

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

At February 28, 2021, 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 were as follows:

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Buy:
MSCI Emerging Markets E-mini Index March Futures		21		3/21	$	1,361,662	$	1,405,005	$	43,343

At February 28, 2021, Emerging Markets Equity Fund had deposited cash of $104,994 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

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

See Notes to Financial Statements.

132

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES — 31.6%
	Aerospace/Defense — 1.0%
			BAE Systems Holdings Inc., Company Guaranteed Notes:
$	205,000	BBB	3.800% due 10/7/24(a)	$	226,743
	701,000	BBB	3.850% due 12/15/25(a)		780,900
			Boeing Co. (The), Senior Unsecured Notes:
	936,000	BBB-	4.875% due 5/1/25		1,044,540
	110,000	BBB-	2.196% due 2/4/26		110,122
	50,000	BBB-	3.100% due 5/1/26		52,563
	70,000	BBB-	2.700% due 2/1/27		71,985
	60,000	BBB-	2.800% due 3/1/27		61,760
	260,000	BBB-	3.200% due 3/1/29		266,153
	250,000	BBB-	5.150% due 5/1/30		290,075
	440,000	BBB-	3.250% due 2/1/35		430,081
	40,000	BBB-	3.550% due 3/1/38		39,250
	210,000	BBB-	5.705% due 5/1/40		261,522
	140,000	BBB-	3.750% due 2/1/50		135,444
	490,000	BBB-	5.805% due 5/1/50		626,235
	20,000	BBB-	3.825% due 3/1/59		18,962
	10,000	BBB-	5.930% due 5/1/60		12,995
			General Dynamics Corp., Company Guaranteed Notes:
	121,000	A	3.500% due 4/1/27		135,446
	579,000	A	3.750% due 5/15/28		656,540
	10,000	A	4.250% due 4/1/40		12,145
	70,000	A	4.250% due 4/1/50		86,279
	141,000	BBB	L3 Technologies Inc., Company Guaranteed Notes, 3.850% due 12/15/26		153,475
			L3Harris Technologies Inc., Senior Unsecured Notes:
	595,000	BBB	3.850% due 12/15/26		673,775
	600,000	BBB	4.400% due 6/15/28		697,280
	60,000	BBB	5.054% due 4/27/45		77,471
			Lockheed Martin Corp., Senior Unsecured Notes:
	30,000	A-	3.100% due 1/15/23		31,384
	170,000	A-	3.550% due 1/15/26		189,014
	40,000	A-	4.500% due 5/15/36		49,782
	97,000	A-	4.070% due 12/15/42		114,744
	45,000	A-	3.800% due 3/1/45		51,076
	109,000	A-	2.800% due 6/15/50		104,452
			Northrop Grumman Corp., Senior Unsecured Notes:
	664,000	BBB	2.930% due 1/15/25		708,394
	340,000	BBB	3.250% due 1/15/28		369,331
	200,000	BBB	4.030% due 10/15/47		225,805
	110,000	BBB	5.250% due 5/1/50		148,583
			Raytheon Co., Senior Unsecured Notes:
	40,000	A-	7.200% due 8/15/27		53,040
	24,000	A-	7.000% due 11/1/28		31,470
	55,000	A-	4.200% due 12/15/44		61,746
			Raytheon Technologies Corp., Senior Unsecured Notes:
	70,000	A-	3.150% due 12/15/24		75,311
	120,000	A-	3.950% due 8/16/25		134,381
	90,000	A-	4.125% due 11/16/28		103,373
	296,000	A-	2.250% due 7/1/30		298,344
	60,000	A-	4.500% due 6/1/42		73,398
	132,000	A-	4.050% due 5/4/47		150,871
	121,000	A-	3.125% due 7/1/50		119,814
			Total Aerospace/Defense		10,016,054

See Notes to Financial Statements.

133

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Agriculture — 0.6%
			Altria Group Inc., Company Guaranteed Notes:
$	130,000	BBB	4.750% due 5/5/21	$	130,992
	40,000	BBB	2.350% due 5/6/25		41,747
	130,000	BBB	4.400% due 2/14/26		147,816
	45,000	BBB	4.800% due 2/14/29		52,568
	331,000	BBB	2.450% due 2/4/32		319,586
	432,000	BBB	5.800% due 2/14/39		533,762
	80,000	BBB	3.875% due 9/16/46		77,308
	260,000	BBB	5.950% due 2/14/49		329,228
	82,000	BBB	6.200% due 2/14/59		103,427
			BAT Capital Corp., Company Guaranteed Notes:
	56,000	BBB+	3.215% due 9/6/26		60,214
	787,000	BBB+	3.557% due 8/15/27		852,358
	384,000	BBB+	2.726% due 3/25/31		377,757
	1,145,000	BBB+	4.540% due 8/15/47		1,163,909
	150,000	A	Cargill Inc., Senior Unsecured Notes, 1.375% due 7/23/23(a)		153,606
			Philip Morris International Inc., Senior Unsecured Notes:
	190,000	A	2.900% due 11/15/21		193,645
	110,000	A	2.500% due 11/2/22		113,763
	100,000	A	1.125% due 5/1/23		101,637
	100,000	A	2.100% due 5/1/30		99,168
	60,000	A	4.500% due 3/20/42		70,557
	765,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 5.850% due 8/15/45		903,939
			Total Agriculture		5,826,987
	Airlines — 0.4%
	48,832	A3(b)	Air Canada Class AA Pass-Through Trust, Pass-Thru Certificates, 3.300% due 1/15/30(a)		47,699
	23,200	BB	Air Canada Class B Pass-Through Trust, Pass-Thru Certificates, 5.000% due 12/15/23(a)		23,239
	40,130	A	American Airlines Class AA Pass-Through Trust, Series 2015-2, Pass-Thru Certificates, 3.600% due 9/22/27		40,617
	314,248	A	American Airlines Class AA Pass-Through Trust, Series 2016-1, Pass-Thru Certificates, 3.575% due 1/15/28		315,913
	45,332	A	American Airlines Class AA Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 3.200% due 6/15/28		45,327
	95,335	A+	American Airlines Class AA Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.000% due 10/15/		94,354
	38,640	Baa1(b)	American Airlines Class AA Pass-Through Trust, Series 2017-1, Pass-Thru Certificates, 3.650% due 2/15/29		39,072
	115,958	B	American Airlines Class B Pass-Through Trust, Series 2015-2, Pass-Thru Certificates, 4.400% due 9/22/23		108,731
	78,937	B	American Airlines Class B Pass-Through Trust, Series 2016-1, Pass-Thru Certificates, 5.250% due 1/15/24		70,802
	64,000	B	American Airlines Class B Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 4.375% due 6/15/24(a)		59,192
	735	B+	American Airlines Class B Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.750% due 10/15/25		670
	50,146	Ba2(b)	American Airlines Class B Pass-Through Trust, Series 2017-1, Pass-Thru Certificates, 4.950% due 2/15/25		44,959
			Delta Air Lines Inc.:
	970,000	BB+	Senior Secured Notes, 7.000% due 5/1/25(a)		1,127,477
			Senior Unsecured Notes:
	220,000	B+	3.400% due 4/19/21		220,486
	120,000	B+	3.625% due 3/15/22		121,870
	50,000	B+	3.800% due 4/19/23		51,264
	200,000	B+	2.900% due 10/28/24		199,559
	210,000	B+	7.375% due 1/15/26		245,040

See Notes to Financial Statements.

134

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Airlines — 0.4% — (continued)
			Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes:
$	230,000	Baa1(b)	4.500% due 10/20/25(a)	$	245,288
	120,000	Baa1(b)	4.750% due 10/20/28(a)		132,788
	170,000	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		185,938
	219,711	BB	Northwest Airlines Inc. Class A-1 Pass-Through Trust, Series 2001-1, Pass-Thru Certificates, 7.041% due 4/1/22		219,874
	160,000	Ba3(b)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(a)		180,432
			United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates:
	32,861	A+	3.450% due 12/1/27		33,463
	4,077	A1(b)	3.100% due 7/7/28		4,201
	44,595	A1(b)	2.875% due 10/7/28		44,909
	18,165	A1(b)	3.500% due 3/1/30		18,538
	54,768	A1(b)	4.150% due 8/25/31		57,217
	83,745	A1(b)	2.700% due 5/1/32		83,118
			United Airlines Class B Pass-Through Trust, Pass-Thru Certificates:
	32,528	BB	4.750% due 4/11/22		33,091
	47,641	BB	4.625% due 9/3/22		48,259
	4,458	Baa2(b)	3.650% due 10/7/25		4,376
	14,118	Baa2(b)	3.650% due 1/7/26		13,909
	91,775	Baa2(b)	3.500% due 5/1/28		88,199
	76,603	BB+	US Airways Class G Pass-Through Trust, Series 2001-1, Pass-Thru Certificates, 7.076% due 3/20/21		76,533
			Total Airlines		4,326,404
	Apparel — 0.1%
			NIKE Inc., Senior Unsecured Notes:
	40,000	AA-	2.400% due 3/27/25		42,359
	264,000	AA-	2.750% due 3/27/27		284,765
	140,000	AA-	2.850% due 3/27/30		150,841
	100,000	AA-	3.250% due 3/27/40		108,016
	327,000	AA-	3.375% due 3/27/50		354,021
			Total Apparel		940,002
	Auto Manufacturers — 1.2%
			Daimler Finance North America LLC, Company Guaranteed Notes:
	160,000	BBB+	2.125% due 3/10/25(a)		165,510
	150,000	BBB+	3.500% due 8/3/25(a)		165,040
			Ford Motor Co., Senior Unsecured Notes:
	40,000	BB+	8.500% due 4/21/23		44,800
	30,000	BB+	4.750% due 1/15/43		30,383
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	50,000	BB+	3.336% due 3/18/21		50,061
	1,515,000	BB+	1.048% (3-Month USD-LIBOR + 0.810%) due 4/5/21(c)		1,513,870
	440,000	BB+	1.104% (3-Month USD-LIBOR + 0.880%) due 10/12/21(c)		438,435
	470,000	BB+	3.339% due 3/28/22		476,322
	1,250,000	BB+	1.276% (3-Month USD-LIBOR + 1.080%) due 8/3/22(c)		1,240,799
			General Motors Co., Senior Unsecured Notes:
	300,000	BBB	4.875% due 10/2/23		330,473
	70,000	BBB	5.400% due 10/2/23		78,041
	110,000	BBB	6.125% due 10/1/25		130,798
	250,000	BBB	6.250% due 10/2/43		333,297
	455,000	BBB	5.200% due 4/1/45		538,133

See Notes to Financial Statements.

135

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Auto Manufacturers — 1.2% — (continued)
			General Motors Financial Co., Inc.:
			Company Guaranteed Notes:
$	25,000	BBB	3.550% due 4/9/21	$	25,074
	760,000	BBB	3.200% due 7/6/21		765,532
	1,183,000	BBB	4.375% due 9/25/21		1,210,291
	95,000	BBB	3.450% due 4/10/22		97,594
	80,000	BBB	3.500% due 11/7/24		86,566
	236,000	BBB	4.000% due 1/15/25		257,489
	45,000	BBB	4.000% due 10/6/26		49,914
	100,000	BBB	4.350% due 1/17/27		112,441
			Senior Unsecured Notes:
	742,000	BBB	4.200% due 11/6/21		761,129
	552,000	BBB	5.200% due 3/20/23		601,901
	121,000	BBB	2.750% due 6/20/25		127,193
	94,000	BBB	1.250% due 1/8/26		92,656
			Hyundai Capital America, Senior Unsecured Notes:
	10,000	BBB+	3.750% due 7/8/21(a)		10,109
	250,000	BBB+	3.950% due 2/1/22(a)		257,562
	412,000	BBB+	2.375% due 2/10/23(a)		425,018
			Hyundai Capital Services Inc., Senior Unsecured Notes:
	200,000	BBB+	3.000% due 8/29/22(a)		206,501
	200,000	BBB+	3.750% due 3/5/23(a)		211,899
	20,000	BBB-	Nissan Motor Acceptance Corp., Senior Unsecured Notes, 3.650% due 9/21/21(a) .		20,333
			Nissan Motor Co., Ltd., Senior Unsecured Notes:
	250,000	BBB-	3.043% due 9/15/23(a)		262,934
	400,000	BBB-	3.522% due 9/17/25(a)		425,504
	300,000	BBB-	4.345% due 9/17/27(a)		331,174
			Toyota Motor Credit Corp., Senior Unsecured Notes:
	3,000	A+	3.450% due 9/20/23		3,221
	152,000	A+	3.000% due 4/1/25		163,767
			Total Auto Manufacturers		12,041,764
	Auto Parts & Equipment — 0.0%
	239,000	A-	Magna International Inc., Senior Unsecured Notes, 2.450% due 6/15/30		244,722
	Banks — 8.2%
			Banco Santander SA, Senior Unsecured Notes:
	200,000	A-	3.848% due 4/12/23		214,019
	400,000	A	2.706% due 6/27/24		424,431
	600,000	A-	2.746% due 5/28/25		634,977
			Bank of America Corp.:
			Senior Unsecured Notes:
	360,000	A-	3.004% (3-Month USD-LIBOR + 0.790%) due 12/20/23(c)		375,921
	490,000	A-	4.125% due 1/22/24		540,310
	902,000	A-	3.550% (3-Month USD-LIBOR + 0.780%) due 3/5/24(c)		956,594
	280,000	A-	4.000% due 4/1/24		307,888
	34,000	A-	3.875% due 8/1/25		37,965
	146,000	A-	3.366% (3-Month USD-LIBOR + 0.810%) due 1/23/26(c)		158,542
	210,000	A-	3.500% due 4/19/26		233,215
	780,000	A-	1.319% (SOFR + 1.150%) due 6/19/26(c)		783,954
	180,000	A-	1.197% (SOFR + 1.010%) due 10/24/26(c) .		179,202
	100,000	A-	3.559% (3-Month USD-LIBOR + 1.060%) due 4/23/27(c)		110,387
	643,000	A-	3.824% (3-Month USD-LIBOR + 1.575%) due 1/20/28(c)		721,627
	332,000	A-	3.705% (3-Month USD-LIBOR + 1.512%) due 4/24/28(c)		371,013
	114,000	A-	3.593% (3-Month USD-LIBOR + 1.370%) due 7/21/28(c)		126,959
	775,000	A-	3.419% (3-Month USD-LIBOR + 1.040%) due 12/20/28(c)		852,206

See Notes to Financial Statements.

136

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 8.2% — (continued)
$	410,000	A-	3.970% (3-Month USD-LIBOR + 1.070%) due 3/5/29(c)	$	463,696
	254,000	A-	4.271% (3-Month USD-LIBOR + 1.310%) due 7/23/29(c)		293,561
	500,000	A-	3.974% (3-Month USD-LIBOR + 1.210%) due 2/7/30(c)		567,275
	799,000	A-	3.194% (3-Month USD-LIBOR + 1.180%) due 7/23/30(c)		861,007
	287,000	A-	2.884% (3-Month USD-LIBOR + 1.190%) due 10/22/30(c)		302,119
	23,000	A-	2.496% (3-Month USD-LIBOR + 0.990%) due 2/13/31(c)		23,451
	190,000	A-	2.592% (SOFR + 2.150%) due 4/29/31(c)		194,258
	76,000	A-	4.078% (3-Month USD-LIBOR + 1.320%) due 4/23/40(c)		87,684
	118,000	A-	2.676% (SOFR + 1.930%) due 6/19/41(c)		112,836
	240,000	A-	5.000% due 1/21/44		311,190
	710,000	A-	4.330% (3-Month USD-LIBOR + 1.520%) due 3/15/50(c)		837,931
	395,000	A-	4.083% (3-Month USD-LIBOR + 3.150%) due 3/20/51(c)		452,797
			Subordinated Notes:
	732,000	BBB+	4.200% due 8/26/24		811,698
	1,040,000	BBB+	4.000% due 1/22/25		1,150,068
	217,000	BBB+	3.950% due 4/21/25		239,847
	30,000	BBB+	7.250% due 10/15/25		37,382
	214,000	BBB+	4.450% due 3/3/26		244,533
	20,000	BBB+	4.250% due 10/22/26		22,866
			Bank of Montreal:
	300,000	A-	Senior Unsecured Notes, 1.850% due 5/1/25		308,931
	50,000	BBB+	Subordinated Notes, 3.803% (5-Year USD Swap Rate + 1.432%) due 12/15/32(c)		55,971
			Bank of New York Mellon Corp. (The), Senior Unsecured Notes:
	90,000	A	1.600% due 4/24/25		92,497
	115,000	A	3.250% due 5/16/27		127,308
	24,000	A	3.400% due 1/29/28		26,762
	23,000	A	3.442% (3-Month USD-LIBOR + 1.069%) due 2/7/28(c)		25,758
	170,000	A-	Bank of Nova Scotia (The), Senior Unsecured Notes, 1.300% due 6/11/25		171,407
	200,000	A	Barclays Bank PLC, Senior Unsecured Notes, 1.700% due 5/12/22		203,221
			Barclays PLC, Senior Unsecured Notes:
	333,000	BBB	3.684% due 1/10/23		341,948
	204,000	BBB	4.610% (3-Month USD-LIBOR + 1.400%) due 2/15/23(c)		211,833
	619,000	BBB	4.338% (3-Month USD-LIBOR + 1.356%) due 5/16/24(c)		666,605
	620,000	BBB	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(c)		727,963
			BNP Paribas SA:
			Senior Unsecured Notes:
	557,000	A-	3.375% due 1/9/25(a)		602,499
	470,000	A-	4.705% (3-Month USD-LIBOR + 2.235%) due 1/10/25(a)(c)		520,995
	220,000	A-	2.219% (SOFR + 2.074%) due 6/9/26(a)(c)		227,627
	750,000	A-	4.400% due 8/14/28(a)		872,042
	200,000	BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(c)		221,935
	434,000	A+	BPCE SA, Senior Unsecured Notes, 2.700% due 10/1/29(a)		451,793
			CIT Group Inc., Senior Unsecured Notes:
	90,000	BB+	4.750% due 2/16/24		98,128
	40,000	BB+	5.250% due 3/7/25		45,575
			Citigroup Inc.:
	300,000	BB+	Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR + 3.905%)(c)(d)		326,250
			Senior Unsecured Notes:
	180,000	BBB+	1.678% (SOFR + 1.667%) due 5/15/24(c)		184,402
	120,000	BBB+	3.106% (SOFR + 2.842%) due 4/8/26(c)		128,833
	390,000	BBB+	1.122% (SOFR + 0.765%) due 1/28/27(c)		383,732
	100,000	BBB+	3.980% (3-Month USD-LIBOR + 1.338%) due 3/20/30(c)		112,913
	210,000	BBB+	4.412% (SOFR + 3.914%) due 3/31/31(c)		243,296
	70,000	BBB+	2.572% (SOFR + 2.107%) due 6/3/31(c)		71,544
	314,000	BBB+	8.125% due 7/15/39		528,577

See Notes to Financial Statements.

137

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 8.2% — (continued)
$	196,000	BBB+	4.650% due 7/30/45	$	243,539
	70,000	BBB+	4.650% due 7/23/48		88,356
			Subordinated Notes:
	890,000	BBB	4.400% due 6/10/25		998,036
	250,000	BBB	5.500% due 9/13/25		295,279
	890,000	BBB	4.300% due 11/20/26		1,012,825
	30,000	BBB	6.625% due 6/15/32		40,762
	100,000	BBB	6.675% due 9/13/43		152,521
	286,000	BBB	5.300% due 5/6/44		374,297
	30,000	BBB	4.750% due 5/18/46		36,853
	58,000	AA-	Commonwealth Bank of Australia, Senior Unsecured Notes, 3.900% due 7/12/47(a)		67,264
			Cooperatieve Rabobank UA:
			Company Guaranteed Notes:
	310,000	BBB+	4.625% due 12/1/23		342,924
	990,000	BBB+	4.375% due 8/4/25		1,116,609
	270,000	A+	Senior Unsecured Notes, 3.125% due 4/26/21		271,206
	250,000	A-	Credit Agricole SA, Senior Unsecured Notes, 1.907% (SOFR + 1.676%) due 6/16/26(a)(c)		256,156
			Credit Suisse AG, Senior Unsecured Notes:
	323,000	A+	3.625% due 9/9/24		354,722
	250,000	A+	2.950% due 4/9/25		269,823
			Credit Suisse Group AG, Senior Unsecured Notes:
	272,000	BBB+	3.750% due 3/26/25		297,742
	320,000	BBB+	4.550% due 4/17/26		368,116
	370,000	BBB+	2.193% (SOFR + 2.044%) due 6/5/26(a)(c)		382,084
	250,000	BBB+	4.194% (SOFR + 3.730%) due 4/1/31(a)(c)		283,662
			Danske Bank AS, Senior Unsecured Notes:
	680,000	BBB+	5.000% due 1/12/22(a)		705,861
	430,000	BBB+	3.001% (3-Month USD-LIBOR + 1.249%) due 9/20/22(a)(c)		435,426
	327,000	BBB+	5.000% (1-Year CMT Index + 1.730%) due 1/12/23(a)(c)		338,597
	272,000	BBB+	1.171% (1-Year CMT Index + 1.030%) due 12/8/23(a)(c)		273,616
	1,000,000	BBB+	5.375% due 1/12/24(a)		1,123,667
	944,000	A	1.226% due 6/22/24(a)		956,783
			Deutsche Bank AG, Senior Unsecured Notes:
	38,000	BBB-	4.100% due 1/13/26		41,620
	155,000	BBB-	2.129% (SOFR + 1.870%) due 11/24/26(c) .		156,413
	21,000	BB	Goldman Sachs Capital II, Limited Guaranteed Notes, 4.000% (3-Month USD-LIBOR + 0.768%)(c)(d)		20,265
			Goldman Sachs Group Inc. (The):
			Senior Unsecured Notes:
	40,000	BBB+	0.992% (3-Month USD-LIBOR + 0.780%) due 10/31/22(c)		40,183
	738,000	BBB+	2.876% (3-Month USD-LIBOR + 0.821%) due 10/31/22(c)		749,913
	130,000	BBB+	3.200% due 2/23/23		136,696
	245,000	BBB+	2.908% (3-Month USD-LIBOR + 1.053%) due 6/5/23(c)		252,490
	1,680,000	BBB+	3.500% due 4/1/25		1,835,439
	268,000	BBB+	3.750% due 2/25/26		298,408
	150,000	BBB+	1.364% (3-Month USD-LIBOR + 1.170%) due 5/15/26(c)		153,701
	635,000	BBB+	3.500% due 11/16/26		697,016
	28,000	BBB+	3.850% due 1/26/27		31,197
	185,000	BBB+	3.691% (3-Month USD-LIBOR + 1.510%) due 6/5/28(c)		207,249
	620,000	BBB+	3.814% (3-Month USD-LIBOR + 1.158%) due 4/23/29(c)		695,431
	1,330,000	BBB+	4.223% (3-Month USD-LIBOR + 1.301%) due 5/1/29(c)		1,527,567
	210,000	BBB+	6.250% due 2/1/41		306,258
	200,000	BBB+	4.750% due 10/21/45		256,191
			Subordinated Notes:
	600,000	BBB-	4.250% due 10/21/25		675,677
	460,000	BBB-	6.750% due 10/1/37		666,797

See Notes to Financial Statements.

138

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 8.2% — (continued)
$	290,000	BBB-	5.150% due 5/22/45	$	379,211
			HSBC Holdings PLC:
			Senior Unsecured Notes:
	200,000	A-	3.262% (3-Month USD-LIBOR + 1.055%) due 3/13/23(c)		205,914
	785,000	A-	2.013% (SOFR + 1.732%) due 9/22/28(c)		789,262
	488,000	A-	4.583% (3-Month USD-LIBOR + 1.535%) due 6/19/29(c)		560,443
	620,000	A-	3.973% (3-Month USD-LIBOR + 1.610%) due 5/22/30(c)		689,992
	190,000	BBB	Subordinated Notes, 6.500% due 9/15/37		264,542
	100,000	A-	HSBC USA Inc., Senior Unsecured Notes, 3.500% due 6/23/24		109,061
	200,000	A-	ING Groep NV, Senior Unsecured Notes, 1.400% (1-Year CMT Index + 1.100%) due 7/1/26(a)(c)		200,838
			Intesa Sanpaolo SpA:
			Senior Unsecured Notes:
	200,000	BBB	3.125% due 7/14/22(a)		206,179
	200,000	BBB	3.375% due 1/12/23(a)		209,187
	200,000	BB+	Subordinated Notes, 5.017% due 6/26/24(a)		217,942
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
	55,000	A-	1.448% (3-Month USD-LIBOR + 1.230%) due 10/24/23(c)		55,991
	460,000	A-	1.514% (SOFR + 1.455%) due 6/1/24(c)		470,792
	45,000	A-	3.797% (3-Month USD-LIBOR + 0.890%) due 7/23/24(c)		48,500
	760,000	A-	4.023% (3-Month USD-LIBOR + 1.000%) due 12/5/24(c)		831,674
	1,415,000	A-	2.005% (SOFR + 1.585%) due 3/13/26(c)		1,464,594
	512,000	A-	2.083% (SOFR + 1.850%) due 4/22/26(c)		530,633
	187,000	A-	2.950% due 10/1/26		202,953
	52,000	A-	1.045% (SOFR + 0.800%) due 11/19/26(c)		51,360
	299,000	A-	3.782% (3-Month USD-LIBOR + 1.337%) due 2/1/28(c)		335,862
	270,000	A-	3.540% (3-Month USD-LIBOR + 1.380%) due 5/1/28(c)		299,700
	448,000	A-	2.182% (SOFR + 1.890%) due 6/1/28(c)		461,314
	387,000	A-	3.509% (3-Month USD-LIBOR + 0.945%) due 1/23/29(c)		426,259
	481,000	A-	4.005% (3-Month USD-LIBOR + 1.120%) due 4/23/29(c)		547,002
	480,000	A-	4.203% (3-Month USD-LIBOR + 1.260%) due 7/23/29(c)		553,647
	652,000	A-	4.452% (3-Month USD-LIBOR + 1.330%) due 12/5/29(c)		764,066
	150,000	A-	2.522% (SOFR + 2.040%) due 4/22/31(c)		153,459
	143,000	A-	4.260% (3-Month USD-LIBOR + 1.580%) due 2/22/48(c)		172,736
	241,000	A-	3.964% (3-Month USD-LIBOR + 1.380%) due 11/15/48(c)		276,963
	84,000	A-	3.897% (3-Month USD-LIBOR + 1.220%) due 1/23/49(c)		95,573
	50,000	A-	3.109% (SOFR + 2.440%) due 4/22/51(c)		50,360
			Subordinated Notes:
	270,000	BBB+	3.875% due 9/10/24		297,535
	210,000	BBB+	4.250% due 10/1/27		243,230
	490,000	BBB+	4.950% due 6/1/45		638,345
			KeyCorp, Senior Unsecured Notes:
	45,000	BBB+	4.150% due 10/29/25		51,203
	47,000	BBB+	2.250% due 4/6/27		49,103
			Lloyds Banking Group PLC:
			Senior Unsecured Notes:
	399,000	BBB+	1.326% (1-Year CMT Index + 1.100%) due 6/15/23(c)		403,091
	1,060,000	BBB+	2.907% (3-Month USD-LIBOR + 0.810%) due 11/7/23(c)		1,100,730
	400,000	BBB+	3.900% due 3/12/24		437,918
	200,000	BBB+	4.375% due 3/22/28		229,672
	245,000	BBB-	Subordinated Notes, 4.582% due 12/10/25		277,023
			Mizuho Financial Group Inc., Senior Unsecured Notes:
	480,000	A-	2.839% (3-Month USD-LIBOR + 0.980%) due 7/16/25(c)		508,514
	1,006,000	A-	2.226% (3-Month USD-LIBOR + 0.830%) due 5/25/26(c)		1,043,208

See Notes to Financial Statements.

139

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 8.2% — (continued)
$	269,000	A-	2.201% (3-Month USD-LIBOR + 1.510%) due 7/10/31(c)	$	266,798
	320,000	A-	1.979% (3-Month USD-LIBOR + 1.270%) due 9/8/31(c)		311,185
			Natwest Group PLC:
			Senior Unsecured Notes:
	200,000	BBB	4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(c)		217,226
	200,000	BBB	4.269% (3-Month USD-LIBOR + 1.762%) due 3/22/25(c)		219,188
	400,000	BBB	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(c)		473,156
			Subordinated Notes:
	80,000	BB+	6.000% due 12/19/23		90,793
	110,000	BB+	5.125% due 5/28/24		123,025
	300,000	A-	Nordea Bank Abp, Subordinated Notes, 4.875% due 5/13/21(a)		302,649
	95,000	A+	Northern Trust Corp., Senior Unsecured Notes, 1.950% due 5/1/30		95,071
			Royal Bank of Canada, Senior Unsecured Notes:
	260,000	A	1.600% due 4/17/23		266,635
	160,000	A	1.150% due 6/10/25		160,679
	30,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 4.500% due 7/17/25		33,466
			Santander UK Group Holdings PLC, Senior Unsecured Notes:
	560,000	BBB	3.373% (3-Month USD-LIBOR + 1.080%) due 1/5/24(c)		588,090
	180,000	BBB	4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(c)		199,435
	321,000	BBB	1.532% (1-Year CMT Index + 1.250%) due 8/21/26(c)		321,030
	175,000	BBB-	Santander UK PLC, Subordinated Notes, 5.000% due 11/7/23(a)		192,554
	147,000	A	State Street Corp., Senior Unsecured Notes, 2.400% due 1/24/30		153,754
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	575,000	A-	2.934% due 3/9/21		575,311
	200,000	A-	3.040% due 7/16/29		213,920
	200,000	A-	2.750% due 1/15/30		209,495
	200,000	A+	Swedbank AB, Senior Unsecured Notes, 1.300% due 6/2/23(a)		203,869
	96,000	BBB-	Synovus Financial Corp., Senior Unsecured Notes, 3.125% due 11/1/22		99,496
			Toronto-Dominion Bank (The), Senior Unsecured Notes:
	310,000	A	0.750% due 6/12/23		312,925
	150,000	A	1.150% due 6/12/25		150,666
	290,000	A+	UBS AG, Senior Unsecured Notes, 1.750% due 4/21/22(a)		294,608
			UBS Group AG:
	1,070,000	BB	Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.344%)(a)(c)(d)		1,171,056
			Senior Unsecured Notes:
	260,000	A-	2.650% due 2/1/22(a)		265,485
	650,000	A-	3.491% due 5/23/23(a)		673,977
	795,000	A-	2.859% (3-Month USD-LIBOR + 0.954%) due 8/15/23(a)(c)		822,286
			UniCredit SpA:
	580,000	BBB-	Senior Unsecured Notes, 6.572% due 1/14/22(a)		607,503
	200,000	BB+	Subordinated Notes, 7.296% (5-Year USD 1100 Run ICE Swap Rate + 4.914%) due 4/2/34(a)(c)		237,580
			US Bancorp:
	350,000	A+	Senior Unsecured Notes, 1.450% due 5/12/25		357,409
	56,000	A-	Subordinated Notes, 3.100% due 4/27/26		61,052
	470,000	BB+	Wachovia Capital Trust III, Limited Guaranteed Notes, 5.570% (3-Month USD-LIBOR + 0.930%)(c)(d)		471,175
			Wells Fargo & Co.:
	50,000	BB+	Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 3.990%)(c)(d)		54,887
			Senior Unsecured Notes:
	579,000	BBB+	3.750% due 1/24/24		628,879
	135,000	BBB+	3.000% due 2/19/25		144,753
	225,000	BBB+	2.406% (3-Month USD-LIBOR + 0.825%) due 10/30/25(c)		236,928
	360,000	BBB+	2.164% (3-Month USD-LIBOR + 0.750%) due 2/11/26(c)		373,737
	300,000	BBB+	2.188% (SOFR + 2.000%) due 4/30/26(c)		311,880

See Notes to Financial Statements.

140

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 8.2% — (continued)
$	260,000	BBB+	3.000% due 10/23/26	$	281,845
	1,451,000	BBB+	3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(c)		1,603,513
	690,000	BBB+	4.150% due 1/24/29		793,608
	515,000	BBB+	2.879% (3-Month USD-LIBOR + 1.170%) due 10/30/30(c)		543,337
	67,000	BBB+	2.572% (3-Month USD-LIBOR + 1.000%) due 2/11/31(c)		68,887
	100,000	BBB+	4.478% (3-Month USD-LIBOR + 3.770%) due 4/4/31(c)		117,680
	940,000	BBB+	3.068% (SOFR + 2.530%) due 4/30/41(c)		956,511
	1,665,000	BBB+	5.013% (3-Month USD-LIBOR + 4.240%) due 4/4/51(c)		2,198,748
			Subordinated Notes:
	330,000	BBB	3.450% due 2/13/23		349,620
	169,000	BBB	4.480% due 1/16/24		187,221
	230,000	BBB	5.375% due 11/2/43		294,662
	110,000	BBB	5.606% due 1/15/44		145,084
	280,000	BBB	4.650% due 11/4/44		331,813
	450,000	BBB	4.900% due 11/17/45		554,778
	40,000	BBB	4.400% due 6/14/46		46,507
	160,000	BBB	4.750% due 12/7/46		194,893
	517,000	A+	Wells Fargo Bank NA, Senior Unsecured Notes, 2.082% (3-Month USD-LIBOR + 0.650%) due 9/9/22(c)		521,767
			Total Banks		80,448,657
	Beverages — 0.6%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	340,000	BBB+	3.650% due 2/1/26		376,378
	1,034,000	BBB+	4.700% due 2/1/36		1,233,530
	1,410,000	BBB+	4.900% due 2/1/46		1,687,206
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	160,000	BBB+	4.000% due 4/13/28		181,246
	60,000	BBB+	3.500% due 6/1/30		66,018
	160,000	BBB+	4.350% due 6/1/40		185,332
	270,000	BBB+	5.550% due 1/23/49		348,638
	280,000	BBB+	4.500% due 6/1/50		319,881
	2,000	BBB+	4.750% due 4/15/58		2,350
	140,000	BBB-	Bacardi Ltd., Company Guaranteed Notes, 5.300% due 5/15/48(a)		178,574
			Coca-Cola Co. (The), Senior Unsecured Notes:
	40,000	A+	2.950% due 3/25/25		43,285
	110,000	A+	3.375% due 3/25/27		122,816
	160,000	A+	1.450% due 6/1/27		160,441
	152,000	A+	2.125% due 9/6/29		155,394
	60,000	A+	1.375% due 3/15/31		56,901
	10,000	A+	2.500% due 6/1/40		9,664
	60,000	A+	2.600% due 6/1/50		55,915
	145,000	BBB	Keurig Dr Pepper Inc., Company Guaranteed Notes, 3.200% due 5/1/30		156,250
			PepsiCo Inc., Senior Unsecured Notes:
	180,000	A+	0.750% due 5/1/23		181,719
	20,000	A+	2.625% due 3/19/27		21,522
	150,000	A+	1.625% due 5/1/30		146,644
	60,000	A+	2.875% due 10/15/49		59,143
	20,000	A+	3.625% due 3/19/50		22,386
	40,000	A+	3.875% due 3/19/60		47,108
	355,000	BBB	Suntory Holdings Ltd., Senior Unsecured Notes, 2.250% due 10/16/24(a)		371,640
			Total Beverages		6,189,981

See Notes to Financial Statements.

141

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Biotechnology — 0.1%
			Amgen Inc., Senior Unsecured Notes:
$	70,000	A-	3.625% due 5/22/24	$	76,156
	162,000	A-	3.150% due 2/21/40		165,897
	61,000	A-	4.400% due 5/1/45		72,242
	65,000	A-	4.663% due 6/15/51		81,044
			Biogen Inc., Senior Unsecured Notes:
	149,000	A-	2.250% due 5/1/30		148,403
	70,000	A-	3.150% due 5/1/50		66,037
	65,000	A+	Celgene Corp., Senior Unsecured Notes, 3.900% due 2/20/28		72,052
			Gilead Sciences Inc., Senior Unsecured Notes:
	160,000	BBB+	3.700% due 4/1/24		173,245
	60,000	BBB+	3.650% due 3/1/26		66,496
	141,000	BBB+	4.800% due 4/1/44		173,739
	48,000	BBB+	4.500% due 2/1/45		56,664
	130,000	BBB+	4.750% due 3/1/46		158,150
	36,000	BBB+	4.150% due 3/1/47		40,691
			Total Biotechnology		1,350,816
	Building Materials — 0.1%
			Carrier Global Corp., Senior Unsecured Notes:
	462,000	BBB	2.242% due 2/15/25		481,273
	70,000	BBB	3.377% due 4/5/40		72,080
	40,000	BBB	3.577% due 4/5/50		40,761
			Total Building Materials		594,114
	Chemicals — 0.2%
	80,000	A	Air Products & Chemicals Inc., Senior Unsecured Notes, 2.800% due 5/15/50		77,273
	487,000	BBB+	DuPont de Nemours Inc., Senior Unsecured Notes, 4.493% due 11/15/25		556,578
	200,000	BBB	Equate Petrochemical BV, Company Guaranteed Notes, 4.250% due 11/3/26(a)		217,986
	405,000	BBB	International Flavors & Fragrances Inc., Senior Unsecured Notes, 5.000% due 9/26/48		511,978
	50,000	BBB-	LYB International Finance III LLC, Company Guaranteed Notes, 4.200% due 5/1/50		54,319
	25,000	BBB-	LyondellBasell Industries NV, Senior Unsecured Notes, 4.625% due 2/26/55		28,721
	30,000	BBB	Monsanto Co., Senior Unsecured Notes, 4.400% due 7/15/44		31,455
	200,000	BBB-	OCP SA, Senior Unsecured Notes, 4.500% due 10/22/25(a)		215,733
			Sherwin-Williams Co. (The), Senior Unsecured Notes:
	210,000	BBB-	4.200% due 1/15/22		214,970
	30,000	BBB-	4.000% due 12/15/42		33,461
	200,000	BBB-	Syngenta Finance NV, Company Guaranteed Notes, 3.933% due 4/23/21(a)		200,506
			Total Chemicals		2,142,980
	Commercial Services — 0.3%
	110,000	A-	Cintas Corp. No 2, Company Guaranteed Notes, 3.700% due 4/1/27		124,165
	10,000	BBB	Equifax Inc., Senior Unsecured Notes, 2.300% due 6/1/21		10,033
			Global Payments Inc., Senior Unsecured Notes:
	40,000	BBB-	3.800% due 4/1/21		40,000
	276,000	BBB-	3.200% due 8/15/29		293,608
			IHS Markit Ltd.:
			Company Guaranteed Notes:
	584,000	Ba1(b)	5.000% due 11/1/22(a)		620,661
	112,000	Ba1(b)	4.750% due 2/15/25(a)		126,185
	28,000	Ba1(b)	4.000% due 3/1/26(a)		31,206
	450,000	Ba1(b)	Senior Unsecured Notes, 4.750% due 8/1/28		529,054
			PayPal Holdings Inc., Senior Unsecured Notes:
	130,000	BBB+	1.350% due 6/1/23		132,666
	65,000	BBB+	2.400% due 10/1/24		68,798
	190,000	BBB+	1.650% due 6/1/25		194,811

See Notes to Financial Statements.

142

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Commercial Services — 0.3% — (continued)
			RELX Capital Inc., Company Guaranteed Notes:
$	305,000	BBB+	3.500% due 3/16/23	$	322,857
	59,000	BBB+	4.000% due 3/18/29		66,855
	199,000	BBB+	3.000% due 5/22/30		212,275
	20,000	BBB-	United Rentals North America Inc., Secured Notes, 3.875% due 11/15/27		20,875
			Total Commercial Services		2,794,049
	Computers — 0.5%
			Apple Inc., Senior Unsecured Notes:
	300,000	AA+	2.400% due 5/3/23		313,484
	290,000	AA+	1.125% due 5/11/25		292,612
	280,000	AA+	2.450% due 8/4/26		297,472
	550,000	AA+	3.350% due 2/9/27		610,506
	360,000	AA+	2.900% due 9/12/27		391,475
	25,000	AA+	2.375% due 2/8/41		23,378
	90,000	AA+	3.850% due 5/4/43		104,076
	180,000	AA+	4.650% due 2/23/46		229,135
	100,000	AA+	2.550% due 8/20/60		87,194
	70,000	BBB-	Dell International LLC/EMC Corp., Senior Secured Notes, 8.350% due 7/15/46(a)		106,306
	138,000	BBB-	DXC Technology Co., Senior Unsecured Notes, 4.000% due 4/15/23		147,371
	227,000	BBB	Hewlett Packard Enterprise Co., Senior Unsecured Notes, 4.650% due 10/1/24		255,686
			International Business Machines Corp., Senior Unsecured Notes:
	680,000	A	3.000% due 5/15/24		730,842
	215,000	A	3.300% due 5/15/26		236,991
	220,000	A	2.850% due 5/15/40		217,766
			Leidos Inc., Company Guaranteed Notes:
	447,000	BBB-	4.375% due 5/15/30(a)		508,346
	143,000	BBB-	2.300% due 2/15/31(a)		139,416
	71,000	BB+	Seagate HDD Cayman, Company Guaranteed Notes, 4.091% due 6/1/29(a)		73,795
			Total Computers		4,765,851
	Cosmetics/Personal Care — 0.0%
			Procter & Gamble Co. (The), Senior Unsecured Notes:
	30,000	AA-	2.800% due 3/25/27		32,588
	80,000	AA-	3.000% due 3/25/30		87,425
			Total Cosmetics/Personal Care		120,013
	Diversified Financial Services — 0.7%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	290,000	BBB	3.950% due 2/1/22		297,835
	280,000	BBB	4.875% due 1/16/24		305,426
	190,000	BBB	3.150% due 2/15/24		199,392
			Air Lease Corp., Senior Unsecured Notes:
	460,000	BBB	3.500% due 1/15/22		472,150
	495,000	BBB	3.250% due 3/1/25		523,176
			Avolon Holdings Funding Ltd., Company Guaranteed Notes:
	75,000	BBB-	5.250% due 5/15/24(a)		81,609
	500,000	BBB-	2.875% due 2/15/25(a)		502,457
			Capital One Financial Corp., Senior Unsecured Notes:
	112,000	BBB	3.750% due 3/9/27		125,697
	88,000	BBB	3.800% due 1/31/28		98,557
	120,000	A	Charles Schwab Corp. (The), Senior Unsecured Notes, 3.250% due 5/22/29		132,804
	100,000	AA-	CME Group Inc., Senior Unsecured Notes, 3.750% due 6/15/28		114,073
	73,000	BBB-	Discover Financial Services, Senior Unsecured Notes, 4.100% due 2/9/27		82,441
	1,257,000	BBB+	GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes, 4.418% due 11/15/35		1,426,274

See Notes to Financial Statements.

143

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††		Security	Value
	Diversified Financial Services — 0.7% — (continued)
				Intercontinental Exchange Inc., Senior Unsecured Notes:
$	23,000		BBB+	2.100% due 6/15/30	$	22,804
	226,000		BBB+	1.850% due 9/15/32		213,848
	30,000		A	KKR Group Finance Co. II LLC, Company Guaranteed Notes, 5.500% due 2/1/43(a)		38,858
	650,000		NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17#(e)(f)(g)		–
				Mastercard Inc., Senior Unsecured Notes:
	191,000		A+	3.350% due 3/26/30		213,305
	30,000		A+	3.850% due 3/26/50		34,863
				Park Aerospace Holdings Ltd., Company Guaranteed Notes:
	779,000		BBB-	5.250% due 8/15/22(a)		814,436
	60,000		BBB-	5.500% due 2/15/24(a)		65,298
	220,000		BBB+	Raymond James Financial Inc., Senior Unsecured Notes, 4.950% due 7/15/46		275,526
	150,000		AA	USAA Capital Corp., Senior Unsecured Notes, 2.125% due 5/1/30(a)		152,223
				Visa Inc., Senior Unsecured Notes:
	420,000		AA-	3.150% due 12/14/25		460,587
	110,000		AA-	2.050% due 4/15/30		111,918
	154,000		AA-	4.150% due 12/14/35		188,325
	310,000		AA-	4.300% due 12/14/45		385,264
				Total Diversified Financial Services		7,339,146
	Electric — 1.2%
				AEP Texas Inc., Senior Unsecured Notes:
	50,000		A-	2.400% due 10/1/22		51,380
	82,000		A-	3.450% due 1/15/50		83,643
				AEP Transmission Co. LLC, Senior Unsecured Notes:
	117,000		A-	3.750% due 12/1/47		130,711
	35,000		A-	3.150% due 9/15/49		35,255
	41,000		A-	3.650% due 4/1/50		44,742
				Alabama Power Co., Senior Unsecured Notes:
	17,000		A	5.200% due 6/1/41		21,964
	121,000		A	4.150% due 8/15/44		140,656
	100,000		A	Ameren Illinois Co., 1st Mortgage Notes, 3.250% due 3/15/50		105,034
				Baltimore Gas & Electric Co., Senior Unsecured Notes:
	46,000		A	3.500% due 8/15/46		48,807
	150,000		A	3.750% due 8/15/47		166,766
				CenterPoint Energy Houston Electric LLC, General Refinance Mortgage:
	24,000		A	3.550% due 8/1/42		26,433
	15,000		A	3.950% due 3/1/48		17,400
				Consolidated Edison Co. of New York Inc., Senior Unsecured Notes:
	60,000		A-	3.350% due 4/1/30		66,077
	40,000		A-	3.950% due 4/1/50		44,909
				Consumers Energy Co., 1st Mortgage Notes:
	25,000		A	3.750% due 2/15/50		28,191
	25,000		A	3.100% due 8/15/50		25,458
	218,000		A	3.500% due 8/1/51		239,008
	7,000		BBB+	Dayton Power & Light Co. (The), 1st Mortgage Notes, 3.950% due 6/15/49		7,569
				DTE Electric Co., General Refinance Mortgage:
	30,000		A	4.050% due 5/15/48		36,067
	100,000		A	3.950% due 3/1/49		118,080
				Duke Energy Carolinas LLC, 1st Mortgage Notes:
	22,000		A	3.950% due 11/15/28		25,454
	500,000		A	4.250% due 12/15/41		589,819
	30,000		A	3.875% due 3/15/46		33,904
	140,000		A	3.950% due 3/15/48		159,365

See Notes to Financial Statements.

144

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Electric — 1.2% — (continued)
			Duke Energy Florida LLC, 1st Mortgage Notes:
$	209,000	A	2.500% due 12/1/29	$	219,958
	20,000	A	1.750% due 6/15/30		19,573
	195,000	A	5.900% due 3/1/33		252,274
	60,000	A	3.400% due 10/1/46		63,559
	24,000	A	4.200% due 7/15/48		28,538
			Duke Energy Ohio Inc., 1st Mortgage Notes:
	335,000	A	3.650% due 2/1/29		376,176
	60,000	A	3.700% due 6/15/46		65,364
			Duke Energy Progress LLC, 1st Mortgage Notes:
	130,000	A	3.450% due 3/15/29		144,387
	162,000	A	4.100% due 5/15/42		188,867
	35,000	A	4.200% due 8/15/45		41,339
	22,000	BBB-	Edison International, Senior Unsecured Notes, 3.125% due 11/15/22		22,835
			Entergy Louisiana LLC:
			1st Mortgage Notes:
	19,000	A	5.400% due 11/1/24		22,224
	110,000	A	1.600% due 12/15/30		106,321
			Collateral Trust:
	162,000	A	3.050% due 6/1/31		175,524
	31,000	A	4.200% due 9/1/48		36,760
	60,000	A	Entergy Texas Inc., 1st Mortgage Notes, 3.450% due 12/1/27		65,330
	775,000	A-	Evergy Missouri West Inc., Senior Unsecured Notes, 8.270% due 11/15/21		814,563
			Exelon Corp., Senior Unsecured Notes:
	5,000	BBB	2.450% due 4/15/21		5,003
	143,000	BBB	5.625% due 6/15/35		187,087
	13,000	BBB	5.100% due 6/15/45		16,357
			FirstEnergy Corp., Senior Unsecured Notes:
	60,000	BB	1.600% due 1/15/26		59,019
	310,000	BB	4.400% due 7/15/27		341,397
	550,000	BB	7.375% due 11/15/31		759,909
			Florida Power & Light Co., 1st Mortgage Notes:
	160,000	A+	3.700% due 12/1/47		180,767
	57,000	A+	3.950% due 3/1/48		66,637
	110,000	A+	3.150% due 10/1/49		114,218
	400,000	BBB+	ITC Holdings Corp., Senior Unsecured Notes, 4.050% due 7/1/23		428,932
	700,000	BB+	Jersey Central Power & Light Co., Senior Unsecured Notes, 4.700% due 4/1/24(a)		764,847
			MidAmerican Energy Co., 1st Mortgage Notes:
	115,000	A+	3.100% due 5/1/27		126,784
	100,000	A+	3.650% due 4/15/29		114,452
	100,000	A+	3.150% due 4/15/50		102,941
			Northern States Power Co., 1st Mortgage Notes:
	85,000	A	3.600% due 5/15/46		93,763
	70,000	A	2.900% due 3/1/50		69,494
	256,000	BBB-	NRG Energy Inc., Senior Secured Notes, 2.450% due 12/2/27(a)		258,069
			Ohio Power Co., Senior Unsecured Notes:
	118,000	A-	1.625% due 1/15/31		113,815
	29,000	A-	4.000% due 6/1/49		33,308
			Oncor Electric Delivery Co. LLC, Senior Secured Notes:
	58,000	A+	3.700% due 11/15/28		65,967
	167,000	A+	7.000% due 5/1/32		244,364
	29,000	A+	3.750% due 4/1/45		32,470
	28,000	A+	3.100% due 9/15/49		28,421
	500,000	BBB	Public Service Co. of New Mexico, Senior Unsecured Notes, 3.850% due 8/1/25		542,990

See Notes to Financial Statements.

145

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Electric — 1.2% — (continued)
			Public Service Electric & Gas Co., 1st Mortgage Notes:
$	23,000	A	3.000% due 5/15/27	$	25,059
	40,000	A	3.200% due 5/15/29		43,885
	40,000	A	2.050% due 8/1/50		33,151
			Southern California Edison Co., 1st Mortgage Notes:
	55,000	A-	2.900% due 3/1/21		55,000
	6,429	A-	1.845% due 2/1/22		6,439
	173,000	A-	3.700% due 8/1/25		190,105
	206,000	A-	1.200% due 2/1/26		205,330
	97,000	A-	4.200% due 3/1/29		111,109
	80,000	A	Southwestern Public Services Co., 1st Mortgage Notes, 3.150% due 5/1/50		80,720
	140,000	BBB+	Tampa Electric Co., Senior Unsecured Notes, 4.450% due 6/15/49		170,739
	800,000	A-	Tucson Electric Power Co., Senior Unsecured Notes, 3.850% due 3/15/23		848,273
			Virginia Electric & Power Co., Senior Unsecured Notes:
	69,000	BBB+	6.000% due 1/15/36		95,831
	66,000	BBB+	6.350% due 11/30/37		95,042
	81,000	BBB+	4.000% due 11/15/46		92,798
	174,000	BBB-	Vistra Operations Co. LLC, Senior Secured Notes, 4.300% due 7/15/29(a)		192,757
			Total Electric		11,887,533
	Electronics — 0.0%
			Honeywell International Inc., Senior Unsecured Notes:
	110,000	A	1.350% due 6/1/25		112,185
	28,000	A	3.812% due 11/21/47		32,443
	34,000	BBB-	Trimble Inc., Senior Unsecured Notes, 4.150% due 6/15/23		36,547
	20,000	A-	Tyco Electronics Group SA, Company Guaranteed Notes, 3.450% due 8/1/24		21,701
			Total Electronics		202,876
	Engineering & Construction — 0.0%
	87,000	B-	PowerTeam Services LLC, Senior Secured Notes, 9.033% due 12/4/25(a)		96,570
	Entertainment — 0.0%
	100,000	B	Caesars Entertainment Inc., Senior Secured Notes, 6.250% due 7/1/25(a)		106,000
	158,000	B+	Churchill Downs Inc., Company Guaranteed Notes, 5.500% due 4/1/27(a)		164,986
			Total Entertainment		270,986
	Environmental Control — 0.1%
	289,000	BB+	Clean Harbors Inc., Company Guaranteed Notes, 5.125% due 7/15/29(a)		312,246
			Republic Services Inc., Senior Unsecured Notes:
	130,000	BBB+	2.500% due 8/15/24		137,687
	125,000	BBB+	3.375% due 11/15/27		138,963
	38,000	BBB+	2.300% due 3/1/30		38,697
			Waste Management Inc., Company Guaranteed Notes:
	100,000	A-	3.500% due 5/15/24		108,213
	107,000	A-	1.150% due 3/15/28		103,202
	139,000	A-	4.150% due 7/15/49		164,163
	109,000	B-	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(a)		112,370
			Total Environmental Control		1,115,541
	Food — 0.4%
	50,000	A	Hershey Co. (The), Senior Unsecured Notes, 0.900% due 6/1/25		50,140
			Kraft Heinz Foods Co., Company Guaranteed Notes:
	51,000	BB+	3.950% due 7/15/25		56,582
	10,000	BB+	3.000% due 6/1/26		10,667
	40,000	BB+	4.250% due 3/1/31		44,746
	10,000	BB+	6.750% due 3/15/32		13,458
	40,000	BB+	5.000% due 7/15/35		48,100

See Notes to Financial Statements.

146

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Food — 0.4% — (continued)
$	30,000	BB+	6.875% due 1/26/39	$	42,239
	10,000	BB+	7.125% due 8/1/39(a)		14,589
	10,000	BB+	4.625% due 10/1/39		11,421
	445,000	BB+	5.000% due 6/4/42		519,889
	150,000	BB+	5.200% due 7/15/45		180,463
	678,000	BB+	4.375% due 6/1/46		735,359
	80,000	BB+	5.500% due 6/1/50		102,132
			Mars Inc., Company Guaranteed Notes:
	110,000	A	2.700% due 4/1/25(a)		117,187
	350,000	A	3.200% due 4/1/30(a)		385,208
			Mondelez International Inc., Senior Unsecured Notes:
	60,000	BBB	2.125% due 4/13/23		62,091
	330,000	BBB	1.500% due 5/4/25		336,090
	82,000	BBB	2.750% due 4/13/30		85,498
	100,000	B+	Post Holdings Inc., Company Guaranteed Notes, 5.625% due 1/15/28(a)		105,160
	200,000	AA-	Seven & i Holdings Co., Ltd., Senior Unsecured Notes, 3.350% due 9/17/21(a)		203,358
	285,000	BBB+	Tyson Foods Inc., Senior Unsecured Notes, 3.900% due 9/28/23		309,210
			Total Food		3,433,587
	Forest Products & Paper — 0.1%
			Georgia-Pacific LLC, Senior Unsecured Notes:
	175,000	A+	3.600% due 3/1/25(a)		191,218
	88,000	A+	1.750% due 9/30/25(a)		90,124
	73,000	A+	0.950% due 5/15/26(a)		71,668
	57,000	BBB	International Paper Co., Senior Unsecured Notes, 4.400% due 8/15/47		68,287
	380,000	BBB-	Suzano Austria GmbH, Company Guaranteed Notes, 3.750% due 1/15/31		401,831
			Total Forest Products & Paper		823,128
	Gas — 0.1%
	270,000	BBB+	CenterPoint Energy Resources Corp., Senior Unsecured Notes, 1.750% due 10/1/30		259,689
	38,000	A	Eastern Energy Gas Holdings LLC, Senior Unsecured Notes, 4.600% due 12/15/44		44,902
	86,000	BBB+	Piedmont Natural Gas Co., Inc., Senior Unsecured Notes, 3.500% due 6/1/29		95,314
	250,000	A-	Southern Co. Gas Capital Corp., Company Guaranteed Notes, 4.400% due 5/30/47		288,656
			Total Gas		688,561
	Healthcare — Products — 0.1%
			Abbott Laboratories, Senior Unsecured Notes:
	164,000	A	3.750% due 11/30/26		186,436
	70,000	A	4.750% due 11/30/36		90,352
	150,000	A	4.900% due 11/30/46		201,419
			Boston Scientific Corp., Senior Unsecured Notes:
	6,000	BBB-	4.000% due 3/1/29		6,800
	111,000	BBB-	2.650% due 6/1/30		114,422
	100,000	BB-	Hologic Inc., Company Guaranteed Notes, 4.625% due 2/1/28(a)		106,083
	61,000	A	Medtronic Inc., Company Guaranteed Notes, 3.500% due 3/15/25		67,076
	13,000	WR(b)	St Jude Medical LLC, Senior Unsecured Notes, 4.750% due 4/15/43		13,776
			Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	2,000	BBB+	2.600% due 10/1/29		2,093
	243,000	BBB+	4.497% due 3/25/30		288,040
			Total Healthcare — Products		1,076,497
	Healthcare — Services — 0.8%
			Aetna Inc., Senior Unsecured Notes:
	40,000	BBB	2.800% due 6/15/23		41,927
	54,000	BBB	6.625% due 6/15/36		77,670

See Notes to Financial Statements.

147

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Healthcare — Services — 0.8% — (continued)
			Anthem Inc., Senior Unsecured Notes:
$	58,000	A	2.950% due 12/1/22	$	60,388
	1,120,000	A	3.650% due 12/1/27		1,260,533
	38,000	A	4.650% due 1/15/43		46,556
	33,000	A	4.850% due 8/15/54		40,543
			Centene Corp., Senior Unsecured Notes:
	20,000	BBB-	5.375% due 6/1/26(a)		20,950
	30,000	BBB-	4.625% due 12/15/29		32,345
	30,000	BBB-	3.375% due 2/15/30		30,900
			CommonSpirit Health:
	30,000	BBB+	Secured Notes, 4.350% due 11/1/42		33,990
			Senior Secured Notes:
	150,000	BBB+	3.347% due 10/1/29		161,349
	95,000	BBB+	3.910% due 10/1/50		99,317
			HCA Inc., Senior Secured Notes:
	598,000	BBB-	5.000% due 3/15/24		669,296
	402,000	BBB-	5.250% due 4/15/25		462,420
	276,000	BBB-	5.250% due 6/15/26		322,292
	160,000	BBB-	5.500% due 6/15/47		202,618
	470,000	BBB-	5.250% due 6/15/49		584,542
			Humana Inc., Senior Unsecured Notes:
	280,000	BBB+	3.150% due 12/1/22		291,229
	201,000	BBB+	4.500% due 4/1/25		227,034
	30,000	BBB+	3.950% due 3/15/27		33,938
	70,000	BBB+	4.625% due 12/1/42		83,744
	40,000	BBB+	4.950% due 10/1/44		49,679
	35,000	BBB+	3.950% due 8/15/49		38,895
	500,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 3.150% due 5/1/27		553,870
	145,000	AA-	Mass General Baigham Inc., Unsecured Notes, 3.342% due 7/1/60		149,455
	39,000	A+	MidMichigan Health, Secured Notes, 3.409% due 6/1/50		40,012
			Molina Healthcare Inc., Senior Unsecured Notes:
	255,000	BB-	5.375% due 11/15/22		269,822
	39,000	BB-	3.875% due 11/15/30(a)		40,751
	276,000	Aa2(b)	New York & Presbyterian Hospital (The), Unsecured Notes, 3.954% due 8/1/19		300,071
	131,000	BB-	Tenet Healthcare Corp., Senior Secured Notes, 4.875% due 1/1/26(a)		135,576
			UnitedHealth Group Inc., Senior Unsecured Notes:
	20,000	A+	2.375% due 10/15/22		20,677
	60,000	A+	3.500% due 6/15/23		64,338
	70,000	A+	3.750% due 7/15/25		78,031
	60,000	A+	1.250% due 1/15/26		60,497
	50,000	A+	3.875% due 12/15/28		57,449
	50,000	A+	2.000% due 5/15/30		49,840
	273,000	A+	4.750% due 7/15/45		348,387
	127,000	A+	3.750% due 10/15/47		140,576
	40,000	A+	4.250% due 6/15/48		47,910
	30,000	A+	4.450% due 12/15/48		37,074
	2,000	A+	2.900% due 5/15/50		1,948
	120,000	A+	3.875% due 8/15/59		134,658
	20,000	A+	3.125% due 5/15/60		19,608
			Total Healthcare — Services		7,422,705
	Home Builders — 0.0%
			Lennar Corp., Company Guaranteed Notes:
	10,000	BB+	5.000% due 6/15/27		11,725
	150,000	BB+	4.750% due 11/29/27		173,812

See Notes to Financial Statements.

148

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Home Builders — 0.0% — (continued)
$	50,000	BB+	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43	$	66,094
	50,000	BB+	Toll Brothers Finance Corp., Company Guaranteed Notes, 4.375% due 4/15/23		53,025
			Total Home Builders		304,656
	Household Products/Wares — 0.0%
	90,000	B	Spectrum Brands Inc., Company Guaranteed Notes, 5.750% due 7/15/25		92,813
	Insurance — 0.7%
			American International Group Inc., Senior Unsecured Notes:
	90,000	BBB+	2.500% due 6/30/25		94,981
	139,000	BBB+	3.400% due 6/30/30		152,036
	88,000	BBB+	4.500% due 7/16/44		104,596
			Aon Corp., Company Guaranteed Notes:
	55,000	A-	4.500% due 12/15/28		64,570
	210,000	A-	2.800% due 5/15/30		221,001
	116,000	A-	Aon PLC, Company Guaranteed Notes, 4.450% due 5/24/43		135,390
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	400,000	AA	4.400% due 5/15/42		492,238
	350,000	AA	4.250% due 1/15/49		419,975
	70,000	A	Chubb INA Holdings Inc., Company Guaranteed Notes, 3.350% due 5/3/26		77,194
	100,000	BBB+	Farmers Exchange Capital, Subordinated Notes, 7.200% due 7/15/48(a)		134,287
	900,000	BBB+	Farmers Exchange Capital II, Subordinated Notes, 6.151% (3-Month USD-LIBOR + 3.744%) due 11/1/53(a)(c)		1,159,992
	44,000	BBB+	Hartford Financial Services Group Inc. (The), Senior Unsecured Notes, 4.300% due 4/15/43		51,853
	101,000	A	Loews Corp., Senior Unsecured Notes, 3.750% due 4/1/26		112,765
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	29,000	A-	4.375% due 3/15/29		34,001
	328,000	A-	2.250% due 11/15/30		330,855
	620,000	BBB	MetLife Inc., Junior Subordinated Notes, 6.400% due 12/15/36		784,376
	850,000	A-	Nationwide Mutual Insurance Co., Subordinated Notes, 2.507% (3-Month USD-LIBOR + 2.290%) due 12/15/24(a)(c)		850,010
	265,000	AA-	New York Life Insurance Co., Subordinated Notes, 3.750% due 5/15/50(a)		291,654
			Teachers Insurance & Annuity Association of America, Subordinated Notes:
	24,000	AA-	6.850% due 12/16/39(a)		35,479
	352,000	AA-	4.900% due 9/15/44(a)		447,836
	36,000	AA-	4.270% due 5/15/47(a)		41,842
	595,000	AA-	3.300% due 5/15/50(a)		598,972
	69,000	BBB	Willis North America Inc., Company Guaranteed Notes, 2.950% due 9/15/29		73,064
			Total Insurance		6,708,967
	Internet — 0.3%
			Alphabet Inc., Senior Unsecured Notes:
	40,000	AA+	0.450% due 8/15/25		39,356
	70,000	AA+	0.800% due 8/15/27		67,858
	80,000	AA+	1.100% due 8/15/30		75,199
	140,000	AA+	2.050% due 8/15/50		119,041
			Amazon.com Inc., Senior Unsecured Notes:
	190,000	AA-	0.800% due 6/3/25		189,480
	240,000	AA-	1.200% due 6/3/27		238,234
	130,000	AA-	3.150% due 8/22/27		143,693
	220,000	AA-	1.500% due 6/3/30		213,285
	203,000	AA-	3.875% due 8/22/37		238,294
	160,000	AA-	4.950% due 12/5/44		212,555
	100,000	AA-	4.050% due 8/22/47		118,079
	200,000	AA-	2.500% due 6/3/50		184,942
	40,000	AA-	4.250% due 8/22/57		49,331

See Notes to Financial Statements.

149

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Internet — 0.3% — (continued)
$	278,000	A-	Booking Holdings Inc., Senior Unsecured Notes, 4.100% due 4/13/25	$	309,300
	370,000	BBB-	Prosus NV, Company Guaranteed Notes, 4.850% due 7/6/27(a)		419,932
	407,000	A+	Tencent Holdings Ltd., Senior Unsecured Notes, 2.985% due 1/19/23(a)		423,341
			Total Internet		3,041,920
	Investment Companies — 0.1%
			Ares Capital Corp., Senior Unsecured Notes:
	63,000	BBB-	3.875% due 1/15/26		67,187
	377,000	BBB-	2.150% due 7/15/26		371,447
			Total Investment Companies		438,634
	Iron/Steel — 0.1%
			ArcelorMittal SA, Senior Unsecured Notes:
	210,000	BBB-	3.600% due 7/16/24		222,726
	460,000	BBB-	4.550% due 3/11/26		512,752
	30,000	BBB-	7.250% due 10/15/39		43,251
	125,000	BBB-	Vale Overseas Ltd., Company Guaranteed Notes, 6.875% due 11/21/36		170,391
			Total Iron/Steel		949,120
	Leisure Time — 0.0%
	110,000	B	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		108,946
	Lodging — 0.1%
			Las Vegas Sands Corp., Senior Unsecured Notes:
	270,000	BBB-	3.200% due 8/8/24		283,306
	50,000	BBB-	2.900% due 6/25/25		51,731
			Sands China Ltd., Senior Unsecured Notes:
	400,000	BBB-	5.125% due 8/8/25		447,982
	200,000	BBB-	3.800% due 1/8/26		218,060
			Total Lodging		1,001,079
	Machinery — Diversified — 0.1%
			Deere & Co., Senior Unsecured Notes:
	40,000	A	3.100% due 4/15/30		43,745
	130,000	A	3.750% due 4/15/50		151,341
	320,000	BBB-	nVent Finance Sarl, Company Guaranteed Notes, 3.950% due 4/15/23		336,159
			Otis Worldwide Corp., Senior Unsecured Notes:
	80,000	BBB	2.056% due 4/5/25		83,239
	78,000	BBB	2.565% due 2/15/30		79,997
			Total Machinery — Diversified		694,481
	Media — 1.3%
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	130,000	BB	5.125% due 5/1/27(a)		136,186
	842,000	BB	4.500% due 8/15/30(a)		872,645
	100,000	BB	4.500% due 5/1/32(a)		102,875
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	300,000	BBB-	4.908% due 7/23/25		341,550
	210,000	BBB-	3.750% due 2/15/28		229,631
	260,000	BBB-	4.200% due 3/15/28		290,498
	50,000	BBB-	5.375% due 4/1/38		59,473
	66,000	BBB-	6.484% due 10/23/45		88,048
	125,000	BBB-	5.375% due 5/1/47		145,652
	550,000	BBB-	5.750% due 4/1/48		672,095
	387,000	BBB-	5.125% due 7/1/49		440,910
	100,000	BBB-	4.800% due 3/1/50		109,114

See Notes to Financial Statements.

150

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Media — 1.3% — (continued)
$	4,000	BBB-	3.850% due 4/1/61	$	3,657
	160,000	A-	Comcast Cable Communications Holdings Inc., Company Guaranteed Notes, 9.455% due 11/15/22		184,923
			Comcast Corp., Company Guaranteed Notes:
	10,000	A-	3.100% due 4/1/25		10,804
	30,000	A-	3.950% due 10/15/25		33,721
	80,000	A-	3.150% due 3/1/26		87,372
	29,000	A-	3.300% due 2/1/27		32,044
	211,000	A-	3.300% due 4/1/27		232,914
	35,000	A-	3.150% due 2/15/28		38,185
	780,000	A-	4.150% due 10/15/28		903,815
	342,000	A-	2.650% due 2/1/30		357,570
	502,000	A-	3.400% due 4/1/30		555,705
	200,000	A-	4.250% due 10/15/30		234,579
	415,000	A-	1.950% due 1/15/31		407,131
	30,000	A-	6.500% due 11/15/35		43,434
	50,000	A-	3.900% due 3/1/38		57,376
	20,000	A-	3.250% due 11/1/39		21,109
	20,000	A-	3.750% due 4/1/40		22,419
	124,000	A-	3.400% due 7/15/46		129,173
	147,000	A-	3.969% due 11/1/47		166,623
	20,000	A-	4.000% due 3/1/48		22,618
	318,000	A-	4.700% due 10/15/48		397,846
	23,000	A-	3.999% due 11/1/49		26,177
	140,000	A-	3.450% due 2/1/50		146,701
	73,000	A-	4.049% due 11/1/52		83,521
			Cox Communications Inc., Senior Unsecured Notes:
	40,000	BBB	3.250% due 12/15/22(a)		41,946
	160,000	BBB	3.150% due 8/15/24(a)		172,002
	35,000	BBB	3.850% due 2/1/25(a)		38,468
	18,000	BBB	3.350% due 9/15/26(a)		19,686
			Discovery Communications LLC, Company Guaranteed Notes:
	129,000	BBB-	4.125% due 5/15/29		145,654
	36,000	BBB-	3.625% due 5/15/30		39,433
			DISH DBS Corp., Company Guaranteed Notes:
	10,000	B-	5.875% due 11/15/24		10,490
	160,000	B-	7.750% due 7/1/26		176,282
			Fox Corp., Senior Unsecured Notes:
	200,000	BBB	4.030% due 1/25/24		218,560
	180,000	BBB	4.709% due 1/25/29		210,489
	240,000	BBB	5.476% due 1/25/39		305,959
	184,000	A-	NBCUniversal Media LLC, Company Guaranteed Notes, 4.450% due 1/15/43		222,932
	115,000	BB	Sirius XM Radio Inc., Company Guaranteed Notes, 3.875% due 8/1/22(a)		115,719
			Time Warner Cable LLC, Senior Secured Notes:
	385,000	BBB-	4.000% due 9/1/21		388,313
	230,000	BBB-	7.300% due 7/1/38		325,245
	370,000	BBB-	5.875% due 11/15/40		468,476
	490,000	BBB-	5.500% due 9/1/41		596,303
	240,000	BBB-	Time Warner Entertainment Co. LP, Senior Secured Notes, 8.375% due 7/15/33		356,579
			ViacomCBS Inc., Senior Unsecured Notes:
	10,000	BBB	3.875% due 4/1/24		10,843
	88,000	BBB	5.850% due 9/1/43		115,834
	225,000	BB-	Virgin Media Secured Finance PLC, Senior Secured Notes, 5.500% due 5/15/29(a)		241,517
			Walt Disney Co. (The), Company Guaranteed Notes:
	351,000	BBB+	2.000% due 9/1/29		353,329

See Notes to Financial Statements.

151

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Media — 1.3% — (continued)
$	680,000	BBB+	2.650% due 1/13/31	$	709,053
	25,000	BBB+	6.200% due 12/15/34		35,616
	30,000	BBB+	6.650% due 11/15/37		44,093
			Total Media		13,050,915
	Mining — 0.4%
			Anglo American Capital PLC, Company Guaranteed Notes:
	350,000	BBB	3.625% due 9/11/24(a)		381,762
	270,000	BBB	4.750% due 4/10/27(a)		315,833
	200,000	BBB	2.625% due 9/10/30(a)		201,952
	40,000	BBB	Barrick Gold Corp., Senior Unsecured Notes, 5.250% due 4/1/42		51,558
			Barrick North America Finance LLC, Company Guaranteed Notes:
	70,000	BBB	5.700% due 5/30/41		95,112
	190,000	BBB	5.750% due 5/1/43		264,685
	150,000	A	BHP Billsiton Finance USA Ltd., Company Guaranteed Notes, 5.000% due 9/30/43		202,056
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	10,000	BB	3.875% due 3/15/23		10,447
	10,000	BB	4.550% due 11/14/24		11,031
	70,000	BB	5.450% due 3/15/43		87,193
			Glencore Funding LLC, Company Guaranteed Notes:
	820,000	BBB+	4.125% due 3/12/24(a)		893,418
	210,000	BBB+	4.625% due 4/29/24(a)		233,236
	66,000	BBB+	2.500% due 9/1/30(a)		65,052
	200,000	Baa2(b)	Indonesia Asahan Aluminium Persero PT, Senior Unsecured Notes, 6.530% due 11/15/28(a)		245,225
	760,000	BBB+	Southern Copper Corp., Senior Unsecured Notes, 5.250% due 11/8/42		948,568
	10,000	BBB-	Teck Resources Ltd., Senior Unsecured Notes, 6.000% due 8/15/40		12,622
	90,000	BB+	Yamana Gold Inc., Company Guaranteed Notes, 4.625% due 12/15/27		99,716
			Total Mining		4,119,466
	Miscellaneous Manufacturers — 0.4%
			3M Co., Senior Unsecured Notes:
	150,000	A+	2.375% due 8/26/29		156,042
	30,000	A+	3.050% due 4/15/30		32,708
	190,000	A+	3.700% due 4/15/50		214,385
	160,000	A-	Eaton Corp., Company Guaranteed Notes, 4.150% due 11/2/42		188,327
			General Electric Co., Senior Unsecured Notes:
	30,000	BBB+	3.450% due 5/1/27		32,859
	70,000	BBB+	3.625% due 5/1/30		76,068
	390,000	BBB+	6.750% due 3/15/32		524,728
	1,025,000	BBB+	0.674% (3-Month USD-LIBOR + 0.480%) due 8/15/36(c)		859,288
	122,000	BBB+	6.150% due 8/7/37		161,072
	230,000	BBB+	5.875% due 1/14/38		300,112
	720,000	BBB+	6.875% due 1/10/39		1,020,609
	70,000	BBB+	4.250% due 5/1/40		77,127
	90,000	BBB+	4.350% due 5/1/50		99,088
	116,000	BBB+	Parker-Hannifin Corp., Senior Unsecured Notes, 3.250% due 6/14/29		126,334
			Textron Inc., Senior Unsecured Notes:
	16,000	BBB	3.875% due 3/1/25		17,447
	70,000	BBB	3.650% due 3/15/27		76,652
	140,000	BBB	3.900% due 9/17/29		154,817
	55,000	BBB	2.450% due 3/15/31		54,094
			Total Miscellaneous Manufacturers		4,171,757
	Oil & Gas — 1.9%
			Apache Corp., Senior Unsecured Notes:
	181,000	BB+	3.250% due 4/15/22		181,905
	220,000	BB+	4.375% due 10/15/28		223,080

See Notes to Financial Statements.

152

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 1.9% — (continued)
$	30,000	BB+	4.750% due 4/15/43	$	29,370
	60,000	BB+	4.250% due 1/15/44		55,950
			BP Capital Markets America Inc., Company Guaranteed Notes:
	110,000	A-	3.245% due 5/6/22		113,774
	20,000	A-	2.937% due 4/6/23		21,072
	230,000	A-	3.216% due 11/28/23		246,197
	30,000	A-	3.790% due 2/6/24		32,676
	470,000	A-	3.410% due 2/11/26		515,645
	42,000	A-	3.119% due 5/4/26		45,607
	110,000	A-	3.633% due 4/6/30		122,438
			BP Capital Markets PLC, Company Guaranteed Notes:
	270,000	A-	3.814% due 2/10/24		294,513
	30,000	A-	3.535% due 11/4/24		33,022
	270,000	A-	3.506% due 3/17/25		296,210
			Chevron Corp., Senior Unsecured Notes:
	190,000	AA-	1.554% due 5/11/25		194,413
	230,000	AA-	2.954% due 5/16/26		248,811
	70,000	AA-	1.995% due 5/11/27		72,437
	50,000	AA-	3.078% due 5/11/50		49,352
			Chevron USA Inc., Company Guaranteed Notes:
	240,000	AA-	3.850% due 1/15/28		273,181
	110,000	AA-	5.250% due 11/15/43		147,296
	93,000	AA-	4.950% due 8/15/47		119,105
			Cimarex Energy Co., Senior Unsecured Notes:
	470,000	BBB-	3.900% due 5/15/27		517,252
	150,000	BBB-	4.375% due 3/15/29		167,813
			ConocoPhillips, Company Guaranteed Notes:
	80,000	A-	3.750% due 10/1/27(a)		89,949
	550,000	A-	4.300% due 8/15/28(a)		637,870
	870,000	BB+	Continental Resources Inc., Company Guaranteed Notes, 3.800% due 6/1/24		892,607
			Devon Energy Corp., Senior Unsecured Notes:
	480,000	BBB-	5.850% due 12/15/25		561,242
	280,000	BBB-	5.600% due 7/15/41		337,883
	10,000	BBB-	4.750% due 5/15/42		11,099
	180,000	BBB-	5.000% due 6/15/45		208,686
			Diamondback Energy Inc., Company Guaranteed Notes:
	100,000	BBB-	5.375% due 5/31/25		103,430
	348,000	BBB-	3.500% due 12/1/29		365,099
			Ecopetrol SA, Senior Unsecured Notes:
	95,000	BBB-	4.125% due 1/16/25		101,817
	750,000	BBB-	5.875% due 5/28/45		812,685
	29,000	BB-	Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes, 5.750% due 1/30/28(a)		30,697
			EOG Resources Inc., Senior Unsecured Notes:
	47,000	A-	4.150% due 1/15/26		53,177
	20,000	A-	4.375% due 4/15/30		23,406
	260,000	A-	3.900% due 4/1/35		289,198
	70,000	A-	4.950% due 4/15/50		87,756
			EQT Corp., Senior Unsecured Notes:
	20,000	BB	3.000% due 10/1/22		20,198
	10,000	BB	7.625% due 2/1/25		11,630
	30,000	BB	3.900% due 10/1/27		31,238
	10,000	BB	5.000% due 1/15/29		10,975
			Exxon Mobil Corp., Senior Unsecured Notes:
	30,000	AA-	1.571% due 4/15/23		30,775
	430,000	AA-	2.992% due 3/19/25		463,021
	380,000	AA-	3.043% due 3/1/26		411,465

See Notes to Financial Statements.

153

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 1.9% — (continued)
$	180,000	AA-	3.482% due 3/19/30	$	200,379
	70,000	AA-	4.114% due 3/1/46		78,199
	110,000	AA-	4.327% due 3/19/50		128,878
	200,000	Baa3(b)	KazMunayGas National Co. JSC, Senior Unsecured Notes, 5.375% due 4/24/30		238,096
	28,000	BBB	Marathon Petroleum Corp., Senior Unsecured Notes, 6.500% due 3/1/41		37,564
	30,000	B-	MEG Energy Corp., Company Guaranteed Notes, 5.875% due 2/1/29(a)		30,534
			Occidental Petroleum Corp., Senior Unsecured Notes:
	200,000	BB-	6.950% due 7/1/24		221,000
	310,000	BB-	2.900% due 8/15/24		301,708
	760,000	BB-	5.550% due 3/15/26		812,379
	90,000	BB-	3.400% due 4/15/26		87,497
	140,000	BB-	7.500% due 5/1/31		164,850
	75,000	BB-	7.875% due 9/15/31		89,063
	150,000	BB-	4.500% due 7/15/44		134,250
	90,000	BB-	4.625% due 6/15/45		82,125
	30,000	BB-	4.100% due 2/15/47		25,556
	560,000	BB-	4.200% due 3/15/48		478,100
	200,000	Baa2(b)	Pertamina Persero PT, Senior Unsecured Notes, 3.100% due 8/27/30(a)		204,978
	360,000	BB-	Petrobras Global Finance BV, Company Guaranteed Notes, 5.750% due 2/1/29		403,146
	200,000	BBB-	Petroleos del Peru SA, Senior Unsecured Notes, 4.750% due 6/19/32		218,000
			Petroleos Mexicanos, Company Guaranteed Notes:
	280,000	BBB	5.950% due 1/28/31		270,375
	199,000	BBB	6.625% due 6/15/35		189,260
	1,170,000	BBB	6.750% due 9/21/47		1,031,647
	170,000	BBB	6.950% due 1/28/60		150,493
			Pioneer Natural Resources Co., Senior Unsecured Notes:
	130,000	BBB	1.125% due 1/15/26		128,697
	150,000	BBB	2.150% due 1/15/31		145,307
			Range Resources Corp., Company Guaranteed Notes:
	8,000	B+	5.875% due 7/1/22		8,075
	105,000	B+	5.000% due 3/15/23		105,722
	50,000	B+	4.875% due 5/15/25		49,512
			Shell International Finance BV, Company Guaranteed Notes:
	260,000	A+	2.875% due 5/10/26		280,386
	358,000	A+	3.875% due 11/13/28		407,814
	442,000	A+	2.375% due 11/7/29		453,680
	60,000	A+	2.750% due 4/6/30		63,040
	90,000	A+	4.550% due 8/12/43		108,327
	220,000	A+	4.375% due 5/11/45		260,956
	70,000	A+	4.000% due 5/10/46		78,327
	270,000	A+	3.250% due 4/6/50		270,171
	400,000	A+	Sinopec Group Overseas Development 2014 Ltd., Company Guaranteed Notes, 4.375% due 4/10/24(a)		441,618
	58,000	BBB+	Suncor Energy Inc., Senior Unsecured Notes, 6.800% due 5/15/38		80,933
	92,075	CCC+	Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(a)		88,104
	140,000	CCC+	Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(a)		131,163
			WPX Energy Inc., Senior Unsecured Notes:
	50,000	BBB-	5.250% due 10/15/27		53,476
	30,000	BBB-	4.500% due 1/15/30		31,929
			Total Oil & Gas		18,352,336
	Oil & Gas Services — 0.1%
			Halliburton Co., Senior Unsecured Notes:
	14,000	BBB+	3.800% due 11/15/25		15,567
	20,000	BBB+	4.850% due 11/15/35		22,944
	50,000	BBB+	5.000% due 11/15/45		57,748

See Notes to Financial Statements.

154

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas Services — 0.1% — (continued)
			Schlumberger Holdings Corp., Senior Unsecured Notes:
$	90,000	A	4.000% due 12/21/25(a)	$	100,588
	171,000	A	3.900% due 5/17/28(a)		190,606
	22,800	CCC+	Transocean Phoenix 2 Ltd., Senior Secured Notes, 7.750% due 10/15/24(a)		22,629
	75,000	CCC+	Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(a)		72,562
			Total Oil & Gas Services		482,644
	Packaging & Containers — 0.0%
	130,000	BB+	Ball Corp., Company Guaranteed Notes, 4.000% due 11/15/23		137,719
	24,000	B+	OI European Group BV, Company Guaranteed Notes, 4.000% due 3/15/23(a)		24,615
	20,000	BBB	WestRock RKT LLC, Company Guaranteed Notes, 4.000% due 3/1/23		21,190
			Total Packaging & Containers		183,524
	Pharmaceuticals — 2.4%
			AbbVie Inc., Senior Unsecured Notes:
	100,000	BBB+	3.450% due 3/15/22		102,619
	680,000	BBB+	2.300% due 11/21/22		701,971
	30,000	BBB+	3.750% due 11/14/23		32,467
	730,000	BBB+	2.600% due 11/21/24		775,548
	260,000	BBB+	3.800% due 3/15/25		285,753
	100,000	BBB+	3.600% due 5/14/25		109,575
	150,000	BBB+	2.950% due 11/21/26		161,903
	470,000	BBB+	3.200% due 11/21/29		505,999
	49,000	BBB+	4.550% due 3/15/35		58,699
	80,000	BBB+	4.500% due 5/14/35		95,647
	563,000	BBB+	4.050% due 11/21/39		639,980
	47,000	BBB+	4.625% due 10/1/42		56,967
	889,000	BBB+	4.400% due 11/6/42		1,051,352
	150,000	BBB+	4.750% due 3/15/45		181,812
	145,000	BBB+	4.250% due 11/21/49		166,381
	255,000	WR(b)	Allergan Funding SCS, Company Guaranteed Notes, 4.550% due 3/15/35		276,008
	261,000	BBB+	AstraZeneca PLC, Senior Unsecured Notes, 1.375% due 8/6/30		244,437
			Bayer US Finance II LLC, Company Guaranteed Notes:
	795,000	BBB	4.250% due 12/15/25(a)		893,882
	625,000	BBB	4.375% due 12/15/28(a)		722,469
	285,000	BBB	4.625% due 6/25/38(a)		337,355
	140,000	BBB	4.400% due 7/15/44(a)		160,288
	670,000	BBB	4.875% due 6/25/48(a)		827,950
			Becton Dickinson & Co., Senior Unsecured Notes:
	830,000	BBB	3.363% due 6/6/24		895,820
	61,000	BBB	3.734% due 12/15/24		67,034
	47,000	BBB	4.685% due 12/15/44		57,898
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	190,000	A+	2.600% due 5/16/22		195,330
	60,000	A+	3.550% due 8/15/22		62,820
	326,000	A+	2.900% due 7/26/24		351,267
	137,000	A+	3.875% due 8/15/25		153,534
	240,000	A+	3.200% due 6/15/26		263,786
	130,000	A+	3.400% due 7/26/29		144,991
	46,000	A+	5.000% due 8/15/45		60,917
			Cigna Corp., Company Guaranteed Notes:
	110,000	A-	3.400% due 9/17/21		111,918
	400,000	A-	3.750% due 7/15/23		430,302
	121,000	A-	3.500% due 6/15/24		130,879
	93,000	A-	3.250% due 4/15/25		100,413

See Notes to Financial Statements.

155

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Pharmaceuticals — 2.4% — (continued)
$	420,000	A-	4.125% due 11/15/25	$	473,088
	90,000	A-	3.400% due 3/1/27		99,336
	720,000	A-	4.375% due 10/15/28		836,735
	400,000	A-	4.900% due 12/15/48		500,760
			CVS Health Corp., Senior Unsecured Notes:
	48,000	BBB	3.350% due 3/9/21		48,027
	340,000	BBB	2.750% due 12/1/22		352,070
	28,000	BBB	3.700% due 3/9/23		29,788
	116,000	BBB	3.875% due 7/20/25		128,853
	37,000	BBB	2.875% due 6/1/26		39,799
	292,000	BBB	3.000% due 8/15/26		316,892
	141,000	BBB	3.625% due 4/1/27		156,320
	817,000	BBB	4.300% due 3/25/28		938,522
	130,000	BBB	3.750% due 4/1/30		145,221
	500,000	BBB	4.875% due 7/20/35		614,949
	440,000	BBB	4.780% due 3/25/38		532,486
	50,000	BBB	4.125% due 4/1/40		56,568
	280,000	BBB	5.125% due 7/20/45		351,433
	1,399,000	BBB	5.050% due 3/25/48		1,753,968
	30,000	BBB	4.250% due 4/1/50		34,461
	142,106	BBB	CVS Pass-Through Trust, Pass-Thru Certificates, 6.036% due 12/10/28		164,389
	88,000	A-	Evernorth Health Inc., Company Guaranteed Notes, 4.500% due 2/25/26		100,547
			Johnson & Johnson, Senior Unsecured Notes:
	100,000	AAA	0.550% due 9/1/25		98,986
	400,000	AAA	2.450% due 3/1/26		428,127
	210,000	AAA	0.950% due 9/1/27		206,290
	92,000	AAA	2.900% due 1/15/28		100,771
	110,000	AAA	3.625% due 3/3/37		127,509
	154,000	AA-	Merck & Co., Inc., Senior Unsecured Notes, 1.450% due 6/24/30		148,283
			Pfizer Inc., Senior Unsecured Notes:
	230,000	A+	0.800% due 5/28/25		230,149
	467,000	A+	2.625% due 4/1/30		494,449
	140,000	A+	1.700% due 5/28/30		137,577
	188,000	BBB+	Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 3.200% due 9/23/26		205,306
			Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes:
	200,000	BBB+	4.400% due 11/26/23		220,196
	201,000	BBB+	5.000% due 11/26/28		242,828
	200,000	BBB+	2.050% due 3/31/30		195,906
			Teva Pharmaceutical Finance Co. BV, Company Guaranteed Notes:
	80,000	BB-	3.650% due 11/10/21		80,825
	50,000	BB-	2.950% due 12/18/22		50,209
	100,000	BB-	Teva Pharmaceutical Finance IV BV, Company Guaranteed Notes, 3.650% due 11/10/21		101,227
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
	260,000	BB-	2.200% due 7/21/21		260,487
	300,000	BB-	2.800% due 7/21/23		294,375
	220,000	BB-	7.125% due 1/31/25		238,561
	270,000	BB-	3.150% due 10/1/26		253,533
	130,000	A+	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		184,681
			Total Pharmaceuticals		23,390,458
	Pipelines — 1.7%
			Cameron LNG LLC, Senior Secured Notes:
	50,000	A	2.902% due 7/15/31(a)		52,742
	610,000	A	3.302% due 1/15/35(a)		652,052

See Notes to Financial Statements.

156

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Pipel ines — 1.7% — (continued)
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
$	138,000	BBB-	5.875% due 3/31/25	$	158,827
	188,000	BBB-	5.125% due 6/30/27		219,035
	40,000	BB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.450% due 11/3/36(a)		44,920
			Energy Transfer Operating LP:
			Company Guaranteed Notes:
	270,000	BBB-	4.500% due 4/15/24		296,014
	89,000	BBB-	4.200% due 4/15/27		98,228
	440,000	BBB-	5.500% due 6/1/27		513,825
	30,000	BBB-	4.950% due 6/15/28		34,077
	240,000	BBB-	5.250% due 4/15/29		277,267
	300,000	BBB-	8.250% due 11/15/29		405,557
	430,000	BBB-	3.750% due 5/15/30		452,502
	200,000	BBB-	6.000% due 6/15/48		231,021
	10,000	BBB-	6.250% due 4/15/49		11,857
	470,000	BBB-	5.000% due 5/15/50		492,929
	140,000	BB	Junior Subordinated Notes, 6.750% (5-Year CMT Index + 5.134%)(c)(d)		132,864
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	50,000	BBB+	3.900% due 2/15/24		54,347
	780,000	BBB+	4.150% due 10/16/28		896,170
	340,000	BBB+	2.800% due 1/31/30		355,633
	119,000	BBB+	4.450% due 2/15/43		134,926
	90,000	BBB+	3.700% due 1/31/51		89,290
	70,000	BBB+	3.950% due 1/31/60		71,369
	46,000	BBB	Kinder Morgan Energy Partners LP, Company Guaranteed Notes, 5.000% due 8/15/42		52,653
			Kinder Morgan Inc., Company Guaranteed Notes:
	480,000	BBB	5.625% due 11/15/23(a)		534,701
	290,000	BBB	4.300% due 3/1/28		330,119
	250,000	BBB	5.550% due 6/1/45		304,649
	10,000	BBB	5.200% due 3/1/48		11,845
	35,000	BBB+	Magellan Midstream Partners LP, Senior Unsecured Notes, 4.200% due 10/3/47		36,402
			MPLX LP, Senior Unsecured Notes:
	180,000	BBB	4.875% due 6/1/25		203,806
	360,000	BBB	4.800% due 2/15/29		419,837
	61,000	BBB	2.650% due 8/15/30		60,403
	150,000	BBB	4.500% due 4/15/38		164,649
	260,000	BBB	4.700% due 4/15/48		282,459
	150,000	BBB	5.500% due 2/15/49		180,602
			NGPL PipeCo LLC, Senior Unsecured Notes:
	327,000	BBB-	4.375% due 8/15/22(a)		340,479
	55,000	BBB-	7.768% due 12/15/37(a)		73,517
	130,000	A	Northern Natural Gas Co., Senior Unsecured Notes, 4.300% due 1/15/49(a)		151,030
	187,000	BBB	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		210,587
	270,240	BBB	Pipeline Funding Co. LLC, Senior Secured Notes, 7.500% due 1/15/30(a)		345,670
	300,000	BBB-	Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes, 4.650% due 10/15/25		332,090
			Rockies Express Pipeline LLC, Senior Unsecured Notes:
	300,000	BB+	4.950% due 7/15/29(a)		321,187
	280,000	BB+	6.875% due 4/15/40(a)		310,800
	314,394	B	Ruby Pipeline LLC, Senior Unsecured Notes, 7.750% due 4/1/22(a)		286,139
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	424,000	BBB-	5.750% due 5/15/24		482,114
	191,000	BBB-	5.625% due 3/1/25		219,866
	263,000	BBB-	5.000% due 3/15/27		305,116
	151,000	BBB-	4.200% due 3/15/28		168,989

See Notes to Financial Statements.

157

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Pipel ines — 1.7% — (continued)
$	258,000	BBB+	Southern Natural Gas Co. LLC, Senior Unsecured Notes, 8.000% due 3/1/32	$	358,606
			Sunoco Logistics Partners Operations LP, Company Guaranteed Notes:
	47,000	BBB-	5.950% due 12/1/25		55,371
	170,000	BBB-	3.900% due 7/15/26		184,271
	230,000	BBB-	4.000% due 10/1/27		249,723
	10,000	BBB-	5.350% due 5/15/45		10,707
	300,000	BBB-	5.400% due 10/1/47		327,396
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	50,000	BB	4.250% due 11/15/23		50,145
	20,000	BB	5.875% due 4/15/26		20,864
	20,000	BB	5.375% due 2/1/27		20,796
	50,000	BB	6.500% due 7/15/27		53,883
	20,000	BB	6.875% due 1/15/29		22,213
	50,000	BB	5.500% due 3/1/30		53,516
	40,000	BB	4.000% due 1/15/32(a)		39,288
	560,000	BBB	Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30(a)		573,669
			Texas Eastern Transmission LP, Senior Unsecured Notes:
	30,000	BBB+	2.800% due 10/15/22(a)		30,936
	106,000	BBB+	3.500% due 1/15/28(a)		114,967
	182,000	BBB+	4.150% due 1/15/48(a)		189,206
	43,000	BBB+	TransCanada PipeLines Ltd., Senior Unsecured Notes, 4.625% due 3/1/34		49,749
			Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	949,000	BBB	7.850% due 2/1/26		1,217,171
	270,000	BBB	4.000% due 3/15/28		302,223
	30,000	BBB	3.950% due 5/15/50		31,710
			Western Midstream Operating LP, Senior Unsecured Notes:
	50,000	BB	2.325% (3-Month USD-LIBOR + 1.850%) due 1/13/23(c)		49,237
	140,000	BB	4.350% due 2/1/25		143,752
	40,000	BB	4.500% due 3/1/28		41,600
	430,000	BB	5.300% due 2/1/30		466,708
	10,000	BB	5.500% due 8/15/48		10,350
	90,000	BB	6.500% due 2/1/50		103,725
			Williams Cos., Inc. (The), Senior Unsecured Notes:
	55,000	BBB	7.500% due 1/15/31		74,421
	260,000	BBB	7.750% due 6/15/31		351,782
	116,000	BBB	8.750% due 3/15/32		173,259
			Total Pipelines		17,176,405
	Real Estate Investment Trusts (REITs) — 0.7%
	103,000	BBB+	Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 3.800% due 4/15/26		115,398
			American Tower Corp., Senior Unsecured Notes:
	15,000	BBB-	2.750% due 1/15/27		15,775
	111,000	BBB-	3.950% due 3/15/29		123,925
	212,000	BBB-	3.800% due 8/15/29		235,741
	86,000	BBB-	2.100% due 6/15/30		83,921
	67,000	BBB-	1.875% due 10/15/30		63,914
	489,000	BBB-	CC Holdings GS V LLC/Crown Castle GS III Corp., Senior Secured Notes, 3.849% due 4/15/23		522,435
			Crown Castle International Corp., Senior Unsecured Notes:
	224,000	BBB-	3.700% due 6/15/26		247,800
	282,000	BBB-	3.100% due 11/15/29		295,258
	118,000	BBB-	3.300% due 7/1/30		126,236
	27,000	BBB-	5.200% due 2/15/49		33,724
	400,000	BBB-	CyrusOne LP/CyrusOne Finance Corp., Company Guaranteed Notes, 3.450% due 11/15/29		421,414

See Notes to Financial Statements.

158

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Real Estate Investment Trusts (REITs) — 0.7% — (continued)
$	314,000	BBB+	Duke Realty LP, Senior Unsecured Notes, 2.875% due 11/15/29	$	333,429
	181,000	BBB-	Equifax Inc., Senior Unsecured Notes, 3.200% due 11/18/29		191,604
			GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	620,000	BBB-	5.250% due 6/1/25		701,046
	490,000	BBB-	5.375% due 4/15/26		563,566
	220,000	BBB-	5.300% due 1/15/29		252,101
	230,000	BBB-	4.000% due 1/15/30		244,990
	60,000	BBB-	4.000% due 1/15/31		63,988
	350,000	BBB	Healthcare Trust of America Holdings LP, Company Guaranteed Notes, 3.100% due 2/15/30		369,642
	500,000	BBB+	Healthpeak Properties Inc., Senior Unsecured Notes, 3.400% due 2/1/25		541,395
	131,000	BBB	Highwoods Realty LP, Senior Unsecured Notes, 3.200% due 6/15/21		131,412
	350,000	BBB	Life Storage LP, Company Guaranteed Notes, 3.875% due 12/15/27		394,665
	160,000	BB-	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes, 4.500% due 1/15/28		169,600
	55,000	BBB+	National Retail Properties Inc., Senior Unsecured Notes, 2.500% due 4/15/30		55,593
	31,000	A-	Prologis LP, Senior Unsecured Notes, 3.000% due 4/15/50		30,538
	116,000	A-	Realty Income Corp., Senior Unsecured Notes, 3.250% due 1/15/31		125,676
	69,000	BB-	SBA Communications Corp., Senior Unsecured Notes, 4.875% due 9/1/24		70,860
	400,000	BBB+	Ventas Realty LP, Company Guaranteed Notes, 3.750% due 5/1/24		433,793
			Total Real Estate Investment Trusts (REITs)		6,959,439
	Retail — 0.5%
	250,000	BBB	Alimentation Couche-Tard Inc., Company Guaranteed Notes, 3.550% due 7/26/27(a)		274,564
			Costco Wholesale Corp., Senior Unsecured Notes:
	260,000	A+	1.375% due 6/20/27		261,270
	160,000	A+	1.600% due 4/20/30		155,719
	56,000	BBB	Dollar General Corp., Senior Unsecured Notes, 3.500% due 4/3/30		61,448
			Home Depot Inc. (The), Senior Unsecured Notes:
	210,000	A	2.500% due 4/15/27		224,749
	122,000	A	3.300% due 4/15/40		131,525
	25,000	A	4.200% due 4/1/43		29,728
	20,000	A	3.900% due 6/15/47		22,925
	210,000	A	3.350% due 4/15/50		221,309
			Lowe’s Cos., Inc., Senior Unsecured Notes:
	154,000	BBB+	4.000% due 4/15/25		171,425
	139,000	BBB+	3.650% due 4/5/29		155,449
	70,000	BBB+	4.500% due 4/15/30		82,909
			McDonald’s Corp., Senior Unsecured Notes:
	40,000	BBB+	3.300% due 7/1/25		43,669
	30,000	BBB+	1.450% due 9/1/25		30,505
	140,000	BBB+	3.700% due 1/30/26		156,130
	30,000	BBB+	3.500% due 3/1/27		33,294
	60,000	BBB+	3.500% due 7/1/27		66,884
	340,000	BBB+	3.800% due 4/1/28		383,885
	48,000	BBB+	2.625% due 9/1/29		50,001
	160,000	BBB+	2.125% due 3/1/30		160,412
	169,000	BBB+	3.600% due 7/1/30		188,495
	55,000	BBB+	4.600% due 5/26/45		67,120
	88,000	BBB+	4.450% due 3/1/47		104,891
	20,000	BBB+	3.625% due 9/1/49		21,372
	190,000	BBB+	4.200% due 4/1/50		221,002
			Starbucks Corp., Senior Unsecured Notes:
	15,000	BBB+	2.250% due 3/12/30		15,224
	227,000	BBB+	2.550% due 11/15/30		233,864
	120,000	A	Target Corp., Senior Unsecured Notes, 2.250% due 4/15/25		126,273

See Notes to Financial Statements.

159

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Retail — 0.5% — (continued)
$	110,000	A	TJX Cos., Inc. (The), Senior Unsecured Notes, 3.500% due 4/15/25	$	120,496
	635,000	BBB	Walgreens Boots Alliance Inc., Senior Unsecured Notes, 3.450% due 6/1/26		697,553
			Walmart Inc., Senior Unsecured Notes:
	50,000	AA	3.550% due 6/26/25		55,497
	100,000	AA	3.050% due 7/8/26		109,862
	290,000	AA	3.700% due 6/26/28		331,170
			Total Retail		5,010,619
	Savings & Loans — 0.1%
			Nationwide Building Society, Senior Unsecured Notes:
	75,000	BBB+	3.766% (3-Month USD-LIBOR + 1.064%) due 3/8/24(a)(c)		79,605
	500,000	BBB+	4.363% (3-Month USD-LIBOR + 1.392%) due 8/1/24(a)(c)		542,830
			Total Savings & Loans		622,435
	Semiconductors — 0.7%
	153,000	A-	Applied Materials Inc., Senior Unsecured Notes, 1.750% due 6/1/30		150,909
	518,000	BBB-	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.875% due 1/15/27		566,515
			Broadcom Inc., Company Guaranteed Notes:
	355,000	BBB-	3.625% due 10/15/24		387,084
	370,000	BBB-	4.700% due 4/15/25		416,959
	280,000	BBB-	3.150% due 11/15/25		300,696
	304,000	BBB-	4.750% due 4/15/29		347,037
	167,000	BBB-	5.000% due 4/15/30		193,355
	26,000	BBB-	4.150% due 11/15/30		28,619
	197,000	BBB-	2.450% due 2/15/31(a)		190,579
			Intel Corp., Senior Unsecured Notes:
	70,000	A+	3.700% due 7/29/25		77,633
	38,000	A+	2.450% due 11/15/29		39,702
	10,000	A+	4.600% due 3/25/40		12,495
	54,000	A+	3.734% due 12/8/47		59,902
	600,000	A+	4.750% due 3/25/50		772,451
			KLA Corp., Senior Unsecured Notes:
	250,000	BBB+	4.100% due 3/15/29		288,310
	120,000	BBB+	3.300% due 3/1/50		121,879
			Lam Research Corp., Senior Unsecured Notes:
	100,000	A-	3.750% due 3/15/26		112,061
	79,000	A-	4.875% due 3/15/49		105,394
	45,000	A-	2.875% due 6/15/50		43,639
	150,000	BBB-	Micron Technology Inc., Senior Unsecured Notes, 2.497% due 4/24/23		156,313
			NVIDIA Corp., Senior Unsecured Notes:
	246,000	A-	2.850% due 4/1/30		263,390
	120,000	A-	3.500% due 4/1/40		131,807
	472,000	A-	3.500% due 4/1/50		506,580
	160,000	A-	3.700% due 4/1/60		176,591
			NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes:
	90,000	BBB	2.700% due 5/1/25(a)		95,029
	398,000	BBB	4.300% due 6/18/29(a)		455,792
			QUALCOMM Inc., Senior Unsecured Notes:
	30,000	A-	4.650% due 5/20/35		37,521
	128,000	A-	4.300% due 5/20/47		155,343
	196,000	A+	Texas Instruments Inc., Senior Unsecured Notes, 1.750% due 5/4/30		192,716
			Total Semiconductors		6,386,301

See Notes to Financial Statements.

160

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Shipbuilding — 0.0%
			Huntington Ingalls Industries Inc., Company Guaranteed Notes:
$	145,000	BBB-	3.844% due 5/1/25	$	159,639
	155,000	BBB-	3.483% due 12/1/27		170,674
			Total Shipbuilding		330,313
	Software — 0.7%
			Activision Blizzard Inc., Senior Unsecured Notes:
	189,000	A-	3.400% due 9/15/26		209,959
	120,000	A-	2.500% due 9/15/50		104,538
			Autodesk Inc., Senior Unsecured Notes:
	139,000	BBB	4.375% due 6/15/25		156,457
	148,000	BBB	2.850% due 1/15/30		156,143
	176,000	BBB	Citrix Systems Inc., Senior Unsecured Notes, 3.300% due 3/1/30		185,241
	247,000	BBB+	Electronic Arts Inc., Senior Unsecured Notes, 1.850% due 2/15/31		239,750
			Fiserv Inc., Senior Unsecured Notes:
	65,000	BBB	4.200% due 10/1/28		74,271
	461,000	BBB	3.500% due 7/1/29		506,303
	26,000	BBB	2.650% due 6/1/30		26,783
			Microsoft Corp., Senior Unsecured Notes:
	270,000	AAA	2.875% due 2/6/24		288,725
	70,000	AAA	2.700% due 2/12/25		74,828
	1,030,000	AAA	2.400% due 8/8/26		1,097,893
	670,000	AAA	3.300% due 2/6/27		745,741
	98,000	AAA	4.200% due 11/3/35		121,552
	10,000	AAA	3.450% due 8/8/36		11,526
	13,000	AAA	4.100% due 2/6/37		15,995
	177,000	AAA	3.700% due 8/8/46		206,776
	7,000	AAA	2.525% due 6/1/50		6,509
	42,000	AAA	3.950% due 8/8/56		51,606
	8,000	AAA	2.675% due 6/1/60		7,389
			Oracle Corp., Senior Unsecured Notes:
	535,000	A	2.800% due 4/1/27		574,204
	288,000	A	3.250% due 11/15/27		317,582
	58,000	A	4.300% due 7/8/34		68,786
	250,000	A	3.900% due 5/15/35		288,224
	37,000	A	3.850% due 7/15/36		42,014
	274,000	A	3.600% due 4/1/40		294,244
	23,000	A	5.375% due 7/15/40		30,377
			salesforce.com Inc., Senior Unsecured Notes:
	130,000	A	3.250% due 4/11/23		137,637
	450,000	A	3.700% due 4/11/28		510,811
			Total Software		6,551,864
	Telecommunications — 2.2%
			AT&T Inc., Senior Unsecured Notes:
	1,000,000	BBB	zero coupon, due 11/27/22(a)		989,412
	20,000	BBB	4.250% due 3/1/27		22,812
	260,000	BBB	2.300% due 6/1/27		268,501
	70,000	BBB	1.650% due 2/1/28		68,550
	134,000	BBB	4.350% due 3/1/29		153,966
	35,000	BBB	4.300% due 2/15/30		39,914
	447,000	BBB	2.750% due 6/1/31		451,359
	450,000	BBB	2.250% due 2/1/32		431,186
	51,000	BBB	2.550% due 12/1/33(a)		48,926
	514,000	BBB	4.500% due 5/15/35		588,640

See Notes to Financial Statements.

161

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Telecommunications — 2.2% — (continued)
$	40,000	BBB	5.250% due 3/1/37	$	49,124
	47,000	BBB	6.250% due 3/29/41		63,682
	114,000	BBB	4.900% due 6/15/42		133,718
	70,000	BBB	3.100% due 2/1/43		65,430
	73,000	BBB	4.350% due 6/15/45		79,917
	820,000	BBB	4.750% due 5/15/46		935,226
	238,000	BBB	4.500% due 3/9/48		259,214
	29,000	BBB	3.500% due 9/15/53(a)		26,309
	481,000	BBB	3.550% due 9/15/55(a)		437,388
	1,126,000	BBB	3.800% due 12/1/57(a)		1,064,010
	45,000	BBB	3.650% due 9/15/59(a)		41,005
	25,000	BBB+	Corning Inc., Senior Unsecured Notes, 4.375% due 11/15/57		28,336
	160,000	B+	Frontier Communications Corp., Senior Secured Notes, 5.000% due 5/1/28(a)		165,500
			Intelsat Jackson Holdings SA, Company Guaranteed Notes:
	184,000	WR(b)	8.500% due 10/15/24(a)(f)		120,042
	605,000	WR(b)	9.750% due 7/15/25(a)(f)		388,531
	71,000	BBB	Juniper Networks Inc., Senior Unsecured Notes, 3.750% due 8/15/29		78,013
			Motorola Solutions Inc., Senior Unsecured Notes:
	200,000	BBB-	4.600% due 5/23/29		232,126
	105,000	BBB-	2.300% due 11/15/30		102,492
	17,000	BBB-	5.500% due 9/1/44		20,785
	150,000	BBB-	Qwest Corp., Senior Unsecured Notes, 7.250% due 9/15/25		179,062
	34,000	BB	Sprint Corp., Company Guaranteed Notes, 7.875% due 9/15/23		38,972
			Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes:
	552,563	Baa1(b)	3.360% due 9/20/21(a)		557,571
	905,000	Baa1(b)	4.738% due 3/20/25(a)		973,441
	500,000	Baa1(b)	5.152% due 3/20/28(a)		581,435
	330,000	BBB-	Telefonica Emisiones SA, Company Guaranteed Notes, 4.103% due 3/8/27		373,093
			T-Mobile USA Inc.:
			Company Guaranteed Notes:
	150,000	BB	6.000% due 3/1/23		150,967
	175,000	BB	6.000% due 4/15/24		176,313
	63,000	BB	4.500% due 2/1/26		64,464
	40,000	BB	2.250% due 2/15/26		39,896
	192,000	BB	4.750% due 2/1/28		203,294
	110,000	BB	2.625% due 2/15/29		107,800
	80,000	BB	2.875% due 2/15/31		78,600
			Senior Secured Notes:
	160,000	BBB-	3.500% due 4/15/25(a)		173,157
	1,299,000	BBB-	3.750% due 4/15/27(a)		1,432,173
	30,000	BBB-	2.050% due 2/15/28(a)		29,749
	525,000	BBB-	3.875% due 4/15/30(a)		577,159
	415,000	BBB-	2.550% due 2/15/31(a)		412,913
	60,000	BBB-	2.250% due 11/15/31(a)		57,737
	350,000	BBB-	4.375% due 4/15/40(a)		387,611
	60,000	BBB-	3.000% due 2/15/41(a)		56,106
	10,000	BBB-	3.300% due 2/15/51(a)		9,275
			Verizon Communications Inc., Senior Unsecured Notes:
	80,000	BBB+	3.500% due 11/1/24		87,240
	100,000	BBB+	3.376% due 2/15/25		108,941
	40,000	BBB+	0.850% due 11/20/25		39,338
	220,000	BBB+	2.625% due 8/15/26		234,400
	190,000	BBB+	4.125% due 3/16/27		218,415
	953,000	BBB+	4.329% due 9/21/28		1,104,725

See Notes to Financial Statements.

162

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Telecommunications — 2.2% — (continued)
$	315,000	BBB+	4.016% due 12/3/29	$	359,841
	193,000	BBB+	3.150% due 3/22/30		206,238
	205,000	BBB+	1.500% due 9/18/30		192,480
	362,000	BBB+	1.750% due 1/20/31		343,298
	654,000	BBB+	4.500% due 8/10/33		775,518
	140,000	BBB+	4.400% due 11/1/34		165,312
	413,000	BBB+	4.272% due 1/15/36		477,838
	150,000	BBB+	5.250% due 3/16/37		191,730
	32,000	BBB+	4.812% due 3/15/39		39,240
	310,000	BBB+	2.650% due 11/20/40		285,843
	100,000	BBB+	4.125% due 8/15/46		112,170
	131,000	BBB+	4.862% due 8/21/46		160,941
	20,000	BBB+	5.500% due 3/16/47		26,741
	150,000	BBB+	4.522% due 9/15/48		176,141
	50,000	BBB+	4.000% due 3/22/50		54,286
	430,000	BBB+	2.875% due 11/20/50		387,219
			Vodafone Group PLC, Senior Unsecured Notes:
	205,000	BBB	3.750% due 1/16/24		223,473
	221,000	BBB	4.125% due 5/30/25		248,118
	190,000	BBB	4.375% due 5/30/28		221,708
	1,193,000	BBB	4.875% due 6/19/49		1,449,116
			Total Telecommunications		21,905,212
	Toys/Games/Hobbies — 0.0%
			Hasbro Inc., Senior Unsecured Notes:
	44,000	BBB-	2.600% due 11/19/22		45,487
	87,000	BBB-	3.900% due 11/19/29		95,476
			Total Toys/Games/Hobbies		140,963
	Transportation — 0.3%
	29,000	A+	Burlington Northern Santa Fe LLC, Senior Unsecured Notes, 4.150% due 12/15/48		34,448
	110,000	BBB+	Canadian Pacific Railway Co., Company Guaranteed Notes, 2.050% due 3/5/30		110,400
			CSX Corp., Senior Unsecured Notes:
	240,000	BBB+	2.600% due 11/1/26		257,085
	64,000	BBB+	3.250% due 6/1/27		70,524
	67,000	BBB+	2.400% due 2/15/30		69,347
	34,000	BBB+	4.300% due 3/1/48		40,125
	31,000	BBB+	3.350% due 9/15/49		31,661
			Norfolk Southern Corp., Senior Unsecured Notes:
	30,000	BBB+	3.650% due 8/1/25		33,014
	134,000	BBB+	2.550% due 11/1/29		139,754
	33,000	BBB+	4.800% due 8/15/43		38,676
	37,000	BBB+	4.100% due 5/15/49		42,387
	41,000	BBB+	3.155% due 5/15/55		39,815
			Ryder System Inc., Senior Unsecured Notes:
	69,000	BBB	2.500% due 9/1/24		72,894
	115,000	BBB	4.625% due 6/1/25		130,512
			Union Pacific Corp., Senior Unsecured Notes:
	64,000	A-	4.163% due 7/15/22		66,758
	50,000	A-	3.750% due 7/15/25		55,680
	60,000	A-	2.150% due 2/5/27		62,905
	410,000	A-	3.950% due 9/10/28		469,011
	213,000	A-	3.875% due 2/1/55		233,002
	300,000	A-	3.839% due 3/20/60		330,628
	160,000	A-	3.750% due 2/5/70		170,679

See Notes to Financial Statements.

163

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Transportation — 0.3% — (continued)
			United Parcel Service Inc., Senior Unsecured Notes:
$	467,000	A-	3.400% due 3/15/29	$	519,657
	55,000	A-	2.500% due 9/1/29		57,619
	139,000	A-	4.450% due 4/1/30		166,891
			Total Transportation		3,243,472
	Trucking & Leasing — 0.0%
			Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes:
	110,000	BBB	2.700% due 11/1/24(a)		116,778
	97,000	BBB	3.950% due 3/10/25(a)		106,750
	99,000	BBB	4.000% due 7/15/25(a)		110,171
	31,000	BBB	1.200% due 11/15/25(a)		30,718
			Total Trucking & Leasing		364,417
			TOTAL CORPORATE BONDS & NOTES (Cost — $290,349,453)		311,942,680
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 27.1%
	U.S. GOVERNMENT AGENCIES — 0.2%
	345,000		Federal Home Loan Bank (FHLB), 4.000% due 9/1/28		409,576
			Federal National Mortgage Association (FNMA), Principal Strip:
	575,000		zero coupon, due 1/15/30(h)		498,475
	595,000		zero coupon, due 5/15/30(h)		510,712
			Total U.S. GOVERNMENT AGENCIES		1,418,763
	U.S. GOVERNMENT OBLIGATIONS — 26.9%
			U.S. Treasury Bonds:
	3,815,000		1.125% due 8/15/40		3,218,310
	7,365,000		1.375% due 11/15/40		6,497,311
	7,341,000		1.875% due 2/15/41		7,079,477
	2,270,000		3.125% due 11/15/41		2,680,107
	100,000		3.125% due 2/15/43		118,094
	502,500		3.625% due 8/15/43		639,726
	11,510,000		3.750% due 11/15/43		14,922,985
	1,095,000		3.625% due 2/15/44		1,395,654
	415,000		3.125% due 8/15/44		490,446
	1,375,000		3.000% due 11/15/44		1,592,637
	245,000		2.875% due 8/15/45		278,391
	1,412,500		3.000% due 11/15/45		1,640,266
	1,120,000		2.500% due 2/15/46		1,190,175
	358,000		3.000% due 2/15/47		417,252
	500,000		2.750% due 8/15/47		557,773
	2,120,000		3.000% due 2/15/48		2,479,489
	595,000		3.375% due 11/15/48		746,074
	4,480,000		2.000% due 2/15/50		4,299,400
	11,750,000		1.250% due 5/15/50		9,331,152
	10,700,000		1.375% due 8/15/50		8,784,031
	16,656,000		1.625% due 11/15/50		14,581,808
	9,315,000		1.875% due 2/15/51		8,681,871
			U.S. Treasury Inflation Indexed Bonds:
	298,399		1.750% due 1/15/28		360,607
	1,002,660		2.125% due 2/15/40		1,447,237
	333,040		2.125% due 2/15/41		486,258
	714,699		0.750% due 2/15/42		837,937
	547,639		1.375% due 2/15/44		724,674
	11,061		0.750% due 2/15/45		13,058
	2,020,000		U.S. Treasury Strip Principal, zero coupon, due 5/15/49(h)		1,073,984

See Notes to Financial Statements.

164

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	U.S. GOVERNMENT OBLIGATIONS — 26.9% — (continued)
			U.S. Treasury Notes:
$	12,450,000		0.125% due 6/30/22	$	12,450,729
	6,000,000		0.125% due 7/31/22		6,000,469
	20,645,000		0.125% due 11/30/22		20,640,968
	11,345,000		0.125% due 12/31/22		11,341,455
	12,930,000		0.125% due 1/31/23		12,924,444
	11,835,000		0.125% due 2/28/23		11,830,839
	3,315,000		0.125% due 5/15/23		3,310,597
	2,065,000		0.250% due 6/15/23		2,067,420
	620,000		0.125% due 7/15/23		618,692
	725,000		0.125% due 8/15/23		723,244
	5,790,000		0.125% due 10/15/23		5,771,002
	40,000		0.250% due 11/15/23		39,980
	3,015,000		0.125% due 12/15/23		3,001,809
	3,040,000		0.125% due 2/15/24		3,023,613
	210,000		1.750% due 7/31/24		219,557
	480,000		0.375% due 4/30/25		475,425
	3,730,000		0.250% due 5/31/25		3,671,136
	3,060,000		0.250% due 6/30/25		3,008,482
	375,000		0.250% due 9/30/25		367,463
	2,840,000		0.250% due 10/31/25		2,779,761
	1,920,000		0.375% due 11/30/25		1,888,050
	2,920,000		0.375% due 12/31/25		2,868,102
	17,965,000		0.375% due 1/31/26		17,625,349
	19,860,000		0.500% due 2/28/26		19,593,131
	110,000		0.500% due 10/31/27		105,587
	1,955,000		0.625% due 11/30/27		1,889,859
	515,000		0.625% due 12/31/27		497,176
	11,095,000		0.750% due 1/31/28		10,790,754
	540,000		0.625% due 8/15/30		501,525
	3,455,000		0.875% due 11/15/30		3,276,852
	5,780,000		1.125% due 2/15/31		5,602,987
			Total U.S. GOVERNMENT OBLIGATIONS		265,472,641
			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $272,395,301)		266,891,404
	MORTGAGE-BACKED SECURITIES — 26.1%
	FHLMC — 5.2%
			Federal Home Loan Mortgage Corp. (FHLMC):
	1,581,292		5.000% due 6/1/21 — 3/1/50		1,770,375
	1,180,473		4.500% due 4/1/29 — 3/1/50		1,289,261
	322,408		5.500% due 1/1/30 — 2/1/40		371,818
	7,767,769		3.000% due 3/1/31 — 9/1/50		8,243,695
	1,553,076		2.500% due 11/1/31 — 12/1/50		1,617,260
	21,462,001		3.500% due 4/1/33 — 5/1/50		23,289,744
	3,065,000		2.000% due 3/1/36 — 3/1/51		3,129,622
	37,964		6.000% due 5/1/38 — 6/1/39		44,581
	11,001		7.000% due 3/1/39		13,003
	105,817		6.500% due 9/1/39		121,784
	9,983,215		4.000% due 9/1/40 — 3/1/50		11,036,177
	201,098		2.205% (5-Year CMT Index + 1.284%) due 3/1/47(c)		208,486
			Total FHLMC		51,135,806

See Notes to Financial Statements.

165

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Security	Value
	FNMA — 15.8%
		Federal National Mortgage Association (FNMA):
$	255,956	6.000% due 9/1/21 — 7/1/41	$	295,771
	2,541,133	5.000% due 6/1/22 — 3/1/50		2,858,704
	1,112,886	5.500% due 3/1/23 — 9/1/56		1,294,448
	9,903,266	4.500% due 3/1/24 — 8/1/58		10,967,916
	8,294,030	4.000% due 4/1/24 — 6/1/57		9,048,465
	16,410,155	3.500% due 11/1/25 — 3/1/57		17,709,856
	10,030,564	2.500% due 11/1/27 — 2/1/51		10,423,245
	21,881,844	3.000% due 12/1/27 — 4/1/51		23,291,009
	1,162,493	3.640% due 3/1/28		1,322,210
	78,224	3.160% due 5/1/29		86,772
	400,000	2.790% due 8/1/29		436,039
	98,776	3.289% (1-Year USD-LIBOR + 1.539%) due 3/1/34(c)		98,887
	325,404	3.360% due 7/1/35		364,297
	21,563	2.393% (1-Year Treasury Average Rate + 1.875%) due 10/1/35(c)		22,821
	20,802	2.361% (1-Year Treasury Average Rate + 1.851%) due 11/1/35(c)		21,995
	7,382	2.488% (1-Year Treasury Average Rate + 1.969%) due 11/1/35(c)		7,819
	98,152	1.500% due 12/1/35		99,592
	9,690,000	1.500% due 3/1/36 — 4/1/51(i)		9,654,548
	47,350,000	2.000% due 4/1/36 — 4/1/51(i)		47,680,459
	21,118	7.000% due 4/1/37		24,294
	42,759	3.015% (1-Year USD-LIBOR + 1.265%) due 5/1/37(c)		43,049
	179,438	6.500% due 9/1/37 — 5/1/40		208,838
	10,830,322	2.000% due 10/1/40 — 3/1/51		10,962,374
	8,925,000	2.500% due 3/1/51 — 4/1/51(i)		9,205,778
		Total FNMA		156,129,186
	GNMA — 5.1%
		Government National Mortgage Association (GNMA):
	32,373	6.000% due 12/15/33 — 6/15/37		37,813
	334,029	5.000% due 10/15/34 — 9/15/40		384,779
	31,175	5.500% due 5/15/37 — 6/15/38		36,531
	44,536	6.500% due 1/15/38 — 10/15/38		52,846
	79,362	4.500% due 3/15/41		89,593
	501,601	4.000% due 6/15/41 — 11/15/45		584,166
	211,978	3.000% due 9/15/42 — 10/15/42		223,712
	212,512	3.500% due 6/15/48 — 5/15/50		228,401
		Government National Mortgage Association II (GNMA):
	71	9.000% due 11/20/21		71
	66,784	6.000% due 7/20/37 — 11/20/40		79,056
	4,589,771	4.500% due 1/20/40 — 3/20/50		5,018,102
	1,385,537	5.000% due 7/20/40 — 1/20/49		1,531,339
	6,712,514	4.000% due 11/20/40 — 4/20/50		7,299,256
	7,999,394	3.000% due 1/20/43 — 1/20/50		8,385,518
	10,166,141	3.500% due 6/20/43 — 5/20/50		10,878,375
	1,940,933	2.500% due 9/20/50 — 12/20/50		2,012,622
	695,381	2.000% due 12/20/50		704,976
	6,825,000	2.000% due 3/20/51 — 4/20/51(i)		6,897,305
	400,000	3.000% due 3/20/51(i)		416,172
	4,700,000	2.500% due 4/20/51(i)		4,854,586
		Total GNMA		49,715,219
		TOTAL MORTGAGE-BACKED SECURITIES (Cost — $252,493,380)		256,980,211

See Notes to Financial Statements.

166

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.6%
$	1,728,216	BB+	Accredited Mortgage Loan Trust, Series 2007-1, Class A4, 0.338% (1-Month USD-LIBOR + 0.220%) due 2/25/37(c)	$	1,710,530
	82,874	CC	AFC Home Equity Loan Trust, Series 1999-2, Class 2A, 0.768% (1-Month USD-LIBOR + 0.650%) due 6/25/29(c)		69,361
	961,633	CCC	Alternative Loan Trust, Series 2005-56, Class 4A1, 0.738% (1-Month USD-LIBOR + 0.620%) due 11/25/35(c)		947,919
	678,300	BBB	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.194% due 6/7/49(a)		700,881
	119,590	Aaa(b)	Ascentium Equipment Receivables Trust, Series 2017-2A, Class A3, 2.310% due 12/10/21(a)		120,042
			Asset-Backed Securities Corp. Home Equity Loan Trust:
	654,189	CCC	Series 2007-HE1, Class A1B, 0.268% (1-Month USD-LIBOR + 0.150%) due 12/25/36(c)		638,198
	996,823	CCC	Series 2007-HE1, Class A4, 0.258% (1-Month USD-LIBOR + 0.140%) due 12/25/36(c)		974,270
			BAMLL Commercial Mortgage Securities Trust:
	480,000	AA-	Series 2015-200P, Class B, 3.490% due 4/14/33(a)		518,161
	420,000	AAA(j)	Series 2018-PARK, Class A, 4.091% due 8/10/38(a)(c)		480,492
	710,000	AAA(j)	Series 2020-JGDN, Class A, 2.862% (1-Month USD-LIBOR + 2.750%) due 11/15/30(a)(c)		714,204
	29,605	AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 2.885% due 7/25/34(c)		30,247
	468,949	AAA	Barings CLO Ltd., Series 2013-IA, Class AR, 1.024% (3-Month USD-LIBOR + 0.800%) due 1/20/28(a)(c)		469,109
	285,000	AAA	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430% due 11/5/36(a)		299,361
	155,480	WD(j)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 3.642% due 5/25/47(c)		154,524
	68,120	CCC	Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2, 2.990% due 5/25/35(c)		69,882
	336,554	CC	Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC6, Class 1A3, 5.500% due 9/25/35(c)		345,074
			Benchmark Mortgage Trust:
	285,000	AAA	Series 2018-B1, Class A2, 3.571% due 1/15/51		296,283
	348,000	AAA	Series 2019-B13, Class A4, 2.952% due 8/15/57		373,411
			BX Commercial Mortgage Trust:
	504,000	NR	Series 2018-IND, Class G, 2.162% (1-Month USD-LIBOR + 2.050%) due 11/15/35(a)(c)		506,033
	940,000	AAA	Series 2019-IMC, Class A, 1.112% (1-Month USD-LIBOR + 1.000%) due 4/15/34(a)(c)		940,156
	2,011,966	AA+	CD Mortgage Trust, Series 2017-CD4, Class XA, 1.290% due 5/10/50(c)(k)		114,024
	4,564	AAA	Centex Home Equity Loan Trust, Series 2006-A, Class AV4, 0.368% (1-Month USD-LIBOR + 0.250%) due 6/25/36(c)		4,569
	545,000	AA+	CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A, 3.369% due 3/13/35(a)		569,993
	51,632	BB	Chase Mortgage Finance Trust, Series 2007-A1, Class 5A1, 3.440% due 2/25/37(c)		52,360
			Chevy Chase Funding LLC Mortgage-Backed Certificates:
	385,040	BBB	Series 2004-2A, Class A1, 0.388% (1-Month USD-LIBOR + 0.270%) due 5/25/35(a)(c)		385,687
	1,293,013	CCC	Series 2004-2A, Class B1, 0.628% due 5/25/35(a)(c)		1,154,813
			CIM Trust:
	1,400,000	NR	Series 2017-1, Class A3, 3.623% (1-Month USD-LIBOR + 3.500%) due 1/25/57(a)(c)		1,452,251
	724,058	NR	Series 2018-R5, Class A1, 3.750% due 7/25/58(a)(c)		727,959
	698,070	NR	Series 2018-R6, Class A1, 1.199% (1-Month USD-LIBOR + 1.076%) due 9/25/58(a)(c)		692,988
	1,467,292	NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(c)		1,434,763
	793,919	NR	Series 2020-R6, Class A1A, 2.250% due 12/25/60(a)(c)		789,956
	1,250,000	NR	Series 2021-R1, Class A2, 2.400% due 8/25/56(a)(c)(g)		1,251,625
			Citigroup Commercial Mortgage Trust:
	140,000	Aaa(b)	Series 2013-375P, Class A, 3.251% due 5/10/35(a)		147,140
	575,000	Aaa(b)	Series 2015-P1, Class A5, 3.717% due 9/15/48		637,050
	285,000	Aa3(b)	Series 2016-C2, Class B, 3.176% due 8/10/49		295,773
	500,000	Aaa(b)	Series 2016-P5, Class A4, 2.941% due 10/10/49		537,663
	355,000	Aaa(b)	Series 2017-P7, Class AAB, 3.509% due 4/14/50		385,726
	1,440,000	B3(b)	Series 2019-SST2, Class F, 2.612% (1-Month USD-LIBOR + 2.500%) due 12/15/36(a)(c)		1,445,864
	1,651,640	CC	Citigroup Mortgage Loan Trust, Series 2006-AR6, Class 2A4, 0.558% (1-Month USD-LIBOR + 0.440%) due 9/25/36(c)		538,536

See Notes to Financial Statements.

167

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.6% — (continued)
			Commercial Mortgage Trust:
$	190,000	AA-(j)	Series 2013-300P, Class B, 4.394% due 8/10/30(a)(c)	$	201,648
	260,000	CCC	Series 2013-CR9, Class E, 4.242% due 7/10/45(a)(c)		145,354
	534,851	Aaa(b)	Series 2013-CR11, Class A3, 3.983% due 8/10/50		577,554
	40,000	A2(b)	Series 2013-CR12, Class B, 4.762% due 10/10/46(c)		42,332
	20,000	Ba1(b)	Series 2013-CR12, Class C, 5.074% due 10/10/46(c)		20,138
	205,000	A3(b)	Series 2014-CR17, Class C, 4.783% due 5/10/47(c)		220,454
	140,000	AAA	Series 2014-CR18, Class A5, 3.828% due 7/15/47		153,065
	402,371	AAA	Series 2014-CR18, Class ASB, 3.452% due 7/15/47		416,431
	210,000	A-(j)	Series 2014-CR21, Class C, 4.422% due 12/10/47(c)		215,722
	345,000	Aaa(b)	Series 2014-LC17, Class A5, 3.917% due 10/10/47		380,591
	2,982,700	Aa1(b)	Series 2015-CR25, Class XA, 0.830% due 8/10/48(c)(k)		94,315
	175,000	Aaa(b)	Series 2015-CR26, Class A4, 3.630% due 10/10/48		193,404
	465,000	Aaa(b)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		535,864
	400,000	Aa3(b)	Community Funding CLO Ltd., Series 2015-1A, Class AR, 3.250% due 11/1/35(a)(g)		402,000
			Countrywide Asset-Backed Certificates:
	99,682	CCC	Series 2006-SD3, Class A1, 0.778% (1-Month USD-LIBOR + 0.660%) due 7/25/36(a)(c)		96,949
	244,403	AA	Series 2007-13, Class 2A2, 0.918% (1-Month USD-LIBOR + 0.800%) due 10/25/47(c)		242,449
			Countrywide Home Loan Mortgage Pass-Through Trust:
	72,794	WR(b)	Series 2005-11, Class 3A3, 2.624% due 4/25/35(c)		59,897
	53,543	WR(b)	Series 2005-11, Class 6A1, 0.718% (1-Month USD-LIBOR + 0.600%) due 3/25/35(c)		44,639
			Credit Suisse Commercial Mortgage Capital Trust:
	1,260,000	CCC	Series 2014-USA, Class F, 4.373% due 9/15/37(a)		990,837
	332,977	NR	Series 2015-5R, Class 1A1, 1.541% due 9/27/46(a)(c)		335,088
	240,000	Aaa(b)	Series 2017-LSTK, Class A, 2.761% due 4/5/33(a)		240,002
			Credit Suisse Commercial Mortgage Trust:
	99	Caa3(b)	Series 2006-C3, Class AJ, 6.169% due 6/15/38(c)		99
	11,383	Caa3(b)	Series 2006-C5, Class AJ, 5.373% due 12/15/39		2,211
	37,146	WR(b)	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-6, Class 8A1, 4.500% due 7/25/20		38,472
			Credit Suisse Mortgage Capital Certificates:
	1,305,772	AAA(j)	Series 2018-J1, Class A2, 3.500% due 2/25/48(a)(c)		1,332,211
	660,000	Aaa(b)	Series 2019-ICE4, Class A, 1.092% (1-Month USD-LIBOR + 0.980%) due 5/15/36(a)(c)		661,998
	950,000	B2(b)	Series 2019-ICE4, Class F, 2.762% (1-Month USD-LIBOR + 2.650%) due 5/15/36(a)(c)		952,980
	295,000	Aaa(b)	CSAIL Commercial Mortgage Trust, Series 2015-C1, Class A4, 3.505% due 4/15/50		320,874
	795,267	CC	CWABS Revolving Home Equity Loan Trust, Series 2004-B, Class 2A, 0.327% (1-Month USD-LIBOR + 0.220%) due 2/15/29(c)		749,124
	350,000	AA-(j)	DBJPM Mortgage Trust, Series 2016-C1, Class B, 4.195% due 5/10/49(c)		380,050
	390,000	Aaa(b)	DC Office Trust, Series 2019-MTC, Class A, 2.965% due 9/15/45(a)		416,037
	42,025	CCC	Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR2, Class A2B, 0.911% (1-Month USD-LIBOR + 0.800%) due 11/19/44(c)		39,566
	700,000	AAA	Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, 1.394% (3-Month USD-LIBOR + 1.200%) due 8/15/30(a)(c)		700,688
	311,513	B-	Equifirst Mortgage Loan Trust, Series 2003-2, Class M2, 2.668% (1-Month USD-LIBOR + 2.550%) due 9/25/33(c)		314,042
			Federal Home Loan Mortgage Corp. (FHLMC), Interest Strips:
	78,295	NR	Series 334, Class S7, 5.988% (6.100% – 1-Month USD-LIBOR) due 8/15/44(k)(l)		15,909
	114,898	NR	Series 353, Class S1, 5.888% (6.000% – 1-Month USD-LIBOR) due 12/15/46(k)(l)		27,481
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	6,180	NR	Series 1865, Class DA, 29.252% (31.310% – 11th District Cost of Funds Index) due 2/15/24(k)(l)		1,204
	22,664	NR	Series 3451, Class SB, 5.918% (6.030% – 1-Month USD-LIBOR) due 5/15/38(k)(l)		3,538
	63,187	NR	Series 3621, Class SB, 6.118% (6.230% – 1-Month USD-LIBOR) due 1/15/40(k)(l)		12,659
	555,000	NR	Series 3743, Class PB, 4.500% due 10/15/40		633,753
	769,525	NR	Series 3866, Class SA, 5.838% (5.950% – 1-Month USD-LIBOR) due 5/15/41(k)(l)		102,058

See Notes to Financial Statements.

168

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.6% — (continued)
$	234,717	NR	Series 3947, Class SG, 5.838% (5.950% – 1-Month USD-LIBOR) due 10/15/41(k)(l)	$	43,891
	20,992	NR	Series 3973, Class SA, 6.378% (6.490% – 1-Month USD-LIBOR) due 12/15/41(k)(l)		4,564
	230,055	NR	Series 4203, Class PS, 6.138% (6.250% – 1-Month USD-LIBOR) due 9/15/42(k)(l)		30,943
	248,213	NR	Series 4210, Class Z, 3.000% due 5/15/43		248,538
	94,891	NR	Series 4239, Class IO, 3.500% due 6/15/27(k)		5,795
	327,441	NR	Series 4316, Class XZ, 4.500% due 3/15/44		373,381
	71,647	NR	Series 4335, Class SW, 5.888% (6.000% – 1-Month USD-LIBOR) due 5/15/44(k)(l)		13,376
	852,070	NR	Series 4639, Class HZ, step bond to yield, 3.250% due 4/15/53		918,787
	560,864	NR	Series 4879, Class BC, 3.000% due 4/15/49		579,580
	94,086	NR	Series 5010, Class IK, 2.500% due 9/25/50(k)		13,292
	194,369	NR	Series 5010, Class JI, 2.500% due 9/25/50(k)		30,357
	98,762	NR	Series 5013, Class IN, 2.500% due 9/25/50(k)		15,990
	197,504	NR	Series 5018, Class MI, 2.000% due 10/25/50(k)		27,488
	98,130	NR	Series 5040, Class IB, 2.500% due 11/25/50(k)		13,376
	65,126	NR	Series R007, Class ZA, 6.000% due 5/15/36		76,785
	240,000	BB+	Federal Home Loan Mortgage Corp. (FHLMC), Structured Agency Credit Risk REMIC, Series 2021-DNA1, Class M2, 1.845% (SOFR + 1.800%) due 1/25/51(a)(c)		240,316
			Federal National Mortgage Association (FNMA), ACES:
	8,484,011	NR	Series 2013-M7, Class X2, 0.166% due 12/27/22(c)(k)		39,626
	4,308,047	NR	Series 2015-M7, Class X2, 0.475% due 12/25/24(c)(k)		66,430
	17,131,502	NR	Series 2015-M8, Class X2, 0.120% due 1/25/25(c)(k)		65,526
	100,000	NR	Series 2017-M8, Class A2, 3.061% due 5/25/27(c)		109,974
	389,000	NR	Series 2018-M14, Class A2, 3.578% due 8/25/28(c)		445,282
	180,000	NR	Series 2019-M4, Class A2, 3.610% due 2/25/31		208,371
	411,830	NR	Series 2019-M19, Class A2, 2.560% due 9/25/29		443,126
	100,000	NR	Series 2019-M27, Class A2, 2.700% due 11/25/40		107,592
	434,892	NR	Series 2019-M28, Class AV, 2.232% due 2/25/27		454,792
	95,544	NR	Series 2020-M6, Class A, 2.500% due 10/25/37		97,218
	598,105	NR	Series 2020-M36, Class X1, 1.468% due 9/25/34(c)(k)		63,575
			Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:
	858,261	Baa3(b)	Series 2017-C03, Class 1M2, 3.118% (1-Month USD-LIBOR + 3.000%) due 10/25/299(a)(c)		876,556
	881,886	BB(j)	Series 2017-C07, Class 1M2, 2.518% (1-Month USD-LIBOR + 2.400%) due 5/25/30(a)(c)		888,945
	566,348	BB-(j)	Series 2018-C06, Class 1M2, 2.118% (1-Month USD-LIBOR + 2.000%) due 3/25/31(a)(c)		569,467
			Federal National Mortgage Association (FNMA), Grantor Trust:
	58,925	NR	Series 2000-T6, Class A3, 4.238% due 11/25/40(c)		60,219
	99,690	NR	Series 2017-T1, Class A, 2.898% due 6/25/27		108,337
			Federal National Mortgage Association (FNMA), Interest Strip:
	93,453	NR	Series 409, Class C13, 3.500% due 11/25/41(k)		8,785
	177,808	NR	Series 409, Class C18, 4.000% due 4/25/42(k)		24,238
	25,656	NR	Series 409, Class C22, 4.500% due 11/25/39(k)		4,588
			Federal National Mortgage Association (FNMA), REMICS:
	20,356	NR	Series 2004-38, Class FK, 0.468% (1-Month USD-LIBOR + 0.350%) due 5/25/34(c)		20,437
	66,404	NR	Series 2005-117, Class LC, 5.500% due 11/25/35		69,724
	424,049	NR	Series 2006-51, Class SP, 6.532% (6.650% – 1-Month USD-LIBOR) due 3/25/36(k)(l)		59,476
	190,416	NR	Series 2007-68, Class SC, 6.582% (6.700% – 1-Month USD-LIBOR) due 7/25/37(k)(l)		33,935
	497,037	NR	Series 2008-18, Class SM, 6.882% (7.000% – 1-Month USD-LIBOR) due 3/25/38(k)(l)		82,633
	603,079	NR	Series 2011-8, Class ZA, 4.000% due 2/25/41		636,833
	214,342	NR	Series 2011-87, Class SG, 6.432% (6.550% – 1-Month USD-LIBOR) due 4/25/40(k)(l)		22,696
	770,000	NR	Series 2011-131, Class PB, 4.500% due 12/25/41		884,561
	63,006	NR	Series 2012-35, Class SC, 6.382% (6.500% – 1-Month USD-LIBOR) due 4/25/42(k)(l)		12,544
	82,154	NR	Series 2012-46, Class BA, 6.000% due 5/25/42		95,388
	122,692	NR	Series 2012-51, Class B, 7.000% due 5/25/42		149,125
	7,527	NR	Series 2012-70, Class YS, 6.532% (6.650% – 1-Month USD-LIBOR) due 2/25/41(k)(l)		450
	104,305	NR	Series 2012-74, Class SA, 6.532% (6.650% – 1-Month USD-LIBOR) due 3/25/42(k)(l)		17,987

See Notes to Financial Statements.

169

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.6% — (continued)
$	17,384	NR	Series 2012-75, Class AO, zero coupon, due 3/25/42(h)	$	16,488
	57,522	NR	Series 2012-101, Class BI, 4.000% due 9/25/27(k)		3,071
	67,952	NR	Series 2012-118, Class CI, 3.500% due 12/25/39(k)		1,684
	82,334	NR	Series 2012-133, Class CS, 6.032% (6.150% – 1-Month USD-LIBOR) due 12/25/42(k)(l)		17,737
	306,207	NR	Series 2013-9, Class BC, 6.500% due 7/25/42		366,047
	250,934	NR	Series 2013-9, Class CB, 5.500% due 4/25/42		288,227
	70,986	NR	Series 2013-54, Class BS, 6.032% (6.150% – 1-Month USD-LIBOR) due 6/25/43(k)(l)		16,278
	425,571	NR	Series 2018-55, Class PA, 3.500% due 1/25/47		441,474
	375,108	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		387,959
	293,260	NR	Series 2018-94, Class KD, 3.500% due 12/25/48		309,928
	202,682	NR	Series 2020-47, Class GZ, 2.000% due 7/25/50		197,516
	192,670	NR	Series 2020-56, Class DI, 2.500% due 8/25/50(k)		32,527
			FHLMC Multifamily Structured Pass-Through Certificates:
	217,031	AAA(j)	Series K016, Class X1, 1.481% due 10/25/21(c)(k)		635
	185,000	AAA(j)	Series K082, Class A2, 3.920% due 9/25/28(c)		217,132
	167,000	Aaa(b)	Series K084, Class A2, 3.780% due 10/25/28(c)		193,731
	281,000	Aaa(b)	Series K085, Class A2, 4.060% due 10/25/28(c)		331,455
	1,039,520	AAA(j)	Series K736, Class X1, 1.312% due 7/25/26(c)(k)		62,392
	266,170	NR	Series KIR2, Class A1, 2.748% due 3/25/27		280,538
			FHLMC Structured Agency Credit Risk Debt Notes:
	370,371	Baa1(b)	Series 2016-DNA1, Class M3, 5.680% (1-Month USD-LIBOR + 5.550%) due 7/25/28(c)		390,512
	655,000	BBB(j)	Series 2017-DNA2, Class M2, 3.568% (1-Month USD-LIBOR + 3.450%) due 10/25/29(c)		680,098
	246,408	BB(j)	Series 2017-HRP1, Class M2, 2.568% (1-Month USD-LIBOR + 2.450%) due 12/25/42(c)		244,656
	1,341,362	CC	First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, 0.598% (1-Month USD-LIBOR + 0.480%) due 10/25/36(c)		1,094,440
	121,344	AAA	Flagship CLO VIII Ltd., Series 2014-8A, Class ARR, 1.073% (3-Month USD-LIBOR + 0.850%) due 1/16/26(a)(c)		121,207
	1,370,000	AAA	Ford Credit Floorplan Master Owner Trust A, Series 2018-3, Class A1, 3.520% due 10/15/23		1,398,135
	597,505	NR	FREMF Mortgage Trust, Series 2019-KF58, Class B, 2.270% (1-Month USD-LIBOR + 2.150%) due 1/25/26(a)(c)		598,027
	194,003	NR	FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500% due 1/25/39(c)		202,153
			Government National Mortgage Association (GNMA):
	382,198	NR	Series 2007-51, Class SG, 6.469% (6.580% – 1-Month USD-LIBOR) due 8/20/37(k)(l)		60,825
	1,190,276	NR	Series 2008-51, Class GS, 6.123% (6.230% – 1-Month USD-LIBOR) due 6/16/38(k)(l)		249,734
	28,583	NR	Series 2010-85, Class HS, 6.539% (6.650% – 1-Month USD-LIBOR) due 1/20/40(k)(l)		2,478
	243,400	NR	Series 2012-H27, Class AI, 1.741% due 10/20/62(c)(k)		12,005
	172,193	NR	Series 2013-53, Class OI, 3.500% due 4/20/43(k)		17,996
	1,303,288	NR	Series 2013-85, Class IA, 0.514% due 3/16/47(c)(k)		20,402
	128,820	NR	Series 2013-107, Class AD, 2.758% due 11/16/47(c)		135,202
	100,017	NR	Series 2014-105, Class IO, 0.217% due 6/16/54(c)(k)		5,052
	1,475,148	NR	Series 2014-H20, Class FA, 0.574% (1-Month USD-LIBOR + 0.430%) due 10/20/64(c)		1,477,337
	74,578	NR	Series 2015-167, Class OI, 4.000% due 4/16/45(k)		11,531
	267,318	NR	Series 2015-167, Class SA, 6.139% (6.250% – 1-Month USD-LIBOR) due 11/20/45(k)(l)		54,123
	75,342	NR	Series 2016-84, Class IG, 4.500% due 11/16/45(k)		13,533
	61,626	NR	Series 2016-135, Class SB, 5.993% (6.100% – 1-Month USD-LIBOR) due 10/16/46(k)(l)		16,261
	121,684	NR	Series 2017-187, Class SJ, 6.089% (6.200% – 1-Month USD-LIBOR) due 12/20/47(k)(l)		25,232
	675,594	NR	Series 2017-H22, Class IC, 2.718% due 11/20/67(c)(k)		63,080
	172,231	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		184,702
	55,692	NR	Series 2018-130, Class A, 3.250% due 5/16/59		57,845
	555,072	NR	Series 2019-12, Class QA, 3.500% due 9/20/48		584,414
	715,411	NR	Series 2019-86, Class C, 2.500% due 3/20/49		748,040
	372,762	NR	Series 2019-119, Class JE, 3.000% due 9/20/49		385,584
	72,870	NR	Series 2019-123, Class A, 3.000% due 10/20/49		74,944
	379,820	NR	Series 2020-47, Class MI, 3.500% due 4/20/50(k)		57,704
	95,167	NR	Series 2020-47, Class NI, 3.500% due 4/20/50(k)		15,298

See Notes to Financial Statements.

170

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.6% — (continued)
$	98,873	NR	Series 2020-123, Class IL, 2.500% due 8/20/50(k)	$	14,205
	296,518	NR	Series 2020-123, Class NI, 2.500% due 8/20/50(k)		42,443
	98,675	NR	Series 2020-127, Class IN, 2.500% due 8/20/50(k)		14,590
	98,468	NR	Series 2020-129, Class IE, 2.500% due 9/20/50(k)		13,938
	99,137	NR	Series 2020-160, Class IH, 2.500% due 10/20/50(k)		14,903
	98,543	NR	Series 2020-160, Class VI, 2.500% due 10/20/50(k)		14,551
	396,909	NR	Series 2020-160, Class YI, 2.500% due 10/20/50(k)		57,594
	496,240	NR	Series 2020-181, Class WI, 2.000% due 12/20/50(k)		57,065
	298,621	NR	Series 2020-H09, Class FL, 1.261% (1-Month USD-LIBOR + 1.150%) due 5/20/70(c)		312,883
	99,153	NR	Series 2020-H12, Class F, 0.611% (1-Month USD-LIBOR + 0.500%) due 7/20/70(c)		99,907
	395,822	NR	Series 2020-H13, Class FA, 0.561% (1-Month USD-LIBOR + 0.450%) due 7/20/70(c)		398,149
	91,509	NR	Series 2020-H13, Class FC, 0.561% (1-Month USD-LIBOR + 0.450%) due 7/20/70(c)		92,002
	710,000	AA-	GS Mortgage Securities Corp. II, Series 2018-SRP5, Class A, 1.412% (1-Month USD-LIBOR + 1.300%) due 9/15/31(a)(c)		572,583
			Harborview Mortgage Loan Trust:
	96,994	AA+	Series 2004-5, Class 2A6, 2.944% due 6/19/34(c)		101,409
	39,971	WD(j)	Series 2006-2, Class 1A, 2.647% due 2/25/36(c)		18,263
	858,605	Caa2(b)	Series 2006-10, Class 1A1A, 0.329% (1-Month USD-LIBOR + 0.200%) due 11/19/36(c)		803,713
	75,202	AA	Impac CMB Trust, Series 2007-A, Class A, 0.618% (1-Month USD-LIBOR + 0.500%) due 5/25/37(a)(c)		75,982
	710,000	AAA(j)	Independence Plaza Trust, Series 2018-INDP, Class A, 3.763% due 7/10/35(a)		756,536
	35,443	Caa2(b)	Indymac Index Mortgage Loan Trust, Series 2005-AR15, Class A2, 3.007% due 9/25/35(c)		34,152
	1,266,690	CCC	IndyMac INDX Mortgage Loan Trust, Series 2005-AR14, Class 2A1A, 0.718% (1-Month USD-LIBOR + 0.600%) due 7/25/35(c)		1,219,239
	340,000	NR	InStar Leasing III LLC, Series 2021-1A, Class A, 2.300% due 2/15/54(a)(g)		343,198
	986,900	CC	IXIS Real Estate Capital Trust, Series 2006-HE2, Class A3, 0.438% (1-Month USD-LIBOR + 0.320%) due 8/25/36(c)		388,338
			JP Morgan Chase Commercial Mortgage Securities Trust:
	350,000	Aaa(b)	Series 2016-NINE, Class A, 2.854% due 9/6/38(a)(c)		374,606
	1,710,000	Caa1(b)	Series 2018-PHH, Class F, 4.510% (1-Month USD-LIBOR + 3.010%) due 6/15/35(a)(c)(e)		619,802
	365,000	Aaa(b)	Series 2019-OSB, Class A, 3.397% due 6/5/39(a)		402,918
	1,247,805	CCC	JP Morgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1, 0.508% (0.585% – 1-Month USD-LIBOR) due 5/25/35(l)		1,243,416
			JP Morgan Mortgage Trust:
	53,779	Aaa(b)	Series 2017-2, Class A6, 3.000% due 5/25/47(a)(c)		53,993
	502,065	AA+	Series 2018-3, Class A1, 3.500% due 9/25/48(a)(c)		511,681
	178,871	AA+	Series 2018-4, Class A1, 3.500% due 10/25/48(a)(c)		182,985
	430,764	AA+	Series 2018-5, Class A1, 3.500% due 10/25/48(a)(c)		440,637
	147,864	AAA	Series 2019-1, Class A11, 1.068% (1-Month USD-LIBOR + 0.950%) due 5/25/49(a)(c)		149,320
			JPMBB Commercial Mortgage Securities Trust:
	40,000	Aa3(b)	Series 2013-C17, Class B, 4.889% due 1/15/47(c)		43,008
	350,000	BB(j)	Series 2014-C23, Class E, 3.364% due 9/15/47(a)(c)		251,200
	399,281	Aaa(b)	JPMCC Commercial Mortgage Securities Trust, Series 2019-BOLT, Class A, 1.262% (1-Month USD-LIBOR + 1.150%) due 7/15/34(a)(c)		384,711
			JPMDB Commercial Mortgage Securities Trust:
	340,000	A(j)	Series 2017-C5, Class B, 4.009% due 3/15/50(c)		362,868
	190,000	Aaa(b)	Series 2017-C7, Class A5, 3.409% due 10/15/50		210,363
	130,000	AA-	Series 2018-C8, Class B, 4.522% due 6/15/51		147,985
			JPMorgan Chase Commercial Mortgage Securities Trust:
	175,000	Aaa(b)	Series 2011-C5, Class AS, 5.424% due 8/15/46(a)(c)		177,643
	370,000	Aa1(b)	Series 2011-C5, Class B, 5.424% due 8/15/46(a)(c)		374,113
	460,000	AA	Series 2012-HSBC, Class C, 4.021% due 7/5/32(a)		475,678
	117,631	Aaa(b)	JPMorgan Trust, Series 2015-5, Class A9, 2.502% due 5/25/45(a)(c)		122,066
	834,368	NR	Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, step bond to yield, 3.200% due 5/25/59(a)		843,775

See Notes to Financial Statements.

171

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††		Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.6% — (continued)
$	33,732	Ca(b)		Lehman XS Trust, Series 2005-7N, Class 1A1B, 0.718% (1-Month USD-LIBOR + 0.600%) due 12/25/35(c)	$	26,867
	700,000	Aaa(b)		Magnetite XVIII Ltd., Series 2016-18A, Class AR, 1.274% (3-Month USD-LIBOR + 1.080%) due 11/15/28(a)(c)		700,700
	202,282	A+		MASTR Seasoned Securitization Trust, Series 2005-1, Class 4A1, 2.726% due 10/25/32(c)		210,653
	256,161	CC		Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A4, 0.368% (1-Month USD-LIBOR + 0.250%) due 7/25/37(c)		173,398
	13,833	A+		Merrill Lynch Mortgage Investors Trust, Series 2004-A3, Class 4A3, 3.646% due 5/25/34(c)		13,885
	351,245	AA+		Mid-State Capital Corp. Trust, Series 2004-1, Class A, 6.005% due 8/15/37		374,293
	500,000	AAA(j)		MKT 2020-525M Mortgage Trust, Series 2020-525M, Class A, 2.694% due 2/12/40(a)		522,656
				ML-CFC Commercial Mortgage Trust:
	31,915	Caa2(b)		Series 2007-5, Class AJ, 5.450% due 8/12/48(c)		17,808
	5,987	WD(j)		Series 2007-9, Class AJ, 6.193% due 9/12/49(c)		5,900
	500,000	Aaa(b)		Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A4, 4.039% due 11/15/46(m)		541,025
	662,624	NR		Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 2A, 3.000% due 7/26/48(a)(c)(m)		668,757
	390,000	Aaa(b)		Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC, Class A, 2.966% due 12/15/38(a)		406,857
			��	New Residential Mortgage Loan Trust:
	233,030	AAA		Series 2016-4A, Class A1, 3.750% due 11/25/56(a)(c)		249,558
	785,003	Aaa(b)		Series 2019-6A, Class A1B, 3.500% due 9/25/59(a)(c)		829,575
	368,387	AAA		Oak Street Investment Grade Net Lease Fund, Series 2020-1A, Class A1, 1.850% due 11/20/50(a)		373,663
	500,000	Aaa(b)		One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(a)		516,766
	498,166	BBB-		Option One Mortgage Loan Trust, Series 2004-3, Class M1, 0.898% (1-Month USD-LIBOR + 0.780%) due 11/25/34(c)		498,446
	800,000	AAA		Palmer Square CLO Ltd., Series 2014-1A, Class A1R2, 1.353% (3-Month USD-LIBOR + 1.130%) due 1/17/31(a)(c)		801,072
				PFS Financing Corp.:
	1,230,000	AAA		Series 2019-B, Class A, 0.657% (1-Month USD-LIBOR + 0.550%) due 9/15/23(a)(c)		1,232,267
	400,000	AAA		Series 2020-E, Class A, 1.000% due 10/15/25(a)		403,369
	190,000	AAA		Series 2021-A, Class A, 0.710% due 4/15/26(a)		189,654
				PMT Credit Risk Transfer Trust:
	646,307	NR		Series 2019-2R, Class A, 2.878% (1-Month USD-LIBOR + 2.750%) due 5/27/23(a)(c)		637,720
	472,223	NR		Series 2019-3R, Class A, 2.828% (1-Month USD-LIBOR + 2.700%) due 10/27/22(a)(c)		473,238
	54,318	AAA		Popular ABS Mortgage Pass-Through Trust, Series 2006-C, Class A4, 0.368% (1-Month USD-LIBOR + 0.250%) due 7/25/36(c)		54,362
				Prime Mortgage Trust:
	11,666	WR(b)		Series 2006-DR1, Class 1A1, 5.500% due 5/25/35(a)		11,642
	733,043	WR(b)		Series 2006-DR1, Class 2A1, 5.500% due 5/25/35(a)		672,784
	775,000	AAA		RBS Commercial Funding Inc. Trust, Series 2013-GSP, Class A, 3.834% due 1/15/32(a)(c)		821,972
	152,897	Caa2(b)		Residential Asset Securitization Trust, Series 2005-A15, Class 1A4, 5.750% due 2/25/36		156,753
				SBA Small Business Investment Cos.:
	587,700	NR		Series 2018-10B, Class 1, 3.548% due 9/10/28		622,832
	351,204	NR		Series 2019-10A, Class 1, 3.113% due 3/10/29		365,668
				Seasoned Credit Risk Transfer Trust:
	145,437	NR		Series 2018-2, Class MA, 3.500% due 11/25/57		155,927
	790,000	B-(j)		Series 2019-1, Class M, 4.750% due 7/25/58(a)(c)		812,385
	407,145	NR		Series 2019-2, Class MA, 3.500% due 8/25/58		438,713
	841,329	AA-		Sequoia Mortgage Trust, Series 2003-1, Class 1A, 0.871% (1-Month USD-LIBOR + 0.760%) due 4/20/33(c)		854,256
	667,736	A		Structured Asset Investment Loan Trust, Series 2004-6, Class A3, 0.918% (1-Month USD-LIBOR + 0.800%) due 7/25/34(c)		661,140

See Notes to Financial Statements.

172

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 9.6% — (continued)
$	75,528		AA+	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 0.611% (1-Month USD-LIBOR + 0.500%) due 7/19/35(c)	$	76,574
	93,195		CCC	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, 0.468% (1-Month USD-LIBOR + 0.350%) due 6/25/35(a)(c)		83,023
	406,727		NR	Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(a)		427,880
	81,008		AAA	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 1.023% (1-Month USD-LIBOR + 0.900%) due 11/11/34(a)(c)		81,091
	105,017		Aaa(b)	Towd Point Mortgage Trust, Series 2016-3, Class A1, 2.250% due 4/25/56(a)(c)		106,018
	350,000		Aaa(b)	UBS Commercial Mortgage Trust, Series 2019-C17, Class A3, 2.669% due 10/15/52		364,526
	340,000		AA-(j)	UBS Commercial Mortgage Trust 2018-C11, Series 2018-C11, Class B, 4.713% due 6/15/51(c)		380,090
	111,166		NR	United States Small Business Administration, Series 2019-20D, Class 1, 2.980% due 4/1/39		117,255
	797,850		A-	Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.188% due 7/15/44(a)		831,167
	530,000		AAA	VNDO Mortgage Trust, Series 2012-6AVE, Class A, 2.996% due 11/15/30(a)		548,560
				WaMu Mortgage Pass-Through Certificates Trust:
	194,288		BB-	Series 2005-AR4, Class A5, 3.505% due 4/25/35(c)		200,660
	1,032,631		A-	Series 2005-AR19, Class A1B3, 0.818% (1-Month USD-LIBOR + 0.700%) due 12/25/45(c)		1,053,271
	750,266		CCC	Series 2006-AR3, Class A1A, 1.378% (1-Year Treasury Average Rate + 1.000%) due 2/25/46(c)		755,976
	369,876		Ca(b)	Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2007-OA2, Class 2A, 1.078% (1-Year Treasury Average Rate + 0.700%) due 1/25/47(c)		328,785
				Wells Fargo Commercial Mortgage Trust:
	120,000		A2(b)	Series 2013-LC12, Class B, 4.274% due 7/15/46(c)		119,491
	1,000,000		Aa2(b)	Series 2015-C28, Class AS, 3.872% due 5/15/48(c)		1,093,418
	150,000		Aaa(b)	Series 2015-LC20, Class A5, 3.184% due 4/15/50		162,243
	500,000		AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49		523,873
	11,583,321		Aaa(b)	Series 2018-C43, Class XA, 0.672% due 3/15/51(c)(k)		461,556
	250,000		Aaa(b)	Series 2018-C44, Class A4, 3.948% due 5/15/51		282,721
	3,584,382		Aaa(b)	Series 2019-C52, Class XA, 1.616% due 8/15/52(c)(k)		372,663
	180,000		AAA	Series 2019-C54, Class A4, 3.146% due 12/15/52		195,306
	362,947		Aaa(b)	Wells Fargo Mortgage-Backed Securities Trust, Series 2019-4, Class A2, 3.000% due 9/25/49(a)(c)		372,570
				WF-RBS Commercial Mortgage Trust:
	1,575,877		Aa1(b)	Series 2012-C7, Class XA, 1.299% due 6/15/45(a)(c)(k)		15,132
	145,000		Aaa(b)	Series 2013-C14, Class A4, 3.073% due 6/15/46		152,069
				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $97,725,440)		94,243,719
	SOVEREIGN BONDS — 3.1%
	Argentina — 0.1%
				Argentine Republic Government International Bonds:
	64,372		CCC+	1.000% due 7/9/29		25,523
	1,852,700		CCC+	step bond to yield, 0.125% due 7/9/30		676,236
				Total Argentina		701,759
	Brazil — 0.3%
	656,000	BRL	BB-	Brazil Notas do Tesouro Nacional Serie B, 6.000% due 8/15/50		525,039
	1,224,000	BRL	BB-	Brazil Notas do Tesouro Nacional Serie F, 10.000% due 1/1/27		241,926
				Brazilian Government International Bonds:
	300,000		BB-	4.625% due 1/13/28		323,608
	200,000		BB-	3.875% due 6/12/30		199,350
	1,280,000		BB-	5.000% due 1/27/45		1,256,058
				Total Brazil		2,545,981
	Canada — 0.0%
	152,000		A+	Province of Manitoba Canada, 3.050% due 5/14/24		164,170

See Notes to Financial Statements.

173

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	SOVEREIGN BONDS — 3.1% — (continued)
	Chile — 0.0%
$	100,000		A+	Chile Government International Bonds, 3.240% due 2/6/28	$	109,610
	Colombia — 0.2%
				Colombia Government International Bonds:
	220,000		BBB-	8.125% due 5/21/24		264,254
	280,000		BBB-	3.875% due 4/25/27		302,980
	550,000		BBB-	3.000% due 1/30/30		546,631
	225,000		BBB-	3.125% due 4/15/31		224,269
	200,000		BBB-	5.000% due 6/15/45		217,250
				Total Colombia		1,555,384
	Dominican Republic — 0.0%
	200,000		BB-	Dominican Republic International Bonds, 4.500% due 1/30/30(a)		202,750
	Egypt — 0.0%
	230,000		B	Egypt Government International Bonds, 5.577% due 2/21/23(a)		240,022
	Indonesia — 0.2%
				Indonesia Government International Bonds:
	1,400,000		BBB	3.750% due 4/25/22		1,449,152
	290,000		Baa2(b)	3.500% due 1/11/28		312,891
	80,000		BBB	4.100% due 4/24/28		89,586
	225,000		BBB	2.850% due 2/14/30		230,922
	330,000		Baa2(b)	4.350% due 1/11/48		358,710
				Total Indonesia		2,441,261
	Israel — 0.0%
	200,000		AA-	Israel Government International Bonds, 2.750% due 7/3/30		213,625
	Kuwait — 0.0%
	360,000		AA-	Kuwait International Government Bonds, 3.500% due 3/20/27(a)		402,131
	Mexico — 1.0%
				Mexican Bonos:
	15,120,000	MXN	BBB+	10.000% due 12/5/24		852,332
	22,540,000	MXN	BBB+	8.500% due 5/31/29		1,260,948
	13,345,700	MXN	BBB+	7.750% due 11/13/42		684,210
	84,090,000	MXN	Baa1(b)	8.000% due 11/7/47		4,406,775
				Mexico Government International Bonds:
	44,000		BBB	4.000% due 10/2/23		47,700
	200,000		BBB	4.150% due 3/28/27		223,877
	323,000		BBB	3.750% due 1/11/28		349,979
	572,000		BBB	4.500% due 4/22/29		642,290
	550,000		BBB	3.250% due 4/16/30		561,539
	519,000		BBB	2.659% due 5/24/31		501,229
	210,000		BBB	4.750% due 3/8/44		222,979
				Total Mexico		9,753,858
	Nigeria — 0.0%
	260,000		B-	Nigeria Government International Bonds, 7.143% due 2/23/30(a)		275,873
	Panama — 0.1%
				Panama Government International Bonds:
	200,000		BBB	4.000% due 9/22/24		217,902
	210,000		BBB	3.875% due 3/17/28		230,707
	400,000		BBB	3.160% due 1/23/30		417,754
	240,000		BBB	2.252% due 9/29/32		229,800
	75,000		BBB	4.500% due 4/1/56		82,895
				Total Panama		1,179,058

See Notes to Financial Statements.

174

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Peru — 0.1%
				Peruvian Government International Bonds:
$	425,000		BBB+	4.125% due 8/25/27	$	483,676
	210,000		BBB+	2.783% due 1/23/31		213,520
	70,000		BBB+	6.550% due 3/14/37		96,901
	160,000		BBB+	5.625% due 11/18/50		219,887
				Total Peru		1,013,984
	Philippines — 0.1%
				Philippine Government International Bonds:
	400,000		BBB+	3.000% due 2/1/28		430,521
	110,000		BBB+	1.648% due 6/10/31		104,414
				Total Philippines		534,935
	Poland — 0.1%
	710,000		A-	Poland Government International Bonds, 4.000% due 1/22/24		781,866
	Qatar — 0.2%
				Qatar Government International Bonds:
	200,000		AA-	4.500% due 4/23/28		236,656
	250,000		AA-	4.000% due 3/14/29(a)		286,215
	820,000		AA-	4.817% due 3/14/49(a)		1,013,884
				Total Qatar		1,536,755
	Russia — 0.5%
				Russian Federal Bonds — OFZ:
	6,950,000	RUB	NR	7.750% due 9/16/26		99,535
	146,093,000	RUB	BBB	7.050% due 1/19/28		2,023,696
	128,030,000	RUB	BBB(j)	6.900% due 5/23/29		1,745,835
	49,650,000	RUB	NR	7.700% due 3/16/39		713,390
	200,000		BBB(j)	Russian Foreign Bonds — Eurobonds, 4.750% due 5/27/26		229,256
				Total Russia		4,811,712
	Saudi Arabia — 0.0%
				Saudi Government International Bonds:
	200,000		A1(b)	3.625% due 3/4/28		221,007
	200,000		A1(b)	3.750% due 1/21/55(a)		198,033
				Total Saudi Arabia		419,040
	South Africa — 0.0%
	300,000		BB-	Republic of South Africa Government International Bonds, 4.850% due 9/30/29		303,649
	United Arab Emirates — 0.1%
				Abu Dhabi Government International Bonds:
	400,000		AA	2.500% due 10/11/22(a)		413,271
	200,000		AA	2.500% due 9/30/29		207,655
	590,000		AA	3.875% due 4/16/50(a)		649,976
				Total United Arab Emirates		1,270,902
	Uruguay — 0.1%
				Uruguay Government International Bonds:
	70,000		BBB	4.500% due 8/14/24		76,469
	355,000		BBB	4.375% due 10/27/27		405,967
				Total Uruguay		482,436
				TOTAL SOVEREIGN BONDS (Cost — $31,559,255)		30,940,761

See Notes to Financial Statements.

175

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 1.7%
$	238,396	NR	1011778 B.C. Unlimited Liability Company, (Restricted, cost — $233,634, acquired 8/12/20), 1.865% (1-Month USD-LIBOR + 1.750%) due 11/19/26(n)	$	236,440
	420,354	NR	Allied Universal Holdco LLC, (Restricted, cost — $421,659, acquired 2/19/20), 4.365% (1-Month USD-LIBOR + 4.250%) due 7/10/26(n)		421,615
	156,768	NR	Alterra Mountain Co., (Restricted, cost — $156,546, acquired 3/27/19), 2.865% (1-Month USD-LIBOR + 2.750%) due 7/31/24(n)		156,306
	330,006	NR	Aramark Intermediate HoldCo Corp., (Restricted, cost — $332,031, acquired 12/13/19), 1.865% (1-Month USD-LIBOR + 1.750%) due 1/15/27(n)		327,325
	129,750	NR	Asplundh Tree Expert LLC, (Restricted, cost — $130,149, acquired 12/4/20), 2.615% (1-Month USD-LIBOR + 2.500%) due 9/7/27(n)		130,034
	120,000	NR	Asurion LLC, (Restricted, cost — $118,810, acquired 1/29/21) due 7/31/27(n)(o)		119,730
	176,977	NR	Asurion LLC, (Restricted, cost — $176,632, acquired 11/20/19), 3.115% (1-Month USD-LIBOR + 3.000%) due 11/3/24(n)		176,742
	387,154	NR	Asurion LLC, (Restricted, cost — $387,592, acquired 4/10/19), 3.365% (1-Month USD-LIBOR + 3.250%) due 12/23/26(n)		386,519
	60,076	NR	Asurion LLC, (Restricted, cost — $60,076, acquired 2/26/20), 3.115% (1-Month USD-LIBOR + 3.000%) due 11/3/23(n)		60,044
	542,602	NR	athenahealth Inc., (Restricted, cost — $543,054, acquired 1/9/20), 4.453% (3-Month USD-LIBOR + 4.250%) due 2/11/26(n)		546,927
	49,000	NR	Atlantic Aviation FBO Inc., (Restricted, cost — $48,666, acquired 11/30/18), 3.870% (1-Month USD-LIBOR + 3.750%) due 12/6/25(n)		49,214
	90,000	NR	Avolon TLB Borrower 1 (US) LLC, (Restricted, cost — $89,324, acquired 11/20/20), 3.250% (1-Month USD-LIBOR + 2.500%) due 12/1/27(n)		90,325
	262,500	NR	Bausch Health Cos., Inc., (Restricted, cost — $259,045, acquired 6/23/20), 2.865% (1-Month USD-LIBOR + 2.750%) due 11/27/25(n)		262,726
	62,480	NR	Bausch Health Cos., Inc., (Restricted, cost — $62,871, acquired 4/17/19), 3.115% (1-Month USD-LIBOR + 3.000%) due 6/2/25(n)		62,637
	253,000	NR	Berry Global Inc., (Restricted, cost — $253,633, acquired 2/12/21) due 7/1/26(n)(o)		253,238
	6,902	NR	BJ’s Wholesale Club Inc., (Restricted, cost — $6,872, acquired 8/12/20), 2.112% (1-Month USD-LIBOR + 2.000%) due 2/3/24(n)		6,927
	178,234	NR	Brookfield WEC Holdings Inc., (Restricted, cost — $178,962, acquired 1/24/20), 3.250% (1-Month USD-LIBOR + 2.750%) due 8/1/25(n)		178,081
	219,450	NR	Caesars Resort Collection LLC, (Restricted, cost — $213,752, acquired 6/19/20), 4.615% (1-Month USD-LIBOR + 4.500%) due 7/21/25(n)		220,420
	96,919	NR	Caesars Resort Collection LLC, (Restricted, cost — $97,222, acquired 10/4/17), 2.865% (1-Month USD-LIBOR + 2.750%) due 12/23/24(n)		96,238
	254,176	NR	Change Healthcare Holdings LLC, (Restricted, cost — $253,787, acquired 2/18/20), 3.500% (1-Month USD-LIBOR + 2.500%) due 3/1/24(n)		254,739
	207,895	NR	Charter Communications Operating LLC, (Restricted, cost — $208,544, acquired 2/7/20), 1.870% (1-Month USD-LIBOR + 1.750%) due 2/1/27(n)		207,880
	346,992	NR	Charter Communications Operating LLC, (Restricted, cost — $347,933, acquired 10/24/19), 1.870% (1-Month USD-LIBOR + 1.750%) due 4/30/25(n)		347,308
	199,400	NR	Citadel Securities LP, (Restricted, cost — $199,153, acquired 1/27/21) due 2/2/28(n)(o)		198,652
	159,911	NR	CityCenter Holding LLC, (Restricted, cost — $159,135, acquired 1/28/21), 3.000% (1-Month USD-LIBOR + 2.250%) due 4/18/24(n)		158,882
	232,714	NR	Clarios Global LP, (Restricted, cost — $231,031, acquired 3/18/19), 3.615% (1-Month USD-LIBOR + 3.500%) due 4/30/26(n)		233,490
	427,225	NR	DCert Buyer Inc., (Restricted, cost — $427,554, acquired 8/8/19), 4.115% (1-Month USD-LIBOR + 4.000%) due 10/16/26(n)		428,331
	194,890	NR	Dell International LLC, (Restricted, cost — $185,450, acquired 10/18/17), 2.750% (1-Month USD-LIBOR + 1.750%) due 9/19/25(n)		195,767
	318,400	NR	Delta Air Lines Inc., (Restricted, cost — $315,456, acquired 4/27/20), 5.750% (1-Month USD-LIBOR + 4.750%) due 4/29/23(n)		321,485
	174,930	NR	Edelman Financial Center LLC, (Restricted, cost — $175,412, acquired 4/22/19), 3.115% (1-Month USD-LIBOR + 3.000%) due 7/21/25(n)		173,805

See Notes to Financial Statements.

176

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 1.7% — (continued)
$	279,538	NR	Elanco Animal Health Inc., (Restricted, cost — $280,316, acquired 2/27/20), 1.873% (1-Month USD-LIBOR + 1.750%) due 8/1/27(n)	$	279,313
	109,331	NR	EyeCare Partners LLC, (Restricted, cost — $109,253, acquired 2/18/20), 3.865% (1-Month USD-LIBOR + 3.750%) due 2/18/27(n)		107,964
	18,119	NR	FinCo I LLC, (Restricted, cost — $17,998, acquired 8/12/20), 2.615% (1-Month USD-LIBOR + 2.500%) due 6/27/25(n)		18,146
	58,804	NR	First Eagle Holdings Inc., (Restricted, cost — $58,951, acquired 4/5/19), 2.754% (3-Month USD-LIBOR + 2.500%) due 2/1/27(n)		58,751
	217,417	NR	Focus Financial Partners LLC, (Restricted, cost — $218,007, acquired 2/18/20), 2.115% (1-Month USD-LIBOR + 2.000%) due 7/3/24(n)		216,998
	20,000	NR	Formula One Management Ltd., (Restricted, cost — $19,619, acquired 8/12/20), 3.500% (1-Month USD-LIBOR + 2.500%) due 2/1/24(n)		19,965
	49,614	NR	Four Seasons Holdings Inc., (Restricted, cost — $49,800, acquired 11/21/19), 2.115% (1-Month USD-LIBOR + 2.000%) due 11/30/23(n)		49,564
	159,200	NR	Froneri International Ltd., (Restricted, cost — $159,505, acquired 2/18/20), 2.365% (1-Month USD-LIBOR + 2.250%) due 1/29/27(n)		158,033
	110,000	NR	Gainwell Acquisition Corp., (Restricted, cost — $108,419, acquired 2/12/21) due 10/1/27(n)(o)		109,909
	75,577	NR	Garda World Security Corp., (Restricted, cost — $74,353, acquired 10/24/19), 4.990% (3-Month USD-LIBOR + 4.750%) due 10/30/26(n)		75,884
	158,633	NR	Golden Nugget Inc., (Restricted, cost — $158,656, acquired 1/31/20), 3.250% (2-Month USD-LIBOR + 2.500%) due 10/4/23(n)		157,600
	26,947	NR	HCA Inc., (Restricted, cost — $27,149, acquired 10/19/17), 1.865% (1-Month USD-LIBOR + 1.750%) due 3/13/25(n)		27,048
	431,964	NR	Hilton Worldwide Finance LLC, (Restricted, cost — $432,036, acquired 8/18/16), 1.868% (1-Month USD-LIBOR + 1.750%) due 6/22/26(n)		431,405
	181,895	NR	iHeartCommunications Inc., (Restricted, cost — $181,732, acquired 1/29/20), 3.115% (1-Month USD-LIBOR + 3.000%) due 5/1/26(n)		180,485
	140,000	NR	INEOS Styrolution Group GmbH, (Restricted, cost — $140,653, acquired 2/19/21), 3.250% (1-Month USD-LIBOR + 2.750%) due 1/29/26(n)		140,805
	186,682	NR	Jane Street Group LLC, (Restricted, cost — $186,451, acquired 1/21/21) due 1/26/28(n)(o)		186,516
	382,876	NR	Level 3 Financing Inc., (Restricted, cost — $382,599, acquired 2/16/21), 1.865% (1-Month USD-LIBOR + 1.750%) due 3/1/27(n)		382,118
	214,384	NR	LifePoint Health Inc., (Restricted, cost — $212,689, acquired 8/16/19), 3.865% (1-Month USD-LIBOR + 3.750%) due 11/16/25(n)		214,897
	193,869	NR	McAfee LLC, (Restricted, cost — $193,869, acquired 8/13/19), 3.865% (1-Month USD-LIBOR + 3.750%) due 9/30/24(n)		194,629
	165,577	NR	Michaels Stores Inc., (Restricted, cost — $165,307, acquired 10/1/20), 4.250% (1-Month USD-LIBOR + 3.500%) due 10/1/27(n)		165,929
	297,974	NR	MPH Acquisition Holdings LLC, (Restricted, cost — $297,572, acquired 10/13/17), 3.750% (3-Month USD-LIBOR + 2.750%) due 6/7/23(n)		298,059
	490,185	NR	Nexstar Broadcasting Inc., (Restricted, cost — $488,971, acquired 8/16/19), 2.873% (1-Month USD-LIBOR + 2.750%) due 9/18/26(n)		491,680
	130,403	NR	Numericable U.S. LLC, (Restricted, cost — $130,209, acquired 10/6/17), 3.800% (1-Month USD-LIBOR + 3.688%) due 1/31/26(n)		130,546
	198,000	NR	Option Care Health Inc., (Restricted, cost — $196,659, acquired 5/22/19), 3.865% (1-Month USD-LIBOR + 3.750% ) due 8/6/26(n)		198,495
	122,958	NR	PCI Gaming Authority, (Restricted, cost — $123,136, acquired 5/15/19), 2.615% (1-Month USD-LIBOR + 2.500%) due 5/29/26(n)		123,009
	350,000	NR	Phoenix Guarantor Inc., (Restricted, cost — $350,000, acquired 2/23/21) due 3/5/26(n)(o)		351,249
	360,000	NR	PPD Inc., (Restricted, cost — $359,100, acquired 1/6/21), 2.750% (1-Month USD-LIBOR + 2.250%) due 1/13/28(n)		361,825
	404,951	NR	Prime Security Services Borrower LLC, (Restricted, cost — $407,063, acquired 4/22/19), 3.500% (1-Month USD-LIBOR + 2.750%/3-Month USD-LIBOR + 2.750%) due 9/23/26(n)		405,881

See Notes to Financial Statements.

177

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 1.7% — (continued)
$	210,000	NR	Rackspace Technology Global Inc., (Restricted, cost — $210,563, acquired 2/19/21) due 2/15/28(n)(o)	$	210,252
	18,695	NR	Realogy Group LLC, (Restricted, cost — $18,076, acquired 8/12/20), 3.000% (1-Month USD-LIBOR + 2.250%) due 2/8/25(n)		18,676
	340,000	NR	RealPage Inc., (Restricted, cost — $340,088, acquired 2/18/21) due 2/18/28(n)(o)		340,816
	401,104	NR	Reynolds Consumer Products LLC, (Restricted, cost — $402,577, acquired 2/18/20), 1.865% (1-Month USD-LIBOR + 1.750%) due 2/4/27(n)		402,133
	317,207	NR	Scientific Games International Inc., (Restricted, cost — $316,698, acquired 2/14/18), 2.865% (1-Month USD-LIBOR + 2.750%) due 8/14/24(n)		312,647
	360,000	NR	Sotera Health Holdings LLC, (Restricted, cost — $362,813, acquired 1/20/21), 3.250% (2-Month USD-LIBOR + 2.750%) due 12/11/26(n)		360,562
	981,936	NR	TKC Holdings Inc., (Restricted, cost — $981,936, acquired 4/30/19), 4.750% (2-Month-USD-LIBOR + 3.750%/3-Month USD-LIBOR + 3.750%) due 2/1/23(n)		968,434
	213,715	NR	Trans Union LLC, (Restricted, cost — $214,594, acquired 2/16/21), 1.865% (1-Month USD-LIBOR + 1.750%) due 11/16/26(n)		214,205
	20,000	NR	TransDigm Inc., (Restricted, cost — $19,702, acquired 2/9/21) due 12/9/25(n)(o)		19,769
	441,923	NR	UFC Holdings LLC, (Restricted, cost — $445,238, acquired 4/30/19), 3.750% (3-Month USD-LIBOR + 3.000%) due 4/29/26(n)		443,339
	358,125	NR	US Foods Inc., (Restricted, cost — $345,491, acquired 9/28/20), 1.865% (1-Month USD-LIBOR + 1.750%) due 6/27/23(n)		355,774
	150,000	NR	VFH Parent LLC, (Restricted, cost — $148,409, acquired 10/30/20), 3.111% (1-Month USD-LIBOR + 3.000%) due 3/1/26(n)		150,578
	350,000	NR	VICI Properties 1 LLC, (Restricted, cost — $348,875, acquired 2/20/20), 1.861% (1-Month USD-LIBOR + 1.750%) due 12/20/24(n)		348,273
	430,000	NR	Virgin Media Bristol LLC, (Restricted, cost — $427,221, acquired 4/30/19), 2.612% (1-Month USD-LIBOR + 2.500%) due 1/31/28(n)		429,682
	104,918	NR	Western Digital Corp., (Restricted, cost — $105,967, acquired 10/27/17), 1.865% (1-Month USD-LIBOR + 1.750%) due 4/29/23(n)		105,199
	506,250	NR	Wynn Resorts Ltd., (Restricted, cost — $504,842, acquired 11/22/19), 1.870% (1-Month USD-LIBOR + 1.750%) due 9/20/24(n)		493,594
	80,000	NR	Zayo Group Holdings LLC, (Restricted, cost — $80,088, acquired 2/19/21) due 12/30/99(n)		80,025
			TOTAL SENIOR LOANS (Cost — $17,077,234)		17,092,488
	ASSET-BACKED SECURITIES — 1.0%
	Automobiles — 0.2%
			Credit Acceptance Auto Loan Trust:
	228,572	AAA	Series 2018-3A, Class A, 3.550% due 8/15/27(a)		230,195
	450,000	AAA	Series 2019-3A, Class A, 2.380% due 11/15/28(a)		460,319
	410,000	AAA	Series 2021-2A, Class A, 0.960% due 2/15/30(a)		409,472
			Hertz Vehicle Financing II LP:
	241,281	Baa1(b)	Series 2016-4A, Class A, 2.650% due 7/25/22(a)		242,681
	80,080	Baa1(b)	Series 2018-1A, Class A, 3.290% due 2/25/24(a)		80,554
	677,987	AAA	Nissan Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.220% due 6/15/23		689,693
			Total Automobiles		2,112,914
	Credit Cards — 0.1%
	315,000	AAA	Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 0.877% (1-Month USD-LIBOR + 0.770%) due 5/14/29(c)		320,271
	Student Loans — 0.7%
	182,508	AA	College Ave Student Loans LLC, Series 2019-A, Class A2, 3.280% due 12/28/48(a)		189,765
	177,283	Aaa(b)	ECMC Group Student Loan Trust, Series 2016-1A, Class A, 1.468% (1-Month USD-LIBOR + 1.350%) due 7/26/66(a)(c)		183,175
	151,063	AAA	Navient Private Education Loan Trust, Series 2014-AA, Class A2B, 1.362% (1-Month USD-LIBOR + 1.250%) due 2/15/29(a)(c)		152,546

See Notes to Financial Statements.

178

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Student Loans — 0.7% — (continued)
$	335,505	AAA	Navient Student Loan Trust, Series 2017-4A, Class A2, 0.618% (1-Month USD-LIBOR + 0.500%) due 9/27/66(a)(c)	$	336,513
	395,000	AAA	SLM Private Education Loan Trust, Series 2010-C, Class A5, 4.862% (1-Month USD-LIBOR + 4.750%) due 10/15/41(a)(c)		429,287
			SLM Student Loan Trust:
	166,309	AA+	Series 2003-4, Class A5E, 0.967% (3-Month USD-LIBOR + 0.750%) due 3/15/33(a)(c)		162,471
	1,270,057	AAA	Series 2005-5, Class A4, 0.358% (3-Month USD-LIBOR + 0.140%) due 10/25/28(c)		1,263,240
			SMB Private Education Loan Trust:
	23,107	AAA	Series 2015-B, Class A2A, 2.980% due 7/15/27(a)		23,501
	545,000	AAA	Series 2015-C, Class A3, 2.062% (1-Month USD-LIBOR + 1.950%) due 8/16/32(a)(c)		559,002
	44,331	Aaa(b)	Series 2016-A, Class A2A, 2.700% due 5/15/31(a)		45,953
	144,047	AAA	Series 2017-B, Class A2A, 2.820% due 10/15/35(a)		151,487
	85,119	AAA	Series 2017-B, Class A2B, 0.862% (1-Month USD-LIBOR + 0.750%) due 10/15/35(a)(c)		85,557
	345,543	AAA	Series 2018-A, Class A2B, 0.912% (1-Month USD-LIBOR + 0.800%) due 2/15/36(a)(c)		346,659
	406,412	Aaa(b)	Series 2018-B, Class A2A, 3.600% due 1/15/37(a)		438,036
	493,488	AAA	Series 2018-C, Class A2B, 0.862% (1-Month USD-LIBOR + 0.750%) due 11/15/35(a)(c)		492,134
	100,000	AAA	Series 2020-A, Class A2B, 0.937% (1-Month USD-LIBOR + 0.830%) due 9/15/37(a)(c)		100,666
	730,000	Aaa(b)	Series 2021-A, Class A2B, 1.590% due 1/15/53(a)		728,821
	240,000	Aa2(b)	Series 2021-A, Class B, 2.310% due 1/15/53(a)		237,507
			Sofi Professional Loan Program Trust:
	306,616	AAA	Series 2018-B, Class A2FX, 3.340% due 8/25/47(a)		317,856
	791,851	AAA	Series 2018-D, Class A2FX, 3.600% due 2/25/48(a)		827,183
			Total Student Loans		7,071,359
			TOTAL ASSET-BACKED SECURITIES (Cost — $9,396,414)		9,504,544
	MUNICIPAL BONDS — 0.5%
	California — 0.1%
	25,000	AA	Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Series B, AGM-Insured, 2.962% due 1/15/46		24,859
	530,000	A+	Los Angeles Unified School District, GO, 5.750% due 7/1/34		725,538
	100,000	AAA	San Diego Community College District, GO, 3.336% due 8/1/43		108,281
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		33,484
	266,000	AA	Series AQ, 4.767% due 5/15/15		347,385
			Total California		1,239,547
	Florida — 0.1%
	135,000	A-	County of Miami-Dade FL Aviation Revenue, Revenue Bonds, AMT, Series A, 5.000% due 10/1/49(p)		161,531
	155,000	A+	County of Miami-Dade FL, Revenue Bonds, Series B, 2.436% due 10/1/32		157,097
	140,000	A+	Greater Orlando Aviation Authority, Revenue Bonds,, AMT, Series A, 4.000% due 10/1/49(p)		154,795
			Total Florida		473,423
	Maryland — 0.0%
	55,000	AA-	City of Baltimore MD Water Revenue, Revenue Bonds, Series A, 2.814% due 7/1/40		57,364
	Massachusetts — 0.0%
	155,000	AA	Commonwealth of Massachusetts, GO, 3.000% due 3/1/49		162,511
	165,000	AA+	Massachusetts Water Resources Authority, Revenue Bonds, 3.104% due 8/1/39		177,115
			Total Massachusetts		339,626
	Missouri — 0.0%
	140,000	AA+	Health & Educational Facilities Authority of the State of Missouri, Revenue Bonds, 3.229% due 5/15/50		154,414

See Notes to Financial Statements.

179

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	New Jersey — 0.1%
$	650,000		Aa3(b)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27	$	724,347
	85,000		BBB	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Series B, 6.561% due 12/15/40		122,086
				Total New Jersey		846,433
	New York — 0.2%
				City of New York:
	375,000		AA	GO, Series A, 3.000% due 8/1/34		398,693
	500,000		AA	Series G-1, 5.968% due 3/1/36		691,840
	80,000		AAA	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series A-1, 5.000% due 11/1/42		89,022
	160,000		AA+	New York City Water & Sewer System, Revenue Bonds, 4.000% due 6/15/50		183,604
	350,000		AA+	New York State Dormitory Authority, Revenue Bonds, 5.289% due 3/15/33		433,366
	170,000		A	New York State Thruway Authority, Revenue Bonds, Series M, 2.900% due 1/1/35		182,876
				Total New York		1,979,401
	Ohio — 0.0%
	90,000		A-	City of Cleveland OH Airport System Revenue, Revenue Bonds, 2.882% due 1/1/31		93,925
	Virginia — 0.0%
	146,196		AAA	Virginia Housing Development Authority, Revenue Bonds, Series C, 6.000% due 6/25/34		152,151
				TOTAL MUNICIPAL BONDS (Cost — $4,984,825)		5,336,284
				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $975,981,302)		992,932,091
Face Amount†
	SHORT-TERM INVESTMENTS — 10.7%
	SOVEREIGN BONDS — 0.9%
	Japan — 0.9%
				Japan Treasury Discount Bills:
	330,000,000	JPY	NR	(0.090)% due 3/15/21(r)		3,096,545
	325,000,000	JPY	NR	(0.105)% due 3/22/21(r)		3,049,765
	325,000,000	JPY	NR	(0.098)% due 4/5/21(r)		3,049,579
				TOTAL SOVEREIGN BONDS (Cost — $9,416,525)		9,195,889
	TIME DEPOSITS — 6.4%
	12,710,858			Barclays Bank PLC — London, 0.000% due 3/1/21		12,710,858
				BBH — Grand Cayman:
	247,719	GBP		0.000% due 3/1/21		345,048
	1,780			0.000% due 3/1/21		1,780
	363,974	EUR		Citibank — London, (0.710)% due 3/1/21		439,135
	49,411,514			Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		49,411,514
	18,125,990	JPY		Sumitomo Mitsui Banking Corp. — Tokyo, (0.320)% due 3/1/21		170,045
				TOTAL TIME DEPOSITS (Cost — $63,078,380)		63,078,380
	U.S. GOVERNMENT OBLIGATIONS — 3.4%
				U.S. Cash Management Bills:
	550,000			0.085% due 4/6/21(r)		549,953
	50,000			0.090% due 5/4/21(r)		49,992
	9,600,000			0.080% due 5/18/21(r)		9,598,339

See Notes to Financial Statements.

180

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount†		Security	Value
	U.S. GOVERNMENT OBLIGATIONS — 3.4% (continued)
		U.S. Treasury Bills:
$	590,000	0.085% due 3/2/21(r)	$	589,999
	1,410,000	0.105% due 4/1/21(r)		1,409,872
	3,240,000	0.041% due 5/6/21(r)		3,239,756
	10,585,000	0.051% due 8/12/21(r)		10,582,527
	7,380,000	0.040% due 8/19/21(r)		7,378,598
		TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $33,399,036)		33,399,036
		TOTAL SHORT-TERM INVESTMENTS (Cost — $105,893,941)		105,673,305
		TOTAL INVESTMENTS IN SECURITIES (Cost — $1,081,875,243)		1,098,605,396
		TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $62,888)		87,144
		TOTAL INVESTMENTS — 111.4% (Cost — $1,081,938,131)		1,098,692,540
		Liabilities in Excess of Other Assets — (11.4)%		(112,300,182	)
		TOTAL NET ASSETS — 100.0%	$	986,392,358

† 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, 2021, amounts to $110,485,583 and represents 11.2% of net assets.

(b) Rating by Moody’s Investors Service.

(c) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.

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

(e) Illiquid security.

(f) Security is currently in default.

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

(h) Principal only security.

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

(j) Rating by Fitch Ratings Service.

(k) Interest only security.

(l) 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, 2021.

(m) Affiliated security (See Note 2). As at February 28, 2021, total cost and total market value of affiliated securities amounted to $1,176,456 and $1,209,782 respectively.

(n) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2021, amounts to $17,092,488 and represents 1.7% of net assets.

(o) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

# Security that used significant unobservable inputs to determine fair value.

See Notes to Financial Statements.

181

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At February 28, 2021, for Core Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Core Fixed Income Fund	$	1,081,938,131	$	43,958,308	$	(24,769,746)	$	19,188,562

Abbreviations used in this schedule:
ABS	— Asset-Based Security
ACES	— Alternative Credit Enhancement Securities
AGM	— Assured Guaranty Municipal Corporation
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Rate
GO	— General Obligation
ICE	— Intercontinental Exchange
LIBOR	— London Interbank Offered Rate
MASTR	— Mortgage Asset Securitization Transactions Incorporation
PLC	— Public Limited Company
REMICS	— Real Estate Mortgage Investment Conduits
SOFR	— Secured Overnight Financing Rate

Summary of Investments by Security Type^
Corporate Bonds & Notes	28.4	%
U.S. Government Agencies & Obligations	24.3
Mortgage-Backed Securities	23.4
Collateralized Mortgage Obligations	8.6
Sovereign Bonds	2.8
Senior Loans	1.5
Asset-Backed Securities	0.9
Municipal Bonds	0.5
Purchased Options	0.0	*
Short-Term Investments	9.6
	100.0	%

^ As a percentage of total investments.

* Position represents less than 0.05%.

At February 28, 2021, Core Fixed Income Fund held the following Options Contracts Purchased:

Interest Rate Cap Option

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate			Value
	1,270,000	$	2,457,450	OTC, USD ICE Swap 3-30 Year, Put		BCLY		1/19/24		2.750	%	$	59,132

See Notes to Financial Statements.

182

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

Option on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	249	$	62,122,388	3-Month Eurodollar March Futures, Put		GSC		3/14/22	$	99.63	$	28,012
				TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $62,888)							$	87,144

At February 28, 2021, Core Fixed Income Fund held the following Options Contracts Written:

Options on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	105	$	26,196,188	3-Month Eurodollar March Futures, Put		GSC		3/14/22	$	99.75	$	17,062
	53		7,026,641	U.S. Treasury 10-Year Note May Futures, Call		GSC		4/23/21	$	134.00		27,328
	25		3,955,469	U.S. Treasury Bond May Futures, Call		GSC		4/23/21	$	164.00		15,235
				Total Options on Futures							$	59,625
				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $74,332)							$	59,625

At February 28, 2021, Core Fixed Income Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
90-Day Eurodollar December Futures		217		12/23	$	53,759,367	$	53,658,675	$	(100,692	)
90-Day Eurodollar March Futures		45		3/21		11,092,500		11,229,750		137,250
Euro-OAT March Futures		24		3/21		4,834,783		4,732,279		(102,504	)
U.S. Treasury 2-Year Note June Futures		237		6/21		52,360,424		52,321,453		(38,971	)
U.S. Treasury 5-Year Note June Futures		762		6/21		95,270,061		94,464,187		(805,874	)
U.S. Treasury Long Bond June Futures		14		6/21		2,263,467		2,229,063		(34,404	)
U.S. Treasury Ultra Long Bond June Futures		52		6/21		9,981,656		9,831,249		(150,407	)
										(1,095,602	)
Contracts to Sell:
90-Day Eurodollar December Futures		467		12/21		116,193,705		116,481,475		(287,770	)
Euro-Bund March Futures		86		3/21		18,371,942		17,991,810		380,132
Japan Government 10-Year Bond March Futures		5		3/21		7,130,728		7,065,059		65,669
U.S. Treasury 2-Year Note June Futures		15		6/21		3,314,063		3,311,485		2,578
U.S. Treasury 10-Year Note June Futures		87		6/21		11,687,705		11,546,531		141,174
U.S. Treasury Ultra Long Bond June Futures		2		6/21		376,594		378,125		(1,531	)
U.S. Ultra Long Bond June Futures		89		6/21		13,264,864		13,113,594		151,270
										451,522
Net Unrealized Depreciation on Open Exchange Traded Futures Contracts									$	(644,080	)

See Notes to Financial Statements.

183

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At February 28, 2021, Core Fixed Income Fund had deposited cash of $2,366,498 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 28, 2021, 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		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		6,143,339		USD	4,794,944		CITI	$	4,728,115		4/19/21	$	(66,829	)
Brazilian Real		174,640		USD	32,053		CITI		31,093		4/19/21		(960	)
British Pound		1,655,489		USD	2,247,283		CITI		2,306,543		4/19/21		59,260
Canadian Dollar		13,181,556		USD	10,404,945		CITI		10,361,238		4/19/21		(43,707	)
Euro		600,000		USD	728,959		CITI		724,749		4/19/21		(4,210	)
Euro		370,000		USD	448,941		CITI		446,929		4/19/21		(2,012	)
Indonesian Rupiah		78,867,595,537		USD	5,613,352		CITI		5,507,360		4/19/21		(105,992	)
Japanese Yen		464,659,356		USD	4,508,192		CITI		4,361,715		4/19/21		(146,477	)
Mexican Peso		11,524,054		USD	571,134		CITI		547,666		4/19/21		(23,468	)
Russian Ruble		96,351,648		USD	1,278,891		CITI		1,284,766		4/19/21		5,875
Russian Ruble		91,240,000		USD	1,210,883		CITI		1,216,607		4/19/21		5,724
South African Rand		8,680,000		USD	582,582		CITI		569,697		4/19/21		(12,885	)
													(335,681	)
Contracts to Sell:
Chinese Offshore Renminbi		33,757		USD	5,191		CITI		5,186		4/19/21		5
Euro		7,763,124		USD	9,466,237		CITI		9,377,192		4/19/21		89,045
Japanese Yen		330,000,000		USD	3,170,958		GSC		3,096,269		3/15/21		74,689
Japanese Yen		325,000,000		USD	3,127,060		GSC		3,049,644		3/22/21		77,416
Japanese Yen		325,000,000		USD	3,132,319		GSC		3,050,208		4/5/21		82,111
													323,266
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(12,415	)

At February 28, 2021, Core Fixed Income Fund held the following OTC Interest Rate Swap Contracts:

Pay Floating Rate

Floating Rate Index

Fixed Rate

Maturity Date

Counterparty

Notional Amount

Market Value

Upfront Payment Paid

Unrealized Appreciation

Pay

3-Month BRL-CDI-Compounded

7.024%

1/4/27

CITI

BRL

18,325,000

$

44,933

$

7,443

$

37,490

At February 28, 2021, Core Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR		0.380%		2/28/25		6-Month		USD	21,841,000	$	(231,288	)	$	(11,744	)	$	(219,544	)
Receive	3-Month USD-LIBOR		0.450%		5/15/27		6-Month		USD	23,485,000		882,851			(22,976	)		905,827
Receive	3-Month USD-LIBOR		0.900%		3/17/50		6-Month		USD	1,492,000		344,201			(45	)		344,246
Receive	3-Month USD-LIBOR		1.000%		2/15/47		6-Month		USD	9,250,000		1,765,142			110,349			1,654,793
Receive	3-Month USD-LIBOR		1.200%		10/7/50		6-Month		USD	662,000		107,285			(290	)		107,575

See Notes to Financial Statements.

184

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Pay	28-Day MXN TIIE Banxico		7.351%		4/5/21		28-Day		MXN	15,700,000	$	3,664		$	–	$	3,664
Receive	3-Month USD-LIBOR		1.225%		2/15/47		6-Month		USD	724,000		102,878			832		102,046
Receive	3-Month USD-LIBOR		2.000%		2/15/47		6-Month		USD	1,630,000		(25,488	)		1,749		(27,237	)
Receive	U.S. Federal Funds Effective Rate Index		0.560%		7/20/45		12-Month		USD	730,000		167,081			–		167,081
											$	3,116,326		$	77,875	$	3,038,451

At February 28, 2021, Core Fixed Income Fund deposited cash collateral with brokers in the amount of $506,890 for open centrally cleared swap contracts.

Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
BRL	— Brazilian Real	BCLY	—Barclays Bank PLC
EUR	— Euro	CITI	— Citigroup Global Markets Inc.
GBP	— British Pound	GSC	— Goldman Sachs & Co.
JPY	— Japanese Yen
MXN	— Mexican Peso
RUB	— Russian Ruble
USD	— United States Dollar

See pages 269-270 for definitions of ratings.

See Notes to Financial Statements.

185

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES — 89.4%
	Advertising — 0.6%
$	318,000	CCC	Clear Channel Outdoor Holdings Inc., Company Guaranteed Notes, 7.750% due 4/15/28(a)	$	322,603
			National CineMedia LLC:
	321,000	CCC+	Senior Secured Notes, 5.875% due 4/15/28(a)		296,122
	137,000	CCC-	Senior Unsecured Notes, 5.750% due 8/15/26		117,623
			Outfront Media Capital LLC/Outfront Media Capital Corp., Company Guaranteed Notes:
	262,000	B+	6.250% due 6/15/25(a)		278,211
	27,000	B+	4.625% due 3/15/30(a)		26,764
	547,000	CCC+	Terrier Media Buyer Inc., Company Guaranteed Notes, 8.875% due 12/15/27(a)		586,658
			Total Advertising		1,627,981
	Aerospace/Defense — 1.6%
	290,000	BBB-	Boeing Co. (The), Senior Unsecured Notes, 5.150% due 5/1/30		336,487
	233,000	BB+	Howmet Aerospace Inc., Senior Unsecured Notes, 6.875% due 5/1/25		269,977
	366,000	BB	Moog Inc., Company Guaranteed Notes, 4.250% due 12/15/27(a)		376,522
	388,000	BB-	Rolls-Royce PLC, Company Guaranteed Notes, 5.750% due 10/15/27(a)		420,010
	420,000	BB	Signature Aviation US Holdings Inc., Senior Unsecured Notes, 5.375% due 5/1/26(a)		430,500
	95,000	B	Spirit AeroSystems Inc., Secured Notes, 7.500% due 4/15/25(a)		100,700
			TransDigm Inc.:
			Company Guaranteed Notes:
	1,260,000	B-	6.500% due 5/15/25		1,286,459
	897,000	B-	4.625% due 1/15/29(a)		883,545
			Senior Secured Notes:
	170,000	B+	8.000% due 12/15/25(a)		185,258
	400,000	B+	6.250% due 3/15/26(a)		422,022
			Total Aerospace/Defense		4,711,480
	Airlines — 1.2%
	200,000	BB+	Delta Air Lines Inc., Senior Secured Notes, 7.000% due 5/1/25(a)		232,470
			Delta Air Lines Inc./SkyMiles IP Ltd., Senior Secured Notes:
	145,000	Baa1(b)	4.500% due 10/20/25(a)		154,638
	516,000	Baa1(b)	4.750% due 10/20/28(a)		570,988
	380,000	Ba3(b)	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., Senior Secured Notes, 5.750% due 1/20/26(a)		401,139
	1,192,000	Baa3(b)	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., Senior Secured Notes, 6.500% due 6/20/27(a)		1,303,750
	670,000	Ba3(b)	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., Senior Secured Notes, 8.000% due 9/20/25(a)		755,559
	210,000	BBB-	United Airlines Class B Pass Through Trust, Pass-Thru Certificates, 4.875% due 1/15/26		219,707
			Total Airlines		3,638,251
	Apparel — 0.1%
			William Carter Co. (The), Company Guaranteed Notes:
	55,000	BB+	5.500% due 5/15/25(a)		58,128
	184,000	BB+	5.625% due 3/15/27(a)		194,120
			Total Apparel		252,248
	Auto Manufacturers — 3.7%
			Ford Motor Co., Senior Unsecured Notes:
	386,000	BB+	8.500% due 4/21/23		432,320
	986,000	BB+	9.000% due 4/22/25		1,198,232
	393,000	BB+	9.625% due 4/22/30		556,608
	218,000	BB+	7.450% due 7/16/31		282,991
	141,000	BB+	4.750% due 1/15/43		142,798
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	400,000	BB+	3.813% due 10/12/21		405,484

See Notes to Financial Statements.

186

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††		Security	Value
	Auto Manufacturers — 3.7% — (continued)
$	1,260,000		BB+	3.087% due 1/9/23	$	1,280,884
	2,370,000		BB+	3.096% due 5/4/23		2,406,214
	335,000		BB+	3.370% due 11/17/23		344,564
	500,000		BB+	4.542% due 8/1/26		534,375
	468,000		BB+	4.125% due 8/17/27		493,155
	624,000		BB+	3.815% due 11/2/27		645,450
	502,000		BB+	2.900% due 2/16/28		497,608
	320,000		BB+	5.113% due 5/3/29		350,800
	400,000		BB+	4.000% due 11/13/30		409,500
	180,000		B+	Navistar International Corp., Senior Secured Notes, 9.500% due 5/1/25(a)		201,712
	500,000		B+	PM General Purchaser LLC, Senior Secured Notes, 9.500% due 10/1/28(a)		551,100
				Total Auto Manufacturers		10,733,795
	Auto Parts & Equipment — 0.9%
	670,000		B	American Axle & Manufacturing Inc., Company Guaranteed Notes, 6.500% due 4/1/27		700,411
	80,000		B	Clarios Global LP, Senior Secured Notes, 6.750% due 5/15/25(a)		86,006
				Clarios Global LP/Clarios US Finance Co.:
	674,000		CCC+	Company Guaranteed Notes, 8.500% due 5/15/27(a)		728,358
	450,000		B	Senior Secured Notes, 6.250% due 5/15/26(a)		479,439
	494,000		CCC	Real Hero Merger Sub 2 Inc., Senior Unsecured Notes, 6.250% due 2/1/29(a)		509,438
				Total Auto Parts & Equipment		2,503,652
	Banks — 2.3%
				Barclays PLC:
	230,000		B+	Junior Subordinated Notes, 8.000% (5-Year CMT Index + 5.672%)(c)(d)		259,738
	390,000		BB+	Subordinated Notes, 5.088% (3-Month USD-LIBOR + 3.054%) due 6/20/30(c)		450,925
	200,000		A-	BNP Paribas SA, Senior Unsecured Notes, 3.052% (SOFR + 1.507%) due 1/13/31(a)(c)		210,843
	860,000		BB	CIT Group Inc., Subordinated Notes, 6.125% due 3/9/28		1,067,312
	260,000		BB+	Citigroup Inc., Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR + 3.905%)(c)(d)		282,750
	200,000		BBB-	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(a)(c)(d)		242,320
				Credit Suisse Group AG, Junior Subordinated Notes:
	230,000		BB-	6.375% (5-Year CMT Index + 4.822%)(a)(c)(d)		256,642
	200,000		BB-	7.500% (5-Year USD Swap Rate + 4.600%)(a)(c)(d)		219,260
				Goldman Sachs Group Inc. (The):
	150,000		BBB+	Senior Unsecured Notes, 3.500% due 4/1/25		163,878
	190,000		BBB-	Subordinated Notes, 5.150% due 5/22/45		248,449
	200,000		A-	HSBC Holdings PLC, Senior Unsecured Notes, 4.950% due 3/31/30		240,135
	667,000		BBB-	JPMorgan Chase & Co., Junior Subordinated Notes, 4.600% (SOFR + 3.125%)(c)(d)		681,174
				Natwest Group PLC:
	700,000		B+	Junior Subordinated Notes, 8.625% (5-Year USD Swap Rate + 7.598%)(c)(d)		724,304
	230,000		BBB	Senior Unsecured Notes, 3.073% (1-Year CMT Index + 2.550%) due 5/22/28(c)		243,403
	200,000		BB	UBS Group AG, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.344%)(a)(c)(d)		218,889
	520,000		BB+	UniCredit SpA, Subordinated Notes, 5.459% (5-Year CMT Index + 4.750%) due 6/30/35(a)(c)		560,573
	220,000		BB+	Wachovia Capital Trust III, Limited Guaranteed Notes, 5.570% (3-Month USD-LIBOR + 0.930%)(c)(d)		220,550
				Wells Fargo & Co., Senior Unsecured Notes:
	130,000		BBB+	2.188% (SOFR + 2.000%) due 4/30/26(c)		135,148
	170,000		BBB+	5.013% (3-Month USD-LIBOR + 4.240%) due 4/4/51(c)		224,497
				Total Banks		6,650,790
	Beverages — 0.1%
	300,000		B	Primo Water Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(a)		309,033

See Notes to Financial Statements.

187

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Biotechnology — 0.1%
$	250,000	BB-	Emergent BioSolutions Inc., Company Guaranteed Notes, 3.875% due 8/15/28(a)	$	253,984
	30,000	NR	Halozyme Therapeutics Inc., Senior Unsecured Notes, 0.250% due 3/1/27(a)(e)		29,604
			Total Biotechnology		283,588
	Building Materials — 1.4%
	152,000	BB-	Boise Cascade Co., Company Guaranteed Notes, 4.875% due 7/1/30(a)		162,309
			Builders FirstSource Inc.:
	93,000	B+	Company Guaranteed Notes, 5.000% due 3/1/30(a)		97,855
	368,000	BB+	Senior Secured Notes, 6.750% due 6/1/27(a)		395,140
	320,000	B-	Cornerstone Building Brands Inc., Company Guaranteed Notes, 6.125% due 1/15/29(a)		328,600
	414,000	CCC	CP Atlas Buyer Inc., Senior Unsecured Notes, 7.000% due 12/1/28(a)		430,819
	322,000	BB+	Masonite International Corp., Company Guaranteed Notes, 5.375% due 2/1/28(a)		340,254
	931,000	B+	SRM Escrow Issuer LLC, Senior Secured Notes, 6.000% due 11/1/28(a)		968,822
			Standard Industries Inc., Senior Unsecured Notes:
	427,000	BBB-	5.000% due 2/15/27(a)		441,678
	248,000	BBB-	4.375% due 7/15/30(a)		256,299
			Summit Materials LLC/Summit Materials Finance Corp., Company Guaranteed Notes:
	390,000	BB	5.125% due 6/1/25(a)		397,272
	290,000	BB	5.250% due 1/15/29(a)		308,125
			Total Building Materials		4,127,173
	Chemicals — 1.1%
	360,000	BB	INEOS Quattro Finance 2 PLC, Senior Secured Notes, 3.375% due 1/15/26(a)		359,550
	340,000	BB-	Kraton Polymers LLC/Kraton Polymers Capital Corp., Company Guaranteed Notes, 4.250% due 12/15/25(a)		344,682
	473,000	B+	Nufarm Australia Ltd./Nufarm Americas Inc., Company Guaranteed Notes, 5.750% due 4/30/26(a)		491,239
	500,000	BB-	Olin Corp., Senior Unsecured Notes, 5.000% due 2/1/30		524,757
	400,000	BB+	SPCM SA, Senior Unsecured Notes, 4.875% due 9/15/25(a)		412,500
	600,000	BB-	Valvoline Inc., Company Guaranteed Notes, 4.250% due 2/15/30(a)		618,900
	319,000	BB-	WR Grace & Co.-Conn, Company Guaranteed Notes, 4.875% due 6/15/27(a)		331,138
			Total Chemicals		3,082,766
	Commercial Services — 4.0%
	60,000	NR	Alarm.Com Holding Inc., Senior Unsecured Notes, zero coupon, due 1/15/26(a)		58,336
			Allied Universal Holdco LLC/Allied Universal Finance Corp.:
	678,000	B-	Senior Secured Notes, 6.625% due 7/15/26(a)		718,680
	31,000	CCC	Senior Unsecured Notes, 9.750% due 7/15/27(a)		34,264
	222,000	BB-	AMN Healthcare Inc., Company Guaranteed Notes, 4.000% due 4/15/29(a)		226,374
			Avis Budget Car Rental LLC/Avis Budget Finance Inc., Company Guaranteed Notes:
	50,000	B	6.375% due 4/1/24(a)		50,781
	150,000	B	5.250% due 3/15/25(a)		151,178
	265,000	B	5.750% due 7/15/27(a)		274,259
	620,000	B	Carriage Services Inc., Company Guaranteed Notes, 6.625% due 6/1/26(a)		653,207
			CoreCivic Inc., Company Guaranteed Notes:
	380,000	BB	5.000% due 10/15/22		383,236
	120,000	BB	4.625% due 5/1/23		116,400
	142,000	CCC+	Garda World Security Corp., Senior Unsecured Notes, 9.500% due 11/1/27(a)		153,600
			Gartner Inc., Company Guaranteed Notes:
	197,000	BB	4.500% due 7/1/28(a)		207,096
	701,000	BB	3.750% due 10/1/30(a)		710,639
			Jaguar Holding Co. II/PPD Development LP, Company Guaranteed Notes:
	194,000	B+	4.625% due 6/15/25(a)		202,561
	172,000	B+	5.000% due 6/15/28(a)		181,675
	673,000	BB	Korn Ferry, Company Guaranteed Notes, 4.625% due 12/15/27(a)		703,251

See Notes to Financial Statements.

188

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Commercial Services — 4.0% — (continued)
$	610,000	B3(b)	Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer Inc., Senior Secured Notes, 5.000% due 2/1/26(a)	$	621,438
	1,321,000	B-	MPH Acquisition Holdings LLC, Company Guaranteed Notes, 5.750% due 11/1/28(a)		1,312,744
			Nielsen Finance LLC/Nielsen Finance Co., Company Guaranteed Notes:
	96,000	BB-	5.625% due 10/1/28(a)		101,700
	96,000	BB-	5.875% due 10/1/30(a)		103,980
	1,180,000	B-	Prime Security Services Borrower LLC/Prime Finance Inc., Secured Notes, 6.250% due 1/15/28(a)		1,224,061
	320,000	B	Rent-A-Center Inc., Senior Unsecured Notes, 6.375% due 2/15/29(a)(e)		333,635
	330,000	B	Sabre GLBL Inc., Senior Secured Notes, 9.250% due 4/15/25(a)		391,875
	280,000	B+	ServiceMaster Co. LLC (The), Senior Unsecured Notes, 7.450% due 8/15/27		334,863
	490,000	B	Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., Company Guaranteed Notes, 4.625% due 11/1/26(a)		513,667
	403,000	CCC	Team Health Holdings Inc., Company Guaranteed Notes, 6.375% due 2/1/25(a)		364,967
	53,000	B	Tms International Holding Corp., Senior Unsecured Notes, 7.250% due 8/15/25(a)		54,336
	720,000	BB-	United Rentals North America Inc., Company Guaranteed Notes, 5.250% due 1/15/30		793,350
	570,000	B+	WW International Inc., Company Guaranteed Notes, 8.625% due 12/1/25(a)		595,966
			Total Commercial Services		11,572,119
	Computers — 1.0%
	296,000	BB-	Booz Allen Hamilton Inc., Company Guaranteed Notes, 3.875% due 9/1/28(a)		304,196
	88,000	BB	Crowdstrike Holdings Inc., Company Guaranteed Notes, 3.000% due 2/15/29		88,084
			Dell International LLC/EMC Corp.:
	105,000	BB	Company Guaranteed Notes, 7.125% due 6/15/24(a)		108,820
			Senior Secured Notes:
	19,000	BBB-	5.850% due 7/15/25(a)		22,327
	390,000	BBB-	6.020% due 6/15/26(a)		466,569
	538,000	BBB-	6.100% due 7/15/27(a)		658,106
	20,000	BBB-	6.200% due 7/15/30(a)		25,312
			Presidio Holdings Inc.:
	409,000	CCC+	Company Guaranteed Notes, 8.250% due 2/1/28(a)		452,969
	79,000	B	Senior Secured Notes, 4.875% due 2/1/27(a)		82,493
	313,000	BB-	Science Applications International Corp., Company Guaranteed Notes, 4.875% due 4/1/28(a)		326,841
	300,000	BB-	Unisys Corp., Senior Secured Notes, 6.875% due 11/1/27(a)		330,750
			Total Computers		2,866,467
	Cosmetics/Personal Care — 0.2%
			Edgewell Personal Care Co.:
	296,000	BB	Company Guaranteed Notes, 5.500% due 6/1/28(a)		314,587
	240,000	BB	Senior Unsecured Notes, 4.125% due 4/1/29(a)(e)		239,400
			Total Cosmetics/Personal Care		553,987
	Distribution/Wholesale — 0.4%
	103,009	NR	American News Co. LLC, Secured Notes, 8.500% (8.500% cash or 10.000% PIK) due 9/1/26(a)(e)(f)		115,933
	550,000	BB-	H&E Equipment Services Inc., Company Guaranteed Notes, 3.875% due 12/15/28(a)		529,788
	160,000	B	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(a)		168,501
	428,000	BB-	Univar Solutions USA Inc., Company Guaranteed Notes, 5.125% due 12/1/27(a)		447,983
			Total Distribution/Wholesale		1,262,205
	Diversified Financial Services — 1.5%
	470,000	NR	Alliance Data Systems Corp., Company Guaranteed Notes, 4.750% due 12/15/24(a)		480,281
	1,554,375	B1(b)	Global Aircraft Leasing Co., Ltd., Senior Unsecured Notes, 6.500% (6.500% cash or 7.250% PIK) due 9/15/24(a)(f)		1,446,502
	520,000	B	LD Holdings Group LLC, Company Guaranteed Notes, 6.500% due 11/1/25(a)		552,500
	350,000	B+	Navient Corp., Senior Unsecured Notes, 6.625% due 7/26/21		355,906

See Notes to Financial Statements.

189

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Diversified Financial Services — 1.5% — (continued)
$	325,000	CCC+	NFP Corp., Senior Unsecured Notes, 6.875% due 8/15/28(a)	$	336,027
	298,000	Ba2(b)	PRA Group Inc., Company Guaranteed Notes, 7.375% due 9/1/25(a)		318,388
	110,000	BB+	Quicken Loans LLC, Company Guaranteed Notes, 5.250% due 1/15/28(a)		116,262
	550,000	BB+	Quicken Loans LLC/Quicken Loans Co.-Issuer Inc., Company Guaranteed Notes, 3.875% due 3/1/31(a)		547,250
	190,000	BB-	StoneX Group Inc., Senior Secured Notes, 8.625% due 6/15/25(a)		202,231
			Total Diversified Financial Services		4,355,347
	Electric — 1.8%
			Calpine Corp.:
	190,000	BB+	Senior Secured Notes, 4.500% due 2/15/28(a)		195,510
			Senior Unsecured Notes:
	781,000	B+	5.125% due 3/15/28(a)		786,010
	150,000	B+	4.625% due 2/1/29(a)		148,350
	400,000	B+	5.000% due 2/1/31(a)		396,488
	394,000	BB+	Drax Finco PLC, Senior Secured Notes, 6.625% due 11/1/25(a)		409,514
	340,000	BB	FirstEnergy Corp., Senior Unsecured Notes, 4.400% due 7/15/27		374,435
	402,000	BB	NextEra Energy Operating Partners LP, Company Guaranteed Notes, 4.500% due 9/15/27(a)		450,119
			NRG Energy Inc., Company Guaranteed Notes:
	755,000	BB+	5.750% due 1/15/28		803,603
	138,000	BB+	3.375% due 2/15/29(a)		136,016
	27,000	BB+	5.250% due 6/15/29(a)		28,625
	230,000	BB+	3.625% due 2/15/31(a)		224,946
	145,000	BB-	Pattern Energy Operations LP/Pattern Energy Operations Inc., Company Guaranteed Notes, 4.500% due 8/15/28(a)		151,146
			Talen Energy Supply LLC:
	40,000	CCC+	Company Guaranteed Notes, 10.500% due 1/15/26(a)		38,700
	470,000	BB-	Senior Secured Notes, 6.625% due 1/15/28(a)		486,655
			Vistra Operations Co. LLC:
	53,000	BB+	Company Guaranteed Notes, 5.000% due 7/31/27(a)		55,518
	508,000	BBB-	Senior Secured Notes, 4.300% due 7/15/29(a)		562,762
			Total Electric		5,248,397
	Electrical Components & Equipment — 0.1%
	152,000	B+	Energizer Holdings Inc., Company Guaranteed Notes, 4.375% due 3/31/29(a)		151,848
	201,000	BB-	WESCO Distribution Inc., Company Guaranteed Notes, 7.250% due 6/15/28(a)		223,644
			Total Electrical Components & Equipment		375,492
	Electronics — 0.4%
			Sensata Technologies Inc., Company Guaranteed Notes:
	874,000	BB+	4.375% due 2/15/30(a)		933,541
	150,000	BB+	3.750% due 2/15/31(a)		150,750
			Total Electronics		1,084,291
	Energy — Alternate Sources — 0.3%
	707,000	B+	Enviva Partners LP/Enviva Partners Finance Corp., Company Guaranteed Notes, 6.500% due 1/15/26(a)		741,024
	243,000	BB-	TerraForm Power Operating LLC, Company Guaranteed Notes, 5.000% due 1/31/28(a)		268,971
			Total Energy — Alternate Sources		1,009,995
	Engineering & Construction — 0.5%
	700,000	B	Brundage-Bone Concrete Pumping Holdings Inc., Secured Notes, 6.000% due 2/1/26(a)		725,641
	350,000	B	frontdoor Inc., Company Guaranteed Notes, 6.750% due 8/15/26(a)		373,188
	400,000	BB	TopBuild Corp., Senior Unsecured Notes, 3.625% due 3/15/29(a)		402,500
	85,000	BB-	Weekley Homes LLC/Weekley Finance Corp., Senior Unsecured Notes, 4.875% due 9/15/28(a)		89,022
			Total Engineering & Construction		1,590,351

See Notes to Financial Statements.

190

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Entertainment — 2.3%
$	460,000	B-	Allen Media LLC/Allen Media Co.-Issuer Inc., Company Guaranteed Notes, 10.500% due 2/15/28(a)	$	485,229
	338,000	CCC	AMC Entertainment Holdings Inc., Senior Secured Notes, 10.500% due 4/15/25(a)		356,277
	550,000	B	Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(a)		573,840
			Caesars Entertainment Inc.:
	814,000	B	Senior Secured Notes, 6.250% due 7/1/25(a)		862,840
	440,000	CCC+	Senior Unsecured Notes, 8.125% due 7/1/27(a)		480,451
	319,000	CCC+	Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes, 5.250% due 10/15/25(a)		317,084
			Cinemark USA Inc.:
	415,000	B	Company Guaranteed Notes, 4.875% due 6/1/23		411,508
	64,000	BB-	Senior Secured Notes, 8.750% due 5/1/25(a)		69,880
	453,000	CCC-	Gateway Casinos & Entertainment Ltd., Secured Notes, 8.250% due 3/1/24(a)		430,350
	128,000	CCC+	Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 5.875% due 11/1/24(a)		130,732
			Live Nation Entertainment Inc.:
	276,000	B-	Company Guaranteed Notes, 4.750% due 10/15/27(a)		279,247
	89,000	B+	Senior Secured Notes, 3.750% due 1/15/28(a)		89,363
	172,000	CCC+	Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In, Senior Unsecured Notes, 8.500% due 11/15/27(a)		185,223
	230,000	B-	Powdr Corp., Senior Secured Notes, 6.000% due 8/1/25(a)		241,213
			Scientific Games International Inc.:
	50,000	B-	Company Guaranteed Notes, 7.000% due 5/15/28(a)		53,069
	630,000	B+	Senior Secured Notes, 5.000% due 10/15/25(a)		647,880
	250,000	BB-	Speedway Motorsports LLC/Speedway Funding II Inc., Senior Unsecured Notes, 4.875% due 11/1/27(a)		250,000
	390,000	BB-	Stars Group Holdings BV/Stars Group US Co-Borrower LLC, Company Guaranteed Notes, 7.000% due 7/15/26(a)		410,475
	400,000	BB-	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Senior Unsecured Notes, 7.750% due 4/15/25(a)		434,566
			Total Entertainment		6,709,227
	Environmental Control — 1.2%
			Clean Harbors Inc., Company Guaranteed Notes:
	123,000	BB+	4.875% due 7/15/27(a)		128,435
	189,000	BB+	5.125% due 7/15/29(a)		204,202
	685,000	B	Covanta Holding Corp., Company Guaranteed Notes, 5.000% due 9/1/30		711,544
			GFL Environmental Inc.:
			Senior Secured Notes:
	217,000	BB-	4.250% due 6/1/25(a)		222,877
	761,000	BB-	3.750% due 8/1/25(a)		776,696
	313,000	BB-	3.500% due 9/1/28(a)		306,349
	652,000	B-	Senior Unsecured Notes, 8.500% due 5/1/27(a)		718,423
	224,000	CCC+	Tervita Corp., Secured Notes, 11.000% due 12/1/25(a)		242,480
	249,000	B-	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(a)		256,698
			Total Environmental Control		3,567,704
	Food — 2.0%
			Albertsons Cos Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, Company Guaranteed Notes:
	438,000	BB-	5.875% due 2/15/28(a)		467,210
	90,000	BB-	3.500% due 3/15/29(a)		86,580
	39,000	BB-	4.875% due 2/15/30(a)		40,376
	93,000	B-	Chobani LLC/Chobani Finance Corp., Inc., Senior Secured Notes, 4.625% due 11/15/28(a)		96,255
	172,000	BB+	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., Senior Unsecured Notes, 5.500% due 1/15/30(a)		192,855

See Notes to Financial Statements.

191

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Food — 2.0% — (continued)
			Kraft Heinz Foods Co., Company Guaranteed Notes:
$	199,000	BB+	3.875% due 5/15/27	$	216,451
	699,000	BB+	4.250% due 3/1/31		781,939
	89,000	BB+	4.625% due 10/1/39		101,646
	60,000	BB+	5.000% due 6/4/42		70,098
	60,000	BB+	5.200% due 7/15/45		72,185
	1,289,000	BB+	4.375% due 6/1/46		1,398,050
	75,000	BB+	4.875% due 10/1/49		87,668
	499,000	BB+	5.500% due 6/1/50		637,048
			Post Holdings Inc., Company Guaranteed Notes:
	575,000	B+	5.000% due 8/15/26(a)		600,314
	123,000	B+	4.625% due 4/15/30(a)		124,999
	430,000	B	Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, Secured Notes, 4.625% due 3/1/29(a)		436,353
	305,000	B+	US Foods Inc., Senior Unsecured Notes, 4.750% due 2/15/29(a)		310,719
			Total Food		5,720,746
	Forest Products & Paper — 0.1%
	180,000	B+	Mercer International Inc., Senior Unsecured Notes, 5.125% due 2/1/29(a)		183,375
	Gas — 0.1%
	320,000	Ba3(b)	AmeriGas Partners LP/AmeriGas Finance Corp., Senior Unsecured Notes, 5.625% due 5/20/24		354,899
	Healthcare — Products — 0.2%
	348,000	BB-	Avantor Funding Inc., Company Guaranteed Notes, 4.625% due 7/15/28(a)		363,232
	268,000	B	Varex Imaging Corp., Senior Secured Notes, 7.875% due 10/15/27(a)		295,470
			Total Healthcare — Products		658,702
	Healthcare — Services — 5.9%
	130,000	B*	Acadia Healthcare Co., Inc., Company Guaranteed Notes, 5.000% due 4/15/29(a)		135,525
	20,000	CCC	Air Methods Corp., Senior Unsecured Notes, 8.000% due 5/15/25(a)		18,850
	530,000	B-	Akumin Inc., Senior Secured Notes, 7.000% due 11/1/25(a)		555,175
			Centene Corp., Senior Unsecured Notes:
	30,000	BBB-	4.750% due 1/15/25		30,765
	68,000	BBB-	4.250% due 12/15/27		70,750
	1,662,000	BBB-	4.625% due 12/15/29		1,791,885
	527,000	BBB-	3.375% due 2/15/30		542,810
	417,000	BBB-	3.000% due 10/15/30		424,068
	447,000	BBB-	2.500% due 3/1/31		434,158
			CHS/Community Health Systems Inc.:
			Secured Notes:
	76,000	CCC-	8.125% due 6/30/24(a)		79,420
	1,096,000	CCC-	6.875% due 4/15/29(a)		1,127,510
			Senior Secured Notes:
	640,000	B-	6.625% due 2/15/25(a)		674,241
	60,000	B-	8.000% due 3/15/26(a)		64,260
	183,000	B-	5.625% due 3/15/27(a)		192,962
	164,000	B-	6.000% due 1/15/29(a)		174,045
	179,000	B-	4.750% due 2/15/31(a)		176,485
	204,000	B+	DaVita Inc., Company Guaranteed Notes, 3.750% due 2/15/31(a)		195,301
			Encompass Health Corp., Company Guaranteed Notes:
	250,000	B+	4.500% due 2/1/28		260,325
	100,000	B+	4.750% due 2/1/30		105,956
	171,000	B+	4.625% due 4/1/31		181,858
			HCA Inc., Company Guaranteed Notes:
	775,000	BB-	5.375% due 2/1/25		871,088
	280,000	BB-	5.375% due 9/1/26		320,101

See Notes to Financial Statements.

192

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Healthcare — Services — 5.9% — (continued)
$	325,000	BB-	5.625% due 9/1/28	$	378,805
	385,000	BB-	5.875% due 2/1/29		454,514
	960,000	BB-	3.500% due 9/1/30		993,568
	80,000	BB-	7.500% due 11/6/33		110,285
	160,000	BB-	7.500% due 11/15/95		218,510
	250,000	BB	IQVIA Inc., Company Guaranteed Notes, 5.000% due 5/15/27(a)		262,054
			Legacy LifePoint Health LLC, Senior Secured Notes:
	203,000	B	6.750% due 4/15/25(a)		215,180
	523,000	B	4.375% due 2/15/27(a)		521,211
	362,000	CCC+	LifePoint Health Inc., Company Guaranteed Notes, 5.375% due 1/15/29(a)		364,273
	237,000	B+	ModivCare Inc., Company Guaranteed Notes, 5.875% due 11/15/25(a)		251,664
			Molina Healthcare Inc., Senior Unsecured Notes:
	132,000	BB-	4.375% due 6/15/28(a)		137,082
	324,000	BB-	3.875% due 11/15/30(a)		338,544
	221,000	B-	Prime Healthcare Services Inc., Senior Secured Notes, 7.250% due 11/1/25(a)		236,746
	290,000	CCC	Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(a)		317,222
	494,000	CCC+	RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., Company Guaranteed Notes, 9.750% due 12/1/26(a)		533,320
	244,000	B-	RP Escrow Issuer LLC, Senior Secured Notes, 5.250% due 12/15/25(a)		252,845
	80,000	CCC	Surgery Center Holdings Inc., Company Guaranteed Notes, 10.000% due 4/15/27(a)		89,152
	410,000	BB-	Syneos Health Inc., Company Guaranteed Notes, 3.625% due 1/15/29(a)		402,569
			Tenet Healthcare Corp.:
	59,000	CCC+	Company Guaranteed Notes, 6.125% due 10/1/28(a)		62,095
			Senior Secured Notes:
	10,000	B1(b)	4.625% due 9/1/24(a)		10,259
	710,000	BB-	7.500% due 4/1/25(a)		773,130
	542,000	BB-	4.875% due 1/1/26(a)		560,932
	62,000	BB-	5.125% due 11/1/27(a)		65,144
	313,000	BB-	4.625% due 6/15/28(a)		324,975
	514,000	CCC+	Senior Unsecured Notes, 6.750% due 6/15/23		555,418
	300,000	CCC	US Renal Care Inc., Senior Unsecured Notes, 10.625% due 7/15/27(a)		330,563
			Total Healthcare — Services		17,187,598
	Home Builders — 1.5%
			Brookfield Residential Properties Inc./Brookfield Residential US Corp., Company Guaranteed Notes:
	82,000	B+	6.250% due 9/15/27(a)		86,561
	59,000	B+	4.875% due 2/15/30(a)		59,760
	660,000	B+	Century Communities Inc., Company Guaranteed Notes, 5.875% due 7/15/25		682,206
	735,000	B-	Empire Communities Corp., Senior Unsecured Notes, 7.000% due 12/15/25(a)		775,425
			Forestar Group Inc., Company Guaranteed Notes:
	180,000	B+	8.000% due 4/15/24(a)		187,856
	630,000	B+	5.000% due 3/1/28(a)		659,827
	250,000	B+	Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28(a)		266,515
	217,000	BB-	M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28		228,066
	351,000	BB+	MDC Holdings Inc., Company Guaranteed Notes, 6.000% due 1/15/43		463,978
			Shea Homes LP/Shea Homes Funding Corp., Senior Unsecured Notes:
	253,000	BB-	4.750% due 2/15/28(a)		261,697
	94,000	BB-	4.750% due 4/1/29(a)		96,820
			Taylor Morrison Communities Inc.:
			Company Guaranteed Notes:
	233,000	BB	5.875% due 6/15/27(a)		260,326
	191,000	BB	5.750% due 1/15/28(a)		213,562
	146,000	BB	Senior Unsecured Notes, 5.125% due 8/1/30(a)		157,012
	70,000	BB-	Tri Pointe Homes Inc., Company Guaranteed Notes, 5.700% due 6/15/28		78,050
			Total Home Builders		4,477,661

See Notes to Financial Statements.

193

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Household Products/Wares — 0.3%
			Central Garden & Pet Co., Company Guaranteed Notes:
$	10,000	BB	5.125% due 2/1/28	$	10,586
	65,000	BB	4.125% due 10/15/30		67,617
	200,000	B+	Prestige Brands Inc., Company Guaranteed Notes, 5.125% due 1/15/28(a)		209,640
			Spectrum Brands Inc., Company Guaranteed Notes:
	265,000	B	5.000% due 10/1/29(a)		282,887
	150,000	B	5.500% due 7/15/30(a)		161,923
			Total Household Products/Wares		732,653
	Insurance — 1.2%
	600,000	CCC+	Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer, Senior Unsecured Notes, 6.750% due 10/15/27(a)		621,600
	521,000	B-	AmWINS Group Inc., Company Guaranteed Notes, 7.750% due 7/1/26(a)		557,371
	450,000	BB+	Highlands Holdings Bonds Issuer Ltd./Highlands Holdings Bonds Co.-Issuer Inc., Senior Secured Notes, 7.625% (7.625% cash or 8.375% PIK) due 10/15/25(a)(f)		478,125
	669,000	CCC+	HUB International Ltd., Senior Unsecured Notes, 7.000% due 5/1/26(a)		697,703
	480,000	BB	NMI Holdings Inc., Senior Secured Notes, 7.375% due 6/1/25(a)		543,094
	514,000	CCC+	USI Inc., Senior Unsecured Notes, 6.875% due 5/1/25(a)		525,239
			Total Insurance		3,423,132
	Internet — 1.6%
	98,000	BB-	ANGI Group LLC, Company Guaranteed Notes, 3.875% due 8/15/28(a)		100,389
	268,000	B	Arches Buyer Inc., Senior Secured Notes, 4.250% due 6/1/28(a)		270,734
	241,000	B	Cars.com Inc., Company Guaranteed Notes, 6.375% due 11/1/28(a)		252,749
	280,000	CCC+	Endurance Acquisition Merger Sub, Senior Unsecured Notes, 6.000% due 2/15/29(a)		271,950
			Expedia Group Inc., Company Guaranteed Notes:
	204,000	BBB-	6.250% due 5/1/25(a)		238,552
	40,000	BBB-	7.000% due 5/1/25(a)		44,153
	401,000	BB-	Go Daddy Operating Co. LLC/GD Finance Co., Inc., Company Guaranteed Notes, 5.250% due 12/1/27(a)		421,802
	350,000	BB	Match Group Holdings II LLC, Senior Unsecured Notes, 4.625% due 6/1/28(a)		364,019
			Netflix Inc., Senior Unsecured Notes:
	1,300,000	BB+	5.875% due 11/15/28		1,557,725
	770,000	BB+	6.375% due 5/15/29		957,688
	130,000	BB+	4.875% due 6/15/30(a)		149,662
			Total Internet		4,629,423
	Investment Companies — 0.3%
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
	531,000	BB	6.250% due 5/15/26		559,302
	260,000	BB	5.250% due 5/15/27		273,650
			Total Investment Companies		832,952
	Iron/Steel — 0.6%
	35,000	B+	Allegheny Ludlum LLC, Company Guaranteed Notes, 6.950% due 12/15/25		38,015
			Allegheny Technologies Inc., Senior Unsecured Notes:
	223,000	B	7.875% due 8/15/23		243,711
	16,000	B	5.875% due 12/1/27		16,930
	307,000	B-	Big River Steel LLC/BRS Finance Corp., Senior Secured Notes, 6.625% due 1/31/29(a)		329,718
			Cleveland-Cliffs Inc., Senior Secured Notes:
	198,000	B	9.875% due 10/17/25(a)		231,660
	470,000	B	6.750% due 3/15/26(a)		504,075
	308,000	Ba3(b)	Infrabuild Australia Pty Ltd., Senior Secured Notes, 12.000% due 10/1/24(a)		331,485
			Total Iron/Steel		1,695,594

See Notes to Financial Statements.

194

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Leisure Time — 2.8%
			Carnival Corp.:
$	88,000	BB-	Senior Secured Notes, 11.500% due 4/1/23(a)	$	100,448
			Senior Unsecured Notes:
	112,000	B+	7.625% due 3/1/26(a)		117,880
	788,000	B+	5.750% due 3/1/27(a)		800,805
			Life Time Inc.:
	184,000	CCC-	Company Guaranteed Notes, 8.000% due 4/15/26(a)		186,760
	219,000	B-	Senior Secured Notes, 5.750% due 1/15/26(a)		223,106
			NCL Corp., Ltd.:
	358,000	B	Company Guaranteed Notes, 5.875% due 3/15/26(a)		360,578
			Senior Secured Notes:
	390,000	BB-	12.250% due 5/15/24(a)		464,100
	765,000	BB-	10.250% due 2/1/26(a)		891,225
	530,000	B	Senior Unsecured Notes, 3.625% due 12/15/24(a)		496,385
			Royal Caribbean Cruises Ltd., Senior Unsecured Notes:
	38,000	NR	4.250% due 6/15/23(a)		57,862
	63,000	B	7.500% due 10/15/27		71,525
	145,000	B	3.700% due 3/15/28		137,659
	660,000	BB-	Silversea Cruise Finance Ltd., Senior Secured Notes, 7.250% due 2/1/25(a)		684,410
			Viking Cruises Ltd.:
	555,000	CCC	Company Guaranteed Notes, 5.875% due 9/15/27(a)		535,339
	640,000	CCC+	Senior Secured Notes, 13.000% due 5/15/25(a)		754,646
	718,000	CCC	Senior Unsecured Notes, 7.000% due 2/15/29(a)		726,975
	88,000	B-	Viking Ocean Cruises Ship VII Ltd., Senior Secured Notes, 5.625% due 2/15/29(a)		88,792
	1,535,000	B	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		1,520,287
			Total Leisure Time		8,218,782
	Lodging — 1.5%
	370,000	B-	Full House Resorts Inc., Senior Secured Notes, 8.250% due 2/15/28(a)		393,125
	650,000	BB	Melco Resorts Finance Ltd., Senior Unsecured Notes, 5.375% due 12/4/29(a)		689,019
			MGM Resorts International, Company Guaranteed Notes:
	375,000	BB-	7.750% due 3/15/22		396,797
	140,000	BB-	5.750% due 6/15/25		154,424
	353,000	BB-	4.750% due 10/15/28		368,066
	200,000	BBB-	Sands China Ltd., Senior Unsecured Notes, 3.800% due 1/8/26		218,060
	40,000	B-	Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Senior Secured Notes, 5.875% due 5/15/25(a)		38,946
	246,000	BB-	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Company Guaranteed Notes, 5.250% due 5/15/27(a)		261,707
			Wynn Macau Ltd., Senior Unsecured Notes:
	1,410,000	BB-	5.625% due 8/26/28(a)		1,479,090
	230,000	BB-	5.125% due 12/15/29(a)		235,008
			Total Lodging		4,234,242
	Machinery — Construction & Mining — 0.2%
	660,000	BB	BWX Technologies Inc., Company Guaranteed Notes, 5.375% due 7/15/26(a)		685,450
	Machinery — Diversified — 0.5%
	340,000	B+	ATS Automation Tooling Systems Inc., Senior Unsecured Notes, 4.125% due 12/15/28(a)		344,480
	490,000	BB+	Clark Equipment Co., Senior Secured Notes, 5.875% due 6/1/25(a)		518,481
	530,000	B	Vertical US Newco Inc., Senior Secured Notes, 5.250% due 7/15/27(a)		553,519
			Total Machinery — Diversified		1,416,480
	Media — 7.6%
	750,000	B	Altice Financing SA, Senior Secured Notes, 7.500% due 5/15/26(a)		783,832

See Notes to Financial Statements.

195

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Media — 7.6% — (continued)
$	90,000	B-	Beasley Mezzanine Holdings LLC, Senior Secured Notes, 8.625% due 2/1/26(a)	$	91,350
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	110,000	BB	5.125% due 5/1/27(a)		115,234
	524,000	BB	5.375% due 6/1/29(a)		565,323
	1,038,000	BB	4.750% due 3/1/30(a)		1,084,658
	1,851,000	BB	4.500% due 8/15/30(a)		1,918,367
	1,409,000	BB	4.500% due 5/1/32(a)		1,449,509
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	60,000	BBB-	4.908% due 7/23/25		68,310
	190,000	BBB-	5.750% due 4/1/48		232,178
	324,000	CCC	Clear Channel Worldwide Holdings Inc., Company Guaranteed Notes, 9.250% due 2/15/24		337,973
			CSC Holdings LLC:
			Company Guaranteed Notes:
	1,430,000	BB	5.375% due 2/1/28(a)		1,515,371
	200,000	BB	3.375% due 2/15/31(a)		192,250
			Senior Unsecured Notes:
	300,000	B	6.750% due 11/15/21		310,312
	1,450,000	B	5.750% due 1/15/30(a)		1,549,695
	343,000	B	4.625% due 12/1/30(a)		342,096
	589,000	CCC+	Diamond Sports Group LLC/Diamond Sports Finance Co., Senior Secured Notes, 5.375% due 8/15/26(a)		417,277
	1,970,000	B-	DISH DBS Corp., Company Guaranteed Notes, 7.750% due 7/1/26		2,170,477
			DISH Network Corp., Senior Unsecured Notes:
	50,000	CCC+	2.375% due 3/15/24		47,455
	15,000	CCC+	3.375% due 8/15/26		14,142
			iHeartCommunications Inc.:
	330,471	CCC+	Company Guaranteed Notes, 8.375% due 5/1/27		350,838
			Senior Secured Notes:
	3,854	B+	6.375% due 5/1/26		4,085
	840,000	B+	5.250% due 8/15/27(a)		862,420
	40,000	NR	Liberty Broadband Corp., Senior Unsecured Notes, 1.250% due 9/30/50(a)		40,046
	150,000	NR	Liberty Latin America Ltd., Senior Unsecured Notes, 2.000% due 7/15/24		147,655
	227,000	B	Nexstar Broadcasting Inc., Company Guaranteed Notes, 5.625% due 7/15/27(a)		240,124
			Sirius XM Radio Inc., Company Guaranteed Notes:
	66,000	BB	4.625% due 7/15/24(a)		67,980
	1,208,000	BB	5.000% due 8/1/27(a)		1,259,624
			TEGNA Inc., Company Guaranteed Notes:
	94,000	BB-	4.750% due 3/15/26(a)		99,875
	60,000	BB-	4.625% due 3/15/28(a)		61,648
	123,000	BB-	5.000% due 9/15/29		128,343
	150,000	BBB-	Time Warner Cable LLC, Senior Secured Notes, 7.300% due 7/1/38		212,116
	100,000	BBB-	Time Warner Entertainment Co. LP, Senior Secured Notes, 8.375% due 7/15/33		148,575
	251,000	B	Townsquare Media Inc., Senior Secured Notes, 6.875% due 2/1/26(a)		262,923
	300,000	B	Univision Communications Inc., Senior Secured Notes, 9.500% due 5/1/25(a)		328,410
	550,000	B	UPC Holding BV, Senior Secured Notes, 5.500% due 1/15/28(a)		566,844
	656,000	B-	Urban One Inc., Senior Secured Notes, 7.375% due 2/1/28(a)		662,560
	207,000	B	Virgin Media Finance PLC, Company Guaranteed Notes, 5.000% due 7/15/30(a)		210,881
			Virgin Media Secured Finance PLC, Senior Secured Notes:
	400,000	BB-	5.500% due 8/15/26(a)		417,200
	1,560,000	BB-	5.500% due 5/15/29(a)		1,674,520
	340,000	B	Virgin Media Vendor Financing Notes IV DAC, Senior Unsecured Notes, 5.000% due 7/15/28(a)		348,537
	250,000	B-	Ziggo Bonds Co. BV, Company Guaranteed Notes, 5.125% due 2/28/30(a)		260,968

See Notes to Financial Statements.

196

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Media — 7.6% — (continued)
			Ziggo BV, Senior Secured Notes:
$	385,000	B+	5.500% due 1/15/27(a)	$	400,729
	201,000	B+	4.875% due 1/15/30(a)		210,171
			Total Media		22,172,881
	Metal Fabricate/Hardware — 0.0%
	29,000	CCC	Hillman Group Inc. (The), Company Guaranteed Notes, 6.375% due 7/15/22(a)		29,193
	Mining — 3.0%
	131,000	B+	Arconic Corp., Secured Notes, 6.125% due 2/15/28(a)		138,494
	330,000	B+	Compass Minerals International Inc., Company Guaranteed Notes, 6.750% due 12/1/27(a)		355,308
	500,000	B	Constellium SE, Company Guaranteed Notes, 5.875% due 2/15/26(a)		514,938
	379,000	BB-	Eldorado Gold Corp., Secured Notes, 9.500% due 6/1/24(a)		422,071
			First Quantum Minerals Ltd., Company Guaranteed Notes:
	800,000	CCC+	7.250% due 4/1/23(a)		817,460
	725,000	CCC+	7.500% due 4/1/25(a)		749,469
	590,000	CCC+	6.875% due 10/15/27(a)		640,888
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	190,000	BB	4.625% due 8/1/30		210,287
	1,977,000	BB	5.450% due 3/15/43		2,462,571
			Hudbay Minerals Inc., Company Guaranteed Notes:
	260,000	B	7.625% due 1/15/25(a)		271,179
	180,000	B	4.500% due 4/1/26(a)		182,705
	417,000	B	6.125% due 4/1/29(a)		450,448
	224,000	B	Joseph T Ryerson & Son Inc., Senior Secured Notes, 8.500% due 8/1/28(a)		245,700
			New Gold Inc.:
	190,000	B	Company Guaranteed Notes, 6.375% due 5/15/25(a)		196,531
	408,000	B	Senior Unsecured Notes, 7.500% due 7/15/27(a)		431,221
	130,000	WR(b)	Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes, 7.125% due 11/1/22(a)(e)(g)		94
			Novelis Corp., Company Guaranteed Notes:
	350,000	B+	5.875% due 9/30/26(a)		365,312
	209,000	B+	4.750% due 1/30/30(a)		218,212
			Total Mining		8,672,888
	Miscellaneous Manufacturers — 0.1%
	9,666	CCC+(h)	Anagram International Inc./Anagram Holdings LLC, Secured Notes, 10.000% (5.000% cash and 5.000% PIK or 10.000% cash) due 8/15/26(a)(f)		9,811
			Bombardier Inc., Senior Unsecured Notes:
	336,000	CCC	6.125% due 1/15/23(a)		332,724
	24,000	CCC	7.875% due 4/15/27(a)		21,582
			Total Miscellaneous Manufacturers		364,117
	Office/Business Equipment — 0.1%
	300,000	BB-	CDW LLC/CDW Finance Corp., Company Guaranteed Notes, 4.250% due 4/1/28		311,485
	Oil & Gas — 7.7%
	120,000	B	Aethon United BR LP/Aethon United Finance Corp., Senior Unsecured Notes, 8.250% due 2/15/26(a)		125,100
			Apache Corp., Senior Unsecured Notes:
	130,000	BB+	4.625% due 11/15/25		134,875
	160,000	BB+	4.875% due 11/15/27		168,240
	154,000	BB+	4.375% due 10/15/28		156,156
	230,000	BB+	7.750% due 12/15/29		264,356
	376,000	BB+	4.250% due 1/15/30		379,525
	250,000	BB+	5.100% due 9/1/40		255,551

See Notes to Financial Statements.

197

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 7.7% — (continued)
$	50,000	B-	Ascent Resources Utica Holdings LLC/ARU Finance Corp., Senior Unsecured Notes, 7.000% due 11/1/26(a)	$	50,094
	1,070,000	B	Berry Petroleum Co. LLC, Company Guaranteed Notes, 7.000% due 2/15/26(a)		1,033,684
			Cenovus Energy Inc., Senior Unsecured Notes:
	320,000	BBB-	6.750% due 11/15/39		413,258
	30,000	BBB-	5.400% due 6/15/47		34,317
			Centennial Resource Production LLC, Company Guaranteed Notes:
	420,000	CCC+	5.375% due 1/15/26(a)		368,287
	69,000	CCC+	6.875% due 4/1/27(a)		62,229
			Chesapeake Energy Corp., Company Guaranteed Notes:
	85,000	BB-	5.500% due 2/1/26(a)		88,774
	95,000	BB-	5.875% due 2/1/29(a)		101,863
	276,000	BB-	CNX Resources Corp., Company Guaranteed Notes, 6.000% due 1/15/29(a)		289,283
	288,000	B	Colgate Energy Partners III LLC, Senior Unsecured Notes, 7.750% due 2/15/26(a)		281,880
			Comstock Resources Inc., Company Guaranteed Notes:
	40,000	B	7.500% due 5/15/25(a)		41,775
	500,000	B	9.750% due 8/15/26		544,375
			Continental Resources Inc., Company Guaranteed Notes:
	587,000	BB+	4.375% due 1/15/28		618,387
	825,000	BB+	5.750% due 1/15/31(a)		933,488
	10,000	BB+	4.900% due 6/1/44		10,019
	716,000	BB-	CrownRock LP/CrownRock Finance Inc., Senior Unsecured Notes, 5.625% due 10/15/25(a)		724,524
	544,000	B+	CVR Energy Inc., Company Guaranteed Notes, 5.750% due 2/15/28(a)		540,034
	230,000	B	Double Eagle III Midco 1 LLC/Double Eagle Finance Corp., Senior Unsecured Notes, 7.750% due 12/15/25(a)		245,381
			Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes:
	385,000	BB-	6.625% due 7/15/25(a)		405,266
	848,000	BB-	5.750% due 1/30/28(a)		897,608
			EQT Corp., Senior Unsecured Notes:
	783,000	BB	7.625% due 2/1/25		910,606
	150,000	BB	3.900% due 10/1/27		156,187
	500,000	BB	5.000% due 1/15/29		548,750
	100,000	BB	8.500% due 2/1/30		130,919
			Great Western Petroleum LLC/Great Western Finance Corp.:
	36,000	B-	Secured Notes, 12.000% due 9/1/25(a)		32,706
	60,000	CCC	Senior Unsecured Notes, 9.000% due 9/30/21(a)		60,015
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	145,000	BB-	5.750% due 2/1/29(a)		148,172
	116,000	BB-	6.000% due 2/1/31(a)		118,106
			Laredo Petroleum Inc., Company Guaranteed Notes:
	15,000	B-	9.500% due 1/15/25		14,278
	23,000	B-	10.125% due 1/15/28		22,034
	390,000	B	Matador Resources Co., Company Guaranteed Notes, 5.875% due 9/15/26		380,738
			MEG Energy Corp., Company Guaranteed Notes:
	1,165,000	B-	7.125% due 2/1/27(a)		1,232,459
	440,000	B-	5.875% due 2/1/29(a)		447,832
			Nabors Industries Ltd., Company Guaranteed Notes:
	22,000	CCC-	7.250% due 1/15/26(a)		19,573
	24,000	CCC-	7.500% due 1/15/28(a)		20,790
	750,000	BB-	Neptune Energy Bondsco PLC, Senior Unsecured Notes, 6.625% due 5/15/25(a)		759,375
	210,000	B	Northern Oil & Gas Inc., Senior Unsecured Notes, 8.125% due 3/1/28(a)		207,443
			Occidental Petroleum Corp., Senior Unsecured Notes:
	10,000	BB-	1.644% (3-Month USD-LIBOR + 1.450%) due 8/15/22(c)		9,779
	218,000	BB-	2.700% due 2/15/23		213,505

See Notes to Financial Statements.

198

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 7.7% — (continued)
$	40,000	BB-	3.450% due 7/15/24	$	39,700
	241,000	BB-	2.900% due 8/15/24		234,553
	100,000	BB-	3.400% due 4/15/26		97,219
	425,000	BB-	8.500% due 7/15/27		509,609
	122,000	BB-	6.375% due 9/1/28		135,649
	126,000	BB-	3.500% due 8/15/29		120,355
	884,000	BB-	8.875% due 7/15/30		1,131,520
	333,000	BB-	6.625% due 9/1/30		379,287
	462,000	BB-	6.125% due 1/1/31		513,109
	105,000	BB-	6.200% due 3/15/40		113,663
	108,000	BB-	4.625% due 6/15/45		98,550
	202,000	BB-	4.200% due 3/15/48		172,457
	161,000	BB-	4.400% due 8/15/49		142,083
			Ovintiv Inc., Company Guaranteed Notes:
	52,000	BBB-	8.125% due 9/15/30		68,823
	233,000	BBB-	6.500% due 2/1/38		283,482
	160,000	BB	PBF Holding Co. LLC/PBF Finance Corp., Senior Secured Notes, 9.250% due 5/15/25(a)		156,180
			Petrobras Global Finance BV, Company Guaranteed Notes:
	40,000	BB-	7.375% due 1/17/27		48,930
	20,000	BB-	5.750% due 2/1/29		22,397
			Precision Drilling Corp., Company Guaranteed Notes:
	5,000	B	7.750% due 12/15/23		5,035
	266,000	B	5.250% due 11/15/24		249,209
	255,000	B	7.125% due 1/15/26(a)		247,828
			Range Resources Corp., Company Guaranteed Notes:
	45,000	B+	5.000% due 3/15/23		45,309
	500,000	B+	4.875% due 5/15/25		495,125
	110,000	B+	9.250% due 2/1/26		119,841
	360,000	B+	8.250% due 1/15/29(a)		387,567
	754,000	BB-	Seven Generations Energy Ltd., Company Guaranteed Notes, 5.375% due 9/30/25(a)		785,604
	66,000	CCC+	Shelf Drilling Holdings Ltd., Company Guaranteed Notes, 8.250% due 2/15/25(a)		42,034
			Southwestern Energy Co., Company Guaranteed Notes:
	20,000	BB-	7.500% due 4/1/26		21,084
	222,000	BB-	8.375% due 9/15/28		245,865
	598,000	BB-	Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 5.500% due 2/15/26		616,753
	293,625	CCC+	Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(a)		280,962
	20,000	CCC+	Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(a)		18,738
			Total Oil & Gas		22,430,116
	Oil & Gas Services — 0.1%
	153,000	B+	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a)		159,694
	25,000	D	Nine Energy Service Inc., Company Guaranteed Notes, 8.750% due 11/1/23(a)		12,047
	179,000	BB+	TechnipFMC PLC, Company Guaranteed Notes, 6.500% due 2/1/26(a)		187,193
			Total Oil & Gas Services		358,934
	Packaging & Containers — 1.5%
	1,031,000	B-	ARD Finance SA, Senior Secured Notes, 6.500% (6.500% cash or 7.250% PIK) due 6/30/27(a)(f)		1,091,571
			Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC:
	350,000	BB	Senior Secured Notes, 3.250% due 9/1/28(a)		350,000
	590,000	B+	Senior Unsecured Notes, 4.000% due 9/1/29(a)		590,000
			Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.:
	200,000	B-	Company Guaranteed Notes, 6.000% due 2/15/25(a)		206,940
	260,000	BB-	Senior Secured Notes, 4.125% due 8/15/26(a)		269,401
	95,000	BB	Berry Global Inc., Secured Notes, 5.125% due 7/15/23		96,662

See Notes to Financial Statements.

199

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Packaging & Containers — 1.5% — (continued)
$	310,000	BB-	Cascades Inc./Cascades USA Inc., Company Guaranteed Notes, 5.375% due 1/15/28(a)	$	328,019
	25,000	BB-	Crown Americas LLC/Crown Americas Capital Corp. V, Company Guaranteed Notes, 4.250% due 9/30/26		26,984
	370,000	CCC+	Flex Acquisition Co., Inc., Senior Unsecured Notes, 7.875% due 7/15/26(a)		384,800
	490,000	B+	Greif Inc., Company Guaranteed Notes, 6.500% due 3/1/27(a)		515,419
	500,000	BB	Silgan Holdings Inc., Company Guaranteed Notes, 4.750% due 3/15/25		507,438
			Total Packaging & Containers		4,367,234
	Pharmaceuticals — 3.5%
			AdaptHealth LLC, Company Guaranteed Notes:
	345,000	B+	6.125% due 8/1/28(a)		366,490
	484,000	B+	4.625% due 8/1/29(a)		485,375
			Bausch Health Americas Inc., Company Guaranteed Notes:
	680,000	B	9.250% due 4/1/26(a)		753,644
	1,557,000	B	8.500% due 1/31/27(a)		1,724,634
			Bausch Health Cos., Inc.:
			Company Guaranteed Notes:
	35,000	B	6.125% due 4/15/25(a)		35,827
	380,000	B	9.000% due 12/15/25(a)		413,981
	121,000	B	7.000% due 1/15/28(a)		131,081
	868,000	B	5.000% due 2/15/29(a)		879,393
	1,452,000	B	6.250% due 2/15/29(a)		1,546,380
	720,000	B	7.250% due 5/30/29(a)		798,887
	93,000	B	5.250% due 2/15/31(a)		94,628
			Senior Secured Notes:
	327,000	BB	5.500% due 11/1/25(a)		336,875
	117,000	BB	5.750% due 8/15/27(a)		126,287
	540,000	B	Cheplapharm Arzneimittel GmbH, Senior Secured Notes, 5.500% due 1/15/28(a)		551,475
	140,000	A-	Cigna Corp., Senior Unsecured Notes, 2.400% due 3/15/30		141,531
	290,000	CCC+	Endo Dac/Endo Finance LLC/Endo Finco Inc., Secured Notes, 9.500% due 7/31/27(a)		327,156
	196,000	BB-	Herbalife Nutrition Ltd./HLF Financing Inc., Company Guaranteed Notes, 7.875% due 9/1/25(a)		212,415
	60,000	BB-	HLF Financing Sarl LLC/Herbalife International Inc., Company Guaranteed Notes, 7.250% due 8/15/26(a)		62,460
	320,000	B+	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27(a)		344,419
	80,000	BB-	Teva Pharmaceutical Finance Co. BV, Company Guaranteed Notes, 2.950% due 12/18/22		80,334
	800,000	BB-	Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes, 7.125% due 1/31/25		867,496
			Total Pharmaceuticals		10,280,768
	Pipelines — 4.1%
			Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes:
	40,000	B	5.375% due 9/15/24		40,400
	183,000	B	7.875% due 5/15/26(a)		199,470
	339,000	B	5.750% due 3/1/27(a)		340,907
			Blue Racer Midstream LLC/Blue Racer Finance Corp., Senior Unsecured Notes:
	590,000	B	7.625% due 12/15/25(a)		635,480
	320,000	B	6.625% due 7/15/26(a)		324,000
			Buckeye Partners LP, Senior Unsecured Notes:
	189,000	BB	4.125% due 3/1/25(a)		193,607
	309,000	BB	4.500% due 3/1/28(a)		313,635
	619,000	BBB-	Cheniere Corpus Christi Holdings LLC, Senior Secured Notes, 7.000% due 6/30/24		717,991
			Cheniere Energy Inc.:
	240,000	BB	Senior Secured Notes, 4.625% due 10/15/28(a)		250,500
	730,000	NR	Senior Unsecured Notes, 4.250% due 3/15/45		603,862
			Cheniere Energy Partners LP:

See Notes to Financial Statements.

200

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Pipelines — 4.1% — (continued)
$	464,000	BB	Company Guaranteed Notes, 4.500% due 10/1/29	$	487,311
	344,000	BB	Senior Secured Notes, 5.250% due 10/1/25		353,993
	340,000	BB	Senior Unsecured Notes, 4.000% due 3/1/31(a)		343,087
	220,000	BB-	CNX Midstream Partners LP/CNX Midstream Finance Corp., Senior Unsecured Notes, 6.500% due 3/15/26(a)		227,150
			DCP Midstream Operating LP, Company Guaranteed Notes:
	120,000	BB+	6.450% due 11/3/36(a)		134,760
	550,000	BB+	6.750% due 9/15/37(a)		621,500
			EnLink Midstream LLC, Company Guaranteed Notes:
	63,000	BB+	5.625% due 1/15/28(a)		63,669
	36,000	BB+	5.375% due 6/1/29		35,708
			EQM Midstream Partners LP, Senior Unsecured Notes:
	300,000	BB-	4.000% due 8/1/24		303,470
	331,000	BB-	6.000% due 7/1/25(a)		350,446
	302,000	BB-	6.500% due 7/1/27(a)		324,386
	340,000	BB-	5.500% due 7/15/28		350,924
	180,000	BB-	4.500% due 1/15/29(a)		174,825
	180,000	BB-	4.750% due 1/15/31(a)		173,700
	250,000	BB-	6.500% due 7/15/48		236,875
	226,000	B+	Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 8.000% due 1/15/27		228,873
	483,000	BB	Plains All American Pipeline LP, Junior Subordinated Notes, 6.125% (3-Month USD-LIBOR + 4.110%)(c)(d)		399,431
	540,000	BB-	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., Company Guaranteed Notes, 6.000% due 12/31/30(a)		537,894
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	23,000	BB	6.500% due 7/15/27		24,786
	260,000	BB	5.000% due 1/15/28		271,176
	423,000	BB	6.875% due 1/15/29		469,795
	430,000	BB	4.875% due 2/1/31(a)		441,610
	370,000	BBB	Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes, 3.250% due 5/15/30		395,036
			Western Midstream Operating LP, Senior Unsecured Notes:
	250,000	BB	4.350% due 2/1/25		256,700
	250,000	BB	3.950% due 6/1/25		252,969
	26,000	BB	4.500% due 3/1/28		27,040
	124,000	BB	4.750% due 8/15/28		130,206
	199,000	BB	5.300% due 2/1/30		215,988
	410,000	BB	5.500% due 8/15/48		424,350
			Total Pipelines		11,877,510
	Real Estate — 0.9%
	1,084,000	B	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 7.875% due 11/15/25(a)		1,145,880
	228,000	B+	Greystar Real Estate Partners LLC, Senior Secured Notes, 5.750% due 12/1/25(a)		235,695
	450,000	BB	Kennedy-Wilson Inc., Company Guaranteed Notes, 5.000% due 3/1/31		465,187
			Realogy Group LLC/Realogy Co.-Issuer Corp.:
	360,000	B-	Company Guaranteed Notes, 5.750% due 1/15/29(a)		362,142
	440,000	B+	Secured Notes, 7.625% due 6/15/25(a)		478,067
			Total Real Estate		2,686,971
	Real Estate Investment Trusts (REITs) — 3.2%
	370,000	NR	Apollo Commercial Real Estate Finance Inc., Senior Unsecured Notes, 4.750% due 8/23/22		363,525
	310,000	NR	Blackstone Mortgage Trust Inc., Senior Unsecured Notes, 4.375% due 5/5/22		316,375
	250,000	BB+	Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, Senior Secured Notes, 5.750% due 5/15/26(a)		257,969

See Notes to Financial Statements.

201

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Real Estate Investment Trusts (REITs) — 3.2% — (continued)
$	500,000	BB	CTR Partnership LP/CareTrust Capital Corp., Company Guaranteed Notes, 5.250% due 6/1/25	$	517,332
			Diversified Healthcare Trust:
			Company Guaranteed Notes:
	450,000	BB	9.750% due 6/15/25		507,375
	431,000	BB	4.375% due 3/1/31		427,875
	450,000	BB-	Senior Unsecured Notes, 4.750% due 2/15/28		444,375
	320,000	BB-	ESH Hospitality Inc., Company Guaranteed Notes, 5.250% due 5/1/25(a)		326,674
	320,000	NR	GEO Corrections Holdings Inc., Company Guaranteed Notes, 6.500% due 2/23/26(a)		330,022
			GEO Group Inc. (The), Company Guaranteed Notes:
	180,000	B+	5.875% due 10/15/24		140,962
	780,000	B+	6.000% due 4/15/26		571,350
	368,000	BB+	HAT Holdings I LLC/HAT Holdings II LLC, Company Guaranteed Notes, 6.000% due 4/15/25(a)		386,860
	310,000	B+	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 4.250% due 2/1/27(a)		299,925
			MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes:
	273,000	BB-	5.750% due 2/1/27		308,917
	125,000	BB-	3.875% due 2/15/29(a)		126,512
			MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes:
	700,000	BBB-	5.000% due 10/15/27		746,882
	60,000	BBB-	4.625% due 8/1/29		64,613
	290,000	BB-	Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, Senior Secured Notes, 5.875% due 10/1/28(a)		304,319
			Service Properties Trust:
			Company Guaranteed Notes:
	217,000	BB	7.500% due 9/15/25		246,362
	364,000	BB	5.500% due 12/15/27		391,274
			Senior Unsecured Notes:
	333,000	BB-	3.950% due 1/15/28		308,649
	31,000	BB-	4.950% due 10/1/29		29,973
	220,000	B+	Starwood Property Trust Inc., Senior Unsecured Notes, 5.500% due 11/1/23(a)		229,625
	16,000	CCC	Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, Company Guaranteed Notes, 7.125% due 12/15/24(a)		16,472
	232,000	CCC	Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, Company Guaranteed Notes, 6.500% due 2/15/29(a)		234,830
			VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes:
	513,000	BB	4.250% due 12/1/26(a)		529,839
	610,000	BB	4.625% due 12/1/29(a)		641,348
	160,000	BB	4.125% due 8/15/30(a)		166,600
			Total Real Estate Investment Trusts (REITs)		9,236,834
	Retail — 4.0%
	514,000	BB+	1011778 BC ULC/New Red Finance Inc., Senior Secured Notes, 5.750% due 4/15/25(a)		548,859
	393,000	B	Academy Ltd., Senior Secured Notes, 6.000% due 11/15/27(a)		415,487
			Asbury Automotive Group Inc., Company Guaranteed Notes:
	45,000	BB	4.500% due 3/1/28		46,462
	181,000	BB	4.750% due 3/1/30		189,824
	266,000	BB+	Burlington Coat Factory Warehouse Corp., Senior Secured Notes, 6.250% due 4/15/25(a)		282,292
	494,000	B-	Dave & Buster’s Inc., Senior Secured Notes, 7.625% due 11/1/25(a)		524,875
	322,000	CCC	Ferrellgas LP/Ferrellgas Finance Corp., Senior Secured Notes, 10.000% due 4/15/25(a)		357,822
	370,000	BB	FirstCash Inc., Company Guaranteed Notes, 4.625% due 9/1/28(a)		385,094
	230,000	CCC+	Foundation Building Materials Inc., Company Guaranteed Notes, 6.000% due 3/1/29(a)		229,713
	591,000	CCC	Golden Nugget Inc., Senior Unsecured Notes, 6.750% due 10/15/24(a)		601,715
	195,000	BB+	Group 1 Automotive Inc., Company Guaranteed Notes, 4.000% due 8/15/28(a)		197,194

See Notes to Financial Statements.

202

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Retail — 4.0% — (continued)
			IRB Holding Corp.:
$	93,000	CCC+	Company Guaranteed Notes, 6.750% due 2/15/26(a)	$	95,906
	546,000	B	Senior Secured Notes, 7.000% due 6/15/25(a)		593,379
	715,000	B	Ken Garff Automotive LLC, Senior Unsecured Notes, 4.875% due 9/15/28(a)		734,216
			L Brands Inc.:
			Company Guaranteed Notes:
	319,000	B+	9.375% due 7/1/25(a)		395,161
	690,000	B+	5.250% due 2/1/28		739,594
	679,000	B+	6.625% due 10/1/30(a)		763,451
	119,000	B+	6.875% due 11/1/35		143,871
	64,000	B+	6.750% due 7/1/36		77,080
	99,000	BB	Senior Secured Notes, 6.875% due 7/1/25(a)		108,307
	10,000	B-	Senior Unsecured Notes, 7.600% due 7/15/37		11,575
	199,000	BB	Lithia Motors Inc., Company Guaranteed Notes, 4.375% due 1/15/31(a)		209,323
	320,000	CCC+	Michaels Stores Inc., Company Guaranteed Notes, 8.000% due 7/15/27(a)		342,141
			Murphy Oil USA Inc., Company Guaranteed Notes:
	440,000	BB+	5.625% due 5/1/27		465,982
	27,000	BB+	4.750% due 9/15/29		29,020
	68,000	BB+	3.750% due 2/15/31(a)		68,043
	510,000	CCC+	Party City Holdings Inc., Senior Secured Notes, 8.750% due 2/15/26(a)		521,156
			PetSmart Inc./PetSmart Finance Corp.:
	760,000	CCC+	Company Guaranteed Notes, 7.750% due 2/15/29(a)		816,164
	250,000	BB-	Senior Secured Notes, 4.750% due 2/15/28(a)		259,300
			Sally Holdings LLC/Sally Capital Inc., Company Guaranteed Notes:
	400,000	B	5.500% due 11/1/23		403,250
	270,000	B	5.625% due 12/1/25		276,480
	310,000	B3(b)	Sizzling Platter LLC/Sizzling Platter Finance Corp., Senior Secured Notes, 8.500% due 11/28/25(a)		322,400
	231,000	CCC+	White Capital Buyer LLC, Senior Unsecured Notes, 6.875% due 10/15/28(a)		245,293
	145,000	CCC+	White Capital Parent LLC, Senior Unsecured Notes, 8.250% (0.000% cash or 8.250% PIK) due 3/15/26(a)(f)		153,248
	240,000	B+	Yum! Brands Inc., Senior Unsecured Notes, 3.625% due 3/15/31		231,000
			Total Retail		11,784,677
	Semiconductors — 0.4%
			Entegris Inc., Company Guaranteed Notes:
	305,000	BB	4.625% due 2/10/26(a)		315,334
	380,000	BB	4.375% due 4/15/28(a)		399,657
	340,000	BB	ON Semiconductor Corp., Company Guaranteed Notes, 3.875% due 9/1/28(a)		355,198
			Total Semiconductors		1,070,189
	Software — 1.0%
	546,000	B+	Black Knight InfoServ LLC, Company Guaranteed Notes, 3.625% due 9/1/28(a)		543,461
	222,000	BB+	CDK Global Inc., Senior Unsecured Notes, 5.250% due 5/15/29(a)		239,163
	380,000	B	Donnelley Financial Solutions Inc., Company Guaranteed Notes, 8.250% due 10/15/24		397,100
			Dropbox Inc., Senior Unsecured Notes:
	40,000	NR	zero coupon, due 3/1/26(a)		39,568
	30,000	NR	zero coupon, due 3/1/28(a)		29,636
	587,000	BB	Open Text Corp., Company Guaranteed Notes, 3.875% due 2/15/28(a)		597,548
	362,000	BB	Open Text Holdings Inc., Company Guaranteed Notes, 4.125% due 2/15/30(a)		376,603
			Rackspace Technology Global Inc.:
	313,000	B-	Company Guaranteed Notes, 5.375% due 12/1/28(a)		323,485
	460,000	B+	Senior Secured Notes, 3.500% due 2/15/28(a)		452,139
	20,000	B+	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(a)		21,206
			Total Software		3,019,909

See Notes to Financial Statements.

203

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Telecommunications — 5.4%
			Altice France Holding SA:
$	295,000	CCC+	Company Guaranteed Notes, 6.000% due 2/15/28(a)	$	289,278
	350,000	CCC+	Senior Secured Notes, 10.500% due 5/15/27(a)		394,161
			Altice France SA, Senior Secured Notes:
	1,870,000	B	7.375% due 5/1/26(a)		1,953,121
	600,000	B	8.125% due 2/1/27(a)		654,693
	200,000	B	5.125% due 1/15/29(a)		201,478
	620,000	CCC+	CommScope Inc., Company Guaranteed Notes, 8.250% due 3/1/27(a)		654,878
			CommScope Technologies LLC, Company Guaranteed Notes:
	512,000	CCC+	6.000% due 6/15/25(a)		522,184
	40,000	CCC+	5.000% due 3/15/27(a)		39,258
	550,000	B+	Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(a)		570,969
	330,000	(P)CCC+	Frontier Communications Corp., Secured Notes, 6.750% due 5/1/29(a)		345,469
	470,000	BB	Hughes Satellite Systems Corp., Company Guaranteed Notes, 6.625% due 8/1/26		525,883
	550,000	WR(b)	Intelsat Jackson Holdings SA, Senior Secured Notes, 8.000% due 2/15/24(a)(e)(g)		568,788
	146,000	B-	LogMeIn Inc., Senior Secured Notes, 5.500% due 9/1/27(a)		152,753
	445,000	BB-	Lumen Technologies Inc., Senior Unsecured Notes, 6.750% due 12/1/23		494,277
			Sprint Capital Corp., Company Guaranteed Notes:
	592,000	BB	6.875% due 11/15/28		749,990
	1,815,000	BB	8.750% due 3/15/32		2,702,535
	15,000	BB	Sprint Communications Inc., Company Guaranteed Notes, 6.000% due 11/15/22		16,052
			Sprint Corp., Company Guaranteed Notes:
	1,000,000	BB	7.250% due 9/15/21		1,030,110
	114,000	BB	7.875% due 9/15/23		130,672
	280,000	BB	7.625% due 3/1/26		343,976
	380,000	BB	Switch Ltd., Company Guaranteed Notes, 3.750% due 9/15/28(a)		387,838
	425,000	BB+	Telecom Italia SpA, Senior Unsecured Notes, 5.303% due 5/30/24(a)		460,783
			T-Mobile USA Inc.:
			Company Guaranteed Notes:
	1,310,000	BB	6.500% due 1/15/26		1,352,575
	45,000	BB	4.500% due 2/1/26		46,046
	176,000	BB	2.250% due 2/15/26		175,542
	60,000	BB	4.750% due 2/1/28		63,529
	220,000	BB	2.625% due 2/15/29		215,600
	132,000	BB	2.875% due 2/15/31		129,690
	200,000	BBB-	Senior Secured Notes, 4.500% due 4/15/50(a)		222,550
	258,000	BB+	ViaSat Inc., Senior Secured Notes, 5.625% due 4/15/27(a)		270,739
			Total Telecommunications		15,665,417
	Transportation — 0.9%
	329,000	NR	Air Transport Services Group Inc., Senior Unsecured Notes, 1.125% due 10/15/24		361,397
	401,000	B+	Cargo Aircraft Management Inc., Company Guaranteed Notes, 4.750% due 2/1/28(a)		416,789
	464,000	B-	Watco Cos LLC/Watco Finance Corp., Senior Unsecured Notes, 6.500% due 6/15/27(a)		499,461
	320,000	B+	XPO CNW Inc., Senior Unsecured Notes, 6.700% due 5/1/34		374,176
			XPO Logistics Inc., Company Guaranteed Notes:
	430,000	BB-	6.125% due 9/1/23(a)		437,794
	423,000	BB-	6.250% due 5/1/25(a)		454,852
			Total Transportation		2,544,469
	Trucking & Leasing — 0.3%
	870,000	BB+	DAE Funding LLC, Company Guaranteed Notes, 5.000% due 8/1/24(a)		899,906
			TOTAL CORPORATE BONDS & NOTES (Cost — $243,161,993)		260,341,526

See Notes to Financial Statements.

204

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 6.8%
$	245,313	NR	ACProducts Inc., (Restricted, cost — $234,891, acquired 4/17/20), 7.500% (3-Month USD-LIBOR + 6.500%) due 8/18/25(i)	$	251,676
	59,550	NR	Acrisure LLC, (Restricted, cost — $59,423, acquired 1/31/20), 3.615% (1-Month USD-LIBOR + 3.500%) due 2/15/27(i)		59,289
	283,000	NR	AlixPartners LLP due 2/4/28(j)		283,338
	417,815	NR	Allen Media LLC, (Restricted, cost — $409,024, acquired 7/14/20), 5.754% (3-Month USD-LIBOR + 5.500%) due 2/10/27(i)		418,273
	109,173	NR	Allied Universal Holdco LLC, (Restricted, cost — $104,860, acquired 5/21/20), 4.365% (1-Month USD-LIBOR + 4.250%) due 7/10/26(i)		109,500
	29,854	NR	AmeriLife Holdings LLC, (Restricted, cost — $29,788, acquired 2/6/20), 4.123% (1-Month USD-LIBOR + 4.000%) due 3/18/27(i)		29,860
	228,253	NR	Applovin Corp., (Restricted, cost — $222,255, acquired 4/16/20), 3.615% (1-Month USD-LIBOR + 3.500%) due 8/15/25(i)		228,416
	170,000	NR	Aramark Intermediate HoldCo Corp., (Restricted, cost — $161,392, acquired 5/21/20), 1.865% (1-Month USD-LIBOR + 1.750%) due 3/11/25(i)		168,512
	310,000	NR	Arctic Canadian Diamond Company Ltd., (Restricted, cost — $310,000, acquired 2/2/21) due 12/31/27(e)(i)(j)		309,921
	248,406	NR	Asurion LLC, (Restricted, cost — $243,743, acquired 4/8/20), 3.365% (1-Month USD-LIBOR + 3.250%) due 12/23/26(i)		247,999
	262,000	NR	Asurion LLC due 7/31/27(j)		261,411
	660,000	NR	Asurion LLC due 1/31/28(j)		680,110
	29,475	NR	athenahealth Inc., (Restricted, cost — $29,057, acquired 2/7/19), 4.453% (3-Month USD-LIBOR + 4.250%) due 2/11/26(i)		29,710
	58,179	NR	Clarios Global LP, (Restricted, cost — $58,108, acquired 4/3/19), 3.615% (1-Month USD-LIBOR + 3.500%) due 4/30/26(i)		58,373
	228,266	NR	Commscope Inc., (Restricted, cost — $220,428, acquired 4/17/20), 3.365% (1-Month USD-LIBOR + 3.250%) due 4/6/26(i)		228,499
	57,000	NR	CoreCivic Inc., (Restricted, cost — $54,831, acquired 12/12/19), 5.500% (1-Month USD-LIBOR + 4.500%) due 12/18/24(i)		55,584
	55,000	NR	CP Atlas Buyer Inc., 4.250% (3-Month USD-LIBOR + 3.750%) due 11/23/27		55,059
	327,525	NR	DCert Buyer Inc., (Restricted, cost — $318,475, acquired 4/17/20), 4.115% (1-Month USD-LIBOR + 4.000%) due 10/16/26(i)		328,373
	590,000	NR	DCert Buyer Inc., (Restricted, cost — $588,528, acquired 2/16/21) due 10/16/26(e)(i)(j)		591,528
	80,000	NR	Deerfield Dakota Holding LLC, (Restricted, cost — $78,944, acquired 3/5/20), 9.000% (1-Month USD-LIBOR + 8.000%) due 4/10/28(i)		81,800
	626,850	NR	Delta Air Lines Inc., (Restricted, cost — $619,159, acquired 4/27/20), 5.750% (1-Month USD-LIBOR + 4.750%) due 4/29/23(i)		632,924
	262,946	NR	Endurance International Group Holdings Inc. due 2/10/28(j)		261,631
	349,448	NR	Envision Healthcare Corp., 3.865% (1-Month USD-LIBOR + 3.750%) due 10/10/25		301,618
	268,650	NR	Equinox Holdings Inc., (Restricted, cost — $262,109, acquired 6/9/20), 10.000% (3-Month USD-LIBOR + 9.000%) due 3/8/24(i)		271,337
	40,000	NR	EyeCare Partners LLC, (Restricted, cost — $39,651, acquired 2/18/20), 8.365% (1-Month USD-LIBOR + 8.250%) due 2/18/28(i)		38,500
	59,635	NR	EyeCare Partners LLC, (Restricted, cost — $59,584, acquired 2/5/20), 3.865% (1-Month USD-LIBOR + 3.750%) due 2/18/27(i)		58,890
	128,973	NR	First Eagle Holdings Inc., (Restricted, cost — $120,094, acquired 5/21/20), 2.754% (3-Month USD-LIBOR + 2.500%) due 2/1/27(i)		128,856
	214,550	NR	Flutter Entertainment PLC, 3.754% (3-Month USD-LIBOR + 3.500%) due 7/10/25		215,639
	258,015	NR	Focus Financial Partners LLC, (Restricted, cost — $247,143, acquired 4/24/20), 2.115% (1-Month USD-LIBOR + 2.000%) due 7/3/24(i)		257,519
	449,550	NR	Gannett Holdings LLC, (Restricted, cost — $440,658, acquired 1/29/21), 7.750% (3-Month USD-LIBOR + 7.000%) due 2/9/26(i)		450,114
	480,000	NR	Garda World Security Corp., (Restricted, cost — $460,194, acquired 4/17/20), 4.990% (3-Month USD-LIBOR + 4.750%) due 10/30/26(i)		481,949

See Notes to Financial Statements.

205

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 6.8% — (continued)
$	78,794	NR	Global Tel*Link Corp., (Restricted, cost — $76,257, acquired 8/16/19), 4.365% (1-Month USD-LIBOR + 4.250%) due 11/29/25(i)	$	74,282
	240,000	NR	Great American Outdoors Group LLC, (Restricted, cost — $238,800, acquired 2/26/21), 0.000% due 2/25/28(i)(j)		240,974
	228,271	NR	Grifols Worldwide Operations Ltd., (Restricted, cost — $224,469, acquired 4/16/20), 2.090% (1-Week USD-LIBOR + 2.000%) due 11/15/27(i)		228,009
	291,712	NR	Herbalife Nutrition Ltd., 2.615% (1-Month USD-LIBOR + 2.500%) due 8/18/25		292,702
	325,216	NR	Hillman Group Inc., 4.115% (1-Month USD-LIBOR + 4.000%) due 5/30/25		325,725
	315,000	NR	IRB Holding Corp. due 12/15/27(j)		316,658
	496,173	NR	IRB Holding Corp., (Restricted, cost — $452,129, acquired 4/17/20), 3.750% (3-Month USD-LIBOR + 2.750%) due 2/5/25(i)		499,585
	39,400	NR	Jane Street Group LLC, (Restricted, cost — $39,352, acquired 1/21/21) due 1/26/28(i)(j)		39,365
	419,250	NR	JetBlue Airways Corp., (Restricted, cost — $418,371, acquired 6/12/20), 6.250% (3-Month USD-LIBOR + 5.250%) due 6/17/24(i)		432,484
	200,000	NR	Level 3 Financing Inc., (Restricted, cost — $192,881, acquired 5/22/20), 1.865% (1-Month USD-LIBOR + 1.750%) due 3/1/27(i)		199,604
	70,138	NR	LifePoint Health Inc., (Restricted, cost — $70,033, acquired 2/11/20), 3.865% (1-Month USD-LIBOR + 3.750%) due 11/16/25(i)		70,306
	301,000	NR	LogMeIn Inc. due 8/31/27(j)		301,346
	70,997	NR	McAfee LLC, (Restricted, cost — $71,073, acquired 8/16/19), 3.865% (1-Month USD-LIBOR + 3.750%) due 9/30/24(i)		71,275
	39,743	NR	Michaels Stores Inc., (Restricted, cost — $38,645, acquired 9/17/20), 4.250% (1-Month USD-LIBOR + 3.500%) due 10/1/27(i)		39,828
	353,000	NR	Mileage Plus Holdings LLC, (Restricted, cost — $348,681, acquired 6/25/20), 6.250% (3-Month USD-LIBOR + 5.250%) due 6/21/27(i)		377,703
	224,527	NR	Nexstar Broadcasting Inc., (Restricted, cost — $217,726, acquired 4/8/20), 2.873% (1-Month USD-LIBOR + 2.750%) due 9/18/26(i)		225,212
	266,983	NR	Nielsen Finance LLC, 4.750% (1-Month USD-LIBOR + 3.750%) due 6/4/25		270,272
	112,323	NR	Peraton Corp., (Restricted, cost — $111,761, acquired 2/23/21) due 2/1/28(i)(j)		112,884
	197,677	NR	Peraton Corp., (Restricted, cost — $196,689, acquired 2/23/21) due 2/1/28(i)(j)		198,666
	940,000	NR	Petco Animal Supplies Inc., (Restricted, cost — $937,650, acquired 2/25/21) due 2/25/28(e)(i)(j)		940,588
	888,000	NR	PetSmart LLC, (Restricted, cost — $879,190, acquired 1/29/21), 4.500% (3-Month USD-LIBOR + 3.750%) due 2/11/28(i)		895,353
	248,120	NR	Phoenix Guarantor Inc., (Restricted, cost — $233,302, acquired 4/8/20), 3.361% (1-Month USD-LIBOR + 3.250%) due 3/5/26(i)		247,612
	106,000	NR	Playa Resorts Holding BV due 4/29/24(j)		102,356
	625,316	NR	Playtika Holding Corp., 7.000% (3-Month USD-LIBOR + 6.000%) due 12/10/24		629,694
	134,704	NR	Prime Security Services Borrower LLC, (Restricted, cost — $129,655, acquired 5/21/20), 3.500% (3-Month USD-LIBOR + 2.750%) due 9/23/26(i)		135,013
	380,000	NR	Rackspace Technology Global Inc., (Restricted, cost — $378,113, acquired 2/3/21), 3.500% (3-Month USD-LIBOR + 2.750%) due 2/15/28(i)		380,456
	50,000	NR	Radiology Partners Inc., (Restricted, cost — $47,011, acquired 5/21/20), 4.795% (3-Month USD-LIBOR + 4.250%) due 7/9/25(i)		49,927
	79,649	NR	Radnet Management Inc., (Restricted, cost — $79,569, acquired 8/16/17), 4.790% (3-Month USD-LIBOR + 2.750%) due 6/30/23(i)		79,823
	430,000	NR	Rent-A-Center Inc., (Restricted, cost — $427,861, acquired 2/4/21) due 2/17/28(i)(j)		433,763
	62,050	NR	Riverbed Technology Inc., 7.500% (3-Month USD-LIBOR + 6.500%) due 12/31/26		50,509
	316,701	NR	Sedgwick Claims Management Services Inc., (Restricted, cost — $299,750, acquired 4/30/20), 3.365% (1-Month USD-LIBOR + 3.250%) due 12/31/25(i)		314,963
	460,000	NR	SkyMiles IP Ltd., (Restricted, cost — $455,683, acquired 9/16/20), 4.750% (3-Month USD-LIBOR + 3.750%) due 10/20/27(i)		487,745
	36,000	NR	Spectacle Gary Holdings LLC, 11.000% (3-Month USD-LIBOR + 9.000%) due 12/23/25		37,192
	74,510	NR	Spencer Spirit IH LLC, (Restricted, cost — $73,380, acquired 6/14/19), 6.115% (1-Month USD-LIBOR + 6.000%) due 6/19/26(e)(i)		74,352

See Notes to Financial Statements.

206

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††		Security	Value
	SENIOR LOANS — 6.8% — (continued)
$	89,127		NR	SS&C Technologies Holdings Inc., 1.865% (1-Month USD-LIBOR + 1.750%) due 4/16/25	$	89,010
	49,475		NR	Terrier Media Buyer Inc., (Restricted, cost — $49,270, acquired 12/12/19), 3.615% (1-Month USD-LIBOR + 3.500%) due 12/17/26(i)		49,494
	317,594		NR	TransDigm Inc., (Restricted, cost — $291,105, acquired 4/8/20), 2.365% (1-Month USD-LIBOR + 2.250%) due 12/9/25(i)		313,927
	565,000		NR	Truck Hero Inc., (Restricted, cost — $567,599, acquired 1/20/21), 4.500% (1-Month USD-LIBOR + 3.750%) due 1/31/28(i)		566,511
	309,230		NR	U.S. Renal Care Inc., (Restricted, cost — $308,723, acquired 1/7/21), 5.125% (1-Month USD-LIBOR + 5.000%) due 6/26/26(i)		308,543
	347,273		NR	US Foods Inc., (Restricted, cost — $334,557, acquired 4/8/20), 1.865% (1-Month USD-LIBOR + 1.750%) due 6/27/23(i)		344,993
	226,000		NR	Verscend Holding Corp. due 8/27/25(j)		227,581
	317,562		NR	Verscend Holding Corp., (Restricted, cost — $305,085, acquired 4/8/20), 4.615% (1-Month USD-LIBOR + 4.500%) due 8/27/25(i)		319,783
	250,000		NR	VICI Properties 1 LLC, (Restricted, cost — $237,262, acquired 4/8/20), 1.861% (1-Month USD-LIBOR + 1.750%) due 12/20/24(i)		248,766
	230,000		NR	Virgin Media Bristol LLC, (Restricted, cost — $224,362, acquired 4/16/20), 2.612% (1-Month USD-LIBOR + 2.500%) due 1/31/28(i)		229,830
	228,275		NR	VS Buyer LLC, (Restricted, cost — $224,273, acquired 4/17/20), 3.115% (1-Month USD-LIBOR + 3.000%) due 2/28/27(i)		228,560
	229,479		NR	Whatabrands LLC, (Restricted, cost — $223,270, acquired 4/17/20), 2.862% (1-Month USD-LIBOR + 2.750%) due 7/31/26(i)		229,750
				TOTAL SENIOR LOANS (Cost — $19,408,596)		19,909,182
	COLLATERALIZED MORTGAGE OBLIGATIONS — 0.8%
	500,000		BB-	Barings CLO Ltd., Series 2020-4A, Class E, 5.904% (3-Month USD-LIBOR + 5.680%) due 1/20/32(a)(c)		480,759
	350,000		NR	Dryden 75 CLO Ltd., Series 2019-75A, Class ER2, zero coupon, ( 3-Month USD-LIBOR- 6.600%) due 4/15/34(a)(c)		350,175
	500,000		NR	Greywolf CLO IV Ltd., Series 2019-1RA, Class CR, zero coupon, (3-Month USD-LIBOR- 3.650%) due 4/17/34(a)(c)		500,355
	330,000		Ba3(b)	Grippen Park CLO Ltd., Series 2017-1A, Class E, 5.924% (3-Month USD-LIBOR + 5.700%) due 1/20/30(a)(c)		330,133
	550,000		BB-	OHA Credit Funding 3 LTD, Series 2019-3A, Class E2, 5.724% (3-Month USD-LIBOR + 5.500%) due 7/20/32(a)(c)		537,365
				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $2,216,311)		2,198,787
Shares/Units
	PREFERRED STOCKS — 0.4%
	CONSUMER CYCLICAL — 0.2%
	Distribution/Wholesale — 0.2%
	22,182			WESCO International Inc., 10.625% (5-Year CMT Index + 10.325%)(c)(d)		673,224
	FINANCIALS — 0.2%
	Banks — 0.1%
	3,884			GMAC Capital Trust I, 5.983% (3-Month USD-LIBOR + 5.785%) due 2/15/40(c)		100,790

See Notes to Financial Statements.

207

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Shares/Units		Security	Value
	FINANCIALS — 0.2% — (continued)
	Diversified Financial Services — 0.1%
	450	B. Riley Financial Inc., 6.875% due 9/30/23	$	11,497
	12,150	B. Riley Financial Inc., 6.000% due 1/31/28*		309,704
		Total Diversified Financial Services		321,201
		TOTAL FINANCIALS		421,991
		TOTAL PREFERRED STOCKS (Cost—$1,006,350)		1,095,215
	CONVERTIBLE PREFERRED STOCKS — 0.3%
	CONSUMER NON-CYCLICAL — 0.0%
	Pharmaceuticals — 0.0%
	3,359	Becton Dickinson & Co., 6.000% due 6/1/23		177,053
	ENERGY — 0.3%
	Pipelines — 0.3%
	12,149	MPLX LP, step bond to yield, 8.462%*(d)(k)		394,916
	350	Targa Resources Corp., (Restricted, cost — $367,500, acquired 2/17/21), 9.500%(d)(e)(i)		371,859
		TOTAL ENERGY		766,775
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost—$937,514)		943,828
	CLOSED END MUTUAL FUND SECURITY — 0.2%
	FINANCIALS — 0.2%
	Capital Markets — 0.2%
	4,750	iShares® iBoxx High Yield Corporate Bond ETF (Cost — $368,030)		410,590
	COMMON STOCKS — 0.1%
	COMMUNICATIONS — 0.0%
	Advertising — 0.0%
	802	Clear Channel Outdoor Holdings Inc., Class A Shares*		1,379
	Media — 0.0%
	168	iHeartMedia Inc., Class A Shares*		2,364
		TOTAL COMMUNICATIONS		3,743
	ENERGY—0.1%
	Energy Equipment & Services — 0.0%
	17,453	Hercules Offshore Inc.*#(e)(k)		10,391
	Oil & Gas — 0.1%
	21,784	Berry Corp.		108,049
	982	Extraction Oil & Gas Inc.*		33,044
	1,603	Oasis Petroleum Inc.*		91,147
	13,508	Southwestern Energy Co.*		54,707
		Total Oil & Gas		286,947
		TOTAL ENERGY		297,338
	FINANCIALS — 0.0%
	Diversifed Financial Services — 0.0%
	68	MWO Holdings, ADR*#(k)		446
		TOTAL COMMON STOCKS (Cost — $2,401,737)		301,527

See Notes to Financial Statements.

208

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	SOVEREIGN BONDS — 0.0%
	Argentina — 0.0%
			Argentine Republic Government International Bonds:
$	9,647	CCC+	1.000% due 7/9/29	$	3,825
	51,375	CCC+	step bond to yield, 0.125% due 7/9/30		18,752
	94,124	CCC+	step bond to yield, 0.125% due 7/9/35		30,261
			TOTAL SOVEREIGN BONDS (Cost — $79,226)		52,838
Shares/Units
	WARRANT — 0.0%
	Media — 0.0%
	853		iHeartMedia Inc., expires 5/1/39*(e) (Cost — $4,488)		11,724
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $269,584,245)		285,265,217
Face Amount/Units†
	SHORT-TERM INVESTMENTS — 4.2%
	TIME DEPOSITS — 4.2%
$	90,539		Barclays Bank PLC — London, 0.000% due 3/1/21		90,539
	4,382,982		BNP Paribas — Paris, 0.000% due 3/1/21		4,382,982
	3,250,000		Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		3,250,000
	4,599,340		Sumitomo Mitsui Banking Corp. — Tokyo, 0.000% due 3/1/21		4,599,340
			TOTAL SHORT-TERM INVESTMENTS (Cost — $12,322,861)		12,322,861
			TOTAL INVESTMENTS — 102.2% (Cost — $281,907,106)		297,588,078
			Liabilities in Excess of Other Assets — (2.2)%		(6,301,053	)
			TOTAL NET ASSETS — 100.0%	$	291,287,025

† 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.

(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, 2021, amounts $177,845,907 and represents 61.1% of net assets.

(b) Rating by Moody’s Investors Service.

(c) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.

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

(e) Illiquid security.

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

(g) Security is currently in default.

(h) Rating by Fitch Ratings Service.

(i) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2021, amounts to $15,579,190 and represents 5.3% of net assets.

(j) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(k) 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.

See Notes to Financial Statements.

209

Schedules of Investments

(unaudited) (continued)

High Yield Fund

At February 28, 2021, for High Yield Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
High Yield Fund	$	281,907,106	$	18,532,552	$	(2,851,580)	$	15,680,972

Abbreviations used in this schedule:
ADR	— American Depositary Receipts
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Rate
ETF	— Exchange-Traded Fund
LIBOR	— London Interbank Offered Rate
PLC	— Public Limited Company
SOFR	— Secured Overnight Financing Rate
USD	— United States Dollar

See pages 269-270 for definitions of ratings.

Summary of Investments by Security Type^
Corporate Bonds & Notes	87.6	%
Senior Loans	6.7
Collateralized Mortgage Obligations	0.7
Preferred Stocks	0.4
Convertible Preferred Stocks	0.3
Closed End Mutual Fund Security	0.1
Common Stocks	0.1
Sovereign Bonds	0.0	*
Warrant	0.0	*
Short-Term Investments	4.1
	100.0	%

^ As a percentage of total investments.

* Position represents less than 0.05%.

See Notes to Financial Statements.

210

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	SOVEREIGN BONDS — 46.6%
	Argentina — 0.1%
	360,000	ARS	Argentine Bonos del Tesoro, 15.500% due 10/17/26(a)	$	1,958
	4,960,000	ARS	Bonos del Tesoro Nacional en Pesos Badlar, 36.134% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 2.000%) due 4/3/22(a)(b)		57,151
	780,000	ARS	Ciudad Autonoma de Buenos Aires, 39.110% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 5.000%) due 1/23/22(a)(b)		9,031
	460,000	ARS	Provincia de Buenos Aires, 37.867% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 3.750%) due 4/12/25(a)(b)(c)		4,578
			Total Argentina		72,718
	Australia — 1.0%
			Australia Government Bonds:
	800,000	AUD	3.000% due 3/21/47		635,078
	500,000	AUD	1.750% due 6/21/51		295,865
	300,000	AUD	Northern Territory Treasury Corp., 2.000% due 4/21/31		222,989
	150,000	AUD	Treasury Corp. of Victoria, 4.250% due 12/20/32		139,112
			Total Australia		1,293,044
	Canada — 1.9%
	3,100,000	CAD	Province of Ontario Canada, 3.150% due 6/2/22		2,524,784
	France — 5.7%
			French Republic Government Bonds OAT:
	900,000	EUR	3.250% due 5/25/45		1,752,833
	3,000,000	EUR	2.000% due 5/25/48(c)		4,854,832
	650,000	EUR	0.750% due 5/25/52(c)		788,342
	400,000	EUR	0.500% due 5/25/72(c)		402,801
			Total France		7,798,808
	Israel — 2.5%
			Israel Government Bonds — Fixed:
	4,600,000	ILS	1.000% due 4/30/21		1,403,930
	3,000,000	ILS	5.500% due 1/31/22		956,029
	2,000,000	ILS	1.000% due 3/31/30		600,979
$	200,000		Israel Government International Bonds, 3.250% due 1/17/28		224,270
	200,000		State of Israel, 3.800% due 5/13/60		214,000
			Total Israel		3,399,208
	Italy — 4.6%
			Italy Buoni Poliennali Del Tesoro:
	900,000	EUR	0.350% due 2/1/25		1,101,568
	1,700,000	EUR	1.850% due 7/1/25(c)		2,210,070
	950,000	EUR	1.700% due 9/1/51(c)		1,158,816
	700,000	EUR	2.800% due 3/1/67(c)		1,062,946
	400,000	GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		723,138
			Total Italy		6,256,538
	Japan — 14.1%
	1,200,000		Development Bank of Japan Inc., 2.500% due 10/18/22		1,240,428
	200,000		Japan Finance Organization for Municipalities, 2.625% due 4/20/22(c)		205,131
			Japan Government Thirty Year Bonds:
	210,000,000	JPY	1.700% due 9/20/44		2,425,369
	310,000,000	JPY	1.400% due 9/20/45		3,396,122
	152,000,000	JPY	0.500% due 9/20/46		1,368,386
	168,000,000	JPY	0.700% due 12/20/48		1,568,484
	200,000,000	JPY	0.500% due 3/20/49		1,770,191

See Notes to Financial Statements.

211

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	Japan — 14.1% — (continued)
			Japan Government Twenty Year Bonds:
	150,000,000	JPY	1.300% due 6/20/35	$	1,591,586
	181,000,000	JPY	1.200% due 9/20/35		1,898,062
	190,000,000	JPY	1.000% due 12/20/35		1,941,072
	40,000,000	JPY	0.400% due 3/20/36		375,999
	110,436,700	JPY	Japanese Government CPI Linked Bonds, 0.100% due 3/10/28		1,044,847
$	400,000		Tokyo Metropolitan Government, 2.000% due 5/17/21(c)		401,180
			Total Japan		19,226,857
	Kuwait — 0.7%
	900,000		Kuwait International Government Bonds, 3.500% due 3/20/27		1,005,328
	Lithuania — 0.5%
	500,000	EUR	Lithuania Government Bonds, 0.100% due 4/1/23		607,786
	100,000		Lithuania Government International Bonds, 6.125% due 3/9/21		100,184
			Total Lithuania		707,970
	Malaysia — 0.7%
			Malaysia Government Bonds:
	1,100,000	MYR	3.906% due 7/15/26		290,929
	700,000	MYR	3.502% due 5/31/27		180,352
			Malaysia Government Investment Issue:
	500,000	MYR	3.655% due 10/15/24		129,621
	600,000	MYR	4.369% due 10/31/28		162,287
	700,000	MYR	4.130% due 7/9/29		186,835
			Total Malaysia		950,024
	New Zealand — 0.0%
	100,000	NZD	New Zealand Government Bonds, 1.750% due 5/15/41		60,510
	Peru — 1.1%
			Peruvian Government International Bonds:
	1,300,000	PEN	6.350% due 8/12/28		431,771
	1,300,000	PEN	6.350% due 8/12/28(c)		431,771
	800,000	PEN	5.940% due 2/12/29		258,633
	400,000	PEN	5.940% due 2/12/29(c)		129,317
	700,000	PEN	6.950% due 8/12/31(c)		235,236
	200,000	PEN	5.350% due 8/12/40(c)		52,807
			Total Peru		1,539,535
	Poland — 0.6%
	2,700,000	PLN	Republic of Poland Government Bonds, 3.250% due 7/25/25		801,464
	Qatar — 1.4%
			Qatar Government International Bonds:
	1,000,000		3.875% due 4/23/23		1,069,578
	500,000		4.500% due 4/23/28		591,640
	200,000		4.400% due 4/16/50(c)		234,897
			Total Qatar		1,896,115
	Saudi Arabia — 0.9%
	1,200,000		Saudi Government International Bonds, 2.375% due 10/26/21		1,214,626
	Serbia — 0.1%
	100,000	EUR	Serbia International Bonds, 1.650% due 3/3/33(c)		116,954
	Slovenia — 0.2%
	250,000		Slovenia Government International Bonds, 5.250% due 2/18/24		285,252

See Notes to Financial Statements.

212

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	Spain — 6.5%
			Autonomous Community of Catalonia:
	100,000	EUR	4.900% due 9/15/21	$	124,238
	100,000	EUR	4.220% due 4/26/35		158,726
			Spain Government Bonds:
	300,000	EUR	0.250% due 7/30/24(c)		369,380
	2,000,000	EUR	1.450% due 10/31/27(c)		2,642,068
	1,500,000	EUR	1.400% due 7/30/28(c)		1,984,633
	450,000	EUR	1.450% due 4/30/29(c)		598,698
	1,100,000	EUR	1.250% due 10/31/30(c)		1,439,852
	400,000	EUR	1.850% due 7/30/35(c)		557,611
	300,000	EUR	1.000% due 10/31/50(c)		340,065
	600,000	EUR	1.450% due 10/31/71(c)		673,037
			Total Spain		8,888,308
	United Arab Emirates — 0.5%
			Abu Dhabi Government International Bonds:
$	200,000		3.125% due 10/11/27(c)		219,747
	200,000		3.125% due 4/16/30(c)		217,358
	200,000		3.875% due 4/16/50(c)		220,331
			Total United Arab Emirates		657,436
	United Kingdom — 3.5%
			United Kingdom Gilts:
	1,400,000	GBP	3.250% due 1/22/44		2,680,362
	700,000	GBP	3.500% due 1/22/45		1,400,610
	300,000	GBP	1.750% due 1/22/49		455,294
	200,000	GBP	0.625% due 10/22/50		227,584
			Total United Kingdom		4,763,850
			TOTAL SOVEREIGN BONDS (Cost — $58,386,297)		63,459,329
	CORPORATE BONDS & NOTES — 24.6%
	Argentina — 0.0%
	1,390,000	ARS	YPF SA, Senior Unsecured Notes, 38.345% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 6.000%) due 3/4/21(a)(b)		18,170
	Canada — 0.3%
	100,000	EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28(c)		131,451
	300,000		HSBC Bank Canada, Covered Notes, 3.300% due 11/28/21(c)		306,556
			Total Canada		438,007
	Cayman Islands — 1.4%
	300,000		CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due 4/5/22(c)		307,660
			KSA Sukuk Ltd., Senior Unsecured Notes:
	200,000		2.894% due 4/20/22(c)		205,319
	500,000		4.303% due 1/19/29(c)		577,568
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		229,884
	677,027		US Capital Funding II Ltd./US Capital Funding II Corp., Asset Backed, 0.955% (3-Month USD-LIBOR + 0.750%) due 8/1/34(b)(c)		643,175
			Total Cayman Islands		1,963,606
	Denmark — 4.4%
			Jyske Realkredit AS, Covered Notes:
	1	DKK	1.500% due 10/1/37		—
	1	DKK	3.000% due 10/1/47		—
	6,642,353	DKK	1.000% due 10/1/50		1,049,775
	1	DKK	1.500% due 10/1/50		—

See Notes to Financial Statements.

213

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	Denmark — 4.4% — (continued)
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	1	DKK	1.500% due 10/1/37	$	—
	1	DKK	2.500% due 10/1/37		—
	1	DKK	2.500% due 10/1/47		—
	9,408,594	DKK	1.000% due 10/1/50		1,488,237
	282,194	DKK	1.500% due 10/1/50		45,986
	1	DKK	2.000% due 10/1/50		—
			Nykredit Realkredit AS, Covered Notes:
	1	DKK	2.500% due 10/1/36		—
	1	DKK	1.500% due 10/1/37		—
	1	DKK	2.000% due 10/1/47		—
	1	DKK	2.500% due 10/1/47		—
	14,279,503	DKK	1.000% due 10/1/50		2,246,578
	3,536,675	DKK	1.500% due 10/1/50		576,956
	3,782,935	DKK	1.000% due 10/1/53		595,955
			Realkredit Danmark AS, Covered Notes:
	1	DKK	2.500% due 4/1/36		—
	1	DKK	2.500% due 4/1/47		—
			Total Denmark		6,003,487
	France — 0.8%
	300,000	EUR	Auchan Holding SA, Senior Unsecured Notes, 3.250% due 7/23/27		418,681
			BNP Paribas SA, Senior Unsecured Notes:
	100,000	GBP	3.375% due 1/23/26		153,270
$	300,000		1.904% (SOFR + 1.609%) due 9/30/28(b)(c)		298,878
	250,000		Credit Agricole SA, Senior Unsecured Notes, 3.750% due 4/24/23(c)		267,297
			Total France		1,138,126
	Germany — 2.6%
			Deutsche Bank AG, Senior Unsecured Notes:
	800,000		4.250% due 10/14/21		817,988
	300,000		3.950% due 2/27/23		318,182
	100,000	GBP	2.625% due 12/16/24		145,395
	350,000		3.961% (SOFR + 2.581%) due 11/26/25(b)		381,927
	300,000	EUR	2.625% due 2/12/26		396,005
	200,000	EUR	1.625% due 1/20/27		251,814
	200,000	EUR	1.750% (2.050% – 3-Month EURIBOR) due 11/19/30(d)		250,664
	200,000		Deutsche Bank AG, (Restricted, cost — $200,406, acquired 1/21/21), Subordinated Notes, 3.729% (SOFR + 2.757%) due 1/14/32(b)(e)		197,220
	300,000		IHO Verwaltungs GmbH, Senior Secured Notes, 6.000% (6.000% cash or 6.750% PIK) due 5/15/27(c)(f)		316,630
	400,000	EUR	Volkswagen Leasing GmbH, Company Guaranteed Notes, zero coupon ( 3-Month EURIBOR + 0.450%) due 7/6/21(b)		483,113
			Total Germany		3,558,938
	Ireland — 0.2%
	200,000		SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 3.000% due 7/15/22(c)		204,934
	Italy — 1.2%
			Banca Carige SpA, Covered Notes:
	400,000	EUR	1.157% (1.700% – 3-Month EURIBOR) due 10/25/21(d)		485,616
	400,000	EUR	0.960% (1.500% – 3-Month EURIBOR) due 5/25/22(d)		485,592
			Banca Monte dei Paschi di Siena SpA:
	200,000	EUR	Covered Notes, 0.875% due 10/8/26		252,245
	100,000	EUR	Senior Unsecured Notes, 2.625% due 4/28/25		125,250
	200,000	EUR	UniCredit SpA, Junior Subordinated Notes, 9.250% (9.300% – 5-Year EUR Swap Rate)(d)(g)		260,327
			Total Italy		1,609,030

See Notes to Financial Statements.

214

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	Japan — 0.1%
$	200,000		Central Nippon Expressway Co., Ltd., Senior Unsecured Notes, 2.091% due 9/14/21	$	201,710
	Jersey Channel Islands — 0.1%
	100,000	GBP	Kennedy Wilson Europe Real Estate Ltd., Senior Unsecured Notes, 3.950% due 6/30/22		141,521
	Netherlands — 0.8%
	400,000		BMW Finance NV, Company Guaranteed Notes, 2.250% due 8/12/22(c)		410,973
	200,000	EUR	Cooperatieve Rabobank UA, Junior Subordinated Notes, 6.625% (6.697% – 5-Year EUR Swap Rate)(d)(g)		246,168
	278,000		Petrobras Global Finance BV, Company Guaranteed Notes, 5.093% due 1/15/30		294,903
	52,525	EUR	Stichting AK Rabobank Certificaten, Junior Subordinated Notes, 6.500%(g)		80,828
			Total Netherlands		1,032,872
	Portugal — 0.1%
			Banco Espirito Santo SA, Senior Unsecured Notes:
	200,000	EUR	4.750% due 1/15/18(a)(h)		38,608
	200,000	EUR	4.000% due 1/21/19(a)(h)		38,608
			Total Portugal		77,216
	Singapore — 0.2%
	200,000		BOC Aviation Ltd., Senior Unsecured Notes, 2.750% due 9/18/22(c)		204,254
	100,000		DBS Bank Ltd., Covered Notes, 3.300% due 11/27/21(c)		102,227
			Total Singapore		306,481
	Spain — 0.2%
	200,000	EUR	Banco Bilbao Vizcaya Argentaria SA, Junior Subordinated Notes, 8.875% (9.177% – 5-Year EUR Swap Rate)(d)(g)		243,668
	Supranational — 1.6%
			European Investment Bank, Senior Unsecured Notes:
	500,000	AUD	0.500% due 6/21/23		384,949
	800,000	AUD	0.500% due 8/10/23		615,370
			European Union, Senior Unsecured Notes:
	600,000	EUR	zero coupon, due 6/2/28		737,629
	200,000	EUR	zero coupon, due 7/4/35		234,441
	200,000	EUR	0.300% due 11/4/50		232,026
			Total Supranational		2,204,415
	Switzerland — 1.5%
			Credit Suisse Group AG, Senior Unsecured Notes:
	300,000		2.997% (3-Month USD-LIBOR + 1.200%) due 12/14/23(b)(c)		312,928
	250,000		4.282% due 1/9/28(c)		283,000
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(b)(c)		276,011
			UBS AG, Subordinated Notes:
	250,000		7.625% due 8/17/22		274,815
	400,000		5.125% due 5/15/24		442,624
	400,000		UBS Group AG, Senior Unsecured Notes, 1.144% (3-Month USD-LIBOR + 0.950%) due 8/15/23(b)(c)		404,470
			Total Switzerland		1,993,848
	United Kingdom — 5.5%
	600,000		Barclays Bank PLC, Subordinated Notes, 7.625% due 11/21/22		659,995
			Barclays PLC:
	600,000	GBP	Junior Subordinated Notes, 7.125% (5-Year UK Government Note Generic Bid Yield + 6.579%)(b)(g)		934,136
	200,000		Senior Unsecured Notes, 4.610% (3-Month USD-LIBOR + 1.400%) due 2/15/23(b)		207,679
	100,000		British Telecommunications PLC, Senior Unsecured Notes, 9.625% due 12/15/30		157,870

See Notes to Financial Statements.

215

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security		Value
	United Kingdom — 5.5% — (continued)
			HSBC Holdings PLC:
$	200,000		Junior Subordinated Notes, 6.500% (5-Year USD 1100 Run ICE Swap Rate + 3.606%)(b)(g)		$	227,375
			Senior Unsecured Notes:
	300,000		1.189% (3-Month USD-LIBOR + 1.000%) due 5/18/24(b)			304,108
	200,000		3.803% (3-Month USD-LIBOR + 1.211%) due 3/11/25(b)			217,098
	100,000	GBP	Subordinated Notes, 6.750% due 9/11/28			181,915
			Lloyds Banking Group PLC:
	200,000	GBP	Junior Subordinated Notes, 5.125% (5-Year UK Government Note Generic Bid Yield + 4.607%)(b)(g)			288,086
	200,000		Senior Unsecured Notes, 3.900% due 3/12/24			218,959
	300,000		Subordinated Notes, 4.582% due 12/10/25			339,212
	200,000	GBP	Marks & Spencer PLC, Senior Unsecured Notes, 4.250% due 12/8/23			294,499
	200,000		Nationwide Building Society, Senior Unsecured Notes, 3.766% (3-Month USD-LIBOR + 1.064%) due 3/8/24(b)(c)			212,279
			Natwest Group PLC:
			Junior Subordinated Notes:
	200,000	GBP	5.125% (5-Year UK Government Note Generic Bid Yield + 4.985%)(b)(g)			292,683
	200,000		6.000% (5-Year CMT Index + 5.625%)(b)(g)			222,000
	400,000		8.625% (5-Year USD Swap Rate + 7.598%)(b)(g)			413,888
			Senior Unsecured Notes:
	800,000		1.801% (3-Month USD-LIBOR + 1.550%) due 6/25/24(b)			820,936
	200,000		4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(b)			217,225
			Santander UK Group Holdings PLC, Senior Unsecured Notes:	��
	400,000		4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(b)			443,188
	600,000		3.823% (3-Month USD-LIBOR + 1.400%) due 11/3/28(b)			667,530
	96,659	GBP	Tesco Property Finance 4 PLC, Senior Secured Notes, 5.801% due 10/13/40			178,893
			Total United Kingdom			7,499,554
	United States — 3.6%
	100,000		AbbVie Inc., Senior Unsecured Notes, 3.450% due 3/15/22			102,619
			AT&T Inc.:
	200,000	EUR	Junior Subordinated Notes, 2.875% (3.140% – 5-Year EURIBOR ICE Swap Rate)(d)(g)			238,894
	300,000	EUR	Senior Unsecured Notes, 1.800% due 9/5/26			389,458
	400,000		Aviation Capital Group LLC, Senior Unsecured Notes, 1.141% (3-Month USD-LIBOR + 0.950%) due 6/1/21(b)(c)			399,719
	200,000		Bank of America Corp., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 2.931%)(b)(g)			218,940
	58,000		Campbell Soup Co., Senior Unsecured Notes, 3.650% due 3/15/23			61,594
	700,000		Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.464% due 7/23/22			733,326
	200,000		Dell International LLC/EMC Corp., Senior Secured Notes, 4.900% due 10/1/26(c)			230,451
	400,000		Duke Energy Corp., Senior Unsecured Notes, 0.871% (3-Month USD-LIBOR + 0.650%) due 3/11/22(b)			402,343
	200,000		Emera US Finance LP, Company Guaranteed Notes, 2.700% due 6/15/21			200,938
	100,000		Equifax Inc., Senior Unsecured Notes, 3.600% due 8/15/21			101,501
			Fidelity National Information Services Inc.:
	100,000	EUR	Company Guaranteed Notes, 0.750% due 5/21/23			122,725
	100,000	GBP	Senior Unsecured Notes, 1.700% due 6/30/22			141,487
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	100,000	GBP	2.748% due 6/14/24			140,788
	100,000	EUR	0.162% (0.700% – 3-Month EURIBOR) due 12/1/24(d)			114,695
	200,000		4.000% due 11/13/30			204,750
	100,000		General Motors Financial Co., Inc., Company Guaranteed Notes, 1.075% (3-Month USD-LIBOR + 0.850%) due 4/9/21(b)			100,074
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, zero coupon, due 12/28/17(a)(h)			14,073
	100,000		Pacific Gas & Electric Co., 1st Mortgage Notes, 3.450% due 7/1/25			107,215
	100,000		Santander Holdings USA Inc., Senior Unsecured Notes, 3.400% due 1/18/23			104,721

See Notes to Financial Statements.

216

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	United States — 3.6% — (continued)
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
$	300,000		1.141% (3-Month USD-LIBOR + 0.940%) due 11/12/21(b)(c)	$	301,826
	200,000		4.000% due 11/12/21(c)		205,084
	300,000		Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 3.150% due 4/1/22		307,559
			Total United States		4,944,780
			TOTAL CORPORATE BONDS & NOTES (Cost — $31,965,335)		33,580,363
	COLLATERALIZED MORTGAGE OBLIGATIONS — 19.6%
	233,332		A10 Bridge Asset Financing LLC, Series 2020-C, Class A, 2.021% due 8/15/40(c)		233,559
	400,000		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 1.018% (1-Month USD-LIBOR + 0.900%) due 8/25/35(b)		403,462
	193,886	EUR	Adagio IV CLO Ltd., Series IV-A, Class A2R, 1.100% due 10/15/29(c)		233,949
	339,900	GBP	ALBA PLC, Series 2007-1, Class A3, 0.207% (3-Month GBP-LIBOR + 0.170%) due 3/17/39(b)		456,203
	518,348		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 0.610% (1-Month USD-LIBOR + 0.480%) due 5/25/35(b)		485,217
	291,825	GBP	Avon Finance No 2 PLC, Series 2A, Class A, 0.954% (Sterling Overnight Index Average + 0.900%) due 9/20/48(b)(c)		407,554
	14,399		Banc of America Funding Trust, Series 2006-A, Class 1A1, 2.750% due 2/20/36(b)		14,402
	209,081		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 0.568% (1-Month USD-LIBOR + 0.450%) due 3/25/37(b)(c)		201,983
			Bear Stearns Adjustable Rate Mortgage Trust:
	2,415		Series 2003-5, Class 1A2, 2.878% due 8/25/33(b)		2,519
	4,281		Series 2003-7, Class 6A, 2.733% due 10/25/33(b)		4,414
	13,489		Series 2004-2, Class 22A, 3.474% due 5/25/34(b)		13,305
	5,399		Series 2004-2, Class 23A, 3.117% due 5/25/34(b)		5,047
	57,373		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 2.798% due 1/26/36(b)		43,974
	176,554	EUR	Black Diamond CLO Designated Activity Co., Series 2015-1A, Class A1R, 0.650% (3-Month EURIBOR + 0.650%) due 10/3/29(b)(c)		213,020
	300,000	EUR	BlueMountain Euro CLO, Series 2017-2A, Class AR, 0.650% (3-Month EURIBOR +0. 650%) due 7/15/30(b)(c)		362,274
	250,000	EUR	Cairn CLO VII BV, Series 2016-7A, Class A1R, 0.670% (3-Month EURIBOR + 0.670%) due 1/31/30(b)(c)		301,973
	223,853		California Street CLO XII Ltd., Series 2013-12A, Class AR, 1.271% (3-Month USD-LIBOR + 1.030%) due 10/15/25(b)(c)		224,162
	300,000	EUR	Cordatus CLO PLC, Series 11A, Class AR, zero coupon (3-Month EURIBOR + 0.650%) due 10/15/31(b)(c)		361,950
			Countrywide Alternative Loan Trust:
	5,435		Series 2005-21CB, Class A3, 5.250% due 6/25/35		5,067
	29,625		Series 2007-7T2, Class A9, 6.000% due 4/25/37		18,720
	41,731		Series 2007-11T1, Class A12, 0.468% (1-Month USD-LIBOR + 0.350%) due 5/25/37(b)		15,056
	22,319		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		17,235
			Countrywide Asset-Backed Certificates:
	88,003		Series 2006-18, Class 2A2, 0.278% (1-Month USD-LIBOR + 0.160%) due 3/25/37(b)		87,703
	400,000		Series 2007-9, Class 2A4, 0.368% (1-Month USD-LIBOR + 0.250%) due 2/25/36(b)		386,819
	71,955		Series 2007-12, Class 1A1, 0.858% (1-Month USD-LIBOR + 0.740%) due 8/25/47(b)		70,690
	555,413		Series 2007-13, Class 1A, 0.958% (1-Month USD-LIBOR + 0.840%) due 10/25/47(b)		549,504
	191,243		Series 2007-SEA2, Class 1A1, 1.118% (1-Month USD-LIBOR + 1.000%) due 8/25/47(b)(c)		192,305
			Countrywide Home Loan Mortgage Pass-Through Trust:
	1,635		Series 2004-12, Class 11A1, 3.091% due 8/25/34(b)		1,620
	60,970		Series 2005-2, Class 1A1, 0.758% (1-Month USD-LIBOR + 0.640%) due 3/25/35(b)		54,831
	5,045		Series 2005-3, Class 2A1, 0.698% (1-Month USD-LIBOR + 0.580%) due 4/25/35(b)		4,874
	61,293		Series 2005-9, Class 1A3, 0.578% (1-Month USD-LIBOR + 0.460%) due 5/25/35(b)		55,019
	19,333		Series 2005-11, Class 3A1, 2.624% due 4/25/35(b)		17,177
	16,595		Series 2005-HYB9, Class 3A2A, 2.195% (1-Year USD-LIBOR + 1.750%) due 2/20/36(b)		14,777
	608,182		Series 2007-4, Class 1A47, 6.000% due 5/25/37		423,387

See Notes to Financial Statements.

217

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 19.6% — (continued)
$	100,793		Series 2007-19, Class 2A1, 6.500% due 11/25/47	$	73,166
	327,734		Credit Suisse Mortgage Capital Certificates, Series 2007-NC1, Class 2A1, 0.718% (1-Month USD-LIBOR + 0.600%) due 9/25/37(b)		325,388
			Credit Suisse Mortgage Capital Trust:
	34,910		Series 2007-5R, Class A5, 6.500% due 7/26/36		13,663
	373,302		Series 2019-RPL9, Class A1, 3.014% due 10/27/59(b)(c)		377,354
	359,434		Crown Point CLO 6 Ltd., Series 2018-6A, Class A1, 1.394% (3-Month USD-LIBOR + 1.170%) due 10/20/28(b)(c)		359,708
	147,052		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 6.184% due 12/25/36		51,274
	539,166		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 0.868% (1-Month USD-LIBOR + 0.750%) due 10/25/47(b)		510,888
	300,000	EUR	Dryden 46 Euro CLO 2016 BV, Series 2016-46A, Class A1R, 0.880% (3-Month EURIBOR + 0.880%) due 1/15/30(b)(c)		362,297
	300,000	EUR	Dryden Leveraged Loan CDO, Series 2017-27A, Class AR, zero coupon (3-Month EURIBOR + 0.660%) due 4/15/33(b)(c)		361,950
	537,471		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 1.168% (1-Month USD-LIBOR + 1.050%) due 5/25/37(b)(c)		540,429
	161,348	GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 0.193% (3-Month GBP-LIBOR + 0.150%) due 6/15/44(b)		219,971
	348,320	GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 0.991% (3-Month GBP-LIBOR + 0.950%) due 6/13/45(b)		482,624
	84,537		Evans Grove CLO Ltd., Series 2018-1A, Class A1, 1.144% (3-Month USD-LIBOR + 0.920%) due 5/28/28(b)(c)		84,605
			Federal Home Loan Mortgage Corp. (FHLMC):
	21,588		Series T-35, Class A, 0.258% (0.280% – 1-Month USD-LIBOR) due 9/25/31(d)		21,417
	28,523		Series T-62, Class 1A1, 1.578% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(b)		28,816
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	21,370		Series 2391, Class FJ, 0.612% (1-Month USD-LIBOR + 0.500%) due 4/15/28(b)		21,456
	34,803		Series 2614, Class SJ, 19.354% (19.663% – 2.75% x 1-Month USD-LIBOR) due 5/15/33(d)		51,340
	143,564		Series 4579, Class FD, 0.494% (1-Month USD-LIBOR + 0.350%) due 1/15/38(b)		143,729
	143,564		Series 4579, Class SD, 2.497% due 1/15/38(b)(i)		9,120
	5,399		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44		6,303
			Federal National Mortgage Association (FNMA), REMICS:
	5,415		Series 2003-34, Class A1, 6.000% due 4/25/43		6,271
	9,093		Series 2006-48, Class TF, 0.518% (1-Month USD-LIBOR + 0.400%) due 6/25/36(b)		9,168
	82,189		Series 2009-104, Class FA, 0.918% (1-Month USD-LIBOR + 0.800%) due 12/25/39(b)		82,011
	38,640		Federal National Mortgage Association (FNMA), REMICS Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		44,291
	25,088		Figueroa CLO Ltd., Series 2014-1A, Class AR, 1.141% (3-Month USD-LIBOR + 0.900%) due 1/15/27(b)(c)		25,115
	140,353		First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 0.838% (1-Month USD-LIBOR + 0.720%) due 10/25/35(b)		140,272
	21,472		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.041% due 11/19/35(b)		20,063
			Government National Mortgage Association (GNMA):
	358,502		Series 2016-H15, Class FA, 0.944% (1-Month USD-LIBOR + 0.800%) due 7/20/66(b)		363,448
	25,438		Series 2017-121, Class PE, 3.000% due 7/20/46		26,058
			GSR Mortgage Loan Trust:
	9,749		Series 2003-1, Class A2, 2.930% (1-Year CMT Index + 1.750%) due 3/25/33(b)		9,950
	112,033		Series 2005-AR7, Class 2A1, 3.261% due 11/25/35(b)		113,173
	300,000		Gulf Stream Meridian 2 Ltd., Series 2020-IIA, Class A1A2, 1.641% (3-Month USD-LIBOR + 1.400%) due 10/15/29(b)(c)		300,553
			Harborview Mortgage Loan Trust:
	15,332		Series 2005-2, Class 2A1A, 0.551% (1-Month USD-LIBOR + 0.440%) due 5/19/35(b)		14,789
	33,655		Series 2005-3, Class 2A1A, 0.591% (1-Month USD-LIBOR + 0.480%) due 6/19/35(b)		33,622
	68,350		Series 2006-SB1, Class A1A, 1.228% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(b)		65,581

See Notes to Financial Statements.

218

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 19.6% — (continued)
$	90,914		Series 2007-1, Class 2A1A, 0.241% (1-Month USD-LIBOR + 0.130%) due 3/19/37(b)	$	88,639
	408,465	GBP	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.100% (Sterling Overnight Index Average + 1.050%) due 5/25/53(b)(c)		570,658
	253,238		Homeward Opportunities Fund I Trust, Series 2020-2, Class A1, 1.657% due 5/25/65(b)(c)		256,040
			JPMorgan Mortgage Trust:
	2,464		Series 2003-A2, Class 3A1, 2.205% due 11/25/33(b)		2,572
	832		Series 2005-A1, Class 6T1, 2.789% due 2/25/35(b)		847
	25,480		JPMorgan Resecuritization Trust, Series 2009-7, Class 17A1, 5.338% due 7/27/37(b)(c)		25,615
	476,465	GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 0.187% (3-Month GBP-LIBOR + 0.160%) due 1/1/61(b)		639,180
	300,000		Manhattan West, Series 2020-1MW, Class A, 2.130% due 9/10/39(c)		306,529
	3,977		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 1.932% due 2/25/33(b)		3,921
	606,319		MFA Trust, Series 2020-NQM2, Class A1, 1.381% due 4/25/65(b)(c)		612,569
	260,459		Monarch Grove CLO, Series 2018-1A, Class A1, 1.098% (3-Month USD-LIBOR + 0.880%) due 1/25/28(b)(c)		260,014
			New Residential Mortgage Loan Trust:
	332,499		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(b)(c)		349,802
	342,628		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(b)(c)		360,742
	590,347	GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 0.202% (3-Month GBP-LIBOR + 0.160%) due 12/1/50(b)		792,641
	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 0.658% (1-Month USD-LIBOR + 0.540%) due 5/25/36(b)		381,150
	300,000		One New York Plaza Trust, Series 2020-1NYP, Class A, 1.062% (1-Month USD-LIBOR + 0.950%) due 1/15/26(b)(c)		302,154
	82,881		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 0.258% (1-Month USD-LIBOR + 0.140%) due 3/25/37(b)		77,393
	80,936		RAAC Trust, Series 2007-SP3, Class A1, 1.318% (1-Month USD-LIBOR + 1.200%) due 9/25/47(b)		81,351
			RALI Trust:
	120,054		Series 2006-QS6, Class 1A1, 6.000% due 6/25/36		115,563
	50,319		Series 2007-QO2, Class A1, 0.268% (1-Month USD-LIBOR + 0.150%) due 2/25/47(b)		27,029
	70,019	CAD	Real Estate Asset Liquidity Trust, Series 2018-1A, Class A1, 3.072% due 8/12/53(c)		56,880
			Residential Asset Securitization Trust:
	15,799		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		10,506
	41,940		Series 2006-R1, Class A2, 0.518% (1-Month USD-LIBOR + 0.400%) due 1/25/46(b)		11,087
	189,108	GBP	Residential Mortgage Securities 32 PLC, Series 2032, Class A, 1.304% (Sterling Overnight Index Average + 1.250%) due 6/20/70(b)(c)		266,035
	225,935	GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 0.203% (3-Month GBP-LIBOR + 0.160%) due 12/15/43(b)		303,135
			RMAC Securities No 1 PLC:
	215,568	GBP	Series 2006-NS1X, Class A2A, 0.191% (3-Month GBP-LIBOR + 0.150%) due 6/12/44(b)		291,632
	415,053	GBP	Series 2006-NS3X, Class A2A, 0.191% (3-Month GBP-LIBOR + 0.150%) due 6/12/44(b)		558,598
	300,000		Sculptor CLO XXV Ltd., Series 25A, Class A1, zero coupon (3-Month USD-LIBOR + 1.270%) due 1/15/31(b)(c)		300,000
	300,000		Sound Point Clo XIV Ltd., Series 2016-3A, Class AR2, 1.161% (3-Month USD-LIBOR + 0.990%) due 1/23/29(b)(c)		300,173
			Soundview Home Loan Trust:
	574,046		Series 2006-3, Class A3, 0.438% (1-Month USD-LIBOR + 0.320%) due 11/25/36(b)		572,689
	1,300,000		Series 2006-3, Class A4, 0.618% (1-Month USD-LIBOR + 0.500%) due 11/25/36(b)		1,219,226
	252,426		SP-STATIC CLO 1 Ltd., Series 2020-1A, Class A, 1.622% (3-Month USD-LIBOR + 1.400%) due 7/22/28(b)(c)		252,804
	500,000	GBP	Stratton Mortgage Funding, Series 2021-2A, Class A, zero coupon (Sterling Overnight Index Average + 0.900%) due 7/20/60(b)(c)		690,719
			Structured Adjustable Rate Mortgage Loan Trust:
	4,136		Series 2004-1, Class 4A1, 2.549% due 2/25/34(b)		4,160
	13,683		Series 2004-4, Class 3A2, 2.519% due 4/25/34(b)		13,926

See Notes to Financial Statements.

219

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 19.6% — (continued)
$	30,061		Series 2004-19, Class 2A1, 1.778% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(b)	$	28,116
			Structured Asset Mortgage Investments II Trust:
	37,242		Series 2005-AR2, Class 2A1, 0.578% (1-Month USD-LIBOR + 0.460%) due 5/25/45(b)		37,289
	50,211		Series 2005-AR8, Class A1A, 0.678% (1-Month USD-LIBOR + 0.560%) due 2/25/36(b)		48,240
	31,426		Series 2006-AR5, Class 1A1, 0.538% (1-Month USD-LIBOR + 0.420%) due 5/25/36(b)		27,365
	148,881		Series 2007-AR4, Class A3, 0.338% (1-Month USD-LIBOR + 0.220%) due 9/25/47(b)		135,534
	79,013		Series 2007-AR6, Class A1, 1.878% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(b)		77,441
	56,336		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 0.398% (1-Month USD-LIBOR + 0.280%) due 1/25/36(b)(c)		52,081
	258,635		Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 1.184% (3-Month USD-LIBOR + 0.950%) due 7/14/26(b)(c)		258,825
	300,000	EUR	Tikehau CLO II BV, Series 2A, Class AR, 0.880% (3-Month EURIBOR + 0.880%) due 12/7/29(b)(c)		362,041
	400,000	EUR	Toro European CLO 2 DAC, Series 2A, Class AR, 0.900% (3-Month EURIBOR + 0.900%) due 10/15/30(b)(c)		482,950
	531,192	GBP	Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 0.951% (Sterling Overnight Index Average + 0.900%) due 7/20/45(b)(c)		742,409
	284,670	GBP	Towd Point Mortgage Funding Auburn 14 PLC, Series 2020-A14X, Class A, 0.949% (Sterling Overnight Index Average + 0.900%) due 5/20/45(b)		397,377
			Towd Point Mortgage Trust:
	1,086,343		Series 2019-4, Class A1, 2.900% due 10/25/59(b)(c)		1,139,739
	301,072		Series 2020-1, Class A1, 2.710% due 1/25/60(b)(c)		310,707
	398,265		Tralee CLO V Ltd., Series 2018-5A, Class A1, 1.334% (3-Month USD-LIBOR + 1.110%) due 10/20/28(b)(c)		398,467
	283,100		Venture XVI CLO Ltd., Series 2014-16A, Class ARR, 1.091% (3-Month USD-LIBOR + 0.850%) due 1/15/28(b)(c)		283,014
	87,260		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/27(b)(c)		87,027
			WaMu Mortgage Pass-Through Certificates Trust:
	6,640		Series 2002-AR9, Class 1A, 1.778% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(b)		6,531
	1,881		Series 2003-AR5, Class A7, 3.710% due 6/25/33(b)		1,908
	120,217		Series 2003-AR9, Class 2A, 2.785% due 9/25/33(b)		118,606
	189,931		Series 2004-AR1, Class A, 2.718% due 3/25/34(b)		201,394
	26,002		Series 2005-AR13, Class A1A1, 0.698% (1-Month USD-LIBOR + 0.580%) due 10/25/45(b)		26,008
	31,692		Series 2006-AR10, Class 2A1, 3.060% due 9/25/36(b)		30,388
	56,306		Series 2006-AR13, Class 2A, 1.960% (11th District Cost of Funds Index + 1.500%) due 10/25/46(b)		54,803
	19,077		Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2006-AR5, Class 3A, 1.318% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(b)		13,559
	66,612		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 2.607% due 12/25/32(b)		68,293
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $26,458,584)		26,679,705
	MORTGAGE-BACKED SECURITIES — 19.4%
	FHLMC — 0.6%
			Federal Home Loan Mortgage Corp. (FHLMC):
	134,898		3.500% due 10/1/39 — 4/1/50		143,117
	596,742		2.500% due 12/1/50 — 2/1/51		621,525
			Total FHLMC		764,642
	FNMA — 17.7%
			Federal National Mortgage Association (FNMA):
	600,000		3.500% due 3/1/51(j)		635,813
	841,210		3.500% due 10/1/34 — 7/1/50		899,452
	24,318		2.622% (1-Year CMT Index + 2.360%) due 11/1/34(b)		25,922
	1,764		6.500% due 8/1/37		1,841

See Notes to Financial Statements.

220

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	FNMA — 17.7% — (continued)
$	10,300,000		4.000% due 4/1/51(j)	$	11,066,065
	819,169		4.000% due 3/1/49 — 6/1/50		878,600
	356,252		3.000% due 10/1/49		385,367
	1,700,000		2.500% due 5/1/51(j)		1,749,738
	1,286,964		2.500% due 11/1/50 — 12/1/50		1,338,876
	7,200,000		2.000% due 3/1/51 — 5/1/51(j)		7,217,674
			Total FNMA		24,199,348
	GNMA — 1.1%
			Government National Mortgage Association II (GNMA):
	1,613		6.000% due 9/20/38		1,778
	1,500,000		2.000% due 5/20/51(j)		1,512,832
			Total GNMA		1,514,610
			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $26,704,708)		26,478,600
	U.S. GOVERNMENT OBLIGATIONS — 3.3%
			U.S. Treasury Bonds:
	1,200,000		1.375% due 11/15/40(k)		1,058,625
	100,000		1.625% due 11/15/50		87,547
	709,198		U.S. Treasury Inflation Indexed Bonds, 0.250% due 2/15/50		749,192
			U.S. Treasury Inflation Indexed Notes:
	214,210		0.125% due 4/15/22(l)		220,151
	314,592		0.625% due 4/15/23(l)		333,907
	1,055,980		0.500% due 1/15/28(k)		1,180,677
	800,000		U.S. Treasury Notes, 2.875% due 4/30/25(k)(l)		875,219
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $4,455,750)		4,505,318
	ASSET-BACKED SECURITIES — 0.4%
	Automobiles — 0.3%
	27,622		Bank of The West Auto Trust, Series 2019-1, Class A2, 2.400% due 10/17/22(c)		27,666
	400,000		Toyota Auto Loan Extended Notes Trust, Series 2019-1A, Class A, 2.560% due 11/25/31(c)		424,386
			Total Automobiles		452,052
	Student Loans — 0.1%
	59,986		Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 1.168% (3-Month USD-LIBOR + 0.950%) due 4/25/38(b)		60,330
			TOTAL ASSET-BACKED SECURITIES (Cost — $487,538)		512,382
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $148,458,212)		155,215,697
	SHORT-TERM INVESTMENTS — 4.0%
	SOVEREIGN BONDS — 2.0%
	Israel — 0.3%
	1,100,000	ILS	Israel Treasury Bills, (0.037)% due 11/30/21(m)		332,416
	Japan — 1.7%
	250,000,000	JPY	Japan Treasury Discount Bills, (0.089)% due 3/15/21(m)		2,345,868
			TOTAL SOVEREIGN BONDS (Cost — $2,738,733)		2,678,284

See Notes to Financial Statements.

221

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount			Security	Value
	TIME DEPOSITS — 2.0%
$	650,545		Barclays Bank PLC — London, 0.000% due 3/1/21	$	650,545
			BBH — Grand Cayman:
	3,565	CHF	(1.350)% due 3/1/21		3,919
	4,064	DKK	(0.520)% due 3/1/21		659
	32,069	SEK	(0.290)% due 3/1/21		3,797
	1,616	NOK	(0.080)% due 3/1/21		186
	102,341	AUD	(0.060)% due 3/1/21		78,752
	20,715	GBP	0.000% due 3/1/21		28,853
	452	HKD	0.000% due 3/1/21		58
	49,736	CAD	0.010% due 3/1/21		39,092
	154,413	NZD	0.010% due 3/1/21		111,594
	6,155	SGD	0.050% due 3/1/21		4,614
	113	ZAR	2.800% due 3/1/21		8
	96,859	EUR	Citibank — London, (0.710)% due 3/1/21		116,861
			Sumitomo Mitsui Banking Corp. — Tokyo:
	8,004,132	JPY	(0.320)% due 3/1/21		75,089
	1,655,529		0.000% due 3/1/21		1,655,529
			TOTAL TIME DEPOSITS (Cost — $2,769,556)		2,769,556
			TOTAL SHORT-TERM INVESTMENTS (Cost — $5,508,289)		5,447,840
			TOTAL INVESTMENTS IN SECURITIES (Cost — $153,966,501)		160,663,537
			TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $150,309)		200,161
			TOTAL INVESTMENTS — 118.0% (Cost — $154,116,810)		160,863,698
			Liabilities in Excess of Other Assets — (18.0)%		(24,589,280	)
			TOTAL NET ASSETS — 100.0%	$	136,274,418

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

(a) Illiquid security.

(b) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.

(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, 2021, amounts to $42,779,934 and represents 31.4% of net assets.

(d) Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2021.

(e) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2021, amounts to $197,220 and represents 0.1% of net assets.

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

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

(h) Security is currently in default.

(i) Interest only security.

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

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

(l) All or a portion of this security is held at the broker as collateral for open OTC derivative instruments.

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

See Notes to Financial Statements.

222

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 28, 2021, for International Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
International Fixed Income Fund	$	154,116,810	$	15,710,493	$	(7,934,597)	$	7,775,896

Abbreviations used in this schedule:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Rate
CPI	— Consumer Price Index
EURIBOR	— Euro Interbank Offered Rate
ICE	— Intercontinental Exchange
LIBOR	— London Interbank Offered Rate
OTC	— Over the Counter
PLC	— Public Limited Company
REMICS	— Real Estate Mortgage Investment Conduits
SOFR	— Secured Overnight Financing Rate

Summary of Investments by Security Type^
Sovereign Bonds	39.4	%
Corporate Bonds & Notes	20.9
Collateralized Mortgage Obligations	16.6
Mortgage-Backed Securities	16.5
U.S. Government Agencies & Obligations	2.8
Asset-Backed Securities	0.3
Purchased Options	0.1
Short-Term Investments	3.4
	100.0	%

^ As a percentage of total investments.

At February 28, 2021, International Fixed Income Fund held the following Options Contracts Purchased:

Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	3,100,000		16,678	EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put		GSC		1/25/22		0.200%	$	62,805
	400,000	$	762		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		BCLY		8/23/21		1.758%		28,185
	1,000,000		1,905		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		BOA		9/15/21		2.175%		31,526
	600,000		1,143		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		DUB		12/21/21		2.300%		18,098
	800,000		1,524		OTC 10-Year Swaption, 3-Month USD-LIBOR, Put		GSC		10/13/21		1.300%		33,757
					Total Interest Rate Swaptions							$	174,371

See Notes to Financial Statements.

223

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Option on Futures

Number of Contracts

Notional Amount†

Security Name

Counterparty

Expiration Date

Strike Price

Value

200,000

19,400,000

EUR

French Republic Government Bonds OAT Futures, Put(a)

BNP

5/23/25

EUR

97.00

$

25,790

TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $150,309)

$

200,161

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

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

At February 28, 2021, International Fixed Income Fund held the following Options Contracts Written:

Credit Default Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	100,000	$	108,194		OTC Markit CDX North America High Yield Series 35 5-Year Index, Put		JPM		5/19/21		103.000%	$	661
	400,000		224,900		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Call		BNP		3/17/21		0.425%		–
	600,000		337,350		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Call		BNP		4/21/21		0.450%		97
	300,000		168,675		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Call		BOA		4/21/21		0.450%		49
	100,000		56,225		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Call		DUB		4/21/21		0.450%		16
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Call		GSC		4/21/21		0.450%		32
	300,000		168,675		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		3/17/21		0.775%		57
	400,000		224,900		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		3/17/21		0.800%		60
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		4/21/21		0.800%		155
	400,000		224,900		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		4/21/21		0.850%		249
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		5/19/21		0.900%		180
	400,000		224,900		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		4/21/21		0.950%		167
	400,000		224,900		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BOA		3/17/21		0.800%		60
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BOA		5/19/21		0.800%		253
	300,000		168,675		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BOA		5/19/21		0.850%		323
	700,000		393,575		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BOA		5/19/21		0.900%		632
	100,000		56,225		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		DUB		5/19/21		0.750%		152
	100,000		56,225		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		DUB		4/21/21		1.000%		35
	400,000		224,900		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		GSC		5/19/21		0.750%		607
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		GSC		3/17/21		0.800%		30
	100,000		56,225		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		GSC		4/21/21		0.800%		78
	500,000		281,125		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		GSC		4/21/21		0.850%		312
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		GSC		5/19/21		0.900%		180
	500,000		281,125		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		GSC		5/19/21		0.950%		385
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		GSC		5/19/21		1.050%		115
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		JPM		5/19/21		0.750%		303
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		JPM		5/19/21		0.900%		180
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		BNP		4/21/21		0.375%		14
	900,000		456,534	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		BNP		3/17/21		0.400%		29
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		BNP		5/19/21		0.400%		96
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		BNP		3/17/21		0.425%		42
	500,000		253,630	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		BCLY		4/21/21		0.375%		24
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		DUB		5/19/21		0.400%		96
	600,000		304,356	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		GSC		3/17/21		0.400%		19
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		GSC		5/19/21		0.400%		48
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		GSC		3/17/21		0.425%		32
	600,000		304,356	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		5/19/21		0.700%		933
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		5/19/21		0.750%		261
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		5/19/21		0.800%		326

See Notes to Financial Statements.

224

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Numberof Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		5/19/21		0.900%	$	311
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		3/17/21		0.700%		87
	500,000		253,630	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		4/21/21		0.750%		422
	1,400,000		710,164	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		4/21/21		0.800%		967
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		3/17/21		0.700%		117
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		5/19/21		0.700%		622
	900,000		456,534	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		3/17/21		0.750%		178
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		4/21/21		0.750%		253
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		5/19/21		0.750%		261
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		3/17/21		0.800%		57
	600,000		304,356	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		4/21/21		0.800%		414
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		5/19/21		0.800%		217
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BOA		3/17/21		0.700%		58
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BOA		4/21/21		0.750%		169
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BOA		4/21/21		0.800%		138
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		DUB		5/19/21		0.700%		622
	600,000		304,356	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		DUB		4/21/21		0.750%		507
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		DUB		5/19/21		0.750%		261
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		DUB		5/19/21		0.800%		217
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		GSC		5/19/21		0.700%		311
	600,000		304,356	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		GSC		3/17/21		0.750%		119
	500,000		253,630	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		GSC		5/19/21		0.750%		652
	400,000		202,904	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		GSC		5/19/21		0.800%		435
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		GSC		3/17/21		0.850%		30
					Total Credit Default Swaptions							$	14,713

Currency Options

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Strike Price		Value
	567,000		4,436,910	CNH	OTC Euro versus Chinese Onshore Renminbi, Call		HSBC		4/28/21	CNH	7.95	$	5,544
	558,000		4,366,483	CNH	OTC Euro versus Chinese Onshore Renminbi, Call		HSBC		3/30/21	CNH	8.03		1,400
	567,000		469,954	EUR	OTC Euro versus Chinese Onshore Renminbi, Put		HSBC		4/28/21	CNH	7.70		1,319
	558,000		462,495	EUR	OTC Euro versus Chinese Onshore Renminbi, Put		HSBC		3/30/21	CNH	7.73		838
	278,000		920,208	ILS	OTC U.S. Dollar versus Israeli New Shekel, Call		HSBC		4/14/21	ILS	3.32		2,557
	247,000		817,595	ILS	OTC U.S. Dollar versus Israeli New Shekel, Call		HSBC		5/6/21	ILS	3.33		2,355
	143,000		473,344	ILS	OTC U.S. Dollar versus Israeli New Shekel, Call		JPM		5/18/21	ILS	3.34		1,318
	247,000	$	247,000		OTC U.S. Dollar versus Israeli New Shekel, Put		HSBC		5/6/21	ILS	3.17		271
	278,000		278,000		OTC U.S. Dollar versus Israeli New Shekel, Put		HSBC		4/14/21	ILS	3.20		277
	143,000		143,000		OTC U.S. Dollar versus Israeli New Shekel, Put		JPM		5/18/21	ILS	3.18		246
					Total Currency Options							$	16,125

Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	1,300,000		816	GBP	OTC 1-Year Swaption, 3-Month GBP-EURIBOR, Call		BCLY		2/7/22		0.010%	$	1,219
	1,400,000		879	GBP	OTC 1-Year Swaption, 3-Month GBP-EURIBOR, Call		GSC		2/7/22		0.010%		1,313
	6,900,000		4,330	GBP	OTC 1-Year Swaption, 3-Month GBP-EURIBOR, Call		RBS		2/7/22		0.010%		6,470
	1,300,000		816	GBP	OTC 1-Year Swaption, 3-Month GBP-EURIBOR, Put		BCLY		2/7/22		0.010%		3,830
	1,400,000		879	GBP	OTC 1-Year Swaption, 3-Month GBP-EURIBOR, Put		GSC		2/7/22		0.010%		4,124
	6,900,000		4,330	GBP	OTC 1-Year Swaption, 3-Month GBP-EURIBOR, Put		RBS		2/7/22		0.010%		20,326

See Notes to Financial Statements.

225

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	3,300,000	$	6,287		OTC 3-Year Swaption, 3-Month USD-LIBOR, Put		BCLY		8/23/21		1.448%	$	578
	8,300,000		15,812		OTC 3-Year Swaption, 3-Month USD-LIBOR, Put		BOA		9/15/21		1.880%		769
	5,100,000		9,716		OTC 3-Year Swaption, 3-Month USD-LIBOR, Put		DUB		12/21/21		2.020%		1,421
	200,000		1,076	EUR	OTC 25-Year Swaption, 3-Month EURIBOR, Put		BNP		5/23/25		0.451%		28,067
	1,300,000		2,477		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		GSC		1/25/22		2.320%		41,246
					Total Interest Rate Swaptions							$	109,363

Options on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	18	$	2,386,406	U.S. Treasury 10-Year Note April Futures, Call		CSFB		3/26/21	$	135.50	$	1,125
	19		2,518,984	U.S. Treasury 10-Year Note April Futures, Call		GSC		3/26/21	$	136.50		594
	18		2,386,406	U.S. Treasury 10-Year Note April Futures, Put		CSFB		3/26/21	$	133.50		23,062
	19		2,518,984	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/26/21	$	135.00		45,422
	100,000		10,073,438	OTC Federal National Mortgage Association (FNMA) 30-Year March Futures, Call		JPM		3/4/21	$	100.73		–
	100,000		10,414,063	OTC Federal National Mortgage Association (FNMA) 30-Year March Futures, Call		JPM		3/4/21	$	104.14		–
	200,000		20,675,000	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Call		JPM		4/7/21	$	103.38		37
	100,000		9,973,438	OTC Federal National Mortgage Association (FNMA) 30-Year March Futures, Put		JPM		3/4/21	$	99.73		1,884
	100,000		10,214,063	OTC Federal National Mortgage Association (FNMA) 30-Year March Futures, Put		JPM		3/4/21	$	102.14		1,578
	200,000		20,475,000	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Put		JPM		4/7/21	$	102.38		4,220
	100,000		10,290,625	OTC Government National Mortgage Association II (GNMA) 30-Year March Futures, Put		JPM		3/11/21	$	102.91		1,748
	100,000		10,357,813	OTC Government National Mortgage Association II (GNMA) 30-Year March Futures, Put		JPM		3/11/21	$	103.58		388
	100,000		10,400,000	OTC Government National Mortgage Association II (GNMA) 30-Year March Futures, Put		JPM		3/11/21	$	104.00		634
	200,000		20,756,250	OTC Government National Mortgage Association II (GNMA) 30-Year April Futures, Put		JPM		4/14/21	$	103.78		1,789
	100,000		10,412,500	OTC Government National Mortgage Association II (GNMA) 30-Year April Futures, Put		JPM		4/14/21	$	104.13		1,106
	200,000		20,853,125	OTC Government National Mortgage Association II (GNMA) 30-Year April Futures, Put		JPM		4/14/21	$	104.27		2,409
				Total Options on Futures							$	85,996
				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $237,646)							$	226,197

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

At February 28, 2021, International Fixed Income Fund held the following Reverse Repurchase Agreement:

Face Amounts†		Security	Value
		Bank of America:
$	3,004,760	0.100% due 4/19/21 (Proceeds — $3,004,760)	$	3,004,760

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

See Notes to Financial Statements.

226

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

For the period ended February 28, 2021, the daily average borrowing and interest rate under the reverse repurchase agreements were $4,384,943 and (0.068)%, respectively.

At February 28, 2021, International Fixed Income Fund held the following Forward Sale Commitments:

Face Amounts†		Security	Value
		Federal National Mortgage Association (FNMA):
$	100,000	3.500% due 3/1/36(a)	$	106,539
	5,000,000	3.000% due 3/1/51(a)		5,228,711
	4,400,000	3.000% due 4/1/51(a)		4,602,125
	9,050,000	2.000% due 3/1/51(a)		9,104,441
	200,000	2.500% due 3/1/51(a)		206,641
		Fidelity MSCI Financials Index ETF (FNCL):
	800,000	3.500% due 3/1/51(a)		847,750
		Government National Mortgage Association II (GNMA):
	300,000	2.000% due 4/1/51(a)		303,105
		TOTAL FORWARD SALE COMMITMENTS (Proceeds — $20,681,234)	$	20,399,312

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

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

At February 28, 2021, International Fixed Income Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Government 10-Year Bond March Futures		26		3/21	$	2,921,683	$	2,742,377	$	(179,306	)
Australian Government 3-Year Bond March Futures		54		3/21		4,876,619		4,853,288		(23,331	)
Euro-Bobl March Futures		6		3/21		977,591		971,546		(6,045	)
Euro-BTP June Futures		69		6/21		12,417,455		12,312,453		(105,002	)
Euro-Buxl 30-Year Bond June Futures		9		6/21		2,256,613		2,260,739		4,126
Euro-OAT March Futures		44		3/21		8,908,892		8,675,845		(233,047	)
Japan Government 10-Year Bond March Futures		6		3/21		8,553,849		8,478,072		(75,777	)
U.S. Treasury 5-Year Note June Futures		64		6/21		8,003,791		7,934,000		(69,791	)
U.S. Treasury 10-Year Note June Futures		6		6/21		797,085		796,313		(772	)
U.S. Ultra Long Bond June Futures		17		6/21		2,540,786		2,504,844		(35,942	)
										(724,887	)
Contracts to Sell:
Euro-BTP March Futures		2		3/21		364,797		361,467		3,330
Euro-Bund March Futures		17		3/21		3,610,427		3,556,521		53,906
Euro-Schatz Note June Futures		24		6/21		3,245,823		3,244,086		1,737
U.S. Treasury Long Bond June Futures		11		6/21		1,792,580		1,751,406		41,174
U.S. Treasury Ultra Long Bond June Futures		1		6/21		194,385		189,063		5,322
United Kingdom Treasury 10-Year Gilt June Futures		2		6/21		361,249		355,942		5,307
										110,776
Net Unrealized Depreciation on Open Exchange Traded Futures Contracts									$	(614,111	)

See Notes to Financial Statements.

227

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 28, 2021, International Fixed Income Fund had deposited cash of $692,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 28, 2021, 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		Market Value			Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		279,000		USD	217,627		HSBC	$	214,691			3/2/21	$	(2,936	)
Australian Dollar		340,000		USD	260,277		SCB		261,630			3/2/21		1,353
Australian Dollar		503,000		USD	382,843		SCB		387,059	��		3/2/21		4,216
Brazilian Real		1,167,872		USD	211,181		BOA		208,314			3/2/21		(2,867	)
Brazilian Real		1,167,872		USD	217,422		HSBC		208,314			3/2/21		(9,108	)
Brazilian Real		1,167,872		USD	212,871		BOA		208,025			4/5/21		(4,846	)
British Pound		138,000		USD	189,302		BCLY		192,220			3/2/21		2,918
British Pound		10,052,189		USD	14,228,622		BOA		14,001,687			3/2/21		(226,935	)
British Pound		206,000		USD	290,071		JPM		286,938			3/2/21		(3,133	)
Canadian Dollar		1,060,469		USD	843,906		BOA		833,505			3/2/21		(10,401	)
Canadian Dollar		491,674		USD	391,049		BOA		386,445			3/2/21		(4,604	)
Canadian Dollar		499,000		USD	392,769		SCB		392,203			3/2/21		(566	)
Canadian Dollar		107,000		USD	84,334		SOG		84,099			3/2/21		(235	)
Chilean Peso		253,157,950		USD	349,313		BNP		349,863			3/24/21		550
Chinese Offshore Renminbi		625,000		USD	94,284		BNP		96,256			3/17/21		1,972
Chinese Offshore Renminbi		899,000		USD	135,442		BNP		138,454			3/17/21		3,012
Chinese Offshore Renminbi		1,631,000		USD	244,290		GSC		251,189			3/17/21		6,899
Chinese Offshore Renminbi		2,576,000		USD	398,566		GSC		396,728			3/17/21		(1,838	)
Chinese Offshore Renminbi		8,748,000		USD	1,313,172		GSC		1,347,274			3/17/21		34,102
Chinese Offshore Renminbi		1,751,000		USD	266,684		GSC		269,670			3/17/21		2,986
Chinese Offshore Renminbi		7,794,000		USD	1,175,580		HSBC		1,200,349			3/17/21		24,769
Chinese Offshore Renminbi		805,000		USD	121,899		JPM		123,977			3/17/21		2,078
Chinese Offshore Renminbi		927,000		USD	140,942		UBS		142,767			3/17/21		1,825
Chinese Offshore Renminbi		2,892,000		USD	434,037		UBS		445,395			3/17/21		11,358
Danish Krone		430,000		USD	70,197		BOA		69,809			4/9/21		(388	)
Euro		712,000		USD	856,930		BOA		859,028			3/2/21		2,098
Euro		633,000		USD	767,841		JPM		763,715			3/2/21		(4,126	)
Indonesian Rupiah		974,050,000		USD	70,000		BCLY		68,216			3/17/21		(1,784	)
Indonesian Rupiah		278,220,000		USD	20,000		BNP		19,485			3/17/21		(515	)
Indonesian Rupiah		212,895,000		USD	15,000		BNP		14,910			3/17/21		(90	)
Indonesian Rupiah		2,697,411,000		USD	190,000		BOA		188,910			3/17/21		(1,090	)
Indonesian Rupiah		1,254,150,000		USD	90,000		JPM		87,833			3/17/21		(2,167	)
Indonesian Rupiah		14,194,000		USD	1,000		JPM		994			3/17/21		(6	)
Japanese Yen		14,500,000		USD	137,325		BCLY		136,029			3/2/21		(1,296	)
Japanese Yen		1,974,415,991		USD	18,681,636		SOG		18,522,595			3/2/21		(159,041	)
Japanese Yen		70,004,830		USD	662,371		HSBC		656,829			3/15/21		(5,542	)
Korean Won		1,104,760		USD	1,000		BCLY		980			3/17/21		(20	)
Korean Won		771,204,286		USD	696,702		BNP		683,988			3/17/21		(12,714	)
Korean Won		1,091,200		USD	1,000		BOA		968			3/17/21		(32	)
Korean Won		49,689,000		USD	45,000		HSBC		44,070			3/17/21		(930	)
Korean Won		1,105,100		USD	1,000		HSBC		980			3/17/21		(20	)
Korean Won		265,234,500		USD	243,000		HSBC		235,239			3/17/21		(7,761	)
Korean Won		17,472,000		USD	16,000		JPM		15,496			3/17/21		(504	)

See Notes to Financial Statements.

228

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Korean Won		419,786,000		USD	380,000		JPM	$	372,312		3/17/21	$	(7,688	)
Mexican Peso		9,791,806		USD	451,129		GSC		467,438		3/10/21		16,309
Mexican Peso		4,780,000		USD	235,802		HSBC		228,186		3/10/21		(7,616	)
Mexican Peso		2,295,000		USD	116,233		RBS		109,558		3/10/21		(6,675	)
New Taiwan Dollar		12,803,495		USD	460,690		BCLY		459,415		3/17/21		(1,275	)
New Taiwan Dollar		15,660,570		USD	563,306		BOA		561,934		3/17/21		(1,372	)
New Zealand Dollar		324,000		USD	235,367		BOA		234,154		3/2/21		(1,213	)
New Zealand Dollar		361,000		USD	259,002		SCB		260,895		3/2/21		1,893
Norwegian Krone		5,962,692		USD	687,356		BOA		687,516		3/2/21		160
Norwegian Krone		5,962,692		USD	713,048		GSC		687,498		4/7/21		(25,550	)
Peruvian Sol		335,064		USD	92,000		BNP		91,837		4/6/21		(163	)
Russian Ruble		2,579,932		USD	34,933		BCLY		34,515		3/22/21		(418	)
Russian Ruble		5,238,512		USD	70,521		GSC		70,083		3/22/21		(438	)
Russian Ruble		5,170,151		USD	69,935		HSBC		69,168		3/22/21		(767	)
Russian Ruble		5,173,302		USD	69,943		HSBC		69,211		3/22/21		(732	)
Russian Ruble		5,179,231		USD	70,128		HSBC		69,290		3/22/21		(838	)
Russian Ruble		5,061,849		USD	67,762		UBS		67,720		3/22/21		(42	)
Russian Ruble		17,315,000		USD	233,847		UBS		230,796		4/22/21		(3,051	)
Russian Ruble		1,182,457		USD	15,886		BOA		15,711		5/21/21		(175	)
Russian Ruble		1,182,189		USD	15,727		BOA		15,707		5/21/21		(20	)
Russian Ruble		1,262,899		USD	16,951		GSC		16,780		5/21/21		(171	)
Russian Ruble		1,298,581		USD	17,402		HSBC		17,254		5/21/21		(148	)
Russian Ruble		1,300,487		USD	17,416		UBS		17,280		5/21/21		(136	)
South African Rand		702,023		USD	46,228		BOA		45,938		5/14/21		(290	)
South African Rand		677,375		USD	45,281		HSBC		44,325		5/14/21		(956	)
South African Rand		825,830		USD	54,658		UBS		54,039		5/14/21		(619	)
South African Rand		831,772		USD	54,960		UBS		54,429		5/14/21		(531	)
South African Rand		2,129,077		USD	137,971		HSBC		138,770		6/15/21		799
South African Rand		921,719		USD	60,311		JPM		60,076		6/15/21		(235	)
Swedish Krona		5,660,000		USD	677,182		BOA		670,203		3/2/21		(6,979	)
Swedish Krona		5,660,000		USD	687,678		SCB		670,511		4/7/21		(17,167	)
													(431,463	)
Contracts to Sell:
Australian Dollar		1,286,894		USD	995,764		BOA		990,265		3/2/21		5,499
Australian Dollar		1,508,000		USD	1,151,675		BOA		1,160,406		3/2/21		(8,731	)
Brazilian Real		1,167,872		USD	213,115		BOA		208,314		3/2/21		4,801
Brazilian Real		1,167,872		USD	211,181		HSBC		208,314		3/2/21		2,867
British Pound		53,000		USD	74,985		BOA		73,824		3/2/21		1,161
British Pound		113,000		USD	156,679		SCB		157,398		3/2/21		(719	)
British Pound		10,230,189		USD	13,963,574		UBS		14,249,623		3/2/21		(286,049	)
British Pound		10,052,189		USD	14,231,346		BOA		14,005,022		4/7/21		226,324
Canadian Dollar		95,000		USD	74,830		BOA		74,668		3/2/21		162
Canadian Dollar		2,992,981		USD	2,331,619		HSBC		2,352,417		3/2/21		(20,798	)
Canadian Dollar		491,674		USD	391,078		BOA		386,476		4/7/21		4,602
Canadian Dollar		1,060,469		USD	843,967		BOA		833,574		4/7/21		10,393
Canadian Dollar		95,000		USD	75,398		SCB		74,674		4/7/21		724
Chilean Peso		92,106,000		USD	126,000		BCLY		127,290		3/24/21		(1,290	)
Chilean Peso		131,311,312		USD	178,587		HSBC		181,472		3/24/21		(2,885	)
Chilean Peso		27,876,800		USD	38,000		JPM		38,526		3/24/21		(526	)
Chinese Offshore Renminbi		11,317,725		USD	1,714,158		GSC		1,743,036		3/17/21		(28,878	)
Chinese Offshore Renminbi		2,790,000		USD	425,812		GSC		429,686		3/17/21		(3,874	)
Chinese Offshore Renminbi		4,716,000		USD	726,744		SCB		726,309		3/17/21		435

See Notes to Financial Statements.

229

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Chinese Onshore Renminbi		2,996,814		USD	451,838		HSBC	$	462,264		3/17/21	$	(10,426	)
Danish Krone		6,657,857		USD	1,085,860		BNP		1,080,883		4/9/21		4,977
Danish Krone		20,874,199		USD	3,412,495		BOA		3,388,861		4/9/21		23,634
Danish Krone		10,554,414		USD	1,729,162		UBS		1,713,476		4/9/21		15,686
Euro		441,000		USD	535,481		BCLY		532,067		3/2/21		3,414
Euro		927,000		USD	1,118,396		HSBC		1,118,425		3/2/21		(29	)
Euro		576,000		USD	696,363		HSBC		694,943		3/2/21		1,420
Euro		22,402,764		USD	27,233,527		SCB		27,028,926		3/2/21		204,601
Euro		3,929,000		USD	4,780,945		SCB		4,740,337		3/2/21		40,608
Euro		26,930,764		USD	32,715,263		SCB		32,521,896		4/6/21		193,367
Euro		367,000		USD	444,453		HSBC		443,202		4/7/21		1,251
Israeli New Shekel		656,700		USD	189,342		BOA		198,601		4/30/21		(9,259	)
Israeli New Shekel		1,189,000		USD	345,629		HSBC		359,580		4/30/21		(13,951	)
Israeli New Shekel		656,000		USD	189,030		SCB		198,390		4/30/21		(9,360	)
Israeli New Shekel		1,311,000		USD	381,437		UBS		396,476		4/30/21		(15,039	)
Israeli New Shekel		833,000		USD	242,786		UBS		251,918		4/30/21		(9,132	)
Israeli New Shekel		605,134		USD	184,687		BOA		183,054		5/13/21		1,633
Israeli New Shekel		567,279		USD	174,608		HSBC		171,603		5/13/21		3,005
Israeli New Shekel		502,861		USD	154,603		HSBC		152,117		5/13/21		2,486
Israeli New Shekel		374,386		USD	114,282		HSBC		113,253		5/13/21		1,029
Israeli New Shekel		1,100,330		USD	339,839		JPM		334,228		11/30/21		5,611
Israeli New Shekel		1,583,100		USD	483,198		GSC		481,494		1/31/22		1,704
Israeli New Shekel		1,583,025		USD	488,860		GSC		481,471		1/31/22		7,389
Japanese Yen		122,100,000		USD	1,151,945		BOA		1,145,457		3/2/21		6,488
Japanese Yen		1,413,887,420		USD	13,515,279		HSBC		13,264,106		3/2/21		251,173
Japanese Yen		29,300,000		USD	277,289		HSBC		274,873		3/2/21		2,416
Japanese Yen		30,100,000		USD	284,979		SCB		282,378		3/2/21		2,601
Japanese Yen		393,528,571		USD	3,772,123		UBS		3,691,811		3/2/21		80,312
Japanese Yen		92,507,000		USD	889,693		BCLY		867,959		3/15/21		21,734
Japanese Yen		40,000,000		USD	385,918		BOA		375,305		3/15/21		10,613
Japanese Yen		117,493,000		USD	1,131,514		HSBC		1,102,394		3/15/21		29,120
Japanese Yen		1,974,415,991		USD	18,688,862		SOG		18,530,861		4/7/21		158,001
Malaysian Ringgit		3,903,628		USD	958,912		SCB		962,068		3/24/21		(3,156	)
Mexican Peso		9,790,000		USD	485,473		BCLY		467,352		3/10/21		18,121
New Taiwan Dollar		11,475,120		USD	411,000		BCLY		411,751		3/17/21		(751	)
New Taiwan Dollar		6,521,000		USD	234,915		BNP		233,987		3/17/21		928
New Taiwan Dollar		3,634,800		USD	130,000		BNP		130,424		3/17/21		(424	)
New Taiwan Dollar		6,157,000		USD	221,754		HSBC		220,926		3/17/21		828
New Taiwan Dollar		661,320		USD	24,000		JPM		23,730		3/17/21		270
New Taiwan Dollar		18,428,650		USD	665,799		SCB		661,258		3/17/21		4,541
New Taiwan Dollar		2,933,700		USD	105,000		SCB		105,267		3/17/21		(267	)
New Taiwan Dollar		7,084,000		USD	255,095		SCB		254,188		3/17/21		907
New Taiwan Dollar		10,055,750		USD	365,000		BNP		360,895		4/14/21		4,105
New Taiwan Dollar		5,042,565		USD	183,000		BOA		180,974		4/14/21		2,026
Norwegian Krone		5,962,692		USD	713,059		GSC		687,517		3/2/21		25,542
Peruvian Sol		118,757		USD	32,866		GSC		32,548		3/24/21		318
Peruvian Sol		1,275,023		USD	355,506		DUB		349,459		3/29/21		6,047
Peruvian Sol		2,294,113		USD	640,045		GSC		628,772		3/29/21		11,273
Peruvian Sol		752,125		USD	206,755		GSC		206,157		4/20/21		598
Peruvian Sol		1,589,953		USD	435,323		GSC		435,737		7/19/21		(414	)
Polish Zloty		501,848		USD	134,409		BNP		134,016		4/19/21		393
Polish Zloty		747,158		USD	198,571		BOA		199,524		4/19/21		(953	)

See Notes to Financial Statements.

230

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Sell: (continued)
Polish Zloty		232,000		USD	62,154		GSC	$	61,954		4/19/21	$	200
Polish Zloty		846,297		USD	226,237		HSBC		225,998		4/19/21		239
Polish Zloty		594,111		USD	158,875		SCB		158,654		4/19/21		221
South African Rand		3,037,000		USD	197,100		RBS		198,730		5/14/21		(1,630	)
South African Rand		702,023		USD	46,039		BOA		45,757		6/15/21		282
South African Rand		677,375		USD	45,097		HSBC		44,150		6/15/21		947
South African Rand		825,830		USD	54,438		UBS		53,826		6/15/21		612	��
South African Rand		831,772		USD	54,739		UBS		54,214		6/15/21		525
Swedish Krona		5,660,000		USD	687,412		SCB		670,203		3/2/21		17,209
Swiss Franc		30,000		USD	33,537		SCB		32,981		3/2/21		556
Swiss Franc		26,000		USD	28,723		SCB		28,616		4/7/21		107
													999,495
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	568,032

At February 28, 2021, International Fixed Income Fund held the following OTC Total Return Swap Contracts:

Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Financing Rate		Payment Frequency			Maturity Date		Counterparty		Notional Amount		Market Value		Upfront Payment Paid		Unrealized Depreciation
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.525%		PAM	*		3/22/21		GSC		USD  2,100,000	$	79,305	$	1,141	$	78,164
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.529%		PAM	*		3/22/21		JPM		USD  6,400,000		233,824		3,436		230,388
													$	313,129	$	4,577	$	308,552

* PAM— paid at maturity.

At February 28, 2021, International Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Payment Frequency	Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	Sterling Overnight Index Average		0.000%			6/16/23	12-Month		GBP	1,100,000	$	(4,508	)	$	1,412		$	(5,920	)
Pay	Sterling Overnight Index Average		0.000%			6/16/26	12-Month		GBP	300,000		(9,253	)		60			(9,313	)
Pay	Sterling Overnight Index Average		0.250%			6/16/31	12-Month		GBP	600,000		(40,008	)		(30,420	)		(9,588	)
Pay	Swiss Franc 6-Month Libor		(0.500	)%		9/16/25	12-Month		CHF	2,800,000		(12,274	)		4,430			(16,704	)
Pay	Zero Coupon		0.000%			1/3/22	PAM*		BRL	56,100,000		6,093			1,590			4,503
Pay	Zero Coupon		0.000%			1/3/22	PAM*		BRL	1,200,000		(384	)		—			(384	)
Pay	Zero Coupon		0.000%			1/3/22	PAM*		BRL	23,700,000		(7,171	)		(222	)		(6,949	)
Pay	Zero Coupon		0.000%			1/3/22	PAM*		BRL	6,500,000		(297	)		(222	)		(75	)
Pay	Zero Coupon		0.000%			1/3/22	PAM*		BRL	4,000,000		3,672			—			3,672
Receive	Zero Coupon		0.000%			1/3/22	PAM*		BRL	8,300,000		(3,496	)		(12,476	)		8,980
Receive	Zero Coupon		0.000%			1/3/22	PAM*		BRL	3,900,000		3,928			(21	)		3,949
Receive	Zero Coupon		0.000%			1/3/22	PAM*		BRL	9,600,000		9,262			—			9,262
Receive	Zero Coupon		0.000%			1/3/22	PAM*		BRL	5,100,000		5,148			(5	)		5,153
Receive	Zero Coupon		0.000%			1/3/22	PAM*		BRL	2,800,000		2,705			(3	)		2,708
Receive	Zero Coupon		0.000%			1/3/22	PAM*		BRL	4,200,000		4,027			—			4,027
Pay	28-Day MXN TIIE Banxico		4.870%			7/7/25	28-Day		MXN	31,300,000		(20,997	)		1,720			(22,717	)
Pay	3-Month Canadian Bank Bill		1.220%			3/3/25	6-Month		CAD	2,000,000		9,650			19			9,631
Pay	3-Month Canadian Bank Bill		1.270%			3/3/22	6-Month		CAD	1,000,000		9,247			8			9,239
Pay	3-Month Canadian Bank Bill		1.500%			6/17/22	6-Month		CAD	300,000		3,511			1,320			2,191
Pay	3-Month Canadian Bank Bill		1.500%			6/17/30	6-Month		CAD	2,200,000		(45,248	)		(44,506	)		(742	)
Pay	3-Month Canadian Bank Bill		1.713%			10/2/29	6-Month		CAD	700,000		431			135			296
Pay	3-Month Canadian Bank Bill		1.900%			12/18/29	6-Month		CAD	800,000		8,032			6,747			1,285

See Notes to Financial Statements.

231

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Payment Frequency	Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	3-Month FRA New Zealand Bank Bill		0.528%			3/17/24	6-Month		NZD	100,000	$	(438	)	$	(5	)	$	(433	)
Receive	3-Month FRA New Zealand Bank Bill		0.500%			12/16/25	6-Month		NZD	100,000		2,172			(440	)		2,612
Pay	3-Month SEK-STIBOR		0.500%			6/19/24	12-Month		SEK	4,800,000		8,314			10,994			(2,680	)
Pay	3-Month USD-LIBOR		0.400%			1/15/28	6-Month		USD	2,400,000		(125,620	)		(26,573	)		(99,047	)
Pay	3-Month USD-LIBOR		0.750%			12/16/22	6-Month		USD	4,400,000		46,335			45,944			391
Pay	3-Month USD-LIBOR		1.000%			12/16/25	6-Month		USD	1,000,000		9,523			22,035			(12,512	)
Pay	3-Month USD-LIBOR		1.000%			12/16/25	6-Month		USD	1,000,000		10,176			28,258			(18,082	)
Pay	3-Month USD-LIBOR		1.250%			6/16/51	6-Month		USD	700,000		(117,720	)		(115,858	)		(1,862	)
Pay	3-Month USD-LIBOR		1.460%			2/2/51	6-Month		USD	400,000		(44,922	)		—			(44,922	)
Receive	3-Month USD-LIBOR		0.250%			3/30/23	6-Month		USD	9,400,000		1,282			2,029			(747	)
Receive	3-Month USD-LIBOR		0.400%			3/30/26	6-Month		USD	2,750,000		66,330			23,622			42,708
Receive	3-Month USD-LIBOR		0.500%			6/16/26	6-Month		USD	2,950,000		69,480			42,894			26,586
Receive	3-Month USD-LIBOR		0.750%			3/30/31	6-Month		USD	2,800,000		207,347			22,013			185,334
Receive	3-Month USD-LIBOR		0.750%			6/16/31	6-Month		USD	800,000		62,590			26,221			36,369
Receive	3-Month USD-LIBOR		1.000%			12/16/30	6-Month		USD	700,000		32,923			(11,983	)		44,906
Receive	3-Month USD-LIBOR		1.000%			12/16/30	6-Month		USD	2,600,000		115,551			(29,749	)		145,300
Receive	3-Month USD-LIBOR		1.150%			3/30/51	6-Month		USD	500,000		90,644			15,571			75,073
Receive	3-Month USD-LIBOR		1.250%			6/9/41	6-Month		USD	1,200,000		132,928			31,998			100,930
Receive	3-Month USD-LIBOR		1.250%			12/16/50	6-Month		USD	200,000		30,638			597			30,041
Receive	3-Month USD-LIBOR		1.298%			8/25/24	6-Month		USD	1,400,000		(29,429	)		—			(29,429	)
Receive	3-Month USD-LIBOR		1.305%			8/21/23	6-Month		USD	2,000,000		(50,137	)		—			(50,137	)
Receive	3-Month USD-LIBOR		1.665%			10/27/51	6-Month		USD	100,000		7,501			—			7,501
Receive	3-Month USD-LIBOR		2.000%			1/15/30	6-Month		USD	2,600,000		(136,705	)		(12,276	)		(124,429	)
Receive	3-Month USD-LIBOR		2.250%			6/20/28	6-Month		USD	900,000		(68,642	)		49,859			(118,501	)
Receive	3-Month USD-LIBOR		2.500%			12/18/21	6-Month		USD	2,000,000		(46,939	)		(27,857	)		(19,082	)
Pay	3-Month ZAR-SAJIBOR		8.750%			3/16/21	3-Month		ZAR	15,700,000		13,396			1,570			11,826
Pay	6-Month EURIBOR		(0.500	)%		6/16/23	12-Month		EUR	3,700,000		(5,313	)		2,399			(7,712	)
Pay	6-Month EURIBOR		(0.500	)%		6/16/26	6-Month		EUR	9,300,000		(134,058	)		(24,700	)		(109,358	)
Pay	6-Month EURIBOR		(0.250	)%		6/16/31	12-Month		EUR	2,600,000		(98,245	)		(53,722	)		(44,523	)
Receive	6-Month EURIBOR		0.000%			3/17/51	12-Month		EUR	1,200,000		147,070			24,459			122,611
Receive	6-Month EURIBOR		0.000%			6/16/51	12-Month		EUR	1,800,000		224,293			(8,579	)		232,872
Receive	6-Month EURIBOR		0.054%			5/27/50	12-Month		EUR	50,000		6,135			—			6,135
Receive	6-Month EURIBOR		0.064%			11/17/52	12-Month		EUR	100,000		11,324			—			11,324
Receive	6-Month EURIBOR		0.450%			12/15/35	12-Month		EUR	200,000		(7,722	)		(17,915	)		10,193
Pay	6-Month JPY-LIBOR		0.000%			3/17/31	6-Month		JPY	220,000,000		(39,606	)		(22,206	)		(17,400	)
Pay	6-Month JPY-LIBOR		0.200%			6/19/29	6-Month		JPY	410,000,000		23,004			65,192			(42,188	)
Receive	6-Month JPY-LIBOR		0.400%			6/19/39	6-Month		JPY	80,000,000		4,676			1,430			3,246
Receive	6-Month JPY-LIBOR		0.500%			6/19/49	6-Month		JPY	40,000,000		9,400			(16,224	)		25,624
											$	349,606		$	(21,436	)	$	371,042

* PAM— paid at maturity.

Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Maturity Date		Notional Amount			Market Value			Upfront Payment (Received)			Unrealized Depreciation
1-Month USD-LIBOR + 0.070%	3-Month USD-LIBOR		6/12/22		USD	1,400,000	$	(267	)	$	–		$	(267	)
1-Month USD-LIBOR + 0.070%	3-Month USD-LIBOR		3/7/24		USD	1,100,000		(196	)		–			(196	)
1-Month USD-LIBOR + 0.073%	3-Month USD-LIBOR		4/27/23		USD	4,600,000		(1,180	)		–			(1,180	)
1-Month USD-LIBOR + 0.084%	3-Month USD-LIBOR		4/26/22		USD	6,700,000		(2,301	)		–			(2,301	)
1-Month USD-LIBOR + 0.084%	3-Month USD-LIBOR		6/12/22		USD	1,900,000		(761	)		–			(761	)
1-Month USD-LIBOR + 0.085%	3-Month USD-LIBOR		6/19/22		USD	7,400,000		(2,801	)		(555	)		(2,246	)
1-Month USD-LIBOR + 0.086%	3-Month USD-LIBOR		4/12/23		USD	3,100,000		(2,374	)		–			(2,374	)
1-Month USD-LIBOR + 0.091%	3-Month USD-LIBOR		3/18/22		USD	32,200,000		(12,719	)		(854	)		(11,865	)
1-Month USD-LIBOR + 0.102%	3-Month USD-LIBOR		10/4/24		USD	2,600,000		(792	)		–			(792	)
1-Month USD-LIBOR + 0.105%	3-Month USD-LIBOR		9/27/24		USD	1,700,000		(651	)		–			(651	)
							$	(24,042	)	$	(1,409	)	$	(22,633	)

See Notes to Financial Statements.

232

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 28, 2021, International Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	5-Year GBP Inflation Linked		3.256%		2/15/25		GBP	1,000,000	$	(14,511	)	$	—		$	(14,511	)
Receive	5-Year GBP Inflation Linked		3.258%		2/15/25		GBP	1,000,000		(14,628	)		—			(14,628	)
Receive	5-Year GBP Inflation Linked		3.262%		2/15/25		GBP	800,000		(11,953	)		—			(11,953	)
Receive	5-Year GBP Inflation Linked		3.334%		8/15/25		GBP	400,000		1,880			(551	)		2,431
Receive	5-Year GBP Inflation Linked		3.355%		11/15/25		GBP	100,000		794			(335	)		1,129
Pay	10-Year GBP Inflation Linked		3.386%		1/15/30		GBP	200,000		(26	)		—			(26	)
Pay	10-Year GBP Inflation Linked		3.453%		2/15/30		GBP	1,400,000		8,843			—			8,843
Pay	10-Year GBP Inflation Linked		3.450%		2/15/30		GBP	600,000		3,470			83			3,387
Pay	10-Year GBP Inflation Linked		3.450%		2/15/30		GBP	100,000		578			285			293
Pay	10-Year GBP Inflation Linked		3.436%		2/15/30		GBP	100,000		329			—			329
Pay	10-Year GBP Inflation Linked		3.475%		8/15/30		GBP	400,000		(5,623	)		—			(5,623	)
Pay	10-Year GBP Inflation Linked		3.473%		11/15/30		GBP	100,000		(1,837	)		—			(1,837	)
Receive	10-Year GBP Inflation Linked		3.397%		11/15/30		GBP	280,000		8,887			1,991			6,896
Receive	10-Year GBP Inflation Linked		3.445%		11/15/30		GBP	140,000		3,253			—			3,253
Pay	20-Year GBP Inflation Linked		3.217%		11/15/40		GBP	480,000		(55,248	)		(7,785	)		(47,463	)
Pay	20-Year GBP Inflation Linked		3.272%		11/15/40		GBP	100,000		(9,158	)		(22	)		(9,136	)
Pay	20-Year GBP Inflation Linked		3.273%		11/15/40		GBP	140,000		(12,790	)		—			(12,790	)
Receive	30-Year GBP Inflation Linked		3.000%		11/15/50		GBP	200,000		49,076			6,999			42,077
Receive	30-Year GBP Inflation Linked		3.051%		11/15/50		GBP	100,000		20,641			—			20,641
									$	(28,023	)	$	665		$	(28,688	)

At February 28, 2021, 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	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/28/21 (2)			Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Appreciation/ (Depreciation)
China Government International, A+		(1.000	)%		6/20/23		3-Month		BCLY		0.130	%		USD	200,000	$	(4,468	)	$	(3,815	)	$	(653	)
China Government International, A+		(1.000	)%		6/20/23		3-Month		GSC		0.130	%		USD	500,000		(11,171	)		(9,654	)		(1,517	)
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		BCLY		0.042	%		USD	400,000		(5,897	)		(14,121	)		8,224
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		BNP		0.042	%		USD	700,000		(10,320	)		(25,057	)		14,737
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		BOA		0.042	%		USD	200,000		(2,948	)		(6,913	)		3,965
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		GSC		0.042	%		USD	500,000		(7,371	)		(17,653	)		10,282
Japan Government International Bonds, A+		(1.000	)%		6/20/22		3-Month		HSBC		0.042	%		USD	300,000		(4,423	)		(10,159	)		5,736
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		BCLY		0.139	%		USD	600,000		(13,242	)		(15,056	)		1,814
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		BNP		0.139	%		USD	400,000		(8,829	)		(9,884	)		1,055
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		HSBC		0.139	%		USD	200,000		(4,414	)		(4,989	)		575
South Korea International Bonds, AA		(1.000	)%		6/20/23		3-Month		JPM		0.139	%		USD	400,000		(8,828	)		(9,580	)		752
																$	(81,911	)	$	(126,881	)	$	44,970

See Notes to Financial Statements.

233

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

OTC Credit Default Swaps on Sovereign Issues — Sell Protection (4)

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/28/21 (2)			Notional Amount (3)			Market Value		Upfront Premiums (Received)			Unrealized Appreciation
Republic of Italy Government International Bonds, BBB		1.000	%		6/20/25		3-Month		BCLY		0.687	%		USD	300,000	$	4,547	$	(7,348	)	$	11,895

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/21 (2)		Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Depreciation
Markit CDX North America High Yield Series 35 10-Year Index		5.000	%		12/20/25		3-Month		3.088%		USD	500,000	$	(46,415	)	$	(25,540	)	$	(20,875	)
Markit CDX North America Investment Grade Series 35 10-Year Index		1.000	%		12/20/30		3-Month		0.978%		USD	1,500,000		(5,826	)		(2,578	)		(3,248	)
Markit iTraxx Europe Series 31 10-Year Index		1.000	%		6/20/29		3-Month		0.864%		EUR	9,900,000		(154,364	)		(85,639	)		(68,725	)
													$	(206,605	)	$	(113,757	)	$	(92,848	)

Centrally Cleared — Credit Default Swaps on Corporate Issues and Indexes — Sell Protection (4)

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/21 (2)			Notional Amount (3)			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Markit CDX North America Investment Grade Series 35 5-Year Index		1.000	%		12/20/25		3-Month		0.555	%		USD	100,000	$	2,294	$	1,827		$	467
Ryder System Inc., BBB+		1.000	%		6/20/22		3-Month		0.340	%		USD	100,000		1,071		1,866			(795	)
Shell International Finance BV, AA-		1.000	%		12/20/26		3-Month		0.453	%		EUR	200,000		8,233		(5,907	)		14,140
														$	11,598	$	(2,214	)	$	13,812

At February 28, 2021, 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)

Market Value

Upfront Payment (Received)

Unrealized Appreciation

Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency received

Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency delivered

8/1/29

GSC

USD

1,449,000

AUD

2,100,000

$

171,694

$

(3,920

)

$

175,614

(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

See Notes to Financial Statements.

234

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

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.

At February 28, 2021, International Fixed Income Fund deposited cash collateral with brokers in the amount of $1,347,000 for open centrally cleared swap contracts.

At February 28, 2021, International Fixed Income Fund had cash collateral from brokers in the amount of $767,000 for open OTC swap contracts.

Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
ARS	— Argentine Peso	BCLY	— Barclays Bank PLC
AUD	— Australian Dollar	BNP	— BNP Paribas SA
BRL	— Brazilian Real	BOA	— Bank of America
CAD	— Canadian Dollar	CSFB	— Credit Suisse Securities (USA) LLC
CHF	— Swiss Franc	DUB	— Deutsche Bank AG
CNH	— Chinese Offshore Renminbi	GSC	— Goldman Sachs & Co.
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	RBS	— Royal Bank of Scotland PLC
HKD	— Hong Kong Dollar	SCB	— Standard Chartered Bank
ILS	— Israeli New Shekel	SOG	— Societe Generale SA
JPY	— Japanese Yen	UBS	— UBS Securities LLC
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
PLN	— Polish Zloty
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Financial Statements.

235

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS — 94.9%
	Arizona — 6.7%
$	2,815,000	A+	Chandler Industrial Development Authority, Revenue Bonds, Variable AMT Intel Corp., 5.000% due 6/1/49(a)(b)	$	3,202,710
			Industrial Development Authority of the County of Pima (The), Revenue Bonds:
			Facility American Leadership Academy:
	350,000	NR	4.125% due 6/15/29(c)		354,830
	250,000	NR	4.750% due 6/15/37(c)		254,167
	280,000	NR	Imagine East Mesa Charter School, 3.250% due 7/1/24(c)		288,022
	500,000	BB+	Maricopa County Industrial Development Authority, Revenue Bonds, Paradise School Project Paragon Management Inc., 4.000% due 7/1/26(c)		533,125
			Total Arizona		4,632,854
	California — 4.4%
			California County Tobacco Securitization Agency, Revenue Bonds, Merced County Tobacco Funding Corp.:
	240,000	A	5.000% due 6/1/25		283,027
	100,000	A	5.000% due 6/1/27		124,445
			Golden State Tobacco Securitization Corp., Revenue Bonds:
	35,000	NR	Series A1, 5.000% due 6/1/47		36,207
	290,000	NR	Series A2, 5.000% due 6/1/47		299,999
	1,000,000	A3(d)	Kaweah Delta Health Care District Guild, Revenue Bonds, Series B, 4.000% due 6/1/45		1,056,700
	595,000	AA	Riverside County Public Financing Authority, Tax Allocation, Series A, BAM-Insured, 4.000% due 10/1/40		661,616
	475,000	Aa2(d)	Sonoma Valley Unified School District, GO, 4.000% due 8/1/38		552,606
			Total California		3,014,600
	Colorado — 9.0%
	750,000	A+	City & County of Denver, CO, Airport System Revenue, Revenue Bonds, AMT, Series A, 5.000% due 11/15/30(b)		914,160
	1,435,000	AA+	City of Colorado Springs, CO, Utilities System Revenue, Revenue Bonds, System Improvement, Series B-2, 5.000% due 11/15/38		1,594,888
	1,500,000	AA-	Colorado Health Facilities Authority, Revenue Bonds, Sisters of Charity of Leavenworth Inc., Series A, 5.000% due 1/1/44		1,632,330
	2,000,000	AA	University of Colorado Hospital Authority, Revenue Bonds, Series A, 4.000% due 11/15/36		2,067,680
			Total Colorado		6,209,058
	Connecticut — 1.2%
	790,000	AAA	Connecticut Housing Finance Authority, Revenue Bonds, AMT, Series B2, 2.300% due 11/15/23(b)		819,190
	District of Columbia — 1.6%
	2,075,000	WD(e)	District of Columbia Tobacco Settlement Financing Corp., Revenue Bonds, Capital Appreciation Asset-Backed, Series B, zero coupon, due 6/15/46		321,023
	700,000	A+	Metropolitan Washington Airports Authority, Revenue Bonds, AMT, Series A, 4.000% due 10/1/36(b)		768,838
			Total District of Columbia		1,089,861
	Florida — 5.3%
	225,000	Baa3(d)	Capital Projects Finance Authority, FL, Revenue Bonds, Florida University Project, Series A1, 5.000% due 10/1/26		259,571
	100,000	Ba2(d)	Capital Trust Agency Inc., Revenue Bonds, Viera Charter Schools Inc. Project, 4.000% due 10/15/29(c)		105,585
	1,400,000	A+	City of Cape Coral, FL, Water & Sewer Revenue, Revenue Bonds, 5.000% due 10/1/39		1,707,930
	305,000	NR	Finley Woods Community Development District, Special Assessment, Area One, 3.150% due 5/1/25		310,011
	190,000	NR	Florida Development Finance Corp., Revenue Bonds, AMT, Waste Pro USA Inc. Project, 5.000% due 5/1/29(b)(c)		205,405

See Notes to Financial Statements.

236

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Rating††	Security	Value
	Florida — 5.3% — (continued)
$	115,000	NR	Harbor Bay Community Development District, Special Assessment, Area One, Series A2, 3.100% due 5/1/24	$	117,112
	275,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		295,279
	310,000	NR	Seminole County Industrial Development Authority, Revenue Bonds, Legacy Pointe at UCF Project, 3.750% due 11/15/25		300,610
	255,000	NR	Southern Groves Community Development District No. 5, Special Assessment, 2.875% due 5/1/24		257,899
	100,000	NR	Westside Community Development District, Special Assessment, 3.500% due 5/1/24(c)		101,660
			Total Florida		3,661,062
	Georgia — 5.6%
			City of Atlanta, GA, Department of Aviation, Revenue Bonds:
	65,000	Aa3(d)	Series A, 5.000% due 7/1/24		74,862
	265,000	Aa3(d)	Series A, 5.000% due 7/1/25		315,292
	265,000	Aa3(d)	Series A, 5.000% due 7/1/26		324,582
	70,000	Aa3(d)	Series B, AMT, 5.000% due 7/1/24(b)		80,095
	120,000	Aa3(d)	Series B, AMT, 5.000% due 7/1/25(b)		141,532
	2,610,000	Aa1(d)	Main Street Natural Gas Inc., Revenue Bonds, Series B, 4.000% due 8/1/49(a)		2,906,992
			Total Georgia		3,843,355
	Illinois — 4.8%
			Illinois Finance Authority, Revenue Bonds:
			Advocate Health Care:
	785,000	Aa3(d)	Pre-refunded 6/1/22 @ 100, 4.000% due 6/1/47(f)		821,832
	10,000	NR	Pre-refunded 6/1/22 @ 100, 4.000% due 6/1/47(f)		10,469
	440,000	AA	Unrefunded Portion, 4.000% due 6/1/47		448,475
	600,000	A	DePaul University, 5.000% due 10/1/36		709,128
	1,000,000	AA+	Northwestern University, 5.000% due 12/1/28		1,297,150
			Total Illinois		3,287,054
	Indiana — 1.7%
	1,000,000	A+	Indiana Municipal Power Agency, Power Supply, Revenue Bonds, Series C, 5.000% due 1/1/37		1,186,280
	Iowa — 1.8%
	1,000,000	A3(d)	PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(a)		1,207,800
	Louisiana — 0.8%
			New Orleans Aviation Board, AMT, General Airport North Terminal, Revenue Bonds, Series B:
	250,000	A-	5.000% due 1/1/38(b)		289,638
	250,000	A-	5.000% due 1/1/37(b)		290,262
			Total Louisiana		579,900
	Maryland — 1.2%
			City of Baltimore, MD, Tax Allocation, Harbor Point Project:
	200,000	NR	Series A, 2.600% due 6/1/21(c)		200,274
	200,000	NR	Series A, 2.750% due 6/1/24(c)		203,300
	125,000	NR	Series A, 2.800% due 6/1/25(c)		127,615
	135,000	NR	Series A, 2.850% due 6/1/26(c)		138,445
	160,000	NR	Series B, 3.000% due 6/1/24(c)		161,682
			Total Maryland		831,316
	Massachusetts — 1.7%
	1,000,000	AA	Massachusetts Bay Transportation Authority, Revenue Bonds, Series A1, 5.000% due 7/1/44		1,202,650
	Michigan — 0.6%
	400,000	BB+	Michigan Finance Authority, Revenue Bonds, Cesar Chavez Academy Project, 3.250% due 2/1/24		407,696

See Notes to Financial Statements.

237

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Rating††	Security	Value
	Nevada — 2.2%
$	100,000	Ba2(d)	City of Sparks, NV, Revenue Bonds, Senior Sales Tax Anticipation, Series A, 2.500% due 6/15/24(c)	$	100,886
	1,130,000	AAA	State of Nevada Highway Improvement Revenue, Revenue Bonds, 5.000% due 12/1/31		1,389,821
			Total Nevada		1,490,707
	New Hampshire — 1.5%
	1,000,000	B	New Hampshire Business Finance Authority, Revenue Bonds, Casella Waste Systems Inc., 2.950% due 4/1/29(b)(c)		1,025,350
	New Jersey — 4.8%
	1,340,000	A3(d)	Manalapan-Englishtown Regional Board of Education, GO, FGIC & NPFG-Insured, 5.750% due 12/1/22		1,465,679
	215,000	NR	New Jersey Economic Development Authority, Revenue Bonds, Golden Door Charter School Project, 5.125% due 11/1/29(c)		235,560
	1,250,000	A+	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Highway Reimbursement, 5.000% due 6/15/30		1,456,913
	100,000	A	Tobacco Settlement Financing Corp., Revenue Bonds, Series A, 5.000% due 6/1/25		117,330
			Total New Jersey		3,275,482
	New Mexico — 1.8%
	1,000,000	BBB	City of Farmington, NM, Revenue Bonds, Public Service Company of New Mexico, 1.875% due 4/1/33(a)		1,009,190
			City of Santa Fe, NM, Revenue Bonds, El Castillo Retirement Project:
	100,000	BB+(e)	2.250% due 5/15/24		99,753
	100,000	BB+(e)	2.625% due 5/15/25		100,161
			Total New Mexico		1,209,104
	New York — 3.6%
	1,170,000	AA	Trust for Cultural Resources of The City of New York/The, Revenue Bonds, Juilliard School, Series A, 5.000% due 1/1/33		1,477,359
	500,000	AA+	New York State Dormitory Authority, Revenue Bonds, Bidding Group, Unrefunded Portion, 5.000% due 2/15/43		603,455
	225,000	Baa3(d)	New York Transportation Development Corp. Revenue Bonds, Delta Air Lines Inc. — LaGuardia, AMT, 4.000% due 10/1/30(b)		261,920
	140,000	WD(e)	Niagara Tobacco Asset Securitization Corp., Revenue Bonds, Asset-Backed Bonds, 5.000% due 5/15/21		140,892
			Total New York		2,483,626
	Ohio — 1.2%
	160,000	NR	Buckeye Tobacco Settlement Financing Authority, Revenue Bonds, Series B2, Class 2, 5.000% due 6/1/55		180,158
	600,000	Ba1(d)	Ohio Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp., Remarketing, Series A, 2.875% due 2/1/26		623,970
			Total Ohio		804,128
	Oregon — 1.3%
	830,000	Aa2(d)	Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, GO, NPFG-Insured, 5.000% due 6/15/22		881,701
	Pennsylvania — 0.2%
	100,000	BB+	Bucks County Industrial Development Authority, Revenue Bonds, Grand View Hospital Project, 5.000% due 7/1/28		118,100
	Puerto Rico — 4.1%
			Puerto Rico Housing Finance Authority, Revenue Bonds, Puerto Rico Public Housing Project:
	440,000	AA-	5.000% due 12/1/21		454,916
	265,000	AA-	5.000% due 12/1/22		285,450
	200,000	AA-	5.000% due 12/1/23		223,490
	430,000	AA-	5.000% due 12/1/24		495,627

See Notes to Financial Statements.

238

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Rating††	Security	Value
	Puerto Rico — (continued)
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
$	334,000	NR	Series A1, zero coupon, due 7/1/24	$	314,327
	664,000	NR	Series A1, 4.750% due 7/1/53		724,709
	90,000	NR	Series A1, 5.000% due 7/1/58		99,679
	216,000	NR	Series A2, 4.784% due 7/1/58		236,211
			Total Puerto Rico		2,834,409
	South Carolina — 10.5%
	1,535,000	Aa3(d)	Clemson University, Revenue Bonds, 5.000% due 5/1/29		1,771,559
	2,000,000	A	South Carolina Jobs-Economic Development Authority, Revenue Bonds, Prisma Health Obligation Group, Series A, 5.000% due 5/1/28		2,505,420
	2,970,000	Aa3(d)	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Remarketing, Series B, 0.532% (1-Month USD-LIBOR + 0.450%) due 10/1/31(a)		2,972,257
			Total South Carolina		7,249,236
	Tennessee — 1.4%
	890,000	Aa2(d)	Tennessee Housing Development Agency, Revenue Bonds, Series A, 3.850% due 1/1/35		950,502
	Texas — 8.9%
	1,000,000	A1(d)	City of Houston, TX, Airport System Revenue, Revenue Bonds, AMT, Series C, 5.000% due 7/1/26(b)		1,203,900
	295,000	A	Lower Colorado River Authority, Revenue Bonds, LCRA Transmission Services Corp. Project, 4.000% due 5/15/36		305,239
	505,000	NR	New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Beta Academy, 3.375% due 8/15/29(c)		510,171
	500,000	AAA	North East, TX, Independent School District, GO, PSF-GTD-Insured, 5.250% due 2/1/28		644,940
	1,000,000	A+	North Texas Tollway Authority, Revenue Bonds, Series A, 5.000% due 1/1/39		1,156,610
	795,000	Aaa(d)	Northside Independent School District, GO, PSF-GTD-Insured, 0.700% due 6/1/50(a)		791,884
	1,250,000	AA	San Antonio Water System, Revenue Bonds, Junior Lien Revenue and Refunding Bonds, Series C, 5.000% due 5/15/46		1,490,413
			Total Texas		6,103,157
	Utah — 0.9%
	500,000	A-	Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind, Series A, 5.000% due 9/1/32		611,375
	Washington — 2.0%
	1,000,000	AA+	King County School District No. 401 Highline, GO, SCH BD GTY-Insured, 5.000% due 12/1/35		1,252,590
	100,000	BB(e)	Washington State Housing Finance Commission, Revenue Bonds, Transforming Age Projects, Series A, 5.000% due 1/1/26(c)		111,450
			Total Washington		1,364,040
	Wisconsin — 3.1%
	90,000	A+	Public Finance Authority, Revenue Bonds, Renown Regional Medical Center Project, 5.000% due 6/1/27		111,616
			Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
	1,300,000	AA-	Aspirus Inc. Obligation Group, 4.000% due 8/15/40		1,385,566
	500,000	AA	Milwaukee Regional Medical Center Thermal Service Obligated Group, 5.000% due 4/1/37		614,245
			Total Wisconsin		2,111,427
	Wyoming — 1.0%
	680,000	A	County of Laramie, WY, Revenue Bonds, Cheyenne Regional Medical Center Project, 5.000% due 5/1/37		685,379
			TOTAL MUNICIPAL BONDS (Cost — $61,248,702)		65,170,399

See Notes to Financial Statements.

239

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Security	Value
	SHORT-TERM INVESTMENTS — 4.0%
	TIME DEPOSITS — 4.0%
$	71,783	Barclays Bank PLC — London, 0.000% due 3/1/21	$	71,783
	1,606,935	Royal Bank of Canada — Toronto, 0.000% due 3/1/21		1,606,935
	1,079,324	Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		1,079,324
		TOTAL SHORT-TERM INVESTMENTS (Cost — $2,758,042)		2,758,042
		TOTAL INVESTMENTS — 98.9% (Cost — $64,006,744)		67,928,441
		Other Assets in Excess of Liabilities — 1.1%		766,883
		TOTAL NET ASSETS — 100.0%	$	68,695,324

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

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

(a) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.

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

(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, 2021, amounts to $4,657,527 and represents 6.8% of net assets.

(d) Rating by Moody’s Investors Service.

(e) Rating by Fitch Ratings Service.

(f) Pre-refunded bonds are escrowed with government obligations and/or government agency securities and are considered by the Manager to be triple-A rated even if the issuer has not applied for new ratings.

At February 28, 2021, for Municipal Bond Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Municipal Bond Fund	$	64,006,744	$	3,960,579	$	(23,185)	$	3,937,394

Abbreviations used in this schedule:
BAM	— Build America Mutual
FGIC	— Financial Guarantee Insurance Company
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
NPFG	— National Public Finance Guarantee Corp.
PLC	— Public Limited Company
PSF-GTD	— Permanent School Fund Guaranteed
SCH BD GTY	— School Bond Guaranty

See pages 269-270 for definitions of ratings.

See Notes to Financial Statements.

240

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund

Summary of Investments by Industry^
General Obligation	17.4	%
Health Care Providers & Services	16.0
Development	9.4
School District	8.2
Transportation	8.1
Higher Education	7.7
Airport	6.5
Water and Sewer	4.7
Utilities	4.1
Education	4.0
Power	2.2
Tobacco Settlement	2.2
Pollution	1.5
Single Family Housing	1.4
Multi Family Housing	1.2
Nursing Homes	0.9
Housing	0.4
Short-Term Investments	4.1
	100.0	%

^ As a percentage of total investments.

At February 28, 2021, Municipal Bond Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation
Contracts to Sell:
U.S. Treasury Long Bond June Futures		7		6/21	$	1,130,228	$	1,114,531	$	15,697

At February 28, 2021, Municipal Bond Fund had deposited cash of $29,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

Currency Abbreviation used in this schedule:
USD	— United States Dollar

See Notes to Financial Statements.

241

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 103.2%
			U.S. Treasury Inflation Indexed Bonds:
$	1,672,039		2.375% due 1/15/25	$	1,955,815
	1,998,724		2.000% due 1/15/26		2,364,063
	1,985,598		1.750% due 1/15/28		2,399,539
	4,977,901		3.625% due 4/15/28		6,717,635
	1,931,414		2.500% due 1/15/29		2,485,576
	1,975,822		3.875% due 4/15/29		2,785,854
	35,219		3.375% due 4/15/32		51,785
	1,663,066		2.125% due 2/15/40		2,400,465
	2,795,161		2.125% due 2/15/41		4,081,097
	2,074,932		0.750% due 2/15/42		2,432,720
	441,843		0.625% due 2/15/43		505,600
	5,107,569		1.375% due 2/15/44		6,758,690
	243,349		0.750% due 2/15/45		287,285
	4,825,927		1.000% due 2/15/46		5,992,074
	1,715,690		0.875% due 2/15/47		2,090,063
	1,077,406		1.000% due 2/15/48		1,356,786
	466,044		0.250% due 2/15/50		492,326
	460,170		0.125% due 2/15/51		465,832
			U.S. Treasury Inflation Indexed Notes:
	41,762		0.125% due 4/15/21		42,035
	1,599,668		0.125% due 1/15/22		1,636,368
	12,747,637		0.125% due 4/15/22(a)		13,101,180
	15,357,212		0.125% due 1/15/23(a)		16,066,930
	6,941,997		0.625% due 4/15/23		7,368,226
	1,897,761		0.625% due 1/15/24		2,050,433
	5,267,127		0.500% due 4/15/24		5,688,532
	1,827,432		0.125% due 10/15/24		1,970,634
	806,728		0.125% due 4/15/25		870,966
	401,548		0.125% due 10/15/25		437,279
	4,998,763		0.625% due 1/15/26		5,560,601
	8,079,317		0.125% due 7/15/26(a)		8,838,529
	3,375,079		0.375% due 1/15/27		3,731,121
	7,677,352		0.375% due 7/15/27(a)		8,538,531
	7,579,824		0.500% due 1/15/28(a)		8,474,896
	7,896,745		0.750% due 7/15/28(a)		9,029,652
	4,425,435		0.875% due 1/15/29		5,099,048
	2,817,636		0.250% due 7/15/29		3,108,045
	1,154,136		0.125% due 1/15/30		1,254,432
	3,626,834		0.125% due 7/15/30		3,953,055
	2,621,598		0.125% due 1/15/31		2,842,217
	130,000		U.S. Treasury Notes, 1.750% due 12/31/24		136,063
			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $142,024,727)		155,421,978
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.9%
			Alternative Loan Trust:
	285,107	Caa2(b)	Series 2006-HY11, Class A1, 0.238% (0.240% – 1-Month USD-LIBOR) due 6/25/36(c)		286,427
	45,991	WR(b)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		46,024
	567,664	Caa3(b)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(d)		559,648
	1,189	AA	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 1.720% (6-Month USD-LIBOR + 1.500%) due 9/25/45(d)		1,195
	364,759	Aaa(b)	Bancorp Commercial Mortgage Trust, Series 2019-CRE6, Class A, 1.162% (1-Month USD-LIBOR + 1.050%) due 9/15/36(d)(e)		365,262
	44,579	NR	Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(e)		44,854

See Notes to Financial Statements.

242

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.9% — (continued)
$	22,982		WR(b)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 3.575% due 5/25/33(d)	$	23,180
	240,794		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 1.093% (1-Month USD-LIBOR + 0.975%) due 6/25/34(d)		245,646
	52,598		AA+	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 0.478% (1-Month USD-LIBOR + 0.360%) due 3/25/35(d)(e)		54,304
				CHL Mortgage Pass-Through Trust:
	819,133		WR(b)	Series 2005-HYB6, Class 2A1, 2.860% due 10/20/35(d)		839,300
	88,253		WR(b)	Series 2005-HYB9, Class 2A1, 2.207% (1-Year USD-LIBOR + 1.750%) due 2/20/36(d)		85,392
	117,193		Caa2(b)	Series 2006-6, Class A4, 6.000% due 4/25/36		88,298
	168,512		WD(f)	Series 2007-1, Class A1, 6.000% due 3/25/37		132,706
				Citigroup Mortgage Loan Trust:
	5,894		B-	Series 2004-HYB2, Class 2A, 2.400% due 3/25/34(d)		6,137
	213,306		Caa2(b)	Series 2007-AR4, Class 1A1A, 3.204% due 3/25/37(d)		213,204
	84,989		NR	Series 2019-B, Class A1, 3.258% due 4/25/66(d)(e)		85,892
	28,390		WR(b)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		29,030
				Countrywide Asset-Backed Certificates:
	401,537		CC	Series 2007-1, Class 1A, 0.258% (1-Month USD-LIBOR + 0.140%) due 7/25/37(d)		373,423
	82,838		D	Series 2007-6, Class 1A, 0.318% (1-Month USD-LIBOR + 0.200%) due 9/25/37(d)		75,089
	469,287		CCC	Series 2007-8, Class 1A1, 0.308% (1-Month USD-LIBOR + 0.190%) due 11/25/37(d)		448,926
	648,968		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 0.268% (1-Month USD-LIBOR + 0.150%) due 9/29/36(d)(e)		633,975
	172,467		NR	Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.474% due 8/26/58(d)(e)		172,832
				Credit-Based Asset Servicing & Securitization LLC:
	153,000		BB	Series 2005-CB3, Class M4, 1.168% (1-Month USD-LIBOR + 1.050%) due 6/25/35(d)		150,694
	923,031		CC	Series 2007-CB6, Class A3, 0.350% (1-Month USD-LIBOR + 0.220%) due 7/25/37(d)(e)		742,438
	471,250		AAA	Crown Point CLO 5 Ltd., Series 2018-5A, Class A, 1.163% (3-Month USD-LIBOR + 0.940%) due 7/17/28(d)(e)		471,432
	149,011		D	CWABS Asset-Backed Certificates Trust, Series 2004-7, Class MV5, 1.268% (1.725% – 1-Month USD-LIBOR) due 11/25/34(c)		149,647
	887,823		CCC	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 1.218% (1-Month USD-LIBOR + 1.100%) due 5/25/37(d)(e)		889,853
	84,537		Aaa(b)	Evans Grove CLO Ltd., Series 2018-1A, Class A1, 1.144% (3-Month USD-LIBOR + 0.920%) due 5/28/28(d)(e)		84,605
	370,264		NR	Government National Mortgage Association (GNMA), Series 2018-H15, Class FG, 0.599% (1-Year USD-LIBOR + 0.150%) due 8/20/68(d)		366,334
	26,920		D	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.220% due 3/25/46		20,359
	4,741		AA-	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 0.791% (1-Month USD-LIBOR + 0.680%) due 6/20/35(d)		4,657
	735,237	GBP	AAA	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.100% (Sterling Overnight Index Average + 1.050%) due 5/25/53(d)(e)		1,027,185
	59,592		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 0.758% (1-Month USD-LIBOR + 0.640%) due 7/25/45(d)		53,922
	139,057		Aaa(b)	JMP Credit Advisors CLO IIIR Ltd., Series 2014-1RA, Class A, 1.073% (3-Month USD-LIBOR + 0.850%) due 1/17/28(d)(e)		139,144
	396,144		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 0.578% (1-Month USD-LIBOR + 0.460%) due 3/25/36(d)		380,195
	188,335		A-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 1.557% (1-Month USD-LIBOR + 1.450%) due 12/15/31(d)(e)		187,054
	260,000	EUR	AAA	Jubilee CLO BV, Series 2015-16A, Class A1R, 0.257% (0.800% – 3-Month EURIBOR) due 12/15/29(c)(e)		312,777
	80,501		NR	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, step bond to yield, 3.750% due 4/25/59(e)		81,374

See Notes to Financial Statements.

243

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†			Rating††		Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.9% — (continued)
$	384,875		WD(f)		Lehman XS Trust, Series 2007-20N, Class A1, 1.268% (1-Month USD-LIBOR + 1.150%) due 12/25/37(d)	$	396,647
	182,687		CC		Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 0.238% (1-Month USD-LIBOR + 0.120%) due 8/25/36(d)		98,987
	208,368		Aaa(b)		Monarch Grove CLO, Series 2018-1A, Class A1, 1.098% (3-Month USD-LIBOR + 0.880%) due 1/25/28(d)(e)		208,011
	489,680		AAA		Mountain View CLO X Ltd., Series 2015-10A, Class AR, 1.045% (3-Month USD-LIBOR + 0.820%) due 10/13/27(d)(e)		489,783
	10,391		AA+		MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 0.587% (1-Month USD-LIBOR + 0.480%) due 6/15/30(d)		10,442
					New Residential Mortgage Loan Trust:
	62,133		NR		Series 2018-3A, Class A1, 4.500% due 5/25/58(d)(e)		67,562
	332,499		Aaa(b)		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(d)(e)		349,802
					Option One Mortgage Loan Trust:
	114,789		CC		Series 2007-1, Class 1A1, 0.258% (1-Month USD-LIBOR + 0.140%) due 1/25/37(d)		86,825
	111,320		CC		Series 2007-2, Class 1A1, 0.258% (1-Month USD-LIBOR + 0.140%) due 3/25/37(d)		85,383
	700,000	EUR	AAA		OZLME BV, Series 1A, Class AR, 0.820% (3-Month EURIBOR + 0.820%) due 1/18/30(d)(e)		844,750
	580,109		B+		RASC Trust, Series 2006-KS3, Class M1, 0.613% (1-Month USD-LIBOR + 0.330%) due 4/25/36(d)		569,667
	556,402		WD(f)		Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		324,718
					Securitized Asset-Backed Receivables LLC Trust:
	562,642		CC		Series 2006-FR3, Class A3, 0.618% (1-Month USD-LIBOR + 0.500%) due 5/25/36(d)		394,591
	110,037		CC		Series 2006-HE2, Class A2C, 0.268% (0.300% – 1-Month USD-LIBOR) due 7/25/36(c)		63,166
	235,127		B		Sequoia Mortgage Trust, Series 6, Class A, 0.751% (1-Month USD-LIBOR + 0.640%) due 4/19/27(d)		233,224
					Soundview Home Loan Trust:
	265,409		CC		Series 2007-OPT1, Class 1A1, 0.318% (1-Month USD-LIBOR + 0.200%) due 6/25/37(d)		220,318
	72,642		CCC		Series 2007-OPT2, Class 2A3, 0.298% (1-Month USD-LIBOR + 0.180%) due 7/25/37(d)		70,006
	161,647		Aaa(b)		Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 1.184% (3-Month USD-LIBOR + 0.950%) due 7/14/26(d)(e)		161,765
	229,717		Aaa(b)		Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/28(d)(e)		229,812
	315,151		Aaa(b)		TICP CLO III-2 Ltd., Series 2018-3R, Class A, 1.064% (3-Month USD-LIBOR + 0.840%) due 4/20/28(d)(e)		315,402
	500,000		Aaa(b)		Venture 35 CLO Ltd., Series 2018-35A, Class AS, 1.872% (3-Month USD-LIBOR + 1.650%) due 10/22/31(d)(e)		501,227
	566,199		Aaa(b)		Venture XVI CLO Ltd., Series 2014-16A, Class ARR, 1.091% (3-Month USD-LIBOR + 0.850%) due 1/15/28(d)(e)		566,028
	287,959		Aaa(b)		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/27(d)(e)		287,190
					WaMu Mortgage Pass-Through Certificates Trust:
	10,809		Baa1(b)		Series 2002-AR2, Class A, 1.710% (11th District Cost of Funds Index + 1.250%) due 2/27/34(d)		11,060
	4,491		BB		Series 2002-AR17, Class 1A, 1.578% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(d)		4,428
					TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $16,168,231)		16,463,208
				��
	MORTGAGE-BACKED SECURITIES — 9.7%
	FNMA — 7.9%
					Federal National Mortgage Association (FNMA):
	1,564,535				4.000% due 5/1/49 — 9/1/50		1,679,637
	3,800,000				3.000% due 3/1/51(g)		3,973,820
	1,566,000				3.500% due 3/1/51(g)		1,659,471
	1,890,000				2.000% due 4/1/51(g)		1,897,272
	2,500,000				4.000% due 4/1/51(g)		2,685,938
					Total FNMA		11,896,138

See Notes to Financial Statements.

244

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	GNMA — 1.8%
$	2,600,000			Government National Mortgage Association (GNMA), 2.500% due 03/15/2051(g)	$	2,691,203
				TOTAL MORTGAGE-BACKED SECURITIES (Cost — $14,689,534)		14,587,341
	SOVEREIGN BONDS — 9.4%
	Argentina — 0.0%
	727,000	ARS	NR	Bonos del Tesoro Nacional en Pesos Badlar, 36.134% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 2.000%) due 4/3/22(d)		8,377
	4,740,000	ARS	NR	Ciudad Autonoma de Buenos Aires, 39.110% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 5.000%) due 1/23/22(d)		54,880
				Total Argentina		63,257
	Australia — 1.3%
				Australia Government Bonds:
	1,040,000	AUD	Aaa(b)	1.250% due 2/21/22		962,249
	890,000	AUD	Aaa(b)	3.000% due 9/20/25		1,023,745
				Total Australia		1,985,994
	Canada — 0.4%
				Canadian Government Real Return Bonds:
	469,338	CAD	AAA	4.250% due 12/1/26		482,658
	52,860	CAD	AAA	0.500% due 12/1/50		45,115
				Total Canada		527,773
	France — 0.5%
	597,546	EUR	AAu(f)	French Republic Government Bonds OAT, 0.100% due 3/1/26(e)		779,611
	Italy — 4.1%
				Italy Buoni Poliennali Del Tesoro:
	3,689,862	EUR	NR	1.400% due 5/26/25(e)		4,737,202
	1,112,485	EUR	Baa3u(b)	0.400% due 5/15/30(e)		1,426,421
				Total Italy		6,163,623
	Japan — 2.0%
				Japanese Government CPI Linked Bonds:
	139,551,830	JPY	A1(b)	0.100% due 3/10/28		1,320,306
	180,464,240	JPY	A1(b)	0.100% due 3/10/29		1,706,534
				Total Japan		3,026,840
	New Zealand — 0.7%
	970,000	NZD	AAA	New Zealand Government Bonds Inflation Linked Bonds, 2.500% due 9/20/35		970,841
	Peru — 0.3%
	1,400,000	PEN	A-	Peru Government Bonds Inflation Linked Bonds, 6.150% due 8/12/32(e)		437,758
	Qatar — 0.1%
	200,000		AA-	Qatar Government International Bonds, 3.875% due 4/23/23		213,915
				TOTAL SOVEREIGN BONDS (Cost — $13,433,463)		14,169,612
	CORPORATE BONDS & NOTES — 5.8%
	Banks — 3.0%
	100,000	EUR	Ba1(b)	Banco Santander SA, Junior Subordinated Notes, 6.250% (5-Year EUR Swap Rate + 5.640%)(d)(h)		122,688
	200,000	EUR	Baa3(b)	Cooperatieve Rabobank UA, Junior Subordinated Notes, 6.625% (6.697% – 5-Year EUR Swap Rate)(c)(h)		246,168
	700,000		BBB-	Deutsche Bank AG, Senior Unsecured Notes, 4.250% due 10/14/21		715,739
	100,000	GBP	BBB	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		193,710

See Notes to Financial Statements.

245

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Banks — (continued)
$	200,000		BBB+	Lloyds Banking Group PLC, Senior Unsecured Notes, 1.039% (3-Month USD-LIBOR + 0.800%) due 6/21/21(d)	$	200,470
				Natwest Group PLC:
	240,000		B+	Junior Subordinated Notes, 8.625% (5-Year USD Swap Rate + 7.598%)(d)(h)		248,333
				Senior Unsecured Notes:
	200,000		BBB	1.801% (3-Month USD-LIBOR + 1.550%) due 6/25/24(d)		205,234
	200,000		BBB	4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(d)		217,225
	14,978,094	DKK	AAA	Nykredit Realkredit AS, Covered Notes, 1.000% due 10/1/50		2,372,982
				Total Banks		4,522,549
	Diversified Financial Services — 2.2%
	18,042,650	DKK	AAA	Jyske Realkredit AS, Covered Notes, 1.000% due 10/1/50		2,858,499
	2,559,830	DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.000% due 10/1/50		405,970
				Total Diversified Financial Services		3,264,469
	Electric — 0.2%
	200,000		BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.800% due 1/15/23		208,567
	100,000		BBB+	Sempra Energy, Senior Unsecured Notes, 0.667% (3-Month USD-LIBOR + 0.450%) due 3/15/21(d)		100,019
				Total Electric		308,586
	Oil & Gas — 0.4%
	505,000		BB-	Petrobras Global Finance BV, Company Guaranteed Notes, 5.093% due 1/15/30		535,704
	2,120,000	ARS	NR	YPF SA, Senior Unsecured Notes, 38.339% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 6.000%) due 3/4/21(d)		27,713
				Total Oil & Gas		563,417
				TOTAL CORPORATE BONDS & NOTES (Cost — $8,265,330)		8,659,021
				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $194,581,285)		209,301,160
	SHORT-TERM INVESTMENTS — 4.6%
	REPURCHASE AGREEMENT — 2.7%
	4,100,000			Bank of New York Mellon Corp. (The) repurchase agreement dated 2/28/21, 0.010% due 3/1/21, Proceeds at maturity — $4,100,001; (Fully collateralized by U.S. Treasury Inflation Indexed Bonds, 1.000% due 2/15/46; Market Valued — $4,265,045) (Cost — $4,100,000)		4,100,000
	TIME DEPOSITS — 0.7%
				ANZ National Bank — London:
	42,581	AUD		(0.060)% due 3/1/21		32,766
	32,489	NZD		0.010% due 3/1/21		23,480
	209,054	EUR		Banco Santander SA — Frankfurt, (0.710)% due 3/1/21		252,223
				BBH — Grand Cayman:
	883	DKK		(0.520)% due 3/1/21		143
	152	CAD		0.010% due 3/1/21		120
	441	SGD		0.050% due 3/1/21		331
	4,636	ZAR		2.800% due 3/1/21		306
	36,348	GBP		Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		50,629
	576,997			Skandinaviska Enskilda Banken AB — Stockholm, 0.000% due 3/1/21		576,997
	9,121,356	JPY		Societe Generale SA — Paris, (0.320)% due 3/1/21		85,570
				TOTAL TIME DEPOSITS (Cost — $1,022,565)		1,022,565

See Notes to Financial Statements.

246

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount		Security	Value
	U.S. GOVERNMENT OBLIGATION — 1.2%
$	1,800,000	U.S. Treasury Bills, 0.033% due 5/6/21(i)(j) (Cost — $1,799,891)	$	1,799,891
		TOTAL SHORT-TERM INVESTMENTS (Cost — $6,922,456)		6,922,456
		TOTAL INVESTMENTS IN SECURITIES (Cost — $201,503,741)		216,223,616
		TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $164,716)		287,932
		TOTAL INVESTMENTS — 143.8% (Cost — $201,668,457)		216,511,548
		Liabilities in Excess of Other Assets — (43.8)%		(65,970,087	)
		TOTAL NET ASSETS — 100.0%	$	150,541,461

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

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

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

(b) Rating by Moody’s Investors Service.

(c) 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, 2021.

(d) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.

(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, 2021, amounts to $16,695,305 and represents 11.1% of net assets.

(f) Rating by Fitch Ratings Service.

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

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

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

(j) All or a portion of this security is held at the broker as collateral for open OTC derivative instruments

At February 28, 2021, for Inflation-Linked Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Inflation-Linked Fixed Income Fund	$	201,668,457	$	17,220,720	$	(1,995,520)	$	15,225,200

Abbreviations used in this schedule:
CLO	— Collateralized Loan Obligation
CPI	— Consumer Price Index
EURIBOR	— Euro Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
PLC	— Public Limited Company

See Notes to Financial Statements.

247

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Summary of Investments by Security Type^
U.S. Government Agencies & Obligations	71.9	%
Collateralized Mortgage Obligations	7.6
Mortgage-Backed Securities	6.7
Sovereign Bonds	6.5
Corporate Bonds & Notes	4.0
Purchased Options	0.1
Short-Term Investments	3.2
	100.0	%

^ As a percentage of total investments.

At February 28, 2021, Inflation-Linked Fixed Income Fund held the following Options Contracts Purchased:

Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	6,400,000	$	12,192		OTC 5-Year Swaption, 3-Month USD-LIBOR, Call		BCLY		8/24/21		0.700%	$	22,588
	300,000		1,614	EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Put		BCLY		11/4/22		0.197%		43,735
	1,500,000		8,070	EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Put		BNP		11/4/22		0.197%		218,677
					Total Interest Rate Swaptions							$	285,000

Options on Futures

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Strike Price			Value
	6		808,140	EUR	Euro-Bobl June Futures, Put		SOG		5/21/21		EUR	130.50	$	36
	23		3,399,400	EUR	Euro-BTP June Futures, Call		SOG		5/21/21		EUR	161.50		278
	41		7,004,850	EUR	Euro-Bund June Futures, Put		SOG		5/21/21		EUR	151.00		495
	352		39,443,360	EUR	Euro-Schatz June Futures, Call		SOG		5/21/21		EUR	114.20		2,123
					Total Options on Futures								$	2,932
					TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $164,716)								$	287,932

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

At February 28, 2021, Inflation-Linked Fixed Income Fund held the following Options Contracts Written:

Credit Default Swaptions

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	200,000		$  112,450	OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Call		BNP		4/21/21		0.450%	$	32
	200,000		112,450	OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		4/21/21		0.800%		155
	400,000		224,900	OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		4/21/21		0.850%		250

See Notes to Financial Statements.

248

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	200,000		$ 112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		BNP		5/19/21		0.900%	$	181
	100,000		56,225		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Call		DUB		4/21/21		0.450%		16
	300,000		168,675		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		DUB		5/19/21		0.750%		455
	200,000		112,450		OTC Markit CDX North America Investment Grade Series 35 5-Year Index, Put		JPM		5/19/21		0.750%		303
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		BNP		4/21/21		0.375%		14
	1,000,000		507,260	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Call		BNP		3/17/21		0.400%		33
	100,000		50,726	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		3/17/21		0.700%		29
	500,000		253,630	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		4/21/21		0.750%		422
	800,000		405,808	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BCLY		4/21/21		0.800%		552
	100,000		50,726	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		3/17/21		0.700%		29
	1,000,000		507,260	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		3/17/21		0.750%		197
	300,000		152,178	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		4/21/21		0.750%		253
	200,000		101,452	EUR	OTC Markit iTraxx Europe Series 34 5-Year Index, Put		BNP		4/21/21		0.800%		138
					Total Credit Default Swaptions							$	3,059

Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate			Value
	12,800,000	$	24,384		OTC 5-Year Swaption, 3-Month USD-LIBOR, Call		BCLY		8/24/21		0.550	%	$	25,393
	860,000	$	4,627	EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put		BCLY		11/4/22		0.000	%		41,758
	4,440,000	$	23,887	EUR	OTC 10-Year Swaption, 3-Month EURIBOR, Put		BNP		11/4/22		0.000	%		215,588
					Total Interest Rate Swaptions								$	282,739

Options on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	200,000		$20,146,875	OTC Federal National Mortgage Association (FNMA) 30-Year March Futures, Call		JPM		3/4/21	$	100.73		$           –
	100,000		10,337,500	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Call		JPM		4/7/21	$	103.38		19
	100,000		9,942,969	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Put		JPM		5/6/21	$	99.43		707
	200,000		19,946,875	OTC Federal National Mortgage Association (FNMA) 30-Year March Futures, Put		JPM		3/4/21	$	99.73		3,767
	100,000		10,075,000	OTC Federal National Mortgage Association (FNMA) 30-Year May Futures, Put		JPM		5/6/21	$	100.75		1,246
	100,000		10,212,500	OTC Federal National Mortgage Association (FNMA) 30-Year March Futures, Put		JPM		3/4/21	$	102.13		1,563
	100,000		10,237,500	OTC Federal National Mortgage Association (FNMA) 30-Year April Futures, Put		JPM		4/7/21	$	102.38		2,110
	100,000		10,290,625	OTC Government National Mortgage Association II (GNMA) 30-Year March Futures, Put		JPM		3/11/21	$	102.91		1,748
	100,000		10,378,125	OTC Government National Mortgage Association II (GNMA) 30-Year April Futures, Put		JPM		4/14/21	$	103.78		895

See Notes to Financial Statements.

249

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	100,000		$ 10,400,000	OTC Government National Mortgage Association II (GNMA) 30-Year March Futures, Put		JPM		3/11/21	$	104	$	634
	200,000		20,853,125	OTC Government National Mortgage Association II (GNMA) 30-Year April Futures, Put		JPM		4/14/21	$	104.27		2,409
				Total Options on Futures							$	15,098
				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $165,926)							$	300,896

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

At February 28, 2021, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreements:

Face Amounts		Security	Value
		Nomura Securities International, Inc.:
$	56,645,733	0.100% due 3/3/21 (Proceeds — $56,645,733)	$	56,645,733

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

For the period ended February 28, 2021, the daily average borrowing and interest rate under the reverse repurchase agreements were $50,064,307 and 0.156%, respectively.

At February 28, 2021, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro-Bobl March Futures		6		3/21	$	978,496	$	971,547	$	(6,949	)
Euro-Bund June Futures		30		6/21		6,200,022		6,172,333		(27,689	)
U.S. Treasury 5-Year Note June Futures		99		6/21		12,372,680		12,272,906		(99,774	)
										(134,412	)
Contracts to Sell:
Australian Government 10-Year Bond March Futures		4		3/21		450,727		421,905		28,822
Australian Government 3-Year Bond March Futures		14		3/21		1,264,238		1,258,260		5,978
Euro-BTP March Futures		7		3/21		1,282,196		1,265,136		17,060
Euro-Buxl 30-Year Bond March Futures		14		3/21		3,747,558		3,544,070		203,488
Euro-Schatz Note June Futures		356		6/21		48,146,371		48,120,600		25,771
Japan Government 10-Year Bond March Futures		3		3/21		4,275,060		4,239,036		36,024
U.S. Treasury 2-Year Note June Futures		18		6/21		3,977,023		3,973,781		3,242
U.S. Treasury 10-Year Note June Futures		40		6/21		5,374,375		5,308,750		65,625
U.S. Treasury Long Bond June Futures		25		6/21		4,065,479		3,980,468		85,011
U.S. Treasury Ultra Long Bond June Futures		19		6/21		3,687,924		3,592,188		95,736
U.S. Ultra Long Bond June Futures		8		6/21		1,174,758		1,178,750		(3,992	)
										562,765
Net Unrealized Appreciation on Open Exchange Traded Futures Contracts									$	428,353

See Notes to Financial Statements.

250

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At February 28, 2021, Inflation-Linked Fixed Income Fund had deposited cash of $570,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 28, 2021, 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		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		1,414,038		USD	1,119,773		BNP	$	1,088,102		3/2/21	$	(31,671	)
Euro		64,000		USD	77,734		HSBC		77,216		3/2/21		(518	)
Euro		334,000		USD	404,565		MLP		402,971		3/2/21		(1,594	)
Japanese Yen		216,265,711		USD	2,037,799		MLP		2,028,854		3/2/21		(8,945	)
Japanese Yen		109,308,220		USD	1,032,138		MLP		1,025,454		3/2/21		(6,684	)
													(49,412	)
Contracts to Sell:
Australian Dollar		1,376,000		USD	1,050,881		JPM		1,058,832		3/2/21		(7,951	)
Australian Dollar		1,186,822		USD	918,331		MLP		913,260		3/2/21		5,071
Australian Dollar		1,414,038		USD	1,119,896		BNP		1,088,258		4/7/21		31,638
British Pound		891,000		USD	1,222,230		BCLY		1,241,074		3/2/21		(18,844	)
Canadian Dollar		624,000		USD	487,399		JPM		490,451		3/2/21		(3,052	)
Danish Krone		8,649,034		USD	1,410,609		BNP		1,404,143		4/9/21		6,466
Danish Krone		27,117,082		USD	4,433,076		MLP		4,402,374		4/9/21		30,702
Euro		684,000		USD	822,613		MLP		825,246		3/2/21		(2,633	)
Euro		560,000		USD	671,723		MLP		675,640		3/2/21		(3,917	)
Euro		6,314,000		USD	7,675,504		SCB		7,617,839		3/2/21		57,665
Euro		7,160,000		USD	8,697,907		SCB		8,646,497		4/6/21		51,410
Japanese Yen		325,573,931		USD	3,112,145		HSBC		3,054,308		3/2/21		57,837
Japanese Yen		109,308,220		USD	1,032,543		MLP		1,025,912		4/7/21		6,631
Japanese Yen		216,265,711		USD	2,038,642		MLP		2,029,760		4/7/21		8,882
New Zealand Dollar		1,401,000		USD	1,005,270		JPM		1,012,502		3/2/21		(7,232	)
Peruvian Sol		1,887,374		USD	518,851		BNP		517,292		3/29/21		1,559
													214,232
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	164,820

At February 28, 2021, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment (Received)			Unrealized Appreciation
Receive	3-Month FRA New Zealand Bank Bill		3.250%		3/21/28		6-Month		NZD	700,000	$	(63,834	)	$	(103,179	)	$	39,345
Receive	6-Month JPY-LIBOR		0.300%		9/20/27		6-Month		JPY	5,590,000		(821	)		(1,230	)		409
											$	(64,655	)	$	(104,409	)	$	39,754

See Notes to Financial Statements.

251

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At February 28, 2021, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Inflation Rate Swap Contracts:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	2-Year EUR Inflation Linked		0.090%		5/15/22		EUR	100,000	$	1,793		$	423		$	1,370
Receive	2-Year EUR Inflation Linked		0.330%		7/15/22		EUR	600,000		12,400			2,849			9,551
Receive	5-Year EUR Inflation Linked		1.030%		3/15/24		EUR	2,000,000		(40,730	)		(75,970	)		35,240
Pay	10-Year EUR Inflation Linked		1.063%		5/15/28		EUR	910,000		67,768			93,051			(25,283	)
Receive	15-Year EUR Inflation Linked		1.710%		3/15/33		EUR	100,000		(11,176	)		(15,114	)		3,938
Pay	5-Year GBP Inflation Linked		3.330%		1/15/25		GBP	4,000,000		100,841			41,097			59,744
Pay	5-Year GBP Inflation Linked		3.850%		9/15/24		GBP	1,300,000		99,185			76,362			22,823
Pay	10-Year GBP Inflation Linked		3.475%		8/15/30		GBP	900,000		(12,652	)		9,395			(22,047	)
Pay	10-Year GBP Inflation Linked		3.715%		12/15/28		GBP	920,000		84,563			69,593			14,970
Pay	1-Year USD Inflation Linked		0.860%		6/15/21		USD	100,000		(2,047	)		(877	)		(1,170	)
Pay	1-Year USD Inflation Linked		0.900%		6/17/21		USD	2,000,000		(41,292	)		(17,863	)		(23,429	)
Pay	1-Year USD Inflation Linked		1.030%		6/18/21		USD	1,400,000		(27,495	)		(11,080	)		(16,415	)
Pay	1-Year USD Inflation Linked		1.420%		7/9/21		USD	400,000		(7,998	)		(3,361	)		(4,637	)
Pay	1-Year USD Inflation Linked		1.825%		8/14/21		USD	1,100,000		(17,199	)		(5,453	)		(11,746	)
Pay	1-Year USD Inflation Linked		1.840%		8/14/21		USD	600,000		(9,292	)		(2,885	)		(6,407	)
Pay	1-Year USD Inflation Linked		1.863%		8/26/21		USD	400,000		(5,501	)		(1,304	)		(4,197	)
Pay	1-Year USD Inflation Linked		2.155%		1/19/22		USD	400,000		(1,447	)		—			(1,447	)
Pay	1-Year USD Inflation Linked		2.155%		2/4/22		USD	1,800,000		(6,209	)		—			(6,209	)
Pay	1-Year USD Inflation Linked		2.170%		2/1/22		USD	1,100,000		(3,808	)		—			(3,808	)
Pay	1-Year USD Inflation Linked		2.180%		1/19/22		USD	1,300,000		(4,377	)		(20	)		(4,357	)
Pay	1-Year USD Inflation Linked		2.200%		2/5/22		USD	400,000		(1,115	)		—			(1,115	)
Pay	1-Year USD Inflation Linked		2.220%		1/21/22		USD	600,000		(1,900	)		—			(1,900	)
Receive	5-Year USD Inflation Linked		2.210%		2/5/23		USD	2,090,000		(17,948	)		(62,311	)		44,363
Receive	5-Year USD Inflation Linked		2.220%		4/13/23		USD	6,296,000		(72,293	)		(214,466	)		142,173
Receive	7-Year USD Inflation Linked		1.798%		8/25/27		USD	600,000		29,159			5,868			23,291
Receive	7-Year USD Inflation Linked		1.890%		8/27/27		USD	700,000		29,067			1,693			27,374
Pay	10-Year USD Inflation Linked		1.280%		5/19/30		USD	800,000		(81,466	)		(50,027	)		(31,439	)
Pay	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		(60,441	)		(8,764	)		(51,677	)
Pay	10-Year USD Inflation Linked		1.883%		11/20/29		USD	1,500,000		(56,583	)		9,233			(65,816	)
Pay	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		16,914			59,292			(42,378	)
Pay	10-Year USD Inflation Linked		2.353%		5/9/28		USD	360,000		7,859			24,122			(16,263	)
Pay	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		12,253			36,670			(24,417	)
Pay	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		12,686			37,569			(24,883	)
Receive	10-Year USD Inflation Linked		2.311%		2/24/31		USD	2,300,000		(4,093	)		1,035			(5,128	)
									$	(12,574	)	$	(1,243	)	$	(11,331	)

See Notes to Financial Statements.

252

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

At February 28, 2021, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contracts:

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/21	Notional Amount (3)			Market Value		Upfront Payment (Received)		Unrealized Depreciation
Markit CDX North America High Yield Index Series 35 5-Year Index		5.000	%		12/20/25		3-Month	3.088%		USD	2,100,000	$	(194,944)	$	(88,830)	$	(106,114	)

Centrally Cleared — Credit Default Swaps on Corporate Issues — Sell Protection (4)

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/28/21	Notional Amount (3)			Market Value		Upfront Payment (Received)		Unrealized Appreciation
General Electric Co., BBB+		1.000	%		12/20/23		3-Month	0.564%		USD	100,000	$	1,421	$	(176)	$	1,597

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

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

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

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

At February 28, 2021, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $607,000 for open centrally cleared swap contracts.

Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
ARS	— Argentine Peso	BCLY	— Barclays Bank PLC
AUD	— Australian Dollar	BNP	— BNP Paribas SA
CAD	— Canadian Dollar	DUB	— Deutsche Bank AG
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
JPY	— Japanese Yen	SCB	— Standard Chartered Bank
NZD	— New Zealand Dollar	SOG	— Societe Generale SA
PEN	— Peruvian Sol
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See pages 269-270 for definitions of ratings.

See Notes to Financial Statements.

253

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	CORPORATE BONDS & NOTES — 39.1%
	Aerospace/Defense — 1.1%
			Boeing Co. (The), Senior Unsecured Notes:
$	1,200,000	BBB-	4.508% due 5/1/23	$	1,287,053
	100,000	BBB-	1.875% due 6/15/23		101,982
	3,100,000	BBB-	1.433% due 2/4/24		3,106,408
			Total Aerospace/Defense		4,495,443
	Agriculture — 0.9%
	400,000	BBB+	BAT Capital Corp., Company Guaranteed Notes, 3.222% due 8/15/24		429,661
	2,700,000	BBB	Imperial Brands Finance PLC, Company Guaranteed Notes, 3.750% due 7/21/22(a)		2,801,015
	600,000	BBB+	Reynolds American Inc., Company Guaranteed Notes, 4.450% due 6/12/25		668,681
			Total Agriculture		3,899,357
	Airlines — 0.2%
	800,000	B+	Delta Air Lines Inc., Senior Unsecured Notes, 3.400% due 4/19/21		801,769
	81,259	BBB+	Northwest Airlines Inc. Class G-2 Pass-Through Trust, Pass-Thru Certificates, 6.264% due 11/20/21		80,663
			Total Airlines		882,432
	Auto Manufacturers — 5.6%
	1,500,000	A-	American Honda Finance Corp., Senior Unsecured Notes, 0.791% (3-Month USD-LIBOR + 0.540%) due 6/27/22(b)		1,509,429
	500,000	BBB+	Daimler Finance North America LLC, Company Guaranteed Notes, 1.094% (3-Month USD-LIBOR + 0.900%) due 2/15/22(a)(b)		503,879
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	1,237,000	BB+	1.048% (3-Month USD-LIBOR + 0.810%) due 4/5/21(b)		1,236,077
	1,800,000	BB+	5.875% due 8/2/21		1,833,210
	300,000	BB+	3.377% (3-Month USD-LIBOR + 3.140%) due 1/7/22(b)		304,041
	500,000	BB+	3.219% due 1/9/22		506,875
	200,000	BBB	General Motors Co., Senior Unsecured Notes, 1.130% (3-Month USD-LIBOR + 0.900%) due 9/10/21(b)		200,716
			General Motors Financial Co., Inc.:
			Company Guaranteed Notes:
	800,000	BBB	1.075% (3-Month USD-LIBOR + 0.850%) due 4/9/21(b)		800,594
	500,000	BBB	1.784% (3-Month USD-LIBOR + 1.550%) due 1/14/22(b)		505,772
	1,500,000	BBB	1.550% (3-Month USD-LIBOR + 1.310%) due 6/30/22(b)		1,520,001
	2,400,000	BBB	Senior Unsecured Notes, 1.293% (3-Month USD-LIBOR + 1.100%) due 11/6/21(b)		2,414,210
			Harley-Davidson Financial Services Inc., Company Guaranteed Notes:
	500,000	BBB	3.550% due 5/21/21(a)		503,515
	700,000	BBB	4.050% due 2/4/22(a)		722,706
			Hyundai Capital America, Senior Unsecured Notes:
	800,000	BBB+	1.040% (3-Month USD-LIBOR + 0.820%) due 3/12/21(b)		799,818
	1,700,000	BBB+	3.450% due 3/12/21		1,701,501
	400,000	BBB+	2.450% due 6/15/21		402,368
	1,400,000	BBB+	1.174% (3-Month USD-LIBOR + 0.940%) due 7/8/21(b)		1,402,485
	500,000	BBB+	3.750% due 7/8/21(a)		505,435
			Nissan Motor Acceptance Corp., Senior Unsecured Notes:
	500,000	BBB-	0.737% (3-Month USD-LIBOR + 0.520%) due 3/15/21(b)		500,034
	1,400,000	BBB-	0.737% (3-Month USD-LIBOR + 0.520%) due 3/15/21(a)(b)		1,400,097
	1,500,000	BBB-	3.150% due 3/15/21(a)		1,501,337
	200,000	BBB-	0.869% (3-Month USD-LIBOR + 0.630%) due 9/21/21(a)(b)		200,104
	1,000,000	BBB-	3.650% due 9/21/21(a)		1,016,643
	1,400,000	BBB-	0.941% (3-Month USD-LIBOR + 0.690%) due 9/28/22(a)(b)		1,397,608
			Total Auto Manufacturers		23,388,455

See Notes to Financial Statements.

254

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Banks — 15.8%
$	1,000,000		A1(c)	ABN AMRO Bank NV, Senior Unsecured Notes, 1.023% (3-Month USD-LIBOR + 0.800%) due 7/19/22(b)	$	1,008,440
	700,000		BBB+	Aozora Bank Ltd., Senior Unsecured Notes, 2.550% due 9/9/22.		719,439
	800,000		A	Banco Santander Chile, Senior Unsecured Notes, 1.390% (3-Month USD-LIBOR + 1.200%) due 11/28/21(b)		804,268
	3,500,000	CAD	A-	Bank of America Corp., (Restricted, cost — $2,709,688, acquired 10/5/20), Senior Unsecured Notes, 2.604% (3-Month Canadian Bank Bill + 1.125%) due 3/15/23(b)(d)		2,809,216
				Barclays PLC, Senior Unsecured Notes:
	3,000,000		BBB	1.850% (3-Month USD-LIBOR + 1.625%) due 1/10/23(b)		3,034,604
	300,000		BBB	1.624% (3-Month USD-LIBOR + 1.430%) due 2/15/23(b)		303,330
	500,000		BBB	1.574% (3-Month USD-LIBOR + 1.380%) due 5/16/24(b)		509,900
				Citigroup Inc., Senior Unsecured Notes:
	1,500,000		BBB+	1.168% (3-Month USD-LIBOR + 0.950%) due 7/24/23(b)		1,515,360
	2,100,000		BBB+	1.621% (3-Month USD-LIBOR + 1.430%) due 9/1/23(b)		2,138,166
	500,000		BBB+	1.292% (3-Month USD-LIBOR + 1.100%) due 5/17/24(b)		508,571
	300,000		BBB+	1.214% (3-Month USD-LIBOR + 1.023%) due 6/1/24(b)		304,742
	1,200,000		A+	Cooperatieve Rabobank UA, Senior Unsecured Notes, 1.055% (3-Month USD-LIBOR + 0.830%) due 1/10/22(b)		1,209,001
	1,000,000		A-	Credit Agricole SA, Senior Unsecured Notes, 1.286% (3-Month USD-LIBOR + 1.050%) due 3/22/24(b)		1,013,528
				Credit Suisse Group AG, Senior Unsecured Notes:
	1,750,000		BBB+	1.460% (3-Month USD-LIBOR + 1.240%) due 6/12/24(b)		1,783,540
	2,000,000		BBB+	1.460% (3-Month USD-LIBOR + 1.240%) due 6/12/24(a)(b)		2,038,332
				Danske Bank AS, Senior Unsecured Notes:
	1,050,000		A	2.000% due 9/8/21		1,059,341
	500,000		BBB+	1.280% (3-Month USD-LIBOR + 1.060%) due 9/12/23(b)		504,584
	1,731,000		BBB+	1.171% (1-Year CMT Index + 1.030%) due 12/8/23(a)(b)		1,741,287
	1,500,000		AA-	First Abu Dhabi Bank PJSC, Senior Unsecured Notes, 1.176% (3-Month USD-LIBOR + 0.950%) due 4/16/22(b)		1,508,169
	648,000		BBB+	Goldman Sachs Group Inc. (The), Senior Unsecured Notes, 1.325% (3-Month USD-LIBOR + 1.110%) due 4/26/22(b)		649,090
	1,000,000	CAD	BBB+	Goldman Sachs Group Inc. (The), (Restricted, cost — $754,909, acquired 10/5/20), Senior Unsecured Notes, 0.978% (3-Month Canadian Bank Bill + 0.540%) due 7/27/22(b)(d)		787,762
	5,900,000		A-	HSBC Holdings PLC, Senior Unsecured Notes, 1.451% (3-Month USD-LIBOR + 1.230%) due 3/11/25(b)		6,036,410
	3,900,000		A-	JPMorgan Chase & Co., Senior Unsecured Notes, 1.108% (3-Month USD-LIBOR + 0.890%) due 7/23/24(b)		3,964,351
				KEB Hana Bank, Senior Unsecured Notes:
	1,000,000		A+	3.375% due 1/30/22		1,025,680
	400,000		A+	1.095% (3-Month USD-LIBOR + 0.875%) due 9/14/22(b)		402,940
	3,900,000		BBB+	Lloyds Banking Group PLC, Senior Unsecured Notes, 1.039% (3-Month USD-LIBOR + 0.800%) due 6/21/21(b)		3,909,162
				Mizuho Financial Group Inc., Senior Unsecured Notes:
	2,900,000		A-	1.070% (3-Month USD-LIBOR + 0.850%) due 9/13/23(b)		2,926,222
	1,500,000		A-	0.818% (3-Month USD-LIBOR + 0.630%) due 5/25/24(b)		1,508,585
	300,000		BBB	Natwest Group PLC, Senior Unsecured Notes, 1.801% (3-Month USD-LIBOR + 1.550%) due 6/25/24(b)		307,851
	1,200,000		A	Nordea Bank Abp, Senior Unsecured Notes, 1.130% (3-Month USD-LIBOR + 0.940%) due 8/30/23(a)(b)		1,215,331
				QNB Finance Ltd., Company Guaranteed Notes:
	600,000		A	1.540% (3-Month USD-LIBOR + 1.350%) due 5/31/21(b)		601,308
	1,000,000		Aa3(c)	1.793% (3-Month USD-LIBOR + 1.570%) due 7/18/21(b)		1,004,436
	1,600,000		Aa3(c)	1.653% (3-Month USD-LIBOR + 1.450%) due 8/11/21(b)		1,609,200
	1,000,000		A	1.202% (3-Month USD-LIBOR + 1.000%) due 5/2/22(b)		1,004,548

See Notes to Financial Statements.

255

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Banks — 15.8% — (continued)
$	800,000		Aa3(c)	QNB Finance Ltd., (Restricted, cost — $808,304, acquired 6/20/19), Senior Unsecured Notes, 1.545% (3-Month USD-LIBOR + 1.320%) due 12/6/21(b)(d)	$	803,830
	2,000,000		BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 4.450% due 12/3/21		2,054,943
	800,000		A	Santander UK PLC, Senior Unsecured Notes, 0.811% (3-Month USD-LIBOR + 0.620%) due 6/1/21(b)		801,222
				Standard Chartered PLC, Senior Unsecured Notes:
	600,000		BBB+	1.374% (3-Month USD-LIBOR + 1.150%) due 1/20/23(a)(b)		606,620
	1,700,000		BBB+	3.785% (3-Month USD-LIBOR + 1.560%) due 5/21/25(a)(b)		1,842,489
	3,700,000		A-	UBS Group AG, Senior Unsecured Notes, 2.014% (3-Month USD-LIBOR + 1.780%) due 4/14/21(a)(b)		3,708,110
	200,000	CAD	BBB+	Wells Fargo & Co., (Restricted, cost — $153,473, acquired 10/6/20), Senior Unsecured Notes, 2.094% due 4/25/22(d)		159,848
	5,200,000	CAD	BBB+	Wells Fargo & Co., (Restricted, cost — $4,286,016, acquired 2/11/21), Senior Unsecured Notes, 2.509% due 10/27/23(d)		4,251,510
	1,000,000	CAD	BBB+	Wells Fargo & Co., (Restricted, cost — $797,484, acquired 10/6/20), Senior Unsecured Notes, 3.184% due 2/8/24(d)		835,141
				Total Banks		66,530,407
	Chemicals — 0.2%
	800,000		BBB-	Syngenta Finance NV, Company Guaranteed Notes, 3.933% due 4/23/21(a)		802,023
	Commercial Services — 1.6%
				Central Nippon Expressway Co., Ltd., Senior Unsecured Notes:
	1,000,000		A1(c)	1.070% (3-Month USD-LIBOR + 0.850%) due 9/14/21(b)		1,003,563
	1,200,000		A1(c)	2.567% due 11/2/21		1,217,080
	3,000,000		A1(c)	1.042% (3-Month USD-LIBOR + 0.810%) due 3/3/22(b)		3,016,422
				Equifax Inc., Senior Unsecured Notes:
	400,000		BBB	2.300% due 6/1/21		401,316
	1,150,000		BBB	1.064% (3-Month USD-LIBOR + 0.870%) due 8/15/21(b)		1,153,727
				Total Commercial Services		6,792,108
	Diversified Financial Services — 5.0%
				AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	300,000		BBB	5.000% due 10/1/21		307,537
	500,000		BBB	4.450% due 12/16/21.		513,161
	600,000		BBB	4.625% due 7/1/22		628,418
	1,400,000		BBB	Air Lease Corp., Senior Unsecured Notes, 3.500% due 1/15/22		1,436,977
	500,000		BBB-	Ally Financial Inc., Senior Unsecured Notes, 4.125% due 2/13/22		517,009
				Aviation Capital Group LLC, Senior Unsecured Notes:
	500,000		BBB-	1.141% (3-Month USD-LIBOR + 0.950%) due 6/1/21(a)(b)		499,649
	2,000,000		BBB-	0.882% (3-Month USD-LIBOR + 0.670%) due 7/30/21(a)(b)		1,997,961
	500,000		BBB-	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 5.500% due 1/15/23(a)		531,081
				BOC Aviation Ltd., Senior Unsecured Notes:
	1,000,000		A-	1.252% (3-Month USD-LIBOR + 1.050%) due 5/4/21(b)		999,782
	1,000,000		A-	1.252% (3-Month USD-LIBOR + 1.050%) due 5/4/21(a)(b)		999,782
	1,200,000		A-	3.000% due 5/23/22		1,221,714
	500,000		A-	2.750% due 9/18/22		510,635
	200,000		A-	2.750% due 9/18/22(a)		204,254
	1,300,000		BBB	International Lease Finance Corp., Senior Unsecured Notes, 8.625% due 1/15/22		1,388,905
	800,000		BBB-	LeasePlan Corp. NV, Senior Unsecured Notes, 2.875% due 10/24/24(a)		848,535
	500,000		Baa2(c)	Mirae Asset Daewoo Co., Ltd., Senior Unsecured Notes, 4.125% due 11/7/21		510,068
	500,000		A-	Mitsubishi UFJ Lease & Finance Co., Ltd., Senior Unsecured Notes, 2.652% due 9/19/22(a)		514,707
				Nomura Holdings Inc., Senior Unsecured Notes:
	1,400,000		BBB+	2.648% due 1/16/25		1,472,442
	1,100,000		BBB+	1.851% due 7/16/25		1,121,651

See Notes to Financial Statements.

256

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Diversified Financial Services — 5.0% — (continued)
			ORIX Corp., Senior Unsecured Notes:
$	200,000	A-	3.200% due 1/19/22	$	204,567
	400,000	A-	2.900% due 7/18/22		413,379
			Park Aerospace Holdings Ltd., Company Guaranteed Notes:
	1,300,000	BBB-	5.250% due 8/15/22(a)		1,359,136
	1,000,000	BBB-	4.500% due 3/15/23(a)		1,045,927
	1,800,000	BBB-	Synchrony Financial, Senior Unsecured Notes, 2.850% due 7/25/22		1,854,211
			Total Diversified Financial Services		21,101,488
	Electric — 2.3%
	1,600,000	BBB	Duke Energy Corp., Senior Unsecured Notes, 0.698% (3-Month USD-LIBOR + 0.500%) due 5/14/21(a)(b)		1,601,537
	400,000	BBB	Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23		452,761
	700,000	BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 0.740% (3-Month USD-LIBOR + 0.550%) due 8/28/21(b)		700,244
			Pacific Gas & Electric Co., 1st Mortgage Notes:
	800,000	BBB-	1.699% (3-Month USD-LIBOR + 1.480%) due 6/16/22(b)		800,502
	1,000,000	BBB-	1.750% due 6/16/22		1,002,678
	1,400,000	Baa3(c)	4.250% due 8/1/23		1,497,628
	500,000	BBB-	3.850% due 11/15/23		530,361
	300,000	BBB-	3.750% due 2/15/24		319,463
	100,000	BBB-	3.400% due 8/15/24		106,475
	1,000,000	BBB+	PPL WEM Ltd./Western Power Distribution PLC, Senior Unsecured Notes, 5.375% due 5/1/21(a)		1,000,000
	1,700,000	BBB+	Sempra Energy, Senior Unsecured Notes, 0.667% (3-Month USD-LIBOR + 0.450%) due 3/15/21(b)		1,700,332
			Total Electric		9,711,981
	Electronics — 0.1%
	300,000	BBB-	Arrow Electronics Inc., Senior Unsecured Notes, 3.500% due 4/1/22		308,011
	Engineering & Construction — 0.0%
	200,000	BBB+	Heathrow Funding Ltd., Senior Secured Notes, 4.875% due 7/15/21		203,387
	Food — 0.1%
	300,000	BB+	Kraft Heinz Foods Co., Company Guaranteed Notes, 1.015% (3-Month USD-LIBOR + 0.820%) due 8/10/22(b)		299,458
	Holding Companies — Diversified — 0.4%
	1,250,000	A	CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due 4/5/22		1,281,916
	500,000	A	Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625% due 1/13/22		517,737
			Total Holding Companies — Diversified		1,799,653
	Home Builders — 0.2%
			Lennar Corp., Company Guaranteed Notes:
	700,000	BB+	4.125% due 1/15/22		715,522
	200,000	BB+	5.375% due 10/1/22		214,163
			Total Home Builders		929,685
	Insurance — 0.9%
	3,140,000	A	Athene Global Funding, Secured Notes, 1.468% (3-Month USD-LIBOR + 1.230%) due 7/1/22(a)(b)		3,179,605
	400,000	A-	GA Global Funding Trust, Secured Notes, 1.625% due 1/15/26(a)		403,304
			Total Insurance		3,582,909

See Notes to Financial Statements.

257

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Lodging — 0.2%
				Marriott International Inc., Senior Unsecured Notes:
$	400,000		BBB-	0.876% (3-Month USD-LIBOR + 0.650%) due 3/8/21(b)	$	400,026
	500,000		BBB-	3.125% due 10/15/21		505,724
				Total Lodging		905,750
	Machinery — Diversified — 0.2%
	700,000		BBB	CNH Industrial Capital LLC, Company Guaranteed Notes, 3.875% due 10/15/21		714,531
	Media — 0.7%
	3,000,000		BBB-	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 1.855% (3-Month USD-LIBOR + 1.650%) due 2/1/24(b)		3,086,324
	Oil & Gas — 1.3%
	1,300,000		A-	BP Capital Markets America Inc., Company Guaranteed Notes, 0.889% (3-Month USD-LIBOR + 0.650%) due 9/19/22(b)		1,307,606
	200,000		A	CNPC HK Overseas Capital Ltd., Company Guaranteed Notes, 4.500% due 4/28/21		201,140
	2,855,000		BB-	Occidental Petroleum Corp., Senior Unsecured Notes, 1.644% (3-Month USD-LIBOR + 1.450%) due 8/15/22(b)		2,791,764
	1,300,000		BBB	Valero Energy Corp., Senior Unsecured Notes, 1.367% (3-Month USD-LIBOR + 1.150%) due 9/15/23(b)		1,305,430
				Total Oil & Gas		5,605,940
	Packaging & Containers — 0.3%
	1,114,000		BBB-	Berry Global Inc., Senior Secured Notes, 4.875% due 7/15/26(a)		1,190,816
	Pipelines — 0.1%
	400,000		BBB-	Sabine Pass Liquefaction LLC, Senior Secured Notes, 6.250% due 3/15/22		417,714
	Semiconductors — 0.1%
	300,000		BBB	NXP BV/NXP Funding LLC, Company Guaranteed Notes, 3.875% due 9/1/22(a)		314,402
	Telecommunications — 1.0%
	2,000,000	AUD	BBB	AT&T Inc., Senior Unsecured Notes, 1.264% (3-Month Australian Bank Bill + 1.250%) due 9/19/23(b)		1,560,325
	1,000,000	CAD	BBB	AT&T Inc., (Restricted, cost — $794,831, acquired 10/5/20), Senior Unsecured Notes, 2.850% due 5/25/24(d)		824,782
	400,000		BB	Sprint Corp., Company Guaranteed Notes, 7.250% due 9/15/21		412,044
	1,780,000	AUD	BBB	Vodafone Group PLC, Senior Unsecured Notes, 1.070% (3-Month Australian Bank Bill + 1.050%) due 12/13/22(b)		1,378,901
				Total Telecommunications		4,176,052
	Transportation — 0.2%
	1,000,000		NR	A.P. Moller — Maersk A/S, 3.370% due 3/16/21		1,000,791
	Trucking & Leasing — 0.6%
	800,000		BBB	GATX Corp., Senior Unsecured Notes, 0.915% (3-Month USD-LIBOR + 0.720%) due 11/5/21(b)		803,154
				SMBC Aviation Capital Finance DAC, Company Guaranteed Notes:
	300,000		A-	2.650% due 7/15/21		301,529
	200,000		A-	2.650% due 7/15/21(a)		201,020
	400,000		A-	3.000% due 7/15/22		409,868
	700,000		A-	3.550% due 4/15/24(a)		745,536
				Total Trucking & Leasing		2,461,107
				TOTAL CORPORATE BONDS & NOTES (Cost — $163,310,344)		164,600,224

See Notes to Financial Statements.

258

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.1%
$	1,477,769		Aaa(c)	A10 Bridge Asset Financing LLC, Series 2020-C, Class A, 2.021% due 8/15/40(a)	$	1,479,207
	532,599		B-	ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1, Class M1, 0.898% (1-Month USD-LIBOR + 0.780%) due 4/25/34(b)		525,436
	1,424,697		Aaa(c)	ACRES Commercial Realty Corp., Series 2020-RSO9, Class A, 2.608% (1-Month USD-LIBOR + 2.500%) due 4/17/37(a)(b)		1,428,388
	200,000		Aaa(c)	AMMC CLO 16 Ltd., Series 2015-16A, Class AR2, zero coupon, (3-Month USD-LIBOR + 0.980%) due 4/14/29(a)(b)		200,129
	400,000	EUR	Aaa(c)	Arbour CLO IV DAC, Series 2004-A, Class A2R, 0.870% (3-Month EURIBOR + 0.870%) due 1/15/30(a)(b)		482,600
	376,837		AAA	Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class A, 1.094% (3-Month USD-LIBOR + 0.870%) due 4/20/28(a)(b)		375,245
	700,000		AAA	Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class A, 1.062% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)		701,348
	1,750,953	GBP	AAA	Avon Finance No 2 PLC, Series 2A, Class A, 0.954% (Sterling Overnight Index Average + 0.900%) due 9/20/48(a)(b)		2,445,323
				BAMLL Commercial Mortgage Securities Trust:
	500,000		AAA	Series 2019-AHT, Class A, 1.312% (1-Month USD-LIBOR + 1.200%) due 3/15/34(a)(b)		500,021
	400,000		Aaa(c)	Series 2019-RLJ, Class A, 1.162% (1-Month USD-LIBOR + 1.050%) due 4/15/36(a)(b)		399,353
	425,553		Aaa(c)	Bancorp Commercial Mortgage Trust, Series 2019-CRE6, Class A, 1.162% (1-Month USD-LIBOR + 1.050%) due 9/15/36(a)(b)		426,139
	89,159		NR	Bayview Opportunity Master Fund IVa Trust, Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(a)		89,709
	648,626		BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 0.500% (1-Month USDLIBOR + 0.500%) due 9/25/34(b)		625,836
	337,311		B3(c)	Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M2, 1.468% (1-Month USD-LIBOR + 1.350%) due 1/25/36(a)(b)		337,208
	278,608		Aaa(c)	Brass NO 8 PLC, Series 8A, Class A1, 0.894% (3-Month USD-LIBOR + 0.700%) due 11/16/66(a)(b)		280,127
	1,500,000		Aaa(c)	BXMT Ltd., Series 2020-FL3, Class A, 1.508% (1-Month USD-LIBOR + 1.400%) due 3/15/37(a)(b)		1,507,843
	1,000,000	GBP	Aaa(c)	Canterbury Finance No 1 PLC, Series 1, Class A2, 1.400% (Sterling Overnight Index Average + 1.350%) due 5/16/56(b)		1,406,950
	322,682		AA+	CD Mortgage Trust, Series 2006-CD3, Class AM, 5.648% due 10/15/48		332,057
				Citigroup Mortgage Loan Trust:
	594,923		NR	Series 2019-B, Class A1, 3.258% due 4/25/66(a)(b)		601,242
	257,096		NR	Series 2019-C, Class A1, step bond to yield, 3.228% due 9/25/59(a)		259,352
	765,056		AAA(f)	COLT Mortgage Loan Trust, Series 2020-1R, Class A1, 1.255% due 9/25/65(a)(b)		769,906
	31,518		Aaa(c)	COMM Mortgage Trust, Series 2013-CR6, Class A3FL, 0.740% (1-Month USD-LIBOR + 0.630%) due 3/10/46(a)(b)		31,519
	431,168		NR	Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.474% due 8/26/58(a)(b)		432,079
	933,255		NR	Credit Suisse Mortgage Capital Trust, Series 2019-RPL9, Class A1, 3.014% due 10/27/59(a)(b)		943,386
	260,821		NR	CSMC Trust, Series 2019-RPL8, Class A1, 3.322% due 10/25/58(a)(b)		263,298
	368,617		B-	CWABS Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M1, 0.973% (1-Month USD-LIBOR + 0.855%) due 8/25/34(b)		368,560
	674,303	EUR	Aaa(c)	Dilosk RMBS No. 2 DAC, Series 2, Class A, 0.218% (0.750% – 3-Month EURIBOR) due 12/20/57(e)		816,252
	376,114		AAA	Dorchester Park CLO DAC, Series 2015-1A, Class AR, 1.124% (3-Month USD-LIBOR + 0.900%) due 4/20/28(a)(b)		376,740
	600,000		AAA	Dryden 36 Senior Loan Fund, Series 2014-36A, Class AR3, 1.261% (3-Month USD-LIBOR + 1.020%) due 4/15/29(a)(b)		600,354
	500,000	EUR	AAA	Dryden 46 Euro CLO 2016 BV, Series 2016-46A, Class A1R, 0.880% (3-Month EURIBOR + 0.880%) due 1/15/30(a)(b)		603,828
	1,300,000	EUR	Aaa(c)	Dryden XXVIII Euro CLO 2017 BV, Series 2017-27A, Class AR, zero coupon, (3-Month EURIBOR + 0.660%) due 4/15/33(a)(b)		1,568,450

See Notes to Financial Statements.

259

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security		Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.1% — (continued)
				Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
$	997,229		NR	Series 4344, Class FA, 0.594% (1-Month USD-LIBOR + 0.450%) due 12/15/37(b)		$	996,487
	1,422,220		NR	Series 4351, Class FA, 0.594% (1-Month USD-LIBOR + 0.450%) due 5/15/38(b)			1,415,990
	2,556,813		NR	Series 4906, Class WF, 0.544% (1-Month USD-LIBOR + 0.400%) due 12/15/38(b)			2,590,769
	1,526,604		NR	Federal National Mortgage Association (FNMA), REMICS, Series 2017-108, Class AF, 0.418% (1-Month USD-LIBOR + 0.300%) due 1/25/48(b)			1,528,825
	200,544		BBB+	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 0.943% (1-Month USD-LIBOR + 0.825%) due 8/25/34(b)			198,987
				Finsbury Square PLC:
	1,190,431	GBP	AAA(f)	Series 2019-1, Class A, 1.016% (3-Month GBP-LIBOR + 0.970%) due 6/16/69(b)			1,665,778
	2,343,627	GBP	AAA(f)	Series 2020-1A, Class A, 0.849% (Sterling Overnight Index Average + 0.800%) due 3/16/70(a)(b)			3,274,779
	15,095		AAA	FNBA Mortgage Loan Trust, Series 2004-AR1, Class A2, 0.911% (1-Month USD-LIBOR + 0.800%) due 8/19/34(b)			15,109
	700,000		AAA	Ford Credit Floorplan Master Owner Trust A, Series 2019-3, Class A2, 0.707% (1-Month USD-LIBOR + 0.600%) due 9/15/24(b)			704,658
	398,601		BB	Fremont Home Loan Trust, Series 2005-A, Class M3, 0.853% (1-Month USD-LIBOR + 0.735%) due 1/25/35(b)			396,323
	250,000	EUR	AAA	GLG Euro CLO, Series 6A, Class A, 0.900% (3-Month EURIBOR + 0.900%) due 10/15/32(a)(b)			302,001
	1,600,000		AAA	GMF Floorplan Owner Revolving Trust, Series 2018-4, Class A1, 3.500% due 9/15/23(a)			1,629,194
	300,000	EUR	AAA	GoldentTree Loan Management EUR CLO 4 DAC, Series 4A, Class A, 1.550% (3-Month EURIBOR + 1.550%) due 7/20/31(a)(b)			362,837
	1,200,000		AAA	GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class AR, 1.174% (3-Month USD-LIBOR + 0.950%) due 4/20/29(a)(b)			1,200,774
	165,398		Aaa(c)	Gosforth Funding PLC, Series 2017-1A, Class A1A, 0.709% (3-Month USD-LIBOR + 0.470%) due 12/19/59(a)(b)			165,380
				Government National Mortgage Association (GNMA):
	2,050,960		NR	Series 2016-H06, Class FD, 1.064% (1-Month USD-LIBOR + 0.920%) due 7/20/65(b)			2,085,843
	145,191		NR	Series 2016-H11, Class F, 0.944% (1-Month USD-LIBOR + 0.800%) due 5/20/66(b)			147,283
	1,674,920		NR	Series 2017-H15, Class FE, 1.438% (1-Year USD-LIBOR + 0.800%) due 7/20/67(b)			1,705,317
	221,867		NR	Series 2020-17, Class EU, 2.500% due 10/20/49			232,145
	142,573		NR	Series 2020-21, Class AC, 2.500% due 1/20/49			149,362
	1,000,000		Aaa(c)	Greystone CRE Notes Ltd., Series 2019-FL2, Class A, 1.287% (1-Month USD-LIBOR + 1.180%) due 9/15/37(a)(b)			1,003,745
	295,003		Aaa(c)	GS Mortgage Securities Trust, Series 2014-GC18, Class AAB, 3.648% due 1/10/47			307,128
	2,400,000		NR	GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A1, 1.750% due 11/1/60#(g)			2,444,731
	1,600,000	EUR	Aaa(c)	Harvest CLO XVI DAC, Series 2016-A, Class ARR, 0.640% (3-Month EURIBOR + 0.640%) due 10/15/31(a)(b)			1,930,545
	3,267,722	GBP	AAA	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.100% (Sterling Overnight Index Average + 1.050%) due 5/25/53(a)(b)			4,565,265
	422,063		AAA	Homeward Opportunities Fund I Trust, Series 2020-2, Class A1, 1.657% due 5/25/65(a)(b)			426,733
	120,130		CCC	Impac CMB Trust, Series 2004-10, Class 1A1, 0.758% (1-Month USD-LIBOR + 0.640%) due 3/25/35(b)	��		122,573
				JP Morgan Chase Commercial Mortgage Securities Trust:
	282,233		AAA(f)	Series 2018-LAQ, Class A, 1.112% (1-Month USD-LIBOR + 1.000%) due 6/15/32(a)(b)			282,783
	470,837		A-	Series 2019-FL12, Class A, 1.557% (1-Month USD-LIBOR + 1.450%) due 12/15/31(a)(b)			467,635
	2,000,000	EUR	AAA	Jubilee CLO BV, Series 2015-16A, Class A1R, 0.257% (0.800% – 3-Month EURIBOR) due 12/15/29(a)(e)			2,405,974
	566,667		AAA	Lanark Master Issuer PLC, Series 2019-1A, Class 1A1, 0.952% (3-Month USD-LIBOR + 0.770%) due 12/22/69(a)(b)			568,221
				Legacy Mortgage Asset Trust:
	402,506		NR	Series 2019-GS3, Class A1, step bond to yield, 3.750% due 4/25/59(a)			406,869
	262,325		NR	Series 2019-GS6, Class A1, step bond to yield, 3.000% due 6/25/59(a)			264,937

See Notes to Financial Statements.

260

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.1% — (continued)
	287,203	GBP	Aaa(c)	London Wall Mortgage Capital PLC, Series 2017-FL1, Class A, 0.903% (3-Month GBP-LIBOR + 0.850%) due 11/15/49(b)	$	400,850
$	335,112		AAA	Madison Park Funding XVI Ltd., Series 2015-16A, Class A1R, 1.554% (3-Month USD-LIBOR + 1.330%) due 4/20/26(a)(b)		335,457
	582,736		AAA	Marathon CLO V Ltd., Series 2013-5A, Class A1R, 1.052% (3-Month USD-LIBOR + 0.870%) due 11/21/27(a)(b)		582,207
	215,033		A	Mastr Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 0.818% (1-Month USD-LIBOR + 0.700%) due 9/25/34(b)		211,323
				MF1 Ltd.:
	2,085,300		Aaa(c)	Series 2019-FL2, Class A, 1.248% (1-Month USD-LIBOR + 1.130%) due 12/25/34(a)(b)		2,095,073
	800,000		Aaa(c)	Series 2020-FL3, Class A, 2.157% (1-Month USD-LIBOR + 2.050%) due 7/15/35(a)(b)		809,504
	1,100,000		Aaa(c)	Series 2020-FL4, Class A, 1.812% (1-Month USD-LIBOR + 1.700%) due 11/15/35(a)(b)		1,113,402
				MFA Trust:
	805,287		AAA	Series 2020-NQM1, Class A1, 1.479% due 3/25/65(a)(b)		814,884
	952,787		AAA	Series 2020-NQM2, Class A1, 1.381% due 4/25/65(a)(b)		962,608
				Mill City Mortgage Loan Trust:
	1,132,784		Aaa(c)	Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		1,173,060
	1,000,000		AAA(f)	Series 2021-NMR1, Class A1, 1.125% due 11/25/60(a)(b)		1,007,347
	195,345		Aaa(c)	Monarch Grove CLO, Series 2018-1A, Class A1, 1.098% (3-Month USD-LIBOR + 0.880%) due 1/25/28(a)(b)		195,010
	556,783		B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 1.018% (1-Month USD-LIBOR + 0.900%) due 5/25/34(b)(h)		554,354
	800,000		Aaa(c)	Mountain View CLO LLC, Series 2017-1A, Class AR, 1.313% (3-Month USD-LIBOR + 1.090%) due 10/16/29(a)(b)		800,304
	1,483,879		AAA	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 1.045% (3-Month USD-LIBOR + 0.820%) due 10/13/27(a)(b)		1,484,189
	1,600,000		Aaa(c)	Mountain View CLO XIV Ltd., Series 2019-1A, Class A1, 1.731% (3-Month USD-LIBOR + 1.120%) due 4/15/29(a)(b)		1,602,108
				New Residential Mortgage Loan Trust:
	310,666		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		337,808
	119,531		AAA(f)	Series 2018-RPL1, Class A1, 3.500% due 12/25/57(a)(b)		125,575
	2,576,864		Aaa(c)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b)		2,710,966
	2,398,396		Aaa(c)	Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(b)		2,525,194
	320,773		BBB+	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 0.778% (1-Month USD-LIBOR + 0.660%) due 1/25/36(b)		319,410
				OCP CLO Ltd.:
	429,411		AAA	Series 2015-9A, Class A1R, 1.041% (3-Month USD-LIBOR + 0.800%) due 7/15/27(a)(b)		429,550
	422,243		AAA	Series 2015-10A, Class A1R, 1.035% (3-Month USD-LIBOR + 0.820%) due 10/26/27(a)(b)		422,535
	324,287		AAA(f)	Palmer Square CLO Ltd., Series 2018-3A, Class A1, 1.044% (3-Month USD-LIBOR + 0.850%) due 8/15/26(a)(b)		324,153
	448,434		AA+	Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class A-3, 0.348% (3-Month USD-LIBOR + 0.130%) due 10/25/36(b)		442,093
	2,100,000		Aaa(c)	PFP Ltd., Series 2019-6, Class A, 1.156% (1-Month USD-LIBOR + 1.050%) due 4/14/37(a)(b)		2,105,250
				PFS Financing Corp.:
	1,200,000		AAA	Series 2019-A, Class A1, 0.657% (1-Month USD-LIBOR + 0.550%) due 4/15/24(a)(b)		1,202,676
	400,000		AAA	Series 2020-F, Class A, 0.930% due 8/15/24(a)		403,297
	299,136	GBP	AAA	Residential Mortgage Securities 31 PLC, Series 2031, Class A, 1.234% (3-Month GBP-LIBOR + 1.200%) due 9/20/65(b)		417,941
	1,891,075	GBP	AAA	Residential Mortgage Securities 32 PLC, Series 2032, Class A, 1.304% (Sterling Overnight Index Average + 1.250%) due 6/20/70(a)(b)		2,660,345
				Ripon Mortgages PLC:
	759,318	GBP	AAA	Series 1X, Class A1, 0.859% (3-Month GBP-LIBOR + 0.800%) due 8/20/56(b)		1,060,277
	2,277,955	GBP	AAA	Series 1A, Class A1, 0.859% (3-Month GBP-LIBOR + 0.800%) due 8/20/56(a)(b)		3,180,830

See Notes to Financial Statements.

261

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.1% — (continued)
	360,979	GBP	AAA	RMAC PLC, Series 2018-1, Class A, 0.741% (3-Month GBP-LIBOR + 0.700%) due 6/12/46(b)	$	501,700
				Silverstone Master Issuer PLC:
$	127,000		AAA	Series 2019-1A, Class 1A, 0.794% (3-Month USD-LIBOR + 0.570%) due 1/21/70(a)(b)		127,295
	528,000	GBP	AAA	Series 2019-1A, Class 2A, 0.801% (Sterling Overnight Index Average + 0.750%) due 1/21/70(a)(b)		744,019
				Sofi Consumer Loan Program LLC:
	753		AAA	Series 2017-3, Class A, 2.770% due 5/25/26(a)		755
	8,288		AAA	Series 2017-4, Class A, 2.500% due 5/26/26(a)		8,308
	458,371		Aaa(c)	Sound Point CLO X Ltd., Series 2015-3A, Class AR, 1.114% (3-Month USD-LIBOR + 0.890%) due 1/20/28(a)(b)		458,508
	900,000		Aaa(c)	Sound Point CLO XII Ltd., Series 2016-2A, Class AR2, 1.274% (3-Month USD-LIBOR + 1.050%) due 10/20/28(a)(b)		900,619
	2,000,000		Aaa(c)	Sound Point CLO XIV Ltd., Series 2016-3A, Class AR2, 1.161% (3-Month USD-LIBOR + 0.990%) due 1/23/29(a)(b)		2,001,152
	994,858		B	Soundview Home Loan Trust, Series 2005-OPT1, Class M2, 0.793% (1-Month USD-LIBOR + 0.675%) due 6/25/35(b)		993,174
	206,588		NR	Stanwich Mortgage Loan Co. LLC, Series 2019-NPB1, Class A1, step bond to yield, 3.375% due 8/15/24(a)		207,986
	500,000	GBP	AAA	Stratton Mortgage Funding, Series 2021-2A, Class A, zero coupon, (Sterling Overnight Index Average + 0.900%) due 7/20/60(a)(b)		690,719
	1,215,120		AAA	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 1.023% (1-Month USD-LIBOR + 0.900%) due 11/11/34(a)(b)		1,216,359
	1,062,384	GBP	AAA	Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 0.951% (Sterling Overnight Index Average + 0.900%) due 7/20/45(a)(b)		1,484,817
	548,663	GBP	AAA	Towd Point Mortgage Funding Granite 4 PLC, Series 2019-GR4X, Class A1, 1.058% (3-Month GBP-LIBOR + 1.025%) due 10/20/51(b)		769,541
	2,846,700	GBP	AAA	Towd Point Mortgage Funding Auburn 14 PLC, Series 2020-A14X, Class A, 0.950% (Sterling Overnight Index Average + 0.900%) due 5/20/45(b)		3,973,769
				Towd Point Mortgage Trust:
	586,093		Aaa(c)	Series 2017-5, Class A1, 0.718% (1-Month USD-LIBOR + 0.600%) due 2/25/57(a)(b)		586,386
	682,789		AAA(f)	Series 2018-3, Class A1, 3.750% due 5/25/58(a)(b)		722,841
	459,789		Aaa(c)	Series 2019-HY2, Class A1, 1.118% (1-Month USD-LIBOR + 1.000%) due 5/25/58(a)(b)		464,375
	534,835		Aaa(c)	Series 2019-HY3, Class A1A, 1.118% (1-Month USD-LIBOR + 1.000%) due 10/25/59(a)(b)		541,087
	1,204,286		AAA(f)	Series 2020-1, Class A1, 2.710% due 1/25/60(a)(b)		1,242,826
	3,350,633		AAA(f)	Series 2020-2, Class A1A, 1.636% due 4/25/60(a)(b)		3,394,404
	153,940	GBP	AAA	Trinity Square PLC, Series 2015-1X, Class A, 1.178% (3-Month GBP-LIBOR + 1.150%) due 7/15/51(b)		214,691
	1,273,948		Aaa(c)	Venture XVI CLO Ltd., Series 2014-16A, Class ARR, 1.091% (3-Month USD-LIBOR + 0.850%) due 1/15/28(a)(b)		1,273,564
	698,083		Aaa(c)	Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 1.121% (3-Month USD-LIBOR + 0.880%) due 4/15/27(a)(b)		696,219
	600,000		Aaa(c)	Venture XXVI CLO Ltd., Series 2017-26A, Class AR, zero coupon, (3-Month USD-LIBOR + 1.100%) due 1/20/29(a)(b)		600,386
	447,199		Aaa(c)	VMC Finance LLC, Series 2019-FL3, Class A, 1.208% (1-Month USD-LIBOR + 1.100%) due 9/15/36(a)(b)		447,785
	33,097		Aaa(c)	Voya CLO Ltd., Series 2014-3A, Class A1R, 0.938% (3-Month USD-LIBOR + 0.720%) due 7/25/26(a)(b)		33,099
	608,445		AA	WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 0.698% (1-Month USD-LIBOR + 0.580%) due 10/25/45(b)		608,590
				Wells Fargo Commercial Mortgage Trust:
	400,000		Aaa(c)	Series 2013-LC12, Class A4, 4.218% due 7/15/46(b)		428,182
	500,000		AAA	Series 2017-HSDB, Class A, 0.962% (1-Month USD-LIBOR + 0.850%) due 12/13/31(a)(b)		492,186

See Notes to Financial Statements.

262

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 28.1% — (continued)
				WFRBS Commercial Mortgage Trust:
$	1,395,196		Aaa(c)	Series 2012-C7, Class AFL, 1.308% (1-Month USD-LIBOR + 1.200%) due 6/15/45(a)(b)	$	1,392,678
	829,131		Aaa(c)	Series 2012-C10, Class AFL, 0.898% (1-Month USD-LIBOR + 0.790%) due 12/15/45(a)(b)		831,522
				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $114,865,879)		118,001,987
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 12.2%
	U.S. GOVERNMENT AGENCIES — 10.7%
				Federal Home Loan Banks:
	3,200,000		AA+	0.750% due 2/24/26		3,189,453
	3,400,000		AA+	0.960% due 3/5/26		3,372,414
	900,000		AA+	1.000% due 3/23/26		895,345
	4,600,000		AA+	0.830% due 2/10/27		4,541,987
	3,900,000		AA+	0.850% due 2/17/27		3,846,665
	5,500,000		AA+	1.020% due 2/24/27		5,431,026
	5,000,000		AA+	0.900% due 2/26/27		4,904,968
	3,400,000		AA+	0.920% due 2/26/27		3,363,266
	3,700,000		AA+	1.115% due 2/26/27		3,660,614
				Federal Home Loan Mortgage Corp.:
	3,000,000		Aaa(c)	0.600% due 10/15/25(i)		2,955,176
	5,000,000		Aaa(c)	0.800% due 10/28/26.		4,935,295
	4,000,000		AA+	Federal National Mortgage Association, 0.875% due 12/18/26		3,915,825
				TOTAL U.S. GOVERNMENT AGENCIES		45,012,034
	U.S. GOVERNMENT OBLIGATIONS — 1.5%
				U.S. Treasury Notes:
	900,000			0.375% due 1/31/26(i)		882,984
	5,600,000			0.750% due 1/31/28		5,446,438
				TOTAL U.S. GOVERNMENT OBLIGATIONS		6,329,422
				TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $51,989,655)		51,341,456
	ASSET-BACKED SECURITIES — 5.7%
	Automobiles — 1.3%
	138,935		AAA	DT Auto Owner Trust, Series 2020-3A, Class A, 0.540% due 4/15/24(a)		139,196
	116,498		AAA	Flagship Credit Auto Trust, Series 2019-2, Class A, 2.830% due 10/16/23(a)		117,789
				Ford Auto Securitization Trust:
	1,213,179	CAD	Aaa(c)	Series 2020-AA, Class A1, 0.516% due 8/15/22(a)		954,295
	1,900,000	CAD	Aaa(c)	Series 2020-AA, Class A2, 0.887% due 8/15/24(a)		1,498,227
	1,241,595		AAA	GLS Auto Receivables Issuer Trust, Series 2020-3A, Class A, 0.690% due 10/16/23(a)		1,243,577
	1,267,517	CAD	Aaa(c)	GMF Canada Leasing Trust, Series 2020-1A, Class A1, 0.561% due 7/20/22(a)		996,968
	325,773		Aaa(c)	Hertz Fleet Lease Funding LP, Series 2018-1, Class A2, 3.230% due 5/10/32(a)		326,325
	12,950		Aaa(c)	OSCAR US Funding X LLC, Series 2019-1A, Class A2, 3.100% due 4/11/22(a)		12,958
				Total Automobiles		5,289,335
	Credit Cards — 0.9%
	818,390		NR	LP Credit Card ABS Master Trust, Series 2018-1, Class A, 1.740% (1-Month USD-LIBOR + 1.550%) due 8/20/24(a)(b)		849,891
	3,000,000		Aaa(c)	Master Credit Card Trust II, Series 2018-1A, Class A, 0.601% (1-Month USD-LIBOR + 0.490%) due 7/21/24(a)(b)		3,021,027
				Total Credit Cards		3,870,918

See Notes to Financial Statements.

263

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Student Loans — 3.5%
			ECMC Group Student Loan Trust:
$	613,547	Aaa(c)	Series 2017-2A, Class A, 1.168% (1-Month USD-LIBOR + 1.050%) due 5/25/67(a)(b)	$	622,136
	514,334	Aaa(c)	Series 2018-1A, Class A, 0.868% (1-Month USD-LIBOR + 0.750%) due 2/27/68(a)(b)		516,163
	809,690	Aaa(c)	Series 2019-1A, Class A1B, 1.118% (1-Month USD-LIBOR + 1.000%) due 7/25/69(a)(b)		822,145
	171,017	AAA	EFS Volunteer LLC, Series 2010-1, Class A2, 1.068% (3-Month USD-LIBOR + 0.850%) due 10/25/35(a)(b)		171,187
	63,431	Aaa(c)	Navient Private Education Loan Trust, Series 2015-AA, Class A2A, 2.650% due 12/15/28(a)		65,126
			Navient Private Education Refi Loan Trust:
	396,919	AAA	Series 2020-A, Class A1, 0.457% (1-Month USD-LIBOR + 0.350%) due 11/15/68(a)(b)		396,904
	524,973	AAA	Series 2020-GA, Class A, 1.170% due 9/16/69(a)		527,127
			Navient Student Loan Trust:
	808,732	AAA	Series 2018-1A, Class A2, 0.468% (1-Month USD-LIBOR + 0.350%) due 3/25/67(a)(b)		807,484
	1,471,882	AAA	Series 2018-2A, Class A2, 0.498% (1-Month USD-LIBOR + 0.380%) due 3/25/67(a)(b)		1,470,126
			Nelnet Student Loan Trust:
	1,050,943	AA+	Series 2017-3A, Class A, 0.968% (1-Month USD-LIBOR + 0.850%) due 2/25/66(a)(b)		1,051,813
	1,199,531	AA+	Series 2019-2A, Class A, 1.018% (1-Month USD-LIBOR + 0.900%) due 6/27/67(a)(b)		1,203,907
	1,065,285	AA+	Series 2019-3A, Class A, 0.918% (1-Month USD-LIBOR + 0.800%) due 8/25/67(a)(b)		1,063,005
			SLC Student Loan Trust:
	595,698	AAA	Series 2006-1, Class A5, 0.327% (3-Month USD-LIBOR + 0.110%) due 3/15/27(b)		593,683
	523,186	AAA	Series 2007-1, Class A4, 0.254% (3-Month USD-LIBOR + 0.060%) due 5/15/29(b)		519,380
			SLM Student Loan Trust:
	123,854	AAA	Series 2003-10A, Class A3, 0.687% (3-Month USD-LIBOR + 0.470%) due 12/15/27(a)(b)		123,890
	888,972	AAA	Series 2004-10, Class A7B, 0.818% (3-Month USD-LIBOR + 0.600%) due 10/25/29(a)(b)		890,800
	748,560	AAA	Series 2005-5, Class A4, 0.358% (3-Month USD-LIBOR + 0.140%) due 10/25/28(b)		744,542
	446,448	B	Series 2008-5, Class A4, 1.918% (3-Month USD-LIBOR + 1.700%) due 7/25/23(b)		452,356
	667,652	B	Series 2008-7, Class A4, 1.118% (3-Month USD-LIBOR + 0.900%) due 7/25/23(b)		662,212
	103,024	B	Series 2008-8, Class A4, 1.718% (3-Month USD-LIBOR + 1.500%) due 4/25/23(b)		103,728
			SMB Private Education Loan Trust:
	440,133	AAA	Series 2015-B, Class A2B, 1.307% (1-Month USD-LIBOR + 1.200%) due 7/15/27(a)(b)		442,289
	474,448	AAA	Series 2020-PTA, Class A1, 0.418% (1-Month USD-LIBOR + 0.300%) due 9/15/54(a)(b)		474,407
	500,000	AAA	Series 2020-PTA, Class A2A, 1.600% due 9/15/54(a)		506,638
	719,086	AA+	Utah State Board of Regents, Series 2017-1, Class A, 0.868% (1-Month USD-LIBOR + 0.750%) due 1/25/57(b)		721,279
			Total Student Loans		14,952,327
			TOTAL ASSET-BACKED SECURITIES (Cost — $23,890,113)		24,112,580
	SOVEREIGN BONDS — 1.8%
	India — 0.4%
	1,900,000	Baa3(c)	Export-Import Bank of India, 1.182% (3-Month USD-LIBOR + 1.000%) due 8/21/22(b)		1,899,306
	Saudi Arabia — 0.1%
	400,000	A1(c)	Saudi Government International Bonds, 2.375% due 10/26/21		404,875
	South Korea — 0.4%
	1,500,000	AA	Export-Import Bank of Korea, 1.093% (3-Month USD-LIBOR + 0.875%) due 1/25/22(b)		1,509,345
	Supranational — 0.9%
	3,800,000	AAA	International Bank for Reconstruction & Development, 0.850% due 2/10/27		3,734,071
			TOTAL SOVEREIGN BONDS (Cost — $7,620,481)		7,547,597
	MORTGAGE-BACKED SECURITIES — 0.6%
	FHLMC — 0.6%
			Federal Home Loan Mortgage Corp. (FHLMC), 4.000% due 6/1/49 — 9/1/49
			(Cost — $2,453,998)		2,508,427
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $364,130,470)		368,112,271

See Notes to Financial Statements.

264

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††		Security	Value
	SHORT-TERM INVESTMENTS — 43.8%
	CORPORATE BOND — 0.1%
$	500,000			BBB-	Pacific Gas & Electric Co., 1.573%(3-Month USD-LIBOR + 1.375%) due 11/15/21(b)
					(Cost — $500,670)	$	500,670
	TIME DEPOSITS — 1.7%
	1,301,268				Barclays Bank PLC — London, 0.000% due 3/1/21		1,301,268
					BBH — Grand Cayman:
	1,842	EUR			(0.710)% due 3/1/21		2,223
	2,587	DKK			(0.520)% due 3/1/21		420
	38,344	JPY			(0.320)% due 3/1/21		360
	784	AUD			(0.060)% due 3/1/21		603
	113	GBP			0.000% due 3/1/21		158
	601,208	CAD			0.010% due 3/1/21		472,536
	6,087	NZD			0.010% due 3/1/21		4,399
	5,541,037				Sumitomo Mitsui Banking Corp. — Tokyo, 0.000% due 3/1/21		5,541,037
					TOTAL TIME DEPOSITS (Cost — $7,323,004).		7,323,004
	U.S. GOVERNMENT OBLIGATIONS — 42.0%
					U.S. Treasury Bills:
	120,000,000				0.010% due 4/27/21(j).		119,995,333
	312,000				0.034% due 4/29/21(i)(j)		311,983
	56,300,000				0.048% due 6/10/21(i)(j)		56,292,497
					TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $176,599,813)		176,599,813
					TOTAL SHORT-TERM INVESTMENTS (Cost — $184,423,487)		184,423,487
					TOTAL INVESTMENTS — 131.3% (Cost — $548,553,957)		552,535,758
					Liabilities in Excess of Other Assets — (31.3)%		(131,641,044	)
					TOTAL NET ASSETS — 100.0%	$	420,894,714

† 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, 2021, amounts to $145,782,876 and represents 34.6% of net assets.

(b) Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2021.

(c) Rating by Moody’s Investors Service.

(d) The aggregate value of restricted securities (excluding 144A holdings) at February 28, 2021, amounts to $10,472,089 and represents 2.5% of net assets.

(e) Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 28, 2021.

(f) Rating by Fitch Ratings Service. All ratings are unaudited.

(g) Illiquid security.

(h) Affiliated security (See Note 2). As of February 28, 2021, total cost and total market value of affiliated securities amounted to $554,196 and $554,354, respectively.

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

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

# Security that used significant unobservable inputs to determine fair value.

See Notes to Financial Statements.

265

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

At February 28, 2021, for Ultra-Short Term Fixed Income Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Ultra-Short Term Fixed Income Fund	$	548,553,957	$	7,038,123	$	(3,328,787)	$	3,709,336

Abbreviations used in this schedule:
ABS	—  Asset-Based Security
CLO	—  Collateralized Loan Obligation
CMT	—  Constant Maturity Treasury Rate
EURIBOR	—  Euro Interbank Offered Rate
LIBOR	—  London Interbank Offered Rate
PLC	—  Public Limited Company
REMICS	—  Real Estate Mortgage Investment Conduit

Summary of Investments by Security Type^
Corporate Bonds & Notes .	29.8	%
Collateralized Mortgage Obligations	21.4
U.S. Government Agencies & Obligations	9.3
Asset-Backed Securities	4.3
Sovereign Bonds	1.4
Mortgage-Backed Securities	0.4
Short-Term Investments .	33.4
	100.0	%

^ As a percentage of total investments.

At February 28, 2021, Ultra-Short Term Fixed Income Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Bank Accept December Futures		52		12/22	$	10,153,158	$	10,104,300	$	(48,858	)
Bank Accept March Futures		258		3/23		50,357,247		50,064,431		(292,816	)
U.S. Treasury 2-Year Note June Futures		176		6/21		38,884,243		38,854,750		(29,493	)
										(371,167	)
Contracts to Sell:
U.S. Treasury 5-Year Note June Futures		510		6/21		63,738,885		63,224,063		514,822
U.S. Ultra Long Bond June Futures		20		6/21		2,981,129		2,946,875		34,254
										549,076
Net Unrealized Appreciation on Open Exchange Traded Futures Contracts									$	177,909

At February 28, 2021, Ultra-Short Term Fixed Income Fund had deposited cash of $570,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

See Notes to Financial Statements.

266

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

At February 28, 2021, Ultra-Short Term Fixed Income Fund had open forward foreign currency contracts as described below.

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

Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
British Pound		20,878,000		USD	29,552,287		MLP	$	29,080,951		3/2/21	$	(471,336)
British Pound		372,000		USD	516,951		HSBC		518,282		4/7/21		1,331
Canadian Dollar		7,062,491		USD	5,659,797		BNP		5,550,964		3/2/21		(108,833)
Canadian Dollar		3,349,066		USD	2,663,650		MLP		2,632,293		3/2/21		(31,357)
Canadian Dollar		7,223,453		USD	5,748,320		MLP		5,677,476		3/2/21		(70,844)
Mexican Peso		7,185,000		USD	330,368		HSBC		342,995		3/10/21		12,627
													(668,412	)
Contracts to Sell:
Australian Dollar		3,818,000		USD	2,955,859		MLP		2,937,951		3/2/21		17,908
British Pound		20,878,000		USD	28,599,691		BNP		29,080,951		3/2/21		(481,260	)
British Pound		20,878,000		USD	29,557,945		MLP		29,087,880		4/7/21		470,065
Canadian Dollar		12,541,010		USD	9,769,812		HSBC		9,856,960		3/2/21		(87,148	)
Canadian Dollar		5,094,000		USD	4,024,304		MLP		4,003,772		3/2/21		20,532
Canadian Dollar		7,062,491		USD	5,660,205		BNP		5,551,417		4/7/21		108,788
Canadian Dollar		7,223,453		USD	5,748,736		MLP		5,677,940		4/7/21		70,796
Canadian Dollar		3,349,066		USD	2,663,851		MLP		2,632,508		4/7/21		31,343
Euro		4,108,000		USD	4,993,818		SCB		4,956,300		3/2/21		37,518
Euro		4,108,000		USD	4,990,363		SCB		4,960,867		4/6/21		29,496
													218,038
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(450,374	)

Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	BNP	— BNP Paribas SA
CAD	—  Canadian Dollar	HSBC	— HSBC Bank USA
EUR	— Euro	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
DKK	— Danish Krone	SCB	— Standard Chartered Bank
GBP	— British Pound
JPY	— Japanese Yen
NZD	— New Zealand Dollar
USD	— United States Dollar

See pages 269-270 for definitions of ratings.

See Notes to Financial Statements.

267

Schedules of Investments

(unaudited) (continued)

Alternative Strategies Fund
Units		Security	Value
	OPEN END MUTUAL FUND SECURITIES — 96.5%
	United States — 96.5%
	512,494	American Beacon AHL Managed Futures Strategy Fund, Class Y	$	5,719,429
	383,963	BlackRock Event Driven Equity Fund, Institutional Class		3,843,471
	317,146	BlackRock Global Long/Short Credit Fund, Institutional Class		3,212,686
	383,021	BlackRock Global Long/Short Equity Fund, Institutional Class		4,557,954
	305,684	BNY Mellon Global Real Return Fund, Class Y		5,031,565
	187,757	Diamond Hill Long/Short Fund, Class I		5,210,261
	265,296	Driehaus Event Driven Fund, Common Class		3,799,032
	562,524	Goldman Sachs Absolute Return Tracker Fund, Institutional Class		5,675,870
	450,540	John Hancock Seaport Long/Short Fund, Class I		5,699,326
	262,444	LoCorr Market Trend Fund, Class I		3,146,699
	490,796	PIMCO CommodityRealReturn Strategy Fund, Institutional Class		3,204,895
	381,349	PIMCO Credit Opportunities Bond Fund, Institutional Class		3,836,369
	466,041	PIMCO Mortgage Opportunities and Bond Fund, Class I-2		5,126,450
	502,204	Western Asset Macro Opportunities Fund, Class I		5,619,662
		TOTAL INVESTMENTS — 96.5% (Cost — $59,828,609)		63,683,669
		Other Assets in Excess of Liabilities — 3.5%		2,291,753
		TOTAL NET ASSETS — 100.0%	$	65,975,422

At February 28, 2021, for Alternative Strategies Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation
Alternative Strategies Fund	$	59,828,609	$	3,855,060	$	—	$	3,855,060

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

^ As a percentage of total investments.

See Notes to Financial Statements.

268

Ratings

(unaudited)

The definitions of the applicable rating symbols are set forth below:

Standard & Poor’s Ratings Service (“Standard & Poor’s”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA	— Bonds rated “AAA” have the highest rating assigned by Standard & Poor’s. Capacity to pay interest and repay principal is extremely strong.
AA	— Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A	— Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.
BBB	— Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC, CC and C	— Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents the lowest degree of speculation and “C” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D	— Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.
P	— Preliminary rating.
u	— The upgrade state defines bonds that have recently been upgraded into higher rating categories.

Moody’s Investors Service (“Moody’s”) — Numerical modifiers 1, 2 and 3 may be applied to each generic rating from “Aa” to “Caa,” where 1 is the highest and 3 the lowest ranking within its generic category.

Aaa	— Bonds rated “Aaa” are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as “gilt edge.” Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.
Aa	— Bonds rated “Aa” are judged to be of high quality by all standards. Together with the “Aaa” group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in “Aaa” securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in “Aaa” securities.
A	— Bonds rated “A” possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate but elements may be present which suggest a susceptibility to impairment some time in the future.
Baa	— Bonds rated “Baa” are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.
Ba	— Bonds rated “Ba” are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and therefore not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.
B	— Bonds rated “B” generally lack characteristics of desirable investments. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.
Caa	— Bonds rated “Caa” are of poor standing. These may be in default, or present elements of danger may exist with respect to principal or interest.
Ca	— Bonds rated “Ca” represent obligations which are speculative in a high degree. Such issues are often in default or have other marked short-comings.
C	— Bonds rated “C” are the lowest class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.
e	— Expected.
u	— Upgraded.

Fitch Ratings Service (“Fitch”) — Ratings from “AA” to “CCC” may be modified by the addition of a plus (+) or minus (-) sign to show relative standings within the major rating categories.

AAA	— Bonds rated “AAA” have the highest rating assigned by Fitch. Capacity to pay interest and repay principal is extremely strong.
AAApre	— Stable Outlook rating is based on the pledge of securities in the escrow deposit fund securing the bonds and reflects the lien of the refunded bondholders on the escrow trust funds and that all amounts have been invested in direct non-callable obligations of the United States.
AA	— Bonds rated “AA” have a very strong capacity to pay interest and repay principal and differ from the highest rated issues only in a small degree.
A	— Bonds rated “A” have a strong capacity to pay interest and repay principal although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

269

Ratings

(unaudited) (continued)

BBB	— Bonds rated “BBB” are regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit adequate protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for bonds in this category than in higher rated categories.
BB, B, CCC, CC and C	— Bonds rated “BB”, “B”, “CCC”, “CC” and “C” are regarded, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation. “BB” represents a lower degree of speculation than “B”, and “CC” the highest degree of speculation. While such bonds will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.
D	— Bonds rated “D” are in default and payment of interest and/or repayment of principal is in arrears.
NR	— Indicates that the bond is not rated by Standard & Poor’s, Moody’s, or Fitch.
WD, WR	— Indicates that the bonds rating has been withdrawn and the issuer is no longer rated by Standard & Poor’s, Moody’s or Fitch.

Short-Term Security Ratings

SP-1	— Standard & Poor’s highest rating indicating very strong or strong capacity to pay principal and interest; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
A-1	— Standard & Poor’s highest commercial paper and variable-rate demand obligation (VRDO) rating indicating that the degree of safety regarding timely payment is either overwhelming or very strong; those issues determined to possess overwhelming safety characteristics are denoted with a plus (+) sign.
VMIG 1	— Moody’s highest rating for issues having a demand feature — VRDO.
MIG1	— Moody’s highest rating for short-term municipal obligations.
P-1	— Moody’s highest rating for commercial paper and for VRDO prior to the advent of the VMIG 1 rating.
F-1	— Fitch’s highest rating indicating the strongest capacity for timely payment of financial commitments; those issues determined to possess overwhelming strong credit feature are denoted with a plus (+) sign.
F-2	— Fitch’s rating indicating a good capacity for timely payment of financial commitments.

270

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271

Statements of Assets and Liabilities

February 28, 2021 (unaudited)

	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund
ASSETS:
Unaffiliated investments, at value1,3	$	1,973,197,014	$	784,074,247	$	1,391,742,995
Affiliated investments, at value2		2,929,823		—		—
Foreign currency, at value4		—		—		1,140,593
Cash		3,710,633		261,033		83
Receivable for securities sold		4,280,910		3,988,487		4,491,064
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		2,481,846		491,519		6,394,011
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for Fund shares sold		4,651,309		1,607,038		3,225,732
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Unrealized appreciation on open OTC swap contracts		—		—		—
Upfront payment paid on open OTC swap contracts		—		—		—
Deposits for collateral with counterparty		685,984		267,000		169,361
Foreign capital gains tax receivable		—		—		—
Prepaid expenses		112,084		42,822		39,373
Total Assets		1,992,049,603		790,732,146		1,407,203,212
LIABILITIES:
Reverse repurchase agreements, at value7		—		—		—
Payable for collateral received from securities on loan		16,139,427		42,980,372		9,320,857
Payable for Fund shares repurchased		5,484,357		4,801,452		6,830,243
Payable for securities purchased		2,836,085		2,111,056		4,613,795
Payable for TBA securities purchased		—		—		—
Investment management fee payable		599,550		264,513		584,170
Transfer agent fees payable		19,546		7,146		15,355
Interest expense payable		—		—		—
Custody fee payable		87,156		36,437		178,272
Trustees’ fees payable		—		—		10,194
Variation margin on open future contracts (Note 1)		55,091		38,728		40,297
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Due to custodian		—		—		—
Forward sale commitments, at value5 (Note 1)		—		—		—
Options contracts written, at value6 (Note 1)		—		—		—
Unrealized depreciation on open OTC swap contracts		—		—		—
Upfront payment received on open OTC swap contracts		—		—		—
Unrealized depreciation on open forward foreign currency contracts (Note 1)		—		—		—
Deposits for collateral from counterparty		—		—		—
Foreign capital gains tax payable		—		—		—
Distributions payable		—		—		—
Audit fees payable		—		—		—
Accrued expenses		164,555		130,635		346,433
Total Liabilities		25,385,767		50,370,339		21,939,616
Total Net Assets	$	1,966,663,836	$	740,361,807	$	1,385,263,596
NET ASSETS:
Paid-in-capital (Note 4)	$	1,011,179,618	$	448,284,185	$	1,099,490,368
Total distributable earnings (losses)		955,484,218		292,077,622		285,773,228
		��
Total Net Assets	$	1,966,663,836	$	740,361,807	$	1,385,263,596
Shares Outstanding		83,601,175		32,916,647		98,099,403
Net Asset Value	$	23.52	$	22.49	$	14.12
1 Unaffiliated investments, at cost	$	1,063,716,605	$	518,321,214	$	1,028,020,192
2 Affiliated investments, at cost	$	904,811	$	—	$	—
3 Includes securities on loan	$	17,541,909	$	42,067,614	$	15,764,356
4 Foreign currency, at cost	$	—	$	—	$	1,120,250
5 Proceeds received	$	—	$	—	$	—
6 Premiums received	$	—	$	—	$	—
7 Proceeds of reverse repurchase agreement	$	—	$	—	$	—

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
$	623,794,740	$	1,097,482,758	$	297,588,078		$	160,863,698	$	67,928,441	$	216,511,548	$	551,981,404		$	63,683,669
	—		1,209,782		—			—		—		—		554,354			—
	1,232,145		2,528,297		—			211,762		—		458,443		199			—
	44		136		20,278			13		5		2,540,711		31			1,534,320
	2,660,898		12,837,715		955,791			2,510,915		—		23,824		15,630,280			—
	—		76,094,381		—			90,487,410		—		15,588,826		—			—
	1,539,169		4,587,199		3,413,518			737,357		631,299		303,636		924,932			—
	—		—		—			—		—		—		63			—
	1,349,422		9,485,117		936,911			491,406		394,889		368,881		2,116,753			909,099
	—		394,125		—			1,547,333		—		257,861		800,404			—
	—		—		—			—		—		—		605,683			—
	—		37,490		—			543,201		—		—		—			—
	—		7,443		—			4,577		—		—		—			—
	104,994		2,873,388		—			2,039,000		29,000		1,177,000		570,000			—
	67,485		—		—			—		—		—		—			—
	19,008		76,255		43,096			18,763		10,268		46,809		46,153			23,597
	630,767,905		1,207,614,086		302,957,672			259,455,435		68,993,902		237,277,539		573,230,256			66,150,685
	—		—		—			3,004,760		—		56,645,733		—			—
	1,367,398		—		—			—		—		—		—			—
	3,290,571		3,491,320		1,296,044			351,511		93,367		377,548		1,132,464			120,755
	2,502,699		59,449,785		10,056,742			4,510,743		118,797		212,423		149,353,821			—
	—		156,237,879		—			92,288,645		—		28,662,693		—			—
	295,422		289,748		111,454			47,442		21,006		52,677		143,347			9,774
	4,773		10,411		20,267			1,999		1,073		—		—			—
	—		—		—			100		—		2,832		—			—
	50,245		101,956		74,014			69,153		17,597		40,956		24,323			16,487
	1,875		37,862		—			—		—		9,372		—			—
	22,544		434,385		—			163,614		7,000		69,702		209,656			—
	—		422,023		—			122,381		—		40,861		—			—
	—		—		—			—		—		—		—			—
	—		—		—			20,399,312		—		—		—			—
	—		59,625		—			226,197		—		300,896		—			—
	—		—		—			2,170		—		—		—			—
	—		—		—			138,149		—		—		—			—
	—		406,540		—			979,301		—		93,041		1,250,778			—
	—		—		—			767,000		—		—		—			—
	721,444		—		—			—		—		—		—			—
	—		12,097		1,237			—		200		—		—			—
	—		—		—			—		21,976		—		—			14,894
	218,662		268,097		110,889			108,540		17,562		227,344		221,153			13,353
	8,475,633		221,221,728		11,670,647			123,181,017		298,578		86,736,078		152,335,542			175,263
$	622,292,272	$	986,392,358	$	291,287,025		$	136,274,418	$	68,695,324	$	150,541,461	$	420,894,714		$	65,975,422
$	464,906,960	$	969,580,905	$	295,694,502		$	132,196,906	$	64,301,885	$	137,545,497	$	429,326,767		$	62,673,344
	157,385,312		16,811,453		(4,407,477	)		4,077,512		4,393,439		12,995,964		(8,432,053	)		3,302,078
$	622,292,272	$	986,392,358	$	291,287,025		$	136,274,418	$	68,695,324	$	150,541,461	$	420,894,714		$	65,975,422
	35,446,896		118,615,972		78,819,816			16,951,776		7,245,796		13,869,769		42,564,655			6,246,600
$	17.56	$	8.32	$	3.70		$	8.04	$	9.48	$	10.85	$	9.89		$	10.56
$	429,503,470	$	1,080,761,675	$	281,907,106		$	154,116,810	$	64,006,744	$	201,668,457	$	547,999,761		$	59,828,609
$	—	$	1,176,456	$	—		$	—	$	—	$	—	$	554,196		$	—
$	1,292,899	$	—	$	—		$	—	$	—	$	—	$	—		$	—
$	1,236,205	$	2,661,972	$	—		$	257,899	$	—	$	557,836	$	3,318		$	—
$	—	$	—	$	—		$	20,681,234	$	—	$	—	$	—		$	—
$	—	$	74,332	$	—		$	237,646	$	—	$	165,926	$	—		$	—
$	—	$	—	$	—		$	3,004,760	$	—	$	56,645,733	$	—		$	—

See Notes to Financial Statements.

273

Statements of Operations

For the Six Months Ended February 28, 2021 (unaudited)

	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments	$	14,086,203		$	4,085,544		$	10,109,947
Dividends from affiliated investments		26,842			—			—
Income from non-cash dividends		—			314,036			797,115
Interest from unaffiliated investments		2,012			8,741			271
Interest from affiliated investments		—			—			—
Income from securities lending		76,130			112,811			60,468
Less: Foreign taxes withheld (see Note 1s)		(10,357	)		(4,861	)		(959,561	)
Total Investment Income		14,180,830			4,516,271			10,008,240
EXPENSES:
Investment management fee (Note 2)		5,607,350			2,684,929			4,571,493
Transfer agent fees		111,654			40,120			76,751
Custody fees		241,094			111,356			458,127
Trustees’ fees		156,753			58,852			147,623
Shareholder reports		119,689			82,912			184,888
Insurance		43,520			13,717			38,130
Audit and tax		42,687			44,015			74,207
Legal fees		35,774			13,309			29,440
Registration fees		15,097			14,077			18,885
Other expense		43,416			13,553			48,098
Interest expense		—			—			—
Total Expenses		6,417,034			3,076,840			5,647,642
Less: Fee waivers and/or expense reimbursement (Note 2)		(1,971,429	)		(1,136,410	)		(1,028,213	)
Net Expenses		4,445,605			1,940,430			4,619,429
Net Investment Income (Loss)	$	9,735,225		$	2,575,841		$	5,388,811
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, UNFUNDED LOAN COMMITMENTS, SHORT SALES, FORWARD SALE COMMITMENTS, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY TRANSLATIONS AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3):
Net Realized Gain (Loss) from:
Unaffiliated investments	$	73,523,810		$	33,733,980		$	43,800,794
Affiliated investments		50,662			—			—
Futures contracts		2,498,057			1,521,179			186,272
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		219,366			41,670			96,755
Capital gain distributions received		—			—			—
Net Realized Gain (Loss):		76,291,895			35,296,829			44,083,821
Change in Net Unrealized Appreciation (Depreciation) from:
Unaffiliated investments		134,399,312			142,403,946			159,166,849
Affiliated investments		1,099,253			—			—
Futures contracts		(1,103,024	)		(134,313	)		4,808
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Unfunded loan commitments		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		503			391			(73,677	)
Change in Net Unrealized Appreciation (Depreciation):		134,396,044			142,270,024			159,097,980
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Unfunded Loan Commitments, Short Sales, Forward Sale Commitments, Swap Contracts, Forward Foreign Currency Contract, Foreign Currency Translations and Capital Gain Distributions Received		210,687,939			177,566,853			203,181,801
Total Increase (Decrease) in Net Assets from Operations	$	220,423,164		$	180,142,694		$	208,570,612

(a) Includes foreign capital gains tax of $(1,134) for Emerging Markets Equity Fund.

(b) Includes Net increase in accrued foreign capital gains tax of $749,315 for Emerging Markets Equity Fund.

See Notes to Financial Statements.

274

Emerging Markets Equity Fund			Core Fixed Income Fund			High Yield Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation- Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund			Alternative Strategies Fund
$	4,746,405		$	—		$	36,513		$	—		$	—		$	—		$	—		$	539,420
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	9,648			11,141,711			8,680,830			1,532,387			924,520			2,354,214			2,523,576			94
	—			20,863			—			—			—			—			3,177			—
	35,826			—			3,052			—			—			—			—			—
	(697,357	)		—			—			—			—			—			—			—
	4,094,522			11,162,574			8,720,395			1,532,387			924,520			2,354,214			2,526,753			539,514
	2,646,475			1,946,617			988,274			340,670			135,775			378,676			1,010,028			307,958
	33,035			56,316			33,785			8,441			4,418			5,187			17,703			2,325
	279,307			396,503			167,422			195,251			55,151			96,800			103,351			53,861
	38,721			124,968			23,037			12,500			6,446			20,846			26,785			3,745
	107,650			160,585			88,946			38,574			8,007			108,312			136,457			9,475
	10,769			33,983			4,352			4,022			1,247			14,493			14,503			757
	77,344			54,362			39,734			63,682			36,850			46,304			39,351			29,585
	13,404			448			7,716			2,849			1,997			—			7,164			1,079
	30,786			7,268			22,818			10,296			14,184			3,937			21,594			6,760
	18,700			34,496			4,343			18,324			2,782			23,618			12,726			1,950
	—			—			—			2,495			—			36,635			2,671			—
	3,256,191			2,815,546			1,380,427			697,104			266,857			734,808			1,392,333			417,495
	(917,863	)		(87,580	)		(286,494	)		(35,221	)		—			(37,978	)		(108,430	)		(256,632	)
	2,338,328			2,727,966			1,093,933			661,883			266,857			696,830			1,283,903			160,863
$	1,756,194		$	8,434,608		$	7,626,462		$	870,504		$	657,663		$	1,657,384		$	1,242,850		$	378,651
$	29,522,562	(a)	$	7,080,157		$	3,881,017		$	1,857,845		$	41,547		$	1,119,756		$	1,481,008		$	—
	—			(255	)		—			—			—			—			152			—
	397,470			290,219			36,834			1,128,205			57,092			597,045			203,779			—
	—			571,990			—			198,170			—			50,047			—			—
	—			—			—			(149,697	)		—			23			—			—
	—			—			—			133			—			24,013			9,654			—
	—			(1,689,842	)		—			(257,140	)		—			(338,001	)		(1,307,656	)		—
	—			1,060,621			—			(2,255,963	)		—			(880,405	)		(2,086,455	)		—
	(9,967	)		147,138			—			24,368			—			95,865			228,873			—
	—			—			—			—			—			—			—			395,188
	29,910,065			7,460,028			3,917,851			545,921			98,639			668,343			(1,470,645	)		395,188
	85,721,126	(b)		(30,815,745	)		2,518,202			(2,147,418	)		(141,161	)		(3,891,505	)		1,170,969			2,495,842
	—			(4,607	)		—			—			—			—			7,974			—
	(91,086	)		(1,401,784	)		(580	)		(677,890	)		15,697			401,612			(9,746	)		—
	—			(20,111	)		—			(109,371	)		—			(140,052	)		—			—
	—			—			—			275,438			—			—			—			—
	—			4,453,997			—			1,158,534			—			297,868			1,101,120			—
	—			1,293			786			—			—			—			—			—
	—			(113,639	)		—			1,454,976			—			609,319			439,669			—
	(25,339	)		(191,097	)		—			(211,382	)		—			(135,824	)		(65,500	)		—
	85,604,701			(28,091,693	)		2,518,408			(257,113	)		(125,464	)		(2,858,582	)		2,644,486			2,495,842
	115,514,766			(20,631,665	)		6,436,259			288,808			(26,825	)		(2,190,239	)		1,173,841			2,891,030
$	117,270,960		$	(12,197,057	)	$	14,062,721		$	1,159,312		$	630,838		$	(532,855	)	$	2,416,691		$	3,269,681

See Notes to Financial Statements.

275

Statements of Changes in net Assets

For the Six Months Ended February 28, 2021 (unaudited) and Year Ended August 31, 2020

	Large Cap Equity Fund						Small-Mid Cap Equity Fund
	2021			2020			2021			2020
OPERATIONS:
Net investment income	$	9,735,225		$	21,440,336		$	2,575,841		$	3,758,140
Net realized gain (loss)		76,291,895			19,442,182			35,296,829			18,298,269
Change in unrealized appreciation (depreciation)		134,396,044			279,852,393			142,270,024			70,173,608
Increase (Decrease) in Net Assets from Operations		220,423,164			320,734,911			180,142,694			92,230,017
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):
Distributable earnings		(61,943,407	)		(77,893,014	)		(29,404,878	)		(49,102,404	)
Decrease in Net Assets from Distributions to Shareholders		(61,943,407	)		(77,893,014	)		(29,404,878	)		(49,102,404	)
FUND SHARE TRANSACTIONS (NOTE 4):
Net proceeds from sale of shares		135,363,371			321,453,670			46,811,561			224,150,769
Reinvestment of distributions		61,942,619			77,891,987			29,404,580			49,101,666
Cost of shares repurchased		(242,922,778	)		(342,309,841	)		(106,753,135	)		(118,873,225	)
Increase (Decrease) in Net Assets from Fund Share Transactions		(45,616,788	)		57,035,816			(30,536,994	)		154,379,210
Increase (Decrease) in Net Assets		112,862,969			299,877,713			120,200,822			197,506,823
NET ASSETS:
Beginning of period		1,853,800,867			1,553,923,154			620,160,985			422,654,162
End of period	$	1,966,663,836		$	1,853,800,867		$	740,361,807		$	620,160,985

See Notes to Financial Statements.

276

International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2021			2020			2021			2020			2021			2020			2021			2020
$	5,388,811		$	18,756,406		$	1,756,194		$	7,383,197		$	8,434,608		$	24,841,167		$	7,626,462		$	6,162,629
	44,083,821			(54,438,549	)		29,910,065			(6,703,990	)		7,460,028			30,152,010			3,917,851			1,064,607
	159,097,980			152,867,728			85,604,701			43,039,982			(28,091,693	)		5,231,747			2,518,408			14,291,695
	208,570,612			117,185,585			117,270,960			43,719,189			(12,197,057	)		60,224,924			14,062,721			21,518,931
	(23,968,738	)		(36,438,560	)		(11,972,541	)		(9,873,780	)		(41,540,227	)		(31,609,573	)		(7,123,063	)		(6,497,717	)
	(23,968,738	)		(36,438,560	)		(11,972,541	)		(9,873,780	)		(41,540,227	)		(31,609,573	)		(7,123,063	)		(6,497,717	)
	97,387,795			270,691,117			38,753,107			104,378,670			138,333,156			191,008,875			30,280,630			235,542,532
	23,968,252			36,437,906			11,972,351			9,873,619			41,528,938			31,609,499			7,122,497			6,497,134
	(175,022,874	)		(444,589,318	)		(82,144,416	)		(92,236,972	)		(120,847,746	)		(473,650,990	)		(35,297,493	)		(23,730,182	)
	(53,666,827	)		(137,460,295	)		(31,418,958	)		22,015,317			59,014,348			(251,032,616	)		2,105,634			218,309,484
	130,935,047			(56,713,270	)		73,879,461			55,860,726			5,277,064			(222,417,265	)		9,045,292			233,330,698
	1,254,328,549			1,311,041,819			548,412,811			492,552,085			981,115,294			1,203,532,559			282,241,733			48,911,035
$	1,385,263,596		$	1,254,328,549		$	622,292,272		$	548,412,811		$	986,392,358		$	981,115,294		$	291,287,025		$	282,241,733

See Notes to Financial Statements.

277

Statements of Changes in net Assets

For the Six Months Ended February 28, 2021 (unaudited) and Year Ended August 31, 2020

	International Fixed Income Fund
	2021			2020
OPERATIONS:
Net investment income	$	870,504		$	3,436,997
Net realized gain (loss)		545,921			(1,362,833	)
Change in unrealized appreciation (depreciation)		(257,113	)		(1,863,189	)
Increase (Decrease) in Net Assets from Operations		1,159,312			210,975
DISTRIBUTIONS TO SHAREHOLDERS FROM (NOTE 1):
Distributable earnings		(993,150	)		(6,470,801	)
Decrease in Net Assets from Distributions to Shareholders		(993,150	)		(6,470,801	)
FUND SHARE TRANSACTIONS (NOTE 4):
Net proceeds from sale of shares		15,512,233			25,151,017
Reinvestment of distributions		993,140			6,470,738
Cost of shares repurchased		(15,559,140	)		(37,198,843	)
Increase (Decrease) in Net Assets from Fund Share Transactions		946,233			(5,577,088	)
Increase (Decrease) in Net Assets		1,112,395			(11,836,914	)
NET ASSETS:
Beginning of period		135,162,023			146,998,937
End of period	$	136,274,418		$	135,162,023

See Notes to Financial Statements.

278

Municipal Bond Fund						Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2021			2020			2021			2020			2021			2020			2021			2020
$	657,663		$	1,667,203		$	1,657,384		$	3,312,713		$	1,242,850		$	8,143,799		$	378,651		$	498,606
	98,639			404,902			668,343			3,766,463			(1,470,645	)		(4,821,061	)		395,188			(272,883	)
	(125,464	)		(1,385,198	)		(2,858,582	)		8,074,864			2,644,486			4,882,612			2,495,842			483,310
	630,838			686,907			(532,855	)		15,154,040			2,416,691			8,205,350			3,269,681			709,033
	(998,827	)		(2,196,820	)		(3,290,679	)		(2,532,631	)		(6,604,435	)		(7,631,973	)		(482,881	)		(996,291	)
	(998,827	)		(2,196,820	)		(3,290,679	)		(2,532,631	)		(6,604,435	)		(7,631,973	)		(482,881	)		(996,291	)
	8,383,116			14,213,472			13,751,519			29,664,160			67,428,325			92,942,173			28,101,909			24,543,385
	998,694			2,196,764			3,290,625			2,532,629			6,604,469			7,632,233			482,881			996,291
	(9,465,827	)		(31,387,627	)		(18,470,143	)		(105,689,502	)		(47,046,726	)		(200,341,040	)		(4,732,013	)		(12,767,133	)
	(84,017	)		(14,977,391	)		(1,427,999	)		(73,492,713	)		26,986,068			(99,766,634	)		23,852,777			12,772,543
	(452,006	)		(16,487,304	)		(5,251,533	)		(60,871,304	)		22,798,324			(99,193,257	)		26,639,577			12,485,285
	69,147,330			85,634,634			155,792,994			216,664,298			398,096,390			497,289,647			39,335,845			26,850,560
$	68,695,324		$	69,147,330		$	150,541,461		$	155,792,994		$	420,894,714		$	398,096,390		$	65,975,422		$	39,335,845

See Notes to Financial Statements.

279

Statements of Cash Flows

For the Six-Months Ended February 28, 2021 (unaudited)

	International Fixed Income Fund			Inflation-Linked Fixed Income Fund
Cash Flows Provided by/Used in Operating Activities:
Net increase/decrease in net assets resulting from operations	$	1,159,312		$	(532,855	)
Adjustments to reconcile net increase/decrease in net assets from operations to net cash and foreign currency provided by/used in operating activities:
Purchases of long-term investments		(493,038,092	)		(137,470,013	)
Proceeds from the sale and maturity of long-term investments		536,416,163			164,461,051
Payments from short-term investments, net		823,660			(5,909,317	)
Decrease to the principal amount of inflation-indexed bonds		(18,362	)		(1,412,085	)
Change in net unrealized appreciation/depreciation from unaffiliated investments		2,147,418			3,891,505
Change in net unrealized appreciation/depreciation from options contracts written		109,371			140,052
Change in net unrealized appreciation/depreciation on open OTC swap contracts		(451,612	)		—
Decrease in variation margin on centrally cleared swap contracts		252,821			156,406
Net amortization (accretion) of premiums (discounts) of investments		(7,855	)		15,037
Net realized gain from unaffiliated investments		(1,857,845	)		(1,119,756	)
Increase in premium received on options contracts written		60,080			156,804
Decrease in variation margin on open futures contracts		92,385			31,689
Decrease in receivable for securities sold		1,207,004			77,732
Decrease in receivable for TBA securities sold		19,775,446			21,375,588
Increase/Decrease in dividends and interest receivable from unaffiliated investments		(117,822	)		19,787
Increase/Decrease in deposits for collateral with counterparty		92,000			(8,000	)
Decrease in net upfront payments received/paid on OTC open swap contracts		20,650			—
Decrease for due to custodian		(41,447	)		—
Increase in forward sale commitments		13,566,671			—
Increase in prepaid expenses		(4,609	)		(8,871	)
Increase in unrealized appreciation on open forward foreign currency contracts		(772,987	)		(183,276	)
Increase in payable for securities purchased		2,243,038			85,460
Decrease in payable for TBA securities purchased		(77,079,507	)		(33,190,565	)
Increase/Decrease in deposits for collateral from counterparty		410,000			(10,000	)
Decrease in investment management fee payable		(876	)		(2,650	)
Decrease in interest expense payable		(507	)		(2,009	)
Increase/Decrease in custody fee payable		(7,317	)		3,333
Decrease in transfer agent fees payable		(1,151	)		(3,296	)
Increase in trustees’ fees payable		—			6,502
Decrease in unrealized depreciation on open forward foreign currency contracts		(681,989	)		(426,043	)
Increase in accrued expenses		27,666			72,906
Net cash and foreign currency provided by operating activities		4,321,707			10,215,116
Cash Flows Provided by Financing Activities:
Proceeds from sale-buyback transactions		100,397,803			51,222,013
Payments on sale buyback transactions		(101,227,529	)		(51,243,430	)
Proceeds from reverse repurchase agreements		(3,406,205	)		(4,806,592	)
Proceeds from sale of shares		15,194,769			13,498,282
Cost of shares repurchased		(15,421,277	)		(18,338,581	)
Distributions to shareholders, net of reinvestments		(10	)		(54	)
Net cash and foreign currency used in financing activities		(4,462,449	)		(9,668,362	)
Net increase/decrease in cash and foreign currency(a)		(140,742	)		546,754
Cash and Foreign Currency:
Cash, cash equivalents and foreign cash at the beginning of the period		352,517			2,452,400
Cash, cash equivalents and foreign cash at end of the period	$	211,775		$	2,999,154
Non-Cash Financing Activities:
Reinvestment of distributions	$	(993,140	)	$	(3,290,625	)

(a) Includes net change in unrealized depreciation on foreign currency of $(29,486) and $(75,083) for International Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

See Notes to Financial Statements.

280

Financial Highlights

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

Large Cap Equity Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	21.62		$	19.10		$	21.31		$	18.76		$	17.06		$	20.63
Income from Operations:
Net investment income(2)		0.12			0.26			0.27			0.26			0.25			0.19
Net realized and unrealized gain (loss)		2.53			3.23			(0.24	)		3.18			2.05			1.15
Total Income from Operations		2.65			3.49			0.03			3.44			2.30			1.34
Less Distributions from:
Net investment income		(0.18	)		(0.20	)		(0.34	)		(0.24	)		(0.27	)		(0.11	)
Net realized gain		(0.57	)		(0.77	)		(1.90	)		(0.65	)		(0.33	)		(4.80	)
Total Distributions		(0.75	)		(0.97	)		(2.24	)		(0.89	)		(0.60	)		(4.91	)
Net Asset Value, End of Period	$	23.52		$	21.62		$	19.10		$	21.31		$	18.76		$	17.06
Total Return†(3)		12.39	%(4)		18.85	%		1.32	%		18.89	%		13.86	%		7.08	%
Net Assets, End of Period (millions)	$	1,967		$	1,854		$	1,554		$	1,737		$	1,687		$	1,709
Ratios to Average Net Assets:
Gross expenses		0.69	%(5)		0.70	%		0.69	%		0.69	%		0.69	%		0.69	%
Net expenses(6)		0.48	(5)		0.49			0.48			0.48			0.48			0.56
Net investment income		1.04	(5)		1.33			1.43			1.29			1.40			1.10
Portfolio Turnover Rate		6	%(4)		21	%		13	%		29	%		18	%		105	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Annualized.

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

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

See Notes to Financial Statements.

281

Financial Highlights

(continued)

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

Small-Mid Cap Equity Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	18.01		$	18.60		$	23.06		$	19.53		$	17.40		$	24.39
Income (Loss) from Operations:
Net investment income(2)		0.08			0.13			0.12			0.10			0.10			0.05
Net realized and unrealized gain (loss)		5.29			1.48			(1.83	)		4.14			2.39			(1.22	)
Total Income (Loss) from Operations		5.37			1.61			(1.71	)		4.24			2.49			(1.17	)
Less Distributions from:
Net investment income		(0.14	)		(0.10	)		(0.10	)		(0.03	)		(0.06	)		—
Net realized gain		(0.75	)		(2.10	)		(2.65	)		(0.68	)		(0.30	)		(5.82	)
Total Distributions		(0.89	)		(2.20	)		(2.75	)		(0.71	)		(0.36	)		(5.82	)
Net Asset Value, End of Period	$	22.49		$	18.01		$	18.60		$	23.06		$	19.53		$	17.40
Total Return†(3)		30.36	%(4)		8.78	%		(6.25	)%		22.17	%		14.49	%		(5.51	)%
Net Assets, End of Period (millions)	$	740		$	620		$	423		$	520		$	674		$	475
Ratios to Average Net Assets:
Gross expenses		0.92	%(5)		0.96	%		0.98	%		0.92	%		0.94	%		0.99	%
Net expenses(6)		0.58	(5)		0.62			0.66			0.61			0.63			0.79
Net investment income		0.77	(5)		0.77			0.63			0.47			0.52			0.28
Portfolio Turnover Rate		14	%(4)		45	%		65	%		34	%		34	%		151	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Annualized.

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

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

See Notes to Financial Statements.

282

Financial Highlights

(continued)

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

International Equity Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	12.27		$	11.59		$	12.64		$	12.34		$	10.83		$	10.91
Income (Loss) from Operations:
Net investment income(2)		0.05			0.17			0.28			0.27			0.24			0.21
Net realized and unrealized gain (loss)		2.04			0.84			(1.09	)		0.24			1.56			(0.10	)
Total Income (Loss) from Operations		2.09			1.01			(0.81	)		0.51			1.80			0.11
Less Distributions from:
Net investment income		(0.24	)		(0.33	)		(0.24	)		(0.21	)		(0.29	)		(0.19	)
Net Asset Value, End of Period	$	14.12		$	12.27		$	11.59		$	12.64		$	12.34		$	10.83
Total Return†(3)		17.15	%(4)		8.64	%		(6.34	)%		4.15	%		17.14	%		0.96	%
Net Assets, End of Period (millions)	$	1,385		$	1,254		$	1,311		$	1,677		$	1,244		$	1,122
Ratios to Average Net Assets:
Gross expenses		0.86	%(5)		0.87	%		0.84	%		0.83	%		0.83	%		0.82	%
Net expenses(6)		0.71	(5)		0.71			0.68			0.66			0.65			0.76
Net investment income		0.83	(5)		1.44			2.40			2.07			2.15			2.02
Portfolio Turnover Rate		18	%(4)		39	%		28	%		41	%		27	%		64	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Annualized.

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

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

See Notes to Financial Statements.

283

Financial Highlights

(continued)

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

Emerging Markets Equity Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	14.67		$	14.00		$	14.29		$	15.33		$	12.36		$	10.87
Income (Loss) from Operations:
Net investment income(2)		0.05			0.20			0.27			0.22			0.20			0.13
Net realized and unrealized gain (loss)		3.17			0.75			(0.34	)		(1.06	)		2.90			1.51
Total Income (Loss) from Operations		3.22			0.95			(0.07	)		(0.84	)		3.10			1.64
Less Distributions from:
Net investment income		(0.33	)		(0.28	)		(0.22	)		(0.20	)		(0.13	)		(0.15	)
Net Asset Value, End of Period	$	17.56		$	14.67		$	14.00		$	14.29		$	15.33		$	12.36
Total Return†(3)		22.05	%(4)		6.79	%		(0.40	)%		(5.55	)%		25.48	%		15.31	%
Net Assets, End of Period (millions)	$	622		$	548		$	493		$	498		$	488		$	428
Ratios to Average Net Assets:
Gross expenses		1.11	%(5)		1.15	%		1.13	%		1.11	%		1.14	%		1.13	%
Net expenses(6)		0.80	(5)		0.84			0.82			0.80			0.86			0.96
Net investment income		0.60	(5)		1.44			1.95			1.42			1.51			1.15
Portfolio Turnover Rate		14	%(4)		23	%		22	%		24	%		27	%		99	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Annualized.

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

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

See Notes to Financial Statements.

284

Financial Highlights

(continued)

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

Core Fixed Income Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	8.79		$	8.42		$	7.86		$	8.19		$	8.41		$	8.23
Income (Loss) from Operations:
Net investment income(2)		0.07			0.19			0.23			0.20			0.19			0.20
Net realized and unrealized gain (loss)		(0.17	)		0.42			0.57			(0.31	)		(0.11	)		0.27
Total Income (Loss) from Operations		(0.10	)		0.61			0.80			(0.11	)		0.08			0.47
Less Distributions from:
Net investment income		(0.09	)		(0.22	)		(0.24	)		(0.21	)		(0.22	)		(0.23	)
Tax return of capital		—			—			—			(0.01	)		—			—
Net realized gain		(0.28	)		(0.02	)		—			—			(0.08	)		(0.06	)
Total Distributions		(0.37	)		(0.24	)		(0.24	)		(0.22	)		(0.30	)		(0.29	)
Net Asset Value, End of Period	$	8.32		$	8.79		$	8.42		$	7.86		$	8.19		$	8.41
Total Return†(3)		(1.19	)%(4)		7.46	%		10.39	%		(1.35	)%		1.07	%		5.84	%
Net Assets, End of Period (millions)	$	986		$	981		$	1,204		$	867		$	710		$	722
Ratios to Average Net Assets:
Gross expenses		0.58	%(5)		0.58	%		0.57	%		0.57	%		0.58	%(6)		0.55	%(6)
Net expenses(7)		0.56	(5)		0.56			0.56			0.56			0.56	(6)		0.54	(6)
Net investment income		1.73	(5)		2.27			2.85			2.49			2.32			2.42
Portfolio Turnover Rate		105	%(4)		216	%		210	%		253	%		236	%		245	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Annualized.

(6) Ratio includes interest expense on reverse repurchase agreements which represents less than 0.005%.

(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

Financial Highlights

(continued)

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

High Yield Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	3.61		$	3.76		$	3.77		$	3.86		$	3.78		$	3.88
Income from Operations:
Net investment income(2)		0.10			0.17			0.19			0.20			0.22			0.23
Net realized and unrealized gain (loss)		0.08			(0.15	)		—			(0.08	)		0.10			(0.09	)
Total Income from Operations		0.18			0.02			0.19			0.12			0.32			0.14
Less Distributions from:
Net investment income		(0.09	)		(0.17	)		(0.20	)		(0.21	)		(0.24	)		(0.24	)
Net Asset Value, End of Period	$	3.70		$	3.61		$	3.76		$	3.77		$	3.86		$	3.78
Total Return†(3)		5.39	%(4)		0.14	%		5.58	%		3.20	%		8.38	%		4.02	%
Net Assets, End of Period (millions)	$	291		$	282		$	49		$	58		$	173		$	325
Ratios to Average Net Assets:
Gross expenses		0.98	%(5)		1.07	%		1.32	%		1.17	%		0.95	%		0.88	%
Net expenses(6)		0.77	(5)		0.86			1.12			0.97			0.75			0.70
Net investment income		5.04	(5)		4.85			5.09			5.27			5.65			6.21
Portfolio Turnover Rate		38	%(4)		84	%		43	%		57	%		72	%		64	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Annualized.

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

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

See Notes to Financial Statements.

286

Financial Highlights

(continued)

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

International Fixed Income Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	8.03		$	8.35		$	7.86		$	7.78		$	7.79		$	7.61
Income from Operations:
Net investment income(2)		0.05			0.20			0.06			0.14			0.14			0.13
Net realized and unrealized gain (loss)		0.02			(0.15	)		0.70			0.03			(0.07	)		0.56
Total Income from Operations		0.07			0.05			0.76			0.17			0.07			0.69
Less Distributions from:
Net investment income		—			(0.35	)		(0.27	)		(0.09	)		(0.08	)		(0.51	)
Net realized gain		(0.06	)		(0.02	)		—			—			—			—
Total Distributions		(0.06	)		(0.37	)		(0.27	)		(0.09	)		(0.08	)		(0.51	)
Net Asset Value, End of Period	$	8.04		$	8.03		$	8.35		$	7.86		$	7.78		$	7.79
Total Return†(3)		0.85	%(4)		0.75	%		10.01	%		2.25	%		0.98	%		9.56	%
Net Assets, End of Period (millions)	$	136		$	135		$	147		$	145		$	148		$	192
Ratios to Average Net Assets:
Gross expenses(5)		1.02	(6)		1.16	%		1.24	%		1.01	%		1.06	%		0.87	%
Net expenses(5)(7)		0.97	(6)		1.11			1.19			0.95			1.01			0.83
Net investment income		1.28	(6)		2.49			0.77			1.76			1.82			1.71
Portfolio Turnover Rate		259	%(4)		437	%		265	%		203	%		268	%		199	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents less than 0.005%, 0.09%, 0.15%, 0.04%,0.11% and 0.04% respectively.

(6) Annualized.

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

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

See Notes to Financial Statements.

287

Financial Highlights

(continued)

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

Municipal Bond Fund
	2021(1)			2020			2019			2018			2017			2016
Net Asset Value, Beginning of Period	$	9.53		$	9.61		$	9.11		$	9.37		$	9.93		$	9.65
Income (Loss) from Operations:
Net investment income(2)		0.09			0.20			0.23			0.24			0.27			0.28
Net realized and unrealized gain (loss)		—			(0.01	)		0.52			(0.26	)		(0.31	)		0.30
Total Income (Loss) from Operations		0.09			0.19			0.75			(0.02	)		(0.04	)		0.58
Less Distributions from:
Net investment income		(0.09	)		(0.21	)		(0.22	)		(0.24	)		(0.27	)		(0.28	)
Net realized gain		(0.05	)		(0.06	)		(0.03	)		—			(0.25	)		(0.02	)
Total Distributions		(0.14	)		(0.27	)		(0.25	)		(0.24	)		(0.52	)		(0.30	)
Net Asset Value, End of Period	$	9.48		$	9.53		$	9.61		$	9.11		$	9.37		$	9.93
Total Return†(3)		0.94	%(4)		1.99	%		8.38	%		(0.21	)%		(0.22	)%		6.14	%
Net Assets, End of Period (millions)	$	69		$	69		$	86		$	64		$	58		$	69
Ratios to Average Net Assets:
Gross expenses		0.78	%(5)		0.73	%		0.74	%		0.72	%		0.75	%		0.68	%
Net expenses		0.78	(5)		0.73			0.74			0.72			0.75			0.68
Net investment income		1.93	(5)		2.16			2.44			2.61			2.85			2.87
Portfolio Turnover Rate		3	%(4)		10	%		42	%		18	%		13	%		16	%

(1) For the six months ended February 28, 2021 (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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(4) Not annualized.

(5) Annualized.

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

See Notes to Financial Statements.

288

Financial Highlights

(continued)

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

Inflation-Linked Fixed Income Fund
	2021(1)			2020			2019			2018			2017			2016(2)
Net Asset Value, Beginning of Period	$	11.13		$	10.19		$	9.79		$	10.08		$	10.23		$	10.00
Income (Loss) from Operations:
Net investment income(3)		0.12			0.18			0.24			0.30			0.23			0.14
Net realized and unrealized gain (loss)		(0.16	)		0.88			0.38			(0.25	)		(0.13	)		0.32
Total Income (Loss) from Operations		(0.04	)		1.06			0.62			0.05			0.10			0.46
Less Distributions from:
Net investment income		(0.24	)		(0.12	)		(0.22	)		(0.34	)		(0.24	)		(0.23	)
Net realized gain		—			—			—			—			(0.01	)		—
Total Distributions		(0.24	)		(0.12	)		(0.22	)		(0.34	)		(0.25	)		(0.23	)
Net Asset Value, End of Period	$	10.85		$	11.13		$	10.19		$	9.79		$	10.08		$	10.23
Total Return†(4)		(0.21	)%(5)		10.38	%		6.42	%		0.55	%		1.05	%		4.59	%(5)
Net Assets, End of Period (millions)	$	151		$	156		$	217		$	240		$	190		$	159
Ratios to Average Net Assets:
Gross expenses(6)		0.97	%(7)		1.27	%		1.35	%		1.27	%		1.15	%		1.03	%(7)
Net expenses(6)(8)		0.92	(7)		1.22			1.30			1.22			1.10			0.99	(7)
Net investment income		2.19	(7)		1.76			2.47			3.07			2.25			2.91	(7)
Portfolio Turnover Rate		64	%(5)		193	%		143	%		72	%		120	%		35	%(5)

(1) For the six months ended February 28, 2021 (unaudited).

(2) For the period from Fund inception (March 8, 2016) through the period ended August 31, 2016.

(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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(5) Not annualized.

(6) Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents 0.05%, 0.35%, 0.55%, 0.49%, 0.29% and 0.19%, respectively.

(7) Annualized.

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

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

See Notes to Financial Statements.

289

Financial Highlights

(continued)

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

Ultra-Short Term Fixed Income Fund
	2021(1)			2020			2019			2018			2017			2016(2)
Net Asset Value, Beginning of Period	$	9.99		$	9.90		$	9.97		$	9.99		$	10.00		$	10.00
Income from Operations:
Net investment income(3)		0.03			0.18			0.25			0.19			0.13			0.07
Net realized and unrealized gain (loss)		0.03			0.06			(0.06	)		0.02			0.08			0.02
Total Income from Operations		0.06			0.24			0.19			0.21			0.21			0.09
Less Distributions from:
Net investment income		(0.16	)		(0.15	)		(0.26	)		(0.23	)		(0.22	)		(0.09	)
Net Asset Value, End of Period	$	9.89		$	9.99		$	9.90		$	9.97		$	9.99		$	10.00
Total Return†(4)		0.61	%(5)		2.36	%		2.07	%		2.09	%		2.14	%		0.89	%(5)
Net Assets, End of Period (millions)	$	421		$	398		$	497		$	507		$	276		$	162
Ratios to Average Net Assets:
Gross expenses(6)		0.69	%(7)		0.69	%		0.82	%		0.71	%		0.84	%		0.81	%(7)
Net expenses(6)(8)		0.63	(7)		0.64			0.77			0.66			0.79			0.77	(7)
Net investment income		0.62	(7)		1.78			2.51			1.90			1.29			1.47	(7)
Portfolio Turnover Rate		32	%(5)		96	%		97	%		128	%		103	%		100	%(5)

(1) For the six months ended February 28, 2021 (unaudited).

(2) For the period from Fund inception (March 8, 2016) through the period ended August 31, 2016.

(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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(5) Not annualized.

(6) Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents 0.00%, 0.02%, 0.07%, 0.04%, 0.05% and 0.02%, respectively.

(7) Annualized.

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

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

See Notes to Financial Statements.

290

Financial Highlights

(continued)

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

Alternative Strategies Fund
	2021(1)			2020			2019			2018(2)
Net Asset Value, Beginning of Period	$	10.04		$	10.10		$	9.88		$	10.00
Income (Loss) from Operations:
Net investment income (loss)(3)		0.08			0.15			0.10			(0.09	)
Net realized and unrealized gain (loss)		0.53			0.10			0.19			(0.03	)
Total Income (Loss) from Operations		0.61			0.25			0.29			(0.12	)
Less Distributions from:
Net investment income		(0.09	)		(0.28	)		(0.07	)		—
Net realized gain		—			(0.03	)		—			—
Total Distributions		(0.09	)		(0.31	)		(0.07	)		—
Net Asset Value, End of Period	$	10.56		$	10.04		$	10.10		$	9.88
Total Return†(4)		6.07	%(5)		2.61	%		2.90	%		(1.20	)%(5)
Net Assets, End of Period (millions)	$	66		$	39		$	27		$	6
Ratios to Average Net Assets:
Gross expenses		1.63	%(6)		1.85	%		2.34	%		11.00	%(6)
Net expenses(7)(8)		0.63	(6)		0.70			0.88			1.95	(6)
Net investment income (loss)		1.48	(6)		1.52			1.01			(1.72	)(6)
Portfolio Turnover Rate		47	%(5)		34	%		16	%		14	%(5)

(1) For the six months ended February 28, 2021 (unaudited).

(2) For the period form Fund inception (February 15, 2018) through the period ended August 31, 2018.

(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 2.50%, are not reflected in the performance data and would reduce the total returns. Effective October 1, 2018, the new advisory program charge is 2.00%. Past performance is no guarantee of future results.

(5) Not annualized.

(6) Annualized.

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

(8) Does not reflect the Fund’s proportionate share of income and expenses from the Underlying Fund.

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

See Notes to Financial Statements.

291

Notes to Schedules of Investments

(unaudited)

1. Organization and Significant Accounting Policies

The Morgan Stanley Pathway Funds (the “Trust”) is organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of Large Cap Equity Fund, Small-Mid Cap Equity Fund, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (individually, a “Fund” and collectively, the “Funds”). Each Fund is a diversified series of the Trust, except for International Fixed Income Fund, which is non-diversified.

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

In March 2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other IBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the Fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform.

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

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

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

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

Overnight repurchase agreements and repurchase agreements maturing in seven days or less are valued at cost. Term repurchase agreements maturing in more than seven days are valued at the average of the bid quotations obtained daily from at least two recognized purchasers of such term repurchase agreements selected by Consulting Group Advisory Services, LLC (“CGAS”) (the “Manager”).

The Board of Trustees (the “Board”) has ultimate responsibility for ensuring the Funds’ investments are valued appropriately. The Board has delegated primary responsibility for determining or causing to be determined the value of the Funds’ investments (including any fair valuation) to the Manager pursuant to valuation policies and procedures approved by the Board. When market quotations are not readily available or are determined to be unreliable, investments are valued at fair value as determined in good

292

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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 Board or persons acting at their direction that are used in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following are certain inputs and techniques that the Funds generally use to evaluate how to classify each major category of assets and liabilities in accordance with GAAP.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign bonds, bank loans, convertible preferred securities and non-U.S. bonds are normally valued by third-party pricing service providers that use broker quotations, reported trades or valuation estimates from their internal pricing models. The service providers’ internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by third-party pricing service providers that use broker-dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities and the related forward sales commitments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. To the extent that these inputs are significant and unobservable, the values are categorized as Level 3 of the fair value hierarchy.

Common stocks, preferred stocks, rights, warrants, exchange-traded funds and financial derivative instruments, such as futures contracts or options contracts that are traded on a national securities exchange, are categorized as Level 1 of the fair value hierarchy, to the extent these securities are actively traded and valuation adjustments are not applied.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE close. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment management companies are valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy.

293

Notes to Schedules of Investments

(unaudited) (continued)

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 London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

The following table summarizes the valuation of each Fund’s assets and liabilities using the fair value hierarchy:

	Total Fair Value at February 28, 2021		Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Large Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	185,007,112	$	185,007,112	$	—	$	—
Consumer Discretionary		247,419,127		247,419,127		—		—
Consumer Staples		96,425,739		96,425,739		—		—
Energy		40,579,247		40,579,247		—		—
Financials		191,875,191		191,875,191		—		—
Health Care		271,774,108		271,774,108		—		—
Industrials		185,717,332		185,717,332		—		—
Information Technology		524,261,327		524,261,327		—		—
Materials		58,203,356		58,203,356		—		—
Real Estate		55,680,473		55,680,473		—		—
Utilities		34,152,826		34,152,826		—		—
Closed End Mutual Fund Security:
Financials		20,934,597		20,934,597		—		—
Short-Term Investments:
Money Market Fund		16,139,427		16,139,427		—		—
Time Deposits		47,956,975		—		47,956,975		—
Total Investments, at Value	$	1,976,126,837	$	1,928,169,862	$	47,956,975	$	—

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(unaudited) (continued)

	Total Fair Value at February 28, 2021			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Security Lending Transactions — Liabilities	$	(16,139,427	)	$	—	$	(16,139,427	)	$	—
Other Financial Instruments — Assets
Futures Contracts	$	102,086		$	102,086	$	—		$	—
Total Other Financial Instruments — Assets	$	102,086		$	102,086	$	—		$	—
Small-Mid Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	18,614,840		$	18,614,840	$	—		$	—
Consumer Discretionary		66,149,593			66,149,593		—			—
Consumer Staples		28,241,168			28,241,168		—			—
Energy		10,844,433			10,844,433		—			—
Financials		98,263,845			98,263,845		—			—
Health Care		126,061,726	*		126,056,754		4,972	*		—
Industrials		116,174,407			116,174,407		—			—
Information Technology		149,333,530			149,333,530		—			—
Materials		34,112,370	*		34,112,370		—			—	*
Real Estate		44,425,740			44,425,740		—			—
Utilities		19,744,144			19,744,144		—			—
Convertible Preferred Stocks:
Health Care		3,128,180			3,128,180		—			—
Utilities		1,656,489			1,656,489		—			—
Closed End Mutual Fund Securities:
Financials		2,409,980			2,409,980		—			—
Preferred Stocks:
Financials		2,433,304			2,433,304		—			—
Corporate Bond & Note:		—			—		—			—
Communication Services		1,057,410			—		1,057,410			—
Short-Term Investments:
Money Market Fund		42,980,372			42,980,372		—			—
Time Deposits		18,442,716			—		18,442,716			—
Total Investments, at Value	$	784,074,247	*	$	764,569,149	$	19,505,098	*	$	—	*
Security Lending Transactions — Liabilities	$	(42,980,372	)	$	—	$	(42,980,372	)	$	—
Other Financial Instruments — Assets
Futures Contracts	$	307,778		$	307,778	$	—		$	—
Total Other Financial Instruments — Assets	$	307,778		$	307,778	$	—		$	—
International Equity Fund
Investments, at Value
Common Stocks:
France	$	155,667,640		$	215,410	$	155,452,230		$	—
Germany		115,093,065			—		115,093,065			—
Japan		246,057,593			—		246,057,593			—
Netherlands		80,320,940			559,653		79,761,287			—
Switzerland		124,851,575			226,447		124,625,128			—

295

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(unaudited) (continued)

	Total Fair Value at February 28, 2021			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
United Kingdom	$	187,355,704		$	874,723		$	186,480,981		$	—
Other Countries**		428,179,541			70,292,544			357,886,997			—
Preferred Stocks:
Germany		12,668,167			—			12,668,167			—
Closed End Mutual Fund Securities:
United States		969,331			969,331			—			—
Warrant:
Switzerland		39,760			39,760			—			—
Short-Term Investments:
Money Market Fund		9,320,857			9,320,857			—			—
Time Deposits		31,218,822			—			31,218,822			—
Total Investments, at Value	$	1,391,742,995		$	82,498,725		$	1,309,244,270		$	—
Security Lending Transactions — Liabilities	$	(9,320,857	)	$	—		$	(9,320,857	)	$	—
Other Financial Instruments — Assets
Futures Contracts	$	14,524		$	14,524			—			—
Total Other Financial Instruments — Assets	$	14,524		$	14,524		$	—		$	—
Other Financial Instruments — Liabilities
Futures Contracts	$	(7,777	)	$	(7,777	)		—			—
Total Other Financial Instruments — Liabilities	$	(7,777	)	$	(7,777	)	$	—		$	—
Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
China	$	178,110,333	*	$	53,788,109		$	124,322,224	*	$	—
India		63,705,367			6,872,068			56,833,299			—
South Korea		69,497,560			—			69,497,560			—
Taiwan		59,544,867			64,368			59,480,499			—
Other Countries**		224,095,965			90,965,493			133,130,472			—
Preferred Stocks:
Brazil		2,086,964			2,085,978			986			—
Chile		188,632			188,632			—			—
Colombia		115,814			115,814			—			—
Russia		83,389			42,095			41,294			—
South Korea		6,600,867			—			6,600,867			—
Rights:
China		1,755			—			1,755			—
South Korea		12,586			—			12,586			—
Short-Term Investments:
Money Market Fund		1,367,398			1,367,398			—			—
Time Deposits		18,383,243			—			18,383,243			—
Total Investments, at Value	$	623,794,740	*	$	155,489,955		$	468,304,785	*	$	—
Security Lending Transactions — Liabilities	$	(1,367,398	)	$	—		$	(1,367,398	)	$	—

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(unaudited) (continued)

	Total Fair Value at February 28, 2021			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Assets
Futures Contracts	$	43,343		$	43,343		$	—		$	—
Total Other Financial Instruments — Assets	$	43,343		$	43,343		$	—		$	—
Core Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	311,942,680	*	$	—		$	311,942,680		$	—	*
U.S. Government Agencies & Obligations		266,891,404			—			266,891,404			—
Mortgage-Backed Securities		256,980,211			—			256,980,211			—
Collateralized Mortgage Obligations		94,243,719			—			94,243,719			—
Sovereign Bonds		30,940,761			—			30,940,761			—
Senior Loans		17,092,488			—			17,092,488			—
Asset-Backed Securities		9,504,544			—			9,504,544			—
Municipal Bonds		5,336,284			—			5,336,284			—
Purchased Options		87,144			28,012			59,132			—
Short-Term Investments:
Sovereign Bonds		9,195,889			—			9,195,889			—
Time Deposits		63,078,380			—			63,078,380			—
U.S. Government Obligations		33,399,036			—			33,399,036			—
Total Investments, at Value	$	1,098,692,540	*	$	28,012		$	1,098,664,528		$	—	*
Other Financial Instruments — Assets
Futures Contracts	$	878,073		$	878,073		$	—		$	—
Forward Foreign Currency Contracts		394,125			—			394,125			—
OTC Interest Rate Swap		37,490			—			37,490			—
Centrally Cleared Interest Rate Swaps		3,285,232			—			3,285,232			—
Total Other Financial Instruments — Assets	$	4,594,920		$	878,073		$	3,716,847		$	—
Other Financial Instruments — Liabilities
Options Contracts Written	$	(59,625	)	$	(59,625	)	$	—		$	—
Futures Contracts		(1,522,153	)		(1,522,153	)		—			—
Forward Foreign Currency Contracts		(406,540	)		—			(406,540	)		—
Centrally Cleared Interest Rate Swaps		(246,781	)		—			(246,781	)		—
Total Other Financial Instruments — Liabilities	$	(2,235,099	)	$	(1,581,778	)	$	(653,321	)	$	—
High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	260,341,526		$	—		$	260,341,526		$	—
Senior Loans		19,909,182			—			19,909,182			—
Collateralized Mortgage Obligations		2,198,787			—			2,198,787			—
Preferred Stocks:
Consumer Cyclical		673,224			673,224			—			—
Financials		421,991			421,991			—			—
Convertible Preferred Stocks:
Consumer Non-Cyclical		177,053			177,053			—			—
Energy		766,775			—			766,775			—
Closed End Mutual Fund Security:
Financials		410,590			410,590			—			—

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	Total Fair Value at February 28, 2021			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Common Stocks:
Communications	$	3,743		$	3,743		$	—		$	—
Energy		297,338			286,947			—			10,391
Financials		446			—			—			446
Sovereign Bonds		52,838			—			52,838			—
Warrant:
Media		11,724			11,724			—			—
Short-Term Investments:
Time Deposits		12,322,861			—			12,322,861			—
Total Investments, at Value	$	297,588,078		$	1,985,272		$	295,591,969		$	10,837
International Fixed Income Fund
Investments, at Value
Sovereign Bonds:
France	$	7,798,808		$	—		$	7,798,808		$	—
Japan		19,226,857			—			19,226,857			—
Spain		8,888,308			—			8,888,308			—
Other Countries**		27,545,356			—			27,545,356			—
Corporate Bonds & Notes:
United Kingdom		7,499,554			—			7,499,554			—
Other Countries**		26,080,809			—			26,080,809			—
Collateralized Mortgage Obligations		26,679,705			—			26,679,705			—
Mortgage-Backed Securities		26,478,600			—			26,478,600			—
U.S. Government Obligations		4,505,318			—			4,505,318			—
Asset-Backed Securities		512,382			—			512,382			—
Purchased Options		200,161			—			200,161			—
Short-Term Investments:
Sovereign Bonds		2,678,284			—			2,678,284			—
Time Deposits		2,769,556			—			2,769,556			—
Total Investments, at Value	$	160,863,698		$	—		$	160,863,698		$	—
Other Financial Instruments — Assets
Futures Contracts	$	114,902		$	114,902		$	—		$	—
Forward Foreign Currency Contracts		1,547,333			—			1,547,333			—
Centrally Cleared Interest Rate Swaps		1,186,478			—			1,186,478			—
Centrally Cleared Inflation Rate Swaps		89,279			—			89,279			—
OTC Credit Default Swaps		59,035			—			59,035			—
Centrally Cleared Credit Default Swaps		14,607			—			14,607			—
OTC Cross Currency Swap		175,614			—			175,614			—
OTC Total Return Swaps		308,552			—			308,552			—
Total Other Financial Instruments — Assets	$	3,495,800		$	114,902		$	3,380,898		$	—
Other Financial Instruments — Liabilities
Options Contracts Written	$	(226,197	)	$	(70,203	)	$	(155,994	)	$	—
Reverse Repurchase Agreement		(3,004,760	)		—			(3,004,760	)		—
Forward Sale Commitments		(20,399,312	)		—			(20,399,312	)		—
Futures Contracts		(729,013	)		(729,013	)		—			—
Forward Foreign Currency Contracts		(979,301	)		—			(979,301	)		—
Centrally Cleared Interest Rate Swaps		(838,069	)		—			(838,069	)		—

298

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	Total Fair Value at February 28, 2021			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Centrally Cleared Inflation Rate Swaps	$	(117,967	)	$	—		$	(117,967	)	$	—
OTC Credit Default Swaps		(2,170	)		—			(2,170	)		—
Centrally Cleared Credit Default Swaps		(93,643	)		—			(93,643	)		—
Total Other Financial Instruments — Liabilities	$	(26,390,432	)	$	(799,216	)	$	(25,591,216	)	$	—
Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	65,170,399		$	—		$	65,170,399		$	—
Short-Term Investments:
Time Deposits		2,758,042			—			2,758,042			—
Total Investments, at Value	$	67,928,441		$	—		$	67,928,441		$	—
Other Financial Instruments — Assets
Futures Contract	$	15,697		$	15,697		$	—		$	—
Total Other Financial Instruments — Assets	$	15,697		$	15,697		$	—		$	—
Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Agencies & Obligations	$	155,421,978		$	—		$	155,421,978		$	—
Collateralized Mortgage Obligations		16,463,208			—			16,463,208			—
Mortgage-Backed Securities		14,587,341			—			14,587,341			—
Sovereign Bonds		14,169,612			—			14,169,612			—
Corporate Bonds & Notes		8,659,021			—			8,659,021			—
Purchased Options		287,932			2,932			285,000			—
Short-Term Investments:
Repurchase Agreement		4,100,000			—			4,100,000			—
Time Deposits		1,022,565			—			1,022,565			—
U.S. Government Obligation		1,799,891			—			1,799,891			—
Total Investments, at Value	$	216,511,548		$	2,932		$	216,508,616		$	—
Other Financial Instruments — Assets
Futures Contracts	$	566,757		$	566,757		$	—		$	—
Forward Foreign Currency Contracts		257,861			—			257,861			—
Centrally Cleared Interest Rate Swaps		39,754			—			39,754			—
Centrally Cleared Inflation Rate Swaps		384,837			—			384,837			—
Centrally Cleared Credit Default Swap		1,597			—			1,597			—
Total Other Financial Instruments — Assets	$	1,250,806		$	566,757		$	684,049		$	—
Other Financial Instruments — Liabilities
Options Contracts Written	$	(300,896	)	$	—		$	(300,896	)	$	—
Reverse Repurchase Agreement		(56,645,733	)		—			(56,645,733	)		—
Futures Contracts		(138,404	)		(138,404	)		—			—
Forward Foreign Currency Contracts		(93,041	)		—			(93,041	)		—
Centrally Cleared Inflation Rate Swaps		(396,168	)		—			(396,168	)		—
Centrally Cleared Credit Default Swap		(106,114	)		—			(106,114	)		—
Total Other Financial Instruments — Liabilities	$	(57,680,356	)	$	(138,404	)	$	(57,541,952	)	$	—

299

Notes to Schedules of Investments

(unaudited) (continued)

	Total Fair Value at February 28, 2021			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	$	164,600,224		$	—		$	164,600,224		$	—
Collateralized Mortgage Obligations		118,001,987			—			115,557,256			2,444,731
U.S. Government Agencies & Obligations		51,341,456			—			51,341,456			—
Asset-Backed Securities		24,112,580			—			24,112,580			—
Sovereign Bonds		7,547,597			—			7,547,597			—
Mortgage-Backed Security		2,508,427			—			2,508,427			—
Short-Term Investments:
Corporate Bond		500,670			—			500,670			—
Time Deposits		7,323,004			—			7,323,004			—
U.S. Government Obligations		176,599,813			—			176,599,813			—
Total Investments, at Value	$	552,535,758		$	—		$	550,091,027		$	2,444,731
Other Financial Instruments — Assets
Futures Contracts	$	549,076		$	549,076		$	—		$	—
Forward Foreign Currency Contracts		800,404			—			800,404			—
Total Other Financial Instruments — Assets	$	1,349,480		$	549,076		$	800,404		$	—
Other Financial Instruments — Liabilities
Futures Contracts	$	(371,167	)	$	(371,167	)	$	—		$	—
Forward Foreign Currency Contracts		(1,250,778	)		—			(1,250,778	)		—
Total Other Financial Instruments — Liabilities	$	(1,621,945	)	$	(371,167	)	$	(1,250,778	)	$	—
Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities
United States	$	63,683,669		$	63,683,669		$	—		$	—
Total Investments, at Value	$	63,683,669		$	63,683,669		$	—		$	—

* Includes securities that are valued in good faith at fair value by or under the direction of the Board of Trustees at $0.

** Other countries represents countries that are individually less than 5% of Net Assets.

The level classification by major category of investments is the same as the category presentation in the Schedules of Investments.

Transfer between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period September 1, 2020 through February 28, 2021:

	Total			Collateralized Mortgage Obligations		Common Stocks			Corporate Bonds & Notes
Small-Mid Cap Equity Fund
Balance as of August 31, 2020	$	—	*	$	—	$	—	*	$	—
Total realized gain (loss)		—			—		—			—
Change in unrealized appreciation (depreciation)		—			—		—			—
Purchases		—			—		—			—
(Sales)		—			—		—			—
Transfers in		—			—		—			—
(Transfers out)		—			—		—			—
Balance as of February 28, 2021	$	—	*	$	—	$	—	*	$	—

300

Notes to Schedules of Investments

(unaudited) (continued)

	Total			Collateralized Mortgage Obligations			Common Stocks			Corporate Bonds & Notes
Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2021	$	—		$	—		$	—		$	—
Core Fixed Income Fund
Balance as of August 31, 2020	$	—	*	$	—		$	—		$	—	*
Total realized gain (loss)		—			—			—			—
Change in unrealized appreciation (depreciation)		—			—			—			—
Purchases		—			—			—			—
(Sales)		—			—			—			—
Transfers in		—			—			—			—
(Transfers out)		—			—						—
Balance as of February 28, 2021	$	—	*	$	—		$	—		$	—	*
Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2021	$	—		$	—		$	—		$	—
High Yield Fund
Balance as of August 31, 2020	$	19,472		$	—		$	19,472		$	—
Total realized gain (loss)		—			—			—			—
Change in unrealized appreciation (depreciation)		(8,635	)		—			(8,635	)		—
Purchases		—			—			—			—
(Sales)		—			—			—			—
Transfers in		—			—			—			—
(Transfers out)		—			—			—			—
Balance as of February 28, 2021	$	10,837		$	—		$	10,837		$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2021	$	(8,635	)	$	—		$	(8,635	)	$	—
Ultra-Short Term Fixed Income Fund
Balance as of August 31, 2020	$	—		$	—		$	—		$	—
Total realized gain (loss)		—			—			—			—
Change in unrealized appreciation (depreciation)		(9,269	)		(9,269	)		—			—
Purchases		2,454,000			2,454,000			—			—
(Sales)		—			—			—			—
Transfers in		—			—			—			—
(Transfers out)		—			—			—			—
Balance as of February 28, 2021	$	2,444,731		$	2,444,731		$	—		$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 28, 2021	$	(9,269	)	$	(9,269	)	$	—		$	—

* Includes securities that are valued at $0.

(b) Accounting for Derivative Instruments. Derivative instruments require enhanced disclosures regarding a Fund’s credit derivatives holdings, including credit default swaps, credit spread options and hybrid financial instruments containing embedded credit derivatives.

All open derivative positions at the period-end for each Fund are disclosed in the Fund’s Schedule of Investments.

301

Notes to Schedules of Investments

(unaudited) (continued)

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.

(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

302

Notes to Schedules of Investments

(unaudited) (continued)

as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the change 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.

303

Notes to Schedules of Investments

(unaudited) (continued)

Swaps are marked-to-market daily based upon quotations from market makers and the change, if any, is recorded as change in unrealized appreciation or depreciation in the Statements of Operations. Net receipts or payments of interest are recorded as realized gains or losses, respectively. Gains and losses are realized upon termination of a swap contract. An upfront payment received by the Fund, is recorded as a liability on the Fund’s books. An upfront payment made by the Fund is recorded as an asset on the Fund’s books. Any upfront payments paid or received upon entering a swap contract to compensate for differences between stated terms of the agreement and prevailing market conditions (e.g. credit spreads, interest rates or other factors) are recorded as a realized gain or loss at the termination of the swap.

Swaps have risks associated with them, including possible default by the counterparty to the transaction, illiquidity and, where swaps are used as hedges, the risk that the use of a swap could result in losses greater than if the swap had not been employed. This risk is mitigated by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. Such amounts are reported on the Statements of Assets and Liabilities as deposits with counterparties.

(viii) Credit Default Swaps. Certain Funds may enter into credit default swap contracts for investment purposes, to manage their credit risk or to add leverage. As a seller in a credit default swap contract, a Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund keeps the stream of payments and has no payment obligations. Such periodic payments are accrued daily and accounted for as realized gains.

Certain Funds may also purchase credit default swap contracts in order to hedge against the risk of default by debt securities held in their portfolios. In these cases, a Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Fund receives the notional or other agreed upon value from the counterparty in the event of a default by a third party, such as a U.S. or foreign corporate issuer, on the referenced debt obligation. In return, the Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred. Such periodic payments are accrued daily and accounted for as realized losses.

For a credit default swap sold by a Fund, payment of the agreed upon amount made by the Fund in the event of default of the referenced debt obligation is recorded as the cost of the referenced debt obligation received. For a credit default swap purchased by a Fund, the agreed upon amount received by the Fund in the event of default of the referenced debt obligation is recorded as proceeds from sale/delivery of the referenced debt obligation and the resulting gain or loss realized on the referenced debt obligation is recorded as such by the Fund.

Entering into credit default swaps involves, to varying degrees, elements of credit and market risk in excess of the related amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates. As privately negotiated transactions, swaps may involve risk, which is the risk that the swap contracts fail to contemplate a particular outcome or that the parties disagree about the proper interpretation of a transaction term.

(ix) Interest Rate Swaps. Certain Funds may enter into interest rate swaps for investment purposes to manage exposure to fluctuations in interest rates or to add leverage. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in the fixed interest rate and the floating interest rate, applied to the notional principal amount for a specified period. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Once the payments are settled in cash, the net amount is recorded as realized gain or loss from swap contracts on the Statements of Operations. The Funds settle accrued net receivable or payable under the swap contracts on a periodic basis.

The primary risk associated with interest rate swaps is that unfavorable changes in interest rates could adversely impact a Fund.

(x) Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit and interest derivatives. In a centrally cleared derivative transaction, a Fund typically enters into the transaction with financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of the original counterparty. The Fund

304

Notes to Schedules of Investments

(unaudited) (continued)

typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse. The margin required by a clearinghouse may be greater than the margin the Fund would be required to post in an uncleared derivative transaction. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable on swap contracts for the change in value as appropriate on the Statements of Assets and Liabilities. Only a limited number of derivative transactions are currently eligible for clearing by clearinghouses.

(xi) Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps to gain or mitigate exposure to currency risk. Cross-currency swaps involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specific exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

(xii) Volatility Swap Contracts. A volatility swap is an agreement between counterparties to exchange periodic payments based on the measured volatility of a reference security, index, currency or other reference investment over a specified time frame. One cash flow is typically based on the realized volatility of the reference investment as measured by changes in its price or level over the specified time period while the other cash flow is based on a specified rate representing expected volatility for the reference investment at the time the swap is executed, or the measured volatility of a different reference investment over the specified time period. The appreciation or depreciation on a volatility swap will typically depend on the magnitude of the reference investment’s volatility, or size of the movements in its price, over the specified time period, rather than general directional increases or decreases in its price.

Volatility swaps are less standard in structure than other types of swaps and provide pure, or isolated, exposure to volatility risk of the specific underlying reference investment. Volatility swaps are typically used to speculate on future volatility levels, to trade the spread between realized and expected volatility, or to decrease the volatility exposure of investments held by the Fund.

Variance swaps are a type of volatility swap where counterparties agree to exchange periodic payments based on the measured variance (or the volatility squared) of a reference security, index, or other reference investment over a specified time period. At payment date, a net cash flow will be exchanged based on the difference between the realized variance of the reference investment over the specified time period and the specified rate representing expected variance for the reference investment at the time the swap is executed multiplied by the notional amount of the contract.

(xiii) Inflation Rate Swap Contracts. The Fund may enter into inflation rate swap contracts to attempt to hedge against inflation. Pursuant to the inflation rate swap agreement, the Fund negotiates with a counterparty to exchange a periodic stream of payments, based on a benchmark inflation index. One cash flow stream will typically be a floating rate payment linked to the specified inflation index while the other is typically a fixed interest rate.

Inflation rate swaps are normally issued on a zero coupon basis where all payments compound during the life of the contract and are netted upon the termination or maturity of the contract. Final payments received or paid by the Fund are recorded as realized gains or losses in the Statements of Operations. Inflation rate swap contracts are subject to movements in interest rates.

(xiv) Total Return Swaps. The Fund may enter into total return swap contracts to gain exposure and benefit from 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.

305

Notes to Schedules of Investments

(unaudited) (continued)

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at February 28, 2021:

Large Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	102,086	$	102,086

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		��	Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—		$	—	$	2,498,057		$	2,498,057
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—		$	—	$	(1,103,024	)	$	(1,103,024	)

Small-Mid Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	307,778	$	307,778

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	1,521,179		$	1,521,179
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(134,313	)	$	(134,313	)

International Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	14,524	$	14,524
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	7,777	$	7,777

306

Notes to Schedules of Investments

(unaudited) (continued)

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	186,272	$	186,272
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	4,808	$	4,808

Emerging Markets Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	—	$	—	$	—	$	43,343	$	43,343

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	397,470		$	397,470
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(91,086	)	$	(91,086	)

Core Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	87,144	$	—	$	—	$	—	$	87,144
Unrealized appreciation on open futures contracts (b)		878,073		—		—		—		878,073
Unrealized appreciation on forward foreign currency contracts (c)		—		394,125		—		—		394,125
Unrealized appreciation on centrally cleared swaps (f)		3,285,232		—		—		—		3,285,232
Unrealized appreciation on OTC swaps (c)		37,490		—		—		—		37,490
	$	4,287,939	$	394,125	$	—	$	—	$	4,682,064
Liability derivatives
Options contracts written outstanding (a)	$	59,625	$	—	$	—	$	—	$	59,625
Unrealized depreciation on open futures contracts (b)		1,522,153		—		—		—		1,522,153
Unrealized depreciation on forward foreign currency contracts (a)		—		406,540		—		—		406,540
Unrealized depreciation on centrally cleared swaps (f)		246,781		—		—		—		246,781
	$	1,828,559	$	406,540	$	—	$	—	$	2,235,099

307

Notes to Schedules of Investments

(unaudited) (continued)

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk			Foreign exchange risk			Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(580,192	)	$	—		$	—	$	—	$	(580,192	)
Futures contracts		290,219			—			—		—		290,219
Options contracts written		571,990			—			—		—		571,990
Swap contracts		(1,689,842	)		—			—		—		(1,689,842	)
Forward foreign currency contracts		—			1,060,621			—		—		1,060,621
	$	(1,407,825	)	$	1,060,621		$	—	$	—	$	(347,204	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	91,542		$	—		$	—	$	—	$	91,542
Futures contracts		(1,401,784	)		—			—		—		(1,401,784	)
Options contracts written		(20,111	)		—			—		—		(20,111	)
Swap contracts		4,453,997			—			—		—		4,453,997
Forward foreign currency contracts		—			(113,639	)		—		—		(113,639	)
	$	3,123,644		$	(113,639	)	$	—	$	—	$	3,010,005

High Yield Fund

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	36,834		$	—	$	—	$	—	$	36,834
										��
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(580	)	$	—	$	—	$	—	$	(580	)

International Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	200,161	$	—	$	—	$	—	$	200,161
Unrealized appreciation on open futures contracts (b)		114,902		—		—		—		114,902
Unrealized appreciation on forward foreign currency contracts (c)		—		1,547,333		—		—		1,547,333
Unrealized appreciation on centrally cleared swaps (f)		1,275,757		—		14,607		—		1,290,364
Unrealized appreciation on OTC swaps (c)		308,552		175,614		59,035		—		543,201
	$	1,899,372	$	1,722,947	$	73,642	$	—	$	3,695,961
Liability derivatives
Options contracts written outstanding (a)	$	195,359	$	16,125	$	14,713	$	—	$	226,197
Unrealized depreciation on open futures contracts (b)		729,013		—		—		—		729,013
Unrealized depreciation on forward foreign currency contracts (a)		—		979,301		—		—		979,301
Unrealized depreciation on centrally cleared swaps (f)		956,036		—		93,643		—		1,049,679
Unrealized depreciation on OTC swaps (a)		—		—		2,170		—		2,170
	$	1,880,408	$	995,426	$	110,526	$	—	$	2,986,360

308

Notes to Schedules of Investments

(unaudited) (continued)

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(11,901	)	$	3,922		$	—		$	—		$	(7,979	)
Futures contracts		1,128,205			—			—			—			1,128,205
Options contracts written		108,891			38,105			51,174			—			198,170
Swap contracts		122,450			—			(50,000	)		(329,590	)		(257,140	)
Forward foreign currency contracts		—			(2,255,963	)		—			—			(2,255,963	)
	$	1,347,645		$	(2,213,936	)	$	1,174		$	(329,590	)	$	(1,194,707	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	117,384		$	2,959		$	—		$	—		$	120,343
Futures contracts		(677,890	)		—			—			—			(677,890	)
Options contracts written		(101,796	)		(1,607	)		(5,968	)		—			(109,371	)
Swap contracts		1,116,807			59,134			(17,407	)		—			1,158,534
Forward foreign currency contracts		—			1,454,976			—			—			1,454,976
	$	454,505		$	1,515,462		$	(23,375	)	$	—		$	1,946,592

Municipal Bond Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	15,697	$	—	$	—	$	—	$	15,697

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	57,092	$	—	$	—	$	—	$	57,092
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	15,697	$	—	$	—	$	—	$	15,697

309

Notes to Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	287,932	$	—	$	—	$	—	$	287,932
Unrealized appreciation on open futures contracts (b)		566,757		—		—		—		566,757
Unrealized appreciation on forward foreign currency contracts (c)		—		257,861		—		—		257,861
Unrealized appreciation on centrally cleared swaps (f)		424,591		—		1,597		—		426,188
	$	1,279,280	$	257,861	$	1,597	$	—	$	1,538,738
Liability derivatives
Options contracts written outstanding (a)	$	297,837	$	—	$	3,059	$	—	$	300,896
Unrealized depreciation on open futures contracts (b)		138,404		—		—		—		138,404
Unrealized depreciation on forward foreign currency contracts (a)		—		93,041		—		—		93,041
Unrealized depreciation on centrally cleared swaps (f)		396,168		—		106,114		—		502,282
	$	832,409	$	93,041	$	109,173	$	—	$	1,034,623

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(8,423	)	$	(29,226	)	$	��        —		$	—	$	(37,649	)
Futures contracts		597,045			—			—			—		597,045
Options contracts written		21,581			—			28,466			—		50,047
Swap contracts		(210,296	)		—			(127,705	)		—		(338,001	)
Forward foreign currency contracts		—			(880,405	)		—			—		(880,405	)
	$	399,907		$	(909,631	)	$	(99,239	)	$	—	$	(608,963	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	124,686		$	—		$	—		$	—	$	124,686
Futures contracts		401,612			—			—			—		401,612
Options contracts written		(137,889	)		—			(2,163	)		—		(140,052	)
Swap contracts		250,548			—			47,320			—		297,868
Forward foreign currency contracts		—			609,319			—			—		609,319
	$	638,957		$	609,319		$	45,157		$	—	$	1,293,433

Ultra-Short Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 28, 2021:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	549,076	$	—	$	—	$	—	$	549,076
Unrealized appreciation on forward foreign currency contracts (c)		—		800,404		—		—		800,404
	$	549,076	$	800,404	$	—	$	—	$	1,349,480
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	371,167	$	—	$	—	$	—	$	371,167
Unrealized depreciation on forward foreign currency contracts (a)		—		1,250,778		—		—		1,250,778
	$	371,167	$	1,250,778	$	—	$	—	$	1,621,945

310

Notes to Schedules of Investments

(unaudited) (continued)

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 28, 2021:
Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	203,779		$	—		$	—		$	—	$	203,779
Swap contracts		543,260			—			(1,850,916	)		—		(1,307,656	)
Forward foreign currency contracts		—			(2,086,455	)		—			—		(2,086,455	)
	$	747,039		$	(2,086,455	)	$	(1,850,916	)	$	—	$	(3,190,332	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(9,746	)	$	—		$	—		$	—	$	(9,746	)
Swap contracts		(104,542	)		—			1,205,662			—		1,101,120
Forward foreign currency contracts		—			439,669			—			—		439,669
	$	(114,288	)	$	439,669		$	1,205,662		$	—	$	1,531,043

(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 investments, forward foreign currency contracts, futures contracts, options contracts written or swap contracts.

(e) Statements of Operations location: Change in net unrealized appreciation (depreciation) from investments, forward foreign currency contracts, futures contracts, options contracts written or swap contracts.

(f) Only variation margin, if any, is reported within the Statements of Assets and Liabilities. Cumulative appreciation (depreciation) on centrally cleared swaps is reported in the open swap contracts table in the Fund’s Schedule of Investments.

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, 2021 were as follows:

Large Cap Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	11,280,648

Small-Mid Cap Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	4,763,042

International Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,706,029

311

Notes to Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,619,940

Core Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	49,660	$	—	$	—	$	—
Futures contracts		338,641,978		—		—		—
Option contracts written		59,152		—		—		—
Swap contracts		45,711,429		—		—		—
Forward foreign currency contracts		—		47,126,788		—		—

High Yield Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	992,963

International Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	81,559	$	4,144	$	—	$	—
Futures contracts		57,280,774		—		—		—
Option contracts written		57,279		10,235		17,152		—
Swap contracts		175,606,494		1,558,650		19,277,178		—
Forward foreign currency contracts		—		182,680,284		—		—

Municipal Bond Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	431,537	$	—	$	—	$	—

Inflation-Linked Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	104,973	$	1,454	$	—	$	—
Futures contracts		94,125,926		—		—		—
Option contracts written		101,595		955		16,158		—
Swap contracts		60,609,967		214,815		4,397,441		—
Forward foreign currency contracts		—		61,891,342		—		—

312

Notes to Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	206,885,825	$	—	$	—	$	—
Swap contracts		13,960,842		—		14,629,143		—
Forward foreign currency contracts		—		127,683,650		—		—

(c) Repurchase Agreements. When entering into repurchase agreements, it is the Funds’ policy that their custodian or a third party custodian takes possession of the underlying collateral securities, the market value of which at least equals the principal amount of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market daily to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

(d) Stripped Securities. Certain Funds may invest in “Stripped Securities”, a term used collectively for stripped fixed income securities. Stripped Securities can be principal-only securities (“PO”), which are debt obligations that have been stripped of interest coupons, or interest-only securities (“IO”), which are interest coupons that have been stripped from debt obligations. As is the case with all securities, the market value of Stripped Securities will fluctuate in response to changes in economic conditions, interest rates and the market’s perception of the securities. However, fluctuations in response to interest rates may be greater in Stripped Securities than for debt obligations of comparable maturities that pay interest currently. The amount of fluctuation increases with a longer period of maturity. The yield-to-maturity on an IO is sensitive to the rate of principal repayments (including prepayments) on the related underlying debt obligation and principal payments may have a material effect on yield to maturity. If the underlying debt obligation experiences greater than anticipated prepayments of principal, the Fund may not fully recoup its initial investment in the IO.

(e) Time Deposits. Certain Funds may purchase overnight time deposits issued by offshore branches of U.S. banks that meet credit and risk standards established by the custodian and approved by the Board.

(f) Lending of Portfolio Securities. The Trust has an agreement with its custodian, whereby the custodian, as agent, may lend securities owned by the Funds to brokers, dealers and other financial organizations that have been approved as borrowers by the Funds. The custodian enters into agreements with the borrowers. Loans of securities by a Fund are collateralized by cash, U.S. government securities or irrevocable performance letters of credit issued by banks approved by the Funds. All non-cash collateral is received, held and administered by the custodian in an applicable custody account or other account established for the purpose of holding collateral for each Fund. Cash collateral received by the Funds as a result of securities lending activities is invested in an unaffiliated registered money market fund, and is recorded as Payable for collateral received from securities on loan within the Statements of Assets and Liabilities. Securities lending income represents the income earned on investing cash collateral plus any premium payments that may be received on the loan of certain types of securities, less fees and expenses associated with the loan. Each Fund maintains the risk of any market loss on its securities on loan as well as the potential loss on investments purchased with cash collateral received from its securities lending. The custodian has the right under its agreement with the borrowers to recover any loaned securities from the borrower on demand. Additionally, the Funds are exposed to risks that a borrower may not provide additional collateral when required or return loaned securities when due. If the borrower fails to return the securities, the custodian will use the collateral to purchase replacement securities. The custodian is responsible for any shortfall in collateral value under certain circumstances.

313

Notes to Schedules of Investments

(unaudited) (continued)

The following table presents securities on loan that are subject to enforceable netting arrangements as of February 28, 2021:

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Fund	Gross Asset Amount Presented in the Statements of Assets and Liabilities (a)		Financial Instrument		Collateral Received (b)(c)			Net Amount (Not Less than $0)
Large Cap Equity Fund	$	17,541,909	$	—	$	(17,541,909	)	$	0
Small-Mid Cap Equity Fund		42,067,614		—		(42,067,614	)		0
International Equity Fund		15,764,356		—		(15,764,356	)		0
Emerging Markets Equity Fund		1,292,899		—		(1,292,899	)		0

(a) Represents market value of securities on loan at period end.

(b) The Funds received cash collateral of $16,139,427, $42,980,372, $9,320,857 and $1,367,398, 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 $1,857,413, $76,258, $7,264,738 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 Portfolio of Investments.

(c) The actual collateral received could be greater than the amount shown here due to overcollateralization.

The Funds have adopted the disclosure provisions of FASB Accounting Standards Update No. 2014-11 (“ASU No. 2014-11”), “Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 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 borrowing.

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, 2021:

	Remaining Contractual Maturity of the Agreements As of February 28, 2021
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Large Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	16,139,427	$	—	$	—	$	—	$	16,139,427
Total Borrowings	$	16,139,427	$	—	$	—	$	—	$	16,139,427
Gross amount of recognized liabilities for securities lending transactions									$	16,139,427
Small-Mid Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	42,980,372	$	—	$	—	$	—	$	42,980,372
Total Borrowings	$	42,980,372	$	—	$	—	$	—	$	42,980,372
Gross amount of recognized liabilities for securities lending transactions									$	42,980,372
International Equity Fund
Securities Lending Transactions
Common Stocks	$	9,320,857	$	—	$	—	$	—	$	9,320,857
Total Borrowings	$	9,320,857	$	—	$	—	$	—	$	9,320,857
Gross amount of recognized liabilities for securities lending transactions									$	9,320,857
Emerging Markets Equity Fund
Securities Lending Transactions
Common Stocks	$	1,367,398	$	—	$	—	$	—	$	1,367,398
Total Borrowings	$	1,367,398	$	—	$	—	$	—	$	1,367,398
Gross amount of recognized liabilities for securities lending transactions									$	1,367,398

314

Notes to Schedules of Investments

(unaudited) (continued)

	Remaining Contractual Maturity of the Agreements As of February 28, 2021
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
International Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	—	$	3,004,760	$	—	$	3,004,760
Total Borrowings	$	—	$	—	$	3,004,760	$	—	$	3,004,760
Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	3,004,760
Inflation-Linked Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	56,645,733	$	—	$	—	$	56,645,733
Total Borrowings	$	—	$	56,645,733	$	—	$	—	$	56,645,733
Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	56,645,733

(g) To-Be-Announced Purchase and Sale Commitments. Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information is not known, such as the face amount and maturity date and the underlying pool of investments in U.S. government agency mortgage pass-through transactions. Securities purchased on a TBA basis are not settled until they are delivered to the Fund, normally 15 to 45 days later. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These transactions are marked-to-market on a daily basis and are subject to market fluctuations. Realized gains or losses on TBA purchase commitments are included in Net realized gain (loss) on investments on the Statements of Operations. Any fluctuation in the value of the purchased TBA commitments is included in Net change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

Additionally, when a Fund sells TBA securities without already owning or having the right to obtain the deliverable securities (an uncovered forward commitment to sell), it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold them. A Fund may be unable to purchase the deliverable securities if the corresponding market is illiquid.

TBA securities subject to a forward commitment to sell at period end are included at the end of the Fund’s Schedule of Investments under the caption “Schedule of Forward Sale Commitments.” The proceeds and value of these commitments are recorded as Forward Sale Commitments at value in the Statements of Assets and Liabilities.

(h) Short Sales of Securities. A short sale is a transaction in which a Fund sells securities it does not own in anticipation of a decline in the market price of the securities. To complete a short sale, the Fund may arrange through a broker to borrow the securities to be delivered to the buyer. The proceeds received by the Fund for the short sale are retained by the broker until the Fund replaces the borrowed securities. In borrowing the securities to be delivered to the buyer, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be.

The risk of engaging in short sale transactions is that selling short magnifies the potential for loss to a Fund. The larger the Fund’s short position, the greater the potential loss. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. To borrow the security, the Fund also may be required to pay a premium, which could decrease the proceeds of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale. In addition, because the Fund’s loss on a short sale arises from increases in the value of the security sold short, such loss is unlimited.

(i) Mortgage Dollar Rolls. Certain Funds may sell mortgage-backed securities for delivery in the current month and simultaneously contract to repurchase substantially similar (same type, coupon and maturity) securities to settle on a specific future date at an agreed upon price. Pools of mortgage securities are used to collateralize mortgage dollar roll transactions and may have

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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) LIBOR Replacement Risk. Many financial instruments use or may use a floating rate based on LIBOR, the offered rate at which major international banks can obtain wholesale, unsecured funding. LIBOR may be a significant factor in determining the Fund’s payment obligations under a derivative investment, the cost of financing to the Fund or an investment’s value or return to the Fund, and may be used in other ways that affect the Fund’s investment performance. In July 2017, the United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021. The unavailability and/or discontinuation of LIBOR may affect the value, liquidity or return on certain Fund investments that mature later than 2021 and may result in costs incurred in connection with closing out positions and entering into new positions. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or net asset value.

(n) 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.

(o) Market Risk. Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak could impact the operations and financial performance of certain of the Fund’s investments. The extent of the impact to the financial performance of Funds’ investments will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. If the financial performance of Funds’ investments is impacted because of these factors for an extended period, the Funds’ investment results may be adversely affected.

316

Notes to Schedules of Investments

(unaudited) (continued)

(p) 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. 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.

(q) 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.

(r) Distributions to Shareholders. Distributions from net investment income for Large Cap Equity Fund, Small-Mid Cap Equity Fund, International Equity Fund, Emerging Markets Equity Fund, International Fixed Income Fund and Alternative Strategies Fund, if any, are declared and paid on an annual basis. Distributions from net investment income for Core Fixed Income Fund, High Yield Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund and Ultra-Short Term Fixed Income Fund, if any, are declared and paid on a monthly basis.

The Funds intend to satisfy conditions that will enable interest from municipal securities, which are exempt from regular federal income tax and from designated state income taxes, to retain such tax-exempt status when distributed to the shareholders of the Funds. Distributions of net realized gains to shareholders of the Funds, if any, are taxable and are declared at least annually. Distributions to shareholders of the Funds are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP.

(s) 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 2019 tax returns. Each Fund’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

(t) 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.

(u) 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

317

Notes to Schedules of Investments

(unaudited) (continued)

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).

(v) 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.

(w) Indemnification. In the normal course of business, the Funds may enter into contracts that provide certain indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, risk of loss from such claims is considered remote.

(x) 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 Fund 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 Fund. 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 Fund. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. Junior Loans (i.e., subordinated loans and second lien loans) are valued in the same manner as Senior Loans.

In connection with bank loan interests, the Fund may enter into unfunded bank loan interests (“commitments”). Unfunded loan commitments may be partially or wholly unfunded. The Fund is obligated to fund those commitments at borrower’s discretion. In connection with these commitments, the Fund earns a commitment fee, which is included in interest income in the Statements of Operations and recognized respectively over the commitment period. As of February 28, 2021 the Fund had no unfunded loan commitments.

(y) 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.

318

Notes to Schedules of Investments

(unaudited) (continued)

During the period ended February 28, 2021, 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, 2021, an 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, 2021, were as following:

	International Fixed Income Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Payable for investments purchased	$	—		$	—		$	—
Average amount borrowed		21,808			6,359,170			1,128,016
Interest expense		10			5,589			879
Weighted average interest rate		0.09	%		0.18	%		0.16	%

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, 2021, the Inflation-Linked Fixed Income Fund participated in buy-saleback transactions. The receivable for investments sold related to buy-saleback transactions at February 28, 2021, an average amount loaned, received interest income and a weighted average interest rate related to buy-saleback transactions outstanding during the period ended February 28, 2021, were as following:

	Inflation-Linked Fixed Income Fund
Receivable for investments sold	$	—
Average amount loaned		18,379
Interest income		51
Weighted average interest rate		0.06	%

Sale-buyback and buy-saleback transactions are governed by Master Securities Forward Transaction Agreements (“Master Forward Agreements”), which are agreements between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of any pending sale-buyback and buy-saleback transactions as of period end is disclosed in each Fund’s Summary Schedule of Investments.

(z) Disclosure about Offsetting Assets and Liabilities. In order to better define contractual rights under derivative contracts and to secure rights that will help the Funds mitigate their counterparty risk, a Sub-adviser may, on behalf of the Funds, enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The ISDA Master Agreement gives a Fund the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. Absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statements of Assets and Liabilities across the transactions between the Funds and the applicable counterparty. The right to offset and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Funds’ credit risk to such counterparty equal to any amounts payable by the Funds under the applicable transactions, if any. The enforceability of the right to offset may vary by jurisdiction.

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged,

319

Notes to Schedules of Investments

(unaudited) (continued)

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 Schedule of Investments. The carrying amount of such deposits due to brokers at February 28, 2021 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, 2021 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, 2021.

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, 2021:

	Assets			Liabilities
Derivative Instruments (a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabiliites Presented in the Statements of Assets and Liabilities
Core Fixed Income Fund:
Forward foreign currency contracts	$	394,125		$	406,540
Option contracts		59,132	(b)		—
Swap contracts		37,490			—
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	490,747		$	406,540
International Fixed Income Fund:
Forward foreign currency contracts	$	1,547,333		$	979,301
Option contracts		200,161	(b)		155,994
Swap contracts		543,201			2,170
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	2,290,695		$	1,137,465
Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	257,861		$	93,041
Option contracts		285,000	(b)		300,896
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	542,861		$	393,937
Ultra-Short Term Fixed Income Fund:
Forward foreign currency contracts	$	800,404		$	1,250,778
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	800,404		$	1,250,778

(a) Excludes exchange-traded derivatives.

(b) Amounts are included in Unaffiliated Investments in the Statements of Assets and Liabilities.

320

Notes to Schedules of Investments

(unaudited) (continued)

The following table presents the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under master netting or similar agreements, and net of related collateral received or pledged as of February 28, 2021:

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
Barclays Bank PLC	$	59,132	$	—		$	—		$	59,132
Citigroup Global Markets Inc.		197,399		(197,399	)		—			0
Goldman Sachs & Co.		234,216		—			—			234,216
Total Over-the-counter derivative instruments	$	490,747	$	(197,399	)	$	—		$	293,348
Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged			Net Amount (d) (Not Less than $0)
Core Fixed Income Fund
Over-the-counter
Citigroup Global Markets Inc.	$	406,540	$	(197,399	)	$	—		$	209,141
Total Over-the-counter derivative instruments	$	406,540	$	(197,399	)	$	—		$	209,141
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	$	335,367	$	(282,606	)	$	—		$	52,761
Barclays Bank PLC		96,305		(16,445	)		—			79,860
BNP Paribas SA		57,519		(45,238	)		—			12,281
Deutsche Bank AG		24,145		(3,327	)		(20,000	)		818
Goldman Sachs & Co.		467,942		(112,748	)		(340,000	)		15,194
HSBC Bank USA		328,660		(100,004	)		(100,000	)		128,656
JPMorgan Chase & Co.		239,099		(36,886	)		(240,000	)		(37,787	)
Societe Generale SA		158,001		(158,001	)		—			0
Standard Chartered Bank		473,339		(31,235	)		—			442,104
UBS Securities LLC		110,318		(110,318	)		—			0
Total Over-the-counter derivative instruments	$	2,290,695	$	(896,808	)	$	(700,000	)	$	693,887

321

Notes to Schedules of Investments

(unaudited) (continued)

Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
International Fixed Income Fund
Over-the-counter
Bank of America	$	282,606	$	(282,606	)	$	—	$	0
Barclays Bank PLC		16,445		(16,445	)		—		0
BNP Paribas SA		45,238		(45,238	)		—		0
Deutsche Bank AG		3,327		(3,327	)		—		0
Goldman Sachs & Co.		112,748		(112,748	)		—		0
HSBC Bank USA		100,004		(100,004	)		—		0
JPMorgan Chase & Co.		36,886		(36,886	)		—		0
Royal Bank of Scotland PLC		35,101		—			—		35,101
Standard Chartered Bank		159,276		(158,001	)		—		1,275
Societe Generale SA		31,235		(31,235	)		—		0
UBS Securities LLC		314,599		(110,318	)		—		204,281
Total Over-the-counter derivative instruments	$	1,137,465	$	(896,808	)	$	—	$	240,657
Counterparty	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received		Net Amount (b) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	66,323	$	(66,323	)	$	—	$	0
BNP Paribas SA		258,340		(248,541	)		—		9,799
HSBC Bank USA		57,837		(518	)		—		57,319
Merrill Lynch, Pierce, Fenner & Smith Inc.		51,286		(23,773	)		—		27,513
Standard Chartered Bank		109,075		—			—		109,075
Total Over-the-counter derivative instruments	$	542,861	$	(339,155	)	$	—	$	203,706

322

Notes to Schedules of Investments

(unaudited) (continued)

Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	86,998	$	(66,323	)	$	—	$	20,675
BNP Paribas SA		248,541		(248,541	)		—		0
Deutsche Bank AG		471		—			—		471
HSBC Bank USA		518		(518	)		—		0
JPMorgan Chase & Co.		33,636		—			—		33,636
Merrill Lynch, Pierce, Fenner & Smith Inc.		23,773		(23,773	)		—		0
Total Over-the-counter derivative instruments	$	393,937	$	(339,155	)	$	—	$	54,782
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)
Ultra-Short Term Fixed Income Fund
Over-the-counter
BNP Paribas SA	$	108,788	$	(108,788	)	$	—	$	0
HSBC Bank USA		13,958		(13,958	)		—		0
Merrill Lynch, Pierce, Fenner & Smith Inc.		610,644		(573,537	)		—		37,107
Standard Chartered Bank		67,014		—			—		67,014
Total Over-the-counter derivative instruments	$	800,404	$	(696,283	)	$	—	$	104,121
Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged		Net Amount (d) (Not Less than $0)
Ultra-Short Term Fixed Income Fund
Over-the-counter
BNP Paribas SA	$	590,093	$	(108,788	)	$	—	$	481,305
HSBC Bank USA		87,148		(13,958	)		—		73,190
Merrill Lynch, Pierce, Fenner & Smith Inc.		573,537		(573,537	)		—		0
Total Over-the-counter derivative instruments	$	1,250,778	$	(696,283	)	$	—	$	554,495

(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 new 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.

323

Notes to Schedules of Investments

(unaudited) (continued)

2. Investment Management Agreement and Other Transactions with Affiliates

CGAS, a business of Morgan Stanley Wealth Management, serves as the investment manager to the Funds. The Manager selects and oversees professional money managers who are responsible for investing the assets of the Funds (each a “Sub-adviser,” and collectively the “Sub-advisers”). Each Fund pays the Manager an investment management fee calculated daily at an annual rate based on each Fund’s average daily net assets and paid monthly in arrears. The Manager pays each Sub-adviser on a monthly basis, a sub-advisory fee from its investment management fees.

Effective January 1, 2021, CGAS has contractually agreed to waive fees and reimburse expenses for a period of one year 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. Because the Alternative Strategies Fund does no currently have sub-advisers, CGAS will contractually waive 1.00% of its management fees. 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 Fund’ total management fees if they are less than such amount. This fee waiver and reimbursement agreement shall remain in effect until January 1, 2022. The agreement may be amended or terminated only with the consent of the Board of Trustees.

In addition, for Alternative Strategies Fund, effective January 1, 2021, CGAS and its affiliates agrees to waive fees and reimburse expenses for a period of one year in order to keep the Fund’s management fee from exceeding 0.20% more than the total amount of sub-advisory fees paid by the Adviser and to keep the Fund’s total operating costs from exceeding 0.70% (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 Fund’s business). The contractual waiver arrangement shall remain in effect until January 1, 2022 and may be amended or terminated only with consent of the Board of Trustees.

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, 2021 are indicated below:

Fund	Sub-advisory Fee			Consulting Group Advisory Services LLC Fee			Maximum Allowable Annual Management Fee
Large Cap Equity Fund		0.19	%		0.20	%		0.60	%
Small-Mid Cap Equity Fund		0.26	%		0.20	%		0.80	%
International Equity Fund		0.34	%		0.20	%		0.70	%
Emerging Markets Equity Fund		0.39	%		0.20	%		0.90	%
Core Fixed Income Fund		0.18	%		0.20	%		0.40	%
High Yield Fund		0.30	%		0.20	%		0.70	%
International Fixed Income Fund		0.25	%		0.20	%		0.50	%
Municipal Bond Fund		0.20	%		0.20	%		0.40	%
Inflation-Linked Fixed Income Fund		0.25	%		0.20	%		0.50	%
Ultra-Short Term Fixed Income Fund		0.25	%		0.20	%		0.50	%
Alternative Strategies Fund		N/A			0.20	%		1.20	%

324

Notes to Schedules of Investments

(unaudited) (continued)

The Manager has agreed to waive and/or reimburse a portion of its fee. For the period ended February 28, 2021, the amounts waived and/or reimbursed by the Manager were as follows:

Fund	Amounts Waived and/or Reimbursed
Large Cap Equity Fund	$	1,971,429
Small-Mid Cap Equity Fund		1,136,410
International Equity Fund		1,028,213
Emerging Markets Equity Fund		917,863
Core Fixed Income Fund		87,580
High Yield Fund		286,494
International Fixed Income Fund		35,221
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		37,978
Ultra-Short Term Fixed Income Fund		108,430
Alternative Strategies Fund		256,632

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, 2021, Morgan Stanley & Co. Incorporated (“MS&Co.”), and its affiliates, including Morgan Stanley Smith Barney LLC, the Trust’s distributor, received brokerage commissions of:

Fund	Commission Dollars to MS&Co.
Large Cap Equity Fund	$	1,065
Small-Mid Cap Equity Fund		5,005
International Equity Fund		326
Emerging Markets Equity Fund		11,672
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 Fund’s Chief Compliance Officer.

For the period ended February 28, 2021, the Funds assume the following to be affiliated issuers:

Large Cap Equity Fund

Underlying Security	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain on Sales		Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of February 28, 2021
Morgan Stanley	$	1,721,653	$	150,440		$(92,185)	$	50,662	$	1,099,253	$	26,842	$	2,929,823

325

Notes to Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

Underlying Security	Beginning Value as of August 31, 2020		Purchases at Cost		Proceeds from Sales			Net Realized (Loss) on Sales			Change in Unrealized Depreciation			Dividend/ Interest Income		Ending Value as of February 28, 2021
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A4, 4.039% due 11/15/46	$	541,338	$	—	$	—		$	—		$	(313	)	$	10,098	$	541,025
Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 2A, 3.000% due 7/26/48		1,081,594		—		(408,288	)		(255	)		(4,294	)		10,765		668,757

Ultra-Short Term Fixed Income Fund

Underlying Security	Beginning Value as of August 31, 2020		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, 2021
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 1.018% (1-Month USD-LIBOR + 0.900%) due 5/25/34	$	578,232	$	—		$(32,135)	$	152	$	7,974	$	131	$	3,046	$	554,354

3. Investments

During the period ended February 28, 2021, the aggregate cost of purchases and proceeds from sales of investments (excluding short-term investments) for each Fund were as follows:

	Other Investments				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Large Cap Equity Fund	$	118,143,643	$	240,293,562	$	—	$	—
Small-Mid Cap Equity Fund		88,872,050		143,330,133		—		—
International Equity Fund		225,782,828		302,165,396		—		—
Emerging Markets Equity Fund		82,077,318		128,411,646		—		—
Core Fixed Income Fund		99,827,752		150,336,503		978,073,210		863,493,460
High Yield Fund		100,052,360		97,430,667		—		—
International Fixed Income Fund		18,636,176		24,076,087		472,502,887		512,261,426
Municipal Bond Fund		4,495,360		1,892,653		—		—
Inflation-Linked Fixed Income Fund		2,464,815		6,054,385		134,943,501		157,367,120
Ultra-Short Term Fixed Income Fund		87,693,552		138,621,737		53,989,537		25,368,465
Alternative Strategies Fund		23,403,552		—		—		—

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation at February 28, 2021 have been disclosed under respective schedules of investments.

326

Notes to Schedules of Investments

(unaudited) (continued)

4. Shares of Beneficial Interest

At February 28, 2021, 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, 2021, 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, 2021			Year Ended August 31, 2020
Large Cap Equity Fund
Shares sold		5,958,881			18,556,044
Shares issued on reinvestment		2,732,361			3,980,173
Shares repurchased		(10,830,726	)		(18,156,575	)
Net Increase (Decrease)		(2,139,484	)		4,379,642
Small-Mid Cap Equity Fund
Shares sold		2,290,720			16,067,985
Shares issued on reinvestment		1,453,513			2,752,335
Shares repurchased		(5,261,521	)		(7,107,525	)
Net Increase (Decrease)		(1,517,288	)		11,712,795
International Equity Fund
Shares sold		7,272,609			26,722,202
Shares issued on reinvestment		1,776,742			2,929,092
Shares repurchased		(13,203,899	)		(40,562,287	)
Net Decrease		(4,154,548	)		(10,910,993	)
Emerging Markets Equity Fund
Shares sold		2,335,231			8,178,789
Shares issued on reinvestment		727,360			669,852
Shares repurchased		(4,994,351	)		(6,661,043	)
Net Increase (Decrease)		(1,931,760	)		2,187,598
Core Fixed Income Fund
Shares sold		16,150,770			22,527,192
Shares issued on reinvestment		4,857,502			3,723,753
Shares repurchased		(14,034,565	)		(57,469,122	)
Net Increase (Decrease)		6,973,707			(31,218,177	)
High Yield Fund
Shares sold		8,235,861			70,159,389
Shares issued on reinvestment		1,953,802			1,830,895
Shares repurchased		(9,660,637	)		(6,699,380	)
Net Increase		529,026			65,290,904
International Fixed Income Fund
Shares sold		1,896,687			3,184,186
Shares issued on reinvestment		121,411			828,520
Shares repurchased		(1,904,120	)		(4,781,519	)
Net Increase (Decrease)		113,978			(768,813	)

327

Notes to Schedules of Investments

(unaudited) (continued)

	Period Ended February 28, 2021			Year Ended August 31, 2020
Municipal Bond Fund
Shares sold		876,638			1,507,022
Shares issued on reinvestment		104,637			232,018
Shares repurchased		(990,300	)		(3,392,268	)
Net Decrease		(9,025	)		(1,653,228	)
Inflation-Linked Fixed Income Fund
Shares sold		1,244,566			2,864,882
Shares issued on reinvestment		298,110			251,506
Shares repurchased		(1,671,895	)		(10,376,618	)
Net Decrease		(129,219	)		(7,260,230	)
Ultra-Short Term Fixed Income Fund
Shares sold		6,761,182			9,415,367
Shares issued on reinvestment		667,516			773,647
Shares repurchased		(4,715,785	)		(20,550,346	)
Net Increase (Decrease)		2,712,913			(10,361,332	)
Alternative Strategies Fund
Shares sold		2,743,147			2,493,185
Shares issued on reinvestment		46,431			99,928
Shares repurchased		(461,971	)		(1,333,279	)
Net Increase		2,327,607			1,259,834

5. Capital Loss Carry Forward

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010, for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this, pre-enactment capital loss carryforwards may be more likely to expire unused.

As of August 31, 2020, the Funds had the following net capital loss carryforwards remaining:

	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund		Emerging Market Equity Fund		Core Fixed Income Fund		High Yield Fund
Short-Term	$	—	$	—	$	15,848,979	$	39,235,125	$	—	$	2,185,369
Long-Term		—		—		64,281,614		13,464,658		—		22,682,769
	$	—	$	—	$	80,130,593	$	52,699,783	$	—	$	24,868,138
			International Fixed Income Fund		Municipal Bond Fund		Inflation-Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short-Term			$	—	$	—	$	—	$	8,948,674	$	542,432
Long-Term				—		—		349,764		500,922		208,732
			$	—	$	—	$	349,764	$	9,449,596	$	751,164

328

Notes to Schedules of Investments

(unaudited) (continued)

6. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has not identified any additional events or transactions that would require recognition or disclosure in the financial statements other than the distribution information below.

Subsequent to February 28, 2021, the Funds made the following distributions:

Record Date Payable Date	Core Fixed Income Fund		High Yield Fund		Municipal Bond Fund
3/1/21 – 3/31/21	$	0.014432	$	0.016750	$	0.015122

329

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited)

Approval of Advisory Agreements

The Morgan Stanley Pathway Funds (the “Trust,” and each series thereof a “Fund,” and collectively, the “Funds”) and Consulting Group Advisory Services LLC (“Manager”), a business of Morgan Stanley LLC, have entered into an investment management agreement (“Management Agreement”). Pursuant to the Management Agreement, other than with respect to the Alternative Strategies Fund, the Manager serves as “manager of managers” for the Trust and selects and oversees professional money managers (each, a “Sub-adviser” and collectively, the “Sub-advisers”) who are responsible for investing the portion of assets of the Funds allocated to them by the Manager pursuant to investment advisory agreements (the “Subadvisory Agreements” and, together with the Management Agreement, the “Agreements”) between the Manager and each of the Sub-advisers.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Agreements be approved initially for a two year term, as well as annually thereafter, by the Trust’s Board of Trustees (“Board”) and by a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Agreements (“Independent Trustees”), by vote cast in person at a meeting called for the purpose of voting on such approval. In connection with their consideration of the approval of the Agreements, the Independent Trustees must request and evaluate such information as may reasonably be necessary to make a reasonable business judgment with respect to the approval of the Agreements, and the Manager and Sub-advisers are required to provide such information.

****

High Yield Fund

At a meeting of the Board held on February 19, 2021 (“February Meeting”), the Board, including a majority of the Independent Trustees, approved a new Subadvisory Agreement between the Manager, with respect to High Yield Fund, and PineBridge Investments LLC (“PineBridge”), pursuant to which PineBridge provides day-to-day management of 50% of the Fund’s portfolio.¹ The Independent Trustees requested and received information from the Manager and PineBridge they deemed reasonably necessary for their review of the Subadvisory Agreement and the services to be provided by PineBridge as a Sub-adviser to the Fund. Included were due diligence materials prepared by the Manager and other information about PineBridge, which were provided in advance of and at the February Meeting. Representatives from PineBridge made a presentation and responded to questions from the Board at the February Meeting. The Independent Trustees were assisted in their review by Fund counsel and independent legal counsel (“Independent Counsel”) and met with Independent Counsel in executive sessions separate from representatives of the Manager and PineBridge.

At the February Meeting, the Manager recommended PineBridge as a Sub-adviser to the Fund based on, among other factors, the Manager’s evaluation of PineBridge’s performance during various time periods and market cycles, PineBridge’s reputation, experience, investment philosophy and policies, and the Manager’s analysis that PineBridge’s investment strategy is complementary to the investment strategy of the Fund’s other sub-adviser. In determining whether to approve the Subadvisory Agreement, the Board considered the due diligence materials prepared by the Manager and other information, which included a copy of the Subadvisory Agreement which set forth the sub-investment advisory fee to be paid to PineBridge by the Manager, and information regarding: (i) the process by which the Manager selected and recommended PineBridge for Board approval; (ii) the nature, extent and quality of the services expected to be provided by PineBridge to the Fund; and (iii) PineBridge’s (A) investment management business, personnel, and operations, (B) trading policies and practices, (C) compliance program, (D) historical performance returns managing investment mandates similar to the Fund’s investment mandate, with such performance compared to a relevant index, and (E) financial condition. The Independent Trustees also considered whether there were any ancillary benefits that may accrue to PineBridge as a result of its relationship with the Fund.

In voting to approve the Subadvisory Agreement between the Manager, with respect to High Yield Fund, and PineBridge, the Independent Trustees considered whether the approval of the Subadvisory Agreement would be in the best interests of the Fund and its shareholders, an evaluation based on several factors including those discussed below.

¹  The meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission. Reliance on the exemptive order was necessary and appropriate due to circumstances related to the effects of COVID-19. All Trustees participating in the videoconference meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.

330

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited) (continued)

Nature, Extent and Quality of the Services to be Provided Under the Subadvisory Agreement

The Board received information regarding the nature, extent and quality of services to be provided to the Fund by PineBridge under the Subadvisory Agreement. In examining the nature, extent and quality of the services to be provided by PineBridge to the Fund, the Board considered (i) the organization, history and reputation of PineBridge and the qualifications and background of its investment personnel; (ii) PineBridge’s expertise in providing portfolio management services to other similar investment portfolios and the performance history of those portfolios; (iii) the proposed investment strategy for the portion of the Fund’s assets to be allocated to PineBridge; (iv) PineBridge’s long- and short-term performance relative to an unmanaged index, and (v) PineBridge’s compliance program. The Independent Trustees specifically took into account PineBridge’s investment process and research resources and capabilities, evaluating how PineBridge would complement the Fund’s other Sub-adviser. The Independent Trustees also discussed the acceptability of the terms of the Subadvisory Agreement, noting the substantial similarity to the terms of the Subadvisory Agreements with the Trust’s other Sub-advisers. The Independent Trustees considered the Manager’s favorable assessment of the nature and quality of the sub-advisory services expected to be provided to the Fund by PineBridge. The Independent Trustees noted the Manager’s supervisory activities over PineBridge, including monitoring PineBridge’s compliance with the investment objective, policies, and restrictions of the Fund. Based on the Board’s consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the services expected to be provided by PineBridge under the Subadvisory Agreement were adequate and appropriate.

Fund Performance

Because PineBridge was a newly appointed Sub-adviser for the Fund, the Independent Trustees could not consider its investment performance in managing the Fund’s portfolio as a factor in evaluating the Subadvisory Agreement during the February Meeting. The Board, however, received information from Management regarding PineBridge’s historical performance returns managing investment mandates similar to the Fund’s investment mandate, with such performance compared to a relevant index and Morningstar categories. The Independent Trustees discussed with representatives of the Manager the investment strategy to be employed by PineBridge in the management of the Fund’s assets. The Independent Trustees noted PineBridge’s reputation and experience, as well as the portfolio managers’ experience, and the Manager’s experience and reputation in selecting, evaluating and overseeing investment managers. The Board determined that these factors also supported a decision to approve the Subadvisory Agreement with PineBridge.

Fees and Expense Ratio

The Board reviewed and considered the proposed sub-advisory fee payable under the Subadvisory Agreement, noting that the fee would be paid by the Manager and, thus would not impact the fees paid by the Fund. The Board also considered and discussed information about PineBridge’s fees for other sub-advised funds and accounts managed by PineBridge with investment mandates similar to the Fund’s investment mandate. The Independent Trustees concluded that the proposed sub-advisory fee payable to PineBridge by the Manager with respect to the assets to be allocated to PineBridge was reasonable in light of the nature, extent and quality of the services expected to be provided by PineBridge to the Fund.

Profitability

The Board recognized that, because PineBridge’s fee would be paid by the Manager, and not the Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager and, therefore, the Board received and considered a profitability analysis of the Manager with respect to the proposed engagement of PineBridge as a sub-adviser of the Fund. The Board determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services provided by the Manager and those expected to be provided by PineBridge to the Fund.

Economies of Scale

The Independent Trustees recognized that because the proposed fees payable to PineBridge would be paid by the Manager, and not the Fund, and, thus, would not impact the fees paid by the Fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager. Accordingly, considerations of economies of scale were not relevant to the Independent Trustees’ determination to approve the PineBridge Subadvisory Agreement during the February Meeting.

331

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited) (continued)

Other Benefits to the Sub-Adviser

The Board considered other benefits expected to be received by PineBridge and its affiliates as a result of the relationship with the Fund. The Board concluded that the benefits that PineBridge may receive by virtue of its relationship with the Fund appeared to be reasonable.

Based on their discussions and considerations, including those described above, the Board approved the Subadvisory Agreement between PineBridge and the Manager with respect to the Fund.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Subadvisory Agreement. The Subadvisory Agreement between the Manager and PineBridge, with respect to the High Yield Fund, became effective as of February 24, 2021.

****

Emerging Markets Equity Fund

At a meeting of the Board held on December 16, 2020 (“December Meeting”), the Board, including a majority of the Independent Trustees, approved a new Subadvisory Agreement between the Manager, with respect to Emerging Markets Equity Fund, and Martin Currie Inc. (“Martin Currie”), pursuant to which Martin Currie provides day-to-day management of 30% of the Fund’s portfolio.² The Independent Trustees requested and received information from the Manager and Martin Currie they deemed reasonably necessary for their review of the Subadvisory Agreement and the services to be provided by Martin Currie as a Sub-adviser to the Fund. Included were due diligence materials prepared by the Manager and other information about Martin Currie, which were provided in advance of and at the December Meeting. Representatives from Martin Currie made a presentation and responded to questions from the Board at the December Meeting. The Independent Trustees were assisted in their review by Fund counsel and Independent Counsel and met with Independent Counsel in executive sessions separate from representatives of the Manager and Martin Currie.

At the December Meeting, the Manager recommended Martin Currie as a Sub-adviser to the Fund based on, among other factors, the Manager’s evaluation of Martin Currie’s performance during various time periods and market cycles, Martin Currie’s reputation, experience, investment philosophy and policies, and the Manager’s analysis that Martin Currie’s investment strategy is complementary to the investment strategy of the Fund’s other sub-advisers. In determining whether to approve the Subadvisory Agreement, the Board considered the due diligence materials prepared by the Manager and other information, which included a copy of the Subadvisory Agreement which set forth the sub-investment advisory fee to be paid to Martin Currie by the Manager, and information regarding: (i) the process by which the Manager selected and recommended Martin Currie for Board approval; (ii) the nature, extent and quality of the services expected to be provided by Martin Currie to the Fund; and (iii) Martin Currie’s (A) investment management business, personnel, and operations, (B) trading policies and practices, (C) compliance program, (D) historical performance returns managing investment mandates similar to the Fund’s investment mandate, with such performance compared to a relevant index, and (E) financial condition. The Independent Trustees also considered whether there were any ancillary benefits that may accrue to Martin Currie as a result of its relationship with the Fund.

In voting to approve the Subadvisory Agreement between the Manager, with respect to Emerging Markets Equity Fund, and Martin Currie, the Independent Trustees considered whether the approval of the Subadvisory Agreement would be in the best interests of the Fund and its shareholders, an evaluation based on several factors including those discussed below.

Nature, Extent and Quality of the Services to be Provided Under the Sub-advisory Agreement

The Board received information regarding the nature, extent and quality of services to be provided to the Fund by Martin Currie under the Subadvisory Agreement. In examining the nature, extent and quality of the services to be provided by Martin Currie to the Fund, the Board considered (i) the organization, history and reputation of Martin Currie and the qualifications and background

²  The meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission. Reliance on the exemptive order was necessary and appropriate due to circumstances related to the effects of COVID-19. All Trustees participating in the videoconference meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.

332

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(unaudited) (continued)

of its investment personnel; (ii) Martin Currie’s expertise in providing portfolio management services to other similar investment portfolios and the performance history of those portfolios; (iii) the proposed investment strategy for the portion of the Fund’s assets to be allocated to Martin Currie; (iv) Martin Currie’s long- and short-term performance relative to an unmanaged index, and (v) Martin Currie’s compliance program. The Independent Trustees specifically took into account Martin Currie’s investment process and research resources and capabilities, evaluating how Martin Currie would complement the Fund’s other Sub-adviser. The Independent Trustees also discussed the acceptability of the terms of the Subadvisory Agreement, noting the substantial similarity to the terms of the Subadvisory Agreements with the Trust’s other Sub-advisers. The Independent Trustees considered the Manager’s favorable assessment of the nature and quality of the sub-advisory services expected to be provided to the Fund by Martin Currie. The Independent Trustees noted the Manager’s supervisory activities over Martin Currie, including monitoring Martin Currie’s compliance with the investment objective, policies, and restrictions of the Fund. Based on the Board’s consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the services expected to be provided by Martin Currie under the Subadvisory Agreement were adequate and appropriate.

Fund Performance

Because Martin Currie was a newly appointed Sub-adviser for the Fund, the Independent Trustees could not consider its investment performance in managing the Fund’s portfolio as a factor in evaluating the Subadvisory Agreement during the December Meeting. The Board, however, received information from Management regarding Martin Currie’s historical performance returns managing investment mandates similar to the Fund’s investment mandate, with such performance compared to a relevant index and Morningstar categories. The Independent Trustees discussed with representatives of the Manager the investment strategy to be employed by Martin Currie in the management of the Fund’s assets. The Independent Trustees noted Martin Currie’s reputation and experience, as well as the portfolio managers’ experience, and the Manager’s experience and reputation in selecting, evaluating and overseeing investment managers. The Board determined that these factors also supported a decision to approve the Subadvisory Agreement with Martin Currie.

Fees and Expense Ratio

The Board reviewed and considered the proposed sub-advisory fee payable under the Subadvisory Agreement, noting that the fee would be paid by the Manager and, thus would not impact the fees paid by the Fund. The Board also considered and discussed information about Martin Currie’s fees for other sub-advised funds and accounts managed by Martin Currie with investment mandates similar to the Fund’s investment mandate. The Independent Trustees concluded that the proposed sub-advisory fee payable to Martin Currie by the Manager with respect to the assets to be allocated to Martin Currie was reasonable in light of the nature, extent and quality of the services expected to be provided by Martin Currie to the Fund.

Profitability

The Board recognized that, because Martin Currie’s fee would be paid by the Manager, and not the Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager and, therefore, the Board received and considered a profitability analysis of the Manager with respect to the proposed engagement of Martin Currie as a sub-adviser of the Fund. The Board determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services provided by the Manager and those expected to be provided by Martin Currie to the Fund.

Economies of Scale

The Independent Trustees recognized that because the proposed fees payable to Martin Currie would be paid by the Manager, and not the Fund, and, thus, would not impact the fees paid by the Fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager. Accordingly, considerations of economies of scale were not relevant to the Independent Trustees’ determination to approve the Martin Currie Subadvisory Agreement during the December Meeting.

333

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited) (continued)

Other Benefits to the Sub-Adviser

The Board considered other benefits expected to be received by Martin Currie and its affiliates as a result of the relationship with the Fund. The Board concluded that the benefits that Martin Currie may receive by virtue of its relationship with the Fund appeared to be reasonable.

Based on their discussions and considerations, including those described above, the Board approved the Subadvisory Agreement between Martin Currie and the Manager with respect to the Fund.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Subadvisory Agreement. The Subadvisory Agreement between the Manager and Martin Currie, with respect to the Emerging Markets Equity Fund, became effective as of March 19, 2021.

****

International Equity Fund

At the December Meeting, the Board, including a majority of the Independent Trustees, approved a new Subadvisory Agreement between the Manager, with respect to International Equity Fund, and Walter Scott & Partners Limited (“Walter Scott”), pursuant to which Walter Scott provides day-to-day management of 19% of the Fund’s portfolio.³ The Independent Trustees requested and received information from the Manager and Walter Scott they deemed reasonably necessary for their review of the Subadvisory Agreement and the services to be provided by Walter Scott as a Sub-adviser to the Fund. Included were due diligence materials prepared by the Manager and other information about Walter Scott, which were provided in advance of and at the December Meeting. Representatives from Walter Scott made a presentation and responded to questions from the Board at the December Meeting. The Independent Trustees were assisted in their review by Fund counsel and Independent Counsel and met with Independent Counsel in executive sessions separate from representatives of the Manager and Walter Scott.

At the December Meeting, the Manager recommended Walter Scott as a Sub-adviser to the Fund based on, among other factors, the Manager’s evaluation of Walter Scott’s performance during various time periods and market cycles, Walter Scott’s reputation, experience, investment philosophy and policies, and the Manager’s analysis that Walter Scott’s investment strategy is complementary to the investment strategy of the Fund’s other sub-advisers. In determining whether to approve the Subadvisory Agreement, the Board considered the due diligence materials prepared by the Manager and other information, which included a copy of the Subadvisory Agreement which set forth the sub-investment advisory fee to be paid to Walter Scott by the Manager, and information regarding: (i) the process by which the Manager selected and recommended Walter Scott for Board approval; (ii) the nature, extent and quality of the services expected to be provided by Walter Scott to the Fund; and (iii) Walter Scott’s (A) investment management business, personnel, and operations, (B) trading policies and practices, (C) compliance program, (D) historical performance returns managing investment mandates similar to the Fund’s investment mandate, with such performance compared to a relevant index, and (E) financial condition. The Independent Trustees also considered whether there were any ancillary benefits that may accrue to Walter Scott as a result of its relationship with the Fund.

In voting to approve the Subadvisory Agreement between the Manager, with respect to Equity Fund, and Walter Scott, the Independent Trustees considered whether the approval of the Subadvisory Agreement would be in the best interests of the International Equity Fund and its shareholders, an evaluation based on several factors including those discussed below.

Nature, Extent and Quality of the Services to be Provided Under the Sub-advisory Agreement

The Board received information regarding the nature, extent and quality of services to be provided to the Fund by Walter Scott under the Subadvisory Agreement. In examining the nature, extent and quality of the services to be provided by Walter Scott to the Fund, the Board considered (i) the organization, history and reputation of Walter Scott and the qualifications and background of its investment personnel; (ii) Walter Scott’s expertise in providing portfolio management services to other similar investment

³  The meeting was held via videoconference in reliance on an exemptive order issued by the Securities and Exchange Commission. Reliance on the exemptive order was necessary and appropriate due to circumstances related to the effects of COVID-19. All Trustees participating in the videoconference meeting were able to hear each other simultaneously during the meeting. Reliance on the exemptive order requires Trustees, including a majority of the Independent Trustees, to ratify actions taken pursuant to the exemptive order by vote cast at the next in-person meeting.

334

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited) (continued)

portfolios and the performance history of those portfolios; (iii) the proposed investment strategy for the portion of the Fund’s assets to be allocated to Walter Scott; (iv) Walter Scott’s long- and short-term performance relative to an unmanaged index, and (v) Walter Scott’s compliance program. The Independent Trustees specifically took into account Walter Scott’s investment process and research resources and capabilities, evaluating how Walter Scott would complement the Fund’s other Sub-adviser. The Independent Trustees also discussed the acceptability of the terms of the Subadvisory Agreement, noting the substantial similarity to the terms of the Subadvisory Agreements with the Trust’s other Sub-advisers. The Independent Trustees considered the Manager’s favorable assessment of the nature and quality of the sub-advisory services expected to be provided to the Fund by Walter Scott. The Independent Trustees noted the Manager’s supervisory activities over Walter Scott, including monitoring Walter Scott’s compliance with the investment objective, policies, and restrictions of the Fund. Based on the Board’s consideration and review of the foregoing information, the Board concluded that the nature, extent and quality of the services expected to be provided by Walter Scott under the Subadvisory Agreement were adequate and appropriate.

Fund Performance

Because Walter Scott was a newly appointed Sub-adviser for the Fund, the Independent Trustees could not consider its investment performance in managing the Fund’s portfolio as a factor in evaluating the Subadvisory Agreement during the December Meeting. The Board, however, received information from Management regarding Walter Scott’s historical performance returns managing investment mandates similar to the Fund’s investment mandate, with such performance compared to a relevant index and Morningstar categories. The Independent Trustees discussed with representatives of the Manager the investment strategy to be employed by Walter Scott in the management of the Fund’s assets. The Independent Trustees noted Walter Scott’s reputation and experience, as well as the portfolio managers’ experience, and the Manager’s experience and reputation in selecting, evaluating and overseeing investment managers. The Board determined that these factors also supported a decision to approve the Sub-advisory Agreement with Walter Scott.

Fees and Expense Ratio

The Board reviewed and considered the proposed sub-advisory fee payable under the Sub-advisory Agreement, noting that the fee would be paid by the Manager and, thus would not impact the fees paid by the Fund. The Board also considered and discussed information about Walter Scott’s fees for other sub-advised funds and accounts managed by Walter Scott with investment mandates similar to the Fund’s investment mandate. The Independent Trustees concluded that the proposed sub-advisory fee payable to Walter Scott by the Manager with respect to the assets to be allocated to Walter Scott was reasonable in light of the nature, extent and quality of the services expected to be provided by Walter Scott to the Fund.

Profitability

The Board recognized that, because Walter Scott’s fee would be paid by the Manager, and not the Fund, an analysis of profitability was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager and, therefore, the Board received and considered a profitability analysis of the Manager with respect to the proposed engagement of Walter Scott as a sub-adviser of the Fund. The Board determined that the Manager’s profitability was not excessive in light of the nature, extent and quality of the services provided by the Manager and those expected to be provided by Walter Scott to the Fund.

Economies of Scale

The Independent Trustees recognized that because the proposed fees payable to Walter Scott would be paid by the Manager, and not the Fund, and, thus, would not impact the fees paid by the Fund, an analysis of economies of scale was more appropriate in the context of the Board’s consideration of the Management Agreement between the Trust and the Manager. Accordingly, considerations of economies of scale were not relevant to the Independent Trustees’ determination to approve the Walter Scott Subadvisory Agreement during the December Meeting.

335

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited) (continued)

Other Benefits to the Sub-Adviser

The Board considered other benefits expected to be received by Walter Scott and its affiliates as a result of the relationship with the Fund. The Board concluded that the benefits that Walter Scott may receive by virtue of its relationship with the Fund appeared to be reasonable.

Based on their discussions and considerations, including those described above, the Board approved the Subadvisory Agreement between Walter Scott and the Manager with respect to the Fund.

No single factor reviewed by the Board was identified by the Board as the principal factor in determining whether to approve the Subadvisory Agreement. The Subadvisory Agreement between the Manager and Walter Scott, with respect to the International Equity Fund, became effective as of March 19, 2021.

336

Additional Information

(unaudited)

Trustees and Officers of the Trust

The Trust’s Board of Trustees (“Board” or “Trustees”) is responsible for overseeing the Trust’s management and operations. The Board approves all significant agreements between the Trust and the companies that furnish services to the Funds, including agreements with the Trust’s distributor, Sub-advisers, custodian, transfer agent and administrator. The Board elects officers who are responsible for the day-to-day operations of the Trust and the Funds and who execute policies authorized by the Board.

Consulting Group Advisory Services LLC (“CGAS” or “Manager”), a business of Morgan Stanley Wealth Management, serves as the investment adviser for each Fund. The Funds employ a “multi-manager” strategy. The Manager selects and oversees professional money managers (each a “Sub-adviser,” collectively, the “Sub-advisers”) who are responsible for investing the assets of the Funds allocated to them. In addition to investment management services, the Manager monitors and supervises the services provided to the Trust by its administrator. The Manager also is responsible for conducting all operations of the Trust, except those operations contracted to the Sub-advisers, the custodian, the transfer agent and the administrator.

The names of the Trustees and officers of the Trust, their addresses and years of birth, together with information as to their principal business occupations and, for the Trustees, other board memberships they have held during the past five years, are set forth below. The executive officers of the Trust are employees of organizations that provide services to the Funds.

Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee		Other Board Memberships Held During Past Five Years by Trustee
INDEPENDENT TRUSTEES
Mark J. Reed 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1964	Trustee	Since 2007	Principal and Portfolio Manager, North American Management Corp. (Investment Advisory) (2013-present); and formerly, Managing Director and Chief Compliance Officer, Bush O’Donnell Investment Advisors, Inc. (Registered Investment Advisor) (1988-2013)		11	None
Adela Cepeda 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1958	Chair and Trustee	Since 2008 (Chair since 2021)	Managing Director, PFM Financial Advisors, LLC (Financial Advisory) (2016-December 2019); and formerly, President, A.C. Advisory, Inc. (Financial Advisory) (1995-September 2016)		11	Director, BMO Financial Corp. (2012-present); Trustee, Mercer Funds (2005-present); Trustee, UBS Funds (2004-present); and formerly, Director, Fort Dearborn Income Securities (2000-August 2016)

337

Additional Information

(unaudited) (continued)

Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served*	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee		Other Board Memberships Held During Past Five Years by Trustee
W. Thomas Matthews 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1949	Trustee	Since 2009 (Interested Trustee from 2006-2009)	Retired; Advisor, Smith Barney (2005-2007)		11	Chairman Emeritus, Congressional Medal of Honor Foundation (2009-present); formerly Treasurer (2009-2016); and Chairman Emeritus, America’s Warrior Partnership (2017-present), formerly, Chairman (2013-2016) and Director (2013-2017)
Eric T. McKissack, CFA® 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1953	Vice Chair and Trustee	Since 2013 (Vice Chair since 2021)	Founder and Chief Executive Officer Emeritus, Channing Capital Management, LLC (Investment Management) (2017-December 2019); and formerly, Chief Executive Officer, Channing Capital Management, LLC (2004-2017)		11	Trustee and Chairman, FlexShares Funds (2011-present); Trustee, The Art Institute of Chicago (2001-present); and Director, Urban Gateways (1995-present)
Teresa S. Westbrook 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1959	Trustee	Since 2020	CPA/ Partner, Deloitte & Touche LLP (1999-2015)		11	None
INTERESTED TRUSTEE
Paul Ricciardelli** Morgan Stanley 522 Fifth Avenue, 14th Floor, New York, NY 10036 Birth Year: 1969	Trustee and Chief Executive Officer and President	Since April 2017	Head of IAR/GIMA, Morgan Stanley (2011-present); Head of Wealth Advisory Solutions, Morgan Stanley (March 2017-present); and formerly, Head of Manager Solutions, Morgan Stanley (2015-March 2017)		11	None

338

Additional Information

(unaudited) (continued)

Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years
OFFICERS
Francis Smith Morgan Stanley 522 Fifth Avenue, 9th Floor New York, NY 10036 Birth Year: 1965	Chief Financial Officer and Treasurer	Since 2014	Managing Director, Morgan Stanley (2017-present); formerly Executive Director, Morgan Stanley (2001-2016); and Treasurer and Principal Financial Officer of various Morgan Stanley Funds (2003-present)
Eric Metallo Morgan Stanley 1633 Broadway, 26th Floor New York, NY 10019 Birth Year: 1976	Chief Legal Officer and Secretary	Since August 2015	Executive Director, Morgan Stanley Wealth Management (2014-present); and formerly Senior Vice President and Associate General Counsel, PineBridge Investments (2011-2014)
Joseph Signora Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1977	Chief Compliance Officer	Since December 2017	Executive Director, Morgan Stanley (2017-present); formerly, Senior Director, AXA Equitable (2015-2017); Vice President, EQ Advisors Trust (2015-2017); Vice President, AXA Premier VIP Trust (2015-2017); Vice President, 1290 Funds (2015-2017); Vice President, FMG LLC (2015-2017); Deputy Chief Compliance Officer, Emerging Global Advisors (2014-2015); Chief Compliance Officer, EGA Emerging Global Shares Trust (2014-2015); and Chief Compliance Officer, EGA Frontier Diversified Core Fund (2014-2015)
Sara Cetron Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1980	Chief Administrative Officer	Since March 2017	Vice President, Morgan Stanley (2015-present); and formerly Platform Management, Managed Solutions, Barclays Capital Inc. (2008-2015)
Robert Garcia Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1983	Chief Operating Officer Investment Officer Co-Chief Operating Officer	Since May 2016 Since July 2015 August 2015-May 2016	Head of Operations and Strategy, Morgan Stanley (2017-present); Head of Portfolio Operations-WMIR, Morgan Stanley (2016-present); Head of Packaged Digital Solutions, Morgan Stanley (2015-present); and formerly Head of Strategy and Development- Global Investment Solutions, Morgan Stanley (2013-2015)
Zachary Apoian Morgan Stanley 522 Fifth Avenue, New York, NY 10036 Birth Year: 1979	Investment Officer	Since May 2019	Executive Director, Morgan Stanley Wealth Management (2019-present); formerly, Private Wealth Advisor, Morgan Stanley Wealth Management (2017-2019); and Executive Director, Morgan Stanley Wealth Management (2014-2017)

339

Additional Information

(unaudited) (continued)

Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years
Franceen Jansen Morgan Stanley 522 Fifth Avenue, 12th Floor New York, NY 10036 Birth Year: 1959	Investment Officer	Since August 2015	Executive Director, Morgan Stanley (2010-present)
Brian Mulley Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1977	Investment Officer	Since August 2015	Investment Analyst, Executive Director, Morgan Stanley (2005-present)
Sukru Saman Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1972	Investment Officer	Since August 2015	Investment Officer, Morgan Stanley Wealth Management (2013-present)
Lisa Shalett Morgan Stanley 522 Fifth Avenue, 12th Floor New York, NY 10036 Birth Year: 1963	Investment Officer	Since August 2015	Head of Investment and Portfolio Strategies, Morgan Stanley (2013-present)
James Totino Morgan Stanley 522 Fifth Avenue, 14th Floor New York, NY 10036 Birth Year: 1970	Investment Officer	Since May 2018	Portfolio Specialist, Investment Officer, Morgan Stanley (2018-present); and formerly Investment Officer, Morgan Stanley (2011-2018)
Todd McElduff Morgan Stanley 1633 Broadway, New York, NY 10019 Birth Year: 1977	Anti-Money Laundering (“AML”) Compliance Officer	Since September 2019	Head of Bank & WM AML Advisory, Morgan Stanley (2019-present); formerly, Head of Bank AML Advisory, Morgan Stanley (2017-2019); and Head of GFC US Investigations, Morgan Stanley (2014-2017)
James J. Tracy Morgan Stanley 2000 Westchester Avenue Purchase, NY 10577 Birth Year: 1957	Product Management Officer Trustee Chief Executive Officer and President	Since May 2016 2013-2015 2013-2015	Managing Director, Head of Consulting Group and Graystone Consulting (2018-present); Managing Director, Director of Consulting Group and Practice Management (2016-2018); Managing Director, Vice Chairman of Wealth Management (2015); and Managing Director, Director of Consulting Group Wealth Advisory Solutions (2012-2015)

340

Additional Information

(unaudited) (continued)

Name, Address and Date of Birth	Position(s) Held with Trust	Term of Office*** and Length of Time Served	Principal Occupation(s) During Past Five Years
Steven Ross Morgan Stanley 522 Fifth Avenue, 9th Floor New York, NY 10036 Birth Year: 1971	Assistant Treasurer	Since 2014	Executive Director, Morgan Stanley (2013-present)
Suzan M. Barron Brown Brothers Harriman & Co. (“BBH&Co.”) 50 Post Office Square Boston, MA 02110 Birth Year: 1964	Assistant Secretary	Since 2011	Senior Vice President and Senior Investor Services Counsel, Corporate Secretary Legal Administration Practice of Fund Administration, BBH&Co. (2005-present); Secretary, BBH Trust (2009-present)

* Each Trustee remains in office until he or she resigns, retires or is removed.

** Mr. Ricciardelli is an “interested person” of the Trust as defined in the 1940 Act because of his position with Morgan Stanley.

*** The President, Treasurer and Secretary hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.

341

Important Tax Information

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended August 31, 2020:

	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund			Emerging Markets Equity Fund			High Yield Fund
Record Date		12/5/2019			12/5/2019			12/5/2019			12/5/2019			Monthly
Payable Date		12/6/2019			12/6/2019			12/6/2019			12/6/2019			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		100.00	%		100.00	%		96.25	%		84.96	%		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Foreign Source Income		—			—			99.91	%*		100	%*		—
Foreign Tax Paid par Share		—			—			0.031961			0.042971			—
Long-term Capital Gain Dividend		0.766960			2.071200			—			—			—
	Core Fixed Income Fund			International Fixed Income Fund			Municipal Bond Fund			Inflation-Linked Fixed Income Fund			Ultra-Short Term Fixed Income Fund
Record Date		Monthly			12/5/2019			Monthly			Monthly			Monthly
Payable Date		Monthly			12/6/2019			Monthly			Monthly			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Interest from Tax-Exempt Obligations		—			—			100.00	%		—			—
Interest from Federal Obligations		42.00	%		—			—			96.08	%		13.20	%
Long-term Capital Gain Dividend		—			—			0.044060			—			—
	Alternative Strategies Fund
Record Date		12/30/2019
Payable Date		12/30/2019
Ordinary Income:
Qualified Dividend Income for Individuals		14.41	%
Dividends Qualifying for the Dividends Received:
Deduction for Corporations		4.19	%
Interest from Tax-Exempt Obligations		—
Interest from Federal Obligations		—
Long-term Capital Gain Dividend		0.020613

* Expressed as a percentage of the cash distribution grossed-up for foreign taxes.

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

342

MORGAN STANLEY SMITH BARNEY LLC

Distributor

CONSULTING GROUP ADVISORY SERVICES LLC

Investment Adviser

This report is submitted for the general information of the shareholders of Morgan Stanley Pathway Funds. It is not authorized for distribution to prospective investors unless accompanied or preceded by a current Prospectus for the Trust which contains information concerning the Trust’s Investment policies, charges and expenses as well as other pertinent information.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters as an attachment to Form N-Port. The Funds’ Forms N-Port are available on the SEC’s website at www.sec.gov. To obtain information on Form N-Port from the Funds, shareholders can call 1-888-454-3965 (“ask for Consulting Group”).

Information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and a description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling 1-888-454-3965 (ask for “Consulting Group”), (2) on the Funds’ website at www.morganstanley.com/wealth-investmentsolutions/cgcm and (3) on the SEC’s website at www.sec.gov.

© 2020 Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Consulting Group Advisory Services LLC (“CGAS”) is a business of Morgan Stanley. Securities are offered through Morgan Stanley.

Morgan Stanley Pathway Funds

2000 Westchester Avenue

Purchase, NY 10577

ITEM 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 1 of this Form N-CSR.

(b) Not Applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

Not Applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s board of directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive officer and principal financial officer, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c)) were

effective, as of a date within 90 days of the filing date of this report, based on his evaluation of these disclosure controls and procedures as required by Rule 30a-3(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(b)), and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(d)), that occurred during the Registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable.

ITEM 13. EXHIBITS.

(a)(1) Not Applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) are attached hereto.

(a)(3) Not Applicable.

(a)(4) Not Applicable.

(b) Certifications pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Morgan Stanley Pathway Funds
By:	/s/ Paul Ricciardelli
	Paul Ricciardelli
	Chief Executive Officer
	Morgan Stanley Pathway Funds

Date:  May 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Paul Ricciardelli
	Paul Ricciardelli
	Chief Executive Officer
	Morgan Stanley Pathway Funds

Date:  May 5, 2021

Morgan Stanley Pathway Funds
By:	/s/ Francis Smith
	Francis Smith
	Chief Financial Officer
	Morgan Stanley Pathway Funds

Date:  May 5, 2021