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 29, 2020

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 29, 2020

• 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

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.morganstanley.com/wealth-investmentsolutions/cgcm), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a financial advisor) or, if you are a direct investor, by calling 1-800-869-3326.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-800-869-3326 to let the Funds know you wish to continue receiving paper copies of your shareholder reports.

Table of Contents

SHAREHOLDER LETTER	I
FUND EXPENSES	1
SCHEDULES OF INVESTMENTS
LARGE CAP EQUITY FUND	3
SMALL-MID CAP EQUITY FUND	27
INTERNATIONAL EQUITY FUND	79
EMERGING MARKETS EQUITY FUND	106
CORE FIXED INCOME FUND	133
HIGH YIELD FUND	188
INTERNATIONAL FIXED INCOME FUND	207
MUNICIPAL BOND FUND	235
INFLATION-LINKED FIXED INCOME FUND	241
ULTRA-SHORT TERM FIXED INCOME FUND	254
ALTERNATIVE STRATEGIES FUND	271
STATEMENTS OF ASSETS AND LIABILITIES	274
STATEMENTS OF OPERATIONS	276
STATEMENTS OF CHANGES IN NET ASSETS	278
STATEMENTS OF CASH FLOWS	282
FINANCIAL HIGHLIGHTS	283
NOTES TO FINANCIAL STATEMENTS	294
BOARD APPROVAL OF MANAGEMENT AGREEMENT AND INVESTMENT ADVISORY AGREEMENTS	331
ADDITIONAL INFORMATION	333
IMPORTANT TAX INFORMATION	338

Morgan Stanley Pathway Funds

DEAR SHAREHOLDER,

The Large Cap Equity Fund gained 0.54% during the six-month period ending February 29, 2020. This compares to the Russell 1000^® Index ⁱ which gained 1.97% and the Lipper Large-Cap Core Funds Average ^xii investment category which gained 0.99% during the same period. Stock selection was the key detractor of performance relative to the benchmark. Top sectors contributing included Real Estate, Industrials and Financials while the top detractors included Information Technology, Materials and Health Care.

The Small-Mid Cap Equity Fund declined 0.40% during the six-month period ending February 29, 2020. This compares to the Russell 2500^® Index ⁱⁱ which declined 0.86% and the Lipper Small-Cap Core Funds Average ^xiii investment category which declined 2.93% during the same period. Sector positioning added value while stock selection detracted from performance relative to the benchmark. Top sectors contributing included Financials, Health Care and Real Estate while the top detractors included Consumer Staples, Consumer Discretionary and Materials.

The International Equity Fund gained 0.67% during the six-month period ending February 29, 2020. This compares to the MSCI EAFE^® Index (Net) ⁱⁱⁱ which declined 0.91% and the Lipper International Large-Cap Core Funds Average ^xiv investment category which declined 0.04% during the same period. Sector positioning and stock selection both contributed to performance relative to the benchmark. Top sectors contributing included Consumer Staples, Information Technology and Financials while top detractors included Energy, Consumer Discretionary and Health Care.

The Emerging Markets Equity Fund gained 2.86% during the six-month period ending February 29, 2020. This compares to the MSCI Emerging Markets Index (Net) ^iv which gained 2.93% and the Lipper Emerging Markets Funds Average ^xv investment category which gained 2.55% during the same period. Sector positioning contributed slightly while stock selection detracted from performance relative to the benchmark. Top sectors contributing included Industrials, Materials and Energy while top detractors included Consumer Discretionary, Information Technology and Health Care.

The Core Fixed Income Fund gained 3.41% during the six-month period ending February 29, 2020. This compares to the Bloomberg Barclays U.S. Aggregate Bond^TM Index ^vi which gained 3.39% and the Lipper Core Bond Funds Average ^xvii investment category which gained 3.06% during the same period.

The High Yield Fund gained 1.06% during the six-month period ending February 29, 2020. This compares to the Bloomberg Barclays U.S. Corporate High Yield Bond Index ^viii which gained 1.56% and the Lipper High Yield Funds Average ^xix category which gained 1.21% during the same period.

The International Fixed Income Fund gained 0.38% during the six-month period ending February 29, 2020. This compares to the FTSE Non-USD World Government Bond Index (USD) Hedged ^x which gained 0.75% and the Lipper International Income Funds Average ^xxi investment category which gained 0.72% during the same period.

The Municipal Bond Fund gained 1.97% during the six-month period ending February 29, 2020. This compares to the Bloomberg Barclays U.S. Municipal Bond Index ^vii which gained 3.04% and the Lipper General & Insured Municipal Debt Funds Average ^xviii investment category which gained 3.19% during the same period.

The Inflation-Linked Fixed Income Fund gained 3.00% during the six-month period ending February 29, 2020. This compares to the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index ^ix which gained 2.91% and the Lipper Inflation Protected Bond Funds Average ^xx investment category which gained 2.24% during the same period.

I

The Ultra-Short Fixed Income Fund gained 1.52% during the six-month period ending February 29, 2020. This compares to the FTSE 3-Month U.S. Treasury Bill Index ^v which gained 0.90% and the Lipper Ultra-Short Obligations Funds Average ^xvi investment category which gained 1.22% during the same period.

The Alternative Strategies Fund gained 0.36% during the six-month period ending February 29, 2020. This compares to the HFRX Global Hedge Fund Index ^xi which gained 1.96% and the Lipper Alternative Multi-Strategy Funds Average ^xxii investment category which declined 1.07% 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 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. 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.

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.

III

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.

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 Stanley Pathway Funds For the Six Months Ended February 29, 2020†* (unaudited)
Large Cap Equity Fund	0.54	%
Russell 1000® Index (1)	1.97
Small-Mid Cap Equity Fund	-0.40
Russell 2500® Index (2)	-0.86
International Equity Fund	0.67
MSCI EAFE® Index (Net) (3)	-0.91
Emerging Markets Equity Fund	2.86
MSCI Emerging Markets Index (Net) (4)	2.93
Core Fixed Income Fund	3.41
Bloomberg Barclays U.S. Aggregate BondTM Index (5)	3.39
High Yield Fund	1.06
Bloomberg Barclays U.S. Corporate High Yield Bond Index (6)	1.56
International Fixed Income Fund	0.38
FTSE Non-USD World Government Bond Index (USD) Hedged (7)	0.75
Municipal Bond Fund	1.97
Bloomberg Barclays U.S. Municipal Bond Index (8)	3.04
Inflation-Linked Fixed Income Fund	3.00
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (9)	2.91
Ultra-Short Term Fixed Income Fund	1.52
FTSE 3-Month U.S. Treasury Bill Index (10)	0.90
Alternative Strategies Fund	0.36
HFRX Global Hedge Fund Index (11)	1.96

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.

VII

7. 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-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, 2019 and held for the six months ended February 29, 2020.

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		0.54	%		$	1,000.00		$	1,005.40		0.47	%		$	2.34
Small-Mid Cap Equity Fund		-0.40	%			1,000.00			996.00		0.60	%			2.98
International Equity Fund		0.67	%			1,000.00			1,006.70		0.68	%			3.39
Emerging Markets Equity Fund		2.86	%			1,000.00			1,028.60		0.84	%			4.24
Core Fixed Income Fund		3.41	%			1,000.00			1,034.10		0.56	%			2.83
High Yield Fund		1.06	%			1,000.00			1,010.60		1.19	%			5.95
International Fixed Income Fund		0.38	%			1,000.00			1,003.80		1.17	%			5.83
Municipal Bond Fund		1.97	%			1,000.00			1,019.70		0.69	%			3.46
Inflation-Linked Fixed Income Fund		3.00	%			1,000.00			1,030.00		1.40	%			7.07
Ultra-Short Term Fixed Income Fund		1.52	%			1,000.00			1,015.20		0.66	%			3.31
Alternative Strategies Fund		0.36	%			1,000.00			1,003.60		0.70	%			3.49

(1) For the six months ended February 29, 2020.

(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 (182 days) in the most recent fiscal half-year, then divided by 366 (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		$	1,022.53		0.47	%		$	2.36
Small-Mid Cap Equity Fund		5.00	%			1,000.00			1,021.88		0.60	%			3.02
International Equity Fund		5.00	%			1,000.00			1,021.48		0.68	%			3.42
Emerging Markets Equity Fund		5.00	%			1,000.00			1,020.69		0.84	%			4.22
Core Fixed Income Fund		5.00	%			1,000.00			1,022.08		0.56	%			2.82
High Yield Fund		5.00	%			1,000.00			1,018.95		1.19	%			5.97
International Fixed Income Fund		5.00	%			1,000.00			1,019.05		1.17	%			5.87
Municipal Bond Fund		5.00	%			1,000.00			1,021.43		0.69	%			3.47
Inflation-Linked Fixed Income Fund		5.00	%			1,000.00			1,017.90		1.40	%			7.02
Ultra-Short Term Fixed Income Fund		5.00	%			1,000.00			1,021.58		0.66	%			3.32
Alternative Strategies Fund		5.00	%			1,000.00			1,021.38		0.70	%			3.52

(1) For the six months ended February 29, 2020.

(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 (182 days) in the most recent fiscal half-year, then divided 366 (to reflect the one-half year period).

2

Schedules of Investments

February 29, 2020 (unaudited)

Large Cap Equity Fund
Shares/Units			Security	Value
	COMMON STOCKS — 95.7%
	COMMUNICATION SERVICES — 9.1%
	Diversified Telecommunication Services — 1.9%
	425,345		AT&T Inc.	$	14,980,651
	31,048		CenturyLink Inc.		374,749
	2,797		GCI Liberty Inc., Class A Shares*		193,301
	248,781		Verizon Communications Inc.		13,473,979
	6,437		Zayo Group Holdings Inc.*		225,231
			Total Diversified Telecommunication Services		29,247,911
	Entertainment — 1.8%
	80,429		Activision Blizzard Inc.		4,675,338
	3,045		Cinemark Holdings Inc.		79,048
	36,310		Electronic Arts Inc.*		3,680,745
	736		Liberty Media Corp-Liberty Formula One, Class A Shares*		27,593
	5,439		Liberty Media Corp-Liberty Formula One, Class C Shares*		212,447
	1,492		Lions Gate Entertainment Corp., Class A Shares*		11,861
	3,040		Lions Gate Entertainment Corp., Class B Shares*		22,496
	3,677		Live Nation Entertainment Inc.*		223,451
	529		Madison Square Garden Co. (The), Class A Shares*		141,677
	11,956		Netflix Inc.*		4,412,123
	10,420		Roku Inc., Class A Shares*		1,184,441
	3,364		Spotify Technology SA*		461,272
	3,200		Take-Two Interactive Software Inc.*		343,936
	91,587		Walt Disney Co. (The)		10,775,211
	1,268		World Wrestling Entertainment Inc., Class A Shares(a)		59,304
	24,157		Zynga Inc., Class A Shares*		162,093
			Total Entertainment		26,473,036
	Interactive Media & Services — 4.3%
	17,473		Alphabet Inc., Class A Shares*		23,400,715
	11,897		Alphabet Inc., Class C Shares*		15,934,009
	123,528		Facebook Inc., Class A Shares*		23,775,434
	2,119		IAC/InterActiveCorp.*		432,149
	1,475		Match Group Inc.*(a)		95,875
	3,003		TripAdvisor Inc.		70,420
	21,632		Twitter Inc.*		718,183
	1,606		Zillow Group Inc., Class A Shares*		89,406
	3,518		Zillow Group Inc., Class C Shares*		196,340
			Total Interactive Media & Services		64,712,531
	Media — 1.0%
	8,583	��	Altice USA Inc., Class A Shares*		221,956
	1,204		AMC Networks Inc., Class A Shares*		37,324
	119		Cable One Inc.		187,189
	4,352		Charter Communications Inc., Class A Shares*		2,146,276
	210,088		Comcast Corp., Class A Shares.		8,493,858
	4,445		Discovery Inc., Class A Shares*(a)		114,237
	9,602		Discovery Inc., Class C Shares*		241,010
	7,213		DISH Network Corp., Class A Shares*		241,780
	10,003		Fox Corp., Class A Shares		307,492
	4,646		Fox Corp., Class B Shares		141,471
	10,988		Interpublic Group of Cos., Inc. (The)		234,704
	1,295		John Wiley & Sons Inc., Class A Shares		48,161
	700		Liberty Broadband Corp., Class A Shares*		86,576
	3,007		Liberty Broadband Corp., Class C Shares*		378,551
	2,263		Liberty Media Corp-Liberty SiriusXM, Class A Shares*		101,088

See Notes to Financial Statements.

3

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	COMMUNICATION SERVICES — 9.1% — (continued)
	Media — 1.0% — (continued)
	4,265	Liberty Media Corp-Liberty SiriusXM, Class C Shares*	$	190,304
	4,670	New York Times Co. (The), Class A Shares		174,938
	11,011	News Corp., Class A Shares		132,958
	3,589	News Corp., Class B Shares		44,647
	1,279	Nexstar Media Group Inc., Class A Shares		147,060
	6,147	Omnicom Group Inc.		425,864
	1,765	Sinclair Broadcast Group Inc., Class A Shares		40,966
	39,007	Sirius XM Holdings Inc.(a)		247,304
	181	ViacomCBS Inc., Class A Shares		5,430
	15,446	ViacomCBS Inc., Class B Shares		380,126
		Total Media		14,771,270
	Wireless Telecommunication Services — 0.1%
	16,146	Sprint Corp.*		148,381
	2,906	Telephone & Data Systems Inc.		58,527
	8,819	T-Mobile US Inc.*		795,121
	446	United States Cellular Corp.*		14,009
		Total Wireless Telecommunication Services		1,016,038
		TOTAL COMMUNICATION SERVICES		136,220,786
	CONSUMER DISCRETIONARY — 10.6%
	Auto Components — 0.4%
	31,194	Adient PLC*		746,472
	44,381	Aptiv PLC.		3,466,600
	5,880	BorgWarner Inc.		185,808
	7,292	Gentex Corp.		194,696
	87,620	Goodyear Tire & Rubber Co. (The)		848,600
	1,738	Lear Corp.		193,266
	18,624	Tenneco Inc., Class A Shares		170,782
		Total Auto Components		5,806,224
	Automobiles — 0.3%
	111,374	Ford Motor Co.		775,163
	35,033	General Motors Co.		1,068,507
	4,441	Harley-Davidson Inc.		135,317
	4,051	Tesla Inc.*		2,706,027
	1,451	Thor Industries Inc.		109,420
		Total Automobiles		4,794,434
	Distributors — 0.1%
	4,008	Genuine Parts Co.		349,658
	8,753	LKQ Corp.*		258,914
	1,097	Pool Corp.		231,423
		Total Distributors		839,995
	Diversified Consumer Services — 0.3%
	1,637	Bright Horizons Family Solutions Inc.*		257,255
	2,418	frontdoor Inc.*		102,523
	120	Graham Holdings Co., Class B Shares		60,346
	1,352	Grand Canyon Education Inc.*		109,079
	5,804	H&R Block Inc.		119,969
	23,018	New Oriental Education & Technology Group Inc., ADR*		2,943,772
	5,052	Service Corp. International		241,435
	3,885	ServiceMaster Global Holdings Inc.*		138,966
		Total Diversified Consumer Services		3,973,345

See Notes to Financial Statements.

4

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 10.6% — (continued)
	Hotels, Restaurants & Leisure — 1.7%
	6,921	Aramark	$	240,436
	16,218	Caesars Entertainment Corp.*		206,131
	11,353	Carnival Corp.		379,871
	717	Chipotle Mexican Grill Inc., Class A Shares*		554,657
	983	Choice Hotels International Inc.		89,728
	3,509	Darden Restaurants Inc.		342,128
	1,168	Domino’s Pizza Inc.		396,489
	2,281	Dunkin’ Brands Group Inc.		151,732
	5,326	Extended Stay America Inc.		58,480
	2,487	Hilton Grand Vacations Inc.*		66,303
	7,927	Hilton Worldwide Holdings Inc.		770,504
	1,062	Hyatt Hotels Corp., Class A Shares		81,349
	2,847	International Game Technology PLC.		30,292
	9,714	Las Vegas Sands Corp.		566,423
	7,730	Marriott International Inc., Class A Shares		958,520
	57,510	McDonald’s Corp.		11,166,717
	14,087	MGM Resorts International		345,977
	5,945	Norwegian Cruise Line Holdings Ltd.*		221,511
	27,758	Planet Fitness Inc., Class A Shares*		1,873,387
	4,890	Royal Caribbean Cruises Ltd.		393,205
	2,187	Six Flags Entertainment Corp.		55,287
	64,316	Starbucks Corp.		5,044,304
	1,145	Vail Resorts Inc.		243,439
	5,249	Wendy’s Co. (The)		99,101
	2,593	Wyndham Destinations Inc.		103,461
	2,536	Wyndham Hotels & Resorts Inc.		129,209
	2,788	Wynn Resorts Ltd.		301,048
	10,324	Yum China Holdings Inc.		452,088
	8,617	Yum! Brands Inc.		769,067
		Total Hotels, Restaurants & Leisure		26,090,844
	Household Durables — 0.4%
	9,509	DR Horton Inc.		506,544
	4,135	Garmin Ltd.		365,493
	3,733	Leggett & Platt Inc.		148,051
	7,836	Lennar Corp., Class A Shares		472,824
	460	Lennar Corp., Class B Shares		21,992
	1,618	Mohawk Industries Inc.*		196,021
	10,816	Newell Brands Inc.		166,891
	93	NVR Inc.*		341,048
	7,029	PulteGroup Inc.		282,566
	1,307	Tempur Sealy International Inc.*		97,698
	3,606	Toll Brothers Inc.		133,530
	23,036	Whirlpool Corp.		2,945,383
		Total Household Durables		5,678,041
	Internet & Direct Marketing Retail — 3.5%
	31,383	Alibaba Group Holding Ltd., ADR*		6,527,664
	19,128	Amazon.com Inc.*		36,032,370
	4,169	Booking Holdings Inc.*		7,069,206
	21,931	eBay Inc.		759,690
	3,247	Etsy Inc.*		187,709
	3,945	Expedia Group Inc.		389,056
	2,606	Grubhub Inc.*		125,375
	159,913	Qurate Retail Inc., Class A Shares*		1,090,607

See Notes to Financial Statements.

5

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 10.6% — (continued)
	Internet & Direct Marketing Retail — 3.5% — (continued)
	1,803	Wayfair Inc., Class A Shares*	$	113,968
		Total Internet & Direct Marketing Retail		52,295,645
	Leisure Products — 0.2%
	53,084	Brunswick Corp.		2,824,069
	3,539	Hasbro Inc.		273,388
	9,893	Mattel Inc.*(a)		116,638
	1,638	Polaris Inc.		135,184
		Total Leisure Products		3,349,279
	Multiline Retail — 0.7%
	7,323	Dollar General Corp.		1,100,647
	93,222	Dollar Tree Inc.*		7,740,222
	4,421	Kohl’s Corp.		173,082
	8,965	Macy’s Inc.		118,607
	3,084	Nordstrom Inc.(a)		107,015
	1,517	Ollie’s Bargain Outlet Holdings Inc.*		77,170
	14,108	Target Corp.		1,453,124
		Total Multiline Retail		10,769,867
	Specialty Retail — 2.3%
	16,275	Advance Auto Parts Inc.		2,164,250
	1,577	AutoNation Inc.*		67,385
	675	AutoZone Inc.*		696,944
	6,413	Best Buy Co., Inc.		485,143
	1,863	Burlington Stores Inc.*		402,892
	4,618	CarMax Inc.*		403,198
	1,300	Carvana Co., Class A Shares*		107,783
	1,860	Dick’s Sporting Goods Inc.		67,723
	1,559	Five Below Inc.*		151,145
	1,928	Floor & Decor Holdings Inc., Class A Shares*		98,424
	2,903	Foot Locker Inc.		105,234
	6,291	Gap Inc. (The)		90,150
	44,247	Home Depot Inc. (The)		9,638,767
	6,494	L Brands Inc.		140,660
	135,768	Lowe’s Cos., Inc.		14,468,796
	2,121	O’Reilly Automotive Inc.*		782,055
	992	Penske Automotive Group Inc.		45,652
	9,998	Ross Stores Inc.		1,087,582
	3,442	Tiffany & Co.		459,817
	34,434	TJX Cos., Inc. (The)		2,059,153
	3,397	Tractor Supply Co.		300,668
	1,608	Ulta Beauty Inc.*		413,401
	1,957	Urban Outfitters Inc.*		46,009
	2,228	Williams-Sonoma Inc.		139,005
		Total Specialty Retail		34,421,836
	Textiles, Apparel & Luxury Goods — 0.7%
	29,871	Canada Goose Holdings Inc.*(a)		823,543
	4,130	Capri Holdings Ltd.*		106,637
	1,255	Carter’s Inc.		114,795
	843	Columbia Sportswear Co.		68,536
	136,497	Hanesbrands Inc.		1,807,220
	3,359	lululemon athletica Inc.*		730,280
	70,220	NIKE Inc., Class B Shares		6,276,264
	2,123	PVH Corp.		157,336

See Notes to Financial Statements.

6

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 10.6% — (continued)
	Textiles, Apparel & Luxury Goods — 0.7%
	1,397	Ralph Lauren Corp., Class A Shares	$	147,397
	3,745	Skechers U.S.A. Inc., Class A Shares*		123,885
	7,822	Tapestry Inc.		183,426
	5,350	Under Armour Inc., Class A Shares*		75,916
	5,519	Under Armour Inc., Class C Shares*		68,877
	8,757	V.F. Corp.		630,504
		Total Textiles, Apparel & Luxury Goods		11,314,616
		TOTAL CONSUMER DISCRETIONARY		159,334,126
	CONSUMER STAPLES — 5.8%
	Beverages — 1.5%
	29,380	Anheuser-Busch InBev SA, ADR(a)		1,714,911
	1,309	Brown-Forman Corp., Class A Shares		76,825
	4,900	Brown-Forman Corp., Class B Shares		300,909
	249,075	Coca-Cola Co. (The)		13,323,022
	4,513	Constellation Brands Inc., Class A Shares		777,951
	5,816	Keurig Dr Pepper Inc.		162,150
	4,961	Molson Coors Beverage Co., Class B Shares		246,115
	10,864	Monster Beverage Corp.*		678,022
	39,761	PepsiCo Inc.		5,249,645
		Total Beverages		22,529,550
	Food & Staples Retailing — 0.9%
	1,052	Casey’s General Stores Inc.		171,497
	20,836	Costco Wholesale Corp.		5,857,833
	922	Grocery Outlet Holding Corp.*		29,181
	22,662	Kroger Co. (The)		637,482
	3,218	Sprouts Farmers Market Inc.*		51,424
	13,440	Sysco Corp.		895,776
	6,218	US Foods Holding Corp.*		209,174
	21,253	Walgreens Boots Alliance Inc.		972,537
	39,862	Walmart Inc.		4,292,340
		Total Food & Staples Retailing		13,117,244
	Food Products — 2.1%
	196,583	Archer-Daniels-Midland Co.		7,401,350
	1,367	Beyond Meat Inc.*(a)		122,552
	3,828	Bunge Ltd.		179,725
	4,644	Campbell Soup Co.		209,537
	275,151	Conagra Brands Inc.		7,343,780
	5,576	Flowers Foods Inc.		120,051
	17,062	General Mills Inc.		836,038
	2,197	Hain Celestial Group Inc. (The)*		52,135
	4,118	Hershey Co. (The)		592,951
	7,921	Hormel Foods Corp.		329,514
	1,832	Ingredion Inc.		152,606
	3,131	J.M. Smucker Co. (The)		322,462
	7,019	Kellogg Co.		424,439
	17,802	Kraft Heinz Co. (The)		440,955
	4,166	Lamb Weston Holdings Inc.		361,984
	11,297	McCormick & Co., Inc.		1,651,508
	193,521	Mondelez International Inc., Class A Shares		10,217,909
	1,576	Pilgrim’s Pride Corp.*		33,348
	1,850	Post Holdings Inc.*		187,331
	8	Seaboard Corp.		27,320

See Notes to Financial Statements.

7

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER STAPLES — 5.8% — (continued)
	Food Products — 2.1% — (continued)
	1,514	TreeHouse Foods Inc.*	$	57,698
	8,206	Tyson Foods Inc., Class A Shares		556,613
		Total Food Products		31,621,806
	Household Products — 0.8%
	7,016	Church & Dwight Co., Inc.		487,752
	3,590	Clorox Co. (The)		572,318
	23,810	Colgate-Palmolive Co.		1,608,842
	1,671	Energizer Holdings Inc.		71,836
	9,651	Kimberly-Clark Corp.		1,266,115
	70,167	Procter & Gamble Co. (The)		7,945,009
	1,140	Spectrum Brands Holdings Inc.		61,435
		Total Household Products		12,013,307
	Personal Products — 0.1%
	8,462	Coty Inc., Class A Shares		78,104
	6,155	Estee Lauder Cos., Inc. (The), Class A Shares		1,130,058
	2,913	Herbalife Nutrition Ltd.*		94,265
	1,422	Nu Skin Enterprises Inc., Class A Shares		34,867
		Total Personal Products		1,337,294
	Tobacco — 0.4%
	53,076	Altria Group Inc.		2,142,678
	44,116	Philip Morris International Inc.		3,611,777
		Total Tobacco		5,754,455
		TOTAL CONSUMER STAPLES		86,373,656
	ENERGY — 3.8%
	Energy Equipment & Services — 0.5%
	2,200	Apergy Corp.*(a)		40,920
	18,355	Baker Hughes Co., Class A Shares		295,332
	350,110	Halliburton Co.		5,937,866
	3,038	Helmerich & Payne Inc.		112,072
	10,995	National Oilwell Varco Inc.		205,716
	5,776	Patterson-UTI Energy Inc.		33,096
	39,102	Schlumberger Ltd.		1,059,273
	15,646	Transocean Ltd.*		52,414
		Total Energy Equipment & Services		7,736,689
	Oil, Gas & Consumable Fuels — 3.3%
	6,739	Antero Midstream Corp.(a)		29,382
	7,956	Antero Resources Corp.*		12,730
	10,712	Apache Corp.		266,943
	11,163	Cabot Oil & Gas Corp.		155,501
	5,357	Centennial Resource Development Inc., Class A Shares*		12,696
	6,479	Cheniere Energy Inc.*		332,308
	37,981	Chesapeake Energy Corp.*		10,445
	54,116	Chevron Corp.		5,051,187
	2,850	Cimarex Energy Co.		94,193
	5,670	Concho Resources Inc.		385,673
	158,397	ConocoPhillips		7,669,583
	2,520	Continental Resources Inc.		47,754
	11,040	Devon Energy Corp.		179,290
	4,556	Diamondback Energy Inc.		282,472
	62,807	EOG Resources Inc.		3,973,171
	7,244	EQT Corp.		42,522

See Notes to Financial Statements.

8

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	ENERGY — 3.8% — (continued)
	Oil, Gas & Consumable Fuels — 3.3% — (continued)
	5,808	Equitrans Midstream Corp.	$	41,004
	120,166	Exxon Mobil Corp.		6,181,339
	7,662	Hess Corp.		430,451
	4,133	HollyFrontier Corp.		139,199
	55,081	Kinder Morgan Inc.		1,055,903
	10,308	Kosmos Energy Ltd.		31,439
	636,868	Marathon Oil Corp.		5,273,267
	18,326	Marathon Petroleum Corp.		869,019
	4,392	Murphy Oil Corp.		82,789
	13,507	Noble Energy Inc.		213,816
	213,002	Occidental Petroleum Corp.		6,973,685
	11,704	ONEOK Inc.		780,891
	7,662	Parsley Energy Inc., Class A Shares		102,671
	3,452	PBF Energy Inc., Class A Shares		77,290
	12,653	Phillips 66		947,204
	26,806	Pioneer Natural Resources Co.		3,291,241
	5,829	Range Resources Corp.(a)		16,146
	115,233	Suncor Energy Inc.		3,180,431
	6,521	Targa Resources Corp.		211,280
	11,676	Valero Energy Corp.		773,535
	34,543	Williams Cos., Inc. (The)		658,044
	11,947	WPX Energy Inc.*		111,466
		Total Oil, Gas & Consumable Fuels		49,987,960
		TOTAL ENERGY		57,724,649
	FINANCIALS — 11.0%
	Banks — 3.0%
	4,563	Associated Banc-Corp.		77,252
	230,999	Bank of America Corp.		6,583,472
	1,161	Bank of Hawaii Corp.		86,402
	3,460	Bank OZK		87,849
	2,672	BankUnited Inc.		79,358
	868	BOK Financial Corp.		62,843
	2,695	CIT Group Inc.		107,019
	61,943	Citigroup Inc.		3,930,903
	12,276	Citizens Financial Group Inc.		389,026
	4,138	Comerica Inc.		217,824
	2,884	Commerce Bancshares Inc.		176,039
	1,638	Cullen/Frost Bankers Inc.		128,403
	4,053	East West Bancorp Inc.		157,013
	20,106	Fifth Third Bancorp		490,586
	188	First Citizens BancShares Inc., Class A Shares		85,222
	3,779	First Hawaiian Inc.		90,507
	8,616	First Horizon National Corp.		114,851
	4,665	First Republic Bank		469,159
	8,756	FNB Corp.		88,348
	29,005	Huntington Bancshares Inc.		355,891
	88,525	JPMorgan Chase & Co.		10,278,638
	27,893	KeyCorp.		456,051
	3,741	M&T Bank Corp.		525,162
	3,217	PacWest Bancorp		101,786
	12,698	People’s United Financial Inc.		177,645
	2,135	Pinnacle Financial Partners Inc.		112,386
	12,395	PNC Financial Services Group Inc. (The)		1,566,728

See Notes to Financial Statements.

9

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 11.0% — (continued)
	Banks — 3.0% — (continued)
	2,653	Popular Inc.	$	127,291
	2,627	Prosperity Bancshares Inc.		169,704
	27,206	Regions Financial Corp.		367,825
	1,465	Signature Bank		183,272
	5,768	Sterling Bancorp		95,633
	1,480	SVB Financial Group*		308,077
	3,944	Synovus Financial Corp.		114,455
	4,316	TCF Financial Corp.		157,275
	1,343	Texas Capital Bancshares Inc.*		63,229
	184,330	Truist Financial Corp.		8,504,986
	6,345	Umpqua Holdings Corp.		97,650
	40,565	US Bancorp		1,883,839
	2,603	Webster Financial Corp.		98,836
	108,178	Wells Fargo & Co.		4,419,071
	2,755	Western Alliance Bancorp		126,840
	1,618	Wintrust Financial Corp.		86,417
	4,843	Zions Bancorp NA		193,478
		Total Banks		43,994,241
	Capital Markets — 3.5%
	18,598	Affiliated Managers Group Inc.		1,398,942
	39,949	Ameriprise Financial Inc.		5,644,794
	190,965	Bank of New York Mellon Corp. (The)		7,619,504
	8,152	BGC Partners Inc., Class A Shares		37,988
	3,354	BlackRock Inc., Class A Shares		1,552,936
	3,157	Cboe Global Markets Inc.		359,898
	90,148	Charles Schwab Corp. (The)		3,673,531
	10,041	CME Group Inc., Class A Shares		1,996,352
	6,308	E*Trade Financial Corp.		288,780
	3,182	Eaton Vance Corp.		131,289
	1,126	Evercore Inc., Class A Shares		75,014
	1,068	FactSet Research Systems Inc.		284,077
	8,024	Franklin Resources Inc.		174,602
	9,029	Goldman Sachs Group Inc. (The)		1,812,752
	2,032	Interactive Brokers Group Inc., Class A Shares		103,835
	97,876	Intercontinental Exchange Inc.		8,732,497
	10,840	Invesco Ltd.		156,096
	2,928	Janus Henderson Group PLC.		62,074
	2,953	Lazard Ltd., Class A Shares		105,777
	2,471	Legg Mason Inc.		123,105
	2,274	LPL Financial Holdings Inc.		180,738
	1,049	MarketAxess Holdings Inc.		340,222
	4,679	Moody’s Corp.		1,123,100
	32,944	Morgan Stanley(b)		1,483,468
	550	Morningstar Inc.		80,795
	12,589	MSCI Inc., Class A Shares		3,719,294
	3,209	Nasdaq Inc.		329,083
	5,540	Northern Trust Corp.		486,190
	3,499	Raymond James Financial Inc.		292,621
	31,117	S&P Global Inc.		8,274,322
	3,679	SEI Investments Co.		201,278
	10,332	State Street Corp.		703,713
	6,486	T. Rowe Price Group Inc.		765,413
	7,582	TD Ameritrade Holding Corp.		320,188

See Notes to Financial Statements.

10

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 11.0% — (continued)
	Capital Markets — 3.5% — (continued)
	1,319	Virtu Financial Inc., Class A Shares	$	24,810
		Total Capital Markets		52,659,078
	Consumer Finance — 0.5%
	10,810	Ally Financial Inc.		271,007
	42,125	American Express Co.		4,630,801
	13,311	Capital One Financial Corp.		1,174,829
	307	Credit Acceptance Corp.*(a)		123,782
	8,908	Discover Financial Services		584,187
	227	LendingTree Inc.*		62,611
	5,142	Navient Corp.		57,745
	1,910	OneMain Holdings Inc., Class A Shares		70,192
	2,673	Santander Consumer USA Holdings Inc.(a)		65,221
	12,361	SLM Corp.		128,184
	18,336	Synchrony Financial		533,578
		Total Consumer Finance		7,702,137
	Diversified Financial Services — 0.8%
	55,529	Berkshire Hathaway Inc., Class B Shares*		11,457,854
	11,813	Equitable Holdings Inc.		252,798
	7,536	Jefferies Financial Group Inc.		148,535
	3,874	Voya Financial Inc.		203,927
		Total Diversified Financial Services		12,063,114
	Insurance — 3.1%
	20,683	Aflac Inc.		886,267
	399	Alleghany Corp.*		268,228
	83,209	Allstate Corp. (The)		8,757,747
	2,045	American Financial Group Inc.		188,999
	177,089	American International Group Inc.		7,466,072
	167	American National Insurance Co.		16,426
	6,621	Aon PLC.		1,377,168
	10,924	Arch Capital Group Ltd.*		441,657
	5,241	Arthur J. Gallagher & Co.		510,945
	21,537	Assurant Inc.		2,597,147
	2,541	Assured Guaranty Ltd.		103,698
	4,041	Athene Holding Ltd., Class A Shares*		166,691
	2,381	Axis Capital Holdings Ltd.		133,622
	3,177	Brighthouse Financial Inc.*		113,864
	6,716	Brown & Brown Inc.		288,855
	12,774	Chubb Ltd.		1,852,613
	4,339	Cincinnati Financial Corp.		404,568
	826	CNA Financial Corp.		34,345
	701	Erie Indemnity Co., Class A Shares		100,187
	1,145	Everest Re Group Ltd.		283,823
	7,529	Fidelity National Financial Inc.		291,824
	3,109	First American Financial Corp.		177,524
	3,061	Globe Life Inc.		283,632
	1,124	Hanover Insurance Group Inc. (The)		133,239
	10,272	Hartford Financial Services Group Inc. (The)		513,086
	1,835	Kemper Corp.		126,321
	74,223	Lincoln National Corp.		3,368,982
	7,285	Loews Corp.		332,415
	386	Markel Corp.*		456,098
	86,452	Marsh & McLennan Cos., Inc.		9,039,421

See Notes to Financial Statements.

11

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 11.0% — (continued)
	Insurance — 3.1% — (continued)
	827	Mercury General Corp.	$	35,817
	22,152	MetLife Inc.		946,333
	7,816	Old Republic International Corp.		154,132
	1,147	Primerica Inc.		127,707
	7,875	Principal Financial Group Inc.		349,571
	16,476	Progressive Corp. (The)		1,205,384
	11,552	Prudential Financial Inc.		871,598
	1,750	Reinsurance Group of America Inc., Class A Shares		213,553
	1,242	RenaissanceRe Holdings Ltd.		211,637
	7,344	Travelers Cos., Inc. (The)		879,885
	5,702	Unum Group		132,914
	83	White Mountains Insurance Group Ltd.		82,178
	3,679	Willis Towers Watson PLC.		696,251
	4,023	WR Berkley Corp.		270,104
		Total Insurance		46,892,528
	Mortgage Real Estate Investment Trusts (REITs) — 0.1%
	15,063	AGNC Investment Corp.		256,673
	40,428	Annaly Capital Management Inc.		358,192
	5,366	Chimera Investment Corp.		105,442
	12,784	MFA Financial Inc.		92,428
	11,819	New Residential Investment Corp.		183,904
	7,760	Starwood Property Trust Inc.		172,117
	7,445	Two Harbors Investment Corp.		100,880
		Total Mortgage Real Estate Investment Trusts (REITs)		1,269,636
	Thrifts & Mortgage Finance — 0.0%
	9,463	MGIC Investment Corp.		113,840
	12,421	New York Community Bancorp Inc.		134,271
	1,501	TFS Financial Corp.		30,680
		Total Thrifts & Mortgage Finance		278,791
		TOTAL FINANCIALS		164,859,525
	HEALTH CARE — 15.4%
	Biotechnology — 1.8%
	41,976	AbbVie Inc.		3,597,763
	1,730	Agios Pharmaceuticals Inc.*		82,140
	48,005	Alexion Pharmaceuticals Inc.*		4,513,910
	4,562	Alkermes PLC*		95,072
	3,019	Alnylam Pharmaceuticals Inc.*		355,215
	17,019	Amgen Inc.		3,399,205
	5,097	Biogen Inc.*		1,571,864
	22,745	BioMarin Pharmaceutical Inc.*		2,055,466
	1,504	Bluebird Bio Inc.*		108,784
	21,985	Exact Sciences Corp.*		1,779,686
	8,506	Exelixis Inc.*		158,127
	36,204	Gilead Sciences Inc.		2,511,109
	5,066	Incyte Corp.*		382,027
	3,647	Ionis Pharmaceuticals Inc.*		185,195
	6,013	Moderna Inc.*(a)		155,917
	2,575	Neurocrine Biosciences Inc.*		243,852
	2,328	Regeneron Pharmaceuticals Inc.*		1,034,959
	1,478	Sage Therapeutics Inc.*		69,466
	15,612	Sarepta Therapeutics Inc.*		1,787,106
	3,222	Seattle Genetics Inc.*		366,857

See Notes to Financial Statements.

12

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 15.4% — (continued)
	Biotechnology — 1.8% — (continued)
	1,250	United Therapeutics Corp.*	$	128,700
	7,259	Vertex Pharmaceuticals Inc.*		1,626,234
		Total Biotechnology		26,208,654
	Health Care Equipment & Supplies — 4.5%
	143,482	Abbott Laboratories		11,052,419
	6,356	ABIOMED Inc.*		955,053
	9,255	Align Technology Inc.*		2,020,829
	102,648	Baxter International Inc.		8,568,029
	7,587	Becton Dickinson and Co.		1,804,340
	39,300	Boston Scientific Corp.*		1,469,427
	1,084	Cantel Medical Corp.		68,400
	1,387	Cooper Cos., Inc. (The)		450,179
	17,488	Danaher Corp.		2,528,415
	6,356	DENTSPLY SIRONA Inc.		312,969
	2,581	DexCom Inc.*		712,356
	14,892	Edwards Lifesciences Corp.*		3,050,477
	138,982	Envista Holdings Corp.*		3,527,363
	1,904	Hill-Rom Holdings Inc.		182,879
	7,593	Hologic Inc.*		357,782
	551	ICU Medical Inc.*		107,891
	13,041	IDEXX Laboratories Inc.*		3,319,065
	1,654	Insulet Corp.*		314,210
	2,077	Integra LifeSciences Holdings Corp.*		108,212
	3,246	Intuitive Surgical Inc.*		1,733,234
	1,342	Masimo Corp.*		219,189
	198,330	Medtronic PLC.		19,965,881
	896	Penumbra Inc.*		148,611
	4,048	ResMed Inc.		643,470
	2,400	STERIS PLC.		380,688
	9,722	Stryker Corp.		1,852,916
	1,316	Teleflex Inc.		440,886
	2,592	Varian Medical Systems Inc.*		318,738
	2,085	West Pharmaceutical Services Inc.		313,918
	5,838	Zimmer Biomet Holdings Inc.		794,844
		Total Health Care Equipment & Supplies		67,722,670
	Health Care Providers & Services — 3.9%
	2,475	Acadia Healthcare Co., Inc.*		73,260
	4,327	AmerisourceBergen Corp., Class A Shares		364,853
	7,190	Anthem Inc.		1,848,477
	153,303	Cardinal Health Inc.		7,990,152
	105,091	Centene Corp.*		5,571,925
	446	Chemed Corp.		186,258
	51,791	Cigna Corp.		9,474,646
	2,733	Covetrus Inc.*		30,364
	149,528	CVS Health Corp.		8,849,067
	2,856	DaVita Inc.*		221,683
	2,710	Encompass Health Corp.		202,816
	1,028	Guardant Health Inc.*		89,395
	49,553	HCA Healthcare Inc.		6,293,726
	4,086	Henry Schein Inc.*		249,001
	3,738	Humana Inc.		1,194,964
	2,740	Laboratory Corp. of America Holdings*		481,391
	5,125	McKesson Corp.		716,782

See Notes to Financial Statements.

13

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 15.4% — (continued)
	Health Care Providers & Services — 3.9% — (continued)
	2,328	MEDNAX Inc.*	$	39,785
	1,776	Molina Healthcare Inc.*		217,649
	1,773	Premier Inc., Class A Shares*		52,179
	3,827	Quest Diagnostics Inc.		405,892
	54,831	UnitedHealth Group Inc.		13,979,712
	2,189	Universal Health Services Inc., Class B Shares		270,867
		Total Health Care Providers & Services		58,804,844
	Health Care Technology — 0.1%
	8,893	Cerner Corp.		616,018
	1,427	Change Healthcare Inc.*(a)		19,393
	3,709	Veeva Systems Inc., Class A Shares*		526,567
		Total Health Care Technology		1,161,978
	Life Sciences Tools & Services — 0.9%
	484	Adaptive Biotechnologies Corp.*		13,600
	8,843	Agilent Technologies Inc.		681,530
	9,074	Avantor Inc.*		142,915
	605	Bio-Rad Laboratories Inc., Class A Shares*		212,972
	1,068	Bio-Techne Corp.		201,735
	2,910	Bruker Corp.		126,760
	1,373	Charles River Laboratories International Inc.*		213,598
	12,722	Illumina Inc.*		3,379,854
	5,028	IQVIA Holdings Inc.*		701,356
	683	Mettler-Toledo International Inc.*		479,261
	3,143	PerkinElmer Inc.		271,681
	1,809	PRA Health Sciences Inc.*		170,408
	6,305	QIAGEN NV*		226,349
	23,127	Thermo Fisher Scientific Inc.		6,725,332
	1,797	Waters Corp.*		350,217
		Total Life Sciences Tools & Services		13,897,568
	Pharmaceuticals — 4.2%
	9,292	Allergan PLC.		1,771,706
	118,406	Bristol-Myers Squibb Co.		6,993,058
	4,132	Catalent Inc.*		212,922
	10,749	Elanco Animal Health Inc.*		294,523
	24,144	Eli Lilly & Co.		3,045,283
	5,229	Horizon Therapeutics PLC*		178,936
	1,578	Jazz Pharmaceuticals PLC*		180,807
	149,209	Johnson & Johnson		20,065,626
	170,905	Merck & Co., Inc.		13,084,487
	14,664	Mylan NV*		252,074
	4,870	Nektar Therapeutics, Class A Shares*		101,345
	3,595	Perrigo Co. PLC.		182,230
	348,328	Pfizer Inc.		11,641,122
	42,848	Zoetis Inc., Class A Shares		5,708,639
		Total Pharmaceuticals		63,712,758
		TOTAL HEALTH CARE		231,508,472
	INDUSTRIALS — 9.1%
	Aerospace & Defense — 2.3%
	10,814	Arconic Inc.		317,391
	15,024	Boeing Co. (The)		4,133,253
	2,708	BWX Technologies Inc.		148,507

See Notes to Financial Statements.

14

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 9.1% — (continued)
	Aerospace & Defense — 2.3% — (continued)
	1,212	Curtiss-Wright Corp.	$	145,367
	7,202	General Dynamics Corp.		1,150,087
	1,131	HEICO Corp.		121,978
	2,174	HEICO Corp., Class A Shares		192,030
	2,415	Hexcel Corp.		156,082
	1,121	Huntington Ingalls Industries Inc.		230,399
	6,240	L3Harris Technologies Inc.		1,233,835
	7,019	Lockheed Martin Corp.		2,596,118
	27,679	Northrop Grumman Corp.		9,101,962
	48,319	Raytheon Co.		9,111,031
	2,933	Spirit AeroSystems Holdings Inc., Class A Shares		154,980
	1,020	Teledyne Technologies Inc.*		344,066
	6,564	Textron Inc.		266,498
	1,400	TransDigm Group Inc.		780,934
	32,451	United Technologies Corp.		4,237,776
		Total Aerospace & Defense		34,422,294
	Air Freight & Logistics — 0.7%
	16,918	CH Robinson Worldwide Inc.		1,165,650
	4,888	Expeditors International of Washington Inc.		344,213
	6,798	FedEx Corp.		959,674
	47,521	United Parcel Service Inc., Class B Shares		4,300,175
	43,043	XPO Logistics Inc.*		3,183,891
		Total Air Freight & Logistics		9,953,603
	Airlines — 0.1%
	3,441	Alaska Air Group Inc.		173,633
	11,007	American Airlines Group Inc.		209,683
	893	Copa Holdings SA, Class A Shares(a)		74,244
	16,394	Delta Air Lines Inc.		756,255
	8,043	JetBlue Airways Corp.*		126,919
	13,465	Southwest Airlines Co.		621,948
	6,590	United Airlines Holdings Inc.*		405,878
		Total Airlines		2,368,560
	Building Products — 0.7%
	2,594	Allegion PLC.		298,284
	3,869	AO Smith Corp.		153,019
	78,360	Armstrong World Industries Inc.		7,847,754
	3,973	Fortune Brands Home & Security Inc.		245,333
	22,152	Johnson Controls International PLC.		810,099
	999	Lennox International Inc.		227,902
	8,012	Masco Corp.		331,056
	3,060	Owens Corning.		172,859
	3,504	Resideo Technologies Inc.*		37,668
		Total Building Products		10,123,974
	Commercial Services & Supplies — 0.8%
	3,147	ADT Inc.(a)		20,109
	2,350	Cintas Corp.		626,839
	1,468	Clean Harbors Inc.*		102,055
	5,691	Copart Inc.*		480,776
	3,800	IAA Inc.*		162,336
	3,800	KAR Auction Services Inc.		73,150
	6,076	Republic Services Inc., Class A Shares		548,420

See Notes to Financial Statements.

15

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 9.1% — (continued)
	Commercial Services & Supplies — 0.8% — (continued)
	3,851	Rollins Inc.	$	144,181
	2,572	Stericycle Inc.*		147,710
	84,218	Waste Management Inc.		9,332,197
		Total Commercial Services & Supplies		11,637,773
	Construction & Engineering — 0.3%
	51,863	AECOM*		2,330,723
	4,054	Fluor Corp.		37,783
	3,759	Jacobs Engineering Group Inc.		347,106
	55,058	Quanta Services Inc.		2,099,362
	605	Valmont Industries Inc.		70,313
		Total Construction & Engineering		4,885,287
	Electrical Equipment — 0.3%
	1,128	Acuity Brands Inc.		116,026
	6,480	AMETEK Inc.		557,280
	11,651	Eaton Corp. PLC.		1,056,979
	17,292	Emerson Electric Co.		1,108,590
	1,240	GrafTech International Ltd.(a)		10,118
	1,546	Hubbell Inc., Class B Shares		205,989
	4,394	nVent Electric PLC.		105,500
	1,094	Regal Beloit Corp.		84,938
	3,274	Rockwell Automation Inc.		600,779
	4,340	Sensata Technologies Holding PLC*		177,072
		Total Electrical Equipment		4,023,271
	Industrial Conglomerates — 0.8%
	15,874	3M Co.		2,369,036
	1,601	Carlisle Cos., Inc.		232,609
	245,603	General Electric Co.		2,672,161
	37,261	Honeywell International Inc.		6,042,616
	2,888	Roper Technologies Inc.		1,015,710
		Total Industrial Conglomerates		12,332,132
	Machinery — 0.9%
	1,811	AGCO Corp.		109,439
	3,176	Allison Transmission Holdings Inc.		128,946
	15,194	Caterpillar Inc.		1,887,702
	2,563	Colfax Corp.*		85,784
	1,428	Crane Co.		97,033
	4,256	Cummins Inc.		643,890
	8,900	Deere & Co.		1,392,672
	3,638	Donaldson Co., Inc.		164,001
	4,131	Dover Corp.		424,419
	3,735	Flowserve Corp.		150,110
	8,422	Fortive Corp.		582,465
	3,820	Gardner Denver Holdings Inc.*(c)		125,258
	1,535	Gates Industrial Corp. PLC*		16,056
	4,701	Graco Inc.		231,853
	2,154	IDEX Corp.		318,792
	9,062	Illinois Tool Works Inc.		1,520,422
	6,781	Ingersoll-Rand PLC.		875,020
	2,499	ITT Inc.		150,315
	1,616	Lincoln Electric Holdings Inc.		132,334
	1,579	Middleby Corp. (The)*		176,548
	1,632	Nordson Corp.		237,130

See Notes to Financial Statements.

16

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 9.1% — (continued)
	Machinery — 0.9% — (continued)
	1,936	Oshkosh Corp.	$	139,682
	9,654	PACCAR Inc.		645,853
	3,642	Parker-Hannifin Corp.		672,932
	4,761	Pentair PLC.		187,536
	1,564	Snap-on Inc.		226,389
	4,320	Stanley Black & Decker Inc.		620,784
	1,912	Timken Co. (The)		85,734
	3,013	Toro Co. (The)		215,218
	2,566	Trinity Industries Inc.		52,218
	1,456	WABCO Holdings Inc.*		196,706
	5,118	Westinghouse Air Brake Technologies Corp.		351,607
	1,572	Woodward Inc.		162,230
	5,105	Xylem Inc.		394,821
		Total Machinery		13,401,899
	Marine — 0.0%
	1,722	Kirby Corp.*		109,777
	Professional Services — 0.4%
	1,011	CoStar Group Inc.*		674,933
	3,430	Equifax Inc.		487,197
	46,179	IHS Markit Ltd.		3,289,792
	1,664	ManpowerGroup Inc.		126,364
	10,131	Nielsen Holdings PLC.		184,486
	3,182	Robert Half International Inc.		160,405
	5,334	TransUnion		474,299
	4,489	Verisk Analytics Inc., Class A Shares		696,289
		Total Professional Services		6,093,765
	Road & Rail — 1.0%
	252	AMERCO		81,273
	29,571	Avis Budget Group Inc.*		957,361
	21,110	CSX Corp.		1,487,200
	36,431	Hertz Global Holdings Inc.*		465,952
	2,427	JB Hunt Transport Services Inc.		234,060
	2,796	Kansas City Southern		421,301
	3,574	Knight-Swift Transportation Holdings Inc., Class A Shares		114,154
	1,141	Landstar System Inc.		115,207
	5,232	Lyft Inc., Class A Shares*		199,444
	23,475	Norfolk Southern Corp.		4,280,666
	1,849	Old Dominion Freight Line Inc.		358,336
	1,485	Ryder System Inc.		56,489
	1,355	Schneider National Inc., Class B Shares		24,268
	87,431	Uber Technologies Inc.*		2,961,288
	19,711	Union Pacific Corp.		3,150,015
		Total Road & Rail		14,907,014
	Trading Companies & Distributors — 0.8%
	57,918	AerCap Holdings NV*		3,016,369
	44,377	Air Lease Corp., Class A Shares		1,702,302
	16,302	Fastenal Co.		557,855
	4,611	HD Supply Holdings Inc.*		175,310
	1,183	MSC Industrial Direct Co., Inc., Class A Shares		73,133
	29,997	United Rentals Inc.*		3,974,003
	4,881	Univar Solutions Inc.*		82,928
	941	Watsco Inc.		147,718

See Notes to Financial Statements.

17

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 9.1% — (continued)
	Trading Companies & Distributors — 0.8% — (continued)
	1,227	WESCO International Inc.*	$	49,779
	9,848	WW Grainger Inc.		2,733,214
		Total Trading Companies & Distributors		12,512,611
	Transportation Infrastructure — 0.0%
	2,091	Macquarie Infrastructure Corp.		82,072
		TOTAL INDUSTRIALS		136,854,032
	INFORMATION TECHNOLOGY — 22.8%
	Communications Equipment — 1.3%
	1,690	Arista Networks Inc.*		326,373
	4,414	Ciena Corp.*		169,718
	284,414	Cisco Systems Inc.		11,356,651
	62,354	CommScope Holding Co., Inc.*		686,517
	1,404	EchoStar Corp., Class A Shares*		49,028
	1,703	F5 Networks Inc.*		204,275
	9,326	Juniper Networks Inc.		197,898
	35,082	Motorola Solutions Inc.		5,812,386
	247	Ubiquiti Inc.		33,508
	1,592	ViaSat Inc.*		91,540
		Total Communications Equipment		18,927,894
	Electronic Equipment, Instruments & Components — 0.8%
	8,300	Amphenol Corp., Class A Shares		760,944
	30,939	Arrow Electronics Inc.*		2,074,769
	2,744	Avnet Inc.		84,186
	4,056	CDW Corp.		463,276
	4,632	Cognex Corp.		206,309
	696	Coherent Inc.*		89,582
	21,543	Corning Inc.		514,016
	1,789	Dolby Laboratories Inc., Class A Shares		117,537
	163,428	Flex Ltd.*		1,815,685
	3,729	FLIR Systems Inc.		158,371
	1,011	IPG Photonics Corp.*		129,044
	4,243	Jabil Inc.		135,988
	5,347	Keysight Technologies Inc.*		506,682
	641	Littelfuse Inc.		102,355
	3,754	National Instruments Corp.		151,211
	19,161	SYNNEX Corp.		2,395,700
	7,149	Trimble Inc.*		282,243
	10,874	Zebra Technologies Corp., Class A Shares*		2,294,088
		Total Electronic Equipment, Instruments & Components		12,281,986
	IT Services — 5.0%
	18,092	Accenture PLC, Class A Shares		3,267,234
	37,054	Akamai Technologies Inc.*		3,205,542
	20,223	Alliance Data Systems Corp.		1,736,751
	3,860	Amdocs Ltd.		246,075
	12,336	Automatic Data Processing Inc.		1,908,873
	4,094	Black Knight Inc.*		273,111
	3,886	Booz Allen Hamilton Holding Corp., Class A Shares		277,072
	3,242	Broadridge Financial Solutions Inc.		338,335
	708	CACI International Inc., Class A Shares*		173,474
	15,672	Cognizant Technology Solutions Corp., Class A Shares		954,895
	2,331	CoreLogic Inc.		105,757

See Notes to Financial Statements.

18

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 22.8% — (continued)
	IT Services — 5.0 % — (continued)
	7,185	DXC Technology Co.	$	173,230
	1,478	EPAM Systems Inc.*		329,890
	1,424	Euronet Worldwide Inc.*		176,633
	32,837	Fidelity National Information Services Inc.		4,587,986
	83,972	Fiserv Inc.*		9,183,178
	2,431	FleetCor Technologies Inc.*		646,135
	2,490	Gartner Inc.*		322,181
	5,387	Genpact Ltd.		207,184
	8,435	Global Payments Inc.		1,551,787
	4,863	GoDaddy Inc., Class A Shares*		340,313
	25,176	International Business Machines Corp.		3,276,656
	2,189	Jack Henry & Associates Inc.		332,159
	3,781	Leidos Holdings Inc.		388,120
	25,167	MasterCard Inc., Class A Shares		7,304,722
	1,191	MongoDB Inc., Class A Shares*		181,627
	2,942	Okta Inc., Class A Shares*		376,752
	9,140	Paychex Inc.		708,167
	61,535	PayPal Holdings Inc.*		6,645,165
	173,850	Sabre Corp.		2,366,968
	44,888	Square Inc., Class A Shares*		3,740,517
	1,129	Switch Inc., Class A Shares		16,190
	3,445	Twilio Inc., Class A Shares*		388,045
	2,946	VeriSign Inc.*		559,003
	97,666	Visa Inc., Class A Shares		17,751,772
	11,654	Western Union Co. (The)		260,933
	1,228	WEX Inc.*		229,931
		Total IT Services		74,532,363
	Semiconductors & Semiconductor Equipment — 5.5%
	29,156	Advanced Micro Devices Inc.*		1,326,015
	83,328	Analog Devices Inc.		9,086,918
	67,472	Applied Materials Inc.		3,921,473
	48,962	Broadcom Inc.		13,348,020
	2,997	Cree Inc.*		134,056
	10,229	Cypress Semiconductor Corp.		236,188
	3,809	Entegris Inc.		203,096
	2,389	First Solar Inc.*		109,345
	259,179	Intel Corp.		14,389,618
	4,536	KLA Corp.		697,229
	4,076	Lam Research Corp.		1,196,021
	18,743	Marvell Technology Group Ltd.		399,226
	7,737	Maxim Integrated Products Inc.		430,332
	53,269	Microchip Technology Inc.		4,832,031
	31,317	Micron Technology Inc.*		1,646,021
	1,547	MKS Instruments Inc.		154,994
	1,199	Monolithic Power Systems Inc.		190,209
	42,239	NVIDIA Corp.		11,407,487
	11,381	ON Semiconductor Corp.*		212,369
	3,262	Qorvo Inc.*		328,092
	63,739	QUALCOMM Inc.		4,990,764
	68,739	Skyworks Solutions Inc.		6,886,273
	4,721	Teradyne Inc.		277,406
	42,222	Texas Instruments Inc.		4,819,219
	1,215	Universal Display Corp.		192,930
	7,250	Xilinx Inc.		605,302
		Total Semiconductors & Semiconductor Equipment		82,020,634

See Notes to Financial Statements.

19

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 22.8% — (continued)
	Software — 7.2%
	1,658	2U Inc.*	$	38,980
	36,820	Adobe Inc.*		12,707,318
	1,295	Alteryx Inc., Class A Shares*		180,808
	2,440	Anaplan Inc.*		109,654
	2,383	ANSYS Inc.*		577,139
	1,965	Aspen Technology Inc.*		209,292
	3,309	Atlassian Corp. PLC, Class A Shares*		479,673
	6,220	Autodesk Inc.*		1,187,274
	1,278	Avalara Inc.*		108,310
	7,931	Cadence Design Systems Inc.*		524,556
	3,466	CDK Global Inc.		159,505
	1,082	Cerence Inc.*		23,490
	2,686	Ceridian HCM Holding Inc.*		189,981
	3,489	Citrix Systems Inc.		360,728
	1,743	Coupa Software Inc.*		261,014
	4,338	DocuSign Inc., Class A Shares*		374,413
	6,191	Dropbox Inc., Class A Shares*		121,096
	1,843	Dynatrace Inc.*		59,529
	1,305	Elastic NV*		96,387
	808	Fair Isaac Corp.*		303,832
	5,842	FireEye Inc.*		77,319
	4,081	Fortinet Inc.*		416,507
	2,325	Guidewire Software Inc.*		254,843
	1,134	HubSpot Inc.*		203,496
	13,837	Intuit Inc.		3,678,566
	1,398	LogMeIn Inc.		119,158
	1,834	Manhattan Associates Inc.*		123,538
	464	Medallia Inc.*		11,512
	262,952	Microsoft Corp.		42,600,853
	1,382	New Relic Inc.*		77,751
	16,506	NortonLifeLock Inc.		314,109
	7,843	Nuance Communications Inc.*		169,566
	48,721	Nutanix Inc., Class A Shares*		1,161,509
	245,299	Oracle Corp.		12,132,489
	1,212	PagerDuty Inc.*(a)		24,967
	11,601	Palo Alto Networks Inc.*		2,141,777
	1,403	Paycom Software Inc.*		396,558
	931	Paylocity Holding Corp.*		120,583
	1,020	Pegasystems Inc.		92,310
	1,621	Pluralsight Inc., Class A Shares*		28,902
	1,564	Proofpoint Inc.*		166,801
	2,962	PTC Inc.*		223,779
	2,167	RealPage Inc.*		138,905
	2,090	RingCentral Inc., Class A Shares*		492,717
	59,264	salesforce.com Inc.*		10,098,586
	15,641	ServiceNow Inc.*		5,100,374
	2,552	Smartsheet Inc., Class A Shares*		118,158
	1,293	SolarWinds Corp.*		23,558
	37,896	Splunk Inc.*		5,583,218
	6,309	SS&C Technologies Holdings Inc.		350,149
	4,249	Synopsys Inc.*		586,065
	3,236	Teradata Corp.*		64,526
	1,111	Trade Desk Inc. (The), Class A Shares*		319,135
	1,072	Tyler Technologies Inc.*		335,911

See Notes to Financial Statements.

20

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 22.8% — (continued)
	Software — 7.2% — (continued)
	16,080	VMware Inc., Class A Shares*	$	1,937,962
	4,626	Workday Inc., Class A Shares*		801,454
	3,165	Zendesk Inc.*		251,016
	1,844	Zscaler Inc.*(a)		95,870
		Total Software.		108,907,476
	Technology Hardware, Storage & Peripherals — 3.0%
	144,989	Apple Inc.		39,634,193
	4,322	Dell Technologies Inc., Class C Shares*		174,868
	37,057	Hewlett Packard Enterprise Co.		473,959
	42,214	HP Inc.		877,629
	3,670	NCR Corp.*		92,484
	6,820	NetApp Inc.		318,631
	6,763	Pure Storage Inc., Class A Shares*		103,203
	69,182	Western Digital Corp.		3,843,752
	5,047	Xerox Holdings Corp.		162,513
		Total Technology Hardware, Storage & Peripherals		45,681,232
		TOTAL INFORMATION TECHNOLOGY		342,351,585
	MATERIALS — 2.8%
	Chemicals — 1.7%
	6,225	Air Products & Chemicals Inc.		1,367,072
	2,998	Albemarle Corp.		245,386
	1,745	Ashland Global Holdings Inc.		124,837
	5,881	Axalta Coating Systems Ltd.*		146,555
	1,624	Cabot Corp.		60,705
	46,833	Celanese Corp., Class A Shares		4,390,125
	6,215	CF Industries Holdings Inc.		229,085
	4,838	Chemours Co. (The)		71,893
	21,047	Corteva Inc.		572,478
	21,332	Dow Inc.		862,026
	133,294	DuPont de Nemours Inc.		5,718,313
	3,897	Eastman Chemical Co.		239,704
	19,560	Ecolab Inc.		3,529,602
	5,822	Element Solutions Inc.*		60,491
	3,644	FMC Corp.		339,256
	5,932	Huntsman Corp.		112,352
	3,043	International Flavors & Fragrances Inc.(a)		364,491
	20,935	Linde PLC.		3,998,794
	7,586	LyondellBasell Industries NV, Class A Shares		542,096
	9,555	Mosaic Co. (The)		162,722
	195	NewMarket Corp.		75,775
	4,688	Olin Corp.		75,899
	6,716	PPG Industries Inc.		701,486
	3,639	RPM International Inc.		233,296
	1,138	Scotts Miracle-Gro Co. (The)		120,617
	2,342	Sherwin-Williams Co. (The)		1,210,228
	5,369	Valvoline Inc.		104,696
	1,035	Westlake Chemical Corp.		57,825
	1,628	WR Grace & Co.		92,080
		Total Chemicals		25,809,885
	Construction Materials — 0.5%
	1,210	Eagle Materials Inc.		95,505
	1,780	Martin Marietta Materials Inc.		405,003

See Notes to Financial Statements.

21

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	MATERIALS — 2.8% — (continued)
	Construction Materials — 0.5% — (continued)
	59,495	Vulcan Materials Co.	$	7,154,869
		Total Construction Materials		7,655,377
	Containers & Packaging — 0.4%
	1,824	AptarGroup Inc.		184,352
	532	Ardagh Group SA, Class A Shares		9,326
	2,317	Avery Dennison Corp.		265,273
	9,189	Ball Corp.		647,457
	3,756	Berry Global Group Inc.*		142,578
	46,011	Crown Holdings Inc.*		3,243,775
	7,909	Graphic Packaging Holding Co.		106,930
	11,199	International Paper Co.		413,915
	53,586	O-I Glass Inc.		578,729
	2,656	Packaging Corp. of America		240,687
	4,428	Sealed Air Corp.		134,213
	2,255	Silgan Holdings Inc.		64,560
	2,827	Sonoco Products Co.		136,290
	7,253	WestRock Co.		241,162
		Total Containers & Packaging		6,409,247
	Metals & Mining — 0.2%
	5,294	Alcoa Corp.*		73,428
	41,309	Freeport-McMoRan Inc.		411,438
	23,072	Newmont Corp.		1,029,703
	8,690	Nucor Corp.		359,331
	1,855	Reliance Steel & Aluminum Co.		189,748
	1,861	Royal Gold Inc.		179,531
	2,392	Southern Copper Corp.		80,491
	5,621	Steel Dynamics Inc.		149,687
	4,896	United States Steel Corp.(a)		39,266
		Total Metals & Mining		2,512,623
	Paper & Forest Products — 0.0%
	1,562	Domtar Corp.		44,939
		TOTAL MATERIALS		42,432,071
	REAL ESTATE — 3.1%
	Equity Real Estate Investment Trusts (REITs) — 3.0%
	3,217	Alexandria Real Estate Equities Inc.		488,598
	3,784	American Campus Communities Inc.		164,377
	7,323	American Homes 4 Rent, Class A Shares		189,592
	12,467	American Tower Corp.		2,827,516
	5,457	Americold Realty Trust		167,366
	4,209	Apartment Investment & Management Co., Class A Shares		201,359
	6,154	Apple Hospitality REIT Inc.		80,433
	3,962	AvalonBay Communities Inc.		794,738
	4,408	Boston Properties Inc.		568,368
	4,963	Brandywine Realty Trust		67,398
	8,454	Brixmor Property Group Inc.		153,947
	1,594	Brookfield Property REIT Inc., Class A Shares(a)		25,998
	2,660	Camden Property Trust		281,907
	14,147	Colony Capital Inc.		56,022
	3,316	Columbia Property Trust Inc.		62,540
	1,045	CoreSite Realty Corp.		108,398
	3,225	Corporate Office Properties Trust		81,722

See Notes to Financial Statements.

22

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 3.1% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 3.0% — (continued)
	4,186	Cousins Properties Inc.	$	149,398
	38,799	Crown Castle International Corp.		5,559,509
	5,304	CubeSmart		160,552
	3,188	CyrusOne Inc.		193,129
	5,847	Digital Realty Trust Inc.		702,283
	4,678	Douglas Emmett Inc.		178,606
	10,302	Duke Realty Corp.		334,506
	4,296	Empire State Realty Trust Inc., Class A Shares		50,263
	2,164	EPR Properties		128,195
	6,785	Equinix Inc.		3,886,448
	3,252	Equity Commonwealth		102,308
	4,939	Equity LifeStyle Properties Inc.		337,482
	105,045	Equity Residential		7,888,879
	1,865	Essex Property Trust Inc.		528,466
	3,525	Extra Space Storage Inc.		353,769
	2,127	Federal Realty Investment Trust		247,455
	5,764	Gaming and Leisure Properties Inc.		257,478
	5,804	Healthcare Trust of America Inc., Class A Shares		180,737
	14,037	Healthpeak Properties Inc.		444,131
	2,960	Highwoods Properties Inc.		132,845
	20,048	Host Hotels & Resorts Inc.		290,295
	4,326	Hudson Pacific Properties Inc.		139,643
	15,071	Invitation Homes Inc.		432,387
	8,120	Iron Mountain Inc.		246,929
	3,332	JBG SMITH Properties		122,218
	2,994	Kilroy Realty Corp.		217,634
	11,501	Kimco Realty Corp.		199,542
	2,424	Lamar Advertising Co., Class A Shares		202,986
	1,322	Life Storage Inc.		142,657
	3,822	Macerich Co. (The)(a)		78,045
	14,357	Medical Properties Trust Inc.		303,363
	3,237	Mid-America Apartment Communities Inc.		418,415
	4,749	National Retail Properties Inc.		241,487
	6,197	Omega Healthcare Investors Inc.		245,401
	3,851	Outfront Media Inc.		101,435
	5,736	Paramount Group Inc.		69,692
	6,794	Park Hotels & Resorts Inc.		124,058
	20,787	Prologis Inc.		1,751,928
	21,614	Public Storage		4,519,920
	3,688	Rayonier Inc.		97,843
	9,263	Realty Income Corp.		670,549
	4,662	Regency Centers Corp.		267,785
	6,067	Retail Properties of America Inc., Class A Shares		63,521
	3,163	SBA Communications Corp., Class A Shares		838,480
	4,714	Service Properties Trust		85,229
	8,675	Simon Property Group Inc.		1,067,719
	4,094	SITE Centers Corp.		47,122
	2,270	SL Green Realty Corp.		178,059
	2,856	Spirit Realty Capital Inc.		129,948
	6,134	STORE Capital Corp.		201,563
	2,540	Sun Communities Inc.		388,315
	1,712	Taubman Centers Inc.		89,127
	8,268	UDR Inc.		371,895
	10,618	Ventas Inc.		570,930
	29,749	VEREIT Inc.		257,626

See Notes to Financial Statements.

23

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 3.1% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 3.0% — (continued)
	13,158	VICI Properties Inc.	$	329,739
	4,853	Vornado Realty Trust		260,024
	3,285	Weingarten Realty Investors		88,465
	11,534	Welltower Inc.		862,974
	21,237	Weyerhaeuser Co.		551,737
	4,818	WP Carey Inc.		372,961
		Total Equity Real Estate Investment Trusts (REITs)		45,776,364
	Real Estate Management & Development — 0.1%
	9,541	CBRE Group Inc., Class A Shares*		535,632
	1,168	Howard Hughes Corp. (The)*		126,004
	1,463	Jones Lang LaSalle Inc.		216,187
		Total Real Estate Management & Development		877,823
		TOTAL REAL ESTATE		46,654,187
	UTILITIES — 2.2%
	Electric Utilities — 1.6%
	6,743	Alliant Energy Corp.		351,445
	13,970	American Electric Power Co., Inc.		1,246,962
	1,630	Avangrid Inc.		80,995
	20,650	Duke Energy Corp.		1,893,605
	121,350	Edison International		8,153,507
	5,588	Entergy Corp.		653,293
	6,405	Evergy Inc.		418,567
	9,220	Eversource Energy		797,161
	27,411	Exelon Corp.		1,181,688
	15,367	FirstEnergy Corp.		684,293
	3,142	Hawaiian Electric Industries Inc.		134,603
	1,411	IDACORP Inc.		136,359
	13,860	NextEra Energy Inc.		3,503,254
	7,191	NRG Energy Inc.		238,813
	5,693	OGE Energy Corp.		216,903
	15,109	PG&E Corp.*		234,190
	3,196	Pinnacle West Capital Corp.		286,010
	20,320	PPL Corp.		609,803
	29,490	Southern Co. (The)		1,780,016
	14,926	Xcel Energy Inc.		930,188
		Total Electric Utilities		23,531,655
	Gas Utilities — 0.0%
	3,332	Atmos Energy Corp.		344,029
	2,330	National Fuel Gas Co.		85,301
	5,939	UGI Corp.		214,042
		Total Gas Utilities		643,372
	Independent Power & Renewable Electricity Producers — 0.0%
	18,911	AES Corp.		316,381
	12,075	Vistra Energy Corp.		232,202
		Total Independent Power & Renewable Electricity Producers		548,583
	Multi-Utilities — 0.5%
	6,983	Ameren Corp.		551,657
	14,319	CenterPoint Energy Inc.		329,623
	8,068	CMS Energy Corp.		487,469
	9,473	Consolidated Edison Inc.		746,662

See Notes to Financial Statements.

24

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund
Shares/Units				Security	Value
	UTILITIES — 2.2% — (continued)
	Multi-Utilities — 0.5% — (continued)
	23,301			Dominion Energy Inc.	$	1,821,672
	5,265			DTE Energy Co.		587,943
	5,602			MDU Resources Group Inc.		155,343
	10,627			NiSource Inc.		287,142
	14,368			Public Service Enterprise Group Inc.		737,222
	7,962			Sempra Energy		1,112,928
	8,979			WEC Energy Group Inc.		829,031
				Total Multi-Utilities		7,646,692
	Water Utilities — 0.1%
	5,074			American Water Works Co., Inc.		627,451
	6,151		��	Essential Utilities Inc.		264,555
				Total Water Utilities		892,006
				TOTAL UTILITIES		33,262,308
				TOTAL COMMON STOCKS (Cost — $970,879,555)		1,437,575,397
	CLOSED END MUTUAL FUND SECURITY — 2.5%
	FINANCIALS — 2.5%
	Capital Markets — 2.5%
	675,204			iShares Core S&P U.S. Value, Common Class Shares(a) (Cost — $38,378,528)		37,480,574
				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,009,258,083)		1,475,055,971
Face Amount†
	SHORT-TERM INVESTMENTS (d) — 1.6%
	MONEY MARKET FUND — 0.4%
$	5,381,234			Invesco STIT — Government & Agency Portfolio, 1.471%, Institutional Class(e) (Cost — $5,381,234)		5,381,234
	TIME DEPOSITS — 1.2%
	4,084,263			Banco Santander SA — Frankfurt, 0.950% due 3/2/20		4,084,263
				BBH — Grand Cayman:
	29,803	CAD		0.820% due 3/2/20		22,205
	5,300			0.950% due 3/2/20		5,300
	9,865,760			Citibank — New York, 0.950% due 3/2/20		9,865,760
	4,689,804			JPMorgan Chase & Co. — New York, 0.950% due 3/2/20		4,689,804
				TOTAL TIME DEPOSITS (Cost — $18,667,332)		18,667,332
				TOTAL SHORT-TERM INVESTMENTS (Cost — $24,048,566)		24,048,566
				TOTAL INVESTMENTS — 99.8% (Cost — $1,033,306,649)		1,499,104,537
				Other Assets in Excess of Liabilities — 0.2%		2,577,765
				TOTAL NET ASSETS — 100.0%	$	1,501,682,302

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

* Non-income producing security.

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

(b) Affiliated security (See Note 2). As of February 29, 2020, total cost and total market value of affiliated securities amounted to $795,894 and $1,483,468, respectively.

See Notes to Financial Statements.

25

Schedules of Investments

(unaudited) (continued)

Large Cap Equity Fund

(c) Illiquid security.

(d) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 1.2%.

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

At February 29, 2020, 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	$	1,033,306,649	$	542,040,961	$	(77,100,243	)	$	464,940,718

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	22.9	%
Health Care	15.5
Financials	13.6
Consumer Discretionary .	10.7
Industrials .	9.2
Communication Services .	9.1
Consumer Staples .	5.8
Energy .	3.9
Real Estate .	3.1
Materials .	2.8
Utilities .	2.2
Short-Term Investments.	1.2
	100.0	%+

^ As a percentage of total investments.

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

At February 29, 2020, Large Cap Equity Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Buy:
S&P 500 E-mini Index March Futures		61		3/20	$	9,782,465	$	9,000,550	$	(781,915	)
S&P MidCap 400 E-mini Index March Futures		3		3/20		618,916		543,661		(75,255	)
									$	(857,170	)

At February 29, 2020, Large Cap Equity Fund had deposited cash of $430,984 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 — 95.1%
	COMMUNICATION SERVICES — 2.3%
	Diversified Telecommunication Services — 0.3%
	400	Anterix Inc.*	$	18,740
	369	ATN International Inc.		19,889
	566	Bandwidth Inc., Class A Shares*		35,596
	1,779	Cincinnati Bell Inc.*		23,216
	1,617	Cogent Communications Holdings Inc.		118,057
	2,863	Consolidated Communications Holdings Inc.		17,808
	3,297	Frontier Communications Corp.*(a)		1,784
	3,734	GCI Liberty Inc., Class A Shares*		258,057
	693	IDT Corp., Class B Shares*		5,336
	2,769	Intelsat SA*(a)		10,688
	3,765	Iridium Communications Inc.*		101,918
	695	Ooma Inc.*		8,917
	3,059	ORBCOMM Inc.*		10,125
	4,484	Pareteum Corp.*		2,511
	32,302	Vonage Holdings Corp.*		289,426
	8,535	Zayo Group Holdings Inc.*		298,640
		Total Diversified Telecommunication Services		1,220,708
	Entertainment — 0.8%
	2,111	AMC Entertainment Holdings Inc., Class A Shares(a)		13,215
	4,034	Cinemark Holdings Inc.		104,723
	3,298	Eros International PLC*(a)		7,618
	379	Gaia Inc., Class A Shares*		3,195
	4,077	Glu Mobile Inc.*		29,028
	1,852	IMAX Corp.*		28,854
	367	Liberty Media Corp-Liberty Braves, Class A Shares*		9,549
	1,294	Liberty Media Corp-Liberty Braves, Class C Shares*		33,618
	784	Liberty Media Corp-Liberty Formula One, Class A Shares*		29,392
	7,603	Liberty Media Corp-Liberty Formula One, Class C Shares*		296,973
	1,936	Lions Gate Entertainment Corp., Class A Shares*		15,391
	4,424	Lions Gate Entertainment Corp., Class B Shares*		32,738
	1,068	LiveXLive Media Inc.*(a)		1,346
	3,229	Madison Square Garden Co. (The), Class A Shares*		864,791
	768	Marcus Corp. (The)		20,521
	609	Reading International Inc., Class A Shares*		5,073
	3,220	Roku Inc., Class A Shares*		366,018
	9,412	World Wrestling Entertainment Inc., Class A Shares(a)		440,199
	144,966	Zynga Inc., Class A Shares*		972,722
		Total Entertainment		3,274,964
	Interactive Media & Services — 0.2%
	2,818	Cargurus Inc., Class A Shares*		71,831
	2,274	Cars.com Inc.*		20,648
	2,121	DHI Group Inc.*		4,836
	1,238	Eventbrite Inc., Class A Shares*		18,087
	350	EverQuote Inc., Class A Shares*		14,217
	2,270	Liberty TripAdvisor Holdings Inc., Class A Shares*		9,886
	2,635	Meet Group Inc. (The)*		13,438
	2,210	QuinStreet Inc.*		28,465
	118	Travelzoo*		965
	4,025	TripAdvisor Inc.		94,386
	4,312	TrueCar Inc.*		11,341
	2,659	Yelp Inc., Class A Shares*		83,147
	2,262	Zillow Group Inc., Class A Shares*		125,926

See Notes to Financial Statements.

27

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	COMMUNICATION SERVICES — 2.3% — (continued)
	Interactive Media & Services — 0.2% — (continued)
	4,740	Zillow Group Inc., Class C Shares*	$	264,539
		Total Interactive Media & Services		761,712
	Media — 1.0%
	1,657	AMC Networks Inc., Class A Shares*		51,367
	421	Boston Omaha Corp., Class A Shares*		8,193
	1,024	Cable One Inc.		1,610,773
	476	Cardlytics Inc.*		37,790
	3,403	Central European Media Enterprises Ltd., Class A Shares*		15,075
	1,440	Clear Channel Outdoor Holdings Inc., Class A Shares*		2,981
	2,045	comScore Inc.*		7,158
	34,900	Criteo SA, ADR*		442,183
	587	Cumulus Media Inc., Class A Shares*		7,073
	40	Daily Journal Corp.*		10,000
	930	Emerald Holding Inc.		6,380
	4,076	Entercom Communications Corp., Class A Shares		14,144
	2,331	Entravision Communications Corp., Class A Shares		4,685
	1,917	EW Scripps Co. (The), Class A Shares		22,812
	2,051	Fluent Inc.*		4,779
	3,936	Gannett Co., Inc.		16,531
	3,487	Gray Television Inc.*		65,974
	634	Hemisphere Media Group Inc., Class A Shares*		8,007
	14,942	Interpublic Group of Cos., Inc. (The)		319,161
	6,674	John Wiley & Sons Inc., Class A Shares		248,206
	2,251	Lee Enterprises Inc.*		3,377
	1,808	Liberty Latin America Ltd., Class A Shares*		27,391
	4,286	Liberty Latin America Ltd., Class C Shares*		65,104
	526	Loral Space & Communications Inc.*		16,338
	1,455	Marchex Inc., Class B Shares*		3,768
	2,388	MDC Partners Inc., Class A Shares*		5,994
	1,442	Meredith Corp.		37,997
	1,400	MSG Networks Inc., Class A Shares*		17,696
	2,565	National CineMedia Inc.		19,725
	6,116	New York Times Co. (The), Class A Shares		229,105
	14,446	News Corp., Class A Shares		174,435
	4,641	News Corp., Class B Shares		57,734
	1,694	Nexstar Media Group Inc., Class A Shares		194,776
	152	Saga Communications Inc., Class A Shares		4,375
	1,205	Scholastic Corp.		38,668
	2,383	Sinclair Broadcast Group Inc., Class A Shares		55,309
	912	TechTarget Inc.*		21,095
	8,194	TEGNA Inc.		117,338
	653	Tribune Publishing Co.		7,490
	1,084	WideOpenWest Inc.*		6,818
		Total Media		4,007,805
	Wireless Telecommunication Services — 0.0%
	1,373	Boingo Wireless Inc.*		17,396
	2,063	Gogo Inc.*(a)		7,447
	1,790	Shenandoah Telecommunications Co.		79,530
	703	Spok Holdings Inc.		7,002
	3,849	Telephone & Data Systems Inc.		77,519
	485	United States Cellular Corp.*		15,234
		Total Wireless Telecommunication Services		204,128
		TOTAL COMMUNICATION SERVICES		9,469,317

See Notes to Financial Statements.

28

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 7.1%
	Auto Components — 0.3%
	3,315	Adient PLC*	$	79,328
	3,987	American Axle & Manufacturing Holdings Inc.*		25,238
	8,009	BorgWarner Inc.		253,084
	1,848	Cooper Tire & Rubber Co.		47,105
	693	Cooper-Standard Holdings Inc.*		11,975
	5,478	Dana Inc.		78,774
	1,025	Dorman Products Inc.*		62,156
	1,432	Fox Factory Holding Corp.*		90,789
	9,604	Gentex Corp.		256,427
	1,389	Gentherm Inc.*		56,643
	8,796	Goodyear Tire & Rubber Co. (The)		85,189
	937	LCI Industries		90,467
	2,131	Modine Manufacturing Co.*		15,897
	780	Motorcar Parts of America Inc.*		13,057
	739	Standard Motor Products Inc.		32,516
	887	Stoneridge Inc.*		19,603
	2,063	Tenneco Inc., Class A Shares		18,918
	1,064	Visteon Corp.*		69,203
		Total Auto Components		1,306,369
	Automobiles — 0.1%
	5,860	Harley-Davidson Inc.		178,554
	2,004	Thor Industries Inc.		151,122
	1,189	Winnebago Industries Inc.		61,697
		Total Automobiles		391,373
	Distributors — 0.1%
	1,619	Core-Mark Holding Co., Inc.		37,253
	701	Funko Inc., Class A Shares*		5,685
	421	Greenlane Holdings Inc., Class A Shares*		901
	1,492	Pool Corp.		314,752
	241	Weyco Group Inc.		5,288
		Total Distributors		363,879
	Diversified Consumer Services — 0.6%
	2,183	Adtalem Global Education Inc.*		67,389
	654	American Public Education Inc.*		14,558
	4,285	Bright Horizons Family Solutions Inc.*		673,388
	686	Carriage Services Inc., Class A Shares		14,509
	4,371	Chegg Inc.*		171,387
	334	Collectors Universe Inc.		7,684
	3,201	frontdoor Inc.*		135,722
	159	Graham Holdings Co., Class B Shares		79,958
	1,791	Grand Canyon Education Inc.*		144,498
	7,648	H&R Block Inc.		158,084
	3,556	Houghton Mifflin Harcourt Co.*		19,451
	1,321	K12 Inc.*		26,262
	4,539	Laureate Education Inc., Class A Shares*		84,879
	1,525	OneSpaWorld Holdings Ltd.		18,636
	2,467	Perdoceo Education Corp.*		36,832
	1,186	Regis Corp.*		15,133
	886	Select Interior Concepts Inc., Class A Shares*		6,619
	6,647	Service Corp. International		317,660
	5,142	ServiceMaster Global Holdings Inc.*		183,929
	808	Strategic Education Inc.		119,083
	1,801	WW International Inc.*		54,030
		Total Diversified Consumer Services		2,349,691

See Notes to Financial Statements.

29

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 7.1% — (continued)
	Hotels, Restaurants & Leisure — 1.7%
	9,232	Aramark	$	320,720
	2,447	BBX Capital Corp., Class A Shares		8,516
	43	Biglari Holdings Inc., Class B Shares*		4,535
	678	BJ's Restaurants Inc.		22,340
	3,369	Bloomin' Brands Inc.		60,608
	271	Bluegreen Vacations Corp.(a)		2,103
	3,056	Boyd Gaming Corp.		81,626
	1,376	Brinker International Inc.		47,266
	22,276	Caesars Entertainment Corp.*		283,128
	1,274	Carrols Restaurant Group Inc.*		5,255
	1,025	Century Casinos Inc.*		7,154
	1,740	Cheesecake Factory Inc. (The)		61,996
	1,366	Choice Hotels International Inc.		124,688
	1,316	Churchill Downs Inc.		165,342
	618	Chuy's Holdings Inc.*		13,250
	922	Cracker Barrel Old Country Store Inc.		132,150
	1,301	Dave & Buster's Entertainment Inc.		42,946
	1,108	Del Taco Restaurants Inc.*		7,091
	2,525	Denny's Corp.*		43,960
	581	Dine Brands Global Inc.		47,555
	1,545	Domino's Pizza Inc.		524,466
	2,117	Drive Shack Inc.*		6,055
	3,125	Dunkin' Brands Group Inc.		207,875
	740	El Pollo Loco Holdings Inc.*		9,546
	16,832	Eldorado Resorts Inc.*(a)		844,630
	2,419	Everi Holdings Inc.*		25,158
	6,738	Extended Stay America Inc.		73,983
	893	Fiesta Restaurant Group Inc.*		8,626
	660	Golden Entertainment Inc.*		10,745
	705	Habit Restaurants Inc. (The), Class A Shares*		9,842
	3,258	Hilton Grand Vacations Inc.*		86,858
	1,376	Hyatt Hotels Corp., Class A Shares		105,402
	463	Inspired Entertainment Inc.*		2,408
	19,597	International Game Technology PLC.		208,512
	603	J Alexander's Holdings Inc.*		4,951
	993	Jack in the Box Inc.		68,378
	892	Lindblad Expeditions Holdings Inc.*		10,615
	1,625	Marriott Vacations Worldwide Corp.		157,267
	453	Monarch Casino & Resort Inc.*		21,418
	109	Nathan's Famous Inc.		6,485
	1,212	Noodles & Co., Class A Shares*		9,841
	793	Papa John's International Inc.		45,685
	4,158	Penn National Gaming Inc.*		122,952
	3,057	Planet Fitness Inc., Class A Shares*		206,317
	1,121	PlayAGS Inc.*		10,862
	807	Potbelly Corp.*		4,035
	336	RCI Hospitality Holdings Inc.		6,770
	287	Red Lion Hotels Corp.*		738
	529	Red Robin Gourmet Burgers Inc.*		14,547
	2,578	Red Rock Resorts Inc., Class A Shares		53,133
	909	Ruth's Hospitality Group Inc.		17,389
	1,998	Scientific Games Corp., Class A Shares*		36,444
	18,283	SeaWorld Entertainment Inc.*		497,480
	1,129	Shake Shack Inc., Class A Shares*		67,108

See Notes to Financial Statements.

30

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 7.1% — (continued)
	Hotels, Restaurants & Leisure — 1.7% — (continued)
	3,007	Six Flags Entertainment Corp.	$	76,017
	1,394	Target Hospitality Corp.*		6,524
	15,144	Texas Roadhouse Inc., Class A Shares		851,396
	787	Twin River Worldwide Holdings Inc.		20,462
	1,517	Vail Resorts Inc.		322,529
	6,976	Wendy's Co. (The)		131,707
	1,127	Wingstop Inc.		95,175
	3,441	Wyndham Destinations Inc.		137,296
	3,678	Wyndham Hotels & Resorts Inc.		187,394
		Total Hotels, Restaurants & Leisure		6,797,250
	Household Durables — 1.3%
	339	Bassett Furniture Industries Inc.		3,346
	1,023	Beazer Homes USA Inc.*		12,542
	308	Cavco Industries Inc.*		62,130
	1,036	Century Communities Inc.*		34,530
	744	Ethan Allen Interiors Inc.		9,821
	295	Flexsteel Industries Inc.		4,053
	5,174	GoPro Inc., Class A Shares*(a)		19,635
	917	Green Brick Partners Inc.*		10,032
	230	Hamilton Beach Brands Holding Co., Class A Shares		2,668
	940	Helen of Troy Ltd.*		154,724
	439	Hooker Furniture Corp.		8,258
	812	Installed Building Products Inc.*		53,633
	975	iRobot Corp.*(a)		46,790
	3,330	KB Home		108,525
	1,757	La-Z-Boy Inc.		50,338
	284	Legacy Housing Corp.*		4,081
	4,937	Leggett & Platt Inc.		195,801
	711	LGI Homes Inc.*		53,574
	440	Lifetime Brands Inc.		2,798
	232	Lovesac Co. (The)*		2,016
	936	M/I Homes Inc.*		34,847
	1,924	MDC Holdings Inc.		75,690
	1,399	Meritage Homes Corp.*		88,780
	37,676	Newell Brands Inc.		581,341
	126	NVR Inc.*		462,065
	9,546	PulteGroup Inc.		383,749
	19,403	Skyline Champion Corp.*		494,388
	2,479	Sonos Inc.*		28,608
	5,095	Taylor Morrison Home Corp., Class A Shares*		114,739
	8,736	Tempur Sealy International Inc.*		653,016
	4,934	Toll Brothers Inc.		182,706
	12,229	TopBuild Corp.*		1,235,129
	4,923	TRI Pointe Group Inc.*		75,470
	1,972	Tupperware Brands Corp.		5,620
	449	Universal Electronics Inc.*		18,957
	1,005	ZAGG Inc.*		6,754
		Total Household Durables		5,281,154
	Internet & Direct Marketing Retail — 0.2%
	954	1-800-Flowers.com Inc., Class A Shares*		17,210
	317	Duluth Holdings Inc., Class B Shares*(a)		2,175
	4,517	Etsy Inc.*		261,128
	16,122	Groupon Inc., Class A Shares*		21,604

See Notes to Financial Statements.

31

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 7.1% — (continued)
	Internet & Direct Marketing Retail — 0.2% — (continued)
	3,448	Grubhub Inc.*	$	165,883
	409	Lands' End Inc.*		4,311
	584	Leaf Group Ltd.*		1,536
	1,072	Liquidity Services Inc.*		4,202
	1,108	Overstock.com Inc.*		7,158
	827	PetMed Express Inc.		21,833
	2,691	Quotient Technology Inc.*		24,084
	14,551	Qurate Retail Inc., Class A Shares*		99,238
	714	RealReal Inc. (The)*		9,989
	1,975	Rubicon Project Inc. (The)*		22,416
	682	Shutterstock Inc.*		26,284
	600	Stamps.com Inc.*		84,666
	1,507	Stitch Fix Inc., Class A Shares*(a)		36,213
	2,179	Waitr Holdings Inc.*		783
		Total Internet & Direct Marketing Retail		810,713
	Leisure Products — 0.2%
	1,240	Acushnet Holdings Corp.		31,558
	2,245	American Outdoor Brands Corp.*		22,360
	3,140	Brunswick Corp.		167,048
	3,480	Callaway Golf Co.		59,090
	771	Clarus Corp.		8,913
	544	Escalade Inc.		4,619
	187	Johnson Outdoors Inc., Class A Shares		11,671
	819	Malibu Boats Inc., Class A Shares*		35,987
	338	Marine Products Corp.		4,252
	766	MasterCraft Boat Holdings Inc.*		12,386
	12,982	Mattel Inc.*(a)		153,058
	2,170	Polaris Inc.		179,090
	656	Sturm Ruger & Co., Inc.		31,514
	1,941	Vista Outdoor Inc.*		14,266
	1,536	YETI Holdings Inc.*		46,464
		Total Leisure Products		782,276
	Multiline Retail — 0.2%
	1,536	Big Lots Inc.		24,284
	418	Dillard's Inc., Class A Shares(a)		23,529
	11,493	JC Penney Co., Inc.*(a)		7,930
	6,101	Kohl's Corp.		238,854
	11,681	Macy's Inc.		154,540
	4,091	Nordstrom Inc.(a)		141,958
	1,988	Ollie's Bargain Outlet Holdings Inc.*		101,130
		Total Multiline Retail		692,225
	Specialty Retail — 1.7%
	2,535	Aaron's Inc.		99,702
	2,311	Abercrombie & Fitch Co., Class A Shares		30,343
	6,176	American Eagle Outfitters Inc.		79,547
	219	America's Car-Mart Inc.*		22,507
	744	Asbury Automotive Group Inc.*		65,948
	306	Ascena Retail Group Inc.*		1,163
	1,759	At Home Group Inc.*		8,795
	2,051	AutoNation Inc.*		87,639
	1,375	Barnes & Noble Education Inc.*		4,551
	4,695	Bed Bath & Beyond Inc.(a)		50,753

See Notes to Financial Statements.

32

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 7.1% — (continued)
	Specialty Retail — 1.7% — (continued)
	998	Boot Barn Holdings Inc.*	$	30,609
	1,184	Buckle Inc. (The)		26,794
	2,507	Burlington Stores Inc.*		542,164
	1,401	Caleres Inc.		16,154
	1,109	Camping World Holdings Inc., Class A Shares		15,171
	13,709	CarMax Inc.*		1,196,933
	1,686	Carvana Co., Class A Shares*		139,786
	835	Cato Corp. (The), Class A Shares		13,502
	40,094	Chico's FAS Inc.		160,777
	6,142	Children's Place Inc. (The)(a)		353,779
	480	Citi Trends Inc.		9,490
	814	Conn's Inc.*		6,634
	550	Container Store Group Inc. (The)*		2,079
	23,881	Designer Brands Inc., Class A Shares		322,632
	2,485	Dick's Sporting Goods Inc.		90,479
	25,686	Express Inc.*		95,038
	8,947	Five Below Inc.*		867,412
	2,556	Floor & Decor Holdings Inc., Class A Shares*		130,484
	4,141	Foot Locker Inc.		150,111
	2,868	GameStop Corp., Class A Shares(a)		10,325
	642	Genesco Inc.*		22,091
	2,827	GNC Holdings Inc., Class A Shares*		4,749
	685	Group 1 Automotive Inc.		58,383
	1,566	Guess? Inc.		25,369
	714	Haverty Furniture Cos., Inc.		12,009
	705	Hibbett Sports Inc.*		13,762
	1,389	Hudson Ltd., Class A Shares*		12,932
	421	J. Jill Inc.		358
	8,607	L Brands Inc.		186,428
	831	Lithia Motors Inc., Class A Shares		99,022
	1,030	Lumber Liquidators Holdings Inc.*		10,094
	843	MarineMax Inc.*		14,272
	3,529	Michaels Cos., Inc. (The)*		15,139
	13,294	Monro Inc.		746,059
	1,064	Murphy USA Inc.*		103,740
	2,843	National Vision Holdings Inc.*		98,993
	143,171	Office Depot Inc.		336,452
	1,960	Party City Holdco Inc.*(a)		3,900
	1,234	Penske Automotive Group Inc.		56,789
	1,796	Rent-A-Center Inc.		38,237
	622	RH*(a)		112,831
	18,497	RTW RetailWinds Inc.*		5,181
	4,639	Sally Beauty Holdings Inc.*		57,709
	395	Shoe Carnival Inc.		11,814
	1,848	Signet Jewelers Ltd.		43,095
	1,030	Sleep Number Corp.*		45,372
	852	Sonic Automotive Inc., Class A Shares		23,856
	1,261	Sportsman's Warehouse Holdings Inc.*		7,566
	1,797	Tailored Brands Inc.(a)		5,876
	777	Tilly's Inc., Class A Shares		5,051
	2,667	Urban Outfitters Inc.*		62,701
	2,950	Williams-Sonoma Inc.		184,050
	88	Winmark Corp.		17,600
	780	Zumiez Inc.*		20,693
		Total Specialty Retail		7,093,474

See Notes to Financial Statements.

33

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER DISCRETIONARY — 7.1% — (continued)
	Textiles, Apparel & Luxury Goods — 0.7%
	5,383	Capri Holdings Ltd.*	$	138,989
	10,940	Carter's Inc.		1,000,682
	931	Centric Brands Inc.*		1,890
	1,119	Columbia Sportswear Co.		90,975
	2,603	Crocs Inc.*		68,121
	481	Culp Inc.		4,387
	1,073	Deckers Outdoor Corp.*		186,487
	266	Delta Apparel Inc.*		5,256
	1,985	Fossil Group Inc.*		9,111
	1,605	G-III Apparel Group Ltd.*		35,888
	14,268	Hanesbrands Inc.		188,908
	1,677	Kontoor Brands Inc.		56,582
	703	Movado Group Inc.		10,334
	671	Oxford Industries Inc.		40,522
	1,893	Ralph Lauren Corp., Class A Shares		199,730
	212	Rocky Brands Inc.		5,162
	4,965	Skechers U.S.A. Inc., Class A Shares*		164,242
	3,156	Steven Madden Ltd.		103,201
	332	Superior Group of Cos., Inc.		3,991
	507	Unifi Inc.*		10,835
	769	Vera Bradley Inc.*		6,352
	29,256	Wolverine World Wide Inc.		769,140
		Total Textiles, Apparel & Luxury Goods		3,100,785
		TOTAL CONSUMER DISCRETIONARY		28,969,189
	CONSUMER STAPLES — 3.1%
	Beverages — 0.2%
	314	Boston Beer Co., Inc. (The), Class A Shares*		116,428
	1,034	Celsius Holdings Inc.*(a)		6,111
	167	Coca-Cola Consolidated Inc.		32,796
	473	Craft Brew Alliance Inc.*		7,525
	522	MGP Ingredients Inc.		15,013
	467	National Beverage Corp.*		19,749
	3,000	New Age Beverages Corp.*(a)		6,060
	19,878	Pernod Ricard SA, ADR(a)		643,650
		Total Beverages		847,332
	Food & Staples Retailing — 0.4%
	1,083	Andersons Inc. (The)		19,895
	4,240	BJ's Wholesale Club Holdings Inc.*		81,662
	1,379	Casey's General Stores Inc.		224,805
	858	Chefs' Warehouse Inc. (The)*		26,272
	17,808	Grocery Outlet Holding Corp.*		563,623
	309	HF Foods Group Inc.*		5,534
	572	Ingles Markets Inc., Class A Shares		20,460
	321	Natural Grocers by Vitamin Cottage Inc.		2,215
	3,864	Performance Food Group Co.*		163,834
	805	PriceSmart Inc.		44,830
	2,552	Rite Aid Corp.*(a)		34,758
	1,330	SpartanNash Co.		16,532
	4,605	Sprouts Farmers Market Inc.*		73,588
	1,718	Sysco Corp.		114,505
	1,879	United Natural Foods Inc.*		12,157
	8,209	US Foods Holding Corp.*		276,151

See Notes to Financial Statements.

34

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER STAPLES — 3.1% — (continued)
	Food & Staples Retailing — 0.4% — (continued)
	361	Village Super Market Inc., Class A Shares	$	7,419
	366	Weis Markets Inc.		13,633
		Total Food & Staples Retailing		1,701,873
	Food Products — 1.8%
	325	Alico Inc.		10,585
	2,301	B&G Foods Inc.(a)		34,055
	1,776	Beyond Meat Inc.*(a)		159,218
	71	Bridgford Foods Corp.*		1,241
	5,194	Bunge Ltd.		243,858
	3,731	Calavo Growers Inc.(a)		270,311
	55,839	Cal-Maine Foods Inc.		1,948,223
	6,158	Darling Ingredients Inc.*		158,261
	410	Farmer Brothers Co.*		5,063
	7,786	Flowers Foods Inc.		167,633
	1,099	Fresh Del Monte Produce Inc.		30,134
	1,281	Freshpet Inc.*		85,135
	23,527	Hain Celestial Group Inc. (The)*		558,296
	4,671	Hostess Brands Inc., Class A Shares*		59,368
	2,516	Ingredion Inc.		209,583
	574	J&J Snack Foods Corp.		92,311
	346	John B Sanfilippo & Son Inc.		24,286
	5,502	Lamb Weston Holdings Inc.		478,069
	714	Lancaster Colony Corp.		103,137
	1,096	Landec Corp.*		11,245
	624	Limoneira Co.		10,421
	2,051	Pilgrim's Pride Corp.*		43,399
	2,445	Post Holdings Inc.*		247,581
	12,904	Sanderson Farms Inc.		1,594,418
	11	Seaboard Corp.		37,565
	217	Seneca Foods Corp., Class A Shares*		7,534
	3,143	Simply Good Foods Co. (The)*		69,335
	628	Tootsie Roll Industries Inc.		20,146
	17,933	TreeHouse Foods Inc.*		683,427
		Total Food Products		7,363,838
	Household Products — 0.4%
	1,872	Central Garden & Pet Co., Class A Shares*		47,982
	951	Clorox Co. (The)		151,608
	2,383	Energizer Holdings Inc.		102,445
	42,968	Henkel AG & Co. KGaA, ADR		904,047
	209	Oil-Dri Corp. of America		6,360
	1,599	Spectrum Brands Holdings Inc.		86,170
	527	WD-40 Co.		90,902
		Total Household Products		1,389,514
	Personal Products — 0.3%
	1,484	BellRing Brands Inc., Class A Shares*		29,161
	2,000	Edgewell Personal Care Co.*		60,720
	1,096	elf Beauty Inc.*		17,492
	17,552	Herbalife Nutrition Ltd.*		567,983
	629	Inter Parfums Inc.		37,778
	585	Lifevantage Corp.*		6,967
	401	Medifast Inc.(a)		33,327
	462	Nature's Sunshine Products Inc.*		3,788

See Notes to Financial Statements.

35

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	CONSUMER STAPLES — 3.1% — (continued)
	Personal Products — 0.3% — (continued)
	9,462	Nu Skin Enterprises Inc., Class A Shares	$	232,008
	325	Revlon Inc., Class A Shares*(a)		5,626
	447	USANA Health Sciences Inc.*		29,547
	305	Youngevity International Inc.*(a)		335
		Total Personal Products		1,024,732
	Tobacco — 0.0%
	3,975	22nd Century Group Inc.*		2,941
	288	Pyxus International Inc.*(a)		1,109
	322	Turning Point Brands Inc.		8,420
	882	Universal Corp.		43,527
	3,976	Vector Group Ltd.		46,201
		Total Tobacco		102,198
		TOTAL CONSUMER STAPLES		12,429,487
	ENERGY — 1.4%
	Energy Equipment & Services — 0.5%
	3,093	Apergy Corp.*(a)		57,530
	4,451	Archrock Inc.		31,380
	1,875	Cactus Inc., Class A Shares		51,206
	1,150	Covia Holdings Corp.*(a)		1,771
	1,999	Diamond Offshore Drilling Inc.*(a)		6,097
	489	DMC Global Inc.		17,633
	7,427	Dril-Quip Inc.*		264,550
	852	Era Group Inc.*		8,350
	1,217	Exterran Corp.*		6,207
	40,641	Forum Energy Technologies Inc.*		31,700
	4,424	Frank's International NV*		17,342
	1,479	FTS International Inc.*		1,368
	547	Geospace Technologies Corp.*		6,744
	6,067	Helix Energy Solutions Group Inc.*		40,710
	4,162	Helmerich & Payne Inc.		153,536
	1,645	Independence Contract Drilling Inc.*		650
	8,500	ION Geophysical Corp.*		29,920
	797	KLX Energy Services Holdings Inc.*		1,929
	1,737	Liberty Oilfield Services Inc., Class A Shares		11,620
	496	Mammoth Energy Services Inc.		541
	1,065	Matrix Service Co.*		12,865
	12,302	Nabors Industries Ltd.		21,651
	984	National Energy Services Reunited Corp.*		8,177
	415	Natural Gas Services Group Inc.*		4,100
	258	NCS Multistage Holdings Inc.*		281
	2,821	Newpark Resources Inc.*		9,902
	45,433	NexTier Oilfield Solutions Inc.*		211,718
	648	Nine Energy Service Inc.*		2,631
	9,245	Noble Corp. PLC*		6,483
	20,420	Oceaneering International Inc.*		215,227
	16,219	Oil States International Inc.*		128,292
	1,234	Pacific Drilling SA*		1,925
	24,363	Patterson-UTI Energy Inc.		139,600
	2,736	ProPetro Holding Corp.*		23,967
	429	RigNet Inc.*		1,510
	39,004	RPC Inc.(a)		134,174
	690	SEACOR Holdings Inc.*		25,737
	894	SEACOR Marine Holdings Inc.*		7,107

See Notes to Financial Statements.

36

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	ENERGY — 1.4% — (continued)
	Energy Equipment & Services — 0.5% — (continued)
	2,430	Seadrill Ltd.*(a)	$	2,673
	2,438	Select Energy Services Inc., Class A Shares*		15,847
	1,101	Smart Sand Inc.*		1,795
	1,342	Solaris Oilfield Infrastructure Inc., Class A Shares		14,225
	4,550	Superior Energy Services Inc.*		16,471
	52,751	TETRA Technologies Inc.*		66,466
	1,554	Tidewater Inc.*		21,585
	22,154	Transocean Ltd.*		74,216
	3,056	US Silica Holdings Inc.		14,027
	818	US Well Services Inc.*		859
		Total Energy Equipment & Services		1,924,295
	Oil, Gas & Consumable Fuels — 0.9%
	6,058	Abraxas Petroleum Corp.*		1,151
	2,107	Altus Midstream Co., Class A Shares*		3,076
	530	Amplify Energy Corp.		2,215
	9,560	Antero Midstream Corp.(a)		41,682
	10,565	Antero Resources Corp.*		16,904
	525	Arch Coal Inc., Class A Shares		26,434
	1,299	Ardmore Shipping Corp.		7,145
	2,008	Berry Corp.		12,791
	704	Bonanza Creek Energy Inc.*		11,468
	668	Brigham Minerals Inc., Class A Shares		10,655
	1,997	California Resources Corp.*(a)		12,681
	15,627	Callon Petroleum Co.*		35,473
	8,328	Centennial Resource Development Inc., Class A Shares*		19,737
	1,290	Chaparral Energy Inc., Class A Shares*		691
	46,542	Chesapeake Energy Corp.*		12,799
	3,884	Cimarex Energy Co.		128,366
	5,163	Clean Energy Fuels Corp.*		11,668
	6,617	CNX Resources Corp.*		35,136
	715	Comstock Resources Inc.*(a)		4,283
	1,079	CONSOL Energy Inc.*		6,140
	787	Contura Energy Inc.*		4,478
	1,091	CVR Energy Inc.		31,006
	2,871	Delek US Holdings Inc.		61,382
	18,684	Denbury Resources Inc.*		14,058
	3,544	DHT Holdings Inc.		19,669
	921	Diamond S Shipping Inc.*		9,486
	1,083	Dorian LPG Ltd.*		12,043
	660	Earthstone Energy Inc., Class A Shares*		2,541
	3,416	Energy Fuels Inc.*(a)		4,031
	9,913	EQT Corp.		58,189
	7,768	Equitrans Midstream Corp.		54,842
	969	Evolution Petroleum Corp.		4,564
	3,386	Extraction Oil & Gas Inc.*		2,331
	1,579	Falcon Minerals Corp.		6,308
	1,332	GasLog Ltd.		7,473
	4,022	Golar LNG Ltd.		51,542
	224	Goodrich Petroleum Corp.*		1,194
	1,458	Green Plains Inc.		17,481
	6,752	Gulfport Energy Corp.*		5,534
	658	Hallador Energy Co.		849
	4,080	HighPoint Resources Corp.*		2,777
	5,689	HollyFrontier Corp.		191,606

See Notes to Financial Statements.

37

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units			Security	Value
	ENERGY — 1.4% — (continued)
	Oil, Gas & Consumable Fuels — 0.9% — (continued)
	852		International Seaways Inc.*	$	16,946
	13,978		Kosmos Energy Ltd.		42,633
	7,540		Laredo Petroleum Inc.*		8,143
	3,569		Magnolia Oil & Gas Corp., Class A Shares*		26,803
	4,073		Matador Resources Co.*		39,264
	917		Montage Resources Corp.*		3,200
	5,928		Murphy Oil Corp.		111,743
	175		NACCO Industries Inc., Class A Shares		7,214
	636		NextDecade Corp.*(a)		2,436
	17,956	��	Noble Energy Inc.		284,243
	5,132		Nordic American Tankers Ltd.		16,525
	11,553		Northern Oil and Gas Inc.*		16,752
	11,168		Oasis Petroleum Inc.*		18,260
	1,628		Overseas Shipholding Group Inc., Class A Shares*		2,800
	616		Panhandle Oil and Gas Inc., Class A Shares		4,096
	1,236		Par Pacific Holdings Inc.*		20,505
	11,304		Parsley Energy Inc., Class A Shares		151,474
	25,263		PBF Energy Inc., Class A Shares		565,639
	3,585		PDC Energy Inc.*		68,223
	2,288		Peabody Energy Corp.		13,362
	589		Penn Virginia Corp.*		9,365
	28		PrimeEnergy Resources Corp.*		3,668
	62,024		QEP Resources Inc.		139,554
	40,855		Range Resources Corp.(a)		113,168
	1,298		Renewable Energy Group Inc.*		34,332
	184		REX American Resources Corp.*		12,882
	2,143		Ring Energy Inc.*		3,022
	1,143		SandRidge Energy Inc.*		2,355
	1,687		Scorpio Tankers Inc.		33,369
	3,396		SFL Corp., Ltd.		41,227
	220		SilverBow Resources Inc.*		618
	3,943		SM Energy Co.		25,906
	19,039		Southwestern Energy Co.*		27,035
	676		Talos Energy Inc.*		9,599
	8,800		Targa Resources Corp.		285,120
	2,597		Teekay Corp.*		9,505
	878		Teekay Tankers Ltd., Class A Shares*		14,531
	3,162		Tellurian Inc.*(a)		5,692
	2,096		Unit Corp.*		734
	5,949		Uranium Energy Corp.*		3,570
	3,477		W&T Offshore Inc.*		9,040
	3,776		Whiting Petroleum Corp.*(a)		6,986
	2,447		World Fuel Services Corp.		69,201
	72,791		WPX Energy Inc.*		679,140
			Total Oil, Gas & Consumable Fuels		3,923,759
			TOTAL ENERGY		5,848,054
	FINANCIALS — 14.5%
	Banks — 5.0%
	350		1st Constitution Bancorp		6,412
	675		1st Source Corp.		28,384
	284		ACNB Corp.		8,656
	672		Allegiance Bancshares Inc.		22,290
	634		Amalgamated Bank, Class A Shares		10,150

See Notes to Financial Statements.

38

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Banks — 5.0% — (continued)
	800	Amerant Bancorp Inc., Class A Shares*	$	14,768
	449	American National Bankshares Inc.		13,870
	2,189	Ameris Bancorp		74,820
	319	Ames National Corp.		8,253
	428	Arrow Financial Corp.		13,555
	6,024	Associated Banc-Corp.		101,986
	704	Atlantic Capital Bancshares Inc.*		12,764
	3,147	Atlantic Union Bankshares Corp.		93,592
	1,584	Banc of California Inc.		24,283
	795	BancFirst Corp.		40,783
	1,631	Bancorp Inc. (The)*		19,849
	4,003	BancorpSouth Bank		97,953
	239	Bank First Corp.		14,149
	558	Bank of Commerce Holdings		5,834
	1,532	Bank of Hawaii Corp.		114,011
	451	Bank of Marin Bancorp		17,197
	2,013	Bank of NT Butterfield & Son Ltd. (The)		55,720
	221	Bank of Princeton (The)		6,024
	4,600	Bank OZK		116,794
	201	Bank7 Corp.		3,598
	701	BankFinancial Corp.		7,949
	40,862	BankUnited Inc.		1,213,601
	317	Bankwell Financial Group Inc.		9,025
	5,689	Banner Corp.		259,646
	625	Bar Harbor BankShares		12,763
	434	Baycom Corp.*		9,249
	686	BCB Bancorp Inc.		7,779
	15,230	Berkshire Hills Bancorp Inc.		371,764
	1,234	BOK Financial Corp.		89,342
	3,124	Boston Private Financial Holdings Inc.		30,475
	532	Bridge Bancorp Inc.		14,641
	2,704	Brookline Bancorp Inc.		37,504
	660	Bryn Mawr Bank Corp.		21,938
	517	Business First Bancshares Inc.		12,444
	1,020	Byline Bancorp Inc.		17,850
	102	C&F Financial Corp.		4,641
	4,400	Cadence BanCorp, Class A Shares		62,128
	183	Cambridge Bancorp		12,530
	730	Camden National Corp.		29,937
	297	Capital Bancorp Inc.*		4,110
	575	Capital City Bank Group Inc.		15,324
	637	Capstar Financial Holdings Inc.		8,561
	976	Carolina Financial Corp.		31,622
	946	Carter Bank & Trust		15,987
	2,980	Cathay General Bancorp		91,724
	702	CBTX Inc.		17,515
	4,775	CenterState Bank Corp.		96,598
	1,053	Central Pacific Financial Corp.		25,188
	478	Central Valley Community Bancorp		8,222
	124	Century Bancorp Inc., Class A Shares		8,965
	124	Chemung Financial Corp.		4,452
	3,558	CIT Group Inc.		141,288
	468	Citizens & Northern Corp.		10,619
	551	City Holding Co.		38,526

See Notes to Financial Statements.

39

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Banks — 5.0% — (continued)
	560	Civista Bancshares Inc.	$	10,718
	561	CNB Financial Corp.		14,064
	355	Coastal Financial Corp.*		5,818
	347	Codorus Valley Bancorp Inc.		7,148
	315	Colony Bankcorp Inc.		4,684
	2,619	Columbia Banking System Inc.		86,951
	4,900	Comerica Inc.		257,936
	3,836	Commerce Bancshares Inc.		234,149
	1,814	Community Bank System Inc.		110,309
	856	Community Bankers Trust Corp.		6,994
	155	Community Financial Corp. (The)		4,920
	505	Community Trust Bancorp Inc.		19,533
	1,132	ConnectOne Bancorp Inc.		23,783
	2,118	Cullen/Frost Bankers Inc.		166,030
	1,036	Customers Bancorp Inc.*		21,020
	5,005	CVB Financial Corp.		92,793
	1,107	Dime Community Bancshares Inc.		18,575
	1,201	Eagle Bancorp Inc.		44,941
	5,467	East West Bancorp Inc.		211,792
	361	Enterprise Bancorp Inc.		9,917
	1,037	Enterprise Financial Services Corp.		39,686
	473	Equity Bancshares Inc., Class A Shares*		12,383
	279	Esquire Financial Holdings Inc.*		6,392
	187	Evans Bancorp Inc.		7,343
	473	Farmers & Merchants Bancorp Inc.		12,582
	1,013	Farmers National Banc Corp.		15,225
	669	FB Financial Corp.		21,789
	112	Fidelity D&D Bancorp Inc.(a)		5,522
	611	Financial Institutions Inc.		16,442
	9,185	First Bancorp		103,564
	400	First Bancorp Inc.		10,200
	555	First Bancshares Inc. (The)		16,561
	727	First Bank		7,088
	1,880	First Busey Corp.		41,492
	370	First Business Financial Services Inc.		8,880
	136	First Capital Inc.		8,364
	408	First Choice Bancorp		9,241
	273	First Citizens BancShares Inc., Class A Shares		123,754
	3,394	First Commonwealth Financial Corp.		40,049
	616	First Community Bancshares Inc.		16,115
	27,830	First Financial Bancorp		573,298
	4,857	First Financial Bankshares Inc.		139,590
	432	First Financial Corp.		17,258
	226	First Financial Northwest Inc.		3,153
	1,548	First Foundation Inc.		22,407
	211	First Guaranty Bancshares Inc.		3,604
	17,598	First Hawaiian Inc.		421,472
	11,654	First Horizon National Corp.		155,348
	341	First Internet Bancorp		8,283
	1,547	First Interstate BancSystem Inc., Class A Shares		52,691
	2,189	First Merchants Corp.		76,571
	622	First Mid Bancshares Inc.		17,522
	3,776	First Midwest Bancorp Inc.		68,534
	347	First Northwest Bancorp		5,524
	811	First of Long Island Corp. (The)		16,796

See Notes to Financial Statements.

40

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Banks — 5.0% — (continued)
	908	Flushing Financial Corp.	$	16,485
	12,197	FNB Corp.		123,068
	712	FNCB Bancorp Inc.		4,706
	495	Franklin Financial Network Inc.		16,578
	188	Franklin Financial Services Corp.		5,832
	28,109	Fulton Financial Corp.		406,175
	502	FVCBankcorp Inc.*		7,746
	941	German American Bancorp Inc.		28,089
	3,245	Glacier Bancorp Inc.		121,006
	359	Great Southern Bancorp Inc.		18,420
	2,033	Great Western Bancorp Inc.		54,627
	383	Guaranty Bancshares Inc.		10,575
	3,420	Hancock Whitney Corp.		114,570
	1,156	Hanmi Financial Corp.		18,034
	1,224	HarborOne Bancorp Inc.*		12,234
	235	Hawthorn Bancshares Inc.		5,109
	1,290	Heartland Financial USA Inc.		55,277
	2,146	Heritage Commerce Corp.		22,018
	1,249	Heritage Financial Corp.		28,964
	2,812	Hilltop Holdings Inc.		58,574
	5,914	Home BancShares Inc.		99,119
	634	HomeTrust Bancshares Inc.		15,064
	4,262	Hope Bancorp Inc.		52,039
	1,284	Horizon Bancorp Inc.		19,286
	590	Howard Bancorp Inc.*		9,293
	2,092	IBERIABANK Corp.		125,917
	2,058	Independent Bank Corp.		97,299
	1,453	Independent Bank Group Inc.		67,259
	2,169	International Bancshares Corp.		73,963
	334	Investar Holding Corp.		7,134
	8,689	Investors Bancorp Inc.		91,582
	1,668	Lakeland Bancorp Inc.		24,028
	924	Lakeland Financial Corp.		37,764
	530	LCNB Corp.		8,390
	228	Level One Bancorp Inc.		5,529
	960	Live Oak Bancshares Inc.		14,755
	1,056	Macatawa Bank Corp.		10,180
	392	Mackinac Financial Corp.		5,484
	314	MainStreet Bancshares Inc.*		6,368
	238	Malvern Bancorp Inc.*		4,551
	521	Mercantile Bank Corp.		14,947
	214	Metropolitan Bank Holding Corp.*		9,149
	367	Mid Penn Bancorp Inc.		7,806
	1,060	Midland States Bancorp Inc.		25,249
	467	MidWestOne Financial Group Inc.		13,417
	234	MutualFirst Financial Inc.		7,839
	362	MVB Financial Corp.		6,386
	26,933	National Bank Holdings Corp., Class A Shares		823,880
	251	National Bankshares Inc.		8,772
	1,492	NBT Bancorp Inc.		50,265
	454	Nicolet Bankshares Inc.*		30,168
	318	Northeast Bank		5,660
	262	Northrim BanCorp Inc.		9,157
	201	Norwood Financial Corp.		6,207

See Notes to Financial Statements.

41

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Banks — 5.0% — (continued)
	304	Oak Valley Bancorp	$	5,074
	1,804	OFG Bancorp		30,199
	134	Ohio Valley Banc Corp.		3,725
	6,058	Old National Bancorp		95,474
	1,221	Old Second Bancorp Inc.		12,991
	34,385	Opus Bank		813,893
	624	Origin Bancorp Inc.		18,870
	454	Orrstown Financial Services Inc.		8,081
	950	Pacific Mercantile Bancorp*		6,204
	2,096	Pacific Premier Bancorp Inc.		54,140
	19,416	PacWest Bancorp		614,322
	564	Park National Corp.		49,248
	491	Parke Bancorp Inc.		9,084
	473	PCB Bancorp		6,324
	774	Peapack Gladstone Financial Corp.		21,246
	253	Penns Woods Bancorp Inc.		7,630
	869	Peoples Bancorp Inc.		24,810
	165	Peoples Bancorp of North Carolina Inc.		4,196
	268	Peoples Financial Services Corp.		11,771
	17,048	People's United Financial Inc.		238,502
	672	People's Utah Bancorp.		16,108
	2,982	Pinnacle Financial Partners Inc.		156,972
	3,540	Popular Inc.		169,849
	470	Preferred Bank		24,031
	352	Premier Financial Bancorp Inc.		5,861
	3,559	Prosperity Bancshares Inc.		229,911
	499	QCR Holdings Inc.		18,992
	711	RBB Bancorp		11,995
	417	Reliant Bancorp Inc.		8,277
	2,076	Renasant Corp.		58,813
	394	Republic Bancorp Inc., Class A Shares		14,082
	1,597	Republic First Bancorp Inc.*		4,839
	617	Richmond Mutual Bancorporation Inc.*		8,299
	1,358	S&T Bancorp Inc.		44,637
	1,488	Sandy Spring Bancorp Inc.		45,771
	331	SB One Bancorp		7,256
	1,788	Seacoast Banking Corp. of Florida*		44,521
	823	Select Bancorp Inc.*		8,642
	2,010	ServisFirst Bancshares Inc.		69,446
	449	Shore Bancshares Inc.		6,986
	590	Sierra Bancorp		14,054
	5,000	Signature Bank		625,500
	3,347	Simmons First National Corp., Class A Shares		71,559
	393	SmartFinancial Inc.		7,463
	228	South Plains Financial Inc.		4,567
	1,307	South State Corp.		89,033
	257	Southern First Bancshares Inc.*		9,797
	756	Southern National Bancorp of Virginia Inc.		10,728
	1,087	Southside Bancshares Inc.		35,023
	505	Spirit of Texas Bancshares Inc.*		9,312
	7,609	Sterling Bancorp		126,157
	824	Stock Yards Bancorp Inc.		28,791
	395	Summit Financial Group Inc.		8,658
	5,368	Synovus Financial Corp.		155,779

See Notes to Financial Statements.

42

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Banks — 5.0% — (continued)
	38,877	TCF Financial Corp.	$	1,416,678
	17,205	Texas Capital Bancshares Inc.*		810,011
	609	Tompkins Financial Corp.		48,403
	2,466	Towne Bank		56,866
	1,139	TriCo Bancshares		38,521
	1,024	TriState Capital Holdings Inc.*		20,347
	825	Triumph Bancorp Inc.*		27,943
	2,411	Trustmark Corp.		64,856
	14,011	UMB Financial Corp.		814,740
	37,661	Umpqua Holdings Corp.		579,603
	117	Union Bankshares Inc.		3,508
	3,658	United Bankshares Inc.		105,643
	2,652	United Community Banks Inc.		65,690
	508	United Security Bancshares		4,399
	281	Unity Bancorp Inc.		4,814
	930	Univest Financial Corp.		21,762
	89,600	Valley National Bancorp		833,280
	1,839	Veritex Holdings Inc.		44,265
	539	Washington Trust Bancorp Inc.		23,134
	3,439	Webster Financial Corp.		130,579
	2,552	WesBanco Inc.		78,117
	549	West Bancorporation Inc.		11,227
	905	Westamerica Bancorporation		52,327
	14,356	Western Alliance Bancorp		660,950
	2,120	Wintrust Financial Corp.		113,229
	6,441	Zions Bancorp NA		257,318
		Total Banks		20,524,096
	Capital Markets — 2.9%
	1,889	Affiliated Managers Group Inc.		142,091
	2,867	Ares Management Corp., Class A Shares		99,170
	1,834	Artisan Partners Asset Management Inc., Class A Shares		52,416
	577	Assetmark Financial Holdings Inc.*		15,285
	56	Associated Capital Group Inc., Class A Shares		2,304
	821	B. Riley Financial Inc.		19,425
	11,105	BGC Partners Inc., Class A Shares		51,749
	1,711	Blucora Inc.*		29,771
	2,327	Brightsphere Investment Group Inc.		21,757
	825	Calamos Asset Management Inc.*#(b)		—
	14,990	Charles Schwab Corp. (The)		610,843
	15,605	Cohen & Steers Inc.		977,653
	941	Cowen Inc., Class A Shares		14,087
	130	Diamond Hill Investment Group Inc.		16,475
	1,232	Donnelley Financial Solutions Inc.*		10,718
	4,200	Eaton Vance Corp.		173,292
	1,495	Evercore Inc., Class A Shares		99,597
	1,449	FactSet Research Systems Inc.		385,420
	3,636	Federated Hermes Inc., Class B Shares		104,899
	1,071	Focus Financial Partners Inc., Class A Shares*		29,120
	1,172	GAIN Capital Holdings Inc.		6,915
	205	GAMCO Investors Inc., Class A Shares		3,190
	659	Greenhill & Co., Inc.		9,635
	8,443	Hamilton Lane Inc., Class A Shares		524,648
	1,533	Houlihan Lokey Inc., Class A Shares		78,520
	559	INTL. FCStone Inc.*		25,462

See Notes to Financial Statements.

43

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Capital Markets — 2.9% — (continued)
	5,810	Janus Henderson Group PLC.	$	123,172
	3,898	Lazard Ltd., Class A Shares		139,626
	3,282	Legg Mason Inc.		163,509
	11,961	LPL Financial Holdings Inc.		950,660
	1,388	MarketAxess Holdings Inc.		450,170
	1,751	Moelis & Co., Class A Shares		55,962
	8,183	Moody's Corp.		1,964,166
	746	Morningstar Inc.		109,587
	11,075	Nasdaq Inc.		1,135,741
	6,574	Northern Trust Corp.		576,934
	410	Oppenheimer Holdings Inc., Class A Shares		9,729
	590	Piper Sandler Cos		41,347
	782	PJT Partners Inc., Class A Shares		35,151
	552	Pzena Investment Management Inc., Class A Shares		3,605
	723	Safeguard Scientifics Inc.		6,384
	704	Sculptor Capital Management Inc., Class A Shares		15,967
	4,838	SEI Investments Co.		264,687
	309	Siebert Financial Corp.*(a)		2,534
	518	Silvercrest Asset Management Group Inc., Class A Shares		5,988
	32,231	Solar Capital Ltd.		601,753
	2,554	Stifel Financial Corp.		139,040
	34,523	TD Ameritrade Holding Corp.		1,457,906
	1,969	Virtu Financial Inc., Class A Shares		37,037
	234	Virtus Investment Partners Inc.		25,834
	2,890	Waddell & Reed Financial Inc., Class A Shares		39,766
	331	Westwood Holdings Group Inc.		8,401
	4,523	WisdomTree Investments Inc.		18,363
		Total Capital Markets		11,887,461
	Consumer Finance — 0.4%
	394	Credit Acceptance Corp.*(a)		158,861
	695	Curo Group Holdings Corp.		6,415
	578	Elevate Credit Inc.*		1,907
	1,127	Encore Capital Group Inc.*		41,879
	1,118	Enova International Inc.*		21,488
	2,198	EZCORP Inc., Class A Shares*		10,551
	10,377	FirstCash Inc.		798,199
	1,718	Green Dot Corp., Class A Shares*		58,687
	2,314	LendingClub Corp.*		25,477
	298	LendingTree Inc.*		82,194
	860	Medallion Financial Corp.*		5,083
	7,786	Navient Corp.		87,437
	716	Nelnet Inc., Class A Shares		38,020
	2,467	OneMain Holdings Inc., Class A Shares		90,662
	1,745	PRA Group Inc.*		67,741
	359	Regional Management Corp.*		9,208
	3,946	Santander Consumer USA Holdings Inc.(a)		96,282
	16,065	SLM Corp.		166,594
	250	World Acceptance Corp.*		19,525
		Total Consumer Finance		1,786,210
	Diversified Financial Services — 0.2%
	1,127	Banco Latinoamericano de Comercio Exterior SA, Class E Shares		20,151
	2,576	Cannae Holdings Inc.*		96,059
	5,147	FGL Holdings		58,882

See Notes to Financial Statements.

44

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Diversified Financial Services — 0.2% — (continued)
	9,909	Jefferies Financial Group Inc.	$	195,306
	329	Marlin Business Services Corp.		6,468
	2,989	On Deck Capital Inc.*		10,431
	5,201	Voya Financial Inc.		273,781
		Total Diversified Financial Services		661,078
	Insurance — 4.8%
	533	Alleghany Corp.*		358,309
	1,571	Ambac Financial Group Inc.*		30,195
	17,509	American Equity Investment Life Holding Co.		442,627
	2,772	American Financial Group Inc.		256,188
	302	American National Insurance Co.		29,705
	662	AMERISAFE Inc.		43,143
	1,289	Argo Group International Holdings Ltd.		72,519
	2,307	Assurant Inc.		278,201
	3,593	Assured Guaranty Ltd.		146,630
	3,112	Axis Capital Holdings Ltd.		174,645
	4,183	Brighthouse Financial Inc.*		149,919
	9,036	Brown & Brown Inc.		388,638
	7,407	Chubb Ltd.		1,074,237
	2,289	Citizens Inc., Class A Shares*		13,368
	6,107	CNO Financial Group Inc.		97,834
	698	Crawford & Co., Class A Shares		5,193
	558	Donegal Group Inc., Class A Shares		7,963
	846	eHealth Inc.*		99,278
	1,127	Employers Holdings Inc.		43,435
	440	Enstar Group Ltd.*		78,492
	932	Erie Indemnity Co., Class A Shares		133,201
	2,557	Everest Re Group Ltd.		633,829
	309	FBL Financial Group Inc., Class A Shares		14,758
	416	FedNat Holding Co.		5,425
	4,118	First American Financial Corp.		235,138
	19,284	Genworth Financial Inc., Class A Shares*		75,208
	296	Global Indemnity Ltd.		9,401
	4,061	Globe Life Inc.		376,292
	462	Goosehead Insurance Inc., Class A Shares(a)		25,059
	1,274	Greenlight Capital Re Ltd., Class A Shares*		10,753
	546	Hallmark Financial Services Inc.*		7,742
	1,480	Hanover Insurance Group Inc. (The)		175,439
	269	HCI Group Inc.		11,438
	379	Health Insurance Innovations Inc., Class A Shares*(a)		11,146
	1,153	Heritage Insurance Holdings Inc.		12,867
	1,419	Horace Mann Educators Corp.		55,242
	214	Independence Holding Co.		7,941
	67	Investors Title Co.		10,985
	991	James River Group Holdings Ltd.		40,046
	2,384	Kemper Corp.		164,115
	755	Kinsale Capital Group Inc.		91,710
	2,308	Markel Corp.*		2,727,133
	3,186	MBIA Inc.*		24,851
	1,010	Mercury General Corp.		43,743
	28,028	MetLife Inc.		1,197,356
	2,651	National General Holdings Corp.		51,615
	91	National Western Life Group Inc., Class A Shares		21,743
	380	NI Holdings Inc.*		5,366

See Notes to Financial Statements.

45

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Insurance — 4.8% — (continued)
	10,622	Old Republic International Corp.	$	209,466
	12,300	Palomar Holdings Inc., Class A Shares*		624,963
	1,574	Primerica Inc.		175,249
	1,849	ProAssurance Corp.		50,200
	465	ProSight Global Inc.*		6,231
	420	Protective Insurance Corp., Class B Shares		5,989
	21,769	Reinsurance Group of America Inc., Class A Shares		2,656,471
	1,648	RenaissanceRe Holdings Ltd.		280,819
	1,520	RLI Corp.		122,178
	504	Safety Insurance Group Inc.		39,685
	2,217	Selective Insurance Group Inc.		123,664
	718	State Auto Financial Corp.		17,936
	888	Stewart Information Services Corp.		32,128
	3,275	Third Point Reinsurance Ltd.*		29,213
	1,343	Tiptree Inc.		8,837
	26,725	Travelers Cos., Inc. (The)		3,201,922
	1,021	Trupanion Inc.*(a)		31,386
	728	United Fire Group Inc.		27,911
	904	United Insurance Holdings Corp.		8,498
	1,061	Universal Insurance Holdings Inc.		21,952
	45,631	Unum Group		1,063,659
	664	Watford Holdings Ltd.*		15,159
	118	White Mountains Insurance Group Ltd.		116,832
	9,746	WR Berkley Corp.		654,346
		Total Insurance		19,494,755
	Mortgage Real Estate Investment Trusts (REITs) — 0.5%
	1,163	AG Mortgage Investment Trust Inc.		17,410
	20,514	AGNC Investment Corp.		349,559
	4,060	Anworth Mortgage Asset Corp.		13,276
	6,187	Apollo Commercial Real Estate Finance Inc.		100,229
	1,117	Ares Commercial Real Estate Corp.		17,045
	1,767	Arlington Asset Investment Corp., Class A Shares		10,001
	2,005	ARMOUR Residential REIT Inc.		36,250
	4,951	Blackstone Mortgage Trust Inc., Class A Shares		178,533
	3,473	Capstead Mortgage Corp.		24,658
	768	Cherry Hill Mortgage Investment Corp.		10,952
	7,149	Chimera Investment Corp.		140,478
	2,866	Colony Credit Real Estate Inc.		36,484
	699	Dynex Capital Inc.		11,953
	1,130	Ellington Financial Inc.		18,679
	1,104	Exantas Capital Corp.		12,652
	2,525	Granite Point Mortgage Trust Inc.		41,461
	536	Great Ajax Corp.		7,574
	5,173	Invesco Mortgage Capital Inc.		83,182
	940	KKR Real Estate Finance Trust Inc.		18,462
	4,259	Ladder Capital Corp., Class A Shares		64,950
	16,801	MFA Financial Inc.		121,471
	15,579	New Residential Investment Corp.		242,409
	10,377	New York Mortgage Trust Inc.		59,149
	3,629	Orchid Island Capital Inc., Class A Shares		20,794
	3,033	PennyMac Mortgage Investment Trust		62,783
	1,068	Ready Capital Corp.		15,486
	4,092	Redwood Trust Inc.		69,891
	10,560	Starwood Property Trust Inc.		234,221

See Notes to Financial Statements.

46

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	FINANCIALS — 14.5% — (continued)
	Mortgage Real Estate Investment Trusts (REITs) — 0.5% — (continued)
	1,809	TPG RE Finance Trust Inc.	$	34,769
	10,304	Two Harbors Investment Corp.		139,619
	1,737	Western Asset Mortgage Capital Corp.		17,405
		Total Mortgage Real Estate Investment Trusts (REITs)		2,211,785
	Thrifts & Mortgage Finance — 0.7%
	2,093	Axos Financial Inc.*		52,137
	841	Bridgewater Bancshares Inc.*		10,512
	5,206	Capitol Federal Financial Inc.		63,539
	1,871	Columbia Financial Inc.*		29,038
	294	ESSA Bancorp Inc.		4,863
	3,603	Essent Group Ltd.		157,235
	318	Federal Agricultural Mortgage Corp., Class C Shares		23,869
	1,299	First Defiance Financial Corp.		31,066
	1,376	Flagstar Bancorp Inc.		43,867
	171	FS Bancorp Inc.		8,172
	75	Greene County Bancorp Inc.		2,029
	52	Hingham Institution for Savings		9,514
	296	Home Bancorp Inc.		9,789
	851	HomeStreet Inc.		23,054
	3,367	Kearny Financial Corp.		36,734
	1,062	Luther Burbank Corp.		11,077
	370	Merchants Bancorp		6,667
	2,055	Meridian Bancorp Inc.		33,928
	1,262	Meta Financial Group Inc.		41,457
	13,240	MGIC Investment Corp.		159,277
	202	MMA Capital Holdings Inc.*		6,098
	2,723	Mr Cooper Group Inc.*		34,936
	17,050	New York Community Bancorp Inc.		184,310
	29,279	NMI Holdings Inc., Class A Shares*		683,372
	1,652	Northfield Bancorp Inc.		23,343
	3,499	Northwest Bancshares Inc.		48,601
	2,121	OceanFirst Financial Corp.		43,353
	5,152	Ocwen Financial Corp.*		6,440
	581	OP Bancorp		5,142
	738	PCSB Financial Corp.		13,550
	270	PDL Community Bancorp*		3,793
	545	Pioneer Bancorp Inc.*		7,423
	375	Provident Bancorp Inc.*		4,121
	253	Provident Financial Holdings Inc.		4,997
	2,057	Provident Financial Services Inc.		41,099
	276	Prudential Bancorp Inc.		4,535
	7,626	Radian Group Inc.		161,976
	886	Riverview Bancorp Inc.		5,715
	238	Southern Missouri Bancorp Inc.		7,811
	662	Sterling Bancorp Inc.		4,634
	291	Territorial Bancorp Inc.		7,397
	1,772	TFS Financial Corp.		36,220
	287	Timberland Bancorp Inc.		6,673
	3,578	TrustCo Bank Corp. NY.		24,545
	1,120	Walker & Dunlop Inc.		72,632
	3,050	Washington Federal Inc.		91,469
	956	Waterstone Financial Inc.		15,898
	950	Western New England Bancorp Inc.		8,398
	10,741	WSFS Financial Corp.		370,135
		Total Thrifts & Mortgage Finance		2,686,440
		TOTAL FINANCIALS		59,251,825

See Notes to Financial Statements.

47

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5%
	Biotechnology — 3.4%
	1,193	Abeona Therapeutics Inc.*	$	3,674
	18,174	ACADIA Pharmaceuticals Inc.*		776,757
	9,135	Acceleron Pharma Inc.*		784,971
	1,621	Acorda Therapeutics Inc.*		2,334
	828	Adamas Pharmaceuticals Inc.*		3,776
	2,050	ADMA Biologics Inc.*		5,976
	2,384	Aduro Biotech Inc.*		7,271
	2,023	Adverum Biotechnologies Inc.*		24,903
	1,061	Aeglea BioTherapeutics Inc.*		7,247
	2,541	Affimed NV*		5,997
	4,177	Agenus Inc.*		10,568
	357	AgeX Therapeutics Inc.*		411
	2,357	Agios Pharmaceuticals Inc.*		111,910
	1,585	Aimmune Therapeutics Inc.*		37,739
	459	Akcea Therapeutics Inc.*		7,794
	4,034	Akebia Therapeutics Inc.*		35,782
	288	Akero Therapeutics Inc.*		6,270
	391	Albireo Pharma Inc.*		9,142
	751	Aldeyra Therapeutics Inc.*		2,854
	1,213	Alector Inc.*		33,333
	6,034	Alkermes PLC*		125,749
	746	Allakos Inc.*(a)		46,498
	1,382	Allogene Therapeutics Inc.*		37,314
	4,088	Alnylam Pharmaceuticals Inc.*		480,994
	1,286	AMAG Pharmaceuticals Inc.*		9,966
	9,416	Amicus Therapeutics Inc.*		89,876
	1,020	AnaptysBio Inc.*		15,249
	1,813	Anavex Life Sciences Corp.*(a)		6,908
	471	Anika Therapeutics Inc.*		19,669
	1,730	Apellis Pharmaceuticals Inc.*		59,893
	1,138	Arcus Biosciences Inc.*		17,320
	1,549	Ardelyx Inc.*		10,719
	1,920	Arena Pharmaceuticals Inc.*		85,632
	3,505	Arrowhead Pharmaceuticals Inc.*		123,937
	7,760	Ascendis Pharma AS, ADR*		1,011,749
	901	Assembly Biosciences Inc.*		16,326
	1,863	Atara Biotherapeutics Inc.*		22,635
	2,450	Athenex Inc.*		29,939
	4,761	Athersys Inc.*		5,713
	353	Atreca Inc., Class A Shares*		8,345
	2,191	Avid Bioservices Inc.*		13,803
	689	Avrobio Inc.*		13,298
	443	Beyondspring Inc.*(a)		7,035
	7,148	BioCryst Pharmaceuticals Inc.*		21,444
	1,510	Biohaven Pharmaceutical Holding Co., Ltd.*		66,682
	244	BioSpecifics Technologies Corp.*		13,466
	364	Bioxcel Therapeutics Inc.*		13,650
	2,089	Bluebird Bio Inc.*		151,097
	13,262	Blueprint Medicines Corp.*		717,872
	904	Bridgebio Pharma Inc.*		28,820
	1,198	Calithera Biosciences Inc.*		7,763
	526	Calyxt Inc.*		3,319
	1,450	CareDx Inc.*		33,800
	1,628	CASI Pharmaceuticals Inc.*		2,882
	205	Castle Biosciences Inc.*		6,138

See Notes to Financial Statements.

48

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Biotechnology — 3.4% — (continued)
	3,568	Catalyst Pharmaceuticals Inc.*	$	15,021
	171	Celcuity Inc.*		1,452
	414	Cellular Biomedicine Group Inc.*		6,607
	1,087	CEL-SCI Corp.*(a)		11,924
	1,139	Checkpoint Therapeutics Inc.*		1,993
	1,458	ChemoCentryx Inc.*		65,245
	1,495	Chimerix Inc.*		2,646
	2,027	Clovis Oncology Inc.*(a)		15,263
	2,209	Coherus Biosciences Inc.*		42,744
	791	Concert Pharmaceuticals Inc.*		6,692
	511	Constellation Pharmaceuticals Inc.*		18,059
	2,488	Corbus Pharmaceuticals Holdings Inc.*(a)		11,793
	476	Cortexyme Inc.*(a)		23,919
	461	Crinetics Pharmaceuticals Inc.*		9,487
	880	Cue Biopharma Inc.*		15,391
	993	Cyclerion Therapeutics Inc.*		4,250
	2,271	Cytokinetics Inc.*		31,658
	1,779	CytomX Therapeutics Inc.*		11,902
	718	Deciphera Pharmaceuticals Inc.*		38,226
	1,708	Denali Therapeutics Inc.*		33,767
	1,854	Dicerna Pharmaceuticals Inc.*		36,598
	3,237	Dynavax Technologies Corp., Class A Shares*(a)		12,770
	464	Eagle Pharmaceuticals Inc.*		21,298
	2,079	Editas Medicine Inc.*		46,112
	416	Eidos Therapeutics Inc.*		21,041
	979	Eiger BioPharmaceuticals Inc.*		9,291
	1,738	Emergent BioSolutions Inc.*		101,986
	603	Enanta Pharmaceuticals Inc.*		30,681
	2,780	Epizyme Inc.*		59,575
	1,056	Esperion Therapeutics Inc.*		53,317
	594	Evelo Biosciences Inc.*(a)		3,006
	5,381	Exact Sciences Corp.*		435,592
	11,295	Exelixis Inc.*		209,974
	13,260	Fate Therapeutics Inc.*		387,192
	2,929	FibroGen Inc.*		122,432
	1,231	Five Prime Therapeutics Inc.*		4,715
	1,238	Flexion Therapeutics Inc.*		19,548
	858	Forty Seven Inc.*		49,764
	1,168	G1 Therapeutics Inc.*		20,954
	1,363	Galectin Therapeutics Inc.*(a)		2,890
	5,922	Geron Corp.*(a)		6,810
	6,437	Global Blood Therapeutics Inc.*		411,711
	1,545	GlycoMimetics Inc.*		5,593
	1,432	Gossamer Bio Inc.*		18,802
	1,040	Gritstone Oncology Inc.*		8,736
	5,533	Halozyme Therapeutics Inc.*		108,281
	305	Harpoon Therapeutics Inc.*		4,679
	3,397	Heron Therapeutics Inc.*		63,354
	1,012	Homology Medicines Inc.*		16,192
	5,447	ImmunoGen Inc.*		24,239
	6,595	Immunomedics Inc.*		105,520
	3,158	Inovio Pharmaceuticals Inc.*(a)		13,516
	3,423	Insmed Inc.*		85,233
	1,527	Intellia Therapeutics Inc.*(a)		20,385
	950	Intercept Pharmaceuticals Inc.*		87,343

See Notes to Financial Statements.

49

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Biotechnology — 3.4% — (continued)
	3,103	Invitae Corp.*(a)	$	63,239
	4,839	Ionis Pharmaceuticals Inc.*		245,724
	4,312	Iovance Biotherapeutics Inc.*		141,908
	81,009	Ironwood Pharmaceuticals Inc., Class A Shares*		975,348
	747	Jounce Therapeutics Inc.*		3,376
	6,613	Kadmon Holdings Inc.*		30,684
	489	KalVista Pharmaceuticals Inc.*		6,577
	183	Karuna Therapeutics Inc.*		15,969
	2,104	Karyopharm Therapeutics Inc.*		34,379
	434	Kezar Life Sciences Inc.*		1,901
	1,656	Kindred Biosciences Inc.*		18,001
	526	Kiniksa Pharmaceuticals Ltd., Class A Shares*		9,710
	846	Kodiak Sciences Inc.*		54,119
	391	Krystal Biotech Inc.*		20,899
	1,232	Kura Oncology Inc.*		14,870
	798	La Jolla Pharmaceutical Co.*		5,426
	1,501	Lexicon Pharmaceuticals Inc.*		4,165
	711	Ligand Pharmaceuticals Inc.*		66,550
	3,583	Lineage Cell Therapeutics Inc.*		3,619
	198	LogicBio Therapeutics Inc.*		1,592
	1,978	MacroGenics Inc.*		17,347
	279	Madrigal Pharmaceuticals Inc.*		24,041
	815	Magenta Therapeutics Inc.*		9,584
	6,214	MannKind Corp.*(a)		7,892
	1,128	Marker Therapeutics Inc.*(a)		2,786
	1,587	MediciNova Inc.*(a)		6,665
	2,911	MEI Pharma Inc.*		5,618
	648	MeiraGTx Holdings PLC*		10,498
	1,530	Mersana Therapeutics Inc.*		13,250
	407	Millendo Therapeutics Inc.*		3,130
	1,140	Minerva Neurosciences Inc.*		8,299
	1,026	Mirati Therapeutics Inc.*		91,817
	7,722	Moderna Inc.*(a)		200,231
	514	Molecular Templates Inc.*		8,270
	11,753	Momenta Pharmaceuticals Inc.*		332,492
	1,465	Mustang Bio Inc.*		4,278
	2,647	Myriad Genetics Inc.*		46,640
	2,439	Natera Inc.*		92,450
	427	Neon Therapeutics Inc.*		641
	3,506	Neurocrine Biosciences Inc.*		332,018
	567	NextCure Inc.*		23,678
	708	Novavax Inc.*(a)		11,328
	686	Oncocyte Corp.*		1,475
	19	Oncternal Therapeutics Inc.*#(b)		39
	14,125	OPKO Health Inc.*(a)		21,187
	18,770	Orchard Therapeutics PLC, ADR*		241,945
	519	Organogenesis Holdings Inc., Class A Shares*		2,034
	8,666	Palatin Technologies Inc.*		4,426
	4,395	PDL BioPharma Inc.*		14,943
	926	Pfenex Inc.*		10,742
	567	PhaseBio Pharmaceuticals Inc.*		2,387
	1,923	Pieris Pharmaceuticals Inc.*		5,981
	389	PolarityTE Inc.*(a)		529
	3,169	Portola Pharmaceuticals Inc.*		32,039
	3,085	Precigen Inc.*(a)		11,692

See Notes to Financial Statements.

50

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Biotechnology — 3.4% — (continued)
	1,525	Precision BioSciences Inc.*	$	12,215
	348	Prevail Therapeutics Inc.*		4,447
	728	Principia Biopharma Inc.*		47,000
	3,674	Progenics Pharmaceuticals Inc.*		17,341
	629	Protagonist Therapeutics Inc.*		4,906
	1,326	Prothena Corp. PLC*		14,135
	2,378	PTC Therapeutics Inc.*		130,410
	1,354	Puma Biotechnology Inc.*		14,562
	1,347	Ra Pharmaceuticals Inc.*		62,986
	1,592	Radius Health Inc.*		33,528
	1,426	REGENXBIO Inc.*		57,040
	447	Replimune Group Inc.*		6,200
	1,733	Retrophin Inc.*		26,853
	1,347	Rhythm Pharmaceuticals Inc.*		25,701
	6,137	Rigel Pharmaceuticals Inc.*		13,010
	1,014	Rocket Pharmaceuticals Inc.*		19,763
	1,414	Rubius Therapeutics Inc.*(a)		11,835
	1,915	Sage Therapeutics Inc.*		90,005
	4,105	Sangamo Therapeutics Inc.*		35,016
	2,665	Sarepta Therapeutics Inc.*		305,063
	1,075	Savara Inc.*		2,462
	516	Scholar Rock Holding Corp.*		7,281
	4,337	Seattle Genetics Inc.*		493,811
	629	Seres Therapeutics Inc.*		1,975
	374	Solid Biosciences Inc.*(a)		1,234
	4,857	Sorrento Therapeutics Inc.*(a)		10,540
	3,948	Spectrum Pharmaceuticals Inc.*		11,291
	428	Spero Therapeutics Inc.*		4,083
	390	SpringWorks Therapeutics Inc.*		12,464
	1,574	Stemline Therapeutics Inc.*		9,475
	236	Stoke Therapeutics Inc.*		5,841
	516	Sutro Biopharma Inc.*		5,021
	683	Syndax Pharmaceuticals Inc.*		6,427
	671	Synlogic Inc.*		1,382
	1,444	Syros Pharmaceuticals Inc.*		8,447
	335	TCR2 Therapeutics Inc.*		3,980
	3,268	TG Therapeutics Inc.*		41,013
	697	Tocagen Inc.*		990
	1,297	Translate Bio Inc.*		9,831
	5,745	Turning Point Therapeutics Inc.*		284,780
	880	Twist Bioscience Corp.*		26,946
	176	Tyme Technologies Inc.*(a)		209
	2,082	Ultragenyx Pharmaceutical Inc.*		116,759
	1,640	United Therapeutics Corp.*		168,854
	903	UNITY Biotechnology Inc.*		5,427
	624	UroGen Pharma Ltd.*		17,010
	2,034	Vanda Pharmaceuticals Inc.*		22,435
	3,629	VBI Vaccines Inc.*		4,355
	2,042	Veracyte Inc.*		50,417
	1,534	Vericel Corp.*		23,685
	2,045	Viking Therapeutics Inc.*		12,106
	1,001	Voyager Therapeutics Inc.*		10,911
	297	X4 Pharmaceuticals Inc.*		3,172
	706	XBiotech Inc.*(a)		8,656

See Notes to Financial Statements.

51

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Biotechnology — 3.4% — (continued)
	1,821	Xencor Inc.*	$	59,164
	1,016	Y-mAbs Therapeutics Inc.*		29,891
	5,615	ZIOPHARM Oncology Inc.*		17,350
		Total Biotechnology		13,953,497
	Health Care Equipment & Supplies — 5.7%
	109,961	Accuray Inc.*		326,034
	1,222	Alphatec Holdings Inc.*		7,149
	1,221	AngioDynamics Inc.*		14,029
	5,617	Antares Pharma Inc.*		17,413
	1,371	Apyx Medical Corp.*		8,295
	16,801	AtriCure Inc.*		645,494
	50	Atrion Corp.		30,815
	6,963	Avanos Medical Inc.*		225,671
	1,126	AxoGen Inc.*		13,940
	636	Axonics Modulation Technologies Inc.*		22,543
	282	BioLife Solutions Inc.*		3,990
	636	BioSig Technologies Inc.*(a)		2,302
	1,411	Cantel Medical Corp.		89,034
	1,279	Cardiovascular Systems Inc.*		48,116
	5,678	Cerus Corp.*		29,185
	2,628	ConforMIS Inc.*		2,048
	1,037	CONMED Corp.		98,142
	1,282	CryoLife Inc.*		32,858
	1,094	CryoPort Inc.*		18,270
	530	Cutera Inc.*		13,133
	1,538	CytoSorbents Corp.*		9,274
	30,172	DENTSPLY SIRONA Inc.		1,485,669
	3,458	DexCom Inc.*		954,408
	369	ElectroCore Inc.*(a)		269
	54,802	Envista Holdings Corp.*		1,390,875
	1,947	GenMark Diagnostics Inc.*		6,795
	1,492	Glaukos Corp.*		65,618
	13,672	Globus Medical Inc., Class A Shares*		618,385
	10,705	Haemonetics Corp.*		1,159,673
	233	Heska Corp.*		22,245
	2,520	Hill-Rom Holdings Inc.		242,046
	10,094	ICU Medical Inc.*		1,976,506
	655	Inogen Inc.*		29,986
	2,240	Insulet Corp.*		425,533
	1,250	Integer Holdings Corp.*		112,712
	11,931	Integra LifeSciences Holdings Corp.*		621,605
	271	IntriCon Corp.*		4,032
	1,578	Intuitive Surgical Inc.*		842,589
	1,278	Invacare Corp.		9,687
	193	iRadimed Corp.*		4,582
	1,044	iRhythm Technologies Inc.*		90,797
	1,313	Lantheus Holdings Inc.*		20,417
	657	LeMaitre Vascular Inc.		18,724
	1,833	LivaNova PLC*		127,797
	7,329	Masimo Corp.*		1,197,046
	1,702	Meridian Bioscience Inc.*		13,599
	61,315	Merit Medical Systems Inc.*		2,207,953
	137	Mesa Laboratories Inc.		32,783
	301	Misonix Inc.*		4,169

See Notes to Financial Statements.

52

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Health Care Equipment & Supplies — 5.7% — (continued)
	1,193	Natus Medical Inc.*	$	32,068
	1,935	Neogen Corp.*		117,551
	434	Neuronetics Inc.*		1,256
	1,126	Nevro Corp.*		146,549
	3,265	Novocure Ltd.*		237,529
	1,955	NuVasive Inc.*		128,659
	28,528	OraSure Technologies Inc.*		172,024
	612	Orthofix Medical Inc.*		21,628
	367	OrthoPediatrics Corp.*		17,036
	1,190	Penumbra Inc.*		197,373
	392	Pulse Biosciences Inc.*(a)		2,685
	1,348	Quidel Corp.*		104,120
	1,804	Rockwell Medical Inc.*(a)		5,069
	2,021	RTI Surgical Holdings Inc.*		7,478
	783	SeaSpine Holdings Corp.*		11,064
	4,888	Senseonics Holdings Inc.*(a)		6,843
	979	Shockwave Medical Inc.*		39,297
	662	SI-BONE Inc.*		12,783
	1,549	Sientra Inc.*		6,490
	714	Silk Road Medical Inc.*		28,453
	46,903	Smith & Nephew PLC, ADR(a)		2,114,387
	1,591	STAAR Surgical Co.*		49,926
	3,232	STERIS PLC.		512,660
	439	Surmodics Inc.*		15,325
	651	Tactile Systems Technology Inc.*		32,817
	8,374	Tandem Diabetes Care Inc.*		625,203
	2,728	Teleflex Inc.		913,935
	545	TransEnterix Inc.*(a)		643
	762	TransMedics Group Inc.*		11,963
	142	Utah Medical Products Inc.		12,411
	709	Vapotherm Inc.*		6,140
	1,656	Varex Imaging Corp.*		38,452
	2,868	ViewRay Inc.*		8,231
	2,825	West Pharmaceutical Services Inc.		425,332
	70,399	Wright Medical Group NV*		2,129,570
	633	Zynex Inc.*(a)		8,242
		Total Health Care Equipment & Supplies		23,545,427
	Health Care Providers & Services — 1.9%
	45,305	Acadia Healthcare Co., Inc.*		1,341,028
	511	Addus HomeCare Corp.*		38,974
	3,380	Amedisys Inc.*		588,154
	683	American Renal Associates Holdings Inc.*		5,498
	1,760	AMN Healthcare Services Inc.*		129,536
	215	Apollo Medical Holdings Inc.*		3,756
	741	Avalon GloboCare Corp.*		1,060
	1,200	BioTelemetry Inc.*		51,264
	6,574	Brookdale Senior Living Inc.*		43,191
	290	Catasys Inc.*(a)		4,385
	2,624	Chemed Corp.		1,095,835
	2,871	Community Health Systems Inc.*		14,154
	308	CorVel Corp.*		21,234
	3,622	Covetrus Inc.*		40,240
	1,325	Cross Country Healthcare Inc.*		12,561
	3,834	Encompass Health Corp.		286,937

See Notes to Financial Statements.

53

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Health Care Providers & Services — 1.9% — (continued)
	1,951	Ensign Group Inc. (The)	$	86,819
	1,486	Enzo Biochem Inc.*		3,165
	2,272	Genesis Healthcare Inc., Class A Shares*		3,749
	1,388	Guardant Health Inc.*		120,700
	1,300	Hanger Inc.*		29,991
	2,601	HealthEquity Inc.*		184,645
	537	Joint Corp. (The)*		7,964
	1,139	LHC Group Inc.*		138,343
	819	Magellan Health Inc.*		49,148
	36,007	MEDNAX Inc.*		615,360
	6,644	Molina Healthcare Inc.*		814,222
	442	National HealthCare Corp.		32,801
	413	National Research Corp.		22,711
	1,110	Option Care Health Inc.*		16,372
	2,277	Owens & Minor Inc.		15,552
	34,619	Patterson Cos., Inc.		823,586
	998	Pennant Group Inc. (The)*		27,116
	782	PetIQ Inc., Class A Shares*		24,320
	2,239	Premier Inc., Class A Shares*		65,894
	383	Providence Service Corp. (The)*		23,662
	3,758	R1 RCM Inc.*		46,148
	1,508	RadNet Inc.*		30,808
	4,216	Select Medical Holdings Corp.*		100,931
	962	Surgery Partners Inc.*		15,796
	3,867	Tenet Healthcare Corp.*		101,625
	2,110	Tivity Health Inc.*		26,734
	945	Triple-S Management Corp., Class B Shares*		14,166
	4,079	Universal Health Services Inc., Class B Shares		504,735
	483	US Physical Therapy Inc.		50,338
		Total Health Care Providers & Services		7,675,208
	Health Care Technology — 0.6%
	5,919	Allscripts Healthcare Solutions Inc.*		44,629
	4,212	Castlight Health Inc., Class B Shares*		3,818
	1,954	Change Healthcare Inc.*(a)		26,555
	373	Computer Programs & Systems Inc.		9,989
	2,893	Evolent Health Inc., Class A Shares*		26,731
	361	Health Catalyst Inc.*		10,967
	876	HealthStream Inc.*		21,304
	31,897	HMS Holdings Corp.*		732,674
	2,550	Inovalon Holdings Inc., Class A Shares*		49,674
	586	Inspire Medical Systems Inc.*		50,320
	598	Livongo Health Inc.*(a)		14,956
	1,939	NextGen Healthcare Inc.*		25,362
	1,564	Omnicell Inc.*		127,419
	500	OptimizeRx Corp.*		4,175
	425	Phreesia Inc.*		13,192
	445	Simulations Plus Inc.		14,489
	681	Tabula Rasa HealthCare Inc.*		38,252
	2,810	Teladoc Health Inc.*		351,138
	5,223	Veeva Systems Inc., Class A Shares*		741,509
	1,238	Vocera Communications Inc.*		30,195
		Total Health Care Technology		2,337,348

See Notes to Financial Statements.

54

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Life Sciences Tools & Services — 3.1%
	1,130	Accelerate Diagnostics Inc.*(a)	$	14,475
	661	Adaptive Biotechnologies Corp.*		18,574
	12,265	Avantor Inc.*		193,174
	3,293	Bio-Rad Laboratories Inc., Class A Shares*		1,159,202
	9,575	Bio-Techne Corp.		1,808,622
	3,864	Bruker Corp.		168,316
	18,223	Charles River Laboratories International Inc.*		2,834,952
	1,386	ChromaDex Corp.*		5,114
	1,856	Codexis Inc.*		21,622
	111,559	Fluidigm Corp.*		370,376
	7,780	ICON PLC, ADR*		1,214,147
	6,579	Illumina Inc.*		1,747,843
	24,384	Luminex Corp.		603,748
	1,056	Medpace Holdings Inc.*		94,977
	17,964	NanoString Technologies Inc.*		640,596
	3,616	NeoGenomics Inc.*		102,441
	5,740	Pacific Biosciences of California Inc.*		19,516
	4,261	PerkinElmer Inc.		368,321
	569	Personalis Inc.*		4,967
	2,446	PRA Health Sciences Inc.*		230,413
	8,344	QIAGEN NV*		299,550
	391	Quanterix Corp.*		8,919
	5,855	Repligen Corp.*		501,188
	2,344	Syneos Health Inc., Class A Shares*		148,492
		Total Life Sciences Tools & Services		12,579,545
	Pharmaceuticals — 1.8%
	3,301	AcelRx Pharmaceuticals Inc.*(a)		4,357
	1,271	Aclaris Therapeutics Inc.*		1,449
	1,491	Aerie Pharmaceuticals Inc.*		26,092
	3,486	Akorn Inc.*		4,044
	76,015	Amneal Pharmaceuticals Inc.*		292,658
	1,221	Amphastar Pharmaceuticals Inc.*		18,791
	298	ANI Pharmaceuticals Inc.*		14,307
	730	Arvinas Inc.*		34,405
	2,423	Assertio Therapeutics Inc.*		2,617
	954	Axsome Therapeutics Inc.*		74,412
	287	Baudax Bio Inc.*(a)		2,003
	3,393	BioDelivery Sciences International Inc.*		16,490
	1,583	Cara Therapeutics Inc.*		23,792
	33,677	Catalent Inc.*		1,735,376
	299	cbdMD Inc.*(a)		305
	902	Cerecor Inc.*		2,751
	1,078	Chiasma Inc.*		4,797
	1,133	Collegium Pharmaceutical Inc.*		26,909
	3,412	Corcept Therapeutics Inc.*		43,059
	860	Corium International Inc.*#(b)		155
	974	CorMedix Inc.*(a)		5,065
	2,868	Cymabay Therapeutics Inc.*		4,761
	785	Eloxx Pharmaceuticals Inc.*		2,457
	8,493	Endo International PLC*		46,881
	640	Evofem Biosciences Inc.*(a)		3,776
	1,199	Evolus Inc.*(a)		10,299
	2,632	EyePoint Pharmaceuticals Inc.*(a)		3,395
	6,937	Horizon Therapeutics PLC*		237,384

See Notes to Financial Statements.

55

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	HEALTH CARE — 16.5% — (continued)
	Pharmaceuticals — 1.8% — (continued)
	2,247	Innoviva Inc.*	$	30,267
	35,188	Intersect ENT Inc.*		839,586
	1,845	Intra-Cellular Therapies Inc.*		38,930
	2,157	Jazz Pharmaceuticals PLC*		247,149
	1,102	Kala Pharmaceuticals Inc.*(a)		5,896
	331	Kaleido Biosciences Inc.*(a)		1,976
	1,196	Lannett Co., Inc.*		10,405
	345	Liquidia Technologies Inc.*		1,425
	12,936	Mallinckrodt PLC*(a)		55,366
	1,814	Marinus Pharmaceuticals Inc.*		4,535
	936	Menlo Therapeutics Inc.*		2,761
	1,689	MyoKardia Inc.*		107,066
	6,356	Nektar Therapeutics, Class A Shares*		132,268
	1,015	NGM Biopharmaceuticals Inc.*		18,311
	1,503	Ocular Therapeutix Inc.*(a)		7,072
	470	Odonate Therapeutics Inc.*		13,907
	1,559	Omeros Corp.*		18,568
	987	Optinose Inc.*		5,971
	430	Osmotica Pharmaceuticals PLC*		2,507
	24,448	Pacira BioSciences Inc.*		1,060,554
	1,169	Paratek Pharmaceuticals Inc.*(a)		5,588
	4,769	Perrigo Co. PLC.		241,741
	663	Phibro Animal Health Corp., Class A Shares		16,741
	18,068	Prestige Consumer Healthcare Inc.*		675,020
	3,279	Reata Pharmaceuticals Inc., Class A Shares*		638,585
	719	Recro Pharma Inc.*		10,310
	623	resTORbio Inc.*		866
	1,521	Revance Therapeutics Inc.*		35,166
	2,481	SIGA Technologies Inc.*		12,393
	1,532	Strongbridge Biopharma PLC*		4,244
	14,419	Supernus Pharmaceuticals Inc.*		259,398
	8,261	TherapeuticsMD Inc.*(a)		13,961
	1,578	Theravance Biopharma Inc.*		38,424
	778	Tricida Inc.*		24,725
	397	Verrica Pharmaceuticals Inc.*		4,712
	770	WaVe Life Sciences Ltd.*(a)		6,499
	1,114	Xeris Pharmaceuticals Inc.*		3,966
	1,627	Zogenix Inc.*		40,805
	870	Zynerba Pharmaceuticals Inc.*(a)		3,706
		Total Pharmaceuticals		7,284,157
		TOTAL HEALTH CARE		67,375,182
	INDUSTRIALS — 16.2%
	Aerospace & Defense — 1.8%
	1,215	AAR Corp.		41,978
	2,745	Aerojet Rocketdyne Holdings Inc.*		135,274
	778	Aerovironment Inc.*		39,982
	830	Astronics Corp.*		16,824
	2,192	Axon Enterprise Inc.*		169,595
	3,573	BWX Technologies Inc.		195,943
	1,196	Cubic Corp.		65,110
	1,597	Curtiss-Wright Corp.		191,544
	423	Ducommun Inc.*		18,887
	12,271	HEICO Corp., Class A Shares		1,083,898

See Notes to Financial Statements.

56

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 16.2% — (continued)
	Aerospace & Defense — 1.8% — (continued)
	3,181	Hexcel Corp.	$	205,588
	1,536	Huntington Ingalls Industries Inc.		315,694
	3,437	Kratos Defense & Security Solutions Inc.*		55,886
	2,162	Maxar Technologies Inc.		32,884
	7,645	Mercury Systems Inc.*		561,602
	1,220	Moog Inc., Class A Shares		94,086
	200	National Presto Industries Inc.		15,716
	809	Park Aerospace Corp.		11,253
	770	Parsons Corp.*		30,099
	14,012	Spirit AeroSystems Holdings Inc., Class A Shares		740,394
	4,675	Teledyne Technologies Inc.*		1,576,971
	3,138	TransDigm Group Inc.		1,750,408
	1,771	Triumph Group Inc.		33,649
	458	Vectrus Inc.*		23,857
		Total Aerospace & Defense		7,407,122
	Air Freight & Logistics — 0.1%
	2,179	Air Transport Services Group Inc.*		39,004
	929	Atlas Air Worldwide Holdings Inc.*		24,823
	1,050	Echo Global Logistics Inc.*		19,373
	1,103	Forward Air Corp.		65,088
	1,258	Hub Group Inc., Class A Shares*		58,157
	1,467	Radiant Logistics Inc.*		6,455
	3,456	XPO Logistics Inc.*		255,640
		Total Air Freight & Logistics		468,540
	Airlines — 0.2%
	4,529	Alaska Air Group Inc.		228,533
	495	Allegiant Travel Co., Class A Shares		67,092
	1,139	Copa Holdings SA, Class A Shares(a)		94,697
	1,739	Hawaiian Holdings Inc.		36,310
	11,120	JetBlue Airways Corp.*		175,474
	861	Mesa Air Group Inc.*		4,968
	1,889	SkyWest Inc.		85,761
	2,611	Spirit Airlines Inc.*		74,283
		Total Airlines		767,118
	Building Products — 1.3%
	1,595	AAON Inc.		87,741
	14,728	Advanced Drainage Systems Inc.		616,514
	3,555	Allegion PLC.		408,789
	723	American Woodmark Corp.*		60,566
	8,432	AO Smith Corp.		333,486
	919	Apogee Enterprises Inc.		27,745
	764	Armstrong Flooring Inc.*		2,017
	1,849	Armstrong World Industries Inc.		185,177
	4,315	Builders FirstSource Inc.*		97,994
	990	Caesarstone Ltd.		10,702
	1,547	Cornerstone Building Brands Inc.*		11,370
	650	CSW Industrials Inc.		42,796
	5,413	Fortune Brands Home & Security Inc.		334,253
	1,247	Gibraltar Industries Inc.*		63,185
	1,238	Griffon Corp.		21,541
	677	Insteel Industries Inc.		13,466
	2,573	JELD-WEN Holding Inc.*		48,372

See Notes to Financial Statements.

57

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 16.2% — (continued)
	Building Products — 1.3% — (continued)
	1,320	Lennox International Inc.	$	301,132
	928	Masonite International Corp.*		68,208
	4,052	Owens Corning		228,897
	793	Patrick Industries Inc.		41,894
	1,969	PGT Innovations Inc.*		29,870
	1,109	Quanex Building Products Corp.		18,631
	60,725	Resideo Technologies Inc.*		652,794
	1,689	Simpson Manufacturing Co., Inc.		134,157
	13,787	Trex Co., Inc.*		1,318,727
	2,137	Universal Forest Products Inc.		100,140
		Total Building Products		5,260,164
	Commercial Services & Supplies — 2.4%
	2,552	ABM Industries Inc.		84,012
	3,285	ACCO Brands Corp.		26,313
	4,061	ADT Inc.(a)		25,950
	2,762	Advanced Disposal Services Inc.*		91,312
	1,809	Brady Corp., Class A Shares		85,638
	1,199	BrightView Holdings Inc.*		16,786
	1,876	Brink's Co. (The)		146,872
	1,714	Casella Waste Systems Inc., Class A Shares*		83,043
	1,390	CECO Environmental Corp.*		9,382
	235	Charah Solutions Inc.*		519
	733	Cimpress PLC*		85,328
	7,842	Clean Harbors Inc.*		545,176
	34,964	Covanta Holding Corp.		467,119
	1,661	Deluxe Corp.		55,311
	870	Ennis Inc.		17,487
	71,319	Harsco Corp.*		855,115
	2,854	Healthcare Services Group Inc.		78,599
	554	Heritage-Crystal Clean Inc.*		14,587
	2,249	Herman Miller Inc.		77,006
	1,713	HNI Corp.		56,238
	5,005	IAA Inc.*		213,814
	2,035	Interface Inc., Class A Shares		29,691
	5,040	KAR Auction Services Inc.		97,020
	1,250	Kimball International Inc., Class B Shares		20,225
	2,145	Knoll Inc.		37,838
	16,069	Matthews International Corp., Class A Shares		475,000
	899	McGrath RentCorp.		62,435
	1,719	Mobile Mini Inc.		67,024
	6,213	MSA Safety Inc.		755,936
	157	NL Industries Inc.*		529
	787	PICO Holdings Inc.*		7,469
	6,102	Pitney Bowes Inc.		20,869
	1,140	Quad/Graphics Inc.		5,472
	5,335	Rollins Inc.		199,742
	2,548	RR Donnelley & Sons Co.		4,841
	832	SP Plus Corp.*		30,376
	3,290	Steelcase Inc., Class A Shares		53,364
	20,775	Stericycle Inc.*		1,193,108
	37,634	Team Inc.*(a)		479,081
	2,048	Tetra Tech Inc.		165,622
	4,260	UniFirst Corp.		791,550
	961	US Ecology Inc.		40,420

See Notes to Financial Statements.

58

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 16.2% — (continued)
	Commercial Services & Supplies — 2.4% — (continued)
	871	Viad Corp.	$	43,724
	363	VSE Corp.		10,690
	24,392	Waste Connections Inc.		2,353,584
		Total Commercial Services & Supplies		9,981,217
	Construction & Engineering — 0.6%
	5,905	AECOM*		265,371
	1,206	Aegion Corp., Class A Shares*		21,720
	965	Ameresco Inc., Class A Shares*		21,751
	1,858	Arcosa Inc.		79,820
	593	Argan Inc.		24,746
	1,402	Comfort Systems USA Inc.		59,192
	279	Concrete Pumping Holdings Inc.*		1,440
	496	Construction Partners Inc., Class A Shares*		8,437
	14,127	Dycom Industries Inc.*		417,594
	2,094	EMCOR Group Inc.		161,070
	5,359	Fluor Corp.		49,946
	1,673	Granite Construction Inc.		33,995
	2,039	Great Lakes Dredge & Dock Corp.*		19,778
	295	IES Holdings Inc.*		6,876
	5,089	Jacobs Engineering Group Inc.		469,918
	2,256	MasTec Inc.*		110,725
	520	MYR Group Inc.*		13,265
	371	Northwest Pipe Co.*		11,705
	421	NV5 Global Inc.*		22,536
	1,540	Primoris Services Corp.		29,229
	5,596	Quanta Services Inc.		213,376
	1,080	Sterling Construction Co., Inc.*		14,753
	1,327	Tutor Perini Corp.*		19,242
	3,319	Valmont Industries Inc.		385,734
	1,835	Willscot Corp., Class A Shares*		32,186
		Total Construction & Engineering		2,494,405
	Electrical Equipment — 0.7%
	11,994	ABB Ltd., ADR.		259,550
	1,496	Acuity Brands Inc.		153,879
	249	Allied Motion Technologies Inc.		9,596
	877	American Superconductor Corp.*		6,007
	1,821	Atkore International Group Inc.*		67,213
	7,450	AZZ Inc.		274,830
	27,196	Babcock & Wilcox Enterprises Inc.*		112,863
	27,671	Bloom Energy Corp., Class A Shares*(a)		250,976
	740	Encore Wire Corp.		36,238
	872	Energous Corp.*(a)		1,195
	1,622	EnerSys		99,883
	2,299	Generac Holdings Inc.*		236,774
	2,128	GrafTech International Ltd.(a)		17,364
	2,048	Hubbell Inc., Class B Shares		272,876
	5,799	nVent Electric PLC.		139,234
	10,305	Plug Power Inc.*(a)		44,724
	358	Powell Industries Inc.		11,968
	102	Preformed Line Products Co.		4,978
	1,590	Regal Beloit Corp.		123,448
	13,898	Schneider Electric SE, ADR		278,655
	6,025	Sensata Technologies Holding PLC*		245,820

See Notes to Financial Statements.

59

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 16.2% — (continued)
	Electrical Equipment — 0.7% — (continued)
	4,048	Sunrun Inc.*	$	78,288
	1,130	Thermon Group Holdings Inc.*		19,854
	1,193	TPI Composites Inc.*		28,322
	714	Vicor Corp.*		30,873
	1,903	Vivint Solar Inc.*		21,390
		Total Electrical Equipment		2,826,798
	Industrial Conglomerates — 0.5%
	2,118	Carlisle Cos., Inc.		307,724
	1,305	Raven Industries Inc.		37,467
	4,475	Roper Technologies Inc.		1,573,857
		Total Industrial Conglomerates		1,919,048
	Machinery — 4.9%
	2,434	AGCO Corp.		147,087
	347	Alamo Group Inc.		38,437
	11,449	Albany International Corp., Class A Shares		733,537
	4,145	Allison Transmission Holdings Inc.		168,287
	21,828	Altra Industrial Motion Corp.		657,459
	990	Astec Industries Inc.		37,175
	7,963	Barnes Group Inc.		427,613
	599	Blue Bird Corp.*		10,710
	1,670	Briggs & Stratton Corp.		5,294
	1,385	Chart Industries Inc.*		78,834
	686	CIRCOR International Inc.*		24,682
	3,542	Colfax Corp.*		118,551
	811	Columbus McKinnon Corp.		25,214
	1,068	Commercial Vehicle Group Inc.*		4,656
	1,891	Crane Co.		128,493
	818	Deere & Co.		128,001
	4,813	Donaldson Co., Inc.		216,970
	802	Douglas Dynamics Inc.		34,911
	203	Eastern Co. (The)		5,170
	1,632	Energy Recovery Inc.*		16,059
	21,238	Enerpac Tool Group Corp., Class A Shares		453,856
	758	EnPro Industries Inc.		40,894
	34,433	Epiroc AB, ADR.		396,324
	941	ESCO Technologies Inc.		85,556
	2,685	Evoqua Water Technologies Corp.*		56,304
	2,209	Federal Signal Corp.		64,061
	30,008	Flowserve Corp.		1,206,022
	1,704	Franklin Electric Co., Inc.		88,080
	4,984	Gardner Denver Holdings Inc.*		163,425
	1,598	Gates Industrial Corp. PLC*		16,715
	303	Gencor Industries Inc.*		3,045
	669	Gorman-Rupp Co. (The)		21,401
	9,274	Graco Inc.		457,394
	303	Graham Corp.		5,024
	1,152	Greenbrier Cos., Inc. (The)		27,913
	1,048	Helios Technologies Inc.		41,658
	2,911	Hillenbrand Inc.		68,117
	226	Hurco Cos., Inc.		6,369
	408	Hyster-Yale Materials Handling Inc.		19,641
	7,474	IDEX Corp.		1,106,152
	3,455	ITT Inc.		207,818

See Notes to Financial Statements.

60

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 16.2% — (continued)
	Machinery — 4.9% — (continued)
	1,182	John Bean Technologies Corp.	$	114,489
	480	Kadant Inc.		43,594
	3,148	Kennametal Inc.		87,514
	341	LB Foster Co., Class A Shares*		5,374
	11,389	Lincoln Electric Holdings Inc.		932,645
	11,322	Lindsay Corp.		1,121,218
	827	Luxfer Holdings PLC.		12,827
	20,118	Lydall Inc.*		239,605
	1,403	Manitowoc Co., Inc. (The)*		17,495
	267	Mayville Engineering Co., Inc.*		1,946
	2,690	Meritor Inc.*		61,036
	2,180	Middleby Corp. (The)*		243,746
	418	Miller Industries Inc.		12,419
	2,163	Mueller Industries Inc.		60,521
	64,944	Mueller Water Products Inc., Class A Shares		711,137
	1,910	Navistar International Corp.*		69,352
	1,578	NN Inc.		12,230
	2,224	Nordson Corp.		323,147
	102	Omega Flex Inc.		7,987
	2,678	Oshkosh Corp.		193,218
	384	Park-Ohio Holdings Corp.		9,416
	6,303	Pentair PLC.		248,275
	1,045	Proto Labs Inc.*		91,584
	913	RBC Bearings Inc.*		156,296
	1,127	REV Group Inc.		8,824
	4,030	Rexnord Corp.		117,515
	2,064	Snap-on Inc.		298,764
	1,110	Spartan Motors Inc.		16,373
	1,700	SPX Corp.*		71,281
	1,631	SPX FLOW Inc.*		59,988
	499	Standex International Corp.		31,652
	766	Tennant Co.		54,800
	2,338	Terex Corp.		51,459
	20,595	Timken Co. (The)		923,480
	1,809	Titan International Inc.		4,016
	3,980	Toro Co. (The)		284,291
	1,607	TriMas Corp.*		40,737
	4,098	Trinity Industries Inc.		83,394
	9,719	Twin Disc Inc.*		78,335
	1,823	Wabash National Corp.		20,017
	29,419	WABCO Holdings Inc.*		3,974,507
	1,064	Watts Water Technologies Inc., Class A Shares		99,920
	35,987	Welbilt Inc.*		475,748
	6,738	Woodward Inc.		695,362
	1,797	Xylem Inc.		138,980
		Total Machinery		19,849,423
	Marine — 0.1%
	1,817	Costamare Inc.		11,865
	2,235	Danaos Corp.*		11,264
	1,848	Eagle Bulk Shipping Inc.*(a)		6,135
	761	Genco Shipping & Trading Ltd.		5,844
	2,230	Kirby Corp.*		142,163
	7,671	Matson Inc.		254,754
	2,124	Safe Bulkers Inc.*		2,804

See Notes to Financial Statements.

61

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security		Value
	INDUSTRIALS — 16.2% — (continued)
	Marine — 0.1% — (continued)
	1,967	Scorpio Bulkers Inc.		$	6,334
		Total Marine			441,163
	Professional Services — 1.6%
	721	Acacia Research Corp.*			1,658
	14,596	ASGN Inc.*			740,163
	351	Barrett Business Services Inc.			21,025
	477	BG Staffing Inc.			7,355
	1,825	CBIZ Inc.*			47,523
	1,785	CoStar Group Inc.*			1,191,648
	296	CRA International Inc.			13,767
	1,942	Exponent Inc.			143,028
	342	Forrester Research Inc.*			12,333
	390	Franklin Covey Co.*			12,265
	9,587	FTI Consulting Inc.*			1,079,400
	467	GP Strategies Corp.*			5,193
	643	Heidrick & Struggles International Inc.			14,339
	940	Huron Consulting Group Inc.*			55,780
	651	ICF International Inc.			49,463
	1,497	InnerWorkings Inc.*			4,701
	1,457	Insperity Inc.			98,012
	1,134	Kelly Services Inc., Class A Shares	��		18,836
	759	Kforce Inc.			23,119
	2,161	Korn Ferry			75,592
	2,240	ManpowerGroup Inc.			170,106
	729	Mistras Group Inc.*			5,723
	1,034	Resources Connection Inc.			12,956
	4,369	Robert Half International Inc.			220,241
	1,703	TriNet Group Inc.*			90,021
	1,343	TrueBlue Inc.*			19,984
	2,273	Upwork Inc.*			19,696
	15,911	Verisk Analytics Inc., Class A Shares			2,467,955
	395	Willdan Group Inc.*			12,146
		Total Professional Services			6,634,028
	Road & Rail — 0.8%
	332	AMERCO			107,073
	1,016	ArcBest Corp.			20,127
	19,384	Avis Budget Group Inc.*			627,557
	438	Covenant Transportation Group Inc., Class A Shares*			5,300
	1,485	Daseke Inc.*			4,901
	1,555	Heartland Express Inc.			27,850
	46,572	Hertz Global Holdings Inc.*			595,656
	13,483	Knight-Swift Transportation Holdings Inc., Class A Shares			430,647
	1,458	Landstar System Inc.			147,214
	1,809	Marten Transport Ltd.			35,348
	3,798	Old Dominion Freight Line Inc.			736,053
	82	PAM Transportation Services Inc.*			3,248
	6,484	Ryder System Inc.			246,651
	988	Saia Inc.*			86,262
	2,078	Schneider National Inc., Class B Shares			37,217
	346	Universal Logistics Holdings Inc.			5,332
	859	US Xpress Enterprises Inc., Class A Shares*			3,702
	5,445	Werner Enterprises Inc.			182,952
	1,308	YRC Worldwide Inc.*(a)			2,773
		Total Road & Rail			3,305,863

See Notes to Financial Statements.

62

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INDUSTRIALS — 16.2% — (continued)
	Trading Companies & Distributors — 1.2%
	16,449	AerCap Holdings NV*	$	856,664
	4,146	Air Lease Corp., Class A Shares		159,040
	1,886	Aircastle Ltd.		60,069
	1,418	Applied Industrial Technologies Inc.		83,648
	2,597	Beacon Roofing Supply Inc.*		77,131
	285	BlueLinx Holdings Inc.*		3,349
	2,556	BMC Stock Holdings Inc.*		62,699
	658	CAI International Inc.*		16,279
	546	DXP Enterprises Inc.*		15,501
	170	EVI Industries Inc.*(a)		3,752
	39,594	Fastenal Co.		1,354,907
	649	Foundation Building Materials Inc.*		10,124
	1,305	GATX Corp.		93,347
	295	General Finance Corp.*		2,298
	1,516	GMS Inc.*		34,641
	1,134	H&E Equipment Services Inc.		26,944
	6,322	HD Supply Holdings Inc.*		240,362
	1,058	Herc Holdings Inc.*		38,807
	1,094	Kaman Corp.		60,673
	128	Lawson Products Inc.*		5,120
	2,790	MRC Global Inc.*		24,273
	1,660	MSC Industrial Direct Co., Inc., Class A Shares		102,621
	3,829	NOW Inc.*		33,810
	20,185	Rush Enterprises Inc., Class A Shares		846,155
	192	Rush Enterprises Inc., Class B Shares		8,047
	1,540	SiteOne Landscape Supply Inc.*		152,845
	460	Systemax Inc.		9,595
	2,048	Textainer Group Holdings Ltd.*		16,896
	743	Titan Machinery Inc.*		7,512
	269	Transcat Inc.*		7,771
	2,152	Triton International Ltd.		73,964
	6,610	Univar Solutions Inc.*		112,304
	446	Veritiv Corp.*		5,370
	1,220	Watsco Inc.		191,516
	1,677	WESCO International Inc.*		68,036
	120	Willis Lease Finance Corp.*		6,804
		Total Trading Companies & Distributors		4,872,874
	Transportation Infrastructure — 0.0%
	2,756	Macquarie Infrastructure Corp.		108,173
		TOTAL INDUSTRIALS		66,335,936
	INFORMATION TECHNOLOGY — 20.0%
	Communications Equipment — 1.4%
	1,441	Acacia Communications Inc.*		98,723
	1,450	ADTRAN Inc.		11,665
	693	Applied Optoelectronics Inc.*(a)		6,188
	37,434	CalAmp Corp.*		360,115
	1,825	Calix Inc.*		16,425
	1,434	Casa Systems Inc.*		4,703
	51,838	Ciena Corp.*		1,993,171
	411	Clearfield Inc.*		4,406
	7,292	CommScope Holding Co., Inc.*		80,285
	830	Comtech Telecommunications Corp.		23,256
	225	DASAN Zhone Solutions Inc.*		1,717

See Notes to Financial Statements.

63

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.0% — (continued)
	Communications Equipment — 1.4% — (continued)
	945	Digi International Inc.*	$	12,512
	2,054	EchoStar Corp., Class A Shares*		71,726
	4,163	Extreme Networks Inc.*		20,940
	3,055	Harmonic Inc.*		18,758
	115,026	Infinera Corp.*		782,177
	1,829	Inseego Corp.*(a)		12,693
	1,221	InterDigital Inc.		64,579
	659	KVH Industries Inc.*		6,867
	2,874	Lumentum Holdings Inc.*		223,655
	1,233	NETGEAR Inc.*		23,267
	2,858	NetScout Systems Inc.*		73,451
	1,174	Plantronics Inc.		16,119
	5,200	Radware Ltd.*		118,144
	65,104	Ribbon Communications Inc.*		210,286
	253	TESSCO Technologies Inc.		1,515
	318	Ubiquiti Inc.		43,140
	2,135	ViaSat Inc.*		122,762
	103,157	Viavi Solutions Inc.*		1,360,641
		Total Communications Equipment		5,783,886
	Electronic Equipment, Instruments & Components — 3.0%
	381	Airgain Inc.*		3,006
	1,035	Akoustis Technologies Inc.*(a)		7,493
	19,589	Amphenol Corp., Class A Shares		1,795,919
	1,161	Anixter International Inc.*		113,209
	2,652	Arlo Technologies Inc.*		8,699
	3,099	Arrow Electronics Inc.*		207,819
	3,867	Avnet Inc.		118,640
	1,678	AVX Corp.		36,480
	1,053	Badger Meter Inc.		63,401
	335	Bel Fuse Inc., Class B Shares		3,832
	14,565	Belden Inc.		581,580
	1,365	Benchmark Electronics Inc.		37,101
	129	Coda Octopus Group Inc.*(a)		826
	6,193	Cognex Corp.		275,836
	911	Coherent Inc.*		117,255
	1,277	CTS Corp.		33,291
	1,375	Daktronics Inc.		6,765
	2,373	Dolby Laboratories Inc., Class A Shares		155,906
	472	ePlus Inc.*		35,759
	1,391	Fabrinet*		76,672
	788	FARO Technologies Inc.*		45,105
	8,552	Fitbit Inc., Class A Shares*		54,647
	23,108	FLIR Systems Inc.		981,397
	9,687	II-VI Inc.*		287,607
	1,367	Insight Enterprises Inc.*		75,308
	3,178	IPG Photonics Corp.*		405,640
	974	Iteris Inc.*		4,704
	28,523	Itron Inc.*		2,163,184
	5,615	Jabil Inc.		179,961
	2,043	KEMET Corp.		53,281
	988	Kimball Electronics Inc.*		13,387
	37,404	Knowles Corp.*		621,654
	907	Littelfuse Inc.		144,830
	1,346	Methode Electronics Inc.		41,268

See Notes to Financial Statements.

64

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.0% — (continued)
	Electronic Equipment, Instruments & Components — 3.0% — (continued)
	633	MTS Systems Corp.	$	25,409
	505	Napco Security Technologies Inc.*		10,272
	4,904	National Instruments Corp.		197,533
	1,356	nLight Inc.*		22,388
	1,275	Novanta Inc.*		113,743
	6,620	OSI Systems Inc.*		538,007
	337	PAR Technology Corp.*(a)		8,927
	440	PC Connection Inc.		17,895
	1,109	Plexus Corp.*		73,582
	5,288	Rogers Corp.*		613,408
	2,578	Sanmina Corp.*		67,776
	860	ScanSource Inc.*		24,450
	1,561	SYNNEX Corp.		195,172
	1,369	Tech Data Corp.*		194,932
	23,665	Trimble Inc.*		934,294
	3,644	TTM Technologies Inc.*		47,336
	5,013	Vishay Intertechnology Inc.		93,743
	406	Vishay Precision Group Inc.*		11,153
	179	Wrap Technologies Inc.*(a)		1,053
	2,058	Zebra Technologies Corp., Class A Shares*		434,176
		Total Electronic Equipment, Instruments & Components		12,376,711
	IT Services — 3.7%
	1,522	Alliance Data Systems Corp.		130,709
	5,082	Amdocs Ltd.		323,977
	27,536	Black Knight Inc.*		1,836,927
	5,128	Booz Allen Hamilton Holding Corp., Class A Shares		365,626
	1,597	Brightcove Inc.*		12,425
	926	CACI International Inc., Class A Shares*		226,889
	1,396	Cardtronics PLC, Class A Shares*		50,633
	468	Cass Information Systems Inc.		21,973
	55,614	Conduent Inc.*		181,858
	24,140	CoreLogic Inc.		1,095,232
	1,383	CSG Systems International Inc.		61,198
	2,660	Endurance International Group Holdings Inc.*		9,922
	1,960	EPAM Systems Inc.*		437,472
	7,007	Euronet Worldwide Inc.*		869,148
	2,318	EVERTEC Inc.		68,798
	1,280	Evo Payments Inc., Class A Shares*		32,358
	1,441	Exela Technologies Inc.*		370
	1,312	ExlService Holdings Inc.*		97,941
	2,748	Gartner Inc.*		355,564
	7,227	Genpact Ltd.		277,950
	1,381	GTT Communications Inc.*(a)		20,908
	920	Hackett Group Inc. (The)		14,168
	567	I3 Verticals Inc., Class A Shares*		16,432
	1,089	Information Services Group Inc.*		3,452
	516	International Money Express Inc.*		4,861
	2,949	Jack Henry & Associates Inc.		447,481
	41,945	KBR Inc.		1,088,892
	5,107	Leidos Holdings Inc.		524,234
	3,856	Limelight Networks Inc.*		19,454
	2,525	LiveRamp Holdings Inc.*		89,486
	1,025	ManTech International Corp., Class A Shares		76,772
	2,373	MAXIMUS Inc.		149,546

See Notes to Financial Statements.

65

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.0% — (continued)
	IT Services — 3.7% — (continued)
	1,580	MongoDB Inc., Class A Shares*	$	240,950
	2,466	NIC Inc.		45,103
	9,435	Okta Inc., Class A Shares*		1,208,246
	1,221	Paysign Inc.*(a)		9,805
	1,359	Perficient Inc.*		55,678
	5,328	Perspecta Inc.		133,040
	695	PRGX Global Inc.*		2,509
	482	Priority Technology Holdings Inc.*		993
	17,530	Repay Holdings Corp.*		307,301
	10,313	Sabre Corp.		140,411
	9,138	Science Applications International Corp.		732,228
	675	StarTek Inc.*		4,205
	2,079	Switch Inc., Class A Shares		29,813
	1,364	Sykes Enterprises Inc.*		43,212
	571	TTEC Holdings Inc.		21,373
	371	Tucows Inc., Class A Shares*		18,954
	2,290	Twilio Inc., Class A Shares*		257,946
	63,273	Unisys Corp.*		982,630
	5,139	Verra Mobility Corp., Class A Shares*		77,830
	1,038	Virtusa Corp.*		45,786
	6,045	WEX Inc.*		1,131,866
	10,220	WNS Holdings Ltd., ADR*		672,885
		Total IT Services		15,075,420
	Semiconductors & Semiconductor Equipment — 2.9%
	1,082	Adesto Technologies Corp.*		13,265
	23,023	Advanced Energy Industries Inc.*		1,369,293
	854	Alpha & Omega Semiconductor Ltd.*		9,257
	1,203	Ambarella Inc.*		71,518
	3,858	Amkor Technology Inc.*		40,258
	1,085	Axcelis Technologies Inc.*		26,029
	1,335	AXT Inc.*		4,646
	29,443	Brooks Automation Inc.		1,016,078
	4,990	Cabot Microelectronics Corp.		695,007
	9,899	CEVA Inc.*		281,231
	2,185	Cirrus Logic Inc.*		149,978
	1,393	Cohu Inc.		28,515
	4,180	Cree Inc.*		186,971
	13,889	Cypress Semiconductor Corp.		320,697
	1,564	Diodes Inc.*		68,832
	887	DSP Group Inc.*		12,072
	3,467	Enphase Energy Inc.*		169,779
	13,460	Entegris Inc.		717,687
	3,110	First Solar Inc.*		142,345
	2,873	FormFactor Inc.*		64,269
	606	GSI Technology Inc.*		4,036
	1,090	Ichor Holdings Ltd.*		31,523
	4,999	Impinj Inc.*		153,719
	1,695	Inphi Corp.*		126,549
	4,752	Lattice Semiconductor Corp.*		85,298
	54,648	MACOM Technology Solutions Holdings Inc.*		1,380,955
	2,805	MaxLinear Inc., Class A Shares*		43,365
	2,037	MKS Instruments Inc.		204,087
	1,574	Monolithic Power Systems Inc.		249,699
	1,552	NeoPhotonics Corp.*		10,259

See Notes to Financial Statements.

66

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.0% — (continued)
	Semiconductors & Semiconductor Equipment — 2.9% — (continued)
	187	NVE Corp.	$	11,832
	54,606	ON Semiconductor Corp.*		1,018,948
	1,798	Onto Innovation Inc.*		54,965
	1,169	PDF Solutions Inc.*		17,114
	2,296	Photronics Inc.*		28,585
	1,096	Power Integrations Inc.		95,407
	60,172	Rambus Inc.*		841,205
	2,486	Semtech Corp.*		98,172
	1,610	Silicon Laboratories Inc.*		142,775
	17,930	SiTime Corp.*		406,294
	455	SMART Global Holdings Inc.*		12,212
	2,557	SunPower Corp., Class A Shares*		21,913
	1,290	Synaptics Inc.*		85,205
	6,414	Teradyne Inc.		376,887
	1,339	Ultra Clean Holdings Inc.*		27,999
	1,609	Universal Display Corp.		255,493
	43,088	Veeco Instruments Inc.*		576,948
	1,721	Xperi Corp.		29,584
		Total Semiconductors & Semiconductor Equipment		11,778,755
	Software — 8.6%
	2,007	2U Inc.*		47,185
	45,393	8x8 Inc.*		839,770
	2,126	A10 Networks Inc.*		14,265
	43,093	ACI Worldwide Inc.*		1,201,002
	709	Agilysys Inc.*		22,780
	1,365	Alarm.com Holdings Inc.*		65,861
	1,405	Altair Engineering Inc., Class A Shares*		48,894
	1,719	Alteryx Inc., Class A Shares*		240,007
	894	American Software Inc., Class A Shares		14,706
	3,350	Anaplan Inc.*		150,549
	8,530	ANSYS Inc.*		2,065,881
	651	Appfolio Inc., Class A Shares*		80,053
	1,351	Appian Corp., Class A Shares*(a)		59,647
	7,984	Aspen Technology Inc.*		850,376
	1,606	Atlassian Corp. PLC, Class A Shares*		232,806
	1,746	Avalara Inc.*		147,974
	4,137	Avaya Holdings Corp.*		53,616
	1,200	Benefitfocus Inc.*		14,976
	1,841	Blackbaud Inc.		124,820
	31,827	Blackline Inc.*		1,991,415
	32,728	Bottomline Technologies de Inc.*		1,449,196
	27,363	Box Inc., Class A Shares*		458,330
	4,576	CDK Global Inc.		210,588
	1,437	Cerence Inc.*		31,197
	3,585	Ceridian HCM Holding Inc.*		253,567
	950	ChannelAdvisor Corp.*		9,044
	104,268	Cloudera Inc.*		927,985
	1,573	CommVault Systems Inc.*		65,594
	2,158	Cornerstone OnDemand Inc.*		88,543
	2,382	Coupa Software Inc.*		356,704
	435	Digimarc Corp.*		8,700
	3,178	Digital Turbine Inc.*		19,481
	5,931	DocuSign Inc., Class A Shares*		511,905
	729	Domo Inc., Class B Shares*		15,375

See Notes to Financial Statements.

67

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.0% — (continued)
	Software — 8.6% — (continued)
	3,145	Dynatrace Inc.*	$	101,584
	789	Ebix Inc.		20,861
	682	eGain Corp.*		5,511
	1,688	Elastic NV*		124,676
	18,624	Envestnet Inc.*		1,405,740
	1,267	Everbridge Inc.*		133,871
	2,636	Fair Isaac Corp.*		991,215
	71,784	FireEye Inc.*		950,061
	2,247	Five9 Inc.*		164,098
	1,794	ForeScout Technologies Inc.*		58,377
	1,270	GTY Technology Holdings Inc.*		6,833
	3,171	Guidewire Software Inc.*		347,573
	1,562	HubSpot Inc.*		280,301
	2,102	Ideanomics Inc.*		758
	1,222	Instructure Inc.*		59,585
	281	Intelligent Systems Corp.*		10,304
	1,761	j2 Global Inc.		153,788
	2,351	LivePerson Inc.*		62,207
	1,858	LogMeIn Inc.		158,367
	231	Majesco*		1,543
	2,432	Manhattan Associates Inc.*		163,820
	608	Medallia Inc.*		15,084
	295	MicroStrategy Inc., Class A Shares*		39,872
	22,250	Mimecast Ltd.*		880,877
	1,166	Mitek Systems Inc.*		10,156
	30,570	MobileIron Inc.*		123,808
	1,162	Model N Inc.*		33,698
	1,885	New Relic Inc.*		106,050
	5,110	Nice Ltd., ADR*		837,171
	112,055	Nuance Communications Inc.*		2,422,629
	6,364	Nutanix Inc., Class A Shares*		151,718
	24,502	OneSpan Inc.*		404,528
	1,644	PagerDuty Inc.*(a)		33,866
	1,893	Paycom Software Inc.*		535,056
	5,113	Paylocity Holding Corp.*		662,236
	1,450	Pegasystems Inc.		131,225
	514	Ping Identity Holding Corp.*		11,894
	2,237	Pluralsight Inc., Class A Shares*		39,886
	1,651	Progress Software Corp.		61,566
	7,298	Proofpoint Inc.*		778,332
	31,722	PROS Holdings Inc.*		1,452,550
	3,923	PTC Inc.*		296,383
	1,634	Q2 Holdings Inc.*		123,155
	431	QAD Inc., Class A Shares		21,141
	13,034	Qualys Inc.*		1,045,066
	1,967	Rapid7 Inc.*		91,072
	2,998	RealPage Inc.*		192,172
	1,073	Rimini Street Inc.*		4,957
	2,852	RingCentral Inc., Class A Shares*		672,359
	869	Rosetta Stone Inc.*		15,008
	3,301	SailPoint Technologies Holding Inc.*		83,581
	333	SecureWorks Corp., Class A Shares*		4,625
	361	SharpSpring Inc.*		4,115
	360	ShotSpotter Inc.*		12,816
	3,316	Smartsheet Inc., Class A Shares*		153,531

See Notes to Financial Statements.

68

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	INFORMATION TECHNOLOGY — 20.0% — (continued)
	Software — 8.6% — (continued)
	1,587	SolarWinds Corp.*	$	28,915
	1,351	SPS Commerce Inc.*		71,063
	3,066	SVMK Inc.*		55,893
	1,577	Synchronoss Technologies Inc.*		7,759
	8,800	Talend SA, ADR*		324,896
	1,631	Telaria Inc.*		19,931
	1,092	Telenav Inc.*		6,514
	1,327	Tenable Holdings Inc.*		32,538
	4,363	Teradata Corp.*		86,998
	90,432	TiVo Corp.		684,570
	1,489	Trade Desk Inc. (The), Class A Shares*		427,715
	5,405	Tyler Technologies Inc.*		1,693,657
	782	Upland Software Inc.*		30,428
	1,138	Varonis Systems Inc.*		91,290
	25,766	Verint Systems Inc.*		1,414,038
	2,699	VirnetX Holding Corp.*(a)		15,141
	1,545	Workiva Inc., Class A Shares*		66,033
	4,002	Yext Inc.*		60,670
	4,266	Zendesk Inc.*		338,336
	2,129	Zix Corp.*		16,777
	2,364	Zscaler Inc.*(a)		122,904
	3,786	Zuora Inc., Class A Shares*		50,127
		Total Software		34,972,241
	Technology Hardware, Storage & Peripherals — 0.4%
	4,064	3D Systems Corp.*(a)		37,226
	272	AstroNova Inc.		2,954
	1,054	Avid Technology Inc.*		7,789
	52,925	Diebold Nixdorf Inc.*		371,533
	1,328	Immersion Corp.*		9,283
	21,409	NCR Corp.*		539,507
	8,682	Pure Storage Inc., Class A Shares*		132,487
	24,050	Quantum Corp.*		125,301
	295	Sonim Technologies Inc.*		856
	19,206	Stratasys Ltd.*		307,296
	6,961	Xerox Holdings Corp.		224,144
		Total Technology Hardware, Storage & Peripherals		1,758,376
		TOTAL INFORMATION TECHNOLOGY		81,745,389
	MATERIALS — 4.5%
	Chemicals — 1.6%
	664	Advanced Emissions Solutions Inc.		5,903
	908	AdvanSix Inc.*		13,193
	9,127	Albemarle Corp.		747,045
	1,179	American Vanguard Corp.		17,980
	1,175	Amyris Inc.*(a)		3,742
	2,371	Ashland Global Holdings Inc.		169,621
	7,748	Axalta Coating Systems Ltd.*		193,080
	1,214	Balchem Corp.		114,674
	2,207	Cabot Corp.		82,498
	8,224	CF Industries Holdings Inc.		303,137
	296	Chase Corp.		26,282
	6,200	Chemours Co. (The)		92,132
	11,969	Ecolab Inc.		2,159,806
	8,769	Element Solutions Inc.*		91,110

See Notes to Financial Statements.

69

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	MATERIALS — 4.5% — (continued)
	Chemicals — 1.6% — (continued)
	3,037	Ferro Corp.*	$	35,290
	2,004	Flotek Industries Inc.*		3,166
	1,023	FutureFuel Corp.		10,404
	1,916	GCP Applied Technologies Inc.*		37,305
	300	Hawkins Inc.		10,725
	1,971	HB Fuller Co.		77,322
	8,271	Huntsman Corp.		156,653
	1,584	Ingevity Corp.*		71,343
	945	Innospec Inc.		81,780
	3,591	Intrepid Potash Inc.*		6,356
	743	Koppers Holdings Inc.*		16,242
	22,548	Kraton Corp.*		228,186
	934	Kronos Worldwide Inc.		9,331
	5,193	Livent Corp.*		46,374
	973	LSB Industries Inc.*		1,897
	1,702	Marrone Bio Innovations Inc.*		1,923
	1,290	Minerals Technologies Inc.		57,882
	260	NewMarket Corp.		101,033
	6,321	Olin Corp.		102,337
	1,668	OMNOVA Solutions Inc.*		16,864
	2,150	Orion Engineered Carbons SA		30,552
	3,456	PolyOne Corp.		85,571
	1,274	PQ Group Holdings Inc.*		16,906
	486	Quaker Chemical Corp.		76,579
	2,136	Rayonier Advanced Materials Inc.		5,233
	4,793	RPM International Inc.		307,279
	1,484	Scotts Miracle-Gro Co. (The)		157,289
	1,615	Sensient Technologies Corp.		79,426
	816	Stepan Co.		71,669
	792	Trecora Resources*		4,475
	977	Tredegar Corp.		16,668
	1,438	Trinseo SA		31,463
	25,654	Tronox Holdings PLC, Class A Shares		188,300
	599	Valhi Inc.		833
	7,071	Valvoline Inc.		137,885
	1,358	Westlake Chemical Corp.		75,871
	2,140	WR Grace & Co.		121,038
		Total Chemicals		6,499,653
	Construction Materials — 0.6%
	1,585	Eagle Materials Inc.		125,104
	749	Forterra Inc.*		10,142
	4,276	Summit Materials Inc., Class A Shares*		83,553
	79	United States Lime & Minerals Inc.		6,363
	537	US Concrete Inc.*		14,413
	16,633	Vulcan Materials Co.		2,000,285
		Total Construction Materials		2,239,860
	Containers & Packaging — 1.7%
	12,207	AptarGroup Inc.		1,233,761
	745	Ardagh Group SA, Class A Shares		13,060
	13,490	Avery Dennison Corp.		1,544,470
	21,263	Berry Global Group Inc.*		807,143
	29,415	Crown Holdings Inc.*		2,073,758
	11,075	Graphic Packaging Holding Co.		149,734

See Notes to Financial Statements.

70

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	MATERIALS — 4.5% — (continued)
	Containers & Packaging — 1.7% — (continued)
	1,122	Greif Inc., Class A Shares	$	39,651
	255	Greif Inc., Class B Shares		10,203
	1,435	Myers Industries Inc.		19,473
	5,907	O-I Glass Inc.		63,796
	3,619	Packaging Corp. of America		327,954
	5,847	Sealed Air Corp.		177,223
	16,653	Silgan Holdings Inc.		476,775
	3,701	Sonoco Products Co.		178,425
	306	UFP Technologies Inc.*		15,095
		Total Containers & Packaging		7,130,521
	Materials — 0.0%
	1,140	A. Schulman Inc.*#(b)		494
	Metals & Mining — 0.5%
	10,889	AK Steel Holding Corp.*		25,154
	61,398	Alamos Gold Inc., Class A Shares		357,950
	7,113	Alcoa Corp.*		98,657
	4,776	Allegheny Technologies Inc.*		81,622
	1,799	Carpenter Technology Corp.		66,113
	1,813	Century Aluminum Co.*		10,515
	50,345	Cleveland-Cliffs Inc.(a)		292,505
	9,950	Coeur Mining Inc.*		41,392
	4,488	Commercial Metals Co.		81,951
	1,322	Compass Minerals International Inc.		72,115
	3,346	Ferroglobe Representation & Warranty Insurance Trust*#(b)		—
	1,912	Gold Resource Corp.		7,686
	468	Haynes International Inc.		11,845
	17,333	Hecla Mining Co.		45,759
	591	Kaiser Aluminum Corp.		55,879
	733	Materion Corp.		33,234
	8,430	Novagold Resources Inc.*		67,271
	372	Olympic Steel Inc.		4,483
	2,438	Reliance Steel & Aluminum Co.		249,383
	2,466	Royal Gold Inc.		237,895
	539	Ryerson Holding Corp.*		4,490
	1,032	Schnitzer Steel Industries Inc., Class A Shares		17,007
	7,800	Steel Dynamics Inc.		207,714
	3,068	SunCoke Energy Inc.		14,144
	272	Synalloy Corp.*		3,114
	1,755	TimkenSteel Corp.*		8,898
	6,598	United States Steel Corp.(a)		52,916
	1,827	Warrior Met Coal Inc.		32,375
	1,475	Worthington Industries Inc.		46,905
		Total Metals & Mining		2,228,972
	Paper & Forest Products — 0.1%
	1,491	Boise Cascade Co.		52,901
	640	Clearwater Paper Corp.*		17,453
	2,301	Domtar Corp.		66,200
	4,528	Louisiana-Pacific Corp.		128,821
	598	Neenah Inc.		34,546
	1,527	PH Glatfelter Co.		21,775
	1,147	Schweitzer-Mauduit International Inc.		38,677
	1,388	Verso Corp., Class A Shares*		22,638
		Total Paper & Forest Products		383,011
		TOTAL MATERIALS		18,482,511

See Notes to Financial Statements.

71

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.6%
	Equity Real Estate Investment Trusts (REITs) — 5.9%
	3,071	Acadia Realty Trust	$	70,142
	1,583	Agree Realty Corp.		113,691
	2,553	Alexander & Baldwin Inc.		47,996
	79	Alexander's Inc.		24,569
	1,767	American Assets Trust Inc.		73,242
	5,323	American Campus Communities Inc.		231,231
	4,014	American Finance Trust Inc.		41,746
	9,603	American Homes 4 Rent, Class A Shares		248,622
	7,192	Americold Realty Trust.		220,579
	5,474	Apartment Investment & Management Co., Class A Shares		261,876
	7,780	Apple Hospitality REIT Inc.		101,685
	2,024	Armada Hoffler Properties Inc.		33,922
	3,221	Ashford Hospitality Trust Inc.		6,957
	830	Bluerock Residential Growth REIT Inc., Class A Shares		8,624
	1,135	Braemar Hotels & Resorts Inc.		8,354
	6,857	Brandywine Realty Trust.		93,118
	11,151	Brixmor Property Group Inc.		203,060
	340	BRT Apartments Corp.		5,304
	3,485	Camden Property Trust.		369,340
	3,508	CareTrust REIT Inc.		73,212
	1,883	CatchMark Timber Trust Inc., Class A Shares		17,305
	6,331	CBL & Associates Properties Inc.(a)		3,360
	3,374	Cedar Realty Trust Inc.		8,739
	2,083	Chatham Lodging Trust.		29,037
	65	CIM Commercial Trust Corp.		913
	2,714	City Office REIT Inc.		31,482
	586	Clipper Realty Inc.		6,604
	18,375	Colony Capital Inc.		72,765
	4,694	Columbia Property Trust Inc.		88,529
	717	Community Healthcare Trust Inc.		34,151
	4,430	CoreCivic Inc.		65,608
	542	CorEnergy Infrastructure Trust Inc.		18,916
	1,600	CorePoint Lodging Inc.		12,736
	1,474	CoreSite Realty Corp.		152,898
	4,219	Corporate Office Properties Trust		106,909
	5,486	Cousins Properties Inc.		195,795
	7,192	CubeSmart		217,702
	4,221	CyrusOne Inc.		255,708
	7,903	DiamondRock Hospitality Co.		72,075
	9,031	Diversified Healthcare Trust.		56,805
	6,425	Douglas Emmett Inc.		245,306
	14,007	Duke Realty Corp.		454,807
	2,950	Easterly Government Properties Inc.		70,121
	1,470	EastGroup Properties Inc.		184,823
	5,958	Empire State Realty Trust Inc., Class A Shares		69,709
	6,589	EPR Properties		390,332
	101,266	Equity Commonwealth		3,185,828
	6,612	Equity LifeStyle Properties Inc.		451,798
	2,987	Essential Properties Realty Trust Inc.		68,432
	1,079	Farmland Partners Inc.(a)		6,377
	4,918	First Industrial Realty Trust Inc.		189,343
	2,385	Four Corners Property Trust Inc.		68,426
	3,527	Franklin Street Properties Corp.		25,148
	1,677	Front Yard Residential Corp.		21,264
	7,593	Gaming and Leisure Properties Inc.		339,179

See Notes to Financial Statements.

72

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.6% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 5.9% — (continued)
	4,567	GEO Group Inc. (The)	$	66,861
	1,456	Getty Realty Corp.		41,263
	1,243	Gladstone Commercial Corp.		23,455
	777	Gladstone Land Corp.		10,435
	1,295	Global Medical REIT Inc.		18,091
	3,417	Global Net Lease Inc.		63,044
	2,320	Hannon Armstrong Sustainable Infrastructure Capital Inc.		78,764
	9,279	Healthcare Realty Trust Inc.		318,270
	7,936	Healthcare Trust of America Inc., Class A Shares		247,127
	1,352	Hersha Hospitality Trust, Class A Shares		15,589
	3,823	Highwoods Properties Inc.		171,576
	5,699	Hudson Pacific Properties Inc.		183,964
	3,922	Independence Realty Trust Inc.		52,006
	2,292	Industrial Logistics Properties Trust		47,353
	386	Innovative Industrial Properties Inc., Class A Shares(a)		35,489
	459	Investors Real Estate Trust		32,337
	10,712	Iron Mountain Inc.		325,752
	2,056	iStar Inc.		31,107
	22,688	JBG SMITH Properties		832,196
	670	Jernigan Capital Inc.		12,006
	4,003	Kilroy Realty Corp.		290,978
	15,702	Kimco Realty Corp.		272,430
	3,291	Kite Realty Group Trust		53,150
	3,192	Lamar Advertising Co., Class A Shares		267,298
	8,801	Lexington Realty Trust, Class B Shares		91,266
	1,731	Life Storage Inc.		186,792
	1,599	LTC Properties Inc.		71,683
	5,406	Macerich Co. (The)(a)		110,391
	3,414	Mack-Cali Realty Corp.		64,798
	19,610	Medical Properties Trust Inc.		414,359
	3,195	Monmouth Real Estate Investment Corp.		45,369
	1,565	National Health Investors Inc.		127,907
	6,494	National Retail Properties Inc.		330,220
	2,197	National Storage Affiliates Trust		74,127
	3,400	New Senior Investment Group Inc.		20,638
	647	NexPoint Residential Trust Inc.		28,791
	1,689	Office Properties Income Trust		49,201
	8,322	Omega Healthcare Investors Inc.		329,551
	612	One Liberty Properties Inc.		14,749
	5,403	Outfront Media Inc.		142,315
	7,204	Paramount Group Inc.		87,529
	8,992	Park Hotels & Resorts Inc.		164,194
	4,965	Pebblebrook Hotel Trust		100,343
	2,751	Pennsylvania Real Estate Investment Trust(a)		6,492
	7,040	Physicians Realty Trust		132,774
	4,880	Piedmont Office Realty Trust Inc., Class A Shares		105,359
	2,543	PotlatchDeltic Corp.		93,430
	1,708	Preferred Apartment Communities Inc., Class A Shares		16,294
	747	PS Business Parks Inc.		110,967
	21,593	QTS Realty Trust Inc., Class A Shares		1,212,879
	4,871	Rayonier Inc.		129,228
	6,409	Regency Centers Corp.		368,133
	4,208	Retail Opportunity Investments Corp.		63,120
	8,204	Retail Properties of America Inc., Class A Shares		85,896
	738	Retail Value Inc.		20,509

See Notes to Financial Statements.

73

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.6% — (continued)
	Equity Real Estate Investment Trusts (REITs) — 5.9% — (continued)
	4,345	Rexford Industrial Realty Inc.	$	203,216
	6,618	RLJ Lodging Trust		87,424
	2,678	RPT Realty		34,707
	1,716	Ryman Hospitality Properties Inc.		119,279
	7,604	Sabra Health Care REIT Inc.		148,658
	329	Safehold Inc.		17,970
	479	Saul Centers Inc.		20,602
	7,202	SBA Communications Corp., Class A Shares		1,909,178
	1,374	Seritage Growth Properties, Class A Shares		47,238
	6,098	Service Properties Trust.		110,252
	5,613	SITE Centers Corp.		64,606
	3,046	SL Green Realty Corp.		238,928
	3,832	Spirit Realty Capital Inc.		174,356
	27,823	STAG Industrial Inc.		778,488
	8,213	STORE Capital Corp.		269,879
	3,818	Summit Hotel Properties Inc.		35,393
	3,460	Sun Communities Inc.		528,965
	8,467	Sunstone Hotel Investors Inc.		92,714
	3,225	Tanger Factory Outlet Centers Inc.(a)		38,635
	2,356	Taubman Centers Inc.		122,653
	2,634	Terreno Realty Corp.		144,528
	1,218	UMH Properties Inc.		17,673
	6,629	Uniti Group Inc.		64,699
	522	Universal Health Realty Income Trust		56,230
	4,574	Urban Edge Properties		74,099
	1,022	Urstadt Biddle Properties Inc., Class A Shares		21,063
	40,895	VEREIT Inc.		354,151
	17,323	VICI Properties Inc.		434,114
	7,293	Washington Prime Group Inc.(a)		20,056
	3,174	Washington Real Estate Investment Trust		85,222
	4,526	Weingarten Realty Investors		121,885
	1,560	Whitestone REIT, Class B Shares		19,172
	4,403	Xenia Hotels & Resorts Inc.		65,869
		Total Equity Real Estate Investment Trusts (REITs)		24,267,947
	Real Estate Management & Development — 0.7%
	191	Altisource Portfolio Solutions SA*		3,035
	33,526	CBRE Group Inc., Class A Shares*		1,882,150
	135	Consolidated-Tomoka Land Co.		7,764
	4,388	Cushman & Wakefield PLC*		79,818
	663	eXp World Holdings Inc.*(a)		6,338
	355	Forestar Group Inc.*		6,351
	258	FRP Holdings Inc.*		11,669
	1,511	Howard Hughes Corp. (The)*		163,007
	1,934	Jones Lang LaSalle Inc.		285,787
	4,693	Kennedy-Wilson Holdings Inc.		94,846
	814	Marcus & Millichap Inc.*		26,015
	322	Maui Land & Pineapple Co., Inc.*		3,545
	5,455	Newmark Group Inc., Class A Shares		52,095
	435	Rafael Holdings Inc., Class B Shares*		8,161
	709	RE/MAX Holdings Inc., Class A Shares		20,667
	4,177	Realogy Holdings Corp.		38,721
	3,377	Redfin Corp.*		91,382
	600	RMR Group Inc. (The), Class A Shares		22,356
	1,309	St Joe Co. (The)*		25,748

See Notes to Financial Statements.

74

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	REAL ESTATE — 6.6% — (continued)
	Real Estate Management & Development — 0.7% — (continued)
	302	Stratus Properties Inc.*	$	8,655
	798	Tejon Ranch Co.*		12,034
	70	Transcontinental Realty Investors Inc.*		2,222
		Total Real Estate Management & Development		2,852,366
		TOTAL REAL ESTATE		27,120,313
	UTILITIES — 2.9%
	Electric Utilities — 0.9%
	15,477	ALLETE Inc.		1,067,758
	9,190	Alliant Energy Corp.		478,983
	1,583	El Paso Electric Co.		107,438
	596	Genie Energy Ltd., Class B Shares		4,124
	4,011	Hawaiian Electric Industries Inc.		171,831
	1,960	IDACORP Inc.		189,414
	1,285	MGE Energy Inc.		91,672
	9,533	NRG Energy Inc.		316,591
	7,451	OGE Energy Corp.		283,883
	1,567	Otter Tail Corp.		76,172
	4,187	Pinnacle West Capital Corp.		374,695
	2,982	PNM Resources Inc.		140,393
	3,308	Portland General Electric Co.		179,988
	502	Spark Energy Inc., Class A Shares		4,297
		Total Electric Utilities		3,487,239
	Gas Utilities — 0.4%
	4,451	Atmos Energy Corp.		459,566
	677	Chesapeake Utilities Corp.		57,884
	3,109	National Fuel Gas Co.		113,820
	3,335	New Jersey Resources Corp.		117,759
	3,311	Northwest Natural Holding Co.		217,764
	1,953	ONE Gas Inc.		160,419
	278	RGC Resources Inc.		7,631
	3,565	South Jersey Industries Inc.		96,433
	2,039	Southwest Gas Holdings Inc.		131,883
	1,858	Spire Inc.		139,443
	7,865	UGI Corp.		283,455
		Total Gas Utilities		1,786,057
	Independent Power & Renewable Electricity Producers — 0.6%
	145,680	Atlantic Power Corp.*		330,693
	1,443	Clearway Energy Inc., Class A Shares		29,278
	2,740	Clearway Energy Inc., Class C Shares		57,650
	10,696	Ormat Technologies Inc.		745,297
	3,456	Pattern Energy Group Inc., Class A Shares		93,485
	663	Sunnova Energy International Inc.*		11,470
	3,173	TerraForm Power Inc., Class A Shares		59,621
	58,252	Vistra Energy Corp.		1,120,186
		Total Independent Power & Renewable Electricity Producers		2,447,680
	Multi-Utilities — 0.3%
	2,460	Avista Corp.		115,989
	2,280	Black Hills Corp.		164,616
	7,732	MDU Resources Group Inc.		214,408
	7,447	NorthWestern Corp.		523,822
	472	Unitil Corp.		26,593
		Total Multi-Utilities		1,045,428

See Notes to Financial Statements.

75

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units		Security	Value
	UTILITIES — 2.9% — (continued)
	Water Utilities — 0.7%
	1,401	American States Water Co.	$	107,303
	1,100	American Water Works Co., Inc.		136,026
	400	AquaVenture Holdings Ltd.*		10,816
	311	Artesian Resources Corp., Class A Shares		10,677
	571	Cadiz Inc.*(a)		5,002
	11,261	California Water Service Group		540,077
	557	Consolidated Water Co., Ltd.		9,001
	25,399	Essential Utilities Inc.		1,092,411
	370	Global Water Resources Inc.		4,421
	3,480	Middlesex Water Co.		206,956
	592	Pure Cycle Corp.*		7,323
	11,312	SJW Group		692,068
	533	York Water Co. (The)		22,541
		Total Water Utilities		2,844,622
		TOTAL UTILITIES		11,611,026
		TOTAL COMMON STOCKS (Cost — $345,573,315)		388,638,229
	PREFERRED STOCKS — 0.8%
	FINANCIALS — 0.8%
	Capital Markets — 0.4%
	21,573	Charles Schwab Corp. (The), 5.950%(c)		551,622
	5,855	Charles Schwab Corp. (The), 6.000%(c)		149,302
	27,402	Northern Trust Corp., 4.700%*(c)		695,737
		Total Capital Markets		1,396,661
	Insurance — 0.4%
	11,465	MetLife Inc., 4.000% (3-Month USD-LIBOR + 1.000%)(c)(d)		274,931
	25,797	MetLife Inc., 5.625%(c)		674,849
	11,466	MetLife Inc., 4.750%*(c)		281,834
	5,001	Reinsurance Group of America Inc., 6.200% (3-Month USD-LIBOR + 4.370%) due 9/15/42(d)		133,427
	15,648	WR Berkley Corp., 5.625% due 4/30/53		387,914
		Total Insurance		1,752,955
		TOTAL FINANCIALS		3,149,616
		TOTAL PREFERRED STOCKS (Cost — $3,221,130)		3,149,616
	CONVERTIBLE PREFERRED STOCKS — 0.4%
	HEALTH CARE — 0.1%
	Health Care Equipment & Supplies — 0.1%
	4,806	Becton Dickinson & Co., 6.125% due 5/1/20		271,971
	UTILITIES — 0.3%
	Water Utilities — 0.3%
	25,054	Essential Utilities Inc., 6.000% due 4/30/22		1,426,575
		TOTAL CONVERTIBLE PREFERRED STOCKS (Cost — $1,692,893)		1,698,546

See Notes to Financial Statements.

76

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund
Shares/Units			Security	Value
	CLOSED END MUTUAL FUND SECURITIES — 0.3%
	FINANCIALS — 0.3%
	Capital Markets — 0.3%
	4,924		iShares Russell 2000 ETF, Common Class Shares	$	720,529
	13,762		iShares Russell Mid-Capital ETF, Common Class Shares		744,249
			Total Capital Markets		1,464,778
			TOTAL FINANCIALS		1,464,778
			TOTAL CLOSED END MUTUAL FUND SECURITIES (Cost — $1,532,711)		1,464,778
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $352,020,049)		394,951,169
Face Amount†
	SHORT-TERM INVESTMENTS (e) — 5.6%
	MONEY MARKET FUND — 2.0%
$	8,092,493		Invesco STIT — Government & Agency Portfolio, 1.471%, Institutional Class(f) (Cost — $8,092,493)		8,092,493
	TIME DEPOSITS — 3.6%
	5,369,798		ANZ National Bank — London, 0.950% due 3/2/20		5,369,798
	4,201,421		Banco Santander SA — Frankfurt, 0.950% due 3/2/20		4,201,421
			BBH — Grand Cayman:
	34,182		0.820% due 3/2/20		34,182
	20,354	CAD	0.820% due 3/2/20		15,165
	2,230,587		Citibank — New York, 0.950% due 3/2/20		2,230,587
	2,793,548		Sumitomo Mitsui Banking Corp. — Tokyo, 0.950% due 3/2/20		2,793,548
			TOTAL TIME DEPOSITS (Cost — $14,644,701)		14,644,701
			TOTAL SHORT-TERM INVESTMENTS (Cost — $22,737,194)		22,737,194
			TOTAL INVESTMENTS — 102.2% (Cost — $374,757,243)		417,688,363
			Liabilities in Excess of Other Assets — (2.2)%		(8,854,814	)
			TOTAL NET ASSETS — 100.0%	$	408,833,549

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

* Non-income producing security.

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

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

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

(d) Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2020.

(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 3.6%.

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

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

See Notes to Financial Statements.

77

Schedules of Investments

(unaudited) (continued)

Small-Mid Cap Equity Fund

At February 29, 2020, for Small-Mid Cap Equity 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	$	374,757,243	$	80,145,894	$	(37,572,087	)	$	42,573,807

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	20.0	%
Health Care	16.5
Industrials	16.2
Financials	15.6
Consumer Discretionary	7.1
Real Estate	6.6
Materials	4.5
Utilities	3.2
Consumer Staples	3.0
Communication Services	2.3
Energy	1.4
Short-Term Investments	3.6
	100.0	%+

^ As a percentage of total investments.

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

At February 29, 2020, Small-Mid Cap Equity Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Buy:
Russell 2000 E-mini Index March Futures		24		3/20	$	1,985,641	$	1,769,880	$	(215,761	)
NASDAQ 100 E-mini Index March Futures		1		3/20		170,427		169,080		(1,347	)
S&P MidCap 400 E-mini Index March Futures		6		3/20		1,227,525		1,087,320		(140,205	)
									$	(357,313	)

At February 29, 2020, Small-Mid Cap Equity Fund had deposited cash of $133,996 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 Notes to Financial Statements.

78

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	COMMON STOCKS — 96.2%
	Argentina — 0.2%
	8,298	Globant SA*	$	937,757
	1,960	MercadoLibre Inc.*		1,207,419
	86,914	YPF SA, ADR		694,443
		Total Argentina		2,839,619
	Australia — 3.0%
	15,455	AGL Energy Ltd.		190,687
	61,241	Alumina Ltd.		76,456
	83,695	AMP Ltd.*		91,742
	27,804	APA Group		192,121
	41,524	Appen Ltd.		568,542
	13,103	Aristocrat Leisure Ltd.		281,116
	4,287	ASX Ltd.		203,983
	6,146	Atlassian Corp. PLC, Class A Shares*		890,924
	46,721	Aurizon Holdings Ltd.		144,853
	46,512	AusNet Services, Class Miscella Shares		50,831
	65,497	Australia & New Zealand Banking Group Ltd.		1,045,623
	993,699	Beach Energy Ltd.		1,113,981
	11,723	Bendigo & Adelaide Bank Ltd.(a)		70,489
	67,928	BHP Group Ltd.		1,474,085
	142,247	BHP Group PLC		2,574,962
	11,753	BlueScope Steel Ltd.		89,976
	28,715	Boral Ltd.		85,338
	37,083	Brambles Ltd.		285,324
	5,712	Caltex Australia Ltd.		119,737
	13,096	Challenger Ltd.		75,819
	225,091	Charter Hall Group, REIT		1,804,702
	2,392	CIMIC Group Ltd.		37,459
	11,895	Coca-Cola Amatil Ltd.		87,747
	1,357	Cochlear Ltd.		180,805
	26,719	Coles Group Ltd.		243,509
	41,030	Commonwealth Bank of Australia		2,153,727
	11,835	Computershare Ltd.		116,918
	9,595	Crown Resorts Ltd.		64,034
	42,219	CSL Ltd.		8,372,036
	25,723	Dexus, REIT		201,316
	1,133	Flight Centre Travel Group Ltd.		23,994
	31,838	Fortescue Metals Group Ltd.		207,598
	38,470	Goodman Group, REIT		370,219
	46,280	GPT Group (The), REIT		172,572
	13,652	Harvey Norman Holdings Ltd.		32,465
	37,499	Incitec Pivot Ltd.		65,811
	53,309	Insurance Australia Group Ltd.		218,546
	13,841	LendLease Group		156,669
	17,937	Macquarie Group Ltd.		1,552,683
	14,789	Magellan Financial Group Ltd.		521,433
	62,960	Medibank Pvt Ltd.		114,225
	92,142	Mineral Resources Ltd.		987,868
	93,909	Mirvac Group, REIT		183,669
	66,681	National Australia Bank Ltd.		1,075,953
	18,104	Newcrest Mining Ltd.		312,384
	87,374	Northern Star Resources Ltd.		773,696
	31,855	Oil Search Ltd.		111,781
	8,575	Orica Ltd.		108,875

See Notes to Financial Statements.

79

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Australia — 3.0% — (continued)
	41,461	Origin Energy Ltd.	$	188,888
	89,774	OZ Minerals Ltd.		523,071
	18,281	Qantas Airways Ltd.(a)		65,513
	31,310	QBE Insurance Group Ltd.		272,708
	3,827	Ramsay Health Care Ltd.		166,993
	1,263	REA Group Ltd.		79,648
	41,858	Santos Ltd.		183,342
	251,195	Saracen Mineral Holdings Ltd.*		624,569
	123,772	Scentre Group, REIT		275,555
	8,169	SEEK Ltd.		108,227
	48,500	Seven Group Holdings Ltd.(a)		563,657
	9,710	Sonic Healthcare Ltd.		179,898
	112,763	South32 Ltd.		162,070
	56,446	Stockland, REIT		171,002
	29,711	Suncorp Group Ltd.		215,533
	25,502	Sydney Airport		127,191
	49,099	Tabcorp Holdings Ltd.		120,051
	98,093	Telstra Corp., Ltd.		215,894
	8,418	TPG Telecom Ltd.		40,810
	63,632	Transurban Group		608,598
	16,860	Treasury Wine Estates Ltd.		121,155
	74,648	Vicinity Centres, REIT		103,974
	3,114	Washington H Soul Pattinson & Co., Ltd.		39,854
	26,168	Wesfarmers Ltd.		682,883
	83,093	Westpac Banking Corp.		1,264,760
	3,434	WiseTech Global Ltd.		34,145
	22,060	Woodside Petroleum Ltd.		402,197
	28,898	Woolworths Group Ltd.		719,442
	8,224	Worley Ltd.		66,675
		Total Australia		38,207,586
	Austria — 0.3%
	1,856	ANDRITZ AG		65,871
	84,364	Erste Group Bank AG		2,909,589
	3,434	OMV AG		145,256
	3,796	Raiffeisen Bank International AG		78,982
	1,614	Verbund AG		76,576
	2,612	Voestalpine AG		57,650
		Total Austria		3,333,924
	Belgium — 0.7%
	44,778	Ageas		2,092,642
	17,628	Anheuser-Busch InBev SA/NV		997,684
	1,256	Colruyt SA		58,216
	7,245	Galapagos NV*		1,518,805
	249	Galapagos NV*(b)		51,479
	1,900	Groupe Bruxelles Lambert SA		173,766
	5,875	KBC Group NV		391,209
	3,766	Proximus SADP		93,924
	1,738	Solvay SA		158,767
	1,170	Telenet Group Holding NV		45,034
	2,792	UCB SA		258,765
	57,500	Umicore SA		2,409,167
	35,147	Warehouses de Pauw CVA, REIT		950,482
		Total Belgium		9,199,940

See Notes to Financial Statements.

80

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Brazil — 0.0%
	49,365	B3 SA — Brasil Bolsa Balcao	$	529,626
	Canada — 2.4%
	133,035	Alimentation Couche-Tard Inc., Class B Shares		4,040,014
	80,520	ARC Resources Ltd.(a)		350,348
	225,620	B2Gold Corp.		901,001
	165,123	Barrick Gold Corp.		3,149,418
	21,989	BRP Inc.		901,546
	56,318	Cameco Corp.		488,840
	20,250	Canada Goose Holdings Inc.*(a)		558,293
	16,493	Canadian Apartment Properties REIT		689,727
	21,058	Canadian Imperial Bank of Commerce		1,602,805
	27,610	Canadian Western Bank		615,064
	60,638	CCL Industries Inc., Class B Shares		2,001,840
	66,779	Dollarama Inc.		1,963,269
	32,171	Finning International Inc.(a)		476,021
	8,922	Gildan Activewear Inc., Class A Shares		216,104
	246,496	Kinross Gold Corp.*		1,237,410
	19,659	Kirkland Lake Gold Ltd.		634,062
	95,327	Manulife Financial Corp.		1,602,278
	18,687	Norbord Inc.		496,343
	36,667	Northland Power Inc., Class Common S Shares(a)		815,186
	36,156	Nutrien Ltd.		1,461,379
	35,305	Pan American Silver Corp.		698,893
	67,474	Parex Resources Inc.*		922,979
	44,433	Real Matters Inc.*		449,892
	63,344	Saputo Inc.		1,763,174
	26,417	Stantec Inc.(a)		789,243
	286,252	Tamarack Valley Energy Ltd.*		275,119
	24,217	TFI International Inc.		746,970
	42,762	Tourmaline Oil Corp.		355,235
	83,376	Tricon Capital Group Inc.		703,807
		Total Canada		30,906,260
	Chile — 0.1%
	155,022	Antofagasta PLC		1,513,260
	China — 1.5%
	26,805	Alibaba Group Holding Ltd., ADR*		5,575,440
	43,313	Baidu Inc., ADR*		5,196,694
	829	BeiGene Ltd., ADR*		131,272
	536,000	Beijing Capital International Airport Co., Ltd., Class H Shares(c)		417,374
	6,005,029	China Telecom Corp., Ltd., Class H Shares(c)		2,271,577
	2,865,220	Dongfeng Motor Group Co., Ltd., Class H Shares(c)		2,280,508
	338,571	Sinopharm Group Co., Ltd., Class H Shares(c)		1,059,118
	58,500	Tencent Holdings Ltd.		2,885,518
	55,500	Yangzijiang Shipbuilding Holdings Ltd.		38,353
		Total China		19,855,854
	Denmark — 1.5%
	93	AP Moller — Maersk AS, Class A Shares		88,603
	2,309	AP Moller — Maersk AS, Class B Shares		2,358,495
	5,910	Ascendis Pharma AS, ADR*		770,546
	2,491	Carlsberg AS, Class B Shares		330,244
	2,486	Chr Hansen Holding AS		178,262
	2,751	Coloplast AS, Class B Shares		371,549
	15,835	Danske Bank AS		246,119
	2,896	Demant AS*		89,127

See Notes to Financial Statements.

81

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		��	Security	Value
	Denmark — 1.5% — (continued)
	15,808		Dfds AS	$	549,153
	3,003		Drilling Co. of 1972 (The)*		132,642
	4,932		DSV PANALPINA AS		497,987
	1,465		Genmab AS*		330,444
	15,628		GN Store Nord AS		879,142
	1,585		H. Lundbeck AS		54,833
	3,711		ISS AS		67,308
	114,767		Novo Nordisk AS, Class B Shares		6,820,144
	5,159		Novozymes AS, Class B Shares		262,920
	4,436		Orsted AS(d)		456,433
	2,355		Pandora AS		107,286
	14,904		Royal Unibrew AS		1,282,577
	3,023		Tryg AS		84,279
	35,764		Vestas Wind Systems AS		3,505,075
			Total Denmark		19,463,168
	Faroe Island — 0.0%
	8,381		Bakkafrost PF		529,465
	Finland — 0.8%
	33,956		Adapteo OYJ*		360,378
	3,309		Elisa OYJ		190,170
	10,466		Fortum OYJ		224,479
	48,476		Kemira OYJ		617,465
	7,986		Kone OYJ, Class B Shares		450,681
	2,657		Metso OYJ		86,222
	9,676		Neste OYJ		382,089
	1,164,555		Nokia OYJ		4,473,140
	3,106		Nokian Renkaat OYJ		80,758
	74,184		Nordea Bank Abp		593,504
	2,435		Orion OYJ, Class B Shares		96,824
	103,427		Outotec OYJ*		535,054
	10,447		Sampo OYJ, Class A Shares		428,932
	13,371		Stora Enso OYJ, Class R Shares		161,513
	20,871		TietoEVRY OYJ		596,734
	12,010		UPM-Kymmene OYJ		369,412
	36,174		Valmet OYJ		865,640
	10,272		Wartsila OYJ Abp(a)		106,957
			Total Finland		10,619,952
	France — 10.1%
	3,775		Accor SA		138,895
	761		Aeroports de Paris		112,645
	214,479		Air France-KLM*		1,668,267
	10,912		Air Liquide SA		1,488,825
	37,697		Airbus SE		4,606,861
	40,716		Alstom SA		2,001,423
	9,990		Alten SA		1,124,733
	23,216		Amundi SA(d)		1,682,559
	14,799		Arkema SA		1,403,699
	2,260		Atos SE		169,856
	44,825		AXA SA		1,043,319
	971		BioMerieux		89,966
	166,047		BNP Paribas SA		8,112,232
	22,523		Bollore SA		77,754
	5,187		Bouygues SA		206,467
	6,898		Bureau Veritas SA		168,762

See Notes to Financial Statements.

82

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	France — 10.1% — (continued)
	3,745	Capgemini SE	$	413,097
	200,960	Carrefour SA		3,487,134
	1,168	Casino Guichard Perrachon SA(a)		45,509
	122,071	Cie de Saint-Gobain		4,342,965
	18,152	Cie Générale des Établissements Michelin SCA		1,941,504
	4,401	CNP Assurances		69,273
	1,144	Covivio, REIT		121,936
	26,182	Credit Agricole SA		314,983
	103,720	Danone SA		7,341,803
	61	Dassault Aviation SA		63,553
	18,116	Dassault Systemes SE		2,861,986
	53,746	Edenred		2,821,405
	15,873	Eiffage SA		1,696,678
	14,127	Electricite de France SA		198,640
	193,986	Engie SA		3,246,204
	19,757	EssilorLuxottica SA		2,722,765
	1,024	Eurazeo SE		68,726
	3,877	Eutelsat Communications SA		52,677
	17,903	Faurecia SE		818,817
	1,063	Gecina SA, REIT		190,176
	10,205	Getlink SE		165,764
	8,669	Hermes International		6,133,258
	632	ICADE, REIT		63,128
	344	Iliad SA		48,338
	1,492	Ingenico Group SA		211,406
	963	Ipsen SA		62,527
	2,077	JCDecaux SA		48,211
	1,756	Kering SA		1,008,081
	4,745	Klepierre SA, REIT		142,724
	19,532	Korian SA		893,388
	32,201	Legrand SA		2,485,629
	5,860	L’Oréal SA		1,575,807
	14,402	LVMH Moët Hennessy Louis Vuitton SE		5,941,147
	23,444	Natixis SA		95,605
	18,572	Nexans SA		848,115
	14,806	Nexity SA		685,236
	47,013	Orange SA		637,773
	20,906	Pernod Ricard SA		3,404,123
	13,539	Peugeot SA		263,961
	5,117	Publicis Groupe SA		197,910
	518	Remy Cointreau SA		52,604
	50,476	Renault SA		1,503,476
	211,411	Rexel SA		2,604,743
	7,578	Safran SA		1,052,631
	26,116	Sanofi		2,414,975
	684	Sartorius Stedim Biotech		130,486
	46,617	Schneider Electric SE		4,750,709
	15,960	SCOR SE		574,264
	20,853	Seb Prime Fidelite		2,753,501
	3,750	SEB SA*(b)		493,399
	115,452	Societe Generale SA		3,292,294
	2,085	Sodexo SA		202,279
	5,218	SOITEC*		433,390
	7,398	Suez		116,608
	10,590	Teleperformance		2,584,927
	2,511	Thales SA		254,597

See Notes to Financial Statements.

83

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	France — 10.1% — (continued)
	357,667	TOTAL SA	$	15,323,762
	37,478	Ubisoft Entertainment SA*		2,826,361
	3,259	Unibail-Rodamco-Westfield, REIT		393,102
	18,338	Valeo SA		474,060
	12,389	Veolia Environnement SA		358,548
	11,978	Vinci SA		1,218,214
	77,176	Vivendi SA		1,984,473
	699	Wendel SA		85,672
	40,576	Worldline SA*(d)		3,138,389
		Total France		130,845,689
	Germany — 8.4%
	11,390	adidas AG		3,173,037
	23,710	Allianz SE, Class Registered Shares		5,121,132
	57,061	alstria office REIT-AG		1,080,778
	12,297	AURELIUS Equity Opportunities SE & Co. KGaA		360,192
	149,830	BASF SE		8,793,963
	77,472	Bayer AG, Class Registered Shares		5,608,110
	37,408	Bayerische Motoren Werke AG		2,433,431
	6,362	Bechtle AG		834,844
	20,251	Beiersdorf AG		2,127,575
	3,626	Brenntag AG		161,909
	11,773	Carl Zeiss Meditec AG		1,238,220
	127,280	CECONOMY AG*		609,322
	23,302	Commerzbank AG		134,293
	21,358	Continental AG		2,418,525
	4,096	Covestro AG(d)		156,434
	7,659	CTS Eventim AG & Co. KGaA		405,042
	86,806	Daimler AG, Class Registered Shares		3,614,679
	2,525	Delivery Hero SE*(d)		189,747
	46,268	Deutsche Bank AG, Class Registered Shares		402,923
	4,368	Deutsche Boerse AG		687,924
	110,980	Deutsche Lufthansa AG, Class Registered Shares		1,430,159
	57,451	Deutsche Pfandbriefbank AG(d)		813,103
	156,655	Deutsche Post AG, Class Registered Shares		4,692,097
	76,846	Deutsche Telekom AG, Class Registered Shares		1,256,623
	76,484	Deutsche Wohnen SE		3,086,966
	52,776	E.ON SE		609,342
	4,345	Evonik Industries AG		107,704
	8,976	Fraport AG Frankfurt Airport Services Worldwide		564,773
	64,758	Fresenius Medical Care AG & Co. KGaA		4,985,731
	9,831	Fresenius SE & Co. KGaA		463,245
	75,817	GEA Group AG		2,006,866
	7,507	Gerresheimer AG		542,343
	1,421	Hannover Rueck SE		253,129
	3,507	HeidelbergCement AG		208,567
	27,079	HelloFresh SE*		663,629
	2,449	Henkel AG & Co. KGaA		208,609
	631	Hochtief AG		62,110
	406,286	Infineon Technologies AG		8,486,880
	12,947	KION Group AG		687,638
	17,879	Knorr-Bremse AG		1,811,463
	1,934	Lanxess AG		101,262
	2,994	Merck KGaA		361,974
	48,215	METRO AG		557,542
	1,225	MTU Aero Engines AG		299,330

See Notes to Financial Statements.

84

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Germany — 8.4% — (continued)
	3,346	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class Registered Shares	$	853,091
	1,950	Puma SE		149,881
	4,862	Rheinmetall AG		444,770
	13,374	RWE AG		461,211
	15,879	Salzgitter AG		262,946
	142,364	SAP SE		17,526,450
	94,796	Siemens AG, Class Registered Shares		9,753,677
	59,216	Siemens Healthineers AG(d)		2,396,303
	26,674	Suedzucker AG		414,490
	2,998	Symrise AG, Class A Shares		291,962
	44,944	TAG Immobilien AG		1,088,132
	23,085	Telefonica Deutschland Holding AG		60,419
	9,896	ThyssenKrupp AG*		95,521
	11,019	TUI AG		86,880
	4,622	Uniper SE		136,573
	2,386	United Internet AG, Class Registered Shares		71,772
	832	Volkswagen AG		139,707
	12,072	Vonovia SE		648,387
	2,766	Wirecard AG		354,594
	3,269	Zalando SE*(d)		143,148
		Total Germany		109,193,079
	Hong Kong — 3.0%
	816,200	AIA Group Ltd.		7,893,823
	7,800	ASM Pacific Technology Ltd.		94,118
	31,600	Bank of East Asia Ltd. (The)		66,990
	700,000	BOC Hong Kong Holdings Ltd.		2,418,724
	33,300	Budweiser Brewing Co. APAC Ltd.*(d)		100,864
	264,000	China Mengniu Dairy Co., Ltd.*		941,915
	443,581	China Merchants Port Holdings Co., Ltd.		656,897
	1,159,551	China Mobile Ltd.		9,215,326
	3,196,917	China Unicom Hong Kong Ltd.		2,541,431
	252,500	CK Asset Holdings Ltd.		1,589,609
	63,500	CK Hutchison Holdings Ltd.		556,490
	15,000	CK Infrastructure Holdings Ltd.		102,731
	38,500	CLP Holdings Ltd.		405,667
	6,000	Dairy Farm International Holdings Ltd.		28,794
	51,000	Galaxy Entertainment Group Ltd.		340,581
	49,000	Hang Lung Properties Ltd.		107,982
	18,000	Hang Seng Bank Ltd.		372,646
	33,894	Henderson Land Development Co., Ltd.		156,527
	66,000	HK Electric Investments & HK Electric Investments Ltd.		66,530
	94,000	HKT Trust & HKT Ltd., Class Miscella Shares		140,959
	239,381	Hong Kong & China Gas Co., Ltd.		462,755
	65,699	Hong Kong Exchanges & Clearing Ltd.		2,172,794
	27,200	Hongkong Land Holdings Ltd.		134,667
	5,100	Jardine Matheson Holdings Ltd.		278,858
	66,732	Jardine Strategic Holdings Ltd.		1,937,667
	14,500	Kerry Properties Ltd.		41,552
	47,500	Link REIT		442,403
	265,000	Melco International Development Ltd.		548,006
	5,159	Melco Resorts & Entertainment Ltd., ADR		89,457
	36,500	MTR Corp., Ltd.		206,574
	144,679	New World Development Co., Ltd.		187,594
	36,750	NWS Holdings Ltd.		45,376
	95,000	PCCW Ltd.		57,289

See Notes to Financial Statements.

85

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Hong Kong — 3.0% — (continued)
	32,500	Power Assets Holdings Ltd.	$	232,388
	76,646	Sino Land Co., Ltd.		102,585
	43,000	SJM Holdings Ltd.		49,167
	37,500	Sun Hung Kai Properties Ltd.		537,065
	10,500	Swire Pacific Ltd., Class A Shares		95,390
	29,800	Swire Properties Ltd.		88,841
	32,500	Techtronic Industries Co., Ltd.		265,669
	678,000	Towngas China Co., Ltd.*		395,504
	18,000	Vitasoy International Holdings Ltd.(a)		64,953
	2,046,500	WH Group Ltd.(d)		2,100,500
	28,000	Wharf Real Estate Investment Co., Ltd.(a)(e)		128,282
	18,000	Wheelock & Co., Ltd.(e)		137,889
	360,000	Xinyi Glass Holdings Ltd.		448,007
	17,000	Yue Yuen Industrial Holdings Ltd.		41,195
		Total Hong Kong		39,091,031
	India — 0.5%
	353,648	Canara Bank*		703,817
	68,388	HDFC Bank Ltd.		1,120,095
	189,745	ICICI Bank Ltd., ADR		2,631,763
	131,472	NTPC Ltd.		194,361
	596,420	Oil & Natural Gas Corp., Ltd.		758,172
	284,725	Zee Entertainment Enterprises Ltd.		936,942
		Total India		6,345,150
	Indonesia — 0.1%
	612,200	Bank Central Asia Tbk PT		1,335,926
	Ireland — 1.2%
	2,967	AerCap Holdings NV*		154,521
	403,697	AIB Group PLC		962,726
	443,769	Bank of Ireland Group PLC		1,679,182
	18,400	CRH PLC		620,620
	86,251	Dalata Hotel Group PLC		395,695
	2,315	DCC PLC		166,478
	21,446	Experian PLC		717,589
	14,242	Flutter Entertainment PLC		1,518,694
	97,080	James Hardie Industries PLC, CDI		1,764,764
	3,739	Kerry Group PLC, Class A Shares		470,816
	3,613	Kingspan Group PLC		228,769
	19,825	Medtronic PLC		1,995,783
	48,835	Ryanair Holdings PLC, ADR*		3,500,493
	5,238	Smurfit Kappa Group PLC		176,072
	93,682	UDG Healthcare PLC		855,904
		Total Ireland		15,208,106
	Isle of Man — 0.1%
	154,317	GVC Holdings PLC		1,590,944
	Israel — 0.3%
	922	Azrieli Group Ltd.		67,272
	27,768	Bank Hapoalim BM		216,589
	35,197	Bank Leumi Le-Israel BM		228,260
	14,465	Check Point Software Technologies Ltd.*		1,501,467
	948	CyberArk Software Ltd.*		99,255
	560	Elbit Systems Ltd.		83,266
	17,954	Israel Chemicals Ltd.		65,671
	130,076	Israel Discount Bank Ltd., Class A Shares		542,433

See Notes to Financial Statements.

86

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Israel — 0.3% — (continued)
	3,396	Mizrahi Tefahot Bank Ltd.	$	86,961
	1,458	Nice Ltd.*		238,895
	25,677	Teva Pharmaceutical Industries Ltd., ADR*		296,056
	1,053	Wix.com Ltd.*		141,133
		Total Israel		3,567,258
	Italy — 2.5%
	44,059	ACEA SpA		926,980
	44,449	Amplifon SpA		1,279,903
	112,907	Assicurazioni Generali SpA		2,031,669
	12,072	Atlantia SpA		259,030
	47,653	Banca Mediolanum SpA		388,216
	161,822	BPER Banca		645,460
	37,749	Buzzi Unicem SpA		830,109
	13,277	Davide Campari-Milano SpA		110,615
	5,350	DiaSorin SpA		609,456
	187,517	Enel SpA		1,569,978
	376,553	Eni SpA		4,660,904
	2,759	Ferrari NV		435,931
	105,548	FinecoBank Banca Fineco SpA		1,116,186
	63,353	Infrastrutture Wireless Italiane SpA(d)		651,741
	15,518	Interpump Group SpA		472,564
	350,720	Intesa Sanpaolo SpA		853,941
	8,628	Leonardo SpA		88,616
	14,291	Mediobanca Banca di Credito Finanziario SpA		130,190
	4,194	Moncler SpA		163,893
	7,170	Pirelli & C SpA(d)		33,659
	11,822	Poste Italiane SpA(d)		127,020
	89,612	Prysmian SpA		2,156,288
	2,683	Recordati SpA		115,295
	355,779	Saipem SpA*		1,364,478
	266,786	Saras SpA		315,021
	45,739	Snam SpA		227,167
	140,834	Telecom Italia SpA		78,959
	202,502	Telecom Italia SpA*		112,566
	33,156	Terna Rete Elettrica Nazionale SpA		219,512
	836,200	UniCredit SpA		10,760,962
		Total Italy		32,736,309
	Japan — 18.9%
	800	ABC-Mart Inc.		46,087
	8,800	Acom Co., Ltd.		36,091
	28,300	Adastria Co., Ltd.		458,085
	17,800	Advantest Corp.		805,793
	15,400	Aeon Co., Ltd.		286,384
	2,100	AEON Financial Service Co., Ltd.		30,331
	2,500	Aeon Mall Co., Ltd.		35,361
	4,200	AGC Inc.		119,764
	4,400	Air Water Inc.		59,087
	3,600	Aisin Seiki Co., Ltd.		114,191
	10,300	Ajinomoto Co., Inc.		173,730
	4,500	Alfresa Holdings Corp.		80,512
	4,500	Alps Alpine Co., Ltd.		69,147
	7,500	Amada Holdings Co., Ltd.		69,584
	2,900	ANA Holdings Inc.		77,954
	41,500	Anritsu Corp.(a)		677,545

See Notes to Financial Statements.

87

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 18.9% — (continued)
	2,600	Aozora Bank Ltd.	$	64,851
	8,500	Asahi Group Holdings Ltd.		326,149
	4,800	Asahi Intecc Co., Ltd.		116,862
	29,700	Asahi Kasei Corp.		246,318
	44,300	Astellas Pharma Inc.		694,640
	4,700	Bandai Namco Holdings Inc.		233,468
	1,400	Bank of Kyoto Ltd. (The)		47,330
	20,093	Benesse Holdings Inc.		516,564
	13,500	Bridgestone Corp.		449,498
	5,200	Brother Industries Ltd.		93,471
	1,700	Calbee Inc.		43,664
	65,349	Canon Inc.		1,642,179
	20,700	Capcom Co., Ltd.		562,277
	5,000	Casio Computer Co., Ltd.		85,585
	3,400	Central Japan Railway Co.		558,339
	10,800	Chiba Bank Ltd. (The)		52,977
	79,996	Chiyoda Corp.(a)		224,561
	14,600	Chubu Electric Power Co., Inc.		191,353
	5,300	Chugai Pharmaceutical Co., Ltd.		573,313
	6,700	Chugoku Electric Power Co., Inc. (The)		89,458
	191,666	Citizen Watch Co., Ltd.		753,968
	29,700	Coca-Cola Bottlers Japan Holdings Inc.		690,592
	27,100	Concordia Financial Group Ltd.		92,767
	3,100	Credit Saison Co., Ltd.		44,801
	2,200	CyberAgent Inc.		83,233
	5,500	Dai Nippon Printing Co., Ltd.		133,957
	6,400	Daicel Corp.		54,947
	2,300	Daifuku Co., Ltd.		135,963
	15,600	Daihen Corp.		407,488
	168,133	Dai-ichi Life Holdings Inc.		2,287,052
	13,100	Daiichi Sankyo Co., Ltd.		797,403
	16,100	Daikin Industries Ltd.		2,186,107
	20,800	Daiseki Co., Ltd.		494,570
	1,700	Daito Trust Construction Co., Ltd.		174,985
	13,300	Daiwa House Industry Co., Ltd.		366,173
	39	Daiwa House REIT Investment Corp., Class A Shares		97,415
	32,500	Daiwa Securities Group Inc.		137,719
	75,198	DeNA Co., Ltd.		968,387
	16,900	Denka Co., Ltd.		424,017
	10,200	Denso Corp.		396,239
	5,000	Dentsu Group Inc.		129,750
	28,200	Dip Corp.		680,328
	600	Disco Corp.		123,287
	20,400	East Japan Railway Co.		1,569,572
	40,700	Eiken Chemical Co., Ltd.		725,187
	19,408	Eisai Co., Ltd.		1,426,133
	3,300	Electric Power Development Co., Ltd.		70,613
	5,800	FamilyMart Co., Ltd.		127,570
	44,300	FANUC Corp.		7,331,329
	1,400	Fast Retailing Co., Ltd.		689,864
	32,700	Fuji Corp.		541,076
	3,200	Fuji Electric Co., Ltd.		87,079
	40,556	Fuji Media Holdings Inc.		477,807
	15,300	Fuji Oil Holdings Inc.		353,443
	8,500	FUJIFILM Holdings Corp.		413,803
	17,009	Fujitsu Ltd.		1,794,942

See Notes to Financial Statements.

88

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 18.9% — (continued)
	4,400	Fukuoka Financial Group Inc.	$	66,566
	25,200	FULLCAST Holdings Co., Ltd.		439,579
	1,000	GMO Payment Gateway Inc.		61,704
	173,567	Gree Inc.		699,265
	5,400	Hakuhodo DY Holdings Inc.		62,637
	3,300	Hamamatsu Photonics KK		130,557
	5,400	Hankyu Hanshin Holdings Inc.		177,205
	500	Hikari Tsushin Inc.		94,739
	7,200	Hino Motors Ltd.		59,161
	745	Hirose Electric Co., Ltd.		78,835
	1,400	Hisamitsu Pharmaceutical Co., Inc.		62,348
	2,600	Hitachi Chemical Co., Ltd.		110,372
	2,300	Hitachi Construction Machinery Co., Ltd.		56,281
	1,600	Hitachi High-Technologies Corp.		118,931
	170,000	Hitachi Ltd.		5,702,042
	4,900	Hitachi Metals Ltd.		71,417
	216,460	Honda Motor Co., Ltd.		5,532,576
	1,400	Hoshizaki Corp.		119,674
	64,900	Hoya Corp.		5,751,674
	6,400	Hulic Co., Ltd.		71,439
	4,437	Idemitsu Kosan Co., Ltd.		108,675
	3,200	IHI Corp.		66,927
	3,400	Iida Group Holdings Co., Ltd.		45,836
	293,820	Inpex Corp.		2,557,662
	1,299	Invincible Investment Corp., REIT		518,842
	7,200	Isetan Mitsukoshi Holdings Ltd.		46,949
	12,600	Isuzu Motors Ltd.		117,845
	31,700	ITOCHU Corp.		720,635
	2,400	Itochu Techno-Solutions Corp.		67,477
	5,100	J Front Retailing Co., Ltd.		53,954
	2,800	Japan Airlines Co., Ltd.		69,328
	1,000	Japan Airport Terminal Co., Ltd.		38,888
	12,000	Japan Exchange Group Inc.		201,026
	31,500	Japan Lifeline Co., Ltd.		390,315
	9,900	Japan Post Bank Co., Ltd.		88,104
	37,100	Japan Post Holdings Co., Ltd.		322,649
	5,400	Japan Post Insurance Co., Ltd.		82,300
	20	Japan Prime Realty Investment Corp., REIT		87,352
	30	Japan Real Estate Investment Corp., REIT		201,891
	62	Japan Retail Fund Investment Corp., REIT		116,772
	27,500	Japan Tobacco Inc.		545,341
	11,400	JFE Holdings Inc.		105,077
	152,789	JGC Holdings Corp.		1,865,037
	154,564	JSR Corp.		2,699,916
	4,900	JTEKT Corp.		47,446
	71,450	JXTG Holdings Inc.		286,179
	10,300	Kajima Corp.		110,461
	3,200	Kakaku.com Inc.		68,367
	2,600	Kamigumi Co., Ltd.		49,828
	20,000	Kanamoto Co., Ltd.		441,039
	16,600	Kansai Electric Power Co., Inc. (The)		180,160
	3,800	Kansai Paint Co., Ltd.		82,730
	11,100	Kao Corp.		807,774
	3,000	Kawasaki Heavy Industries Ltd.		54,063
	212,600	KDDI Corp.		6,007,880
	2,400	Keihan Holdings Co., Ltd.		97,121

See Notes to Financial Statements.

89

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 18.9% — (continued)
	5,300	Keikyu Corp.	$	80,190
	2,300	Keio Corp.		110,264
	3,200	Keisei Electric Railway Co., Ltd.		102,119
	104	Kenedix Realty Investment Corp., REIT, Class A Shares		769,275
	23,500	Keyence Corp.		7,581,310
	3,300	Kikkoman Corp.		152,385
	4,000	Kintetsu Group Holdings Co., Ltd.		172,511
	19,400	Kirin Holdings Co., Ltd.		371,523
	1,100	Kobayashi Pharmaceutical Co., Ltd.		79,776
	36,700	Koito Manufacturing Co., Ltd.		1,478,939
	48,900	Komatsu Ltd.		981,656
	2,100	Konami Holdings Corp.		76,033
	10,600	Konica Minolta Inc.		58,118
	800	Kose Corp.		95,599
	164,900	Kubota Corp.		2,309,442
	19,500	Kumagai Gumi Co., Ltd.		516,271
	7,700	Kuraray Co., Ltd.		79,754
	2,300	Kurita Water Industries Ltd.		59,233
	7,300	Kyocera Corp.		457,510
	6,100	Kyowa Hakko Kirin Co., Ltd.		144,716
	9,700	Kyushu Electric Power Co., Inc.		70,120
	3,600	Kyushu Railway Co.		108,011
	31,000	Lasertec Corp.		1,405,554
	1,100	Lawson Inc.		59,072
	1,300	LINE Corp.*		63,934
	5,300	Lion Corp.		88,517
	6,400	LIXIL Group Corp.		95,706
	10,500	M3 Inc.		270,043
	69,500	Maeda Corp.		618,849
	11,600	Makino Milling Machine Co., Ltd.		391,532
	65,100	Makita Corp.		2,232,834
	36,900	Marubeni Corp.		243,949
	4,700	Marui Group Co., Ltd.		90,586
	1,100	Maruichi Steel Tube Ltd.		26,581
	18,200	Matsumotokiyoshi Holdings Co., Ltd.		594,602
	12,100	Mazda Motor Corp.		83,499
	1,500	McDonald’s Holdings Co. Japan Ltd.		63,343
	21,610	Mebuki Financial Group Inc.		42,034
	4,700	Medipal Holdings Corp.		85,584
	2,800	MEIJI Holdings Co., Ltd.		166,708
	1,900	Mercari Inc.*		43,358
	8,800	MINEBEA MITSUMI Inc.		154,152
	74,500	MISUMI Group Inc.		1,561,716
	30,200	Mitsubishi Chemical Holdings Corp.		202,230
	31,200	Mitsubishi Corp.		775,429
	43,000	Mitsubishi Electric Corp.		542,616
	129,400	Mitsubishi Estate Co., Ltd.		2,229,938
	3,700	Mitsubishi Gas Chemical Co., Inc.		55,607
	58,786	Mitsubishi Heavy Industries Ltd.		1,853,416
	2,400	Mitsubishi Materials Corp.		54,521
	296,500	Mitsubishi Motors Corp.		979,725
	287,100	Mitsubishi UFJ Financial Group Inc.		1,408,371
	10,300	Mitsubishi UFJ Lease & Finance Co., Ltd.		58,071
	39,000	Mitsui & Co., Ltd.		642,171
	4,700	Mitsui Chemicals Inc.		101,126
	21,000	Mitsui Fudosan Co., Ltd.		486,467

See Notes to Financial Statements.

90

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 18.9% — (continued)
	2,400	Mitsui OSK Lines Ltd.	$	49,430
	1,354,287	Mizuho Financial Group Inc.		1,846,567
	2,700	MonotaRO Co., Ltd.		59,877
	10,800	MS&AD Insurance Group Holdings Inc.		347,289
	93,500	Murata Manufacturing Co., Ltd.		5,018,115
	72,700	Nabtesco Corp.		1,945,566
	4,400	Nagoya Railroad Co., Ltd.		114,690
	5,700	NEC Corp.		212,754
	50,400	NET One Systems Co., Ltd.		1,084,867
	108,900	Nexon Co., Ltd.		1,725,551
	5,800	NGK Insulators Ltd.		90,721
	3,800	NGK Spark Plug Co., Ltd.		62,072
	2,100	NH Foods Ltd.		79,335
	21,600	Nidec Corp.		2,543,253
	136,010	Nikon Corp.		1,390,316
	10,300	Nintendo Co., Ltd.		3,514,335
	142	Nippon Accommodations Fund Inc., REIT, Class A Shares		868,115
	31	Nippon Building Fund Inc., REIT		229,777
	1,800	Nippon Express Co., Ltd.		85,846
	3,300	Nippon Paint Holdings Co., Ltd.		149,979
	49	Nippon Prologis REIT Inc.		130,198
	1,100	Nippon Shinyaku Co., Ltd.		81,388
	18,200	Nippon Steel Corp.		203,899
	122,100	Nippon Suisan Kaisha Ltd.		575,741
	29,800	Nippon Telegraph & Telephone Corp.		697,150
	78,699	Nippon Television Holdings Inc.		948,201
	3,300	Nippon Yusen KK		46,884
	2,800	Nissan Chemical Corp.		117,625
	388,470	Nissan Motor Co., Ltd.		1,662,005
	4,800	Nisshin Seifun Group Inc.		80,922
	1,400	Nissin Foods Holdings Co., Ltd.		110,012
	16,700	Nitori Holdings Co., Ltd.		2,314,148
	34,110	Nitto Denko Corp.		1,700,686
	444,600	Nomura Holdings Inc.		1,966,629
	2,700	Nomura Real Estate Holdings Inc.		58,812
	99	Nomura Real Estate Master Fund Inc., REIT		155,674
	7,680	Nomura Research Institute Ltd.		170,532
	232,200	North Pacific Bank Ltd.		436,530
	9,400	NSK Ltd.		71,394
	14,900	NTT Data Corp.		180,610
	30,900	NTT DOCOMO Inc.		835,074
	14,700	Obayashi Corp.		147,620
	1,500	Obic Co., Ltd.		184,359
	6,900	Odakyu Electric Railway Co., Ltd.		132,851
	19,200	Oji Holdings Corp.		90,986
	26,900	Olympus Corp.		486,508
	4,500	Omron Corp.		241,964
	8,800	Ono Pharmaceutical Co., Ltd.		179,549
	30,600	Open House Co., Ltd.		778,142
	800	Oracle Corp. Japan		62,390
	4,700	Oriental Land Co., Ltd.		532,905
	125,400	ORIX Corp.		2,001,235
	56	Orix JREIT Inc.		104,637
	8,600	Osaka Gas Co., Ltd.		138,634
	2,500	Otsuka Corp.		107,828
	9,000	Otsuka Holdings Co., Ltd.		338,961

See Notes to Financial Statements.

91

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 18.9% — (continued)
	17,600	PALTAC Corp.	$	741,678
	10,800	Pan Pacific International Holdings Corp.		177,986
	50,100	Panasonic Corp.		476,286
	2,500	Park24 Co., Ltd.		48,672
	126,000	Penta-Ocean Construction Co., Ltd.		668,379
	2,400	PeptiDream Inc.*		95,279
	4,200	Persol Holdings Co., Ltd.		55,419
	2,800	Pigeon Corp.		94,370
	2,000	Pola Orbis Holdings Inc.		38,109
	20,300	Rakuten Inc.		169,275
	115,900	Recruit Holdings Co., Ltd.		4,024,314
	16,700	Renesas Electronics Corp.*		99,918
	93,500	Rengo Co., Ltd.		639,761
	608,900	Resona Holdings Inc.		2,296,623
	27,100	Resorttrust Inc.		356,864
	15,200	Ricoh Co., Ltd.		140,795
	800	Rinnai Corp.		54,096
	2,200	Rohm Co., Ltd.		143,663
	6,000	Ryohin Keikaku Co., Ltd.		81,485
	1,300	Sankyo Co., Ltd.		42,582
	11,700	Sankyu Inc.		496,611
	139,400	Santen Pharmaceutical Co., Ltd.		2,237,244
	62,100	Sanwa Holdings Corp.		568,439
	13,900	Sawai Pharmaceutical Co., Ltd.		786,900
	6,000	SBI Holdings Inc.		120,306
	4,900	Secom Co., Ltd.		387,985
	3,800	Sega Sammy Holdings Inc.		50,434
	4,100	Seibu Holdings Inc.		57,866
	6,900	Seiko Epson Corp.		97,267
	51,100	Seino Holdings Co., Ltd.		551,648
	107,200	Sekisui Chemical Co., Ltd.		1,622,996
	14,600	Sekisui House Ltd.		285,799
	17,300	Seven & i Holdings Co., Ltd.		590,727
	11,300	Seven Bank Ltd.		29,669
	3,700	SG Holdings Co., Ltd.		72,240
	4,700	Sharp Corp.		54,476
	27,100	Shiga Bank Ltd. (The)		608,806
	5,000	Shimadzu Corp.		121,024
	28,776	Shimamura Co., Ltd.		1,905,921
	1,700	Shimano Inc.		237,410
	14,200	Shimizu Corp.		128,708
	8,200	Shin-Etsu Chemical Co., Ltd.		917,074
	4,700	Shinsei Bank Ltd.		62,293
	6,300	Shionogi & Co., Ltd.		340,033
	16,400	Ship Healthcare Holdings Inc.		664,506
	9,400	Shiseido Co., Ltd.		571,397
	9,600	Shizuoka Bank Ltd. (The)		60,347
	3,400	Showa Denko KK		72,990
	5,700	SMC Corp.		2,260,762
	39,500	Softbank Corp.		516,616
	36,300	SoftBank Group Corp.		1,672,282
	1,600	Sohgo Security Services Co., Ltd.		74,741
	60,000	Sompo Holdings Inc.		2,206,922
	82,900	Sony Corp.		5,129,870
	3,600	Sony Financial Holdings Inc.		71,660
	2,200	Square Enix Holdings Co., Ltd.		88,918

See Notes to Financial Statements.

92

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 18.9% — (continued)
	3,200	Stanley Electric Co., Ltd.	$	77,747
	21,600	Starts Corp., Inc.		443,737
	14,300	Subaru Corp.		345,587
	5,600	SUMCO Corp.		84,398
	11,000	Sumitomo Bakelite Co., Ltd.		327,938
	34,500	Sumitomo Chemical Co., Ltd.		125,012
	28,000	Sumitomo Corp.		399,653
	3,900	Sumitomo Dainippon Pharma Co., Ltd.		56,171
	17,800	Sumitomo Electric Industries Ltd.		211,275
	33,300	Sumitomo Forestry Co., Ltd.		494,174
	2,500	Sumitomo Heavy Industries Ltd.		54,020
	5,400	Sumitomo Metal Mining Co., Ltd.		133,540
	235,435	Sumitomo Mitsui Financial Group Inc.		7,567,187
	68,411	Sumitomo Mitsui Trust Holdings Inc.		2,333,509
	7,800	Sumitomo Realty & Development Co., Ltd.		246,074
	3,500	Sumitomo Rubber Industries Ltd.		36,238
	1,700	Sundrug Co., Ltd.		52,987
	3,200	Suntory Beverage & Food Ltd.		121,628
	10,700	Sushiro Global Holdings Ltd.		762,673
	1,800	Suzuken Co., Ltd.		59,350
	51,300	Suzuki Motor Corp.		2,090,839
	3,900	Sysmex Corp.		249,066
	325,155	T&D Holdings Inc.		3,180,389
	2,700	Taiheiyo Cement Corp.		66,246
	4,500	Taisei Corp.		153,354
	900	Taisho Pharmaceutical Holdings Co., Ltd.		54,983
	2,800	Taiyo Nippon Sanso Corp.		50,016
	21,700	Taiyo Yuden Co., Ltd.		602,590
	33,600	Takasago Thermal Engineering Co., Ltd.		517,594
	446,194	Takeda Pharmaceutical Co., Ltd.		15,489,211
	3,000	TDK Corp.		288,272
	4,100	Teijin Ltd.		67,152
	66,700	Terumo Corp.		2,136,670
	51,300	THK Co., Ltd.		1,164,813
	25,800	TIS Inc.		1,530,214
	4,300	Tobu Railway Co., Ltd.		129,507
	72,200	Toda Corp.		429,724
	2,700	Toho Co., Ltd.		82,971
	1,800	Toho Gas Co., Ltd.		62,278
	10,600	Tohoku Electric Power Co., Inc.		92,904
	52,700	Tokai Carbon Co., Ltd.(a)		468,833
	14,700	Tokio Marine Holdings Inc.		787,010
	1,200	Tokyo Century Corp.		49,520
	37,000	Tokyo Electric Power Co. Holdings Inc.*		140,244
	3,700	Tokyo Electron Ltd.		760,496
	9,000	Tokyo Gas Co., Ltd.		181,662
	79,700	Tokyo Steel Manufacturing Co., Ltd.		506,575
	11,800	Tokyu Corp.		180,597
	14,800	Tokyu Fudosan Holdings Corp.		93,112
	6,800	Toppan Printing Co., Ltd.		119,845
	32,700	Toray Industries Inc.		189,572
	9,000	Toshiba Corp.		243,090
	6,600	Tosoh Corp.		89,957
	3,500	TOTO Ltd.		131,955
	3,700	Toyo Seikan Group Holdings Ltd.		60,404
	2,000	Toyo Suisan Kaisha Ltd.		80,121

See Notes to Financial Statements.

93

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Japan — 18.9% — (continued)
	53,700	Toyo Tire Corp.	$	710,739
	1,200	Toyoda Gosei Co., Ltd.		25,486
	3,300	Toyota Industries Corp.		173,736
	104,900	Toyota Motor Corp.		6,859,106
	4,700	Toyota Tsusho Corp.		141,212
	3,100	Trend Micro Inc.		153,727
	800	Tsuruha Holdings Inc.		92,662
	9,500	Unicharm Corp.		308,233
	72	United Urban Investment Corp., REIT		115,341
	5,000	USS Co., Ltd.		78,808
	20,100	UT Group Co., Ltd.		397,505
	1,300	Welcia Holdings Co., Ltd.		79,005
	3,700	West Japan Railway Co.		260,956
	2,800	Yakult Honsha Co., Ltd.		127,715
	13,600	Yamada Denki Co., Ltd.		65,233
	3,400	Yamaha Corp.		165,838
	7,000	Yamaha Motor Co., Ltd.		111,312
	7,100	Yamato Holdings Co., Ltd.		111,432
	20,000	Yamato Kogyo Co., Ltd.		416,979
	3,100	Yamazaki Baking Co., Ltd.		52,600
	5,600	Yaskawa Electric Corp.		174,157
	5,400	Yokogawa Electric Corp.		88,006
	2,400	Yokohama Rubber Co., Ltd. (The)		38,818
	487,373	Z Holdings Corp.		1,761,839
	25,100	Zenkoku Hosho Co., Ltd.		938,221
	2,800	ZOZO Inc.		39,225
		Total Japan		245,269,667
	Jordan — 0.1%
	31,709	Hikma Pharmaceuticals PLC		731,654
	Luxembourg — 0.1%
	15,653	ArcelorMittal SA		228,151
	28,388	Aroundtown SA		245,663
	282	Eurofins Scientific SE		142,237
	2,108	Millicom International Cellular SA, ADR		97,459
	17,361	RTL Group SA		726,967
	8,292	SES SA, FDR, Class A Shares		96,272
	10,817	Tenaris SA		98,062
		Total Luxembourg		1,634,811
	Macau — 0.0%
	57,200	Sands China Ltd.		268,650
	40,000	Wynn Macau Ltd.		81,475
		Total Macau		350,125
	Malaysia — 0.1%
	866,613	CIMB Group Holdings Bhd		996,013
	Mexico — 0.1%
	164,300	Grupo Financiero Banorte SAB de CV, Class O Shares		898,588
	Netherlands — 4.8%
	105,282	Aalberts NV		3,988,133
	159,166	ABN AMRO Group NV, Dutch Certificate, GDR(d)		2,228,579
	242	Adyen NV*(d)		214,656
	41,976	Aegon NV		143,242
	67,309	Akzo Nobel NV		5,403,059

See Notes to Financial Statements.

94

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Netherlands — 4.8% — (continued)
	16,115	Altice Europe NV, Class A Shares*	$	86,765
	3,338	Argenx SE*		464,200
	10,853	ASM International NV		1,272,439
	44,848	ASML Holding NV		12,419,538
	23,384	ASR Nederland NV		781,063
	24,525	Boskalis Westminster		538,826
	13,248	Euronext NV(d)		1,105,849
	2,541	EXOR NV		181,548
	2,715	Heineken Holding NV		239,942
	26,599	Heineken NV		2,666,975
	734,006	ING Groep NV		7,023,124
	31,246	Intertrust NV(d)		526,526
	2,676	Just Eat Takeaway*(d)		235,169
	25,627	Koninklijke Ahold Delhaize NV		601,368
	4,275	Koninklijke DSM NV		484,048
	84,184	Koninklijke KPN NV		205,664
	71,326	Koninklijke Philips NV		3,065,535
	1,803	Koninklijke Vopak NV		86,202
	7,166	NN Group NV		245,297
	6,421	NXP Semiconductors NV		730,004
	369,605	PostNL NV		563,703
	11,352	Prosus NV*		804,704
	5,440	QIAGEN NV*		199,918
	2,751	Randstad NV		142,731
	97,329	Royal Dutch Shell PLC, Class A Shares		2,110,823
	497,905	Royal Dutch Shell PLC, Class B Shares		10,810,313
	41,204	SBM Offshore NV		650,497
	8,629	TKH Group NV, Dutch Certificate		391,958
	427,999	VEON Ltd., ADR		847,438
	6,343	Wolters Kluwer NV		466,130
		Total Netherlands		61,925,966
	New Zealand — 0.4%
	17,112	a2 Milk Co., Ltd.*		172,124
	23,247	Auckland International Airport Ltd.		113,190
	13,107	Fisher & Paykel Healthcare Corp., Ltd.		211,535
	17,979	Fletcher Building Ltd.		58,488
	17,295	Mercury NZ Ltd.		51,602
	32,042	Meridian Energy Ltd.		92,700
	10,257	Ryman Healthcare Ltd.		96,961
	40,746	Spark New Zealand Ltd.		113,564
	116,786	Summerset Group Holdings Ltd.		566,933
	69,132	Xero Ltd.*		3,274,292
		Total New Zealand		4,751,389
	Norway — 0.8%
	2,770	Aker BP ASA		65,755
	170,397	DNB ASA		2,851,223
	129,209	Equinor ASA		1,987,248
	41,208	FLEX LNG Ltd.(a)		271,125
	4,664	Gjensidige Forsikring ASA		95,095
	10,336	Mowi ASA		219,126
	1,217,879	Norsk Hydro ASA		3,574,338
	16,595	Orkla ASA		139,470
	2,325	Schibsted ASA, Class B Shares		55,907
	61,965	Sparebanken Vest		449,994

See Notes to Financial Statements.

95

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Norway — 0.8% — (continued)
	16,231	Telenor ASA	$	264,416
	4,185	Yara International ASA		153,021
		Total Norway		10,126,718
	Portugal — 0.0%
	59,593	EDP — Energias de Portugal SA		278,216
	11,758	Galp Energia SGPS SA		161,378
	5,728	Jeronimo Martins SGPS SA		101,040
		Total Portugal		540,634
	Russia — 0.3%
	12,906	Evraz PLC		55,974
	280,769	Gazprom PJSC, ADR		1,706,647
	7,381	LUKOIL PJSC, ADR		637,276
	88,677	Sberbank of Russia PJSC, ADR		1,261,874
		Total Russia		3,661,771
	Singapore — 0.5%
	67,976	Ascendas Real Estate Investment Trust, REIT		149,948
	60,619	CapitaLand Commercial Trust, REIT		81,381
	59,500	CapitaLand Ltd.		152,117
	61,800	CapitaLand Mall Trust, REIT		101,334
	9,300	City Developments Ltd.		65,208
	55,500	ComfortDelGro Corp., Ltd.		78,276
	41,100	DBS Group Holdings Ltd.		717,757
	878,500	Frasers Logistics & Industrial Trust, REIT		782,416
	130,900	Genting Singapore Ltd.		77,310
	2,200	Jardine Cycle & Carriage Ltd.		42,398
	33,900	Keppel Corp., Ltd.		154,986
	50,000	Mapletree Commercial Trust, REIT		75,969
	366,200	Oversea-Chinese Banking Corp., Ltd.		2,811,502
	16,300	SATS Ltd.		47,655
	23,300	Sembcorp Industries Ltd.		30,955
	13,700	Singapore Airlines Ltd.		79,335
	17,600	Singapore Exchange Ltd.		108,227
	29,400	Singapore Press Holdings Ltd.		39,883
	38,700	Singapore Technologies Engineering Ltd.		117,009
	192,400	Singapore Telecommunications Ltd.		416,429
	47,800	Suntec Real Estate Investment Trust, REIT		58,334
	29,703	United Overseas Bank Ltd.		527,014
	12,071	UOL Group Ltd.		64,586
	7,000	Venture Corp., Ltd.		83,876
	43,000	Wilmar International Ltd.		122,517
		Total Singapore		6,986,422
	South Africa — 0.2%
	181,133	Gold Fields Ltd., ADR		1,074,119
	100,448	Impala Platinum Holdings Ltd.*		812,659
	168,474	MTN Group Ltd.		796,606
		Total South Africa		2,683,384
	South Korea — 2.1%
	10,041	AfreecaTV Co., Ltd.		465,007
	11,783	Douzone Bizon Co., Ltd.		849,558
	6,091	F&F Co., Ltd.(a)		478,777
	3,069	GS Home Shopping Inc.		319,445
	62,219	KB Financial Group Inc.		2,021,079

See Notes to Financial Statements.

96

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	South Korea — 2.1% — (continued)
	206,106	KT Corp., ADR	$	1,988,923
	8,035	Maeil Dairies Co., Ltd.*		538,077
	41,856	Partron Co., Ltd.(a)		321,700
	200,766	Samsung Electronics Co., Ltd.		9,186,206
	40,676	Samsung Engineering Co., Ltd.*		480,980
	7,238	Samsung SDI Co., Ltd.		1,829,476
	28,760	Seegene Inc.*		868,711
	18,036	SFA Engineering Corp.		557,976
	66,099	Shinhan Financial Group Co., Ltd.		1,785,688
	23,523	SK Telecom Co., Ltd.		4,175,172
	21,765	SL Corp.*		274,458
	14,707	Soulbrain Co., Ltd.		1,071,084
		Total South Korea		27,212,317
	Spain — 2.8%
	6,169	ACS Actividades de Construccion y Servicios SA		185,799
	1,591	Aena SME SA(d)		256,065
	34,476	Almirall SA		451,812
	42,344	Amadeus IT Group SA		2,999,780
	31,549	Applus Services SA		356,394
	1,215,512	Banco Bilbao Vizcaya Argentaria SA		5,872,205
	128,747	Banco de Sabadell SA		113,411
	387,554	Banco Santander SA		1,438,982
	30,062	Bankia SA		47,934
	70,480	Bankinter SA		418,810
	1,868,525	CaixaBank SA		4,830,688
	5,930	Cellnex Telecom SA(d)		290,102
	29,564	Cia de Distribucion Integral Logista Holdings SA		600,717
	4,798	Enagas SA		124,339
	7,485	Endesa SA		192,782
	11,650	Ferrovial SA		334,439
	159,564	Grifols SA		5,135,446
	439,995	Iberdrola SA		5,035,344
	93,901	Industria de Diseno Textil SA		2,922,144
	24,538	Mapfre SA		55,256
	36,589	Masmovil Ibercom SA*		733,591
	65,188	Merlin Properties Socimi SA, REIT		840,968
	7,074	Naturgy Energy Group SA		165,517
	673,857	Prosegur Cash SA(d)		986,782
	76,818	Prosegur Cia de Seguridad SA		287,884
	10,304	Red Electrica Corp. SA		197,622
	32,975	Repsol SA		374,296
	5,851	Siemens Gamesa Renewable Energy SA		94,610
	107,468	Telefonica SA		636,162
		Total Spain		35,979,881
	Sweden — 1.9%
	7,529	Alfa Laval AB		170,959
	106,426	Assa Abloy AB, Class B Shares		2,392,290
	110,534	Atlas Copco AB, Class A Shares		3,967,758
	9,196	Atlas Copco AB, Class B Shares		288,059
	6,189	Boliden AB		131,094
	61,498	Dometic Group AB(d)		522,212
	5,469	Electrolux AB, Series B		110,215
	216,759	Epiroc AB, Class A Shares		2,507,503
	8,971	Epiroc AB, Class B Shares		100,571

See Notes to Financial Statements.

97

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Sweden — 19% — (continued)
	14,292	Essity AB, Class B Shares	$	428,629
	32,917	Evolution Gaming Group AB(d)		1,205,929
	18,931	Hennes & Mauritz AB, Class B Shares		342,492
	5,912	Hexagon AB, Class B Shares		318,214
	8,455	Husqvarna AB, Class B Shares		56,858
	2,345	ICA Gruppen AB		87,676
	3,795	Industrivarden AB, Class C Shares		86,255
	10,733	Investor AB, Class B Shares		536,674
	5,573	Kinnevik AB, Class B Shares		113,865
	1,730	L E Lundbergforetagen AB, Class B Shares		72,076
	4,260	Lundin Petroleum AB		121,480
	5,688	Nordic Entertainment Group AB, Class B Shares		171,755
	55,357	Peab AB, Class B Shares		556,579
	26,604	Sandvik AB		442,451
	7,108	Securitas AB, Class B Shares		96,942
	38,099	Skandinaviska Enskilda Banken AB, Class A Shares		365,764
	7,794	Skanska AB, Class B Shares		171,343
	8,841	SKF AB, Class B Shares		156,261
	15,271	Stillfront Group AB*		680,656
	35,728	Svenska Handelsbanken AB, Class A Shares		361,794
	77,049	Swedbank AB, Class A Shares		1,176,002
	66,677	Swedish Match AB		3,903,373
	11,676	Tele2 AB, Class B Shares		169,983
	72,401	Telefonaktiebolaget LM Ericsson, Class B Shares		578,345
	64,557	Telia Co AB		257,219
	34,586	Volvo AB, Class B Shares		539,932
	64,184	Wihlborgs Fastigheter AB		1,232,740
		Total Sweden		24,421,948
	Switzerland — 10.3%
	348,479	ABB Ltd., Class Registered Shares		7,531,954
	71,617	Adecco Group AG, Class Registered Shares		3,870,661
	29,631	Alcon Inc.*		1,818,724
	720,942	Aryzta AG*		619,319
	1,150	Baloise Holding AG, Class Registered Shares		185,421
	1,932	Barry Callebaut AG, Class Registered Shares		3,997,722
	1,597	Bucher Industries AG, Class Registered Shares		501,616
	5,188	Cembra Money Bank AG		587,977
	25	Chocoladefabriken Lindt & Spruengli AG		195,584
	2	Chocoladefabriken Lindt & Spruengli AG, Class Registered Shares		173,651
	122,245	Cie Financiere Richemont SA, Class Registered Shares		8,396,139
	5,107	Clariant AG, Class Registered Shares*		107,779
	34,922	Coca-Cola HBC AG		1,112,124
	58,438	Credit Suisse Group AG, Class Registered Shares*		662,232
	864	Dufry AG, Class Registered Shares*		63,203
	170	EMS-Chemie Holding AG, Class Registered Shares		100,282
	411	Forbo Holding AG, Class Registered Shares		610,119
	9,388	Galenica AG*(d)		633,529
	873	Geberit AG, Class Registered Shares		437,804
	211	Givaudan SA, Class Registered Shares		657,913
	247,771	Glencore PLC*		633,852
	3,443	Helvetia Holding AG, Class Registered Shares		460,046
	72,455	Julius Baer Group Ltd.*		3,044,086
	1,269	Kuehne + Nagel International AG, Class Registered Shares		185,996
	72,591	LafargeHolcim Ltd., Class Registered Shares*		3,388,096
	35,427	Logitech International SA, Class Registered Shares		1,388,068

See Notes to Financial Statements.

98

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	Switzerland — 10.3% — (continued)
	15,554	Lonza Group AG, Class Registered Shares*	$	6,216,455
	139,943	Nestlé SA, Class Registered Shares		14,500,571
	183,931	Novartis AG, Class Registered Shares		15,442,468
	875	Pargesa Holding SA		64,716
	440	Partners Group Holding AG		384,674
	7,489	PSP Swiss Property AG, Class Registered Shares		1,108,925
	67,082	Roche Holding AG		21,867,274
	10,824	Schindler Holding AG		2,435,631
	401	Schindler Holding AG, Class Registered Shares		86,964
	141	SGS SA, Class Registered Shares		351,417
	19,080	Sika AG, Class Registered Shares		3,409,271
	1,257	Sonova Holding AG, Class Registered Shares		301,055
	213,678	STMicroelectronics NV		5,848,144
	2,511	Straumann Holding AG, Class Registered Shares		2,359,010
	7,074	Sulzer AG, Class Registered Shares		657,785
	673	Swatch Group AG (The)		156,017
	1,423	Swatch Group AG (The), Class Registered Shares		61,333
	3,824	Swiss Life Holding AG, Class Registered Shares		1,757,577
	1,756	Swiss Prime Site AG, Class Registered Shares*		211,735
	6,852	Swiss Re AG		654,359
	629	Swisscom AG, Class Registered Shares		335,610
	17,518	Temenos AG, Class Registered Shares*		2,521,612
	539,977	UBS Group AG, Class Registered Shares*		5,981,494
	20,726	VAT Group AG*(d)		2,844,127
	1,051	Vifor Pharma AG		175,715
	12,777	Vontobel Holding AG, Class Registered Shares		847,157
	18,891	Wizz Air Holdings PLC*(d)		834,763
	3,489	Zurich Insurance Group AG		1,357,950
		Total Switzerland		134,137,706
	Taiwan — 0.5%
	3,374,000	Innolux Corp.		861,894
	3,482,881	Shin Kong Financial Holding Co., Ltd.*		1,042,468
	432,000	Taiwan Semiconductor Manufacturing Co., Ltd.		4,453,600
		Total Taiwan		6,357,962
	Thailand — 0.2%
	680,200	CP ALL PCL		1,424,729
	437,570	Kasikornbank PCL, NVDR		1,654,644
		Total Thailand		3,079,373
	Turkey — 0.1%
	559,149	Türkiye Garanti Bankasi AS*		883,313
	United Arab Emirates — 0.0%
	1,976	NMC Health PLC(b)(e)		17,049
	United Kingdom — 14.4%
	22,475	3i Group PLC		292,946
	4,561	Admiral Group PLC		124,540
	49,922	Aggreko PLC		442,144
	105,162	Anglo American PLC		2,443,248
	142,687	Ashmore Group PLC		854,103
	10,489	Ashtead Group PLC		328,256
	8,395	Associated British Foods PLC		244,559
	75,526	AstraZeneca PLC		6,609,904
	19,077	Atlantica Yield PLC		551,516
	134,606	Auto Trader Group PLC(d)		908,156

See Notes to Financial Statements.

99

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	United Kingdom — 14.4% — (continued)
	93,755	Avast PLC(d)	$	481,466
	1,589	AVEVA Group PLC		90,461
	650,385	Aviva PLC		2,984,054
	92,493	B&M European Value Retail SA		397,928
	225,146	Babcock International Group PLC		1,305,048
	75,328	BAE Systems PLC		596,983
	767,586	Balfour Beatty PLC		2,439,955
	3,045,127	Barclays PLC(a)		5,892,383
	23,705	Barratt Developments PLC		232,822
	64,888	Beazley PLC		446,450
	11,278	Bellway PLC		543,808
	2,788	Berkeley Group Holdings PLC		171,436
	26,210	Blue Prism Group PLC*(a)		484,144
	208,163	boohoo Group PLC*		778,682
	2,022,162	BP PLC		10,472,365
	220,965	British American Tobacco PLC		8,779,389
	185,559	British Land Co. PLC (The), REIT		1,202,481
	145,901	Britvic PLC		1,600,157
	1,155,230	BT Group PLC, Class A Shares		2,134,247
	84,236	Bunzl PLC		2,047,101
	94,990	Burberry Group PLC		2,074,756
	237,071	Cairn Energy PLC*		429,903
	1,449,923	Centrica PLC		1,360,029
	118,712	Cineworld Group PLC		239,666
	53,280	Clinigen Group PLC		492,765
	23,927	CNH Industrial NV		225,126
	14,992	Coca-Cola European Partners PLC		763,992
	36,675	Compass Group PLC		805,065
	40,313	Computacenter PLC		838,680
	13,334	Cranswick PLC		574,071
	3,028	Croda International PLC		177,529
	152,110	Diageo PLC		5,385,950
	34,500	Direct Line Insurance Group PLC		136,718
	4,184	easyJet PLC		59,771
	72,005	Electrocomponents PLC		567,081
	26,662	Ferguson PLC		2,328,429
	25,391	Fiat Chrysler Automobiles NV		317,376
	24,939	Future PLC		373,304
	39,416	G4S PLC		86,815
	264,257	GlaxoSmithKline PLC		5,324,128
	8,946	Halma PLC		223,060
	7,730	Hargreaves Lansdown PLC		154,786
	44,886	HomeServe PLC		696,008
	975,932	HSBC Holdings PLC(a)		6,551,725
	22,546	Imperial Brands PLC		456,341
	28,085	Informa PLC		250,488
	4,055	InterContinental Hotels Group PLC		223,211
	47,766	Intermediate Capital Group PLC		984,914
	24,897	Intertek Group PLC		1,699,299
	80,684	ITV PLC		121,849
	954,336	J Sainsbury PLC		2,416,465
	165,769	JD Sports Fashion PLC		1,584,092
	64,189	Johnson Matthey PLC		2,120,062
	789,802	Kingfisher PLC		1,940,131
	126,542	Land Securities Group PLC, REIT		1,362,113
	948,119	Legal & General Group PLC		3,196,992

See Notes to Financial Statements.

100

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units		Security	Value
	United Kingdom — 14.4% — (continued)
	28,991	Linde PLC	$	5,488,659
	15,970	LivaNova PLC*		1,113,428
	5,003,620	Lloyds Banking Group PLC		3,265,843
	7,268	London Stock Exchange Group PLC		710,780
	218,237	LondonMetric Property PLC, REIT		581,370
	61,107	M&G PLC*		156,916
	542,796	Marks & Spencer Group PLC		1,117,309
	112,931	Meggitt PLC		791,570
	1,036,051	Melrose Industries PLC		2,826,800
	145,743	Micro Focus International PLC		1,401,362
	11,496	Mondi PLC		232,630
	136,913	National Express Group PLC		747,942
	80,082	National Grid PLC		1,014,513
	50,262	Next PLC		3,972,363
	77,604	Ocado Group PLC*		1,072,859
	153,015	OneSavings Bank PLC		800,482
	18,414	Pearson PLC		132,300
	7,437	Persimmon PLC		273,106
	541,891	Prudential PLC		8,904,657
	16,398	Reckitt Benckiser Group PLC		1,210,167
	92,386	Redrow PLC		889,361
	156,499	RELX PLC		3,783,809
	43,580	Rentokil Initial PLC		272,572
	8,640	Rio Tinto Ltd.		488,271
	26,213	Rio Tinto PLC		1,228,344
	764,196	Rolls-Royce Holdings PLC*		6,158,754
	110,447	Royal Bank of Scotland Group PLC		255,221
	24,076	RSA Insurance Group PLC		161,224
	114,867	Safestore Holdings PLC, REIT		1,172,026
	26,087	Sage Group PLC (The)		232,319
	2,999	Schroders PLC		110,261
	25,556	Segro PLC, REIT		270,472
	5,464	Severn Trent PLC		173,939
	99,576	Smith & Nephew PLC		2,229,171
	9,315	Smiths Group PLC		185,424
	1,735	Spirax-Sarco Engineering PLC		188,849
	165,704	Spirent Communications PLC		451,954
	174,937	SSE PLC		3,454,501
	12,388	St. James’s Place PLC		163,373
	419,331	Standard Chartered PLC		3,032,866
	54,968	Standard Life Aberdeen PLC		197,500
	179,836	Stock Spirits Group PLC		447,638
	102,027	Tate & Lyle PLC		931,004
	75,735	Taylor Wimpey PLC		198,716
	91,284	TechnipFMC PLC		1,379,814
	230,784	Tesco PLC		681,554
	207,175	Trainline PLC*(d)		1,259,892
	34,002	Unilever NV		1,809,766
	95,661	Unilever PLC		5,128,083
	65,646	UNITE Group PLC (The), REIT		959,448
	15,883	United Utilities Group PLC		193,388
	88,026	Vesuvius PLC		483,733
	2,936,993	Vodafone Group PLC		5,128,224
	87,952	Weir Group PLC (The)		1,490,736
	50,195	Whitbread PLC		2,529,772
	56,955	WM Morrison Supermarkets PLC		126,245

See Notes to Financial Statements.

101

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Shares/Units			Security	Value
	United Kingdom — 14.4% — (continued)
	29,635		WPP PLC	$	288,931
			Total United Kingdom		186,375,633
	United States — 0.9%
	1,071		Booking Holdings Inc.*		1,816,052
	19,773		Carnival Corp.		661,605
	3,951		Carnival PLC		124,105
	14,676		EPAM Systems Inc.*		3,275,683
	1		International Flavors & Fragrances Inc.		84
	277,950		Ovintiv Inc.(a)		3,211,894
	16,084		ResMed Inc.		2,556,713
			Total United States		11,646,136
			TOTAL COMMON STOCKS (Cost — $1,200,592,534)		1,247,580,606
	PREFERRED STOCKS — 0.9%
	Germany — 0.9%
	1,426		Bayerische Motoren Werke AG, Class Preferred Shares		73,218
	1,510		FUCHS PETROLUB SE, Class Preferred Shares		57,958
	4,157		Henkel AG & Co. KGaA, Class Preferred Shares		385,459
	3,608		Porsche Automobil Holding SE, Class Preferred Shares		224,826
	833		Sartorius AG, Class Preferred Shares		190,921
	62,754		Volkswagen AG, Class Preferred Shares		10,286,395
			Total Germany		11,218,777
			TOTAL PREFERRED STOCKS (Cost — $9,212,364)		11,218,777
	CLOSED END MUTUAL FUND SECURITIES — 0.1%
	United States — 0.1%
	6,709		iShares Core MSCI EAFE ETF, Common Class		392,074
	21,705		Vanguard FTSE Developed Markets ETF, Common Class		856,696
			Total United States		1,248,770
			TOTAL CLOSED END MUTUAL FUND SECURITIES (Cost — $1,305,492)		1,248,770
	RIGHT — 0.0%
	Spain — 0.0%
	6,169		ACS Actividades de Construccion y Servicios SA* (Cost — $3,082)		2,712
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,211,113,472)		1,260,050,865
Face Amount†
	SHORT-TERM INVESTMENTS (f) — 4.0%
	MONEY MARKET FUND — 1.7%
$	21,795,195		Invesco STIT — Government & Agency Portfolio, 1.471%, Institutional Class(g) (Cost — $21,795,195)		21,795,195
	TIME DEPOSITS — 2.3%
	194,490	AUD	ANZ National Bank — Hong Kong, 0.310% due 3/2/20		126,642
	1,926,276		ANZ National Bank — London, 0.950% due 3/2/20		1,926,276
	4,737,433		Banco Santander SA — Frankfurt, 0.950% due 3/2/20		4,737,433

See Notes to Financial Statements.

102

Schedules of Investments

(unaudited) (continued)

International Equity Fund
Face Amount†			Security	Value
	TIME DEPOSITS — 2.3% — (continued)
			BBH — Grand Cayman:
	61,465	CHF	(1.470)% due 3/2/20	$	63,714
	42,434	DKK	(0.950)% due 3/2/20		6,268
	30	EUR	(0.680)% due 3/2/20		33
	76,297	JPY	(0.260)% due 3/2/20		707
	42,513	SEK	(0.170)% due 3/2/20		4,425
	1	AUD	0.310% due 3/2/20		1
	1,652	GBP	0.330% due 3/2/20		2,117
	13,438	SGD	0.500% due 3/2/20		9,648
	54,754	HKD	0.630% due 3/2/20		7,024
	610,933	NOK	0.700% due 3/2/20		64,952
	10,179	NZD	0.700% due 3/2/20		6,363
	2,332	CAD	0.820% due 3/2/20		1,737
	697	ZAR	6.250% due 3/2/20		45
			BNP Paribas — Paris:
	32,511	EUR	(0.680)% due 3/2/20		35,886
	248,328	HKD	0.630% due 3/2/20		31,857
			Citibank — London:
	35,523	EUR	(0.680)% due 3/2/20		39,210
	69,703	GBP	0.330% due 3/2/20		89,353
$	15,970,452		Citibank — New York, 0.950% due 3/2/20		15,970,452
	7,174,238		JPMorgan Chase & Co. — New York, 0.950% due 3/2/20		7,174,238
	12,025,632	JPY	Sumitomo Mitsui Banking Corp. — Tokyo, (0.260)% due 3/2/20		111,488
			TOTAL TIME DEPOSITS (Cost — $30,409,869)		30,409,869
			TOTAL SHORT-TERM INVESTMENTS (Cost — $52,205,064)		52,205,064
			TOTAL INVESTMENTS — 101.2% (Cost — $1,263,318,536)		1,312,255,929
			Liabilities in Excess of Other Assets — (1.2)%		(15,720,345	)
			TOTAL NET ASSETS — 100.0%	$	1,296,535,584

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

* Non-income producing security.

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

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

(c) Security trades on the Hong Kong exchange.

(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 29, 2020, amounts to approximately $26,523,702 and represents 2.0% of net assets.

(e) Illiquid security.

(f) 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 2.3%.

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

At February 29, 2020, 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	$	1,263,318,536	$	226,777,209	$	(177,975,058	)	$	48,802,151

See Notes to Financial Statements.

103

Schedules of Investments

(unaudited) (continued)

International Equity Fund

Abbreviations used in this schedule:
ADR	— American Depositary Receipts
CDI	— Clearing House Electronics System (CHESS) Depositary Interest
FDR	— Finish Depositary Receipts
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^
Financials	17.0	%
Industrials	15.8
Health Care	12.5
Consumer Discretionary	11.8
Information Technology	10.9
Consumer Staples	8.1
Materials	6.7
Communication Services	6.1
Energy	5.2
Real Estate	2.8
Utilities	2.0
Short-Term Investments	1.1
	100.0	%+

^ As a percentage of total investments.

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

At February 29, 2020, International Equity Fund had open exchange-traded futures contracts as described below.

The unrealized 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 Depreciation
Contracts to Buy:
Euro STOXX 50 March Futures		14		3/20	$	566,525	$	512,119	$	(54,406	)
FTSE 100 Index March Futures		4		3/20		370,226		334,756		(35,470	)
SPI 200 Index March Futures		1		3/20		110,435		103,761		(6,674	)
TOPIX Index March Futures		3		3/20		455,741		417,049		(38,692	)
									$	(135,242	)

See Notes to Financial Statements.

104

Schedules of Investments

(unaudited) (continued)

International Equity Fund

At February 29, 2020, International Equity Fund had deposited cash of $62,064 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 — 96.1%
	Argentina — 0.1%
	1,527	Banco Macro SA, ADR	$	44,252
	1,095	Globant SA*		123,746
	1,491	Grupo Financiero Galicia SA, ADR		18,846
	1,726	Telecom Argentina SA, ADR		20,022
	5,996	YPF SA, ADR		47,908
		Total Argentina		254,774
	Belgium — 0.0%
	1,168	Titan Cement International SA*		16,472
	Brazil — 6.1%
	136,638	Ambev SA		444,063
	246,471	Ambev SA, ADR		791,172
	11,300	Atacadao SA		52,257
	5,989	B2W Cia Digital*		83,196
	59,819	B3 SA — Brasil Bolsa Balcao		641,785
	37,127	Banco Bradesco SA		226,466
	6,360	Banco BTG Pactual SA		96,041
	465,763	Banco do Brasil SA		4,878,386
	12,695	Banco Santander Brasil SA		113,104
	358,015	BB Seguridade Participações SA		2,548,705
	23,965	BR Malls Participações SA		87,526
	16,663	BRF SA*		100,709
	724,806	CCR SA		2,645,555
	7,810	Centrais Eletricas Brasileiras SA		60,278
	9,781	Cia de Saneamento Basico do Estado de Sao Paulo		128,440
	17,041	Cia Siderurgica Nacional SA		42,584
	727,206	Cielo SA		1,113,415
	43,404	Cogna Educacao		97,888
	4,551	Cosan SA		74,430
	20,394	Embraer SA*		77,310
	5,411	Energisa SA		65,310
	6,028	Engie Brasil Energia SA		64,040
	25,170	Equatorial Energia SA		138,735
	421,750	Fleury SA		2,805,414
	6,472	Hapvida Participacoes e Investimentos SA(a)		79,852
	9,309	Hypera SA		71,368
	652,300	International Meal Co. Alimentacao SA		1,137,237
	466,752	IRB Brasil Resseguros SA		3,468,859
	32,529	JBS SA		165,046
	21,853	Klabin SA		94,027
	17,920	Localiza Rent a Car SA		198,428
	3,200	Locaweb Servicos de Internet SA, (Restricted, cost — $12,967, acquired 2/5/20)*(a)(b)		15,235
	21,917	Lojas Renner SA		261,106
	21,161	Magazine Luiza SA		238,951
	654,300	Movida Participacoes SA		2,632,439
	8,820	Multiplan Empreendimentos Imobiliarios SA		60,167
	18,659	Natura & Co. Holding SA		189,803
	13,842	Notre Dame Intermedica Participacoes SA		195,628
	17,902	Petrobras Distribuidora SA		104,436
	107,295	Petroleo Brasileiro SA		651,116
	2,824	Porto Seguro SA		38,491
	7,126	Raia Drogasil SA		190,974
	363,747	Rumo SA*		1,717,126
	6,835	Sul America SA		82,589

See Notes to Financial Statements.

106

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Brazil — 6.1% — (continued)
	14,189	Suzano SA	$	120,960
	26,912	TIM Participações SA		97,026
	22,998	Ultrapar Participações SA		98,079
	92,213	Vale SA		913,278
	23,056	WEG SA		222,369
		Total Brazil		30,421,399
	Britain — 0.2%
	641,000	Helios Towers PLC*		1,001,930
	Chile — 0.2%
	97,799	Aguas Andinas SA, Class A Shares		33,481
	1,144,505	Banco de Chile		100,818
	1,528	Banco de Credito e Inversiones SA		56,978
	1,935,679	Banco Santander Chile		86,356
	42,252	Cencosud SA		49,591
	2,973	Cia Cervecerias Unidas SA		22,332
	252,929	Colbun SA		31,758
	4,335	Empresa Nacional de Telecomunicaciones SA*		22,815
	31,677	Empresas CMPC SA		63,902
	12,701	Empresas COPEC SA		98,589
	1,150,114	Enel Americas SA		192,641
	624,617	Enel Chile SA		55,747
	3,934,534	Itau CorpBanca		14,436
	6,656	Latam Airlines Group SA		44,399
	22,952	SACI Falabella		76,327
		Total Chile		950,170
	China — 28.8%
	30,000	3SBio Inc.*(a)		31,302
	560	51job Inc., ADR*		41,871
	2,762	58.com Inc., ADR*		152,380
	247,982	AAC Technologies Holdings Inc.		1,643,543
	6,200	AECC Aviation Power Co., Ltd., Class A Shares		20,719
	42,000	Agile Group Holdings Ltd.		59,453
	153,400	Agricultural Bank of China Ltd., Class A Shares		75,417
	855,000	Agricultural Bank of China Ltd., Class H Shares(c)		344,371
	8,210	Aier Eye Hospital Group Co., Ltd., Class A Shares		47,704
	36,000	Air China Ltd., Class H Shares(c)		29,342
	6,600	Aisino Corp., Class A Shares		22,628
	105,401	Alibaba Group Holding Ltd., ADR*		21,923,408
	1,545,750	A-Living Services Co., Ltd., (Restricted, cost — $2,230,709, acquired 4/16/18), Class H Shares(a)(b)(c)		6,991,451
	31,400	Aluminum Corp. of China Ltd., Class A Shares*		13,947
	120,000	Aluminum Corp. of China Ltd., Class H Shares*(c)		32,294
	9,400	Anhui Conch Cement Co., Ltd., Class A Shares		74,935
	450,837	Anhui Conch Cement Co., Ltd., Class H Shares(c)		3,334,267
	283,000	ANTA Sports Products Ltd.		2,302,290
	1,100	Asymchem Laboratories Tianjin Co., Ltd., Class A Shares		28,536
	1,812	Autohome Inc., ADR*		140,738
	10,200	AVIC Aircraft Co., Ltd., Class A Shares		25,055
	34,799	Avic Capital Co., Ltd., Class A Shares		21,490
	4,000	AVIC Jonhon Optronic Technology Co., Ltd., Class A Shares		22,654
	76,000	AviChina Industry & Technology Co., Ltd., Class H Shares(c)		33,242
	50,500	BAIC Motor Corp., Ltd., Class H Shares(a)(c)		24,893
	22,817	Baidu Inc., ADR*		2,737,584
	19,200	Bank of Beijing Co., Ltd., Class A Shares		14,165
	58,930	Bank of China Ltd., Class A Shares		30,156

See Notes to Financial Statements.

107

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	2,229,000	Bank of China Ltd., Class H Shares(c)	$	886,701
	39,800	Bank of Communications Co., Ltd., Class A Shares		29,882
	298,000	Bank of Communications Co., Ltd., Class H Shares(c)		192,469
	16,600	Bank of Guiyang Co., Ltd., Class A Shares		20,228
	17,200	Bank of Hangzhou Co., Ltd., Class A Shares		21,396
	15,300	Bank of Jiangsu Co., Ltd., Class A Shares		14,097
	16,600	Bank of Nanjing Co., Ltd., Class A Shares		18,674
	6,800	Bank of Ningbo Co., Ltd., Class A Shares		24,778
	29,640	Bank of Shanghai Co., Ltd., Class A Shares		36,834
	30,184	Baoshan Iron & Steel Co., Ltd., Class A Shares		22,800
	21,227	Baozun Inc., ADR*(d)		673,320
	75,000	BBMG Corp., Class H Shares(c)		21,247
	9,000	BeiGene Ltd., ADR*		1,425,150
	54,000	Beijing Capital International Airport Co., Ltd., Class H Shares(c)		42,049
	25,800	Beijing Sanju Environmental Protection & New Material Co., Ltd., Class A Shares		21,015
	12,300	Beijing SL Pharmaceutical Co., Ltd., Class A Shares		22,892
	5,800	Beijing Tongrentang Co., Ltd., Class A Shares		21,802
	23,700	Beijing Yanjing Brewery Co., Ltd., Class A Shares		20,099
	5,637	BEST Inc., ADR*		30,496
	72,500	BOE Technology Group Co., Ltd., Class A Shares		50,605
	2,500	BYD Co., Ltd., Class A Shares		23,783
	18,500	BYD Co., Ltd., Class H Shares(c)(d)		114,204
	17,500	BYD Electronic International Co., Ltd.(d)		33,403
	334,000	CGN Power Co., Ltd., Class H Shares(a)(c)		81,727
	400	Changchun High & New Technology Industry Group Inc., Class A Shares		28,275
	24,700	Changjiang Securities Co., Ltd., Class A Shares		24,113
	4,400	Chengdu Kanghong Pharmaceutical Group Co., Ltd., Class A Shares		21,100
	35,000	China Aoyuan Group Ltd.		50,890
	5,300	China Avionics Systems Co., Ltd., Class A Shares		10,808
	255,000	China Cinda Asset Management Co., Ltd., Class H Shares(c)		53,781
	284,000	China CITIC Bank Corp., Ltd., Class H Shares(c)		148,642
	64,000	China Coal Energy Co., Ltd., Class H Shares(c)		20,815
	129,000	China Communications Construction Co., Ltd., Class H Shares(c)		96,874
	82,000	China Communications Services Corp., Ltd., Class H Shares(c)		64,115
	402,500	China Conch Venture Holdings Ltd.		1,971,081
	21,100	China Construction Bank Corp., Class A Shares		19,834
	13,527,380	China Construction Bank Corp., Class H Shares(c)		11,019,881
	16,000	China East Education Holdings Ltd.*(a)		32,554
	27,298	China Eastern Airlines Corp., Ltd., Class A Shares*		18,013
	40,000	China Eastern Airlines Corp., Ltd., Class H Shares*(c)		17,074
	30,812	China Everbright Bank Co., Ltd., Class A Shares		16,895
	145,000	China Everbright Bank Co., Ltd., Class H Shares(c)		58,505
	47,000	China Evergrande Group		106,697
	3,770	China Fortune Land Development Co., Ltd., Class A Shares		12,876
	91,000	China Galaxy Securities Co., Ltd., Class H Shares(c)		50,733
	45,500	China Hongqiao Group Ltd.		24,612
	286,000	China Huarong Asset Management Co., Ltd., Class H Shares(a)(c)		39,283
	102,000	China Huishan Dairy Holdings Co., Ltd.*(e)(f)		196
	34,000	China International Capital Corp., Ltd., Class H Shares(a)(c)		63,389
	3,435	China International Travel Service Corp., Ltd., Class A Shares		38,341
	17,300	China Jushi Co., Ltd., Class A Shares		23,634
	32,000	China Lesso Group Holdings Ltd.		48,398
	4,800	China Life Insurance Co., Ltd., Class A Shares		20,516
	213,000	China Life Insurance Co., Ltd., Class H Shares(c)		503,594
	8,600	China Literature Ltd.*(a)		39,171
	98,000	China Longyuan Power Group Corp., Ltd., Class H Shares(c)		51,564

See Notes to Financial Statements.

108

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	41,000	China Medical System Holdings Ltd.	$	50,814
	33,900	China Merchants Bank Co., Ltd., Class A Shares		167,780
	461,000	China Merchants Bank Co., Ltd., Class H Shares(c)		2,133,343
	7,100	China Merchants Securities Co., Ltd., Class A Shares		17,836
	14,820	China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A Shares		37,264
	55,920	China Minsheng Banking Corp., Ltd., Class A Shares		46,198
	192,700	China Minsheng Banking Corp., Ltd., Class H Shares(c)		130,881
	26,600	China Molybdenum Co., Ltd., Class A Shares		15,735
	108,000	China Molybdenum Co., Ltd., Class H Shares(c)		40,944
	114,000	China National Building Material Co., Ltd., Class H Shares(c)		133,247
	18,900	China National Nuclear Power Co., Ltd., Class A Shares		12,557
	2,100	China National Software & Service Co., Ltd., Class A Shares		25,851
	34,000	China Oilfield Services Ltd., Class H Shares(c)		43,893
	10,500	China Pacific Insurance Group Co., Ltd., Class A Shares		48,649
	75,400	China Pacific Insurance Group Co., Ltd., Class H Shares(c)		250,499
	38,900	China Petroleum & Chemical Corp., Class A Shares		25,810
	730,000	China Petroleum & Chemical Corp., Class H Shares(c)		378,815
	21,599	China Railway Construction Corp., Ltd., Class A Shares		29,781
	60,500	China Railway Construction Corp., Ltd., Class H Shares(c)		69,924
	27,800	China Railway Group Ltd., Class A Shares		21,653
	118,000	China Railway Group Ltd., Class H Shares(c)		67,252
	26,000	China Railway Signal & Communication Corp., Ltd., Class H Shares(a)(c)		13,402
	193,000	China Reinsurance Group Corp., Class H Shares(c)		26,432
	12,299	China Resources Double Crane Pharmaceutical Co., Ltd., Class A Shares		23,790
	29,000	China Resources Pharmaceutical Group Ltd.(a)		25,430
	6,299	China Shenhua Energy Co., Ltd., Class A Shares		14,578
	703,500	China Shenhua Energy Co., Ltd., Class H Shares(c)		1,227,212
	21,800	China Shipbuilding Industry Co., Ltd., Class A Shares		13,894
	9,100	China South Publishing & Media Group Co., Ltd., Class A Shares		14,842
	20,400	China Southern Airlines Co., Ltd., Class A Shares		17,092
	44,000	China Southern Airlines Co., Ltd., Class H Shares(c)		23,045
	1,100	China Spacesat Co., Ltd., Class A Shares		5,427
	91,240	China State Construction Engineering Corp., Ltd., Class A Shares		71,200
	430,000	China Telecom Corp., Ltd., Class H Shares(c)		162,660
	1,234,000	China Tower Corp., Ltd., Class H Shares(a)(c)		301,550
	45,400	China United Network Communications Ltd., Class A Shares		36,067
	15,600	China Vanke Co., Ltd., Class A Shares		66,994
	42,000	China Vanke Co., Ltd., Class H Shares(c)		163,071
	39,200	China Yangtze Power Co., Ltd., Class A Shares		95,808
	44,800	China Zhongwang Holdings Ltd		15,151
	8,800	Chinese Universe Publishing & Media Group Co., Ltd., Class A Shares		18,166
	19,000	Chongqing Changan Automobile Co., Ltd., Class A Shares		28,170
	81,000	Chongqing Rural Commercial Bank Co., Ltd., Class H Shares(c)		36,815
	2,700	Chongqing Zhifei Biological Products Co., Ltd., Class A Shares		23,280
	84,000	CIFI Holdings Group Co., Ltd.		64,902
	47,300	CITIC Guoan Information Industry Co., Ltd., Class A Shares*		23,706
	15,100	CITIC Securities Co., Ltd., Class A Shares		51,315
	61,000	CITIC Securities Co., Ltd., Class H Shares(c)		131,904
	2,892,821	CNOOC Ltd.		3,989,285
	3,900	Contemporary Amperex Technology Co., Ltd., Class A Shares		75,597
	36,000	COSCO SHIPPING Energy Transportation Co., Ltd., Class H Shares(c)		14,162
	69,000	COSCO SHIPPING Holdings Co., Ltd., Class H Shares*(c)		23,275
	219,000	Country Garden Holdings Co., Ltd.		293,034
	33,000	Country Garden Services Holdings Co., Ltd.		129,741
	39,299	CRRC Corp., Ltd., Class A Shares		36,407
	129,000	CRRC Corp., Ltd., Class H Shares(c)		83,472

See Notes to Financial Statements.

109

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	6,900	CSC Financial Co., Ltd., Class A Shares	$	32,340
	136,000	CSPC Pharmaceutical Group Ltd.		312,104
	59,000	Dali Foods Group Co., Ltd.(a)		38,891
	12,199	Daqin Railway Co., Ltd., Class A Shares		12,458
	88,000	Datang International Power Generation Co., Ltd., Class H Shares(c)		13,836
	4,600	Dawning Information Industry Co., Ltd., Class A Shares		30,208
	15,500	DHC Software Co., Ltd., Class A Shares		32,532
	86,000	Dongfeng Motor Group Co., Ltd., Class H Shares(c)		68,450
	18,300	East Money Information Co., Ltd., Class A Shares		46,110
	137,100	ENN Energy Holdings Ltd.		1,536,348
	20,400	Financial Street Holdings Co., Ltd., Class A Shares		20,517
	38,200	Focus Media Information Technology Co., Ltd., Class A Shares		29,593
	3,200	Foshan Haitian Flavouring & Food Co., Ltd., Class A Shares		45,964
	71,500	Fosun International Ltd.		92,020
	16,400	Founder Securities Co., Ltd., Class A Shares		17,380
	3,100	Foxconn Industrial Internet Co., Ltd., Class A Shares		7,542
	2,853,300	Fu Shou Yuan International Group Ltd.		2,434,908
	17,600	Fuyao Glass Industry Group Co., Ltd., Class H Shares(a)(c)		50,668
	44,300	GD Power Development Co., Ltd., Class A Shares		13,455
	40,084	GDS Holdings Ltd., ADR*		2,323,669
	9,300	Gemdale Corp., Class A Shares		19,312
	26,000	Genscript Biotech Corp.*		54,397
	8,200	GF Securities Co., Ltd., Class A Shares		17,263
	31,800	GF Securities Co., Ltd., Class H Shares(c)		38,426
	8,700	Giant Network Group Co., Ltd., Class A Shares		23,898
	900	Gigadevice Semiconductor Beijing Inc., Class A Shares		47,528
	4,600	Glodon Co., Ltd., Class A Shares		29,782
	500	GoerTek Inc., Class A Shares		1,585
	313,000	GOME Retail Holdings Ltd.*(d)		32,337
	22,300	Grandjoy Holdings Group Co., Ltd., Class A Shares		17,956
	93,000	Great Wall Motor Co., Ltd., Class H Shares(c)		67,803
	5,499	Gree Electric Appliances Inc. of Zhuhai, Class A Shares		47,328
	21,900	Greenland Holdings Corp., Ltd., Class A Shares		18,509
	32,000	Greentown Service Group Co., Ltd.		40,140
	4,700	Guangdong Haid Group Co., Ltd., Class A Shares		23,145
	30,000	Guanghui Energy Co., Ltd., Class A Shares		12,334
	35,000	Guangshen Railway Co., Ltd., Class A Shares		13,067
	9,400	Guangzhou Automobile Group Co., Ltd., Class A Shares		14,773
	72,000	Guangzhou Automobile Group Co., Ltd., Class H Shares(c)		80,964
	2,600	Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd., Class A Shares		12,705
	7,900	Guangzhou Haige Communications Group Inc. Co., Class A Shares		13,688
	38,000	Guangzhou R&F Properties Co., Ltd., Class H Shares(c)		59,714
	9,400	Guosen Securities Co., Ltd., Class A Shares		16,056
	16,600	Guotai Junan Securities Co., Ltd., Class A Shares		40,949
	29,600	Guotai Junan Securities Co., Ltd., Class H Shares(a)(c)		49,970
	2,000	Guoxuan High-Tech Co., Ltd., Class A Shares		6,479
	19,000	Guoyuan Securities Co., Ltd., Class A Shares		24,821
	11,000	Haidilao International Holding Ltd.(a)		45,406
	7,300	Haier Smart Home Co., Ltd., Class A Shares		18,068
	16,000	Haitian International Holdings Ltd.		31,612
	9,300	Haitong Securities Co., Ltd., Class A Shares		19,188
	84,800	Haitong Securities Co., Ltd., Class H Shares(c)		92,017
	13,800	Hangzhou Hikvision Digital Technology Co., Ltd., Class A Shares		70,273
	14,000	Hansoh Pharmaceutical Group Co., Ltd.*(a)		48,415
	4,000	Hefei Meiya Optoelectronic Technology Inc., Class A Shares		20,561
	5,300	Henan Shuanghui Investment & Development Co., Ltd., Class A Shares		25,674

See Notes to Financial Statements.

110

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	274,500	Hengan International Group Co., Ltd.	$	2,052,925
	10,778	Hengli Petrochemical Co., Ltd., Class A Shares		23,267
	10,600	Hengtong Optic-electric Co., Ltd., Class A Shares		25,360
	2,300	Hengyi Petrochemical Co., Ltd., Class A Shares		4,601
	43,300	Hesteel Co., Ltd., Class A Shares		14,110
	1,299	Hithink RoyalFlush Information Network Co., Ltd., Class A Shares		22,792
	14,000	Hua Hong Semiconductor Ltd.(a)		30,891
	38,500	Huadian Power International Corp., Ltd., Class A Shares		18,389
	46,000	Huadian Power International Corp., Ltd., Class H Shares(c)		13,954
	4,200	Hualan Biological Engineering Inc., Class A Shares		24,907
	128,000	Huaneng Power International Inc., Class H Shares(c)		51,877
	7,200	Huatai Securities Co., Ltd., Class A Shares		19,008
	48,200	Huatai Securities Co., Ltd., Class H Shares(a)(c)		84,548
	35,600	Huaxia Bank Co., Ltd., Class A Shares		35,687
	7,900	Huaxin Cement Co., Ltd., Class A Shares		28,029
	5,800	Huayu Automotive Systems Co., Ltd., Class A Shares		23,566
	4,118	Huazhu Group Ltd., ADR		138,983
	7,200	Hubei Energy Group Co., Ltd., Class A Shares		3,822
	1,600	Hundsun Technologies Inc., Class A Shares		22,599
	82,806	HUYA Inc., ADR*		1,640,387
	3,900	Iflytek Co., Ltd., Class A Shares		21,869
	82,200	Industrial & Commercial Bank of China Ltd., Class A Shares		62,904
	1,892,000	Industrial & Commercial Bank of China Ltd., Class H Shares(c)		1,303,724
	38,000	Industrial Bank Co., Ltd., Class A Shares		95,293
	24,900	Industrial Securities Co., Ltd., Class A Shares		24,918
	98,200	Inner Mongolia BaoTou Steel Union Co., Ltd., Class A Shares		16,639
	32,800	Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A Shares*		12,826
	8,700	Inner Mongolia Yili Industrial Group Co., Ltd., Class A Shares		36,451
	40,100	Inner Mongolia Yitai Coal Co., Ltd., Class B Shares		27,898
	22,500	Innovent Biologics Inc.*(a)		103,381
	3,784	iQIYI Inc., ADR*		84,875
	21,358	JD.com Inc., ADR*		822,497
	28,000	Jiangsu Expressway Co., Ltd., Class H Shares(c)		32,534
	8,140	Jiangsu Hengrui Medicine Co., Ltd., Class A Shares		98,899
	3,800	Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A Shares		53,740
	18,800	Jiangsu Zhongtian Technology Co., Ltd., Class A Shares		22,938
	11,800	Jiangxi Copper Co., Ltd., Class A Shares		23,437
	34,000	Jiangxi Copper Co., Ltd., Class H Shares(c)		40,107
	10,000	Jilin Aodong Pharmaceutical Group Co., Ltd., Class A Shares		23,826
	24,000	Jinke Properties Group Co., Ltd., Class A Shares		26,273
	15,000	Joincare Pharmaceutical Group Industry Co., Ltd., Class A Shares		24,989
	7,800	Jointown Pharmaceutical Group Co., Ltd., Class A Shares		18,212
	1,609	JOYY Inc., ADR*		86,838
	55,000	Kaisa Group Holdings Ltd.		24,670
	60,000	Kingdee International Software Group Co., Ltd.		77,440
	27,000	Kingsoft Corp., Ltd.*		88,736
	9,264	Kweichow Moutai Co., Ltd., Class A Shares		1,414,099
	39,000	KWG Group Holdings Ltd.*		57,660
	8,500	Legend Holdings Corp., Class H Shares(a)(c)		14,714
	204,000	Lenovo Group Ltd.		127,001
	4,500	Lepu Medical Technology Beijing Co., Ltd., Class A Shares		21,997
	59,500	Li Ning Co., Ltd.		157,966
	14,500	Lingyi iTech Guangdong Co., Class A Shares*		23,385
	42,000	Logan Property Holdings Co., Ltd.		72,318
	12,600	Lomon Billions Group Co., Ltd., Class A Shares		28,622
	55,000	Longfor Group Holdings Ltd.(a)		256,517

See Notes to Financial Statements.

111

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	11,600	LONGi Green Energy Technology Co., Ltd., Class A Shares	$	50,755
	2,411	Luckin Coffee Inc., ADR*		95,379
	11,030	Luxshare Precision Industry Co., Ltd., Class A Shares		74,996
	27,500	Luye Pharma Group Ltd.(a)		16,934
	1,600	Luzhou Laojiao Co., Ltd., Class A Shares		17,329
	33,400	Maanshan Iron & Steel Co., Ltd., Class A Shares		13,366
	9,480	Meinian Onehealth Healthcare Holdings Co., Ltd., Class A Shares		18,068
	29,700	Meituan Dianping, Class B Shares*		380,227
	36,900	Metallurgical Corp. of China Ltd., Class A Shares		14,543
	82,000	Metallurgical Corp. of China Ltd., Class H Shares(c)		15,735
	4,463	Momo Inc., ADR		125,500
	3,700	Muyuan Foodstuff Co., Ltd., Class A Shares		62,635
	5,900	NARI Technology Co., Ltd., Class A Shares		16,666
	10,119	NetEase Inc., ADR		3,225,026
	2,400	New China Life Insurance Co., Ltd., Class A Shares		15,415
	25,700	New China Life Insurance Co., Ltd., Class H Shares(c)		98,783
	6,400	New Hope Liuhe Co., Ltd., Class A Shares		22,569
	15,922	New Oriental Education & Technology Group Inc., ADR*		2,036,265
	20,753	NIO Inc., ADR*(d)		85,710
	1,671	Noah Holdings Ltd., ADR*		47,423
	11,300	Orient Securities Co., Ltd., Class A Shares		16,328
	10,800	Oriental Pearl Group Co., Ltd., Class A Shares		15,954
	2,700	Ovctek China Inc., Class A Shares		22,071
	50,600	Pacific Securities Co., Ltd., Class A Shares*		26,301
	256,000	People’s Insurance Co. Group of China Ltd., Class H Shares(c)		91,316
	21,700	PetroChina Co., Ltd., Class A Shares		15,905
	624,000	PetroChina Co., Ltd., Class H Shares(c)		242,750
	204,000	PICC Property & Casualty Co., Ltd., Class H Shares(c)		213,059
	5,607	Pinduoduo Inc., ADR*		200,618
	698,479	Ping An Bank Co., Ltd., Class A Shares		1,473,788
	188,400	Ping An Healthcare & Technology Co., Ltd., (Restricted, cost — $1,086,384, acquired 11/22/19)*(a)(b)		1,867,697
	19,200	Ping An Insurance Group Co. of China Ltd., Class A Shares		216,125
	1,042,000	Ping An Insurance Group Co. of China Ltd., Class H Shares(c)		11,664,052
	18,000	Poly Developments & Holdings Group Co., Ltd., Class A Shares		42,351
	239,000	Postal Savings Bank of China Co., Ltd., Class H Shares(a)(c)		151,654
	22,300	Power Construction Corp. of China Ltd., Class A Shares		13,736
	18,700	RiseSun Real Estate Development Co., Ltd., Class A Shares		23,206
	7,700	Rongsheng Petro Chemical Co., Ltd., Class A Shares		11,518
	11,800	SAIC Motor Corp., Ltd., Class A Shares		38,003
	8,900	Sanan Optoelectronics Co., Ltd., Class A Shares		31,258
	20,500	Sany Heavy Industry Co., Ltd., Class A Shares		52,075
	8,700	SDIC Capital Co., Ltd., Class A Shares		16,350
	12,700	SDIC Power Holdings Co., Ltd., Class A Shares		13,866
	56,000	Seazen Group Ltd.		58,238
	7,900	Seazen Holdings Co., Ltd., Class A Shares		36,978
	90,200	Semiconductor Manufacturing International Corp.*(d)		177,610
	4,100	SF Holding Co., Ltd., Class A Shares		29,091
	12,300	Shaanxi Coal Industry Co., Ltd., Class A Shares		14,041
	4,000	Shandong Gold Mining Co., Ltd., Class A Shares		19,956
	74,000	Shandong Nanshan Aluminum Co., Ltd., Class A Shares		22,741
	18,300	Shandong Sun Paper Industry JSC Ltd., Class A Shares		25,157
	68,000	Shandong Weigao Group Medical Polymer Co., Ltd., Class H Shares(c)		87,906
	76,200	Shandong Xinchao Energy Corp., Ltd., Class A Shares*		21,068
	51,300	Shanghai 2345 Network Holding Group Co., Ltd., Class A Shares		23,518
	17,700	Shanghai AJ Group Co., Ltd., Class A Shares		21,444
	4,500	Shanghai Baosight Software Co., Ltd., Class A Shares		29,588

See Notes to Financial Statements.

112

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	36,900	Shanghai Electric Group Co., Ltd., Class A Shares	$	23,960
	4,800	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A Shares		18,404
	14,000	Shanghai Fosun Pharmaceutical Group Co., Ltd., Class H Shares(c)		39,729
	2,000	Shanghai International Airport Co., Ltd., Class A Shares		19,029
	17,999	Shanghai International Port Group Co., Ltd., Class A Shares		11,833
	32,520	Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd., Class B Shares		26,015
	8,700	Shanghai Pharmaceuticals Holding Co., Ltd., Class A Shares		22,923
	16,800	Shanghai Pharmaceuticals Holding Co., Ltd., Class H Shares(c)		30,865
	42,300	Shanghai Pudong Development Bank Co., Ltd., Class A Shares		66,380
	20,100	Shanxi Meijin Energy Co., Ltd., Class A Shares*		24,316
	21,000	Shanxi Securities Co., Ltd., Class A Shares		23,930
	2,000	Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A Shares		24,968
	26,800	Shenergy Co., Ltd., Class A Shares		20,426
	900	Shennan Circuits Co., Ltd., Class A Shares		27,077
	48,700	Shenwan Hongyuan Group Co., Ltd., Class A Shares		32,991
	25,900	Shenzhen Energy Group Co., Ltd., Class A Shares		20,352
	22,000	Shenzhen Expressway Co., Ltd., Class H Shares(c)		26,752
	700	Shenzhen Goodix Technology Co., Ltd., Class A Shares		30,930
	6,200	Shenzhen Inovance Technology Co., Ltd., Class A Shares		25,451
	1,400	Shenzhen Kangtai Biological Products Co., Ltd., Class A Shares		22,428
	1,700	Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A Shares		57,248
	15,200	Shenzhen Overseas Chinese Town Co., Ltd., Class A Shares		14,401
	150,000	Shenzhou International Group Holdings Ltd.		1,860,681
	13,321	Shijiazhuang Yiling Pharmaceutical Co., Ltd., Class A Shares		30,545
	104,000	Shui On Land Ltd.		20,801
	16,600	Sichuan Chuantou Energy Co., Ltd., Class A Shares		21,948
	1,870	SINA Corp.*		61,243
	12,200	Sinolink Securities Co., Ltd., Class A Shares		17,700
	106,000	Sino-Ocean Group Holding Ltd.		38,855
	37,500	Sinopec Engineering Group Co., Ltd., Class H Shares(c)		18,521
	88,000	Sinopec Shanghai Petrochemical Co., Ltd., Class H Shares(c)		22,647
	420,400	Sinopharm Group Co., Ltd., Class H Shares(c)		1,315,096
	58,000	Sinotrans Ltd., Class H Shares(c)		16,557
	20,000	Sinotruk Hong Kong Ltd.		38,813
	52,500	SOHO China Ltd.		19,126
	5,400	Songcheng Performance Development Co., Ltd., Class A Shares		21,494
	70,000	Sunac China Holdings Ltd.		386,059
	24,400	Suning.com Co., Ltd., Class A Shares		32,814
	21,100	Sunny Optical Technology Group Co., Ltd.		331,543
	20,499	Suzhou Gold Mantis Construction Decoration Co., Ltd., Class A Shares		25,796
	11,184	TAL Education Group, ADR*		608,298
	11,000	Tangshan Jidong Cement Co., Ltd., Class A Shares		30,227
	24,400	TBEA Co., Ltd., Class A Shares		22,040
	35,700	TCL Technology Group Corp., Class A Shares		30,477
	340,331	Tencent Holdings Ltd.		16,786,856
	71,719	Tencent Music Entertainment Group, ADR*		869,951
	9,900	Tianma Microelectronics Co., Ltd., Class A Shares		23,224
	60,000	Tingyi Cayman Islands Holding Corp.		109,085
	10,000	Tongwei Co., Ltd., Class A Shares		24,578
	36,000	Topsports International Holdings Ltd.*(a)		41,611
	3,700	Transfar Zhilian Co., Ltd., Class A Shares		3,336
	30,000	TravelSky Technology Ltd., Class H Shares(c)		59,064
	13,899	Trip.com Group Ltd., ADR*		421,974
	14,000	Tsingtao Brewery Co., Ltd., Class H Shares(c)		72,534
	20,800	Tunghsu Optoelectronic Technology Co., Ltd., Class A Shares		10,972
	3,400	Unigroup Guoxin Microelectronics Co., Ltd., Class A Shares		28,588

See Notes to Financial Statements.

113

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	37,000	Uni-President China Holdings Ltd.	$	38,258
	5,400	Unisplendour Corp., Ltd., Class A Shares		35,710
	9,300	Universal Scientific Industrial Shanghai Co., Ltd., Class A Shares		29,171
	13,167	Vipshop Holdings Ltd., ADR*		168,933
	11,100	Wanda Film Holding Co., Ltd., Class A Shares*		26,045
	4,700	Wanhua Chemical Group Co., Ltd., Class A Shares		31,938
	157,000	Want Want China Holdings Ltd.		122,221
	1,266	Weibo Corp., ADR*		53,349
	11,600	Weichai Power Co., Ltd., Class A Shares		24,196
	1,964,200	Weichai Power Co., Ltd., Class H Shares(c)		3,900,713
	4,000	Weihai Guangwei Composites Co., Ltd., Class A Shares		29,372
	11,700	Wens Foodstuffs Group Co., Ltd., Class A Shares		55,108
	11,400	Western Securities Co., Ltd., Class A Shares		15,634
	1,200	Will Semiconductor Ltd., Class A Shares		29,765
	1,500	Wingtech Technology Co., Ltd., Class A Shares*		29,957
	29,900	Wuchan Zhongda Group Co., Ltd., Class A Shares		20,693
	8,100	Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd., Class A Shares		39,083
	7,000	Wuliangye Yibin Co., Ltd., Class A Shares		122,413
	6,600	WUS Printed Circuit Kunshan Co., Ltd., Class A Shares		24,976
	2,300	WuXi AppTec Co., Ltd., Class A Shares		35,243
	4,600	WuXi AppTec Co., Ltd., Class H Shares(a)(c)		68,488
	146,000	Wuxi Biologics Cayman Inc., (Restricted, cost — $1,709,321, acquired 11/21/19)*(a)(b)		2,128,608
	4,500	Wuxi Lead Intelligent Equipment Co., Ltd., Class A Shares		36,684
	12,400	Xiamen Tungsten Co., Ltd., Class A Shares		21,467
	299,400	Xiaomi Corp., Class B Shares*(a)		487,600
	10,200	Xinjiang Goldwind Science & Technology Co., Ltd., Class A Shares		15,574
	16,982	Xinjiang Goldwind Science & Technology Co., Ltd., Class H Shares(c)		17,023
	96,000	Xinyi Solar Holdings Ltd.		75,802
	34,000	Xinyu Iron & Steel Co., Ltd., Class A Shares		21,027
	58,000	Yanzhou Coal Mining Co., Ltd., Class H Shares(c)		44,276
	2,300	Yealink Network Technology Corp., Ltd., Class A Shares		34,188
	30,000	Yifeng Pharmacy Chain Co., Ltd., Class A Shares		350,486
	15,000	Yihai International Holding Ltd.*		101,178
	31,300	Yonghui Superstores Co., Ltd., Class A Shares		38,884
	4,100	Yonyou Network Technology Co., Ltd., Class A Shares		27,544
	10,222	Yum China Holdings Inc.		447,621
	3,200	Yunda Holding Co., Ltd., Class A Shares		13,674
	1,400	Yunnan Baiyao Group Co., Ltd., Class A Shares		15,702
	48,000	Yuzhou Properties Co., Ltd.		23,457
	1,068	Zai Lab Ltd., ADR*		58,708
	1,500	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd., Class A Shares		25,835
	27,000	Zhaojin Mining Industry Co., Ltd., Class H Shares(c)		32,705
	6,400	Zhejiang Dahua Technology Co., Ltd., Class A Shares		17,634
	36,000	Zhejiang Expressway Co., Ltd., Class H Shares(c)		27,389
	7,900	Zhejiang Longsheng Group Co., Ltd., Class A Shares		14,808
	2,000	Zhejiang Supor Co., Ltd., Class A Shares		21,311
	10,700	Zhengzhou Yutong Bus Co., Ltd., Class A Shares		23,329
	44,000	Zhenro Properties Group Ltd.*		28,618
	8,100	ZhongAn Online P&C Insurance Co., Ltd., Class H Shares*(a)(c)		34,611
	11,600	Zhongjin Gold Corp., Ltd., Class A Shares		13,582
	16,500	Zhongsheng Group Holdings Ltd.		63,412
	11,700	Zhuzhou CRRC Times Electric Co., Ltd., Class H Shares(c)		40,795
	30,500	Zijin Mining Group Co., Ltd., Class A Shares		18,455
	200,000	Zijin Mining Group Co., Ltd., Class H Shares(c)		90,480
	28,100	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class A Shares		25,677
	29,200	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class H Shares(c)		24,438

See Notes to Financial Statements.

114

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	China — 28.8% — (continued)
	6,400	ZTE Corp., Class A Shares*	$	46,456
	19,000	ZTE Corp., Class H Shares*(c)		79,308
	9,384	ZTO Express Cayman Inc., ADR		220,149
		Total China		145,124,237
	Colombia — 0.1%
	7,032	Bancolombia SA		77,757
	144,135	Ecopetrol SA		126,890
	6,415	Grupo Argos SA		27,282
	7,067	Grupo de Inversiones Suramericana SA		61,112
	11,971	Interconexion Electrica SA ESP		63,130
		Total Colombia		356,171
	Czech Republic — 0.0%
	4,436	CEZ AS		84,992
	1,684	Komercní Banka AS		51,678
	15,820	Moneta Money Bank AS(a)		52,561
		Total Czech Republic		189,231
	Egypt — 1.3%
	2,598,492	Cleopatra Hospital*		872,674
	938,397	Commercial International Bank Egypt SAE, Class Registered Shares, GDR		4,603,259
	38,937	Commercial International Bank Egypt SAE, GDR		204,243
	22,745	Eastern Co. SAE		20,714
	21,328	ElSewedy Electric Co.		12,724
	1,244,156	Juhayna Food Industries		635,111
		Total Egypt		6,348,725
	Georgia — 0.5%
	86,700	Bank of Georgia Group PLC		1,888,694
	61,700	Georgia Capital PLC*		533,687
		Total Georgia		2,422,381
	Germany — 0.6%
	37,900	Delivery Hero SE, (Restricted, cost — $1,502,145, acquired 2/26/19)*(a)(b)		2,848,090
	Greece - 0.1%
	44,403	Alpha Bank AE*		63,815
	76,270	Eurobank Ergasias SA*		48,104
	1,594	FF Group*(e)(f)		17
	6,598	Hellenic Telecommunications Organization SA		93,617
	3,378	JUMBO SA		53,036
	1,088	Motor Oil Hellas Corinth Refineries SA		17,893
	9,717	National Bank of Greece SA*		21,590
	7,444	OPAP SA		79,515
		Total Greece		377,587
	Hong Kong — 3.5%
	102,000	Alibaba Health Information Technology Ltd.*		197,972
	440,000	Alibaba Pictures Group Ltd.*		59,790
	177,800	ASM Pacific Technology Ltd.		2,145,400
	13,000	Beijing Enterprises Holdings Ltd.		55,163
	164,000	Beijing Enterprises Water Group Ltd.*		76,006
	92,000	Bosideng International Holdings Ltd.		26,392
	96,000	Brilliance China Automotive Holdings Ltd.		81,951
	60,000	China Agri-Industries Holdings Ltd.		32,542
	1,558,000	China Education Group Holdings Ltd., (Restricted, cost — $2,358,314, acquired 3/22/19)(b)		2,232,396
	106,888	China Everbright International Ltd.		71,629

See Notes to Financial Statements.

115

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Hong Kong — 3.5% — (continued)
	24,000	China Everbright Ltd.	$	40,558
	76,000	China First Capital Group Ltd.*		2,092
	55,600	China Gas Holdings Ltd.		204,568
	156,000	China Jinmao Holdings Group Ltd.		114,913
	81,000	China Mengniu Dairy Co., Ltd.*		288,997
	39,538	China Merchants Port Holdings Co., Ltd.		58,552
	178,000	China Mobile Ltd.		1,414,624
	123,586	China Mobile Ltd., ADR		4,921,195
	108,000	China Overseas Land & Investment Ltd.		365,378
	92,000	China Power International Development Ltd.		17,227
	40,000	China Resources Beer Holdings Co., Ltd.		186,420
	56,000	China Resources Cement Holdings Ltd.		70,975
	24,000	China Resources Gas Group Ltd.		120,316
	92,000	China Resources Land Ltd.		428,009
	60,000	China Resources Power Holdings Co., Ltd.		71,675
	66,000	China State Construction International Holdings Ltd.		53,935
	48,800	China Taiping Insurance Holdings Co., Ltd.		100,752
	72,000	China Traditional Chinese Medicine Holdings Co., Ltd.		37,973
	160,000	China Unicom Hong Kong Ltd.		127,194
	176,000	CITIC Ltd.		197,032
	46,000	COSCO SHIPPING Ports Ltd.		30,747
	70,000	Far East Horizon Ltd.		61,486
	325,400	Galaxy Entertainment Group Ltd.		2,173,037
	142,000	Geely Automobile Holdings Ltd.		257,797
	78,000	Guangdong Investment Ltd.		147,454
	37,000	Haier Electronics Group Co., Ltd.		105,534
	1,651	Hutchison China MediTech Ltd., ADR*		38,501
	17,500	Kingboard Holdings Ltd.		46,741
	31,000	Kingboard Laminates Holdings Ltd.		31,317
	106,000	Kunlun Energy Co., Ltd.		74,427
	49,000	Lee & Man Paper Manufacturing Ltd.		38,545
	54,000	Nine Dragons Paper Holdings Ltd.		63,524
	12,000	Shanghai Industrial Holdings Ltd.		21,297
	26,000	Shenzhen International Holdings Ltd.		50,032
	80,000	Shenzhen Investment Ltd.		27,041
	32,500	Shimao Property Holdings Ltd.		117,417
	202,500	Sino Biopharmaceutical Ltd.		297,830
	50,000	SSY Group Ltd.		42,397
	76,500	Sun Art Retail Group Ltd.		98,433
	30,000	Towngas China Co., Ltd.*		17,500
	30,000	Wharf Holdings Ltd.(f)		63,746
	196,000	Yuexiu Property Co., Ltd.		40,244
		Total Hong Kong		17,646,673
	Hungary — 1.0%
	12,471	MOL Hungarian Oil & Gas PLC		96,642
	115,735	OTP Bank Nyrt		5,041,932
	4,013	Richter Gedeon Nyrt		81,556
		Total Hungary		5,220,130
	India — 10.2%
	15,761	Adani Ports & Special Economic Zone Ltd.		75,192
	18,748	Ambuja Cements Ltd.*		54,471
	38,179	Ashok Leyland Ltd.		36,846
	8,651	Asian Paints Ltd.		215,919
	7,984	Aurobindo Pharma Ltd.		55,658

See Notes to Financial Statements.

116

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	India — 10.2% — (continued)
	3,592	Avenue Supermarts Ltd., Class A Shares*(a)	$	116,321
	285,164	Axis Bank Ltd.		2,756,963
	38,598	Bajaj Auto Ltd.		1,545,856
	5,087	Bajaj Finance Ltd.		315,687
	1,172	Bajaj Finserv Ltd.		148,130
	281,711	Bandhan Bank Ltd., (Restricted, cost — $2,020,596, acquired 3/28/19)(a)(b)		1,498,197
	6,522	Berger Paints India Ltd.		51,265
	6,110	Bharat Forge Ltd.		36,836
	179,564	Bharat Petroleum Corp., Ltd.		1,050,804
	70,191	Bharti Airtel Ltd.*		505,672
	422,923	Bharti Infratel Ltd.		1,268,677
	224	Bosch Ltd.		37,834
	1,236	Britannia Industries Ltd.		50,500
	574,400	Cholamandalam Investment & Finance Co., Ltd.		2,446,103
	10,212	Cipla Ltd.		57,184
	492,059	Coal India Ltd.		1,138,328
	1,861	Colgate-Palmolive India Ltd.		33,138
	6,095	Container Corp. Of India Ltd.		42,853
	13,659	Dabur India Ltd.		93,419
	2,337	Divi’s Laboratories Ltd.		68,177
	16,810	DLF Ltd.		47,036
	3,476	Dr Reddy’s Laboratories Ltd.		140,326
	361	Eicher Motors Ltd.		83,554
	48,168	GAIL India Ltd.		69,520
	11,656	Godrej Consumer Products Ltd.		90,936
	8,883	Grasim Industries Ltd.		83,835
	7,396	Havells India Ltd.		62,517
	352,171	HCL Technologies Ltd.		2,617,273
	1,229	HDFC Asset Management Co., Ltd.(a)		53,856
	227,000	HDFC Bank Ltd.		3,717,925
	67,977	HDFC Bank Ltd., ADR		3,728,538
	14,501	HDFC Life Insurance Co., Ltd.(a)		109,428
	56,838	Hero MotoCorp Ltd.		1,601,603
	28,550	Hindalco Industries Ltd.		61,905
	17,094	Hindustan Petroleum Corp., Ltd.		46,854
	18,646	Hindustan Unilever Ltd.		560,902
	47,578	Housing Development Finance Corp., Ltd.		1,440,424
	138,785	ICICI Bank Ltd.		954,841
	5,614	ICICI Lombard General Insurance Co., Ltd.(a)		96,837
	9,515	ICICI Prudential Life Insurance Co., Ltd.(a)		61,543
	52,879	Indian Oil Corp., Ltd.		78,040
	1,743	Info Edge India Ltd.		63,701
	98,603	Infosys Ltd.		990,328
	206,668	Infosys Ltd., ADR		2,081,147
	2,780	InterGlobe Aviation Ltd.(a)		49,947
	97,521	ITC Ltd.		266,717
	19,857	JSW Steel Ltd.		64,858
	13,626	Larsen & Toubro Ltd.		223,838
	1,634,423	Lemon Tree Hotels Ltd., (Restricted, cost — $1,316,598, acquired 8/29/19)*(a)(b)		1,142,597
	5,604	LIC Housing Finance Ltd.		24,668
	7,246	Lupin Ltd.		63,984
	10,185	Mahindra & Mahindra Financial Services Ltd.		49,869
	22,086	Mahindra & Mahindra Ltd.		139,218
	12,963	Marico Ltd.		53,369
	3,035	Maruti Suzuki India Ltd.		265,684
	28,021	Motherson Sumi Systems Ltd.		41,316

See Notes to Financial Statements.

117

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	India — 10.2% — (continued)
	734	Nestle India Ltd.	$	160,421
	67,310	NTPC Ltd.		99,507
	112,000	Oberoi Realty Ltd.		787,790
	898,402	Oil & Natural Gas Corp., Ltd.		1,142,053
	169	Page Industries Ltd.		51,917
	17,509	Petronet LNG Ltd.		59,868
	172,000	Phoenix Mills Ltd.		2,023,157
	3,802	Pidilite Industries Ltd.		80,005
	2,660	Piramal Enterprises Ltd.		48,914
	53,682	Power Grid Corp. of India Ltd.		135,246
	13,216	REC Ltd.		21,418
	162,761	Reliance Industries Ltd.		2,998,834
	9,936	SBI Life Insurance Co., Ltd.(a)		121,453
	257	Shree Cement Ltd.		80,227
	2,421	Shriram Transport Finance Co., Ltd.		40,758
	2,065	Siemens Ltd.		37,334
	49,849	State Bank of India*		211,692
	22,394	Sun Pharmaceutical Industries Ltd.		115,761
	130,978	Tata Consultancy Services Ltd.		3,629,213
	47,880	Tata Motors Ltd.*		86,538
	25,911	Tata Power Co., Ltd.		16,618
	10,143	Tata Steel Ltd.		53,337
	13,080	Tech Mahindra Ltd.		134,575
	122,205	Titan Co., Ltd.		2,140,730
	3,293	UltraTech Cement Ltd.		191,917
	9,255	United Spirits Ltd*		88,833
	236,417	UPL Ltd.		1,712,581
	56,784	Vedanta Ltd.		88,431
	35,936	Wipro Ltd.		110,187
	20,523	Zee Entertainment Enterprises Ltd.		67,535
		Total India		51,465,814
	Indonesia — 2.8%
	251,800	Adaro Energy Tbk PT		20,632
	4,671,800	Astra International Tbk PT		1,817,442
	278,000	Bank Central Asia Tbk PT		606,644
	6,495,124	Bank Mandiri Persero Tbk PT		3,252,995
	211,400	Bank Negara Indonesia Persero Tbk PT		104,155
	7,375,200	Bank Rakyat Indonesia Persero Tbk PT		2,153,273
	128,800	Bank Tabungan Negara Persero Tbk PT		15,095
	9,720,000	Bank Tabungan Pensiunan Nasional Syariah Tbk PT*		2,557,132
	911,500	Barito Pacific Tbk PT*		62,696
	73,600	Bukit Asam Tbk PT		11,486
	223,800	Bumi Serpong Damai Tbk PT*		15,709
	231,100	Charoen Pokphand Indonesia Tbk PT		92,020
	14,300	Gudang Garam Tbk PT		50,661
	391,300	Hanjaya Mandala Sampoerna Tbk PT		46,941
	77,100	Indah Kiat Pulp & Paper Corp. Tbk PT		30,574
	42,000	Indocement Tunggal Prakarsa Tbk PT		44,101
	69,500	Indofood CBP Sukses Makmur Tbk PT		49,770
	137,000	Indofood Sukses Makmur Tbk PT		62,075
	54,967	Jasa Marga Persero Tbk PT		17,927
	715,400	Kalbe Farma Tbk PT		61,397
	42,400	Pabrik Kertas Tjiwi Kimia Tbk PT		17,729
	615,200	Pakuwon Jati Tbk PT		22,896
	365,400	Perusahaan Gas Negara Tbk PT		32,591

See Notes to Financial Statements.

118

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Indonesia — 2.8% — (continued)
	105,000	Semen Indonesia Persero Tbk PT	$	75,985
	1,389,387	Telekomunikasi Indonesia Persero Tbk PT		337,655
	98,350	Telekomunikasi Indonesia Persero Tbk PT, ADR		2,384,988
	233,500	Unilever Indonesia Tbk PT		111,071
	53,300	United Tractors Tbk PT		61,657
	103,100	XL Axiata Tbk PT*		18,682
		Total Indonesia		14,135,979
	Kenya — 0.3%
	5,624,000	Safaricom PLC		1,550,022
	Kuwait — 0.3%
	127,000	Humansoft Holding Co., KSC		1,312,017
	Luxembourg — 0.2%
	4,430	Reinet Investments SCA		91,688
	63,000	Ternium SA, ADR		1,115,100
		Total Luxembourg		1,206,788
	Malaysia — 1.0%
	46,100	AirAsia Group Bhd		11,100
	46,100	AMMB Holdings Bhd		40,478
	77,700	Axiata Group Bhd		77,450
	146,600	British American Tobacco Malaysia Bhd		432,764
	148,207	CIMB Group Holdings Bhd		170,337
	111,600	Dialog Group Bhd		88,456
	88,700	DiGi.Com Bhd		86,814
	5,500	Fraser & Neave Holdings Bhd		40,101
	56,200	Gamuda Bhd		44,144
	57,500	Genting Bhd		67,540
	80,300	Genting Malaysia Bhd		55,145
	5,900	Genting Plantations Bhd		14,028
	20,100	HAP Seng Consolidated Bhd		42,742
	37,200	Hartalega Holdings Bhd		54,746
	21,000	Hong Leong Bank Bhd		76,403
	7,300	Hong Leong Financial Group Bhd		26,504
	65,500	IHH Healthcare Bhd		88,998
	86,800	IJM Corp. Bhd		40,135
	56,900	IOI Corp. Bhd		56,303
	13,100	Kuala Lumpur Kepong Bhd		67,620
	117,809	Malayan Banking Bhd		236,014
	1,251,400	Malaysia Airports Holdings Bhd		1,964,279
	61,600	Maxis Bhd		79,374
	25,400	MISC Bhd		45,736
	1,700	Nestle Malaysia Bhd		57,561
	60,200	Petronas Chemicals Group Bhd		77,307
	9,000	Petronas Dagangan Bhd		48,642
	16,500	Petronas Gas Bhd		65,253
	16,700	PPB Group Bhd		71,576
	37,500	Press Metal Aluminium Holdings Bhd		41,574
	88,500	Public Bank Bhd		359,123
	21,000	QL Resources Bhd		40,668
	36,700	RHB Bank Bhd		48,419
	77,200	Sime Darby Bhd		36,637
	63,200	Sime Darby Plantation Bhd		74,840
	53,700	Telekom Malaysia Bhd		47,151
	87,600	Tenaga Nasional Bhd		251,523

See Notes to Financial Statements.

119

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Malaysia — 1.0% — (continued)
	41,500	Top Glove Corp. Bhd	$	55,206
	34,300	Westports Holdings Bhd		27,994
	76,350	YTL Corp. Bhd		15,310
		Total Malaysia		5,225,995
	Mexico — 3.1%
	100,440	Alfa SAB de CV, Class A Shares		64,671
	13,753	Alsea SAB de CV*		27,978
	246,162	América Móvil SAB de CV, Class L Shares, ADR		3,909,052
	963,100	América Móvil SAB de CV, Series L		762,062
	17,106	Arca Continental SAB de CV		94,321
	446,111	Cemex SAB de CV, Class Preferred Shares		145,549
	16,529	Coca-Cola Femsa SAB de CV		92,534
	4,605	El Puerto de Liverpool SAB de CV, Class C1 Shares		21,764
	95,065	Fibra Uno Administracion SA de CV, REIT		144,017
	54,239	Fomento Economico Mexicano SAB de CV		442,402
	6,096	Gruma SAB de CV, Class B Shares		58,852
	10,336	Grupo Aeroportuario del Pacifico SAB de CV, Class B Shares		111,882
	6,186	Grupo Aeroportuario del Sureste SAB de CV, Class B Shares		103,034
	52,666	Grupo Bimbo SAB de CV, Series A		79,464
	14,300	Grupo Carso SAB de CV, Series A1		39,868
	73,249	Grupo Financiero Banorte SAB de CV, Class O Shares		400,613
	67,892	Grupo Financiero Inbursa SAB de CV, Class O Shares		73,662
	676,188	Grupo México SAB de CV, Series B		1,598,247
	66,379	Grupo Televisa SAB		125,084
	4,192	Industrias Peñoles SAB de CV		37,716
	12,296	Infraestructura Energetica Nova SAB de CV		53,989
	648,306	Kimberly-Clark de México SAB de CV, Class A Shares*		1,234,508
	7,978	Megacable Holdings SAB de CV		26,799
	31,079	Orbia Advance Corp. SAB de CV		61,202
	6,730	Promotora y Operadora de Infraestructura SAB de CV		65,954
	636,000	Qualitas Controladora SAB de CV		2,731,140
	429,100	Regional SAB de CV		2,387,826
	292,080	Unifin Financiera SAB de CV SOFOM ENR		453,910
	150,141	Wal-Mart de Mexico SAB de CV		422,783
		Total Mexico		15,770,883
	Netherlands — 0.8%
	58,670	Prosus NV*		4,158,915
	Pakistan — 0.2%
	429,935	Habib Bank Ltd.		435,376
	822	MCB Bank Ltd.		1,064
	17,868	Oil & Gas Development Co., Ltd.		13,628
	1,044,289	Pakistan Petroleum Ltd.		750,411
		Total Pakistan		1,200,479
	Peru — 0.2%
	7,015	Cia de Minas Buenaventura SAA, ADR		78,218
	3,756	Credicorp Ltd.		680,850
	2,065	Southern Copper Corp.		69,487
		Total Peru		828,555
	Philippines — 1.8%
	66,680	Aboitiz Equity Ventures Inc.		55,340
	43,300	Aboitiz Power Corp.		23,488
	1,011	Altus San Nicolas Corp.*(e)(f)		—

See Notes to Financial Statements.

120

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Philippines — 1.8% — (continued)
	7,760	Ayala Corp.	$	100,589
	4,635,410	Ayala Land Inc.		3,554,550
	32,088	Bank of the Philippine Islands		46,670
	57,324	BDO Unibank Inc.		155,569
	14,186,900	Bloomberry Resorts Corp.		2,264,501
	655	Globe Telecom Inc.		22,876
	2,800	GT Capital Holdings Inc.		38,669
	1,008,640	International Container Terminal Services Inc.		2,081,025
	79,510	JG Summit Holdings Inc.		105,638
	14,790	Jollibee Foods Corp.		49,328
	6,170	Manila Electric Co.		32,673
	434,000	Megaworld Corp.		28,975
	419,500	Metro Pacific Investments Corp.		25,177
	55,156	Metropolitan Bank & Trust Co.*		60,706
	2,430	PLDT Inc.		47,210
	52,523	Robinsons Land Corp.		21,741
	6,820	Security Bank Corp.		20,536
	6,990	SM Investments Corp.		133,603
	303,100	SM Prime Holdings Inc.		227,041
	22,540	Universal Robina Corp.		63,051
		Total Philippines		9,158,956
	Poland — 0.4%
	4,561	Bank Millennium SA*		5,633
	5,404	Bank Polska Kasa Opieki SA		121,949
	1,062	CCC SA		19,506
	1,709	CD Projekt SA		121,958
	6,856	Cyfrowy Polsat SA		44,284
	1,497	Dino Polska SA*(a)		54,949
	2,127	Grupa Lotos SA		32,341
	4,374	KGHM Polska Miedz SA*		79,587
	15,314	KRUK SA		539,514
	31	LPP SA		54,897
	397	mBank SA*		30,207
	20,391	Orange Polska SA*		32,326
	27,259	PGE Polska Grupa Energetyczna SA*		31,320
	8,934	Polski Koncern Naftowy ORLEN SA		134,642
	56,283	Polskie Gornictwo Naftowe i Gazownictwo SA		46,173
	26,665	Powszechna Kasa Oszczednosci Bank Polski SA		213,527
	18,317	Powszechny Zaklad Ubezpieczen SA		163,878
	1,017	Santander Bank Polska SA		65,753
		Total Poland		1,792,444
	Portugal — 0.2%
	86,967	Galp Energia SGPS SA		1,193,619
	Qatar — 0.3%
	58,133	Barwa Real Estate Co.		49,440
	56,283	Commercial Bank PSQC		69,334
	54,230	Industries Qatar QSC		134,220
	112,186	Masraf Al Rayan QSC*		124,599
	127,934	Mesaieed Petrochemical Holding Co.		61,951
	25,890	Ooredoo QPSC		44,736
	17,496	Qatar Electricity & Water Co. QSC		73,091
	15,190	Qatar Fuel QSC		80,509
	54,830	Qatar Insurance Co. SAQ		40,358
	16,205	Qatar International Islamic Bank QSC		37,444

See Notes to Financial Statements.

121

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Qatar — 0.3% — (continued)
	30,239	Qatar Islamic Bank SAQ	$	128,744
	129,214	Qatar National Bank QPSC		661,733
		Total Qatar		1,506,159
	Romania — 0.0%
	9,389	NEPI Rockcastle PLC		68,883
	Russia — 5.1%
	1,988,019	Alrosa PJSC		2,121,210
	308,726	Gazprom PJSC		935,709
	223,019	Gazprom PJSC, ADR		1,355,615
	856,962	Inter RAO UES PJSC		66,654
	11,474	Lukoil PJSC		977,412
	30,245	Lukoil PJSC, ADR		2,611,353
	92,733	Magnit PJSC, Class Registered Shares, GDR		1,032,392
	28,480	Magnit PJSC, Class Registered Shares, GDR*		310,147
	49,568	Magnitogorsk Iron & Steel Works PJSC		29,911
	1,890	MMC Norilsk Nickel PJSC		572,022
	240,792	Mobile TeleSystems PJSC, ADR		2,335,682
	37,008	Moscow Exchange MICEX-RTS PJSC		54,803
	2,641	Novatek PJSC, Class Registered Shares, GDR		382,783
	28,403	Novolipetsk Steel PJSC		53,051
	4,722	PhosAgro PJSC, Class Registered Shares, GDR		52,534
	6,301	Polymetal International PLC		95,628
	547	Polyus PJSC		69,197
	30,380	Rosneft Oil Co. PJSC		183,168
	1,673,398	Sberbank of Russia PJSC		5,836,488
	213,500	Sberbank of Russia PJSC, ADR		3,038,105
	7,269	Severstal PJSC		88,500
	284,474	Surgutneftegas PJSC		118,987
	44,385	Tatneft PJSC		445,778
	92,960,626	VTB Bank PJSC		60,239
	3,497	X5 Retail Group NV, Class Registered Shares, GDR		108,490
	68,920	Yandex NV, Class A Shares*		2,798,841
		Total Russia		25,734,699
	Saudi Arabia — 0.9%
	2,938	Advanced Petrochemical Co.		34,807
	35,933	Al Rajhi Bank		590,654
	21,848	Alinma Bank		132,772
	7,528	Almarai Co. JSC		90,890
	14,513	Arab National Bank		97,385
	10,770	Bank AlBilad		67,884
	12,294	Bank Al-Jazira		45,236
	16,032	Banque Saudi Fransi		144,139
	759	Bupa Arabia for Cooperative Insurance Co.		19,516
	1,797	Co. for Cooperative Insurance*		32,782
	16,229	Dar Al Arkan Real Estate Development Co.*		40,353
	12,531	Emaar Economic City*		30,284
	11,243	Etihad Etisalat Co.*		68,937
	1,698	Jarir Marketing Co.		68,459
	12,700	Leejam Sports Co., JSC		250,328
	35,611	National Commercial Bank		417,090
	9,889	National Industrialization Co.*		30,569
	6,566	Rabigh Refining & Petrochemical Co.*		27,173
	31,800	Riyad Bank		183,250
	10,666	Sahara International Petrochemical Co.		43,965

See Notes to Financial Statements.

122

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Saudi Arabia — 0.9% — (continued)
	26,412	Samba Financial Group.	$	187,337
	1,171	Saudi Airlines Catering Co.		28,346
	4,851	Saudi Arabian Fertilizer Co.		86,648
	12,349	Saudi Arabian Mining Co.*		124,409
	34,394	Saudi Arabian Oil Co.*(a)		305,755
	22,126	Saudi Basic Industries Corp.		463,527
	19,465	Saudi British Bank		144,130
	2,168	Saudi Cement Co.		34,910
	24,559	Saudi Electricity Co.		110,501
	6,611	Saudi Industrial Investment Group		36,851
	22,288	Saudi Kayan Petrochemical Co.*		52,194
	11,837	Saudi Telecom Co.		258,652
	7,899	Savola Group*		68,411
	6,603	Yanbu National Petrochemical Co.		86,206
		Total Saudi Arabia		4,404,350
	Singapore — 0.0%
	6,000	BOC Aviation Ltd.(a)		52,221
	South Africa — 3.9%
	20,042	Absa Group Ltd.		171,606
	805,700	Advtech Ltd.		479,209
	1,690	Anglo American Platinum Ltd.		116,325
	11,755	AngloGold Ashanti Ltd.		206,385
	12,791	Aspen Pharmacare Holdings Ltd.*		83,999
	9,595	Bid Corp., Ltd.		174,354
	111,131	Bidvest Group Ltd.		1,319,125
	1,307	Capitec Bank Holdings Ltd.		110,188
	7,661	Clicks Group Ltd.		118,201
	10,460	Discovery Ltd.		64,192
	7,496	Exxaro Resources Ltd.		55,116
	96,861	FirstRand Ltd.		343,976
	39,637	Fortress REIT Ltd., Class A Shares		41,207
	5,918	Foschini Group Ltd.		47,141
	25,996	Gold Fields Ltd.		154,769
	79,517	Growthpoint Properties Ltd., REIT		90,685
	23,284	Impala Platinum Holdings Ltd.*		188,376
	8,314	Investec Ltd.		43,135
	1,756	Kumba Iron Ore Ltd.		32,806
	4,363	Liberty Holdings Ltd.		26,246
	838,752	Life Healthcare Group Holdings Ltd.		1,183,743
	26,001	Momentum Metropolitan Holdings		30,361
	8,026	Mr Price Group Ltd.		79,186
	46,636	MTN Group Ltd.		220,512
	13,547	MultiChoice Group*		79,478
	25,374	Naspers Ltd., Class N Shares		4,012,014
	91,868	Nedbank Group Ltd.		1,069,979
	10,626	Northam Platinum Ltd.*		75,540
	145,742	Old Mutual Ltd.		147,180
	22,104	Pepkor Holdings Ltd.(a)		22,150
	8,365	Pick n Pay Stores Ltd.		30,440
	4,079	PSG Group Ltd.		48,836
	20,832	Rand Merchant Investment Holdings Ltd.		34,344
	146,902	Redefine Properties Ltd., REIT		51,190
	15,494	Remgro Ltd.		159,062
	24,733	RMB Holdings Ltd.		112,282
	335,000	Sanlam Ltd.		1,437,624

See Notes to Financial Statements.

123

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	South Africa — 3.9% — (continued)
	16,421	Sasol Ltd.	$	197,534
	188,189	Shoprite Holdings Ltd.		1,356,308
	65,569	Sibanye Stillwater Ltd.*		132,229
	6,132	SPAR Group Ltd.		66,643
	156,913	Standard Bank Group Ltd.		1,505,914
	7,837	Telkom SA SOC Ltd.		13,413
	4,420	Tiger Brands Ltd.		43,450
	1,776,173	Transaction Capital Ltd.		2,151,417
	223,151	Vodacom Group Ltd.		1,602,153
	28,803	Woolworths Holdings Ltd.(d).		67,579
		Total South Africa		19,797,602
	South Korea — 9.4%
	976	Amorepacific Corp.*		132,772
	661	AMOREPACIFIC Group*		34,595
	233	BGF retail Co., Ltd.		29,427
	8,650	BNK Financial Group Inc.		44,421
	1,614	Celltrion Healthcare Co., Ltd.*		89,573
	2,715	Celltrion Inc.*		383,747
	2,195	Cheil Worldwide Inc.		35,769
	218	CJ CheilJedang Corp.		44,684
	488	CJ Corp.		33,099
	353	CJ ENM Co., Ltd.		37,364
	248	CJ Logistics Corp.*		27,669
	27,694	Coway Co., Ltd.		1,598,208
	950	Daelim Industrial Co., Ltd.*		57,283
	1,962	Daewoo Engineering & Construction Co., Ltd.*		6,706
	1,129	Daewoo Shipbuilding & Marine Engineering Co., Ltd.*		21,165
	1,408	DB Insurance Co., Ltd.		51,197
	1,233	Doosan Bobcat Inc.		29,524
	19,800	Douzone Bizon Co., Ltd.		1,427,586
	480	E-MART Inc.		42,746
	1,475	Fila Holdings Corp.		47,340
	1,746	GS Engineering & Construction Corp.		38,120
	1,329	GS Holdings Corp.		45,982
	684	GS Retail Co., Ltd.		19,963
	9,106	Hana Financial Group Inc.		237,792
	2,943	Hankook Tire & Technology Co., Ltd.		63,394
	188	Hanmi Pharm Co., Ltd.*		41,218
	5,435	Hanon Systems.		48,087
	823	Hanwha Corp.		14,030
	8,823	Hanwha Life Insurance Co., Ltd.		12,307
	3,358	Hanwha Solutions Corp.		49,823
	755	HDC Hyundai Development Co-Engineering & Construction, Class E Shares(d)		11,333
	547	Helixmith Co., Ltd.*(d)		28,227
	1,098	HLB Inc.*		87,944
	1,026	Hotel Shilla Co., Ltd.		69,709
	403	Hyundai Department Store Co., Ltd.		24,073
	2,491	Hyundai Engineering & Construction Co., Ltd.		71,883
	569	Hyundai Glovis Co., Ltd.		58,697
	330	Hyundai Heavy Industries Holdings Co., Ltd.		75,117
	1,535	Hyundai Marine & Fire Insurance Co., Ltd.		28,783
	13,905	Hyundai Mobis Co., Ltd.		2,457,554
	4,655	Hyundai Motor Co.		450,249
	2,277	Hyundai Steel Co.		45,164
	7,803	Industrial Bank of Korea		62,257

See Notes to Financial Statements.

124

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	South Korea — 9.4% — (continued)
	1,405	Kakao Corp.	$	205,207
	3,485	Kangwon Land Inc.*		66,514
	80,830	KB Financial Group Inc.		2,625,625
	103	KCC Corp.		14,439
	7,881	Kia Motors Corp.		240,917
	751	KMW Co., Ltd.*		30,974
	9,100	Koh Young Technology Inc.*(d)		729,760
	2,035	Korea Aerospace Industries Ltd.*		43,991
	7,576	Korea Electric Power Corp.		135,711
	714	Korea Gas Corp.		16,794
	1,278	Korea Investment Holdings Co., Ltd.*		67,604
	1,137	Korea Shipbuilding & Offshore Engineering Co., Ltd.*		98,271
	258	Korea Zinc Co., Ltd.*		89,588
	1,192	Korean Air Lines Co., Ltd.*		22,504
	21,523	KT&G Corp.		1,511,123
	672	Kumho Petrochemical Co., Ltd.		33,717
	1,311	LG Chem Ltd.		410,868
	2,582	LG Corp.		146,162
	7,331	LG Display Co., Ltd.		82,894
	3,166	LG Electronics Inc.		160,217
	267	LG Household & Health Care Ltd.		276,507
	336	LG Innotek Co., Ltd.		37,324
	3,523	LG Uplus Corp.		38,899
	404	Lotte Chemical Corp.		62,975
	904	Lotte Corp.		22,042
	312	Lotte Shopping Co., Ltd.		25,033
	152	Medy-Tox Inc.		37,651
	8,685	Meritz Securities Co., Ltd.		25,107
	12,449	Mirae Asset Daewoo Co., Ltd.*		66,421
	4,186	NAVER Corp.		615,341
	443	NCSoft Corp.		241,384
	740	Netmarble Corp.*(a)(d)		55,114
	3,693	NH Investment & Securities Co., Ltd.*		30,998
	582	OCI Co., Ltd.*		24,398
	640	Orion Corp.		50,737
	19	Ottogi Corp.		7,929
	6,901	Pan Ocean Co., Ltd.*		21,945
	177	Pearl Abyss Corp.*		26,260
	2,201	POSCO.		357,712
	706	POSCO Chemical Co., Ltd.		32,582
	1,129	Posco International Corp.		14,128
	519	S-1 Corp.		35,527
	462	Samsung Biologics Co., Ltd.*(a)		180,893
	2,351	Samsung C&T Corp.		208,967
	865	Samsung Card Co., Ltd.		24,398
	1,548	Samsung Electro-Mechanics Co., Ltd.		166,322
	323,217	Samsung Electronics Co., Ltd.		14,789,047
	4,498	Samsung Engineering Co., Ltd.*		53,187
	938	Samsung Fire & Marine Insurance Co., Ltd.		154,528
	13,465	Samsung Heavy Industries Co., Ltd.*		66,068
	2,175	Samsung Life Insurance Co., Ltd.		105,879
	17,145	Samsung SDI Co., Ltd.		4,333,569
	1,034	Samsung SDS Co., Ltd.		144,728
	2,009	Samsung Securities Co., Ltd.		55,854
	100,197	Shinhan Financial Group Co., Ltd.		2,706,858
	241	Shinsegae Inc.		48,152

See Notes to Financial Statements.

125

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	South Korea — 9.4% — (continued)
	970	SK Holdings Co., Ltd.	$	156,223
	90,841	SK Hynix Inc.		6,631,594
	1,639	SK Innovation Co., Ltd.		155,156
	475	SK Telecom Co., Ltd.		84,309
	1,393	S-Oil Corp.		77,945
	13,570	Woori Financial Group Inc.		109,846
	258	Yuhan Corp.		46,526
		Total South Korea		47,355,524
	Spain — 0.5%
	2,268	AmRest Holdings SE*		23,138
	127,271	CIE Automotive SA		2,584,915
		Total Spain		2,608,053
	Switzerland — 0.2%
	19,800	Wizz Air Holdings PLC, (Restricted, cost — $385,111, acquired 7/21/16)*(a)(b)		874,930
	Taiwan — 6.2%
	15,000	Accton Technology Corp.		78,711
	72,000	Acer Inc.		38,157
	9,799	Advantech Co., Ltd.		93,530
	4,000	Airtac International Group		60,615
	106,498	ASE Technology Holding Co., Ltd.		248,549
	60,000	Asia Cement Corp.		86,473
	23,000	Asustek Computer Inc.		154,780
	267,000	AU Optronics Corp.		82,094
	170,000	Catcher Technology Co., Ltd.		1,291,465
	232,738	Cathay Financial Holding Co., Ltd.		303,195
	35,662	Chailease Holding Co., Ltd.		132,124
	168,418	Chang Hwa Commercial Bank Ltd.		128,258
	54,000	Cheng Shin Rubber Industry Co., Ltd.		70,143
	17,130	Chicony Electronics Co., Ltd.		46,726
	67,000	China Airlines Ltd.		17,740
	404,000	China Development Financial Holding Corp.		120,506
	63,390	China Life Insurance Co., Ltd.*		49,970
	341,000	China Steel Corp.		257,025
	453,900	Chroma ATE Inc.		2,073,869
	111,000	Chunghwa Telecom Co., Ltd.		396,686
	139,000	Compal Electronics Inc.		84,101
	523,880	CTBC Financial Holding Co., Ltd.		389,895
	56,000	Delta Electronics Inc.		254,892
	318,394	E.Sun Financial Holding Co., Ltd.		302,333
	5,100	Eclat Textile Co., Ltd.		60,092
	60,812	Eva Airways Corp.		23,743
	64,478	Evergreen Marine Corp. Taiwan Ltd.*		24,085
	85,000	Far Eastern New Century Corp.		78,392
	50,000	Far EasTone Telecommunications Co., Ltd.		108,912
	9,100	Feng TAY Enterprise Co., Ltd.		50,259
	303,105	First Financial Holding Co., Ltd.		235,285
	97,000	Formosa Chemicals & Fibre Corp.		261,212
	36,000	Formosa Petrochemical Corp.		100,880
	132,000	Formosa Plastics Corp.		390,491
	15,000	Formosa Taffeta Co., Ltd.		16,512
	21,230	Foxconn Technology Co., Ltd.		40,780
	186,000	Fubon Financial Holding Co., Ltd.		269,661
	10,000	Giant Manufacturing Co., Ltd.		53,375
	7,000	Globalwafers Co., Ltd.		92,047

See Notes to Financial Statements.

126

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Taiwan — 6.2% — (continued)
	19,000	Highwealth Construction Corp.	$	27,947
	7,938	Hiwin Technologies Corp.		77,194
	1,143,660	Hon Hai Precision Industry Co., Ltd.		2,949,980
	9,000	Hotai Motor Co., Ltd.		182,746
	245,791	Hua Nan Financial Holdings Co., Ltd.		173,401
	178,000	Innolux Corp.		45,470
	79,000	Inventec Corp.		59,975
	2,541	Largan Precision Co., Ltd.		362,484
	61,264	Lite-On Technology Corp., ADR		87,116
	44,000	MediaTek Inc.		511,111
	310,000	Mega Financial Holding Co., Ltd.		329,038
	22,000	Micro-Star International Co., Ltd.		65,378
	154,000	Nan Ya Plastics Corp.		341,621
	30,000	Nanya Technology Corp.		73,538
	5,000	Nien Made Enterprise Co., Ltd.		39,234
	17,000	Novatek Microelectronics Corp.		108,283
	63,000	Pegatron Corp.		128,418
	4,000	Phison Electronics Corp.		42,990
	59,000	Pou Chen Corp.		65,332
	17,000	Powertech Technology Inc.		55,255
	177,660	Poya International Co., Ltd.		2,772,286
	16,539	President Chain Store Corp.		161,287
	76,000	Quanta Computer Inc.		153,477
	13,000	Realtek Semiconductor Corp.		94,241
	16,120	Ruentex Development Co., Ltd.*		21,572
	4,400	Ruentex Industries Ltd.*		9,647
	96,206	Shanghai Commercial & Savings Bank Ltd.		158,090
	318,290	Shin Kong Financial Holding Co., Ltd.*		95,268
	332,846	SinoPac Financial Holdings Co., Ltd.		141,473
	5,629	Standard Foods Corp.		12,491
	35,700	Synnex Technology International Corp.		43,900
	62,000	TaiMed Biologics Inc.*		183,494
	277,575	Taishin Financial Holding Co., Ltd.		129,154
	126,156	Taiwan Business Bank		49,656
	132,265	Taiwan Cement Corp.		181,890
	275,527	Taiwan Cooperative Financial Holding Co., Ltd.		189,348
	60,000	Taiwan High Speed Rail Corp.		67,253
	48,000	Taiwan Mobile Co., Ltd.		166,395
	1,084,507	Taiwan Semiconductor Manufacturing Co., Ltd.		11,180,465
	57,000	Tatung Co., Ltd.*		38,798
	139,000	Uni-President Enterprises Corp.		335,370
	343,000	United Microelectronics Corp.		170,417
	23,000	Vanguard International Semiconductor Corp.		55,301
	7,000	Walsin Technology Corp.		47,805
	10,000	Win Semiconductors Corp.		88,330
	84,000	Winbond Electronics Corp.		43,369
	73,361	Wistron Corp.		64,488
	2,000	Wiwynn Corp.		46,510
	48,760	WPG Holdings Ltd.		62,060
	8,188	Yageo Corp.		107,562
	299,000	Yuanta Financial Holding Co., Ltd.		187,965
	14,000	Zhen Ding Technology Holding Ltd.		51,781
		Total Taiwan		31,405,217

See Notes to Financial Statements.

127

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Thailand — 2.0%
	33,400	Advanced Info Service PCL, NVDR	$	215,272
	128,800	Airports of Thailand PCL, NVDR		243,920
	20,800	B Grimm Power PCL, NVDR		30,341
	16,300	Bangkok Bank PCL, Class Registered Shares		68,751
	274,900	Bangkok Dusit Medical Services PCL, NVDR		193,772
	215,400	Bangkok Expressway & Metro PCL, NVDR		63,266
	132,800	Banpu PCL, NVDR		29,946
	34,400	Berli Jucker PCL, NVDR		39,889
	220,700	BTS Group Holdings PCL, NVDR		76,399
	10,500	Bumrungrad Hospital PCL, NVDR		42,844
	67,000	Central Pattana PCL, NVDR		112,846
	23,116	Central Retail Corp. PCL, NVDR*		23,109
	112,900	Charoen Pokphand Foods PCL, NVDR		95,879
	693,900	CP ALL PCL, NVDR		1,449,093
	9,700	Electricity Generating PCL, NVDR		84,613
	52,500	Energy Absolute PCL, NVDR		66,284
	27,200	Global Power Synergy PCL, NVDR		55,032
	17,300	Gulf Energy Development PCL, NVDR		92,119
	187,100	Home Product Center PCL, NVDR		76,068
	47,600	Indorama Ventures PCL, NVDR		39,370
	64,400	Intouch Holdings PCL, NVDR		112,079
	206,100	IRPC PCL, NVDR		14,728
	287,600	Kasikornbank PCL		1,091,875
	13,000	Kasikornbank PCL, NVDR		49,159
	110,000	Krung Thai Bank PCL, NVDR		49,238
	226,700	Land and Houses PCL, NVDR		60,114
	87,700	Minor International PCL, NVDR		78,356
	19,800	Muangthai Capital PCL, NVDR		35,862
	22,800	Osotspa PCL, NVDR		30,602
	41,400	PTT Exploration & Production PCL, NVDR		140,395
	66,200	PTT Global Chemical PCL, NVDR		86,777
	329,800	PTT PCL, NVDR		408,426
	21,400	Ratch Group PCL, NVDR		40,057
	93,300	Siam Cement PCL, Class Registered Shares		917,899
	23,200	Siam Cement PCL, NVDR		228,458
	20,000	Siam Commercial Bank PCL, NVDR		55,416
	165,000	Srisawad Corp. PCL		352,150
	988,174	Srisawad Corp. PCL, NVDR		2,133,614
	1,083,000	Thai Beverage PCL		611,211
	24,300	Thai Oil PCL, NVDR		33,414
	92,400	Thai Union Group PCL, NVDR		44,608
	1,064,476	TMB Bank PCL, NVDR		37,407
	20,200	Total Access Communication PCL, NVDR		23,422
	336,600	True Corp. PCL, NVDR(d)		35,495
		Total Thailand		9,769,575
	Turkey — 2.0%
	92,671	Akbank T.A.S.*		101,684
	5,229	Anadolu Efes Biracilik Ve Malt Sanayii AS		18,479
	5,951	Arcelik AS*		17,880
	8,922	Aselsan Elektronik Sanayi Ve Ticaret AS		39,686
	221,491	AvivaSA Emeklilik ve Hayat AS		518,886
	11,261	BIM Birlesik Magazalar AS		86,990
	41,908	Eregli Demir ve Celik Fabrikalari TAS		57,255
	1,793	Ford Otomotiv Sanayi AS		22,569
	27,526	Haci Ömer Sabanci Holding AS		37,850

See Notes to Financial Statements.

128

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units		Security	Value
	Turkey — 2.0% — (continued)
	638,617	KOC Holding AS	$	1,804,543
	792,066	MLP Saglik Hizmetleri AS, (Restricted, cost — $2,280,100, acquired 2/7/18), Class B Shares*(a)(b)		1,901,109
	882,254	Sok Marketler Ticaret AS*		1,207,847
	4,165	TAV Havalimanlari Holding AS		13,926
	428,100	Tofas Turk Otomobil Fabrikasi AS		1,839,143
	121,820	Tüpras Türkiye Petrol Rafinerileri AS		1,992,226
	14,117	Turk Hava Yollari AO*		27,748
	36,721	Turkcell Iletisim Hizmetleri AS		82,019
	68,320	Türkiye Garanti Bankasi AS*		107,928
	46,584	Turkiye Is Bankasi AS, Class C Shares*		43,121
		Total Turkey		9,920,889
	United Arab Emirates — 0.4%
	80,337	Abu Dhabi Commercial Bank PJSC		152,830
	113,653	Aldar Properties PJSC		64,748
	5,248	DP World PLC		82,937
	52,710	Dubai Islamic Bank PJSC		77,332
	67,240	Emaar Malls PJSC		29,132
	95,193	Emaar Properties PJSC		89,824
	50,462	Emirates Telecommunications Group Co. PJSC		216,581
	82,601	First Abu Dhabi Bank PJSC		319,469
	102,450	NMC Health PLC(e)		883,943
		Total United Arab Emirates		1,916,796
	United Kingdom — 0.7%
	64,788	Mondi PLC		1,311,033
	36,469	Unilever NV		1,941,073
		Total United Kingdom		3,252,106
	United States — 0.4%
	109,600	Laureate Education Inc., Class A Shares*		2,049,520
	25,000	Nexteer Automotive Group Ltd.		18,560
		Total United States		2,068,080
	Uruguay — 0.1%
	180,860	Biotoscana Investments SA BDR*		396,166
		TOTAL COMMON STOCKS (Cost — $410,196,739)		483,309,686
	PREFERRED STOCKS — 1.4%
	Brazil — 1.1%
	113,914	Banco Bradesco SA, Class Preferred Shares		777,343
	4,801	Braskem SA, Class Preferred A Shares		28,856
	7,736	Centrais Eletricas Brasileiras SA, Class Preferred B Shares		61,989
	4,986	Cia Brasileira de Distribuicao, Class Preferred Shares		80,363
	28,731	Cia Energetica de Minas Gerais, Class Preferred Shares		89,649
	31,169	Gerdau SA, Class Preferred Shares		117,948
	403,238	Itaú Unibanco Holding SA, Class Preferred Shares		2,884,166
	130,984	Itausa — Investimentos Itau SA, Class Preferred Shares		351,617
	17,538	Lojas Americanas SA, Class Preferred Shares		104,273
	121,562	Petroleo Brasileiro SA, Class Preferred Shares		688,515
	13,071	Telefonica Brasil SA, Class Preferred Shares		155,954
		Total Brazil		5,340,673
	Chile — 0.0%
	10,869	Embotelladora Andina SA, Class Preferred B Shares		26,245
	3,692	Sociedad Quimica y Minera de Chile SA, Class Preferred B Shares		96,849
		Total Chile		123,094

See Notes to Financial Statements.

129

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Shares/Units			Security	Value
	Colombia — 0.1%
	13,625		Bancolombia SA, Class Preferred Shares	$	162,557
	137,550		Grupo Aval Acciones y Valores SA, Class Preferred Shares		56,549
			Total Colombia		219,106
	Russia — 0.0%
	134,070		Surgutneftegas PJSC, Class Preferred Shares		104,408
	13		Transneft PJSC, Class Preferred Shares		29,504
			Total Russia		133,912
	South Korea — 0.2%
	108		Amorepacific Corp., Class Preferred Shares*		6,690
	1,024		Hyundai Motor Co., Class Preferred 2nd Shares		64,375
	565		Hyundai Motor Co., Class Preferred Shares		31,426
	157		LG Chem Ltd., Class Preferred Shares		24,686
	55		LG Household & Health Care Ltd., Class Preferred Shares		33,960
	24,763		Samsung Electronics Co., Ltd., Class Preferred Shares		950,867
			Total South Korea		1,112,004
			TOTAL PREFERRED STOCKS (Cost — $6,141,197)		6,928,789
	RIGHTS — 0.0%
	China — 0.0%
	1,176		Legend Holdings Corp.*(e)		2,022
	South Korea — 0.0%
	377		HDC Hyundai Development Co.-Engineering & Construction, Class E Shares*(e)(f)		—
			TOTAL RIGHTS (Cost — $0)		2,022
	WARRANT — 0.0%
	Thailand — 0.0%
	22,070		BTS Group Holdings PCL, expires 2/16/21*(e)		—
			(Cost — $0)		—
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $416,337,936)		490,240,497
Face Amount†
	SHORT-TERM INVESTMENTS (g) — 2.6%
	MONEY MARKET FUND — 0.2%
$	1,337,661		Invesco STIT — Government & Agency Portfolio, 1.471%, Institutional Class(h) (Cost — $1,337,661)		1,337,661
	TIME DEPOSITS — 2.4%
	6,125,149		Banco Santander SA — Frankfurt, 0.950% due 3/2/20		6,125,149
			BBH — Grand Cayman:
	9,517	EUR	(0.680)% due 3/2/20		10,505
	10	GBP	0.330% due 3/2/20		13
	14,319	SGD	0.500% due 3/2/20		10,281
	723	HKD	0.630% due 3/2/20		93
	21,465		0.950% due 3/2/20		21,465
	24,750	ZAR	6.250% due 3/2/20		1,586
	529,166	HKD	BNP Paribas — Paris, 0.630% due 3/2/20		67,885
	3,595,307		Deutsche Bank AG — Grand Cayman, 0.950% due 3/2/20		3,595,307

See Notes to Financial Statements.

130

Schedules of Investments

(unaudited) (continued)

Emerging Markets Equity Fund
Face Amount†		Security	Value
	TIME DEPOSITS — 2.4% — (continued)
$	2,122,517	Sumitomo Mitsui Banking Corp. — Tokyo, 0.950% due 3/2/20	$	2,122,517
		TOTAL TIME DEPOSITS (Cost — $11,954,801)		11,954,801
		TOTAL SHORT-TERM INVESTMENTS (Cost — $13,292,462)		13,292,462
		TOTAL INVESTMENTS — 100.1% (Cost — $429,630,398)		503,532,959
		Liabilities in Excess of Other Assets — (0.1)%		(281,094	)
		TOTAL NET ASSETS — 100.0%	$	503,251,865

† 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 29, 2020, amounts to approximately $22,857,794 and represents 4.5% of net assets.

(b) The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2020, amounts to approximately $21,500,310 and represents 4.3% 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) Security is valued in good faith at fair value by or under the direction of the Board of Trustees.

(f) Illiquid security.

(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 2.4%.

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

At February 29, 2020, 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	$	429,630,398	$	132,716,117	$	(58,913,135	)	$	73,802,982

Abbreviations used in this schedule:
ADR	— American Depositary Receipts
BDR	— Brazilian 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	18.5	%
Insurance	5.2
Consumer Finance	1.7
Other	1.1
Consumer Discretionary	16.6
Information Technology	14.0
Communication Services	11.2
Industrials	7.0
Energy	5.5
Consumer Staples	5.0
Materials	4.6
Health Care	3.9
Real Estate	2.2
Utilities	1.1
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 29, 2020, Emerging Markets Equity Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Buy:
MSCI Emerging Markets E-mini Index March Futures		18		3/20	$	1,007,499	$	907,920	$	(99,579)

At February 29, 2020, Emerging Markets Equity Fund had deposited cash of $97,994 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†		Security	Value
	MORTGAGE-BACKED SECURITIES — 31.2%
	FHLMC — 8.6%
		Federal Home Loan Mortgage Corp. (FHLMC):
$	2,006,283	5.000% due 6/1/21 — 1/1/49	$	2,196,345
	3,948,128	4.500% due 4/1/29 — 2/1/50		4,230,522
	487,260	5.500% due 1/1/30 — 2/1/40		552,194
	33,760,337	3.000% due 3/1/31 — 2/1/50		35,122,325
	2,977,593	2.500% due 9/1/31 — 2/1/50		3,069,900
	39,941,415	3.500% due 11/1/33 — 3/1/50		42,356,143
	43,942	6.000% due 5/1/38 — 6/1/39		50,876
	12,812	7.000% due 3/1/39		15,024
	132,672	6.500% due 9/1/39		154,094
	16,898,865	4.000% due 9/1/40 — 2/1/50		18,183,868
		TOTAL FHLMC		105,931,291
	FNMA — 18.2%
		Federal National Mortgage Association (FNMA):
	163,665	6.000% due 9/1/21 — 10/1/35		181,756
	2,922,315	5.000% due 6/1/22 — 8/1/49		3,212,605
	1,352,620	5.500% due 3/1/23 — 9/1/56		1,524,291
	10,565,295	4.500% due 3/1/24 — 9/1/57		11,492,635
	25,885,783	4.000% due 4/1/24 — 6/1/57		27,675,791
	41,183,693	3.500% due 11/1/25 — 3/1/57		43,574,173
	16,292,093	2.500% due 11/1/27 — 11/1/49		16,750,079
	51,224,664	3.000% due 12/1/27 — 3/1/50		53,317,410
	1,280,930	3.640% due 3/1/28 — 11/1/28		1,441,153
	525,000	3.010% due 4/1/28		575,222
	545,000	3.050% due 4/1/28		598,736
	815,000	3.480% due 8/1/28		923,376
	1,735,000	3.740% due 2/1/29		2,010,780
	100,000	3.300% due 4/1/29		112,757
	79,262	3.160% due 5/1/29		88,244
	98,833	3.190% due 5/1/29		110,090
	150,000	3.240% due 5/1/29		168,611
	60,000	3.260% due 5/1/29		67,412
	30,000	3.350% due 5/1/29		33,919
	100,000	2.740% due 8/1/29		108,715
	400,000	2.790% due 8/1/29		437,680
	30,000	2.520% due 10/1/29		32,056
	775,009	4.240% due 12/1/29		913,382
	100,000	3.310% due 5/1/31		112,737
	400,000	2.765% due 8/1/31		436,176
	200,000	2.770% due 8/1/31		218,185
	100,000	2.800% due 8/1/31		109,405
	200,000	2.810% due 8/1/31		219,099
	200,000	2.850% due 8/1/31		219,807
	200,000	2.860% due 8/1/31		219,558
	100,000	2.870% due 8/1/31		110,117
	200,000	2.915% due 8/1/31		219,375
	300,000	2.930% due 8/1/31		330,258
	100,000	2.670% due 9/1/31		108,230
	1,150,000	3.280% due 3/1/33		1,335,467
	1,357,503	3.990% due 11/1/33		1,645,427
	122,546	4.550% (1-Year USD-LIBOR + 1.550%) due 3/1/34(a)		127,339
	18,000,000	2.500% due 1/1/35 — 3/1/50(b)		18,474,739
	341,089	3.360% due 7/1/35		389,969

See Notes to Financial Statements.

133

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	FNMA — 18.2% — (continued)
$	29,605		4.041% (1-Year Treasury Average Rate + 1.872%) due 10/1/35(a)	$	30,641
	25,483		4.024% (1-Year Treasury Average Rate + 1.867%) due 11/1/35(a)		26,370
	10,583		4.104% (1-Year Treasury Average Rate + 1.950%) due 11/1/35(a)		10,985
	25,204		7.000% due 4/1/37		28,714
	44,573		4.140% (1-Year USD-LIBOR + 1.265%) due 5/1/37(a)		46,746
	213,819		6.500% due 9/1/37 — 5/1/40		247,580
	7,600,000		3.500% due 3/1/50(b)		7,893,836
	300,000		4.000% due 3/1/50(b)		316,066
	6,200,000		4.500% due 3/1/50 — 4/1/50(b)		6,618,348
	18,050,000		3.000% due 4/1/50(b)		18,570,965
	200,000		5.000% due 4/1/50(b)		216,393
			TOTAL FNMA		223,633,405
	GNMA — 4.4%
			Government National Mortgage Association (GNMA):
	39,720		6.000% due 12/15/33 — 6/15/37		44,806
	392,224		5.000% due 10/15/34 — 9/15/40		430,507
	36,782		5.500% due 5/15/37 — 6/15/38		41,747
	64,575		6.500% due 1/15/38 — 10/15/38		78,793
	111,839		4.500% due 3/15/41		123,606
	587,064		4.000% due 6/15/41 — 11/15/45		650,112
	313,355		3.000% due 9/15/42 — 10/15/42		325,548
	157,374		3.500% due 6/15/48		166,740
			Government National Mortgage Association II (GNMA):
	192		9.000% due 11/20/21		194
	89,241		6.000% due 7/20/37 — 11/20/40		102,524
	6,436,863		4.500% due 1/20/40 — 3/20/49		6,859,977
	1,660,324		5.000% due 7/20/40 — 1/20/49		1,791,529
	10,731,158		4.000% due 11/20/40 — 2/20/50		11,379,831
	9,352,828		3.000% due 1/20/43 — 1/20/50		9,715,063
	19,117,173		3.500% due 6/20/43 — 2/20/50		20,032,827
	397,562		2.500% due 9/20/49 — 1/20/50		404,018
	100,000		2.500% due 3/20/50(b)		102,678
	2,625,000		3.000% due 4/20/50(b)		2,710,088
			TOTAL GNMA		54,960,588
			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $369,505,714)		384,525,284
	CORPORATE BONDS & NOTES — 27.1%
	Advertising — 0.0%
			Interpublic Group of Cos., Inc. (The), Senior Unsecured Notes:
	40,000	BBB	3.500% due 10/1/20		40,371
	25,000	BBB	3.750% due 10/1/21		25,764
			Total Advertising		66,135
	Aerospace/Defense — 0.7%
			BAE Systems Holdings Inc., Company Guaranteed Notes:
	105,000	BBB	2.850% due 12/15/20(c)		105,702
	205,000	BBB	3.800% due 10/7/24(c)		223,737
	600,000	BBB	3.850% due 12/15/25(c)		660,295
			Boeing Co. (The), Senior Unsecured Notes:
	50,000	A-	3.100% due 5/1/26		53,048
	70,000	A-	2.700% due 2/1/27		72,020
	60,000	A-	2.800% due 3/1/27		62,003
	260,000	A-	3.200% due 3/1/29		278,403

See Notes to Financial Statements.

134

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Aerospace/Defense — 0.7% — (continued)
$	360,000	A-	3.250% due 2/1/35	$	384,082
	100,000	A-	3.750% due 2/1/50		111,006
	20,000	A-	3.825% due 3/1/59		21,665
	350,000	A+	General Dynamics Corp., Company Guaranteed Notes, 3.750% due 5/15/28		397,733
			L3 Technologies Inc., Company Guaranteed Notes:
	350,000	BBB	3.850% due 6/15/23		371,833
	35,000	BBB	3.950% due 5/28/24		36,699
	320,000	BBB	3.850% due 12/15/26		339,875
			L3Harris Technologies Inc., Senior Unsecured Notes:
	595,000	BBB	3.850% due 12/15/26(c)		658,137
	915,000	BBB	4.400% due 6/15/28		1,062,586
	60,000	BBB	5.054% due 4/27/45		78,685
			Lockheed Martin Corp., Senior Unsecured Notes:
	30,000	A-	3.100% due 1/15/23		31,394
	135,000	A-	2.900% due 3/1/25		144,138
	170,000	A-	3.550% due 1/15/26		188,579
	125,000	A-	3.600% due 3/1/35		146,059
	40,000	A-	4.500% due 5/15/36		50,775
	35,000	A-	4.070% due 12/15/42		43,272
	80,000	A-	3.800% due 3/1/45		95,270
	1,000	A-	4.090% due 9/15/52		1,287
			Northrop Grumman Corp., Senior Unsecured Notes:
	80,000	BBB	2.080% due 10/15/20		80,160
	981,000	BBB	2.930% due 1/15/25		1,040,355
	417,000	BBB	3.250% due 1/15/28		450,294
	60,000	BBB	4.030% due 10/15/47		71,961
			Raytheon Co., Senior Unsecured Notes:
	40,000	A+	7.200% due 8/15/27		53,996
	24,000	A+	7.000% due 11/1/28		33,263
	55,000	A+	4.200% due 12/15/44		71,325
			Rockwell Collins Inc., Senior Unsecured Notes:
	40,000	BBB+	3.100% due 11/15/21		41,074
	20,000	BBB+	2.800% due 3/15/22		20,572
			United Technologies Corp., Senior Unsecured Notes:
	120,000	BBB+	3.950% due 8/16/25		134,369
	140,000	BBB+	4.125% due 11/16/28		164,142
	190,000	BBB+	4.500% due 6/1/42		244,124
	35,000	BBB+	3.750% due 11/1/46		40,310
			Total Aerospace/Defense		8,064,228
	Agriculture — 0.6%
			Altria Group Inc., Company Guaranteed Notes:
	130,000	BBB	4.750% due 5/5/21		134,802
	60,000	BBB	3.490% due 2/14/22		62,098
	70,000	BBB	3.800% due 2/14/24		75,221
	250,000	BBB	4.400% due 2/14/26		279,928
	585,000	BBB	4.800% due 2/14/29		669,012
	501,000	BBB	5.800% due 2/14/39		615,308
	730,000	BBB	5.950% due 2/14/49		929,337
	145,000	BBB	6.200% due 2/14/59		190,024
			BAT Capital Corp., Company Guaranteed Notes:
	15,000	BBB+	3.215% due 9/6/26		15,667
	784,000	BBB+	3.557% due 8/15/27		823,031
	1,145,000	BBB+	4.540% due 8/15/47		1,193,901
			Philip Morris International Inc., Senior Unsecured Notes:
	190,000	A	2.900% due 11/15/21		194,356

See Notes to Financial Statements.

135

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Agriculture — 0.6% — (continued)
$	110,000	A	2.500% due 11/2/22	$	113,340
	60,000	A	4.500% due 3/20/42		70,654
			Reynolds American Inc., Company Guaranteed Notes:
	61,000	BBB+	3.250% due 6/12/20		61,229
	50,000	BBB+	4.000% due 6/12/22		52,660
	80,000	BBB+	4.450% due 6/12/25		88,222
	915,000	BBB+	5.850% due 8/15/45		1,095,416
	105,000	BBB+	RJ Reynolds Tobacco Co., Company Guaranteed Notes, 6.875% due 5/1/20		105,849
			Total Agriculture		6,770,055
	Airlines — 0.2%
	51,699	Aa2(d)	Air Canada Class AA Pass-Through Trust, Pass-Thru Certificates, 3.300% due 1/15/30(c)		56,180
	26,933	BBB+	Air Canada Class B Pass-Through Trust, Pass-Thru Certificates, 5.000% due 12/15/23(c)		28,503
	188,726	A-	American Airlines Class A Pass-Through Trust, Series 2013-2, Pass-Thru Certificates, 4.950% due 1/15/23		198,672
	42,546	AA	American Airlines Class AA Pass-Through Trust, Series 2015-2, Pass-Thru Certificates, 3.600% due 9/22/27		46,467
	47,852	AA+	American Airlines Class AA Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 3.200% due 6/15/28		51,631
	101,136	AA+	American Airlines Class AA Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.000% due 10/15/28		107,845
	40,920	Aa3(d)	American Airlines Class AA Pass-Through Trust, Series 2017-1, Pass-Thru Certificates, 3.650% due 2/15/29		45,205
	158,873	BBB	American Airlines Class B Pass-Through Trust, Series 2013-1, Pass-Thru Certificates, 5.625% due 1/15/21(c)		162,632
	1,115	BBB	American Airlines Class B Pass-Through Trust, Series 2014-1, Pass-Thru Certificates, 4.375% due 10/1/22		1,160
	14,946	BBB	American Airlines Class B Pass-Through Trust, Series 2015-1, Pass-Thru Certificates, 3.700% due 5/1/23		15,487
	130,417	BBB-	American Airlines Class B Pass-Through Trust, Series 2015-2, Pass-Thru Certificates, 4.400% due 9/22/23		138,084
	91,472	BBB-	American Airlines Class B Pass-Through Trust, Series 2016-1, Pass-Thru Certificates, 5.250% due 1/15/24		99,540
	73,000	BBB	American Airlines Class B Pass-Through Trust, Series 2016-2, Pass-Thru Certificates, 4.375% due 6/15/24(c)		76,303
	823	BBB	American Airlines Class B Pass-Through Trust, Series 2016-3, Pass-Thru Certificates, 3.750% due 10/15/25		857
	57,115	Baa3(d)	American Airlines Class B Pass-Through Trust, Series 2017-1, Pass-Thru Certificates, 4.950% due 2/15/25		61,433
	25,450	Baa3(d)	American Airlines Class B Pass-Through Trust, Series 2017-2, Pass-Thru Certificates, 3.700% due 10/15/25		26,344
	286,000	A-	British Airways 2019-1 Class A Pass-Through Trust, Pass-Thru Certificates, 3.350% due 6/15/29(c)		305,081
	18,844	A+	Continental Airlines Inc. Class A-1 Pass-Through Trust, Series 1999-2, Pass-Thru Certificates, 7.256% due 3/15/20		18,867
	341	BBB	Continental Airlines Inc. Class B Pass-Through Trust, Series 2012-1, Pass-Thru Certificates, 6.250% due 4/11/20		343
			Delta Air Lines Inc., Senior Unsecured Notes:
	54,000	BB+	3.625% due 3/15/22		55,669
	180,000	BB+	2.900% due 10/28/24		183,217
	240,625	BBB-	Northwest Airlines Inc. Class A-1 Pass-Through Trust, Series 2001-1, Pass-Thru Certificates, 7.041% due 4/1/22		259,915
	45,000	BBB+	Southwest Airlines Co., Senior Unsecured Notes, 2.750% due 11/16/22		46,350
			United Airlines Class AA Pass-Through Trust, Pass-Thru Certificates:
	34,892	AA+	3.450% due 12/1/27		37,948
	4,340	Aa3(d)	3.100% due 7/7/28		4,670

See Notes to Financial Statements.

136

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Airlines — 0.2% — (continued)
$	47,397	Aa3(d)	2.875% due 10/7/28	$	50,166
	19,156	Aa3(d)	3.500% due 3/1/30		20,897
	57,774	Aa3(d)	4.150% due 8/25/31		65,549
	85,000	Aa3(d)	2.700% due 5/1/32		91,266
			United Airlines Class B Pass-Through Trust, Pass-Thru Certificates:
	2,949	BBB	4.750% due 4/11/22		3,069
	8,773	BBB	4.625% due 9/3/22		9,165
	4,972	Baa2(d)	3.650% due 10/7/25		5,193
	15,745	Baa2(d)	3.650% due 1/7/26		16,510
	96,000	Baa2(d)	3.500% due 5/1/28		99,678
	3,371	BBB-	US Airways Class B Pass-Through Trust, Series 2012-2, Pass-Thru Certificates, 6.750% due 6/3/21		3,540
	11,490	BBB-	US Airways Class B Pass-Through Trust, Series 2013-1, Pass-Thru Certificates, 5.375% due 11/15/21		12,060
	130,565	A+	US Airways Class G Pass-Through Trust, Series 2001-1, Pass-Thru Certificates, 7.076% due 3/20/21		135,595
			Total Airlines		2,541,091
	Apparel — 0.0%
			Hanesbrands Inc., Company Guaranteed Notes:
	10,000	BB-	4.625% due 5/15/24(c)		10,471
	70,000	BB-	4.875% due 5/15/26(c)		73,454
			Total Apparel		83,925
	Auto Manufacturers — 1.1%
	65,000	A	American Honda Finance Corp., Senior Unsecured Notes, 2.900% due 2/16/24		68,354
	20,000	A+	BMW US Capital LLC, Company Guaranteed Notes, 2.800% due 4/11/26(c)		21,091
			Daimler Finance North America LLC, Company Guaranteed Notes:
	150,000	A-	2.700% due 8/3/20(c)		150,599
	385,000	A-	2.000% due 7/6/21(c)		386,745
	600,000	A-	2.200% due 10/30/21(c)		604,711
	40,000	BBB-	Ford Motor Co., Senior Unsecured Notes, 4.750% due 1/15/43		34,470
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	290,000	BBB-	2.425% due 6/12/20		290,257
	420,000	BBB-	2.343% due 11/2/20		421,114
	430,000	BBB-	5.085% due 1/7/21		441,218
	400,000	BBB-	3.200% due 1/15/21		402,690
	155,000	BBB-	5.750% due 2/1/21		159,509
	50,000	BBB-	3.336% due 3/18/21		50,440
	1,515,000	BBB-	2.710% (3-Month USD-LIBOR + 0.810%) due 4/5/21(a)		1,506,399
	235,000	BBB-	5.875% due 8/2/21		245,552
	440,000	BBB-	2.728% (3-Month USD-LIBOR + 0.880%) due 10/12/21(a)		435,248
	235,000	BBB-	3.813% due 10/12/21		239,855
	295,000	BBB-	3.339% due 3/28/22		298,108
	1,250,000	BBB-	2.843% (3-Month USD-LIBOR + 1.080%) due 8/3/22(a)		1,217,668
	200,000	BBB-	3.087% due 1/9/23		200,670
	500,000	BBB-	4.389% due 1/8/26		501,130
			General Motors Co., Senior Unsecured Notes:
	250,000	BBB	6.250% due 10/2/43		281,817
	455,000	BBB	5.200% due 4/1/45		454,875
			General Motors Financial Co., Inc.:
			Company Guaranteed Notes:
	295,000	BBB	3.200% due 7/13/20		295,994
	230,000	BBB	2.450% due 11/6/20		230,917
	25,000	BBB	3.550% due 4/9/21		25,409
	760,000	BBB	3.200% due 7/6/21		769,170

See Notes to Financial Statements.

137

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Auto Manufacturers — 1.1% — (continued)
$	405,000	BBB	4.375% due 9/25/21	$	418,801
	110,000	BBB	3.450% due 4/10/22		112,830
	130,000	BBB	3.700% due 5/9/23		135,098
	63,000	BBB	5.250% due 3/1/26		69,801
	269,000	BBB	4.350% due 1/17/27		289,256
	630,000	BBB	Senior Unsecured Notes, 4.200% due 11/6/21		651,732
			Hyundai Capital America:
	412,000	BBB+	Company Guaranteed Notes, 2.375% due 2/10/23(c)		416,995
			Senior Unsecured Notes:
	20,000	BBB+	2.550% due 4/3/20(c)		20,014
	218,000	BBB+	3.000% due 10/30/20(c)		219,873
	10,000	BBB+	3.750% due 7/8/21(c)		10,255
	250,000	BBB+	3.950% due 2/1/22(c)		260,225
			Hyundai Capital Services Inc., Senior Unsecured Notes:
	200,000	BBB+	3.000% due 8/29/22(c)		206,191
	200,000	BBB+	3.750% due 3/5/23(c)		211,277
	20,000	BBB+	Nissan Motor Acceptance Corp., Senior Unsecured Notes, 3.650% due 9/21/21(c)		20,593
	160,000	AA-	Toyota Motor Corp., Senior Unsecured Notes, 2.358% due 7/2/24		165,966
	30,000	AA-	Toyota Motor Credit Corp., Senior Unsecured Notes, 3.450% due 9/20/23		32,197
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	220,000	BBB+	2.400% due 5/22/20(c)		220,431
	200,000	BBB+	4.000% due 11/12/21(c)		208,304
	130,000	BBB+	Volkswagen International Finance NV, Company Guaranteed Notes, 4.000% due 8/12/20(c)		131,256
			Total Auto Manufacturers		13,535,105
	Auto Parts & Equipment — 0.0%
			Aptiv PLC, Company Guaranteed Notes:
	6,000	BBB	4.400% due 10/1/46		6,585
	15,000	BBB	5.400% due 3/15/49		18,170
	15,000	BBB-	Lear Corp., Senior Unsecured Notes, 5.250% due 5/15/49		15,772
			Total Auto Parts & Equipment		40,527
	Banks — 6.8%
			Banco Santander SA, Senior Unsecured Notes:
	200,000	A-	3.848% due 4/12/23		211,853
	400,000	A	2.706% due 6/27/24		415,154
	600,000	A-	4.379% due 4/12/28		679,017
	200,000	A	3.306% due 6/27/29		215,712
			Bank of America Corp.:
			Senior Unsecured Notes:
	950,000	A-	2.369% (3-Month USD-LIBOR + 0.660%) due 7/21/21(a)		953,009
	750,000	A-	3.499% (3-Month USD-LIBOR + 0.630%) due 5/17/22(a)		767,206
	1,240,000	A-	3.124% (3-Month USD-LIBOR + 1.160%) due 1/20/23(a)		1,273,118
	30,000	A-	2.816% (3-Month USD-LIBOR + 0.930%) due 7/21/23(a)		30,842
	1,111,000	A-	3.004% (3-Month USD-LIBOR + 0.790%) due 12/20/23(a)		1,151,766
	490,000	A-	4.125% due 1/22/24		531,043
	955,000	A-	3.550% (3-Month USD-LIBOR + 0.780%) due 3/5/24(a)		1,005,476
	515,000	A-	4.000% due 4/1/24		560,936
	610,000	A-	3.458% (3-Month USD-LIBOR + 0.970%) due 3/15/25(a)		649,630
	100,000	A-	2.456% (3-Month USD-LIBOR + 0.870%) due 10/22/25(a)		102,590
	398,000	A-	2.015% (3-Month USD-LIBOR + 0.640%) due 2/13/26(a)		401,014
	210,000	A-	3.500% due 4/19/26		229,617
	465,000	A-	3.559% (3-Month USD-LIBOR + 1.060%) due 4/23/27(a)		505,040
	620,000	A-	3.824% (3-Month USD-LIBOR + 1.575%) due 1/20/28(a)		683,983
	260,000	A-	3.705% (3-Month USD-LIBOR + 1.512%) due 4/24/28(a)		284,117
	155,000	A-	3.593% (3-Month USD-LIBOR + 1.370%) due 7/21/28(a)		169,447

See Notes to Financial Statements.

138

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 6.8% — (continued)
$	514,000	A-	3.419% (3-Month USD-LIBOR + 1.040%) due 12/20/28(a)	$	555,906
	350,000	A-	3.970% (3-Month USD-LIBOR + 1.070%) due 3/5/29(a)		392,387
	500,000	A-	3.974% (3-Month USD-LIBOR + 1.210%) due 2/7/30(a)		567,972
	310,000	A-	3.194% (3-Month USD-LIBOR + 1.180%) due 7/23/30(a)		333,341
	60,000	A-	2.496% (3-Month USD-LIBOR + 0.990%) due 2/13/31(a)		60,921
	60,000	A-	4.244% (3-Month USD-LIBOR + 1.814%) due 4/24/38(a)		70,962
	240,000	A-	5.000% due 1/21/44		325,635
	710,000	A-	4.330% (3-Month USD-LIBOR + 1.520%) due 3/15/50(a)		907,780
			Subordinated Notes:
	891,000	BBB+	4.200% due 8/26/24		974,787
	1,295,000	BBB+	4.000% due 1/22/25		1,413,652
	194,000	BBB+	4.450% due 3/3/26		218,997
	50,000	BBB+	Bank of Montreal, Subordinated Notes, 3.803% (5-Year USD Swap Rate + 1.432%) due 12/15/32(a)		53,931
			Bank of New York Mellon Corp. (The):
			Senior Unsecured Notes:
	500,000	A	2.661% (3-Month USD-LIBOR + 0.634%) due 5/16/23(a)		512,086
	195,000	A	3.400% due 5/15/24		209,191
	72,000	A	3.442% (3-Month USD-LIBOR + 1.069%) due 2/7/28(a)		79,165
	20,000	A-	Subordinated Notes, 3.300% due 8/23/29		21,907
	100,000	BBB-	Barclays Bank PLC, Subordinated Notes, 5.140% due 10/14/20		102,151
			Barclays PLC, Senior Unsecured Notes:
	400,000	BBB	3.250% due 1/12/21		403,954
	245,000	BBB	4.338% (3-Month USD-LIBOR + 1.356%) due 5/16/24(a)		261,014
	260,000	BBB	4.375% due 1/12/26		287,509
	620,000	BBB	4.972% (3-Month USD-LIBOR + 1.902%) due 5/16/29(a)		717,166
			BNP Paribas SA:
			Senior Unsecured Notes:
	380,000	A-	3.500% due 3/1/23(c)		400,169
	270,000	A-	3.375% due 1/9/25(c)		287,319
	1,180,000	A-	4.705% (3-Month USD-LIBOR + 2.235%) due 1/10/25(a)(c)		1,297,759
	750,000	A-	4.400% due 8/14/28(c)		855,382
	330,000	A-	5.198% (3-Month USD-LIBOR + 2.567%) due 1/10/30(a)(c)		397,684
	200,000	BBB+	Subordinated Notes, 4.375% (5-Year USD Swap Rate + 1.483%) due 3/1/33(a)(c)		221,342
	362,000	A+	BPCE SA, Senior Unsecured Notes, 2.700% due 10/1/29(c)		376,788
	280,000	BBB+	Capital One NA, Senior Unsecured Notes, 2.250% due 9/13/21		282,717
			CIT Group Inc., Senior Unsecured Notes:
	90,000	BB+	4.750% due 2/16/24		95,737
	40,000	BB+	5.250% due 3/7/25		43,983
			Citigroup Inc.:
	500,000	BB+	Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR + 3.905%)(a)(e)		539,097
			Senior Unsecured Notes:
	100,000	BBB+	3.980% (3-Month USD-LIBOR + 1.338%) due 3/20/30(a)		113,300
	314,000	BBB+	8.125% due 7/15/39		544,163
	196,000	BBB+	4.650% due 7/30/45		256,440
	100,000	BBB+	4.650% due 7/23/48		132,908
			Subordinated Notes:
	890,000	BBB	4.400% due 6/10/25		992,744
	250,000	BBB	5.500% due 9/13/25		293,390
	890,000	BBB	4.300% due 11/20/26		987,755
	210,000	BBB	4.450% due 9/29/27		237,340
	30,000	BBB	6.625% due 6/15/32		42,084
	100,000	BBB	6.675% due 9/13/43		154,710
	286,000	BBB	5.300% due 5/6/44		379,867
	30,000	BBB	4.750% due 5/18/46		37,710

See Notes to Financial Statements.

139

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 6.8% — (continued)
$	15,000	BBB+	Citizens Financial Group Inc., Senior Unsecured Notes, 2.375% due 7/28/21	$	15,154
			Commonwealth Bank of Australia, Senior Unsecured Notes:
	55,000	AA-	3.450% due 3/16/23(c)		58,367
	58,000	AA-	3.900% due 7/12/47(c)		69,079
			Cooperatieve Rabobank UA:
			Company Guaranteed Notes:
	310,000	BBB+	4.625% due 12/1/23		337,213
	990,000	BBB+	4.375% due 8/4/25		1,098,181
			Senior Unsecured Notes:
	510,000	A+	2.500% due 1/19/21		515,147
	270,000	A+	3.125% due 4/26/21		275,748
	250,000	BBB+	Credit Suisse Group AG, Senior Unsecured Notes, 3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(a)(c)		272,072
			Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes:
	250,000	BBB+	3.125% due 12/10/20		252,582
	250,000	BBB+	3.800% due 9/15/22		263,414
	320,000	BBB+	4.550% due 4/17/26		361,294
			Danske Bank AS, Senior Unsecured Notes:
	440,000	BBB+	5.000% due 1/12/22(c)		466,164
	200,000	BBB+	3.001% (3-Month USD-LIBOR + 1.249%) due 9/20/22(a)(c)		202,876
	1,200,000	BBB+	5.375% due 1/12/24(c)		1,346,367
	38,000	BBB-	Deutsche Bank AG, Senior Unsecured Notes, 4.100% due 1/13/26		40,353
	250,000	BBB	Discover Bank, Senior Unsecured Notes, 2.700% due 2/6/30		253,061
	21,000	BB	Goldman Sachs Capital II, Limited Guaranteed Notes, 4.000% (3-Month USD-LIBOR + 0.768%)(a)(e)		18,412
			Goldman Sachs Group Inc. (The):
			Senior Unsecured Notes:
	810,000	BBB+	6.000% due 6/15/20		819,899
	190,000	BBB+	2.750% due 9/15/20		190,878
	120,000	BBB+	2.875% due 2/25/21		121,244
	115,000	BBB+	5.250% due 7/27/21		120,709
	40,000	BBB+	2.557% (3-Month USD-LIBOR + 0.780%) due 10/31/22(a)		40,349
	475,000	BBB+	2.876% (3-Month USD-LIBOR + 0.821%) due 10/31/22(a)		484,585
	130,000	BBB+	3.200% due 2/23/23		135,868
	245,000	BBB+	2.908% (3-Month USD-LIBOR + 1.053%) due 6/5/23(a)		251,648
	210,000	BBB+	3.500% due 1/23/25		224,249
	1,305,000	BBB+	3.272% (3-Month USD-LIBOR + 1.201%) due 9/29/25(a)		1,378,159
	150,000	BBB+	2.862% (3-Month USD-LIBOR + 1.170%) due 5/15/26(a)		152,012
	150,000	BBB+	3.500% due 11/16/26		161,222
	585,000	BBB+	3.850% due 1/26/27		643,043
	135,000	BBB+	3.691% (3-Month USD-LIBOR + 1.510%) due 6/5/28(a)		147,767
	620,000	BBB+	3.814% (3-Month USD-LIBOR + 1.158%) due 4/23/29(a)		684,356
	1,330,000	BBB+	4.223% (3-Month USD-LIBOR + 1.301%) due 5/1/29(a)		1,509,679
	210,000	BBB+	6.250% due 2/1/41		308,883
	210,000	BBB+	4.750% due 10/21/45		268,655
			Subordinated Notes:
	610,000	BBB-	4.250% due 10/21/25		666,717
	460,000	BBB-	6.750% due 10/1/37		653,451
	290,000	BBB-	5.150% due 5/22/45		373,828
			HSBC Holdings PLC:
			Junior Subordinated Notes:
	240,000	Baa3(d)	6.250% (5-Year USD 1100 Run ICE Swap Rate + 3.453%)(a)(e)		246,118
	640,000	Baa3(d)	6.500% (5-Year USD 1100 Run ICE Swap Rate + 3.606%)(a)(e)		693,322

See Notes to Financial Statements.

140

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 6.8% — (continued)
			Senior Unsecured Notes:
$	200,000	A	3.400% due 3/8/21	$	203,440
	200,000	A	3.262% (3-Month USD-LIBOR + 1.055%) due 3/13/23(a)		205,602
	200,000	A	3.950% (3-Month USD-LIBOR + 0.987%) due 5/18/24(a)		212,996
	200,000	A	4.041% (3-Month USD-LIBOR + 1.546%) due 3/13/28(a)		219,377
	610,000	A	4.583% (3-Month USD-LIBOR + 1.535%) due 6/19/29(a)		693,153
	420,000	A	3.973% (3-Month USD-LIBOR + 1.610%) due 5/22/30(a)		460,193
			Subordinated Notes:.
	300,000	BBB+	4.250% due 3/14/24		321,382
	240,000	BBB+	4.250% due 8/18/25		260,121
	390,000	BBB+	6.500% due 9/15/37		542,483
	100,000	A-	HSBC USA Inc., Subordinated Notes, 5.000% due 9/27/20		101,840
	200,000	A-	ING Groep NV, Senior Unsecured Notes, 3.950% due 3/29/27		224,302
			Intesa Sanpaolo SpA:
			Senior Unsecured Notes:
	200,000	BBB	3.125% due 7/14/22(c)		205,370
	200,000	BBB	3.375% due 1/12/23(c)		206,712
	810,000	BB+	Subordinated Notes, 5.017% due 6/26/24(c)		851,250
			JPMorgan Chase & Co.:
			Senior Unsecured Notes:
	90,000	A-	4.400% due 7/22/20		90,983
	200,000	A-	2.550% due 3/1/21		201,739
	99,000	A-	2.972% due 1/15/23		101,772
	55,000	A-	3.031% (3-Month USD-LIBOR + 1.230%) due 10/24/23(a)		55,889
	175,000	A-	3.559% (3-Month USD-LIBOR + 0.730%) due 4/23/24(a)		185,148
	285,000	A-	3.797% (3-Month USD-LIBOR + 0.890%) due 7/23/24(a)		305,105
	880,000	A-	4.023% (3-Month USD-LIBOR + 1.000%) due 12/5/24(a)		954,540
	450,000	A-	3.220% (3-Month USD-LIBOR + 1.155%) due 3/1/25(a)		474,514
	700,000	A-	2.301% (SOFR + 1.160%) due 10/15/25(a)		716,412
	180,000	A-	3.300% due 4/1/26		196,073
	375,000	A-	3.200% due 6/15/26		403,295
	1,050,000	A-	3.782% (3-Month USD-LIBOR + 1.337%) due 2/1/28(a)		1,162,367
	260,000	A-	3.540% (3-Month USD-LIBOR + 1.380%) due 5/1/28(a)		284,640
	410,000	A-	3.509% (3-Month USD-LIBOR + 0.945%) due 1/23/29(a)		448,141
	580,000	A-	4.203% (3-Month USD-LIBOR + 1.260%) due 7/23/29(a)		668,909
	1,135,000	A-	4.452% (3-Month USD-LIBOR + 1.330%) due 12/5/29(a)		1,325,101
	385,000	A-	3.702% (3-Month USD-LIBOR + 1.160%) due 5/6/30(a)		431,142
	360,000	A-	2.739% (SOFR + 1.510%) due 10/15/30(a)		375,092
	200,000	A-	3.964% (3-Month USD-LIBOR + 1.380%) due 11/15/48(a)		239,834
			Subordinated Notes:
	55,000	BBB+	3.375% due 5/1/23		57,734
	315,000	BBB+	3.875% due 9/10/24		341,283
	210,000	BBB+	4.250% due 10/1/27		237,626
	490,000	BBB+	4.950% due 6/1/45		654,197
			KeyCorp, Senior Unsecured Notes:
	150,000	BBB+	2.900% due 9/15/20		151,143
	45,000	BBB+	4.150% due 10/29/25		50,615
			Lloyds Banking Group PLC:
			Senior Unsecured Notes:
	1,945,000	BBB+	2.907% (3-Month USD-LIBOR + 0.810%) due 11/7/23(a)		1,991,205
	680,000	BBB+	3.900% due 3/12/24		731,315
	200,000	BBB+	4.375% due 3/22/28		224,081
	245,000	BBB-	Subordinated Notes, 4.582% due 12/10/25		267,849

See Notes to Financial Statements.

141

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 6.8% — (continued)
			Mizuho Financial Group Inc., Senior Unsecured Notes:
$	340,000	A-	2.953% due 2/28/22	$	349,852
	480,000	A-	2.839% (3-Month USD-LIBOR + 0.980%) due 7/16/25(a)		498,720
	340,000	A-	2.555% (3-Month USD-LIBOR + 1.100%) due 9/13/25(a)		348,845
	380,000	A-	2.226% (3-Month USD-LIBOR + 0.830%) due 5/25/26(a)		382,913
	300,000	A-	Nordea Bank Abp, Subordinated Notes, 4.875% due 5/13/21(c)		311,394
	120,000	AA-	Royal Bank of Canada, Senior Unsecured Notes, 2.150% due 10/26/20		120,442
			Royal Bank of Scotland Group PLC:
			Senior Unsecured Notes:
	400,000	BBB	4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(a)		430,110
	200,000	BBB	4.269% (3-Month USD-LIBOR + 1.762%) due 3/22/25(a)		214,803
	400,000	BBB	5.076% (3-Month USD-LIBOR + 1.905%) due 1/27/30(a)		474,021
			Subordinated Notes:
	30,000	BB+	6.125% due 12/15/22		32,752
	320,000	BB+	6.100% due 6/10/23		353,712
	80,000	BB+	6.000% due 12/19/23		89,632
	110,000	BB+	5.125% due 5/28/24		120,495
	30,000	BBB+	Santander Holdings USA Inc., Senior Unsecured Notes, 4.500% due 7/17/25		33,367
			Santander UK Group Holdings PLC, Senior Unsecured Notes:
	600,000	BBB	2.875% due 8/5/21		610,702
	560,000	BBB	3.373% (3-Month USD-LIBOR + 1.080%) due 1/5/24(a)		581,784
			Santander UK PLC:
	70,000	A	Senior Unsecured Notes, 2.375% due 3/16/20		70,008
	175,000	BBB-	Subordinated Notes, 5.000% due 11/7/23(c)		192,394
	260,000	A	Societe Generale SA, Senior Unsecured Notes, 2.500% due 4/8/21(c)		262,731
	60,000	A	State Street Corp., Senior Unsecured Notes, 2.650% due 5/19/26		63,245
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	575,000	A-	2.934% due 3/9/21		581,543
	90,000	A-	2.778% due 10/18/22		92,747
	200,000	A-	2.348% due 1/15/25		204,107
	295,000	A-	2.632% due 7/14/26		308,309
	50,000	BBB-	Synovus Financial Corp., Senior Unsecured Notes, 3.125% due 11/1/22		51,333
	200,000	A	Truist Bank, Senior Unsecured Notes, 3.525% (3-Month USD-LIBOR + 0.500%) due 10/26/21(a)		202,877
	35,000	A-	Truist Financial Corp., Senior Unsecured Notes, 4.000% due 5/1/25		38,806
	200,000	A+	UBS AG, Senior Unsecured Notes, 2.450% due 12/1/20(c)		201,317
			UBS Group AG:
	1,070,000	BB	Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.344%)(a)(c)(e)		1,141,845
			Senior Unsecured Notes:
	260,000	A-	2.650% due 2/1/22(c)		265,767
	650,000	A-	3.491% due 5/23/23(c)		675,973
	795,000	A-	2.859% (3-Month USD-LIBOR + 0.954%) due 8/15/23(a)(c)		815,141
	310,000	A-	4.253% due 3/23/28(c)		350,108
			UniCredit SpA:
	580,000	BBB-	Senior Unsecured Notes, 6.572% due 1/14/22(c)		623,219
	200,000	BB+	Subordinated Notes, 7.296% (5-Year USD 1100 Run ICE Swap Rate + 4.914%) due 4/2/34(a)(c)		232,513
	470,000	BBB-	Wachovia Capital Trust III, Limited Guaranteed Notes, 5.570% (3-Month USD-LIBOR + 0.930%)(a)(e)		470,714
			Wells Fargo & Co.:
	50,000	BBB-	Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 3.990%)(a)(e)		55,410
			Senior Unsecured Notes:
	5,000	A-	2.625% due 7/22/22		5,128
	825,000	A-	3.750% due 1/24/24		885,835
	135,000	A-	3.000% due 2/19/25		142,787

See Notes to Financial Statements.

142

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 6.8% — (continued)
$	41,000	A-	3.550% due 9/29/25	$	44,615
	595,000	A-	2.164% due 2/11/26(a)		603,082
	535,000	A-	3.000% due 4/22/26		567,382
	1,210,000	A-	3.000% due 10/23/26		1,282,762
	315,000	A-	3.196% (3-Month USD-LIBOR + 1.170%) due 6/17/27(a)		336,275
	535,000	A-	3.584% (3-Month USD-LIBOR + 1.310%) due 5/22/28(a)		582,052
	690,000	A-	4.150% due 1/24/29		796,185
			Subordinated Notes:
	330,000	BBB+	3.450% due 2/13/23		346,108
	169,000	BBB+	4.480% due 1/16/24		185,144
	140,000	BBB+	4.100% due 6/3/26		154,648
	950,000	BBB+	4.300% due 7/22/27		1,066,217
	230,000	BBB+	5.375% due 11/2/43		303,217
	148,000	BBB+	5.606% due 1/15/44		201,563
	280,000	BBB+	4.650% due 11/4/44		342,227
	450,000	BBB+	4.900% due 11/17/45		571,813
	40,000	BBB+	4.400% due 6/14/46		47,480
	160,000	BBB+	4.750% due 12/7/46		202,105
	795,000	A+	Wells Fargo Bank NA, Senior Unsecured Notes, 3.325% (3-Month USD-LIBOR + 0.490%) due 7/23/21(a)		800,420
	100,000	BBB-	Wells Fargo Capital X, Limited Guaranteed Notes, 5.950% due 12/15/36		130,657
			Westpac Banking Corp., Senior Unsecured Notes:
	20,000	AA-	2.300% due 5/26/20		20,031
	140,000	AA-	2.600% due 11/23/20		141,015
			Total Banks		84,031,861
	Beverages — 0.4%
			Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	340,000	A-	3.650% due 2/1/26		372,112
	970,000	A-	4.700% due 2/1/36		1,163,230
	774,000	A-	4.900% due 2/1/46		955,643
	80,000	A-	Anheuser-Busch InBev Finance Inc., Company Guaranteed Notes, 3.300% due 2/1/23		84,139
			Anheuser-Busch InBev Worldwide Inc., Company Guaranteed Notes:
	220,000	A-	3.500% due 1/12/24		236,311
	60,000	A-	4.150% due 1/23/25		66,912
	160,000	A-	4.000% due 4/13/28		180,771
	40,000	A-	4.750% due 1/23/29		47,440
	50,000	A-	4.950% due 1/15/42		62,827
	270,000	A-	5.550% due 1/23/49		367,418
	25,000	A-	4.750% due 4/15/58		30,386
			Bacardi Ltd., Company Guaranteed Notes:
	155,000	BBB-	4.700% due 5/15/28(c)		177,635
	140,000	BBB-	5.300% due 5/15/48(c)		180,799
	173,000	A-	Diageo Capital PLC, Company Guaranteed Notes, 4.828% due 7/15/20		175,075
	65,000	A+	PepsiCo Inc., Senior Unsecured Notes, 2.850% due 2/24/26		69,553
	355,000	BBB	Suntory Holdings Ltd., Senior Unsecured Notes, 2.250% due 10/16/24(c)		365,348
			Total Beverages		4,535,599
	Biotechnology — 0.2%
			Amgen Inc., Senior Unsecured Notes:
	60,000	A-	2.200% due 5/11/20		60,048
	70,000	A-	3.625% due 5/22/24		75,656
	45,000	A-	2.600% due 8/19/26		47,649
	300,000	A-	4.400% due 5/1/45		348,031
	54,000	A-	4.563% due 6/15/48		64,387
	92,000	A-	4.663% due 6/15/51		114,082

See Notes to Financial Statements.

143

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Biotechnology — 0.2% — (continued)
			Celgene Corp., Senior Unsecured Notes:
$	10,000	A+	3.950% due 10/15/20	$	10,148
	5,000	A+	3.250% due 8/15/22		5,164
	35,000	A+	3.250% due 2/20/23		36,376
	65,000	A+	3.900% due 2/20/28		72,434
			Gilead Sciences Inc., Senior Unsecured Notes:
	40,000	A	2.550% due 9/1/20		40,173
	160,000	A	3.700% due 4/1/24		171,888
	60,000	A	3.650% due 3/1/26		66,033
	44,000	A	2.950% due 3/1/27		46,992
	55,000	A	4.600% due 9/1/35		68,763
	160,000	A	4.800% due 4/1/44		205,744
	315,000	A	4.750% due 3/1/46		406,841
			Total Biotechnology		1,840,409
	Building Materials — 0.1%
			Carrier Global Corp., Company Guaranteed Notes:
	60,000	BBB	1.923% due 2/15/23(c)		60,799
	140,000	BBB	2.242% due 2/15/25(c)		142,960
	30,000	BBB	2.493% due 2/15/27(c)		30,609
	220,000	BBB	2.722% due 2/15/30(c)		222,613
	90,000	BBB	3.377% due 4/5/40(c)		92,845
	90,000	BBB	3.577% due 4/5/50(c)		93,149
	5,000	BBB+	Johnson Controls International PLC, Senior Unsecured Notes, 3.900% due 2/14/26		5,580
	30,000	BBB	Owens Corning, Senior Unsecured Notes, 4.400% due 1/30/48		32,589
			Total Building Materials		681,144
	Chemicals — 0.3%
	200,000	A-	Air Liquide Finance SA, Company Guaranteed Notes, 1.750% due 9/27/21(c)		201,244
			Dow Chemical Co. (The), Senior Unsecured Notes:
	145,000	BBB	4.550% due 11/30/25		164,750
	194,000	BBB	3.625% due 5/15/26		211,429
	126,000	BBB	4.375% due 11/15/42		139,558
			DuPont de Nemours Inc., Senior Unsecured Notes:
	505,000	A-	4.493% due 11/15/25		572,435
	75,000	A-	5.419% due 11/15/48		94,594
	61,000	BBB	Eastman Chemical Co., Senior Unsecured Notes, 3.800% due 3/15/25		66,537
	200,000	BBB+	Equate Petrochemical BV, Company Guaranteed Notes, 4.250% due 11/3/26(c)		216,174
	405,000	BBB	International Flavors & Fragrances Inc., Senior Unsecured Notes, 5.000% due 9/26/48		477,312
	40,000	BBB+	LYB International Finance III LLC, Company Guaranteed Notes, 4.200% due 10/15/49		42,577
	200,000	BBB+	LyondellBasell Industries NV, Senior Unsecured Notes, 6.000% due 11/15/21		212,992
	40,000	BB+	Methanex Corp., Senior Unsecured Notes, 5.250% due 12/15/29		42,620
			Monsanto Co., Senior Unsecured Notes:
	60,000	BBB	3.375% due 7/15/24		62,482
	30,000	BBB	4.400% due 7/15/44		31,886
	60,000	BBB	Nutrien Ltd., Senior Unsecured Notes, 4.875% due 3/30/20		60,146
	200,000	BBB-	OCP SA, Senior Unsecured Notes, 4.500% due 10/22/25(c)		216,634
	30,000	BBB	Sherwin-Williams Co. (The), Senior Unsecured Notes, 4.000% due 12/15/42		34,302
	200,000	BBB-	Syngenta Finance NV, Company Guaranteed Notes, 3.933% due 4/23/21(c)		204,435
			Total Chemicals		3,052,107
	Commercial Services — 0.2%
	110,000	A-	Cintas Corp. No 2, Company Guaranteed Notes, 3.700% due 4/1/27		124,152
	10,000	BBB	Equifax Inc., Senior Unsecured Notes, 2.300% due 6/1/21		10,114
			Global Payments Inc., Senior Unsecured Notes:
	40,000	BBB-	3.800% due 4/1/21		40,905

See Notes to Financial Statements.

144

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Commercial Services — 0.2% — (continued)
$	30,000	BBB-	3.750% due 6/1/23	$	31,795
	30,000	BBB-	4.000% due 6/1/23		32,150
			IHS Markit Ltd.:
			Company Guaranteed Notes:
	584,000	BBB-	5.000% due 11/1/22(c)		631,836
	48,000	BBB-	4.000% due 3/1/26(c)		52,414
	450,000	BBB-	Senior Unsecured Notes, 4.750% due 8/1/28		525,493
	120,000	BB-	Prime Security Services Borrower LLC/Prime Finance Inc., Senior Secured Notes, 5.750% due 4/15/26(c)		123,789
			RELX Capital Inc., Company Guaranteed Notes:
	305,000	BBB+	3.500% due 3/16/23		322,949
	30,000	BBB+	4.000% due 3/18/29		34,360
			United Rentals North America Inc.:
	20,000	BB-	Company Guaranteed Notes, 6.500% due 12/15/26		21,363
	20,000	BBB-	Secured Notes, 3.875% due 11/15/27		20,212
			Total Commercial Services		1,971,532
	Computers — 0.3%
			Apple Inc., Senior Unsecured Notes:
	300,000	AA+	2.400% due 5/3/23		309,913
	280,000	AA+	2.450% due 8/4/26		293,867
	550,000	AA+	3.350% due 2/9/27		606,292
	360,000	AA+	2.900% due 9/12/27		387,836
	190,000	AA+	3.850% due 5/4/43		227,680
			Dell International LLC/EMC Corp., Senior Secured Notes:
	275,000	BBB-	4.420% due 6/15/21(c)		283,390
	160,000	BBB-	8.100% due 7/15/36(c)		219,801
	10,000	BBB	Hewlett Packard Enterprise Co., Senior Unsecured Notes, 6.350% due 10/15/45		12,520
	30,000	BBB	HP Inc., Senior Unsecured Notes, 6.000% due 9/15/41		34,446
			International Business Machines Corp., Senior Unsecured Notes:
	150,000	A	2.875% due 11/9/22		156,028
	680,000	A	3.000% due 5/15/24		720,946
	290,000	A	3.450% due 2/19/26		317,587
	215,000	A	3.300% due 5/15/26		235,198
	45,000	BB+	Seagate HDD Cayman, Company Guaranteed Notes, 4.750% due 1/1/25		47,610
			Total Computers		3,853,114
	Diversified Financial Services — 0.9%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	1,010,000	BBB	4.500% due 5/15/21		1,043,594
	150,000	BBB	5.000% due 10/1/21		157,204
	290,000	BBB	3.950% due 2/1/22		300,626
	280,000	BBB	4.875% due 1/16/24		305,039
			Air Lease Corp., Senior Unsecured Notes:
	460,000	BBB	3.500% due 1/15/22		473,125
	45,000	BBB	3.875% due 7/3/23		47,541
	495,000	BBB	3.250% due 3/1/25		513,630
			American Express Co., Senior Unsecured Notes:
	225,000	BBB+	3.700% due 8/3/23		240,699
	60,000	BBB+	3.400% due 2/22/24		64,238
	355,000	BBB+	2.500% due 7/30/24		367,956
			American Express Credit Corp., Senior Unsecured Notes:
	140,000	A-	2.375% due 5/26/20		140,141
	30,000	A-	2.600% due 9/14/20		30,130

See Notes to Financial Statements.

145

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Diversified Financial Services — 0.9% — (continued)
			Avolon Holdings Funding Ltd., Company Guaranteed Notes:
$	75,000	BBB-	5.250% due 5/15/24(c)	$	81,819
	500,000	BBB-	2.875% due 2/15/25(c)		500,276
	60,000	BBB	Capital One Financial Corp., Senior Unsecured Notes, 3.500% due 6/15/23		63,594
	15,000	A	Charles Schwab Corp. (The), Senior Unsecured Notes, 3.250% due 5/22/29		16,534
	100,000	AA-	CME Group Inc., Senior Unsecured Notes, 3.750% due 6/15/28		114,028
	50,000	BBB-	Discover Financial Services, Senior Unsecured Notes, 3.750% due 3/4/25		53,768
	10,000	BBB	E*TRADE Financial Corp., Senior Unsecured Notes, 3.800% due 8/24/27		11,067
			GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes:
	2,072,000	BBB+	2.342% due 11/15/20		2,077,879
	959,000	BBB+	4.418% due 11/15/35		1,097,709
			Intercontinental Exchange Inc.:
	185,000	A	Company Guaranteed Notes, 2.350% due 9/15/22		189,226
			Senior Unsecured Notes:
	80,000	A	3.750% due 9/21/28		89,347
	35,000	A	4.250% due 9/21/48		42,777
	30,000	A	KKR Group Finance Co. II LLC, Company Guaranteed Notes, 5.500% due 2/1/43(c)		39,518
	650,000	NR	Lehman Brothers Holdings Inc., Subordinated Notes, 6.750% due 12/28/17#(f)(g)(h)		–
			ORIX Corp., Senior Unsecured Notes:
	630,000	A-	2.900% due 7/18/22		648,548
	40,000	A-	4.050% due 1/16/24		43,529
			Park Aerospace Holdings Ltd., Company Guaranteed Notes:
	890,000	BBB-	5.250% due 8/15/22(c)		947,682
	415,000	BBB-	4.500% due 3/15/23(c)		434,273
	185,000	BBB-	5.500% due 2/15/24(c)		203,614
	220,000	BBB+	Raymond James Financial Inc., Senior Unsecured Notes, 4.950% due 7/15/46		281,990
	50,000	BBB-	Synchrony Financial, Senior Unsecured Notes, 4.375% due 3/19/24		53,924
			Visa Inc., Senior Unsecured Notes:
	420,000	AA-	3.150% due 12/14/25		456,509
	310,000	AA-	4.300% due 12/14/45		404,812
			Total Diversified Financial Services		11,536,346
	Electric — 1.4%
			AEP Texas Inc., Senior Unsecured Notes:
	50,000	A-	2.400% due 10/1/22		51,260
	50,000	A-	3.850% due 10/1/25(c)		54,160
	124,000	A-	3.450% due 1/15/50		132,604
			AEP Transmission Co. LLC, Senior Unsecured Notes:
	225,000	A-	3.750% due 12/1/47		263,801
	65,000	A-	3.150% due 9/15/49		68,894
			Alabama Power Co., Senior Unsecured Notes:
	17,000	A	5.200% due 6/1/41		22,295
	30,000	A	3.850% due 12/1/42		34,807
	185,000	A	4.150% due 8/15/44		218,402
	31,000	A	4.300% due 7/15/48		38,486
	50,000	A	3.450% due 10/1/49		54,493
	145,000	A	Ameren Illinois Co., 1st Mortgage Notes, 3.250% due 3/15/50		161,967
			Baltimore Gas & Electric Co., Senior Unsecured Notes:
	70,000	A	3.500% due 8/15/46		76,882
	150,000	A	3.750% due 8/15/47		172,610
	15,000	A	4.250% due 9/15/48		18,579
	25,000	A	3.200% due 9/15/49		26,437
			CenterPoint Energy Houston Electric LLC, General Refinance Mortgage:
	50,000	A	3.550% due 8/1/42		56,954
	30,000	A	3.950% due 3/1/48		35,839

See Notes to Financial Statements.

146

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Electric — 1.4% — (continued)
$	30,000	BBB	CMS Energy Corp., Senior Unsecured Notes, 3.000% due 5/15/26	$	31,870
			Consumers Energy Co., 1st Mortgage Notes:
	50,000	A	3.950% due 5/15/43		61,214
	95,000	A	3.750% due 2/15/50		113,076
	25,000	A	3.100% due 8/15/50		27,008
	117,000	BBB	Dayton Power & Light Co. (The), 1st Mortgage Notes, 3.950% due 6/15/49(c)		134,396
	35,000	BBB	Dominion Energy Inc., Junior Subordinated Notes, 2.579% due 7/1/20		35,063
			DTE Electric Co., General Refinance Mortgage:
	80,000	A	4.050% due 5/15/48		97,720
	100,000	A	3.950% due 3/1/49		121,897
			Duke Energy Carolinas LLC:
			1st Mortgage Notes:
	22,000	A	3.950% due 11/15/28		25,425
	40,000	A	2.450% due 8/15/29		41,612
	590,000	A	4.250% due 12/15/41		722,183
	60,000	A	3.700% due 12/1/47		68,791
	16,000	A	3.950% due 3/15/48		19,338
			1st Refinanced Mortgage Notes:
	145,000	A	2.950% due 12/1/26		155,530
	30,000	A	3.875% due 3/15/46		35,382
			Duke Energy Corp., Senior Unsecured Notes:
	170,000	BBB+	3.550% due 9/15/21		174,703
	180,000	BBB+	2.650% due 9/1/26		187,682
			Duke Energy Florida LLC, 1st Mortgage Notes:
	45,000	A	3.800% due 7/15/28		51,144
	209,000	A	2.500% due 12/1/29		218,025
	195,000	A	5.900% due 3/1/33		267,511
	60,000	A	3.400% due 10/1/46		64,873
			Duke Energy Ohio Inc., 1st Mortgage Notes:
	335,000	A	3.650% due 2/1/29		378,937
	60,000	A	3.700% due 6/15/46		69,183
	25,000	A	4.300% due 2/1/49		31,231
			Duke Energy Progress LLC, 1st Mortgage Notes:
	35,000	A	3.000% due 9/15/21		35,660
	30,000	A	3.700% due 9/1/28		34,058
	130,000	A	3.450% due 3/15/29		145,351
	198,000	A	4.100% due 5/15/42		242,013
	50,000	A	4.100% due 3/15/43		60,040
	35,000	A	4.200% due 8/15/45		43,384
	750,000	BBB-	Duquesne Light Holdings Inc., Senior Unsecured Notes, 6.400% due 9/15/20(c)		767,554
			Edison International, Senior Unsecured Notes:
	22,000	BBB-	3.125% due 11/15/22		22,656
	28,000	BBB-	3.550% due 11/15/24		29,636
	35,000	BBB	Entergy Corp., Senior Unsecured Notes, 2.950% due 9/1/26		36,905
			Entergy Louisiana LLC:
	25,000	A	1st Mortgage Notes, 5.400% due 11/1/24		29,202
	115,000	A	Collateral Trust, 4.200% due 4/1/50		143,527
	60,000	A	Entergy Texas Inc., 1st Mortgage Notes, 3.450% due 12/1/27		64,647
	95,000	BBB+	Eversource Energy, Senior Unsecured Notes, 2.800% due 5/1/23		98,767
			Exelon Corp., Senior Unsecured Notes:
	175,000	BBB	2.850% due 6/15/20		175,421
	5,000	BBB	2.450% due 4/15/21		5,036
	143,000	BBB	5.625% due 6/15/35		188,355
			FirstEnergy Corp., Senior Unsecured Notes:
	310,000	BBB-	3.900% due 7/15/27		343,751

See Notes to Financial Statements.

147

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Electric — 1.4% — (continued)
$	1,250,000	BBB-	7.375% due 11/15/31	$	1,827,409
	130,000	BBB-	4.850% due 7/15/47		160,264
			FirstEnergy Transmission LLC, Senior Unsecured Notes:
	51,000	BBB-	4.350% due 1/15/25(c)		57,088
	50,000	BBB-	5.450% due 7/15/44(c)		68,541
	165,000	BBB-	4.550% due 4/1/49(c)		207,374
			Florida Power & Light Co., 1st Mortgage Notes:
	50,000	A+	3.125% due 12/1/25		54,378
	40,000	A+	5.690% due 3/1/40		59,273
	52,000	A+	4.050% due 6/1/42		64,433
	20,000	A+	3.800% due 12/15/42		23,910
	65,000	A+	3.700% due 12/1/47		75,607
	15,000	A+	4.125% due 6/1/48		19,157
	100,000	A+	3.990% due 3/1/49		124,764
	50,000	A+	3.150% due 10/1/49		55,631
	70,000	A-	Georgia Power Co., Senior Unsecured Notes, 2.000% due 3/30/20		70,009
	36,232	A	Indiantown Cogeneration LP, 1st Mortgage Notes, 9.770% due 12/15/20(h)		37,409
	400,000	BBB+	ITC Holdings Corp., Senior Unsecured Notes, 4.050% due 7/1/23		429,693
	700,000	BBB	Jersey Central Power & Light Co., Senior Unsecured Notes, 4.700% due 4/1/24(c)		781,787
	775,000	A-	KCP&L Greater Missouri Operations Co., Senior Unsecured Notes, 8.270% due 11/15/21		860,936
			MidAmerican Energy Co., 1st Mortgage Notes:
	115,000	A+	3.100% due 5/1/27		124,387
	100,000	A+	3.650% due 4/15/29		113,565
	100,000	A+	3.150% due 4/15/50		108,177
	105,000	BBB	Mid-Atlantic Interstate Transmission LLC, Senior Unsecured Notes, 4.100% due 5/15/28(c)		119,867
	50,000	BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 3.550% due 5/1/27		54,409
			Northern States Power Co., 1st Mortgage Notes:
	50,000	A	3.600% due 9/15/47		56,979
	70,000	A	2.900% due 3/1/50		72,034
			Ohio Power Co., Senior Unsecured Notes:
	40,000	A-	6.600% due 2/15/33		58,711
	30,000	A-	4.150% due 4/1/48		37,334
	50,000	A-	4.000% due 6/1/49		61,275
			Oncor Electric Delivery Co. LLC, Senior Secured Notes:
	90,000	A+	3.700% due 11/15/28		103,513
	167,000	A+	7.000% due 5/1/32		251,140
	20,000	A+	3.800% due 9/30/47		24,305
	35,000	A	PECO Energy Co., 1st Mortgage Notes, 3.900% due 3/1/48		41,810
	500,000	BBB+	Public Service Co. of New Mexico, Senior Unsecured Notes, 3.850% due 8/1/25		542,486
			Public Service Electric & Gas Co., 1st Mortgage Notes:
	200,000	A	3.000% due 5/15/27		216,384
	40,000	A	3.200% due 5/15/29		44,374
	500,000	A	4.000% due 6/1/44		600,062
	90,000	BBB+	Sempra Energy, Senior Unsecured Notes, 2.331% (3-Month USD-LIBOR + 0.500%) due 1/15/21(a)		90,023
	130,000	BBB+	Southern Power Co., Senior Unsecured Notes, 2.375% due 6/1/20		130,187
	140,000	BBB+	Tampa Electric Co., Senior Unsecured Notes, 4.450% due 6/15/49		183,727
	800,000	A-	Tucson Electric Power Co., Senior Unsecured Notes, 3.850% due 3/15/23		849,413
			Virginia Electric & Power Co., Senior Unsecured Notes:
	205,000	BBB+	2.750% due 3/15/23		211,655
	90,000	BBB+	3.800% due 4/1/28		101,901
	195,000	BBB+	6.000% due 5/15/37		281,759
	25,000	BBB+	6.350% due 11/30/37		37,415
	130,000	BBB+	4.450% due 2/15/44		163,023
	595,000	BBB+	4.000% due 11/15/46		715,643

See Notes to Financial Statements.

148

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Electric — 1.4% — (continued)
$	46,000	BBB+	3.300% due 12/1/49	$	49,710
	280,000	BBB-	Vistra Operations Co. LLC, Senior Secured Notes, 4.300% due 7/15/29(c)		288,974
			Total Electric		17,800,132
	Electronics — 0.0%
			Agilent Technologies Inc., Senior Unsecured Notes:
	120,000	BBB+	3.200% due 10/1/22		124,435
	10,000	BBB+	3.050% due 9/22/26		10,629
	10,000	BBB-	Avnet Inc., Senior Unsecured Notes, 4.625% due 4/15/26		10,928
	58,000	BBB-	Trimble Inc., Senior Unsecured Notes, 4.150% due 6/15/23		61,693
	20,000	A-	Tyco Electronics Group SA, Company Guaranteed Notes, 3.450% due 8/1/24		21,406
			Total Electronics		229,091
	Engineering & Construction — 0.0%
	200,000	A-	Vinci SA, Senior Unsecured Notes, 3.750% due 4/10/29(c)		230,902
	Entertainment — 0.0%
	360,000	B+	Churchill Downs Inc., Company Guaranteed Notes, 4.750% due 1/15/28(c)		360,666
	Environmental Control — 0.2%
	289,000	BB+	Clean Harbors Inc., Company Guaranteed Notes, 5.125% due 7/15/29(c)		310,414
	191,000	B+	GFL Environmental Inc., Senior Secured Notes, 5.125% due 12/15/26(c)		198,163
			Republic Services Inc., Senior Unsecured Notes:
	130,000	BBB+	2.500% due 8/15/24		135,125
	45,000	BBB+	3.200% due 3/15/25		48,343
	20,000	BBB+	2.900% due 7/1/26		21,274
	260,000	BBB+	3.375% due 11/15/27		287,140
			Waste Management Inc., Company Guaranteed Notes:
	40,000	A-	4.600% due 3/1/21		40,838
	100,000	A-	3.500% due 5/15/24		107,665
	50,000	A-	3.125% due 3/1/25		53,328
	110,000	A-	3.200% due 6/15/26		119,397
	110,000	A-	3.450% due 6/15/29		121,809
	105,000	A-	4.000% due 7/15/39		126,452
	245,000	A-	4.150% due 7/15/49		305,947
	109,000	B+	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(c)		106,567
			Total Environmental Control		1,982,462
	Food — 0.4%
			Kraft Heinz Foods Co.:
			Company Guaranteed Notes:
	80,000	BB+	3.950% due 7/15/25		83,479
	10,000	BB+	3.000% due 6/1/26		9,994
	40,000	BB+	5.000% due 7/15/35		42,529
	395,000	BB+	5.000% due 6/4/42		394,228
	310,000	BB+	5.200% due 7/15/45		319,162
	1,405,000	BB+	4.375% due 6/1/46		1,309,787
	870,000	BB+	4.875% due 10/1/49(c)		859,570
	39,000	BBB-	Secured Notes, 4.875% due 2/15/25(c)		40,128
	440,000	BBB	Kroger Co. (The), Senior Unsecured Notes, 5.400% due 1/15/49		572,251
			Mars Inc., Company Guaranteed Notes:
	110,000	A	2.700% due 4/1/25(c)		116,858
	350,000	A	3.200% due 4/1/30(c)		391,044
	100,000	B+	Post Holdings Inc., Company Guaranteed Notes, 5.625% due 1/15/28(c)		104,706
	200,000	AA-	Seven & i Holdings Co., Ltd., Senior Unsecured Notes, 3.350% due 9/17/21(c)		205,426
			Tyson Foods Inc., Senior Unsecured Notes:
	305,000	BBB+	3.900% due 9/28/23		328,450

See Notes to Financial Statements.

149

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Food — 0.4% — (continued)
$	35,000	BBB+	4.550% due 6/2/47	$	42,117
	25,000	BBB+	5.100% due 9/28/48		32,618
			Total Food		4,852,347
	Forest Products & Paper — 0.0%
			Georgia-Pacific LLC:
	19,000	A+	Company Guaranteed Notes, 5.400% due 11/1/20(c)		19,449
			Senior Unsecured Notes:
	55,000	A+	3.734% due 7/15/23(c)		58,722
	140,000	A+	3.600% due 3/1/25(c)		151,917
			International Paper Co., Senior Unsecured Notes:
	10,000	BBB	7.300% due 11/15/39		14,817
	85,000	BBB	4.350% due 8/15/48		96,753
			Total Forest Products & Paper		341,658
	Gas — 0.1%
	70,000	A	Atmos Energy Corp., Senior Unsecured Notes, 3.375% due 9/15/49		77,145
	25,000	BBB+	Dominion Energy Gas Holdings LLC, Senior Unsecured Notes, 4.800% due 11/1/43		30,382
	400,000	BBB+	NiSource Inc., Senior Unsecured Notes, 2.650% due 11/17/22		409,713
	250,000	A-	Southern Co. Gas Capital Corp., Company Guaranteed Notes, 4.400% due 5/30/47		305,463
			Total Gas		822,703
	Healthcare — Products — 0.1%
			Abbott Laboratories, Senior Unsecured Notes:
	151,000	A-	3.400% due 11/30/23		161,497
	84,000	A-	3.750% due 11/30/26		94,837
	70,000	A-	4.750% due 11/30/36		91,895
	150,000	A-	4.900% due 11/30/46		209,198
	120,000	BBB-	Boston Scientific Corp., Senior Unsecured Notes, 3.450% due 3/1/24		127,961
	100,000	BB-	Hologic Inc., Company Guaranteed Notes, 4.625% due 2/1/28(c)		104,535
	89,000	A	Medtronic Inc., Company Guaranteed Notes, 3.500% due 3/15/25		97,685
	13,000	WR(d)	St Jude Medical LLC, Senior Unsecured Notes, 4.750% due 4/15/43		15,292
			Thermo Fisher Scientific Inc., Senior Unsecured Notes:
	205,000	BBB+	3.000% due 4/15/23		214,131
	60,000	BBB+	4.150% due 2/1/24		65,481
	20,000	BBB+	2.950% due 9/19/26		21,369
	80,000	BBB+	3.200% due 8/15/27		86,692
	500,000	BBB	Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 2.700% due 4/1/20		500,323
			Total Healthcare — Products		1,790,896
	Healthcare — Services — 0.7%
			Aetna Inc., Senior Unsecured Notes:
	40,000	BBB	2.800% due 6/15/23		41,083
	55,000	BBB	4.125% due 11/15/42		59,797
	10,000	BBB	3.875% due 8/15/47		10,589
			Anthem Inc., Senior Unsecured Notes:
	40,000	A	3.125% due 5/15/22		41,319
	85,000	A	2.950% due 12/1/22		87,774
	1,123,000	A	3.650% due 12/1/27		1,229,535
	5,000	A	2.875% due 9/15/29		5,158
			Centene Corp., Senior Unsecured Notes:
	140,000	BBB-	4.750% due 5/15/22		141,957
	90,000	BBB-	6.125% due 2/15/24		92,808
	41,000	BBB-	5.250% due 4/1/25(c)		42,281
	20,000	BBB-	5.375% due 6/1/26(c)		21,044
	60,000	BBB-	3.375% due 2/15/30(c)		60,075

See Notes to Financial Statements.

150

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Healthcare — Services — 0.7% — (continued)
$	30,000	BBB+	CommonSpirit Health, Secured Notes, 4.350% due 11/1/42	$	33,906
	198,000	B+	Encompass Health Corp., Company Guaranteed Notes, 4.750% due 2/1/30		204,762
			HCA Inc.:
			Company Guaranteed Notes:
	100,000	BB-	7.500% due 2/15/22		110,698
	40,000	BB-	5.375% due 9/1/26		44,429
	20,000	BB-	5.625% due 9/1/28		22,705
	309,000	BB-	5.875% due 2/1/29		358,054
			Senior Secured Notes:
	100,000	BBB-	4.750% due 5/1/23		108,290
	753,000	BBB-	5.000% due 3/15/24		837,573
	239,000	BBB-	5.250% due 4/15/25		271,784
	170,000	BBB-	5.250% due 6/15/26		194,518
	175,000	BBB-	4.500% due 2/15/27		193,817
	265,000	BBB-	4.125% due 6/15/29		291,115
	160,000	BBB-	5.500% due 6/15/47		190,320
	470,000	BBB-	5.250% due 6/15/49		548,758
			Humana Inc., Senior Unsecured Notes:
	360,000	BBB+	2.500% due 12/15/20		362,345
	280,000	BBB+	3.150% due 12/1/22		290,991
	30,000	BBB+	3.950% due 3/15/27		33,240
	70,000	BBB+	4.625% due 12/1/42		82,335
	40,000	BBB+	4.950% due 10/1/44		49,347
	160,000	BBB+	3.950% due 8/15/49		173,973
	500,000	AA-	Kaiser Foundation Hospitals, Company Guaranteed Notes, 3.150% due 5/1/27		546,158
	255,000	BB-	Molina Healthcare Inc., Senior Unsecured Notes, 5.375% due 11/15/22		265,837
	276,000	Aa2(d)	New York & Presbyterian Hospital (The), Unsecured Notes, 3.954% due 8/1/19		332,550
	24,000	BB-	Tenet Healthcare Corp., Senior Secured Notes, 4.625% due 7/15/24		24,050
			UnitedHealth Group Inc., Senior Unsecured Notes:
	120,000	A+	2.700% due 7/15/20		120,441
	160,000	A+	3.450% due 1/15/27		175,106
	50,000	A+	3.875% due 12/15/28		57,134
	155,000	A+	3.950% due 10/15/42		178,752
	22,000	A+	4.250% due 3/15/43		26,301
	190,000	A+	4.750% due 7/15/45		244,174
	70,000	A+	3.750% due 10/15/47		79,260
	485,000	A+	3.700% due 8/15/49		541,839
	120,000	A+	3.875% due 8/15/59		136,880
			Total Healthcare — Services		8,964,862
	Home Builders — 0.0%
			Lennar Corp., Company Guaranteed Notes:
	10,000	BB+	5.000% due 6/15/27		11,206
	150,000	BB+	4.750% due 11/29/27		167,340
	50,000	BB+	Toll Brothers Finance Corp., Company Guaranteed Notes, 4.375% due 4/15/23		52,583
			Total Home Builders		231,129
	Household Products/Wares — 0.0%
	45,000	A-	Clorox Co. (The), Senior Unsecured Notes, 3.900% due 5/15/28		52,362
	90,000	B+	Spectrum Brands Inc., Company Guaranteed Notes, 5.750% due 7/15/25		92,474
			Total Household Products/Wares		144,836

See Notes to Financial Statements.

151

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Housewares — 0.0%
			Newell Brands Inc., Senior Unsecured Notes:
$	60,000	BB+	3.850% due 4/1/23	$	62,353
	80,000	BB+	4.200% due 4/1/26		83,576
			Total Housewares		145,929
	Insurance — 0.5%
	10,000	BBB+	American International Group Inc., Senior Unsecured Notes, 4.875% due 6/1/22		10,661
			Aon Corp., Company Guaranteed Notes:
	55,000	A-	4.500% due 12/15/28		64,161
	56,000	A-	3.750% due 5/2/29		62,495
			Aon PLC, Company Guaranteed Notes:
	116,000	A-	4.450% due 5/24/43		140,264
	114,000	A-	4.600% due 6/14/44		144,266
	35,000	A-	4.750% due 5/15/45		46,107
			Berkshire Hathaway Finance Corp., Company Guaranteed Notes:
	400,000	AA	4.400% due 5/15/42		499,204
	350,000	AA	4.250% due 1/15/49		436,254
			Chubb INA Holdings Inc., Company Guaranteed Notes:
	60,000	A	2.300% due 11/3/20		60,231
	70,000	A	3.350% due 5/3/26		77,329
	255,000	BBB+	Equitable Holdings Inc., Senior Unsecured Notes, 3.900% due 4/20/23		271,278
	100,000	BBB+	Farmers Exchange Capital, Subordinated Notes, 7.200% due 7/15/48(c)		157,500
	900,000	BBB+	Farmers Exchange Capital II, Subordinated Notes, 6.151% (3-Month USD-LIBOR + 3.744%) due 11/1/53(a)(c)		1,188,357
	44,000	BBB+	Hartford Financial Services Group Inc. (The), Senior Unsecured Notes, 4.300% due 4/15/43		53,678
	20,000	A	Loews Corp., Senior Unsecured Notes, 4.125% due 5/15/43		24,820
			Marsh & McLennan Cos., Inc., Senior Unsecured Notes:
	190,000	A-	2.750% due 1/30/22		194,546
	381,000	A-	3.500% due 6/3/24		407,597
			MetLife Inc.:
	620,000	BBB	Junior Subordinated Notes, 6.400% due 12/15/36		766,670
	95,000	A-	Senior Unsecured Notes, 3.000% due 3/1/25		101,827
	850,000	A-	Nationwide Mutual Insurance Co., Subordinated Notes, 4.184% (3-Month USD-LIBOR + 2.290%) due 12/15/24(a)(c)		851,279
			Teachers Insurance & Annuity Association of America, Subordinated Notes:
	24,000	AA-	6.850% due 12/16/39(c)		36,820
	320,000	AA-	4.900% due 9/15/44(c)		422,717
	55,000	BBB	Trinity Acquisition PLC, Company Guaranteed Notes, 4.400% due 3/15/26		62,328
	170,000	BBB	Willis North America Inc., Company Guaranteed Notes, 4.500% due 9/15/28		196,442
			Total Insurance		6,276,831
	Internet — 0.2%
			Amazon.com Inc., Senior Unsecured Notes:
	130,000	AA-	3.150% due 8/22/27		142,663
	109,000	AA-	3.875% due 8/22/37		131,286
	160,000	AA-	4.950% due 12/5/44		225,743
	102,000	AA-	4.050% due 8/22/47		131,426
	5,000	AA-	4.250% due 8/22/57		6,724
	35,000	BBB+	eBay Inc., Senior Unsecured Notes, 4.000% due 7/15/42		35,277
			Expedia Group Inc., Company Guaranteed Notes:
	40,000	BBB	4.500% due 8/15/24		43,656
	270,000	BBB	3.250% due 2/15/30(c)		264,248
	370,000	BBB-	Prosus NV, Company Guaranteed Notes, 4.850% due 7/6/27(c)		411,012
	407,000	A+	Tencent Holdings Ltd., Senior Unsecured Notes, 2.985% due 1/19/23(c)		421,103
			Total Internet		1,813,138

See Notes to Financial Statements.

152

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Investment Companies — 0.0%
$	470,000	BBB-	Ares Capital Corp., Senior Unsecured Notes, 4.250% due 3/1/25	$	504,113
	Iron/Steel — 0.1%
			ArcelorMittal SA, Senior Unsecured Notes:
	210,000	BBB-	3.600% due 7/16/24		218,038
	505,000	BBB-	4.550% due 3/11/26		547,930
	30,000	BBB-	7.000% due 10/15/39		37,914
	125,000	BBB-	Vale Overseas Ltd., Company Guaranteed Notes, 6.875% due 11/21/36		165,091
			Total Iron/Steel		968,973
	Leisure Time — 0.0%
	110,000	BB	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(c)		98,379
	Lodging — 0.1%
	10,000	BB+	Hilton Domestic Operating Co., Inc., Company Guaranteed Notes, 5.125% due 5/1/26		10,295
			Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., Company Guaranteed Notes:
	10,000	BB+	4.625% due 4/1/25		10,067
	60,000	BB+	4.875% due 4/1/27		61,461
	290,000	BBB-	Las Vegas Sands Corp., Senior Unsecured Notes, 3.200% due 8/8/24		300,834
	650,000	BBB-	Sands China Ltd., Senior Unsecured Notes, 5.125% due 8/8/25		731,188
			Total Lodging		1,113,845
	Machinery — Diversified — 0.1%
	20,000	BBB	CNH Industrial NV, Senior Unsecured Notes, 3.850% due 11/15/27		21,342
	20,000	BBB	Crane Co., Senior Unsecured Notes, 4.200% due 3/15/48		21,908
	320,000	BBB-	nVent Finance Sarl, Company Guaranteed Notes, 3.950% due 4/15/23		336,343
			Otis Worldwide Corp., Company Guaranteed Notes:
	80,000	BBB	2.056% due 4/5/25(c)		81,408
	90,000	BBB	2.293% due 4/5/27(c)		92,241
	250,000	BBB	2.565% due 2/15/30(c)		257,739
			Total Machinery — Diversified		810,981
	Media — 1.1%
			CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	10,000	BB	5.250% due 9/30/22		10,127
	130,000	BB	5.125% due 5/1/27(c)		135,402
	396,000	BB	4.500% due 8/15/30(c)		401,198
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	50,000	BBB-	3.579% due 7/23/20		50,281
	415,000	BBB-	4.464% due 7/23/22		440,073
	120,000	BBB-	4.500% due 2/1/24		131,090
	205,000	BBB-	4.908% due 7/23/25		230,839
	210,000	BBB-	3.750% due 2/15/28		224,230
	260,000	BBB-	4.200% due 3/15/28		283,769
	645,000	BBB-	5.050% due 3/30/29		748,167
	258,000	BBB-	6.384% due 10/23/35		341,129
	50,000	BBB-	5.375% due 4/1/38		58,079
	680,000	BBB-	6.484% due 10/23/45		875,119
	510,000	BBB-	5.750% due 4/1/48		608,203
	160,000	A-	Comcast Cable Communications Holdings Inc., Company Guaranteed Notes, 9.455% due 11/15/22		194,354
			Comcast Corp., Company Guaranteed Notes:
	300,000	A-	3.950% due 10/15/25		336,196
	67,000	A-	2.350% due 1/15/27		69,294
	55,000	A-	3.300% due 2/1/27		59,851
	75,000	A-	3.150% due 2/15/28		81,530

See Notes to Financial Statements.

153

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Media — 1.1% — (continued)
$	915,000	A-	4.150% due 10/15/28	$	1,062,068
	290,000	A-	4.250% due 10/15/30		345,536
	30,000	A-	6.500% due 11/15/35		45,233
	90,000	A-	3.200% due 7/15/36		97,274
	80,000	A-	6.950% due 8/15/37		122,824
	50,000	A-	3.900% due 3/1/38		58,284
	242,000	A-	3.400% due 7/15/46		260,726
	173,000	A-	3.969% due 11/1/47		203,848
	240,000	A-	4.700% due 10/15/48		315,997
	23,000	A-	3.999% due 11/1/49		27,387
	39,000	A-	4.049% due 11/1/52		46,530
	85,000	A-	4.950% due 10/15/58		116,786
			Cox Communications Inc., Senior Unsecured Notes:
	40,000	BBB	3.250% due 12/15/22(c)		41,586
	227,000	BBB	3.150% due 8/15/24(c)		239,378
	18,000	BBB	3.350% due 9/15/26(c)		19,274
			CSC Holdings LLC, Company Guaranteed Notes:
	400,000	BB	6.625% due 10/15/25(c)		419,004
	200,000	BB	5.500% due 5/15/26(c)		207,536
			Discovery Communications LLC, Company Guaranteed Notes:
	175,000	BBB-	5.000% due 9/20/37		201,064
	66,000	BBB-	4.875% due 4/1/43		74,670
	90,000	BBB-	5.200% due 9/20/47		106,259
			DISH DBS Corp., Company Guaranteed Notes:
	10,000	B-	5.875% due 11/15/24		10,278
	50,000	B-	7.750% due 7/1/26		53,821
			Fox Corp., Senior Unsecured Notes:
	310,000	BBB	4.030% due 1/25/24(c)		335,866
	180,000	BBB	4.709% due 1/25/29(c)		211,996
	240,000	BBB	5.476% due 1/25/39(c)		307,906
	180,000	A-	NBCUniversal Media LLC, Company Guaranteed Notes, 5.950% due 4/1/41		261,931
	115,000	BB	Sirius XM Radio Inc., Company Guaranteed Notes, 3.875% due 8/1/22(c)		115,014
			Time Warner Cable LLC, Senior Secured Notes:
	385,000	BBB-	4.000% due 9/1/21		395,816
	90,000	BBB-	6.550% due 5/1/37		117,309
	230,000	BBB-	7.300% due 7/1/38		315,386
	490,000	BBB-	5.500% due 9/1/41		573,580
			Time Warner Entertainment Co. LP, Senior Secured Notes:
	70,000	BBB-	8.375% due 3/15/23		83,380
	240,000	BBB-	8.375% due 7/15/33		353,321
			ViacomCBS Inc.:
	30,000	BBB	Company Guaranteed Notes, 3.375% due 3/1/22		30,896
			Senior Unsecured Notes:
	40,000	BBB	4.250% due 9/1/23		43,284
	10,000	BBB	3.875% due 4/1/24		10,761
	350,000	BBB	3.700% due 6/1/28		378,630
	130,000	BBB	4.375% due 3/15/43		139,834
	225,000	BB-	Virgin Media Secured Finance PLC, Senior Secured Notes, 5.500% due 5/15/29(c)		231,334
			Walt Disney Co. (The), Company Guaranteed Notes:
	30,000	A	4.500% due 2/15/21		30,859
	75,000	A	2.000% due 9/1/29		75,709
	70,000	A	6.200% due 12/15/34		103,419
	30,000	A	6.650% due 11/15/37		46,259
			Total Media		13,516,784

See Notes to Financial Statements.

154

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Mining — 0.4%
			Anglo American Capital PLC, Company Guaranteed Notes:
$	350,000	BBB	3.625% due 9/11/24(c)	$	374,431
	270,000	BBB	4.750% due 4/10/27(c)		308,216
	40,000	BBB	Barrick Gold Corp., Senior Unsecured Notes, 5.250% due 4/1/42		53,039
			Barrick North America Finance LLC, Company Guaranteed Notes:
	70,000	BBB	5.700% due 5/30/41		95,161
	190,000	BBB	5.750% due 5/1/43		268,372
			BHP Billsiton Finance USA Ltd., Company Guaranteed Notes:
	150,000	A	5.000% due 9/30/43		202,250
	310,000	BBB+	6.750% (5-Year USD Swap Rate + 5.093%) due 10/19/75(a)(c)		360,916
			Freeport-McMoRan Inc., Company Guaranteed Notes:
	30,000	BB	3.550% due 3/1/22		30,320
	10,000	BB	3.875% due 3/15/23		10,074
	10,000	BB	4.550% due 11/14/24		10,146
	50,000	BB	5.450% due 3/15/43		48,630
			Glencore Funding LLC, Company Guaranteed Notes:
	40,000	BBB+	2.875% due 4/16/20(c)		40,039
	920,000	BBB+	4.125% due 3/12/24(c)		982,406
	210,000	BBB+	4.625% due 4/29/24(c)		227,254
	250,000	BBB+	4.000% due 3/27/27(c)		270,691
	200,000	Baa2(d)	Indonesia Asahan Aluminium Persero PT, Senior Unsecured Notes, 6.530% due 11/15/28(c)		247,355
	50,000	BBB	Newmont Corp., Company Guaranteed Notes, 4.875% due 3/15/42		62,939
	760,000	BBB+	Southern Copper Corp., Senior Unsecured Notes, 5.250% due 11/8/42		886,492
			Teck Resources Ltd., Senior Unsecured Notes:
	10,000	BBB-	6.000% due 8/15/40		11,340
	45,000	BBB-	6.250% due 7/15/41		52,023
	90,000	BB+	Yamana Gold Inc., Company Guaranteed Notes, 4.625% due 12/15/27		99,391
			Total Mining		4,641,485
	Miscellaneous Manufacturers — 0.3%
	150,000	A+	3M Co., Senior Unsecured Notes, 2.375% due 8/26/29		154,037
			Eaton Corp., Company Guaranteed Notes:
	76,000	A-	2.750% due 11/2/22		78,777
	185,000	A-	4.150% due 11/2/42		230,989
			General Electric Co.:
			Senior Unsecured Notes:
	250,000	BBB+	4.625% due 1/7/21		256,031
	72,000	BBB+	4.650% due 10/17/21		75,110
	390,000	BBB+	6.750% due 3/15/32		531,044
	1,025,000	BBB+	2.172% (3-Month USD-LIBOR + 0.480%) due 8/15/36(a)		841,328
	162,000	BBB+	6.150% due 8/7/37		212,987
	230,000	BBB+	5.875% due 1/14/38		299,438
	658,000	BBB+	6.875% due 1/10/39		917,865
	141,000	BBB	Subordinated Notes, 5.300% due 2/11/21		145,212
	75,000	BBB	Ingersoll-Rand Luxembourg Finance SA, Company Guaranteed Notes, 3.500% due 3/21/26		81,996
			Textron Inc., Senior Unsecured Notes:
	70,000	BBB	3.650% due 3/15/27		75,376
	140,000	BBB	3.900% due 9/17/29		155,535
			Total Miscellaneous Manufacturers		4,055,725
	Oil & Gas — 1.8%
			Apache Corp., Senior Unsecured Notes:
	181,000	BBB	3.250% due 4/15/22		184,688
	690,000	BBB	4.375% due 10/15/28		726,707
	280,000	BBB	5.100% due 9/1/40		285,367
	60,000	BBB	4.250% due 1/15/44		53,453

See Notes to Financial Statements.

155

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 1.8% — (continued)
			BP Capital Markets America Inc., Company Guaranteed Notes:
$	110,000	A-	3.245% due 5/6/22	$	114,252
	230,000	A-	3.216% due 11/28/23		241,996
	470,000	A-	3.410% due 2/11/26		511,822
	90,000	A-	4.234% due 11/6/28		104,466
			BP Capital Markets PLC, Company Guaranteed Notes:
	270,000	A-	3.814% due 2/10/24		291,875
	30,000	A-	3.535% due 11/4/24		32,561
	270,000	A-	3.506% due 3/17/25		293,767
	94,000	BBB+	Canadian Natural Resources Ltd., Senior Unsecured Notes, 3.850% due 6/1/27		99,962
	230,000	AA	Chevron Corp., Senior Unsecured Notes, 2.954% due 5/16/26		246,288
			Cimarex Energy Co., Senior Unsecured Notes:
	87,000	BBB-	4.375% due 6/1/24		92,365
	486,000	BBB-	3.900% due 5/15/27		504,447
	150,000	BBB-	4.375% due 3/15/29		157,123
	530,000	A+	CNOOC Finance 2015 USA LLC, Company Guaranteed Notes, 3.500% due 5/5/25		569,827
			Concho Resources Inc., Company Guaranteed Notes:
	20,000	BBB-	4.375% due 1/15/25		20,703
	160,000	BBB-	3.750% due 10/1/27		166,448
	550,000	BBB-	4.300% due 8/15/28		598,770
			Continental Resources Inc., Company Guaranteed Notes:
	78,000	BBB-	4.500% due 4/15/23		81,759
	950,000	BBB-	3.800% due 6/1/24		967,489
	30,000	BBB-	4.375% due 1/15/28		29,282
			Devon Energy Corp., Senior Unsecured Notes:
	480,000	BBB-	5.850% due 12/15/25		570,046
	280,000	BBB-	5.600% due 7/15/41		318,843
	10,000	BBB-	4.750% due 5/15/42		10,261
	180,000	BBB-	5.000% due 6/15/45		193,757
			Diamondback Energy Inc., Company Guaranteed Notes:
	50,000	BBB-	5.375% due 5/31/25		52,215
	10,000	BBB-	3.250% due 12/1/26		10,168
	320,000	BBB-	3.500% due 12/1/29		316,583
			Ecopetrol SA, Senior Unsecured Notes:
	95,000	BBB-	4.125% due 1/16/25		100,359
	750,000	BBB-	5.875% due 5/28/45		898,826
	29,000	BB-	Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes, 5.750% due 1/30/28(c)		28,392
	410,000	A-	EOG Resources Inc., Senior Unsecured Notes, 3.900% due 4/1/35		480,410
	85,000	BB+	EQT Corp., Senior Unsecured Notes, 3.900% due 10/1/27		54,825
			Exxon Mobil Corp., Senior Unsecured Notes:
	380,000	AA+	3.043% due 3/1/26		407,960
	70,000	AA+	4.114% due 3/1/46		84,714
	90,000	AA+	3.095% due 8/16/49		93,021
			Marathon Petroleum Corp., Senior Unsecured Notes:
	55,000	BBB	4.750% due 12/15/23		60,078
	40,000	BBB	6.500% due 3/1/41		54,007
			Noble Energy Inc., Senior Unsecured Notes:
	240,000	BBB	3.850% due 1/15/28		248,752
	110,000	BBB	5.250% due 11/15/43		116,477
	30,000	BBB	4.950% due 8/15/47		31,619
			Oasis Petroleum Inc., Company Guaranteed Notes:
	30,000	B+	6.875% due 3/15/22		23,625
	29,000	B+	6.875% due 1/15/23(i)		22,547

See Notes to Financial Statements.

156

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 1.8% — (continued)
			Occidental Petroleum Corp., Senior Unsecured Notes:
$	56,000	BBB	4.850% due 3/15/21	$	57,467
	120,000	BBB	2.600% due 8/13/21		121,580
	100,000	BBB	3.125% due 2/15/22		102,389
	468,000	BBB	2.700% due 8/15/22		477,233
	200,000	BBB	6.950% due 7/1/24		235,629
	395,000	BBB	2.900% due 8/15/24		401,954
	760,000	BBB	5.550% due 3/15/26		862,230
	90,000	BBB	3.400% due 4/15/26		92,158
	170,000	BBB	3.200% due 8/15/26		173,261
	55,000	BBB	3.500% due 8/15/29		55,379
	140,000	BBB	7.500% due 5/1/31		177,450
	75,000	BBB	7.875% due 9/15/31		97,910
	40,000	BBB	6.450% due 9/15/36		47,374
	570,000	BBB	zero coupon, due 10/10/36		281,501
	150,000	BBB	4.500% due 7/15/44		143,592
	90,000	BBB	4.625% due 6/15/45		87,672
	40,000	BBB	6.600% due 3/15/46		48,660
	30,000	BBB	4.100% due 2/15/47		27,424
	676,000	BBB	4.200% due 3/15/48		631,448
			Petrobras Global Finance BV, Company Guaranteed Notes:
	1,358,000	BB-	5.299% due 1/27/25		1,486,175
	360,000	BB-	5.750% due 2/1/29		406,530
			Petroleos Mexicanos, Company Guaranteed Notes:
	885,000	BBB+	6.500% due 3/13/27		930,885
	199,000	BBB+	6.625% due 6/15/35		199,783
	35,000	BBB+	6.500% due 6/2/41		33,830
	1,170,000	BBB+	6.750% due 9/21/47		1,120,527
	345,000	BBB+	7.690% due 1/23/50(c)		360,578
	40,000	BB-	QEP Resources Inc., Senior Unsecured Notes, 6.875% due 3/1/21		39,316
			Range Resources Corp., Company Guaranteed Notes:
	8,000	BB-	5.875% due 7/1/22		6,837
	140,000	BB-	5.000% due 3/15/23 (i)		101,807
	118,000	BB-	4.875% due 5/15/25 (i)		74,895
			Shell International Finance BV, Company Guaranteed Notes:
	180,000	AA-	4.375% due 3/25/20		180,291
	500,000	AA-	3.250% due 5/11/25		538,530
	260,000	AA-	2.875% due 5/10/26		277,033
	300,000	AA-	3.875% due 11/13/28		340,260
	114,000	AA-	4.550% due 8/12/43		142,558
	323,000	AA-	4.375% due 5/11/45		398,636
	40,000	AA-	4.000% due 5/10/46		46,885
	400,000	A+	Sinopec Group Overseas Development 2014 Ltd., Company Guaranteed Notes, 4.375% due 4/10/24(c)		440,092
			Suncor Energy Inc., Senior Unsecured Notes:
	5,000	A-	5.950% due 5/15/35		6,909
	58,000	A-	6.800% due 5/15/38		84,673
	106,045	B	Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(c)		107,369
	140,000	B	Transocean Poseidon Ltd., Senior Secured Notes, 6.875% due 2/1/27(c)		142,453
			WPX Energy Inc., Senior Unsecured Notes:
	20,000	BB-	5.250% due 10/15/27		19,719
	60,000	BB-	4.500% due 1/15/30		57,357
			Total Oil & Gas		22,219,141

See Notes to Financial Statements.

157

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas Services — 0.1%
			Halliburton Co., Senior Unsecured Notes:
$	220,000	A-	3.800% due 11/15/25	$	241,489
	20,000	A-	4.850% due 11/15/35		23,139
	50,000	A-	5.000% due 11/15/45		54,342
			Schlumberger Holdings Corp., Senior Unsecured Notes:
	90,000	A+	4.000% due 12/21/25(c)		99,000
	171,000	A+	3.900% due 5/17/28(c)		184,477
	26,600	B	Transocean Phoenix 2 Ltd., Senior Secured Notes, 7.750% due 10/15/24(c)		27,409
	87,500	B	Transocean Proteus Ltd., Senior Secured Notes, 6.250% due 12/1/24(c)		88,630
			Total Oil & Gas Services		718,486
	Packaging & Containers — 0.1%
	500,000	BBB	Amcor Finance USA Inc., Company Guaranteed Notes, 4.500% due 5/15/28(c)		580,245
	130,000	BB+	Ball Corp., Company Guaranteed Notes, 4.000% due 11/15/23		133,905
	80,000	BBB-	Berry Global Inc., Senior Secured Notes, 4.875% due 7/15/26(c)		81,526
	100,000	B+	Matthews International Corp., Company Guaranteed Notes, 5.250% due 12/1/25(c)		99,541
	24,000	BB-	OI European Group BV, Company Guaranteed Notes, 4.000% due 3/15/23(c)		24,340
	235,000	BB+	Sealed Air Corp., Company Guaranteed Notes, 5.500% due 9/15/25(c)		256,247
			WestRock RKT LLC, Company Guaranteed Notes:
	39,000	BBB	4.900% due 3/1/22		41,515
	20,000	BBB	4.000% due 3/1/23		21,265
	200,000	BBB	WRKCo Inc., Company Guaranteed Notes, 4.900% due 3/15/29		234,792
			Total Packaging & Containers		1,473,376
	Pharmaceuticals — 2.1%
			AbbVie Inc., Senior Unsecured Notes:
	60,000	A-	3.375% due 11/14/21		61,858
	680,000	A-	2.300% due 11/21/22(c)		691,215
	730,000	A-	2.600% due 11/21/24(c)		754,811
	100,000	A-	3.600% due 5/14/25		107,938
	327,000	A-	2.950% due 11/21/26(c)		342,642
	470,000	A-	3.200% due 11/21/29(c)		496,758
	380,000	A-	4.500% due 5/14/35		447,815
	175,000	A-	4.050% due 11/21/39(c)		194,184
	889,000	A-	4.400% due 11/6/42		1,026,768
	10,000	A-	4.875% due 11/14/48		12,322
	355,000	A-	4.250% due 11/21/49(c)		403,129
	385,000	BBB	Allergan Finance LLC, Company Guaranteed Notes, 3.250% due 10/1/22		401,375
			Allergan Funding SCS, Company Guaranteed Notes:
	155,000	BBB	3.450% due 3/15/22		160,636
	15,000	BBB	3.850% due 6/15/24		16,272
	288,000	BBB	3.800% due 3/15/25		314,929
	255,000	BBB	4.550% due 3/15/35		305,406
	150,000	BBB	4.750% due 3/15/45		182,805
	280,000	BBB	Allergan Inc., Company Guaranteed Notes, 2.800% due 3/15/23		288,989
	200,000	BBB+	AstraZeneca PLC, Senior Unsecured Notes, 3.375% due 11/16/25		219,249
			Bausch Health Cos., Inc.:
	17,000	B	Company Guaranteed Notes, 5.500% due 3/1/23(c)		17,028
	550,000	BB	Senior Secured Notes, 5.500% due 11/1/25(c)		567,416
			Bayer US Finance II LLC, Company Guaranteed Notes:
	315,000	BBB	3.875% due 12/15/23(c)		339,109
	625,000	BBB	4.375% due 12/15/28(c)		712,224
	285,000	BBB	4.625% due 6/25/38(c)		344,185
	140,000	BBB	4.400% due 7/15/44(c)		155,690
	670,000	BBB	4.875% due 6/25/48(c)		815,480

See Notes to Financial Statements.

158

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Pharmaceuticals — 2.1% — (continued)
			Bayer US Finance LLC, Company Guaranteed Notes:
$	200,000	BBB	3.000% due 10/8/21(c)	$	204,678
	515,000	BBB	3.375% due 10/8/24(c)		547,466
			Becton Dickinson & Co., Senior Unsecured Notes:
	265,000	BBB	2.404% due 6/5/20		265,526
	500,000	BBB	2.894% due 6/6/22		512,870
	995,000	BBB	3.363% due 6/6/24		1,055,552
	61,000	BBB	3.734% due 12/15/24		66,106
	47,000	BBB	4.685% due 12/15/44		58,674
			Bristol-Myers Squibb Co., Senior Unsecured Notes:
	190,000	A+	2.600% due 5/16/22(c)		195,013
	60,000	A+	3.550% due 8/15/22(c)		63,199
	370,000	A+	2.900% due 7/26/24(c)		391,078
	260,000	A+	3.875% due 8/15/25(c)		288,544
	475,000	A+	3.200% due 6/15/26(c)		519,042
	130,000	A+	3.400% due 7/26/29(c)		145,947
	100,000	A+	4.125% due 6/15/39(c)		121,961
	60,000	A+	5.000% due 8/15/45(c)		82,242
	20,000	BBB	Cardinal Health Inc., Senior Unsecured Notes, 4.625% due 12/15/20		20,441
			Cigna Corp., Company Guaranteed Notes:
	110,000	A-	3.400% due 9/17/21		112,985
	410,000	A-	3.750% due 7/15/23		437,396
	125,000	A-	3.250% due 4/15/25(c)		132,934
	90,000	A-	4.125% due 11/15/25		100,335
	20,000	A-	3.050% due 10/15/27(c)		20,977
	720,000	A-	4.375% due 10/15/28		820,463
	825,000	A-	4.900% due 12/15/48		1,024,320
			CVS Health Corp., Senior Unsecured Notes:
	5,000	BBB	2.800% due 7/20/20		5,015
	99,000	BBB	3.350% due 3/9/21		100,646
	340,000	BBB	2.750% due 12/1/22		349,724
	540,000	BBB	3.700% due 3/9/23		570,696
	585,000	BBB	4.100% due 3/25/25		641,732
	116,000	BBB	3.875% due 7/20/25		126,826
	1,640,000	BBB	4.300% due 3/25/28		1,838,751
	440,000	BBB	4.780% due 3/25/38		518,213
	105,000	BBB	5.125% due 7/20/45		128,543
	2,095,000	BBB	5.050% due 3/25/48		2,579,819
	156,163	BBB	CVS Pass-Through Trust, Pass-Thru Certificates, 6.036% due 12/10/28		180,265
	40,000	A+	Eli Lilly & Co., Senior Unsecured Notes, 3.875% due 3/15/39		49,540
			Johnson & Johnson, Senior Unsecured Notes:
	400,000	AAA	2.450% due 3/1/26		421,223
	30,000	AAA	2.950% due 3/3/27		32,767
	110,000	AAA	3.625% due 3/3/37		126,774
	15,000	AA-	Novartis Capital Corp., Company Guaranteed Notes, 3.100% due 5/17/27		16,351
	55,000	AA-	Pfizer Inc., Senior Unsecured Notes, 4.125% due 12/15/46		66,999
			Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes:
	45,000	BBB+	2.400% due 9/23/21		45,611
	205,000	BBB+	3.200% due 9/23/26		220,343
	400,000	BBB+	Takeda Pharmaceutical Co., Ltd., Senior Unsecured Notes, 5.000% due 11/26/28		488,932
			Teva Pharmaceutical Finance Co. BV, Company Guaranteed Notes:
	60,000	BB	3.650% due 11/10/21		59,685
	50,000	BB	2.950% due 12/18/22		48,099
	90,000	BB	Teva Pharmaceutical Finance IV BV, Company Guaranteed Notes, 3.650% due 11/10/21		89,611

See Notes to Financial Statements.

159

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Pharmaceuticals — 2.1% — (continued)
			Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes:
$	280,000	BB	2.200% due 7/21/21	$	272,138
	300,000	BB	2.800% due 7/21/23		279,875
	220,000	BB	7.125% due 1/31/25(c)		231,899
	200,000	BB	3.150% due 10/1/26		174,945
	130,000	AA-	Wyeth LLC, Company Guaranteed Notes, 5.950% due 4/1/37		190,841
			Total Pharmaceuticals		26,423,845
	Pipelines — 1.8%
	70,000	B	Blue Racer Midstream LLC/Blue Racer Finance Corp., Company Guaranteed Notes, 6.125% due 11/15/22(c)		64,121
			Cameron LNG LLC, Senior Secured Notes:
	60,000	A	2.902% due 7/15/31(c)		63,033
	680,000	A	3.302% due 1/15/35(c)		733,416
			Cheniere Corpus Christi Holdings LLC, Senior Secured Notes:
	170,000	BBB-	7.000% due 6/30/24		194,910
	170,000	BBB-	5.875% due 3/31/25		190,908
	243,000	BBB-	5.125% due 6/30/27		271,434
	40,000	BB+	DCP Midstream Operating LP, Company Guaranteed Notes, 6.450% due 11/3/36(c)		41,037
	285,000	BBB	El Paso Natural Gas Co. LLC, Company Guaranteed Notes, 8.625% due 1/15/22		317,681
	270,000	BBB-	Enbridge Inc., Subordinated Notes, 5.500% (3-Month USD-LIBOR + 3.418%) due 7/15/77(a)		267,704
			Energy Transfer Operating LP:
			Company Guaranteed Notes:
	330,000	BBB-	4.250% due 3/15/23		349,925
	20,000	BBB-	5.875% due 1/15/24		22,367
	270,000	BBB-	4.500% due 4/15/24		292,205
	170,000	BBB-	4.050% due 3/15/25		182,310
	178,000	BBB-	4.750% due 1/15/26		196,391
	169,000	BBB-	5.500% due 6/1/27		191,735
	30,000	BBB-	4.950% due 6/15/28		33,103
	240,000	BBB-	5.250% due 4/15/29		270,235
	300,000	BBB-	8.250% due 11/15/29		398,486
	430,000	BBB-	3.750% due 5/15/30		436,923
	105,000	BBB-	4.900% due 3/15/35		114,991
	140,000	BBB-	6.125% due 12/15/45		158,182
	200,000	BBB-	6.000% due 6/15/48		225,503
	120,000	BBB-	6.250% due 4/15/49		139,071
	100,000	BBB-	5.000% due 5/15/50		101,373
	140,000	BB	Junior Subordinated Notes, 6.750% (5-Year CMT Index + 5.134%)(a)(e)		138,950
			Enterprise Products Operating LLC, Company Guaranteed Notes:
	50,000	BBB+	3.900% due 2/15/24		53,848
	780,000	BBB+	4.150% due 10/16/28		877,479
	340,000	BBB+	2.800% due 1/31/30		348,864
	165,000	BBB+	4.450% due 2/15/43		182,577
	40,000	BBB+	3.700% due 1/31/51		40,014
	70,000	BBB+	3.950% due 1/31/60		68,827
	420,000	BB	EQM Midstream Partners LP, Senior Unsecured Notes, 5.500% due 7/15/28		352,275
			Kinder Morgan Energy Partners LP, Company Guaranteed Notes:
	50,000	BBB	3.500% due 3/1/21		50,596
	200,000	BBB	4.250% due 9/1/24		217,351
	150,000	BBB	6.375% due 3/1/41		187,948
	140,000	BBB	5.400% due 9/1/44		162,533
			Kinder Morgan Inc., Company Guaranteed Notes:
	480,000	BBB	5.625% due 11/15/23(c)		536,773
	290,000	BBB	4.300% due 3/1/28		323,794
	50,000	BBB	5.550% due 6/1/45		59,510

See Notes to Financial Statements.

160

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Pipelines — 1.8% — (continued)
$	35,000	BBB+	Magellan Midstream Partners LP, Senior Unsecured Notes, 4.200% due 10/3/47	$	39,420
			MPLX LP, Senior Unsecured Notes:
	130,000	BBB	4.875% due 12/1/24		144,306
	180,000	BBB	4.875% due 6/1/25		200,549
	245,000	BBB	4.125% due 3/1/27		263,027
	360,000	BBB	4.800% due 2/15/29		402,909
	150,000	BBB	4.500% due 4/15/38		152,839
	260,000	BBB	4.700% due 4/15/48		263,827
	150,000	BBB	5.500% due 2/15/49		170,674
			NGPL PipeCo LLC, Senior Unsecured Notes:
	327,000	BBB-	4.375% due 8/15/22(c)		341,932
	60,000	BBB-	4.875% due 8/15/27(c)		65,323
	55,000	BBB-	7.768% due 12/15/37(c)		72,403
	190,000	A	Northern Natural Gas Co., Senior Unsecured Notes, 4.300% due 1/15/49(c)		230,557
	210,000	BBB	Northwest Pipeline LLC, Senior Unsecured Notes, 4.000% due 4/1/27		225,569
	276,390	BBB	Pipeline Funding Co. LLC, Senior Secured Notes, 7.500% due 1/15/30(c)		356,230
			Plains All American Pipeline LP/PAA Finance Corp., Senior Unsecured Notes:
	15,000	BBB-	3.650% due 6/1/22		15,427
	300,000	BBB-	4.650% due 10/15/25		326,881
			Rockies Express Pipeline LLC, Senior Unsecured Notes:
	177,000	BBB-	5.625% due 4/15/20(c)		177,549
	300,000	BBB-	4.950% due 7/15/29(c)		298,570
	280,000	BBB-	6.875% due 4/15/40(c)		287,551
	367,424	BB	Ruby Pipeline LLC, Senior Unsecured Notes, 6.500% due 4/1/22(c)		371,984
			Sabine Pass Liquefaction LLC, Senior Secured Notes:
	644,000	BBB-	5.750% due 5/15/24		724,811
	322,000	BBB-	5.625% due 3/1/25		366,403
	110,000	BBB-	5.875% due 6/30/26		127,768
	210,000	BBB-	5.000% due 3/15/27		232,323
	258,000	BBB+	Southern Natural Gas Co. LLC, Senior Unsecured Notes, 8.000% due 3/1/32		380,445
	95,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 3.500% due 3/15/25		101,570
			Sunoco Logistics Partners Operations LP, Company Guaranteed Notes:
	35,000	BBB-	5.350% due 5/15/45		37,613
	300,000	BBB-	5.400% due 10/1/47		317,529
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	50,000	BB	4.250% due 11/15/23		49,339
	20,000	BB	5.875% due 4/15/26		20,639
	20,000	BB	5.375% due 2/1/27		20,537
	50,000	BB	6.500% due 7/15/27		52,313
	20,000	BB	6.875% due 1/15/29		21,675
	50,000	BB	5.500% due 3/1/30(c)		49,547
	560,000	BBB	Tennessee Gas Pipeline Co. LLC, Company Guaranteed Notes, 2.900% due 3/1/30(c)		566,015
			Texas Eastern Transmission LP, Senior Unsecured Notes:
	30,000	BBB+	2.800% due 10/15/22(c)		30,672
	106,000	BBB+	3.500% due 1/15/28(c)		112,350
	295,000	BBB+	4.150% due 1/15/48(c)		329,975
			TransCanada PipeLines Ltd., Senior Unsecured Notes:
	245,000	BBB+	4.875% due 1/15/26		278,682
	105,000	BBB+	4.250% due 5/15/28		117,718
	23,000	BBB+	5.850% due 3/15/36		29,899
			Transcontinental Gas Pipe Line Co. LLC, Senior Unsecured Notes:
	1,119,000	BBB	7.850% due 2/1/26		1,447,146
	270,000	BBB	4.000% due 3/15/28		294,198
	90,000	BBB	4.600% due 3/15/48		99,694

See Notes to Financial Statements.

161

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Pipelines — 1.8% — (continued)
			Western Midstream Operating LP, Senior Unsecured Notes:
$	140,000	BBB-	4.000% due 7/1/22	$	143,464
	50,000	BBB-	2.698% (3-Month USD-LIBOR + 0.850%) due 1/13/23(a)		49,825
	140,000	BBB-	3.100% due 2/1/25		139,900
	40,000	BBB-	4.500% due 3/1/28		40,125
	620,000	BBB-	4.050% due 2/1/30		609,110
	55,000	BBB-	5.300% due 3/1/48		49,874
	10,000	BBB-	5.500% due 8/15/48		9,326
	90,000	BBB-	5.250% due 2/1/50		83,780
			Williams Cos., Inc. (The), Senior Unsecured Notes:
	70,000	BBB	5.250% due 3/15/20		70,085
	30,000	BBB	4.125% due 11/15/20		30,308
	336,000	BBB	7.875% due 9/1/21		367,895
	100,000	BBB	7.500% due 1/15/31		134,591
	260,000	BBB	7.750% due 6/15/31		360,291
	116,000	BBB	8.750% due 3/15/32		176,529
	250,000	BBB	5.100% due 9/15/45		274,221
			Total Pipelines		21,614,095
	Real Estate Investment Trusts (REITs) — 0.6%
	103,000	BBB+	Alexandria Real Estate Equities Inc., Company Guaranteed Notes, 3.800% due 4/15/26		114,174
			American Tower Corp., Senior Unsecured Notes:
	15,000	BBB-	2.750% due 1/15/27		15,487
	80,000	BBB-	3.950% due 3/15/29		88,720
	464,000	BBB-	CC Holdings GS V LLC/Crown Castle GS III Corp., Senior Secured Notes, 3.849% due 4/15/23		492,923
			Crown Castle International Corp., Senior Unsecured Notes:
	10,000	BBB-	3.400% due 2/15/21		10,139
	35,000	BBB-	5.250% due 1/15/23		38,423
	15,000	BBB-	3.700% due 6/15/26		16,302
	305,000	BBB-	3.100% due 11/15/29		322,110
	25,000	BBB-	4.750% due 5/15/47		30,953
	100,000	BBB-	5.200% due 2/15/49		129,857
			GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes:
	855,000	BBB-	4.875% due 11/1/20		866,124
	770,000	BBB-	5.250% due 6/1/25		863,663
	592,000	BBB-	5.375% due 4/15/26		669,333
	220,000	BBB-	5.300% due 1/15/29		254,743
	257,000	BBB-	4.000% due 1/15/30		273,657
			Healthpeak Properties Inc., Senior Unsecured Notes:
	261,000	BBB+	4.250% due 11/15/23		284,246
	500,000	BBB+	3.400% due 2/1/25		537,475
	400,000	BBB	Highwoods Realty LP, Senior Unsecured Notes, 3.200% due 6/15/21		407,157
	350,000	BBB	Life Storage LP, Company Guaranteed Notes, 3.875% due 12/15/27		389,319
	160,000	BB-	MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes, 4.500% due 1/15/28		164,456
	160,000	A-	Realty Income Corp., Senior Unsecured Notes, 3.000% due 1/15/27		171,760
	400,000	BBB-	Reckson Operating Partnership LP, Company Guaranteed Notes, 7.750% due 3/15/20		400,803
	69,000	BB-	SBA Communications Corp., Senior Unsecured Notes, 4.875% due 9/1/24		71,056
	35,000	BBB-	Service Properties Trust, Senior Unsecured Notes, 4.350% due 10/1/24		36,982
	400,000	BBB+	Ventas Realty LP, Company Guaranteed Notes, 3.750% due 5/1/24		430,496
			Total Real Estate Investment Trusts (REITs)		7,080,358

See Notes to Financial Statements.

162

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Retail — 0.3%
			Alimentation Couche-Tard Inc.:
$	250,000	BBB	Company Guaranteed Notes, 3.550% due 7/26/27(c)	$	271,063
	100,000	BBB	Senior Unsecured Notes, 3.800% due 1/25/50(c)		99,485
			Home Depot Inc. (The), Senior Unsecured Notes:
	60,000	A	3.000% due 4/1/26		64,834
	10,000	A	2.125% due 9/15/26		10,297
	55,000	A	3.900% due 12/6/28		63,269
	70,000	A	5.875% due 12/16/36		101,194
			Lowe’s Cos., Inc., Senior Unsecured Notes:
	45,000	BBB+	2.500% due 4/15/26		46,587
	85,000	BBB+	3.700% due 4/15/46		90,945
	15,000	BBB+	4.050% due 5/3/47		16,912
			McDonald’s Corp., Senior Unsecured Notes:
	170,000	BBB+	3.700% due 1/30/26		186,862
	340,000	BBB+	3.800% due 4/1/28		380,861
	10,000	BBB+	3.700% due 2/15/42		10,915
	280,000	BBB+	3.625% due 5/1/43		300,812
	15,000	BBB+	4.450% due 3/1/47		18,261
	120,000	BBB+	3.625% due 9/1/49		131,017
	128,000	CCC-	Rite Aid Corp., Company Guaranteed Notes, 6.125% due 4/1/23(c)		117,600
			Starbucks Corp., Senior Unsecured Notes:
	45,000	BBB+	3.800% due 8/15/25		49,667
	30,000	BBB+	3.750% due 12/1/47		33,066
	15,000	BBB+	4.500% due 11/15/48		17,863
			Walgreens Boots Alliance Inc., Senior Unsecured Notes:
	95,000	BBB	3.800% due 11/18/24		101,440
	635,000	BBB	3.450% due 6/1/26		668,342
			Walmart Inc., Senior Unsecured Notes:
	100,000	AA	3.050% due 7/8/26		108,582
	290,000	AA	3.700% due 6/26/28		329,641
	40,000	AA	3.250% due 7/8/29		44,650
			Total Retail		3,264,165
	Savings & Loans — 0.0%
	500,000	BBB+	Nationwide Building Society, Senior Unsecured Notes, 4.363% (3-Month USD-LIBOR + 1.392%) due 8/1/24(a)(c)		537,255
	Semiconductors — 0.4%
			Analog Devices Inc., Senior Unsecured Notes:
	200,000	BBB	3.500% due 12/5/26		219,356
	10,000	BBB	5.300% due 12/15/45		13,432
	150,000	A-	Applied Materials Inc., Senior Unsecured Notes, 5.850% due 6/15/41		224,054
			Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes:
	400,000	BBB-	3.000% due 1/15/22		407,851
	865,000	BBB-	3.625% due 1/15/24		908,517
	473,000	BBB-	3.875% due 1/15/27		494,739
			Broadcom Inc., Company Guaranteed Notes:
	335,000	BBB-	3.125% due 4/15/21(c)		340,251
	255,000	BBB-	3.125% due 10/15/22(c)		263,706
	355,000	BBB-	3.625% due 10/15/24(c)		373,680
			Intel Corp., Senior Unsecured Notes:
	70,000	A+	3.700% due 7/29/25		77,330
	5,000	A+	4.100% due 5/19/46		6,087
	54,000	A+	3.734% due 12/8/47		63,760
			KLA Corp., Senior Unsecured Notes:
	150,000	BBB+	4.100% due 3/15/29		171,079

See Notes to Financial Statements.

163

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Semiconductors — 0.4% — (continued)
$	158,000	BBB+	3.300% due 3/1/50	$	155,887
			Lam Research Corp., Senior Unsecured Notes:
	54,000	BBB+	2.800% due 6/15/21		54,886
	30,000	BBB+	3.800% due 3/15/25		33,035
	100,000	BBB+	3.750% due 3/15/26		110,565
	80,000	BBB+	4.875% due 3/15/49		105,457
	320,000	A-	NVIDIA Corp., Senior Unsecured Notes, 3.200% due 9/16/26		349,198
			NXP BV/NXP Funding LLC, Company Guaranteed Notes:
	486,000	BBB	4.125% due 6/1/21(c)		499,751
	280,000	BBB	4.625% due 6/1/23(c)		303,031
	100,000	BBB	NXP BV/NXP Funding LLC/NXP USA Inc., Company Guaranteed Notes, 4.300% due 6/18/29(c)		112,316
			QUALCOMM Inc., Senior Unsecured Notes:
	30,000	A-	4.650% due 5/20/35		37,484
	79,000	A-	4.800% due 5/20/45		100,462
			Total Semiconductors		5,425,914
	Shipbuilding — 0.0%
			Huntington Ingalls Industries Inc., Company Guaranteed Notes:
	147,000	BBB	5.000% due 11/15/25(c)		153,705
	227,000	BBB	3.483% due 12/1/27		245,905
			Total Shipbuilding		399,610
	Software — 0.5%
			Activision Blizzard Inc., Senior Unsecured Notes:
	380,000	BBB+	3.400% due 9/15/26		409,079
	165,000	BBB+	3.400% due 6/15/27		177,214
			Autodesk Inc., Senior Unsecured Notes:
	145,000	BBB	3.125% due 6/15/20		145,498
	20,000	BBB	3.500% due 6/15/27		22,003
	66,000	BBB	2.850% due 1/15/30		69,615
	125,000	BBB+	Electronic Arts Inc., Senior Unsecured Notes, 4.800% due 3/1/26		146,248
			Fidelity National Information Services Inc.:
	19,000	BBB	Company Guaranteed Notes, 3.500% due 4/15/23		20,124
			Senior Unsecured Notes:
	9,000	BBB	3.000% due 8/15/26		9,626
	250,000	BBB	3.750% due 5/21/29		282,161
			Fiserv Inc., Senior Unsecured Notes:
	35,000	BBB	3.850% due 6/1/25		38,379
	340,000	BBB	3.200% due 7/1/26		363,883
	155,000	BBB	4.200% due 10/1/28		177,727
	170,000	BBB	3.500% due 7/1/29		186,620
			Microsoft Corp., Senior Unsecured Notes:
	270,000	AAA	2.875% due 2/6/24		285,110
	70,000	AAA	2.700% due 2/12/25		74,127
	1,030,000	AAA	2.400% due 8/8/26		1,084,508
	685,000	AAA	3.300% due 2/6/27		759,379
	110,000	AAA	3.500% due 2/12/35		128,123
	10,000	AAA	3.450% due 8/8/36		11,558
	20,000	AAA	4.100% due 2/6/37		24,835
	135,000	AAA	3.500% due 11/15/42		157,735
	30,000	AAA	3.700% due 8/8/46		36,483
	55,000	AAA	4.000% due 2/12/55		69,710
	50,000	AAA	3.950% due 8/8/56		63,679
	20,000	AAA	4.500% due 2/6/57		27,830

See Notes to Financial Statements.

164

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Software — 0.5% — (continued)
			Oracle Corp., Senior Unsecured Notes:
$	40,000	A+	2.950% due 11/15/24	$	42,493
	235,000	A+	3.250% due 11/15/27		258,446
	15,000	A+	4.300% due 7/8/34		18,431
	285,000	A+	3.900% due 5/15/35		333,238
	60,000	A+	3.800% due 11/15/37		69,436
			salesforce.com Inc., Senior Unsecured Notes:
	130,000	A	3.250% due 4/11/23		137,080
	450,000	A	3.700% due 4/11/28		509,245
	111,000	B+	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(c)		116,447
			Total Software		6,256,070
	Telecommunications — 1.6%
			AT&T Inc., Senior Unsecured Notes:
	1,000,000	BBB	zero coupon, due 11/27/22(c)		953,324
	290,000	BBB	3.400% due 5/15/25		309,120
	20,000	BBB	4.250% due 3/1/27		22,557
	60,000	BBB	4.350% due 3/1/29		68,395
	1,260,000	BBB	4.300% due 2/15/30		1,443,383
	350,000	BBB	4.500% due 5/15/35		408,117
	50,000	BBB	5.250% due 3/1/37		61,943
	30,000	BBB	6.250% due 3/29/41		40,603
	150,000	BBB	5.150% due 3/15/42		183,242
	355,000	BBB	4.800% due 6/15/44		420,591
	335,000	BBB	4.350% due 6/15/45		378,151
	850,000	BBB	4.750% due 5/15/46		998,522
	340,000	BBB	5.150% due 11/15/46		421,373
	278,000	BBB	4.500% due 3/9/48		319,199
	150,000	BBB	4.550% due 3/9/49		174,028
			Corning Inc., Senior Unsecured Notes:
	15,000	BBB+	3.700% due 11/15/23		15,999
	25,000	BBB+	4.375% due 11/15/57		27,292
			Intelsat Jackson Holdings SA, Company Guaranteed Notes:
	184,000	CCC+	8.500% due 10/15/24(c)		159,236
	605,000	CCC+	9.750% due 7/15/25(c)		534,796
	200,000	BBB	Koninklijke KPN NV, Senior Unsecured Notes, 8.375% due 10/1/30		280,757
	145,000	BB	Level 3 Financing Inc., Company Guaranteed Notes, 5.375% due 5/1/25		148,323
			Motorola Solutions Inc., Senior Unsecured Notes:
	235,000	BBB-	4.600% due 5/23/29		269,804
	155,000	BBB-	5.500% due 9/1/44		183,955
	150,000	BBB-	Qwest Corp., Senior Unsecured Notes, 7.250% due 9/15/25		175,617
			Sprint Capital Corp., Company Guaranteed Notes:
	10,000	B	6.875% due 11/15/28		11,931
	130,000	B	8.750% due 3/15/32		180,784
	267,000	B+	Sprint Communications Inc., Company Guaranteed Notes, 7.000% due 3/1/20(c)		267,000
			Sprint Corp., Company Guaranteed Notes:
	44,000	B	7.875% due 9/15/23		50,362
	70,000	B+	7.250% due 2/1/28(c)		70,256
			Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, Senior Secured Notes:
	1,289,313	Baa2(d)	3.360% due 9/20/21(c)		1,301,368
	905,000	Baa2(d)	4.738% due 3/20/25(c)		970,943
	500,000	Baa2(d)	5.152% due 3/20/28(c)		566,329
			Telefonica Emisiones SA, Company Guaranteed Notes:
	680,000	BBB	5.134% due 4/27/20		683,230

See Notes to Financial Statements.

165

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Telecommunications — 1.6% — (continued)
$	330,000	BBB	4.103% due 3/8/27	$	366,815
	150,000	BBB	4.895% due 3/6/48		182,743
			T-Mobile USA Inc., Company Guaranteed Notes:
	150,000	BB+	6.000% due 3/1/23		152,188
	165,000	BB+	6.000% due 4/15/24		168,868
	63,000	BB+	4.500% due 2/1/26		63,964
	192,000	BB+	4.750% due 2/1/28		200,275
			Verizon Communications Inc., Senior Unsecured Notes:
	80,000	BBB+	3.500% due 11/1/24		86,666
	770,000	BBB+	3.376% due 2/15/25		834,186
	220,000	BBB+	2.625% due 8/15/26		231,078
	180,000	BBB+	4.125% due 3/16/27		204,925
	546,000	BBB+	4.329% due 9/21/28		642,413
	740,000	BBB+	4.500% due 8/10/33		907,975
	140,000	BBB+	4.400% due 11/1/34		171,221
	576,000	BBB+	4.272% due 1/15/36		692,674
	150,000	BBB+	5.250% due 3/16/37		200,599
	105,000	BBB+	4.862% due 8/21/46		138,811
	20,000	BBB+	5.500% due 3/16/47		29,297
	150,000	BBB+	4.522% due 9/15/48		194,287
			Vodafone Group PLC, Senior Unsecured Notes:
	260,000	BBB	3.750% due 1/16/24		279,718
	105,000	BBB	4.125% due 5/30/25		117,336
	330,000	BBB	4.375% due 5/30/28		379,430
	610,000	BBB	5.250% due 5/30/48		770,128
	650,000	BBB	4.875% due 6/19/49		782,779
	120,000	BBB	4.250% due 9/17/50		132,652
			Total Telecommunications		20,031,558
	Toys/Games/Hobbies — 0.0%
			Hasbro Inc., Senior Unsecured Notes:
	44,000	BBB-	2.600% due 11/19/22		45,305
	45,000	BBB-	3.900% due 11/19/29		47,379
			Total Toys/Games/Hobbies		92,684
	Transportation — 0.3%
			Burlington Northern Santa Fe LLC, Senior Unsecured Notes:
	100,000	A+	3.000% due 4/1/25		107,105
	50,000	A+	5.750% due 5/1/40		71,781
	79,000	A+	4.550% due 9/1/44		98,187
	15,000	A+	4.150% due 4/1/45		18,005
	10,000	A+	3.900% due 8/1/46		11,768
	15,000	A+	4.150% due 12/15/48		18,252
			CSX Corp., Senior Unsecured Notes:
	240,000	BBB+	2.600% due 11/1/26		252,961
	160,000	BBB+	3.250% due 6/1/27		172,106
	55,000	BBB+	3.800% due 3/1/28		61,357
	20,000	BBB+	6.150% due 5/1/37		27,897
	65,000	BBB+	4.300% due 3/1/48		78,785
	50,000	BBB+	3.950% due 5/1/50		58,045
			FedEx Corp., Company Guaranteed Notes:
	50,000	BBB	3.875% due 8/1/42		50,620
	90,000	BBB	5.100% due 1/15/44		105,632
	9,000	BBB	4.100% due 2/1/45		9,224

See Notes to Financial Statements.

166

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Transportation — 0.3% — (continued)
			Norfolk Southern Corp., Senior Unsecured Notes:
$	30,000	BBB+	3.650% due 8/1/25	$	33,075
	50,000	BBB+	2.900% due 6/15/26		53,546
	95,000	BBB+	4.150% due 2/28/48		116,587
	80,000	BBB+	3.400% due 11/1/49		87,654
			Union Pacific Corp., Senior Unsecured Notes:
	64,000	A-	4.163% due 7/15/22		67,735
	50,000	A-	3.750% due 7/15/25		55,256
	30,000	A-	2.750% due 3/1/26		31,522
	60,000	A-	2.150% due 2/5/27		61,234
	470,000	A-	3.950% due 9/10/28		535,741
	205,000	A-	4.300% due 3/1/49		247,939
	135,000	A-	3.250% due 2/5/50		139,795
	300,000	A-	3.839% due 3/20/60(c)		331,266
	160,000	A-	3.750% due 2/5/70		166,545
			United Parcel Service Inc., Senior Unsecured Notes:
	75,000	A	3.400% due 3/15/29		82,732
	55,000	A	2.500% due 9/1/29		57,130
			Total Transportation		3,209,482
	Trucking & Leasing — 0.0%
			Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes:
	4,000	BBB	3.400% due 11/15/26(c)		4,285
	1,000	BBB	4.200% due 4/1/27(c)		1,111
			Total Trucking & Leasing		5,396
			TOTAL CORPORATE BONDS & NOTES (Cost—$308,587,185)		333,052,480
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 21.9%
	U.S. GOVERNMENT AGENCIES — 0.1%
	345,000		Federal Home Loan Bank (FHLB), 4.000% due 9/1/28		415,360
			Federal National Mortgage Association (FNMA), Principal Strip:
	575,000		zero coupon, due 1/15/30(j)		490,453
	595,000		zero coupon, due 5/15/30(j)		504,459
	325,000		Residual Funding Corp., Principal Strip, zero coupon, due 1/15/21(j)		321,563
			TOTAL U.S. GOVERNMENT AGENCIES		1,731,835
	U.S. GOVERNMENT OBLIGATIONS — 21.8%
			U.S. Treasury Bonds:
	1,660,000		4.500% due 2/15/36		2,417,018
	795,000		5.000% due 5/15/37		1,239,983
	615,000		4.625% due 2/15/40		950,415
	690,000		3.750% due 8/15/41		965,043
	4,195,000		3.125% due 11/15/41		5,388,117
	910,000		2.750% due 8/15/42		1,104,584
	100,000		3.125% due 2/15/43		128,687
	1,005,000		3.625% due 8/15/43		1,395,870
	15,250,000		3.750% due 11/15/43		21,590,962
	1,435,000		3.625% due 2/15/44		1,997,957
	415,000		3.125% due 8/15/44		536,874
	1,375,000		3.000% due 11/15/44		1,745,095
	320,000		3.000% due 5/15/45		407,169
	625,000		2.875% due 8/15/45		779,932
	2,560,000		3.000% due 11/15/45		3,267,300
	358,000		3.000% due 2/15/47		461,575

See Notes to Financial Statements.

167

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Security	Value
	U.S. GOVERNMENT OBLIGATIONS — 21.8% — (continued)
$	500,000	2.750% due 8/15/47	$	618,135
	5,195,000	3.000% due 2/15/48		6,735,135
	4,065,000	3.125% due 5/15/48		5,398,193
	2,120,000	3.375% due 11/15/48		2,951,976
	2,065,000	3.000% due 2/15/49		2,701,117
	1,010,000	2.875% due 5/15/49		1,293,569
	190,000	2.250% due 8/15/49		215,791
	13,229,000	2.375% due 11/15/49		15,430,647
	8,200,000	2.000% due 2/15/50		8,846,391
	2,020,000	U.S. Treasury Bonds, Principal Strip, zero coupon, due 5/15/49(j)		1,233,124
		U.S. Treasury Inflation Indexed Bonds:
	294,391	1.750% due 1/15/28		342,044
	311,500	2.125% due 2/15/40		443,630
	705,095	0.750% due 2/15/42		810,884
	1,146,714	1.375% due 2/15/44		1,499,344
	1,268,900	1.000% due 2/15/46		1,563,037
	2,594,779	1.000% due 2/15/48		3,243,798
	5,616,710	1.000% due 2/15/49		7,079,679
	6,872,768	0.250% due 2/15/50		7,214,573
		U.S. Treasury Inflation Indexed Notes:
	3,193,656	0.625% due 4/15/23		3,285,213
	967,946	0.500% due 4/15/24		1,001,749
	616,877	0.125% due 7/15/24		633,116
	3,295,231	0.125% due 10/15/24		3,386,396
	4,583,031	0.250% due 7/15/29		4,840,333
	978,824	0.125% due 1/15/30		1,022,398
		U.S. Treasury Notes:
	4,105,000	2.750% due 9/15/21		4,217,006
	5,750,000	1.500% due 9/30/21		5,799,414
	23,780,000	1.500% due 10/31/21		24,002,009
	1,910,000	2.875% due 11/15/21		1,972,485
	7,550,000	1.500% due 11/30/21		7,625,942
	21,310,000	1.625% due 12/31/21		21,585,532
	4,570,000	1.375% due 1/31/22		4,611,951
	7,925,000	1.125% due 2/28/22		7,964,006
	20,000	2.750% due 8/31/23		21,277
	50,000	2.250% due 4/30/24		52,734
	7,650,000	1.750% due 7/31/24		7,927,163
	445,000	1.500% due 10/31/24		456,864
	430,000	1.500% due 11/30/24		441,741
	4,500,000	1.750% due 12/31/24		4,676,748
	14,295,000	1.375% due 1/31/25		14,610,774
	5,630,000	1.125% due 2/28/25		5,688,719
	1,530,000	2.500% due 2/28/26		1,663,965
	2,460,000	2.250% due 3/31/26		2,641,713
	285,000	1.875% due 6/30/26		300,141
	280,000	1.375% due 8/31/26		286,245
	545,000	1.625% due 10/31/26		565,885
	2,810,000	1.625% due 11/30/26		2,918,558
	1,125,000	1.250% due 2/28/27		1,131,504
	18,295,000	1.750% due 11/15/29		19,334,099
	1,090,000	1.500% due 2/15/30		1,128,235
		TOTAL U.S. GOVERNMENT OBLIGATIONS		267,791,563
		TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $248,494,278)		269,523,398

See Notes to Financial Statements.

168

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6%
$	1,941,221	D	Aames Mortgage Investment Trust, Series 2005-4, Class M2, 2.362% (1-Month USD-LIBOR + 0.735%) due 10/25/35(a)	$	1,944,150
	2,594,205	BB+	Accredited Mortgage Loan Trust, Series 2007-1, Class A4, 1.847% (1-Month USD-LIBOR + 0.220%) due 2/25/37(a)		2,570,977
	87,729	CC	AFC Home Equity Loan Trust, Series 1999-2, Class 2A, 2.277% (1-Month USD-LIBOR + 0.650%) due 6/25/29(a)		75,528
	1,115,199	CCC	Alternative Loan Trust, Series 2005-56, Class 4A1, 1.937% (1-Month USD-LIBOR + 0.310%) due 11/25/35(a)		1,125,369
	680,000	BBB	Applebee’s Funding LLC/IHOP Funding LLC, Series 2019-1A, Class A2I, 4.194% due 6/7/49(c)		701,570
	443,020	Aaa(d)	Ascentium Equipment Receivables Trust, Series 2017-2A, Class A3, 2.310% due 12/10/21(c)		445,747
			Asset-Backed Securities Corp. Home Equity Loan Trust:
	817,978	CCC	Series 2007-HE1, Class A1B, 1.777% (1-Month USD-LIBOR + 0.150%) due 12/25/36(a)		804,929
	2,322,091	CCC	Series 2007-HE1, Class A4, 1.767% (1-Month USD-LIBOR + 0.140%) due 12/25/36(a)		2,261,621
			BAMLL Commercial Mortgage Securities Trust:
	480,000	AA-	Series 2015-200P, Class B, 3.490% due 4/14/33(c)		515,918
	420,000	AAA(k)	Series 2018-PARK, Class A, 4.091% due 8/10/38(a)(c)		491,616
	44,772	AA+	Banc of America Mortgage Trust, Series 2004-F, Class 1A1, 4.668% due 7/25/34(a)		47,145
	495,000	AAA	Barclays Commercial Mortgage Trust, Series 2019-C5, Class A4, 3.063% due 11/15/52		540,681
	515,000	AAA	Barings CLO Ltd., Series 2013-IA, Class AR, 2.619% (3-Month USD-LIBOR + 0.800%) due 1/20/28(a)(c)		515,090
	285,000	AAA	BB-UBS Trust, Series 2012-SHOW, Class A, 3.430% due 11/5/36(c)		306,859
	579,701	NR	BCAP LLC Trust, Series 2015-RR5, Class 1A3, 6.049% due 8/26/36(a)(c)		574,922
	194,262	WD(k)	Bear Stearns Adjustable Rate Mortgage Trust, Series 2007-3, Class 1A1, 4.212% due 5/25/47(a)		190,721
	87,078	B	Bear Stearns ALT-A Trust, Series 2005-4, Class 23A2, 4.103% due 5/25/35(a)		89,093
	415,613	CCC	Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC6, Class 1A3, 5.500% due 9/25/35(a)		431,599
			Benchmark Mortgage Trust:
	285,000	AAA	Series 2018-B1, Class A2, 3.571% due 1/15/51		299,577
	348,000	AAA	Series 2019-B13, Class A4, 2.952% due 8/15/57		378,206
	467,000	AAA	Series 2019-B15, Class A5, 2.928% due 12/15/72		506,991
	590,000	AAA	BlueMountain CLO Ltd., Series 2015-2A, Class A1R, 2.749% (3-Month USD-LIBOR + 0.930%) due 7/18/27(a)(c)		590,043
			BX Commercial Mortgage Trust:
	504,000	NR	Series 2018-IND, Class G, 3.709% (1-Month USD-LIBOR + 2.050%) due 11/15/35(a)(c)		505,478
	940,000	AAA	Series 2019-IMC, Class A, 2.659% (1-Month USD-LIBOR + 1.000%) due 4/15/34(a)(c)		940,365
			CD Mortgage Trust:
	2,035,679	AA+	Series 2017-CD4, Class XA, 1.307% due 5/10/50(a)(l)		141,527
	1,247,000	Aaa(d)	Series 2017-CD6, Class ASB, 3.332% due 11/13/50		1,349,718
	298,970	AAA	Centex Home Equity Loan Trust, Series 2006-A, Class AV4, 1.877% (1-Month USD-LIBOR + 0.250%) due 6/25/36(a)		299,381
	545,000	AA+	CGRBS Commercial Mortgage Trust, Series 2013-VN05, Class A, 3.369% due 3/13/35(c)		572,364
	83,810	BB	Chase Mortgage Finance Trust, Series 2007-A1, Class 5A1, 4.617% due 2/25/37(a)		87,797
			Chevy Chase Funding LLC Mortgage-Backed Certificates:
	544,655	A	Series 2004-2A, Class A1, 1.897% (1-Month USD-LIBOR + 0.270%) due 5/25/35(a)(c)		540,771
	1,373,572	CCC	Series 2004-2A, Class B1, 2.271% due 5/25/35(a)(c)		1,133,923
			CIM Trust:
	972,881	NR	Series 2018-R5, Class A1, 3.750% due 7/25/58(a)(c)		999,294
	913,677	NR	Series 2018-R6, Class A1, 2.731% (1-Month USD-LIBOR + 1.076%) due 9/25/58(a)(c)		910,751
	1,745,580	NR	Series 2019-R4, Class A1, 3.000% due 10/25/59(a)(c)		1,756,912
			Citigroup Commercial Mortgage Trust:
	410,000	Aaa(d)	Series 2013-375P, Class A, 3.251% due 5/10/35(c)		430,691
	575,000	Aaa(d)	Series 2015-P1, Class A5, 3.717% due 9/15/48		634,777
	500,000	Aaa(d)	Series 2016-P5, Class A4, 2.941% due 10/10/49		536,206

See Notes to Financial Statements.

169

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6% — (continued)
$	355,000	Aaa(d)	Series 2017-P7, Class AAB, 3.509% due 4/14/50	$	381,964
	1,440,000	B3(d)	Series 2019-SST2, Class F, 4.159% (1-Month USD-LIBOR + 2.500%) due 12/15/36(a)(c)		1,445,631
	1,651,640	CC	Citigroup Mortgage Loan Trust, Series 2006-AR6, Class 2A4, 1.847% (1-Month USD-LIBOR + 0.220%) due 9/25/36(a)		619,881
			Commercial Mortgage Trust:
	265,000	AAA(k)	Series 2013-300P, Class A1, 4.353% due 8/10/30(c)		286,588
	190,000	AA-(k)	Series 2013-300P, Class B, 4.394% due 8/10/30(a)(c)		205,549
	260,000	BB	Series 2013-CR9, Class E, 4.245% due 7/10/45(a)(c)		167,162
	534,857	Aaa(d)	Series 2013-CR11, Class A3, 3.983% due 8/10/50		578,603
	40,000	Aa3(d)	Series 2013-CR12, Class B, 4.762% due 10/10/46(a)		42,658
	20,000	Baa1(d)	Series 2013-CR12, Class C, 5.076% due 10/10/46(a)		20,661
	265,000	AAA(k)	Series 2014-277P, Class A, 3.611% due 8/10/49(a)(c)		287,902
	140,000	AAA	Series 2014-CR18, Class A5, 3.828% due 7/15/47		152,847
	567,411	AAA	Series 2014-CR18, Class ASB, 3.452% due 7/15/47		584,745
	210,000	A-(k)	Series 2014-CR21, Class C, 4.427% due 12/10/47(a)		227,569
	345,000	Aaa(d)	Series 2014-LC17, Class A5, 3.917% due 10/10/47		376,570
	3,051,934	Aa1(d)	Series 2015-CR25, Class XA, 0.840% due 8/10/48(a)(l)		116,595
	175,000	Aaa(d)	Series 2015-CR26, Class A4, 3.630% due 10/10/48		192,602
	270,000	AAA	Series 2016-787S, Class A, 3.545% due 2/10/36(c)		296,359
	475,000	Aaa(d)	Series 2018-COR3, Class A3, 4.228% due 5/10/51		553,825
			Countrywide Asset-Backed Certificates:
	127,175	CCC	Series 2006-SD3, Class A1, 1.957% (1-Month USD-LIBOR + 0.330%) due 7/25/36(a)(c)		123,104
	279,200	AA	Series 2007-13, Class 2A2, 2.427% (1-Month USD-LIBOR + 0.800%) due 10/25/47(a)		271,912
			Countrywide Home Loan Mortgage Pass-Through Trust:
	85,261	Ca(d)	Series 2005-11, Class 3A3, 2.812% due 4/25/35(a)		71,441
	64,521	WR(d)	Series 2005-11, Class 6A1, 2.261% (1-Month USD-LIBOR + 0.600%) due 3/25/35(a)		56,955
			Credit Suisse Commercial Mortgage Capital Trust:
	290,000	B-	Series 2014-USA, Class F, 4.373% due 9/15/37(c)		277,417
	488,341	NR	Series 2015-5R, Class 1A1, 3.066% due 9/27/46(a)(c)		490,597
	240,000	Aaa(d)	Series 2017-LSTK, Class A, 2.761% due 4/5/33(c)		241,848
			Credit Suisse Commercial Mortgage Trust:
	11,447	Caa3(d)	Series 2006-C3, Class AJ, 6.622% due 6/15/38(a)		6,251
	14,773	Caa3(d)	Series 2006-C5, Class AJ, 5.373% due 12/15/39		7,299
	43,308	WR(d)	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-6, Class 8A1, 4.500% due 7/25/20		44,858
			Credit Suisse Mortgage Capital Certificates:
	660,000	Aaa(d)	Series 2019-ICE4, Class A, 2.639% (1-Month USD-LIBOR + 0.980%) due 5/15/36(a)(c)		660,669
	950,000	B2(d)	Series 2019-ICE4, Class F, 4.309% (1-Month USD-LIBOR + 2.650%) due 5/15/36(a)(c)		954,176
			CSAIL Commercial Mortgage Trust:
	295,000	Aaa(d)	Series 2015-C1, Class A4, 3.505% due 4/15/50		320,536
	396,000	AAA	Series 2019-C17, Class A5, 3.016% due 9/15/52		430,366
	2,149,290	AAA(k)	CSMC Trust, Series 2018-J1, Class A2, 3.500% due 2/25/48(a)(c)		2,224,252
	949,397	CC	CWABS Revolving Home Equity Loan Trust, Series 2004-B, Class 2A, 1.878% (1-Month USD-LIBOR + 0.220%) due 2/15/29(a)		887,830
	390,000	Aaa(d)	DC Office Trust, Series 2019-MTC, Class A, 2.965% due 9/15/45(c)		423,096
	55,413	CCC	Downey Savings & Loan Association Mortgage Loan Trust, Series 2004-AR2, Class A2B, 2.447% (1-Month USD-LIBOR + 0.800%) due 11/19/44(a)		52,929
	700,000	AAA	Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, 2.892% (3-Month USD-LIBOR + 1.200%) due 8/15/30(a)(c)		700,732
	975,000	AAA	Eaton Vance CLO Ltd., Series 2013-1A, Class A1RR, 2.991% (3-Month USD-LIBOR + 1.160%) due 1/15/28(a)(c)		975,073
	355,433	B-	Equifirst Mortgage Loan Trust, Series 2003-2, Class M2, 4.177% (1-Month USD-LIBOR + 2.550%) due 9/25/33(a)		359,973
			Federal Home Loan Mortgage Corp. (FHLMC), Interest Strips:
	100,046	NR	Series 334, Class S7, 4.442% (6.100% — 1-Month USD-LIBOR) due 8/15/44(l)(m)		21,049

See Notes to Financial Statements.

170

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6% — (continued)
$	141,013	NR	Series 353, Class S1, 4.342% (6.000% — 1-Month USD-LIBOR) due 12/15/46(l)(m)	$	29,015
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	8,053	NR	Series 1865, Class DA, 26.676% (31.310% — 11th District Cost of Funds Index) due 2/15/24(l)(m)		2,202
	38,242	NR	Series 3451, Class SB, 4.372% (6.030% — 1-Month USD-LIBOR) due 5/15/38(l)(m)		5,317
	77,067	NR	Series 3621, Class SB, 4.572% (6.230% — 1-Month USD-LIBOR) due 1/15/40(l)(m)		16,046
	555,000	NR	Series 3743, Class PB, 4.500% due 10/15/40		649,589
	984,701	NR	Series 3866, Class SA, 4.292% (5.950% — 1-Month USD-LIBOR) due 5/15/41(l)(m)		128,051
	369,618	NR	Series 3947, Class SG, 4.292% (5.950% — 1-Month USD-LIBOR) due 10/15/41(l)(m)		62,393
	26,519	NR	Series 3973, Class SA, 4.832% (6.490% — 1-Month USD-LIBOR) due 12/15/41(l)(m)		5,881
	316,837	NR	Series 4203, Class PS, 4.592% (6.250% — 1-Month USD-LIBOR) due 9/15/42(l)(m)		49,409
	359,631	NR	Series 4210, Class Z, 3.000% due 5/15/43		381,197
	134,576	NR	Series 4239, Class IO, 3.500% due 6/15/27(l)		9,966
	313,059	NR	Series 4316, Class XZ, 4.500% due 3/15/44		385,017
	97,966	NR	Series 4335, Class SW, 4.342% (6.000% — 1-Month USD-LIBOR) due 5/15/44(l)(m)		19,165
	824,859	NR	Series 4639, Class HZ, step bond to yield, 3.250% due 4/15/53		959,483
	1,339,704	NR	Series 4879, Class BC, 3.000% due 4/15/49		1,402,946
	80,881	NR	Series R007, Class ZA, 6.000% due 5/15/36		95,879
			Federal National Mortgage Association (FNMA), ACES:
	9,812,520	NR	Series 2013-M7, Class X2, 0.162% due 12/27/22(a)(l)		90,826
	5,075,216	NR	Series 2015-M7, Class X2, 0.463% due 12/25/24(a)(l)		99,424
	18,895,355	NR	Series 2015-M8, Class X2, 0.137% due 1/25/25(a)(l)		111,222
	1,994,000	NR	Series 2018-M14, Class A2, 3.578% due 8/25/28(a)		2,291,953
	710,000	NR	Series 2019-M1, Class A2, 3.555% due 9/25/28(a)		816,033
	180,000	NR	Series 2019-M4, Class A2, 3.610% due 2/25/31		209,581
	260,000	NR	Series 2019-M5, Class A2, 3.273% due 1/25/29		293,091
	330,000	NR	Series 2019-M6, Class A2, 3.450% due 1/1/29		375,096
	571,933	NR	Series 2019-M19, Class A2, 2.560% due 9/25/29		610,460
	100,000	NR	Series 2019-M27, Class A2, 2.700% due 11/25/40		107,892
	499,214	NR	Series 2019-M28, Class AV, 2.232% due 2/25/27		515,335
	100,000	NR	Series 2020-M6, Class , 2.500% due 10/25/37		106,187
			Federal National Mortgage Association (FNMA), Connecticut Avenue Securities:
	910,000	BB(k)	Series 2017-C07, Class 1M2, 4.027% (1-Month USD-LIBOR + 2.400%) due 5/25/30(a)(c)		923,665
	883,080	BB-(k)	Series 2018-C06, Class 1M2, 3.627% (1-Month USD-LIBOR + 2.000%) due 3/25/31(a)(c)		885,150
			Federal National Mortgage Association (FNMA), Grantor Trust:
	65,184	NR	Series 2000-T6, Class A3, 4.238% due 11/25/40(a)		65,996
	99,792	NR	Series 2017-T1, Class A, 2.898% due 6/25/27		108,460
			Federal National Mortgage Association (FNMA), Interest Strip:
	144,886	NR	Series 409, Class C13, 3.500% due 11/25/41(l)		18,772
	262,945	NR	Series 409, Class C18, 4.000% due 4/25/42(l)		38,529
	36,356	NR	Series 409, Class C22, 4.500% due 11/25/39(l)		5,637
			Federal National Mortgage Association (FNMA), REMICS:
	25,694	NR	Series 2004-38, Class FK, 1.977% (1-Month USD-LIBOR + 0.350%) due 5/25/34(a)		25,667
	103,291	NR	Series 2005-117, Class LC, 5.500% due 11/25/35		108,967
	554,342	NR	Series 2006-51, Class SP, 5.023% (6.650% — 1-Month USD-LIBOR) due 3/25/36(l)(m)		79,306
	237,015	NR	Series 2007-68, Class SC, 5.073% (6.700% — 1-Month USD-LIBOR) due 7/25/37(l)(m)		54,516
	562,988	NR	Series 2008-18, Class SM, 5.373% (7.000% — 1-Month USD-LIBOR) due 3/25/38(l)(m)		102,324
	984,520	NR	Series 2011-8, Class ZA, 4.000% due 2/25/41		1,075,692
	311,688	NR	Series 2011-87, Class SG, 4.923% (6.550% — 1-Month USD-LIBOR) due 4/25/40(l)(m)		34,496
	36,125	NR	Series 2011-90, Class QI, 5.000% due 5/25/34(l)		297
	770,000	NR	Series 2011-131, Class PB, 4.500% due 12/25/41		916,612
	84,232	NR	Series 2012-35, Class SC, 4.873% (6.500% — 1-Month USD-LIBOR) due 4/25/42(l)(m)		16,905
	103,476	NR	Series 2012-46, Class BA, 6.000% due 5/25/42		119,346
	153,986	NR	Series 2012-51, Class B, 7.000% due 5/25/42		190,181
	16,706	NR	Series 2012-70, Class YS, 5.023% (6.650% — 1-Month USD-LIBOR) due 2/25/41(l)(m)		1,295

See Notes to Financial Statements.

171

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6% — (continued)
$	130,734	NR	Series 2012-74, Class SA, 5.023% (6.650% — 1-Month USD-LIBOR) due 3/25/42(l)(m)	$	23,922
	21,789	NR	Series 2012-75, Class AO, zero coupon, due 3/25/42(j)		20,369
	91,602	NR	Series 2012-101, Class BI, 4.000% due 9/25/27(l)		6,186
	170,250	NR	Series 2012-118, Class CI, 3.500% due 12/25/39(l)		6,865
	112,375	NR	Series 2012-133, Class CS, 4.523% (6.150% — 1-Month USD-LIBOR) due 12/25/42(l)(m)		22,609
	371,791	NR	Series 2013-9, Class BC, 6.500% due 7/25/42		447,883
	314,108	NR	Series 2013-9, Class CB, 5.500% due 4/25/42		359,849
	93,006	NR	Series 2013-54, Class BS, 4.523% (6.150% — 1-Month USD-LIBOR) due 6/25/43(l)(m)		19,035
	263,033	NR	Series 2016-60, Class QS, 4.473% (6.100% — 1-Month USD-LIBOR) due 9/25/46(l)(m)		51,839
	799,764	NR	Series 2018-55, Class PA, 3.500% due 1/25/47		835,923
	747,929	NR	Series 2018-57, Class QA, 3.500% due 5/25/46		780,499
	586,630	NR	Series 2018-94, Class KD, 3.500% due 12/25/48		612,232
	650,901	NR	Series 2019-67, Class FE, 2.077% (1-Month USD-LIBOR + 0.450%) due 11/25/49(a)		649,205
	2,798,355	NR	Series 2019-79, Class FA, 2.127% (1-Month USD-LIBOR + 0.500%) due 1/25/50(a)		2,799,796
			FHLMC Multifamily Structured Pass-Through Certificates:
	224,362	AAA(k)	Series K016, Class X1, 1.478% due 10/25/21(a)(l)		4,574
	6,000	AAA(k)	Series K078, Class A2, 3.854% due 6/25/28		6,989
	185,000	AAA(k)	Series K082, Class A2, 3.920% due 9/25/28(a)		217,381
	1,265,000	AAA(k)	Series K083, Class A2, 4.050% due 9/25/28(a)		1,500,554
	422,000	Aaa(d)	Series K084, Class A2, 3.780% due 10/25/28(a)		491,862
	281,000	Aaa(d)	Series K085, Class A2, 4.060% due 10/25/28(a)		333,488
	236,000	AAA	Series K087, Class A2, 3.771% due 12/25/28		275,392
	300,000	AAA	Series K091, Class A2, 3.505% due 3/25/29		344,532
	1,089,413	AAA(k)	Series K099, Class X1, 1.006% due 9/25/29(a)(l)		80,750
	555,000	NR	Series K158, Class A3, 3.900% due 10/25/33(a)		676,406
	1,999,743	AAA(k)	Series K736, Class X1, 1.312% due 7/25/26(a)(l)		143,805
	303,846	NR	Series KIR2, Class A1, 2.748% due 3/25/27		318,101
	930,014	NR	Series Q006, Class APT2, 2.513% due 9/25/26(a)		968,284
			FHLMC Structured Agency Credit Risk Debt Notes:
	469,000	Baa1(d)	Series 2016-DNA1, Class M3, 7.177% (1-Month USD-LIBOR + 5.550%) due 7/25/28(a)		515,639
	655,000	BBB(k)	Series 2017-DNA2, Class M2, 5.077% (1-Month USD-LIBOR + 3.450%) due 10/25/29(a)		698,375
	309,492	BB(k)	Series 2017-HRP1, Class M2, 4.077% (1-Month USD-LIBOR + 2.450%) due 12/25/42(a)		309,790
	1,526,633	CC	First Franklin Mortgage Loan Trust, Series 2006-FF13, Class A2D, 1.867% (1-Month USD-LIBOR + 0.240%) due 10/25/36(a)		1,208,822
	390,352	AAA	Flagship CLO VIII Ltd., Series 2014-8A, Class ARR, 2.693% (3-Month USD-LIBOR + 0.850%) due 1/16/26(a)(c)		390,533
			Ford Credit Floorplan Master Owner Trust A:
	1,370,000	AAA	Series 2018-3, Class A1, 3.520% due 10/15/23		1,421,762
	700,000	Aaa(d)	Series 2019-2, Class A, 3.060% due 4/15/26		742,094
	580,000	AAA	Series 2019-4, Class A, 2.440% due 9/15/26		605,714
	918,883	AA+	Four Times Square Trust Commercial Mortgage Pass-Through Certificates, Series 2006-4TS, Class A, 5.401% due 12/13/28(c)		938,300
	863,153	NR	FREMF Mortgage Trust, Series 2019-KF58, Class B, 3.812% (1-Month USD-LIBOR + 2.150%) due 1/25/26(a)(c)		870,522
	203,947	NR	FRESB Mortgage Trust, Series 2019-SB60, Class A10H, 3.500% due 1/25/39(a)		221,420
			Government National Mortgage Association (GNMA):
	488,656	NR	Series 2007-51, Class SG, 4.933% (6.580% — 1-Month USD-LIBOR) due 8/20/37(l)(m)		79,986
	1,452,175	NR	Series 2008-51, Class GS, 4.572% (6.230% — 1-Month USD-LIBOR) due 6/16/38(l)(m)		292,194
	7,137	NR	Series 2010-31, Class GS, 4.853% (6.500% — 1-Month USD-LIBOR) due 3/20/39(l)(m)		211
	52,026	NR	Series 2010-85, Class HS, 5.003% (6.650% — 1-Month USD-LIBOR) due 1/20/40(l)(m)		4,930
	308,115	NR	Series 2012-H27, Class AI, 1.758% due 10/20/62(a)(l)		15,201
	228,726	NR	Series 2013-53, Class OI, 3.500% due 4/20/43(l)		27,218
	2,780,050	NR	Series 2013-85, Class IA, 0.690% due 3/16/47(a)(l)		90,483
	189,659	NR	Series 2013-107, Class AD, 2.694% due 11/16/47(a)		198,124
	1,589,666	NR	Series 2014-105, Class IO, 0.953% due 6/16/54(a)(l)		70,440

See Notes to Financial Statements.

172

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6% — (continued)
$	1,695,430	NR	Series 2014-H20, Class FA, 2.164% (1-Month USD-LIBOR + 0.430%) due 10/20/64(a)	$	1,694,115
	101,559	NR	Series 2015-167, Class OI, 4.000% due 4/16/45(l)		17,853
	107,229	NR	Series 2016-84, Class IG, 4.500% due 11/16/45(l)		19,750
	75,373	NR	Series 2016-135, Class SB, 4.442% (6.100% — 1-Month USD-LIBOR) due 10/16/46(l)(m)		21,063
	758,214	NR	Series 2017-H22, Class IC, 2.736% due 11/20/67(a)(l)		81,067
	239,923	NR	Series 2018-124, Class NW, 3.500% due 9/20/48		253,007
	85,225	NR	Series 2018-130, Class A, 3.250% due 5/16/59		88,116
	1,033,552	NR	Series 2019-12, Class QA, 3.500% due 9/20/48		1,068,839
	1,187,441	NR	Series 2019-86, Class C, 2.500% due 3/20/49		1,217,059
	1,017,828	NR	Series 2019-119, Class JE, 3.000% due 9/20/49		1,048,519
	200,000	NR	Series 2019-123, Class A, 3.000% due 10/20/49		212,767
	710,000	AAA	GS Mortgage Securities Corp. II, Series 2018-SRP5, Class A, 2.959% (1-Month USD-LIBOR + 1.300%) due 9/15/31(a)(c)		705,836
	681,000	AAA	GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.048% due 11/10/52		740,054
			Harborview Mortgage Loan Trust:
	123,055	AA+	Series 2004-5, Class 2A6, 4.001% due 6/19/34(a)		125,861
	47,413	WD(k)	Series 2006-2, Class 1A, 4.166% due 2/25/36(a)		28,395
	961,479	Caa2(d)	Series 2006-10, Class 1A1A, 1.847%(1-Month USD-LIBOR + 0.200%) due 11/19/36(a)		903,006
	90,851	AA	Impac CMB Trust, Series 2007-A, Class A, 2.127% (1-Month USD-LIBOR + 0.500%) due 5/25/37(a)(c)		89,857
	710,000	AAA(k)	Independence Plaza Trust, Series 2018-INDP, Class A, 3.763% due 7/10/35(c)		765,419
	41,638	Caa2(d)	Indymac Index Mortgage Loan Trust, Series 2005-AR15, Class A2, 3.580% due 9/25/35(a)		39,265
	1,458,620	CCC	IndyMac INDX Mortgage Loan Trust, Series 2005-AR14, Class 2A1A, 1.927% (1-Month USD-LIBOR + 0.300%) due 7/25/35(a)		1,422,794
	1,021,263	CC	IXIS Real Estate Capital Trust, Series 2006-HE2, Class A3, 1.787% (1-Month USD-LIBOR + 0.160%) due 8/25/36(a)		410,535
			JP Morgan Chase Commercial Mortgage Securities Trust:
	350,000	Aaa(d)	Series 2016-NINE, Class A, 2.854% due 9/6/38(a)(c)		372,547
	365,000	Aaa(d)	Series 2019-OSB, Class A, 3.397% due 6/5/39(c)		408,867
	1,350,000	CCC	JP Morgan Mortgage Acquisition Corp., Series 2006-FRE1, Class M1, 2.017% (1-Month USD-LIBOR + 0.390%) due 5/25/35(a)		1,351,283
			JP Morgan Mortgage Trust:
	319,089	Aaa(d)	Series 2017-1, Class A4, 3.500% due 1/25/47(a)(c)		324,942
	245,951	Aaa(d)	Series 2017-2, Class A6, 3.000% due 5/25/47(a)(c)		251,108
	1,067,719	AA+	Series 2018-3, Class A1, 3.500% due 9/25/48(a)(c)		1,103,877
	396,722	AA+	Series 2018-4, Class A1, 3.500% due 10/25/48(a)(c)		409,978
	995,692	AA+	Series 2018-5, Class A1, 3.500% due 10/25/48(a)(c)		1,031,329
	389,757	AAA	Series 2019-1, Class A11, 2.577% (1-Month USD-LIBOR + 0.950%) due 5/25/49(a)(c)		391,391
			JPMBB Commercial Mortgage Securities Trust:
	40,000	Aa3(d)	Series 2013-C17, Class B, 4.891% due 1/15/47(a)		44,280
	350,000	BB(k)	Series 2014-C23, Class E, 3.364% due 9/15/47(a)(c)		316,292
	399,281	Aaa(d)	JPMCC Commercial Mortgage Securities Trust, Series 2019-BOLT, Class A, 2.809% (1-Month USD-LIBOR + 1.150%) due 7/15/34(a)(c)		396,187
			JPMDB Commercial Mortgage Securities Trust:
	190,000	Aaa(d)	Series 2017-C7, Class A5, 3.409% due 10/15/50		210,911
	379,000	AAA	Series 2019-COR6, Class A4, 3.057% due 11/13/52		413,060
			JPMorgan Chase Commercial Mortgage Securities Trust:
	175,000	Aaa(d)	Series 2011-C5, Class AS, 5.418% due 8/15/46(a)(c)		183,088
	370,000	Aa1(d)	Series 2011-C5, Class B, 5.418% due 8/15/46(a)(c)		387,674
	460,000	AA	Series 2012-HSBC, Class C, 4.021% due 7/5/32(c)		481,302
	170,579	Aaa(d)	JPMorgan Trust, Series 2015-5, Class A9, 3.099% due 5/25/45(a)(c)		171,004
	945,034	NR	Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, step bond to yield, 3.200% due 5/25/59(c)		958,328
	40,360	Ca(d)	Lehman XS Trust, Series 2005-7N, Class 1A1B, 2.227% (1-Month USD-LIBOR + 0.600%) due 12/25/35(a)		31,552

See Notes to Financial Statements.

173

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6% — (continued)
$	700,000	Aaa(d)	Magnetite XVIII Ltd., Series 2016-18A, Class AR, 2.772% (3-Month USD-LIBOR + 1.080%) due 11/15/28(a)(c)	$	699,668
	252,225	AA+	MASTR Seasoned Securitization Trust, Series 2005-1, Class 4A1, 4.567% due 10/25/32(a)		252,156
	280,714	CC	Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4, Class 2A4, 1.877% (1-Month USD-LIBOR + 0.250%) due 7/25/37(a)		194,712
	16,131	A+	Merrill Lynch Mortgage Investors Trust, Series 2004-A3, Class 4A3, 4.800% due 5/25/34(a)		16,424
	466,124	AA+	Mid-State Capital Corp. Trust, Series 2004-1, Class A, 6.005% due 8/15/37		505,343
	500,000	AAA(k)	MKT 2020-525M Mortgage Trust, Series 2020-525M, Class A, 2.694% due 2/12/40(c)		533,567
			ML-CFC Commercial Mortgage Trust:
	74,984	Caa2(d)	Series 2007-5, Class AJ, 5.450% due 8/12/48(a)		46,415
	39,083	D(k)	Series 2007-9, Class AJ, 6.163% due 9/12/49(a)		16,288
	500,000	Aaa(d)	Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A4, 4.039% due 11/15/46(n)		543,056
	1,654,283	NR	Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 2A, 3.000% due 7/26/48(a)(c)(n)		1,675,977
	390,000	Aaa(d)	Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC, Class A, 2.966% due 12/15/38(c)(g)		411,283
	400,000	AAA	Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, 2.681% (3-Month USD-LIBOR + 0.850%) due 1/15/28(a)(c)		400,298
	1,850,000	CCC	New Century Home Equity Loan Trust, Series 2005-4, Class M3, 2.177% (1-Month USD-LIBOR + 0.550%) due 9/25/35(a)		1,841,802
			New Residential Mortgage Loan Trust:
	294,503	AAA	Series 2016-4A, Class A1, 3.750% due 11/25/56(a)(c)		312,184
	954,145	Aaa(d)	Series 2019-6A, Class A1B, 3.500% due 9/25/59(a)(c)		990,540
	240,000	AAA	Octagon Investment Partners 25 Ltd., Series 2015-1A, Class AR, 2.619% (3-Month USD-LIBOR + 0.800%) due 10/20/26(a)(c)		240,127
	500,000	Aaa(d)	One Bryant Park Trust, Series 2019-OBP, Class A, 2.516% due 9/15/54(c)		521,925
	801,904	BBB-	Option One Mortgage Loan Trust, Series 2004-3, Class M1, 2.407% (1-Month USD-LIBOR + 0.780%) due 11/25/34(a)		803,597
	1,230,000	AAA	PFS Financing Corp., Series 2019-B, Class A, 2.208% (1-Month USD-LIBOR + 0.550%) due 9/15/23(a)(c)		1,230,126
			PMT Credit Risk Transfer Trust:
	934,111	NR	Series 2019-2R, Class A, 4.399% (1-Month USD-LIBOR + 2.750%) due 5/27/23(a)(c)		942,250
	891,230	NR	Series 2019-3R, Class A, 4.313% (1-Month USD-LIBOR + 2.700%) due 10/27/22(a)(c)		897,509
	435,905	AA+	Popular ABS Mortgage Pass-Through Trust, Series 2006-C, Class A4, 1.877% (1-Month USD-LIBOR + 0.250%) due 7/25/36(a)		435,892
			Prime Mortgage Trust:
	15,350	WR(d)	Series 2006-DR1, Class 1A1, 5.500% due 5/25/35 (c)		14,737
	844,261	WR(d)	Series 2006-DR1, Class 2A1, 5.500% due 5/25/35 (c)		818,625
	915,000	AAA	RBS Commercial Funding Inc. Trust, Series 2013-GSP, Class A, 3.834% due 1/15/32(a)(c)		984,313
	188,707	Caa2(d)	Residential Asset Securitization Trust, Series 2005-A15, Class 1A4, 5.750% due 2/25/36		197,421
			SBA Small Business Investment Cos.:
	685,046	NR	Series 2018-10B, Class 1, 3.548% due 9/10/28		747,065
	395,714	NR	Series 2019-10A, Class 1, 3.113% due 3/10/29		425,060
			Seasoned Credit Risk Transfer Trust:
	189,500	NR	Series 2018-2, Class MA, 3.500% due 11/25/57		201,515
	790,000	B-(k)	Series 2019-1, Class M, 4.750% due 7/25/58(a)(c)		849,815
	483,667	NR	Series 2019-2, Class MA, 3.500% due 8/25/58		517,233
	1,117,831	AA-	Sequoia Mortgage Trust, Series 2003-1, Class 1A, 2.407% (1-Month USD-LIBOR + 0.760%) due 4/20/33(a)		1,115,229
	762,278	AA	Structured Asset Investment Loan Trust, Series 2004-6, Class A3, 2.427% (1-Month USD-LIBOR + 0.800%) due 7/25/34(a)		756,602
	92,314	AA+	Structured Asset Mortgage Investments II Trust, Series 2005-AR5, Class A3, 1.897% (1-Month USD-LIBOR + 0.250%) due 7/19/35 (a)		90,634
	104,798	CCC	Structured Asset Securities Corp., Series 2005-RF3, Class 1A, 1.977% (1-Month USD-LIBOR + 0.350%) due 6/25/35 (a) (c)		94,609

See Notes to Financial Statements.

174

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 10.6% — (continued)
$	417,389		NR	Sunrun Atlas Issuer LLC, Series 2019-2, Class A, 3.610% due 2/1/55(c)(g)	$	430,836
	81,008		AAA	Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 2.420% (1-Month USD-LIBOR + 0.750%) due 11/11/34(a)(c)		80,952
	213,820		Aaa(d)	Towd Point Mortgage Trust, Series 2016-3, Class A1, 2.250% due 4/25/56(a)(c)		215,607
	211,000		Aaa(d)	UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.035% due 12/15/52		229,788
	116,658		NR	United States Small Business Administration, Series 2019-20D, Class 1, 2.980% due 4/1/39		125,905
	805,950		A-	Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, 3.188% due 7/15/44(c)		829,647
	530,000		AAA	VNDO Mortgage Trust, Series 2012-6AVE, Class A, 2.996% due 11/15/30(c)		549,904
				WaMu Mortgage Pass-Through Certificates Trust:
	8,742		BB	Series 2004-AR11, Class A, 4.216% due 10/25/34(a)		8,845
	40,889		A+	Series 2004-AR12, Class A2A, 2.407% (1-Month USD-LIBOR + 0.780%) due 10/25/44(a)		41,017
	233,841		BB-	Series 2005-AR4, Class A5, 4.163% due 4/25/35(a)		240,216
	1,340,573		A-	Series 2005-AR19, Class A1B3, 1.977% (1-Month USD-LIBOR + 0.350%) due 12/25/45(a)		1,339,431
	971,383		CCC	Series 2006-AR3, Class A1A, 3.053% (1-Year Treasury Average Rate + 1.000%) due 2/25/46(a)		997,612
	1,642,523		WR(d)	Series 2007-OA2, Class 1A, 2.753% (1-Year Treasury Average Rate + 0.700%) due 3/25/47(a)		1,533,915
	431,971		Ca(d)	Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2007-OA2, Class 2A, 2.753% (1-Year Treasury Average Rate + 0.700%) due 1/25/47(a)		383,944
				Wells Fargo Commercial Mortgage Trust:
	120,000		Aa3(d)	Series 2013-LC12, Class B, 4.285% due 7/15/46(a)		127,114
	1,000,000		Aa2(d)	Series 2015-C28, Class AS, 3.872% due 5/15/48(a)		1,096,882
	150,000		Aaa(d)	Series 2015-LC20, Class A5, 3.184% due 4/15/50		160,847
	500,000		AAA	Series 2016-BNK1, Class ASB, 2.514% due 8/15/49		516,875
	11,879,750		Aaa(d)	Series 2018-C43, Class XA, 0.703% due 3/15/51(a)(l)		565,508
	250,000		Aaa(d)	Series 2018-C44, Class A4, 3.948% due 5/15/51		287,029
	3,609,001		Aaa(d)	Series 2019-C52, Class XA, 1.623% due 8/15/52(a)(l)		435,412
	357,000		Aaa(d)	Series 2019-C53, Class A4, 3.040% due 10/15/52		388,889
	385,000		AAA	Series 2019-C54, Class A4, 3.146% due 12/15/52		422,788
	724,829		Aaa(d)	Wells Fargo Mortgage-Backed Securities Trust, Series 2019-4, Class A2, 3.000% due 9/25/49(a)(c)		743,636
				WF-RBS Commercial Mortgage Trust:
	175,765		Aaa(d)	Series 2011-C2, Class A4, 4.869% due 2/15/44(a)(c)		179,071
	1,640,337		Aaa(d)	Series 2012-C7, Class XA, 1.339% due 6/15/45(a)(c)(l)		36,764
	145,000		Aaa(d)	Series 2013-C14, Class A4, 3.073% due 6/15/46		151,682
				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $129,780,117)		130,325,228
	SOVEREIGN BONDS — 3.2%
	Argentina — 0.1%
	1,910,000		CCC-	Argentine Republic Government International Bonds, 5.625% due 1/26/22		893,521
	Brazil — 0.6%
	656,000	BRL	BB-	Brazil Notas do Tesouro Nacional Serie B, 6.000% due 8/15/50		688,628
				Brazil Notas do Tesouro Nacional Serie F:
	5,296,000	BRL	BB-	10.000% due 1/1/21		1,257,067
	7,136,000	BRL	BB-	10.000% due 1/1/23		1,808,016
	910,000	BRL	BB-	10.000% due 1/1/27		244,002
				Brazilian Government International Bonds:
	280,000		BB-	4.875% due 1/22/21		287,633
	1,300,000		BB-	4.625% due 1/13/28		1,430,663
	1,280,000		BB-	5.000% due 1/27/45		1,404,410
				Total Brazil		7,120,419

See Notes to Financial Statements.

175

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Canada — 0.0%
$	152,000		A+	Province of Manitoba Canada, 3.050% due 5/14/24	$	163,475
	Chile — 0.0%
	100,000		A+	Chile Government International Bonds, 3.240% due 2/6/28		107,688
	Colombia — 0.2%
				Colombia Government International Bonds:
	220,000		BBB-	8.125% due 5/21/24		272,656
	280,000		BBB-	3.875% due 4/25/27		301,657
	305,000		BBB-	4.500% due 3/15/29		346,025
	755,000		BBB-	3.000% due 1/30/30		762,935
	370,000		BBB-	5.625% due 2/26/44		476,725
				Total Colombia		2,159,998
	Ecuador — 0.0%
	200,000		B-	Ecuador Government International Bonds, 7.875% due 1/23/28(c)		141,571
	Egypt — 0.0%
	230,000		B	Egypt Government International Bonds, 5.577% due 2/21/23(c)		238,606
	Indonesia — 0.2%
				Indonesia Government International Bonds:
	1,400,000		BBB	3.750% due 4/25/22		1,449,224
	290,000		Baa2(d)	3.500% due 1/11/28		307,139
	80,000		BBB	4.100% due 4/24/28		88,072
	330,000		Baa2(d)	4.350% due 1/11/48		373,740
				Total Indonesia		2,218,175
	Kuwait — 0.0%
	360,000		AA	Kuwait International Government Bonds, 3.500% due 3/20/27(c)		394,182
	Mexico — 1.1%
				Mexican Bonos:
	15,120,000	MXN	A-	10.000% due 12/5/24		874,574
	22,540,000	MXN	A-	8.500% due 5/31/29		1,282,355
	60,165,700	MXN	A-	7.750% due 11/13/42		3,274,066
	84,090,000	MXN	A3(d)	8.000% due 11/7/47		4,719,876
				Mexico Government International Bonds:
	174,000		BBB+	3.625% due 3/15/22		180,614
	44,000		BBB+	4.000% due 10/2/23		47,099
	665,000		BBB+	4.150% due 3/28/27		731,673
	323,000		BBB+	3.750% due 1/11/28		346,175
	975,000		BBB+	4.500% due 4/22/29		1,103,700
	980,000		BBB+	3.250% due 4/16/30		1,008,175
	210,000		BBB+	4.750% due 3/8/44		243,796
				Total Mexico		13,812,103
	Nigeria — 0.0%
	260,000		B	Nigeria Government International Bonds, 7.143% due 2/23/30(c)		258,579
	Oman — 0.0%
	200,000		Ba1(d)	Oman Government International Bonds, 5.625% due 1/17/28(c)		200,034
	Panama — 0.0%
				Panama Government International Bonds:
	200,000		BBB+	4.000% due 9/22/24		216,602
	210,000		BBB+	3.875% due 3/17/28		232,971
				Total Panama		449,573

See Notes to Financial Statements.

176

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Peru — 0.1%
				Peruvian Government International Bonds:
$	315,000		BBB+	4.125% due 8/25/27	$	360,788
	70,000		BBB+	6.550% due 3/14/37		106,466
	160,000		BBB+	5.625% due 11/18/50		247,189
				Total Peru		714,443
	Philippines — 0.0%
	400,000		BBB+	Philippine Government International Bonds, 3.000% due 2/1/28		427,782
	Poland — 0.1%
	710,000		A-	Poland Government International Bonds, 4.000% due 1/22/24		774,028
	Qatar — 0.1%
				Qatar Government International Bonds:
	250,000		AA-	4.000% due 3/14/29(c)		283,475
	820,000		AA-	4.817% due 3/14/49(c)		1,047,733
				Total Qatar		1,331,208
	Russia — 0.6%
				Russian Federal Bonds — OFZ:
	22,990,000	RUB	BBB	7.000% due 8/16/23		356,141
	6,950,000	RUB	NR	7.750% due 9/16/26		112,686
	31,310,000	RUB	BBB	8.150% due 2/3/27		520,306
	146,093,000	RUB	BBB	7.050% due 1/19/28		2,294,334
	128,030,000	RUB	BBB(k)	6.900% due 5/23/29		1,990,484
	34,080,000	RUB	BBB(k)	7.250% due 5/10/34		541,185
	49,650,000	RUB	NR	7.700% due 3/16/39		831,416
	200,000		BBB(k)	Russian Foreign Bonds — Eurobond, 4.750% due 5/27/26		225,261
				Total Russia		6,871,813
	Saudi Arabia — 0.0%
				Saudi Government International Bonds:
	200,000		A1(d)	3.625% due 3/4/28		214,826
	200,000		A1(d)	4.375% due 4/16/29(c)		228,239
				Total Saudi Arabia		443,065
	United Arab Emirates — 0.0%
	400,000		AA	Abu Dhabi Government International Bonds, 2.500% due 10/11/22(c)		407,628
	Uruguay — 0.1%
				Uruguay Government International Bonds:
	70,000		BBB	4.500% due 8/14/24		76,505
	355,000		BBB	4.375% due 10/27/27		399,502
				Total Uruguay		476,007
				TOTAL SOVEREIGN BONDS (Cost — $40,567,362)		39,603,898
	ASSET-BACKED SECURITIES — 1.8%
	Automobiles — 0.4%
				Credit Acceptance Auto Loan Trust:
	630,000		AAA	Series 2018-3A, Class A, 3.550% due 8/15/27(c)		643,261
	700,000		AAA	Series 2019-3A, Class A, 2.380% due 11/15/28(c)		712,718
				Hertz Vehicle Financing II LP:
	1,500,000		Aaa(d)	Series 2016-4A, Class A, 2.650% due 7/25/22(c)		1,520,284
	440,000		Aaa(d)	Series 2018-1A, Class A, 3.290% due 2/25/24(c)		460,687
	970,000		AAA	Nissan Auto Receivables Owner Trust, Series 2018-C, Class A3, 3.220% due 6/15/23		994,279
				Total Automobiles		4,331,229

See Notes to Financial Statements.

177

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Credit Cards — 0.1%
$	830,000	AAA	Capital One Multi-Asset Execution Trust, Series 2019-A1, Class A1, 2.840% due 12/15/24	$	855,596
	315,000	AAA	Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, 2.420% (1-Month USD-LIBOR + 0.770%) due 5/14/29(a)		311,813
			Total Credit Cards		1,167,409
	Student Loans — 1.3%
	352,911	AA+	CIT Education Loan Trust, Series 2007-1, Class A, 2.037% (3-Month USD-LIBOR + 0.090%) due 3/25/42(a)(c)		336,658
			Navient Private Education Loan Trust:
	230,391	AAA	Series 2014-AA, Class A2B, 2.909% (1-Month USD-LIBOR + 1.250%) due 2/15/29(a)(c)		232,002
	7,896	AAA	Series 2014-CTA, Class A, 2.359% (1-Month USD-LIBOR + 0.700%) due 9/16/24(a)(c)		7,897
	930,000	AAA	Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.130% due 2/15/68(c)		975,319
	497,698	AAA	Navient Student Loan Trust, Series 2017-4A, Class A2, 2.127% (1-Month USD-LIBOR + 0.500%) due 9/27/66(a)(c)		498,345
	507,590	AAA	Nelnet Student Loan Trust, Series 2011-1A, Class A, 2.477% (1-Month USD-LIBOR + 0.850%) due 2/25/48(a)(c)		506,109
			SLM Student Loan Trust:
	185,297	AA+	Series 2003-4, Class A5E, 2.644% (3-Month USD-LIBOR + 0.750%) due 3/15/33(a)(c)		179,035
	1,685,489	AAA	Series 2005-5, Class A4, 1.934% (3-Month USD-LIBOR + 0.140%) due 10/25/28(a)		1,676,200
	880,000	AA+	Series 2005-5, Class A5, 2.544% (3-Month USD-LIBOR + 0.750%) due 10/25/40(a)		850,293
	3,033,000	AAA	Series 2011-1, Class A2, 2.777% (1-Month USD-LIBOR + 1.150%) due 10/25/34(a)		3,057,987
	3,535,000	AAA	Series 2011-2, Class A2, 2.827% (1-Month USD-LIBOR + 1.200%) due 10/25/34(a)		3,583,827
			SMB Private Education Loan Trust:
	40,834	AAA	Series 2015-B, Class A2A, 2.980% due 7/15/27(c)		41,419
	545,000	AAA	Series 2015-C, Class A3, 3.609% (1-Month USD-LIBOR + 1.950%) due 8/16/32(a)(c)		557,977
	57,279	Aaa(d)	Series 2016-A, Class A2A, 2.700% due 5/15/31(c)		58,522
	181,115	AAA	Series 2017-B, Class A2A, 2.820% due 10/15/35(c)		186,750
	107,023	AAA	Series 2017-B, Class A2B, 2.409% (1-Month USD-LIBOR + 0.750%) due 10/15/35(a)(c)		107,012
	400,000	AAA	Series 2018-A, Class A2B, 2.459% (1-Month USD-LIBOR + 0.800%) due 2/15/36(a)(c)		400,866
	510,000	Aaa(d)	Series 2018-B, Class A2A, 3.600% due 1/15/37(c)		538,783
	595,000	AAA	Series 2018-C, Class A2B, 2.409% (1-Month USD-LIBOR + 0.750%) due 11/15/35(a)(c)		592,279
	100,000	AAA	Series 2020-A, Class A2B, 2.510% (1-Month USD-LIBOR + 0.830%) due 9/15/37(a)(c)		100,538
	550,000	AAA	Sofi Professional Loan Program LLC, Series 2018-A, Class A2B, 2.950% due 2/25/42(c)		567,134
			Sofi Professional Loan Program Trust:
	390,000	AAA	Series 2018-B, Class A2FX, 3.340% due 8/25/47(c)		404,659
	910,000	AAA	Series 2018-D, Class A2FX, 3.600% due 2/25/48(c)		959,065
			Total Student Loans		16,418,676
			TOTAL ASSET-BACKED SECURITIES (Cost — $21,630,851)		21,917,314
	SENIOR LOANS — 1.4%
	80,000	NR	1011778 B.C. Unlimited Liability Company, (Restricted, cost — $80,000, acquired 11/20/19), 3.353% (1-Month USD-LIBOR + 1.750%) due 11/19/26(o)		78,800
	343,792	NR	Allied Universal Holdco LLC, (Restricted, cost — $344,575, acquired 8/16/19), 5.853% (1-Month USD-LIBOR + 4.250%) due 7/10/26(o)		341,214
	158,384	NR	Alterra Mountain Co., (Restricted, cost — $158,095, acquired 3/27/19), 4.353% (1-Month USD-LIBOR + 2.750%) due 7/31/24(o)		156,008
	130,000	NR	AMC Entertainment Holdings Inc., (Restricted, cost — $130,050, acquired 10/24/19) due 4/22/26(o)(p)		126,182
	150,000	NR	APi Group DE Inc., (Restricted, cost — $149,487, acquired 9/27/19), 4.103% (1-Month USD-LIBOR + 2.500%) due 10/1/26(o)		148,688
	440,000	NR	Aramark Intermediate HoldCo Corp., (Restricted, cost — $442,713, acquired 12/13/19), 3.353% (1-Month USD-LIBOR + 1.750%) due 1/15/27(o)		438,077
	178,792	NR	Asurion LLC, (Restricted, cost — $178,452, acquired 11/20/19), 4.603% (1-Month USD-LIBOR + 3.000%) due 11/3/24(o)		177,526

See Notes to Financial Statements.

178

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 1.4% — (continued)
$	390,880	NR	Asurion LLC, (Restricted, cost — $391,227, acquired 4/10/19), 4.603% (1-Month USD-LIBOR + 3.000%) due 8/4/22(o)	$	387,948
	90,000	NR	Asurion LLC, (Restricted, cost — $90,000, acquired 2/26/20) due 11/3/23(o)(p)		89,363
	548,125	NR	athenahealth Inc., (Restricted, cost — $548,188, acquired 2/7/19), 6.158% (1-Month USD-LIBOR + 4.500%) due 2/11/26(o)		543,329
	49,500	NR	Atlantic Aviation FBO Inc., (Restricted, cost — $49,092, acquired 11/30/18), 5.360% (1-Month USD-LIBOR + 3.750%) due 12/6/25(o)		49,562
	572,379	NR	Avolon TLB Borrower 1 (US) LLC, (Restricted, cost — $569,813, acquired 2/27/20), 3.397% (1-Month USD-LIBOR + 1.750%) due 1/15/25(o)		567,906
	73,307	NR	Bausch Health Cos., Inc., (Restricted, cost — $73,766, acquired 4/17/19), 4.659% (1-Month USD-LIBOR + 3.000%) due 6/2/25(o)		73,005
	194,936	NR	Berry Global Inc., (Restricted, cost — $194,936, acquired 10/15/19), 3.671% (1-Month USD-LIBOR + 2.000%) due 10/1/22(o)		192,938
	259,849	NR	Brookfield WEC Holdings Inc., (Restricted, cost — $261,278, acquired 1/24/20) due 8/1/25(o)(p)		255,734
	97,918	NR	Caesars Resort Collection LLC, (Restricted, cost — $98,225, acquired 4/17/19), 4.353% (1-Month USD-LIBOR + 2.750%) due 12/23/24(o)		94,981
	553,186	NR	Change Healthcare Holdings Inc., (Restricted, cost — $553,060, acquired 4/30/19), 4.103% (1-Month USD-LIBOR + 2.500%) due 3/1/24(o)		543,851
	210,000	NR	Charter Communications Operating LLC, (Restricted, cost — $210,656, acquired 2/7/20) due 2/1/27(o)(p)		207,572
	350,570	NR	Charter Communications Operating LLC, (Restricted, cost — $351,520, acquired 10/24/19), 3.360% (1-Month USD-LIBOR + 1.750%) due 4/30/25(o)		347,853
	60,000	NR	Citadel Securities LP, (Restricted, cost — $59,850, acquired 2/27/20) due 2/27/26(o)(p)		59,700
	170,738	NR	CityCenter Holdings LLC, (Restricted, cost — $170,984, acquired 2/20/20), 3.853% (1-Month USD-LIBOR + 2.250%) due 4/18/24(o)		169,209
	370,000	NR	DCert Buyer Inc., (Restricted, cost — $370,289, acquired 8/8/19), 5.603% (1-Month USD-LIBOR + 4.000%) due 10/16/26(o)		366,994
	243,587	NR	Dell International LLC, (Restricted, cost — $233,539, acquired 10/18/17), 3.610% (1-Month USD-LIBOR + 2.000%) due 9/19/25(o)		241,228
	833,000	NR	Delos Finance Sarl, (Restricted, cost — $840,289, acquired 8/9/17), 3.695% (3-Month USD-LIBOR + 1.750%) due 10/6/23(o)		830,918
	69,825	NR	Diamond Sports Group LLC, (Restricted, cost — $69,506, acquired 7/18/19), 4.880% (1-Month USD-LIBOR + 3.250%) due 8/24/26(o)		64,152
	347,145	NR	Edelman Financial Center LLC, (Restricted, cost — $348,274, acquired 4/22/19), 4.879% (1-Month USD-LIBOR + 3.250%) due 7/21/25(o)		342,157
	530,000	NR	Elanco Animal Health Incorporated, (Restricted, cost — $532,625, acquired 2/5/20) due 2/4/27(o)(p)		525,582
	110,000	NR	EyeCare Partners LLC, (Restricted, cost — $109,888, acquired 2/5/20) due 2/18/27(o)(p)		108,717
	69,474	NR	First Eagle Holdings Inc., (Restricted, cost — $69,647, acquired 4/5/19), 4.262% (2-Month USD-LIBOR + 2.500%) due 2/1/27(o)		68,663
	219,647	NR	Focus Financial Partners, LLC, (Restricted, cost — $220,246, acquired 2/18/20), 3.603% (1-Month USD-LIBOR + 2.000%) due 7/3/24(o)		218,411
	29,923	NR	Four Seasons Holdings Inc., (Restricted, cost — $30,110, acquired 11/21/19), 3.603% (1-Month USD-LIBOR + 2.000%) due 11/30/23(o)		29,511
	180,000	NR	Froneri International Ltd., (Restricted, cost — $180,350, acquired 2/18/20) due 1/29/27(o)(p)		177,563
	75,577	NR	Garda World Security Corp., (Restricted, cost — $74,136, acquired 10/24/19), 6.390% (3-Month USD-LIBOR + 4.750%) due 10/30/26(o)		75,459
	190,000	NR	Genesee & Wyoming Inc., (Restricted, cost — $191,588, acquired 11/21/19), 3.961% (3-Month USD-LIBOR + 2.000%) due 12/30/26(o)		189,208
	405,737	NR	Golden Nugget Inc., (Restricted, cost — $406,069, acquired 2/5/20), 4.120% (1-Month USD-LIBOR + 2.500%) due 10/4/23(o)		399,143
	27,220	NR	HCA Inc., (Restricted, cost — $27,424, acquired 10/19/17), 3.353% (1-Month USD-LIBOR + 1.750%) due 3/13/25(o)		27,217

See Notes to Financial Statements.

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Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 1.4% — (continued)
$	451,964	NR	Hilton Worldwide Finance LLC, (Restricted, cost — $452,036, acquired 8/18/16), 3.377% (1-Month USD-LIBOR + 1.750%) due 6/22/26(o)	$	448,263
	148,379	NR	iHeartCommunication Inc., (Restricted, cost — $148,379, acquired 1/29/20), 4.655% (3-Month USD-LIBOR + 3.000%) due 5/1/26(o)		146,153
	89,531	NR	Jaguar Holding Company I LLC, (Restricted, cost — $89,755, acquired 9/11/19), 4.103% (1-Month USD-LIBOR + 2.500%) due 8/18/22(o)		89,140
	188,568	NR	Jane Street Group LLC, (Restricted, cost — $188,271, acquired 8/16/19) due 8/25/22(o)(p)		188,569
	242,876	NR	Level 3 Financing Inc., (Restricted, cost — $242,466, acquired 4/17/19), 3.353% (1-Month USD-LIBOR + 1.750%) due 3/1/27(o)		238,019
	487,730	NR	LifePoint Health Inc., (Restricted, cost — $486,734, acquired 2/11/20), 5.353% (1-Month USD-LIBOR + 3.750%/3-Month USD-PRIME + 2.750%) due 11/16/25(o)		484,274
	437,912	NR	McAfee, LLC, (Restricted, cost — $438,333, acquired 8/16/19), 5.353% (1-Month USD-LIBOR + 3.750%) due 9/30/24(o)		435,039
	96,962	NR	Michaels Stores Inc., (Restricted, cost — $97,689, acquired 2/28/20), 4.106% (1-Month USD-LIBOR + 2.500%) due 1/30/23(o)		88,235
	294,942	NR	MPH Acquisition Holdings LLC, (Restricted, cost — $294,888, acquired 10/13/17), 4.695% (3-Month USD-LIBOR + 2.750%) due 6/7/23(o)		281,792
	459,375	NR	Nexstar Broadcasting Inc., (Restricted, cost — $460,212, acquired 8/16/19), 4.405% (1-Month USD-LIBOR + 2.750%) due 9/18/26(o)		456,734
	151,751	NR	Numericable U.S. LLC, (Restricted, cost — $151,515, acquired 10/6/17), 5.346% (1-Month USD-LIBOR + 3.688%) due 1/31/26(o)		147,957
	200,000	NR	Option Care Health Inc., (Restricted, cost — $198,401, acquired 5/22/19), 6.103% (1-Month USD-LIBOR + 4.500%) due 8/6/26(o)		199,833
	239,400	NR	Panther BF Aggregator 2 LP, (Restricted, cost — $237,325, acquired 4/3/19), 5.103% (1-Month USD-LIBOR + 3.500%) due 4/30/26(o)		233,714
	102,600	NR	Party City Holdings Inc., (Restricted, cost — $102,942, acquired 2/16/18), 4.100% (1-Month USD-LIBOR + 2.500%/3-Month USD-LIBOR + 2.500%) due 8/19/22(o)		94,050
	122,958	NR	PCI Gaming Authority, (Restricted, cost — $123,100, acquired 5/15/19), 4.103% (1-Month USD-LIBOR + 2.500%) due 5/29/26(o)		122,458
	385,086	NR	Prime Security Services Borrower LLC, (Restricted, cost — $387,375, acquired 4/22/19), 4.912% (1-Month USD-LIBOR + 3.250%) due 9/23/26(o)		375,941
	265,244	NR	Reynolds Consumer Products LLC, (Restricted, cost — $266,171, acquired 2/18/20), 3.501% (3-Month USD-LIBOR + 1.750%) due 2/4/27(o)		262,882
	160,030	NR	Reynolds Group Holdings Inc., (Restricted, cost — $159,727, acquired 3/14/19), 4.353% (1-Month USD-LIBOR + 2.750%) due 2/5/23(o)		158,864
	410,000	NR	RPI 2019 Intermediate Finance Trust, (Restricted, cost — $410,875, acquired 2/7/20) due 2/11/27(o)(p)		410,256
	339,697	NR	Scientific Games International Inc., (Restricted, cost — $341,812, acquired 2/2/18), 4.366% (1-Month USD-LIBOR + 2.750%/2-Month USD-LIBOR + 2.750%) due 8/14/24(o)		330,462
	42,782	NR	Sprint Communications Inc., (Restricted, cost — $42,996, acquired 10/16/17), 4.125% (1-Month USD-LIBOR + 2.500%) due 2/2/24(o)		42,461
	992,258	NR	TKC Holdings Inc., (Restricted, cost — $992,258, acquired 4/30/19), 5.360% (1-Month USD-LIBOR + 3.750%) due 2/1/23(o)		942,149
	46,990	NR	Trans Union LLC, (Restricted, cost — $47,049, acquired 10/18/17), 3.353% (1-Month USD-LIBOR + 1.750%) due 11/16/26(o)		46,696
	446,538	NR	UFC Holdings LLC, (Restricted, cost — $449,888, acquired 4/30/19), 4.860% (1-Month USD-LIBOR + 3.250%) due 4/29/26(o)		442,408
	190,000	NR	VICI Properties 1 LLC, (Restricted, cost — $190,238, acquired 2/20/20) due 12/20/24 (o) (p)		187,031
	450,000	NR	Virgin Media Bristol LLC, (Restricted, cost — $452,200, acquired 4/30/19), 4.159% (1-Month USD-LIBOR + 2.500%) due 1/31/28(o)		443,626
	127,508	NR	Western Digital Corp., (Restricted, cost — $128,783, acquired 10/27/17), 3.353% (1-Month USD-LIBOR + 1.750%) due 4/29/23(o)		125,914
	533,250	NR	Wynn Resorts Ltd., (Restricted, cost — $531,351, acquired 11/22/19), 3.360% (1-Month USD-LIBOR + 1.750%) due 9/20/24(g)(o)		531,584
			TOTAL SENIOR LOANS (Cost — $16,922,711)		16,668,873

See Notes to Financial Statements.

180

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	MUNICIPAL BONDS — 0.4%
	California — 0.1%
$	530,000	A+	Los Angeles Unified School District, GO, 5.750% due 7/1/34	$	726,243
	195,000	AAA	San Diego Community College District, GO, 3.336% due 8/1/43		208,040
	220,000	AA-	State of California, GO, 7.625% due 3/1/40		375,714
			University of California, Revenue Bonds:
	25,000	AA	Series AD, 4.858% due 5/15/12		38,355
	266,000	AA	Series AQ, 4.767% due 5/15/15		401,484
			Total California		1,749,836
	Massachusetts — 0.1%
	110,000	AA	Commonwealth of Massachusetts, GO, 2.900% due 9/1/49		117,727
	100,000	AA+	Massachusetts School Building Authority, Revenue Bonds, Series B, Pre-refunded 10/15/21 @ 100, 5.000% due 10/15/41(q)		106,866
	330,000	AA+	Massachusetts Water Resources Authority, Revenue Bonds, 3.104% due 8/1/39		344,068
			Total Massachusetts		568,661
	New Jersey — 0.1%
	650,000	Aa3(d)	Jersey City Municipal Utilities Authority, Revenue Bonds, Series B, 5.470% due 5/15/27		750,425
			New Jersey Transportation Trust Fund Authority, Revenue Bonds:
	110,000	BBB+	Series AA, 5.000% due 6/15/36		121,637
	85,000	BBB+	Series B, 6.561% due 12/15/40		127,141
			Total New Jersey		999,203
	New York — 0.1%
	500,000	AA	City of New York, GO, Series G-1, 5.968% due 3/1/36		724,885
	80,000	AAA	New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue Bonds, Series A-1, 5.000% due 11/1/42		90,863
	350,000	AA+	New York State Dormitory Authority, Revenue Bonds, 5.289% due 3/15/33		448,150
	345,000	A	New York State Thruway Authority, Revenue Bonds, Series M, 2.900% due 1/1/35		381,753
			Total New York		1,645,651
	Ohio — 0.0%
	90,000	A	City of Cleveland OH Airport System Revenue, Revenue Bonds, 2.882% due 1/1/31		96,924
	Texas — 0.0%
	235,000	A+	Dallas/Fort Worth International Airport, Revenue Bonds, AMT, Series A, Pre-refunded 11/01/20 @ 100, 5.000% due 11/1/45(q)(r)		241,223
	Virginia — 0.0%
	190,374	AAA	Virginia Housing Development Authority, Revenue Bonds, Series C, 6.000% due 6/25/34		214,535
			TOTAL MUNICIPAL BONDS (Cost — $4,960,293)		5,516,033
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $1,140,448,511)		1,201,132,508
Face Amount†
	SHORT-TERM INVESTMENTS (s) — 8.4%
	COMMERCIAL PAPER — 0.1%
$	1,000,000		Ford Motor Credit Co. LLC, (Restricted, cost — $980,969, acquired 10/10/19), 3.200% due 10/8/20(o)(t) (Cost — $980,969)		980,969
	CORPORATE BOND — 0.1%
	955,000		BellSouth LLC, 4.266% due 4/26/20(c) (Cost — $966,784)		966,784

See Notes to Financial Statements.

181

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund
Face Amount†			Rating††	Security	Value
	MONEY MARKET FUND — 0.0%
$	227,160			Invesco STIT — Government & Agency Portfolio, 1.471%, Institutional Class(u) (Cost — $227,160)	$	227,160
	REPURCHASE AGREEMENT — 0.7%
	9,000,000			Merril Lynch & Co., Inc. repurchase agreement dated 2/28/20, 1.590% due 3/2/20, Proceeds at maturity — $9,000,398; (Fully collateralized by U.S. Treasury Bonds, 4.375% due 5/15/41; Market Valued — $9,261,623)(t) (Cost — $9,000,000)		9,000,000
	TIME DEPOSITS — 4.8%
	22,197,719			ANZ National Bank — London, 0.950% due 3/2/20		22,197,719
	124			BBH — Grand Cayman, 0.950% due 3/2/20		124
	203,011	EUR		BNP Paribas — Paris, (0.680)% due 3/2/20		224,084
	155,992	GBP		Citibank — London, 0.330% due 3/2/20		199,966
	7,612,233			Citibank — New York, 0.950% due 3/2/20		7,612,233
	28,368,348			JPMorgan Chase & Co. — New York, 0.950% due 3/2/20		28,368,348
	16,401,993	JPY		Sumitomo Mitsui Banking Corp. — Tokyo, (0.260)% due 3/2/20		152,060
				TOTAL TIME DEPOSITS (Cost — $58,754,534)		58,754,534
	U.S. GOVERNMENT AGENCY — 0.1%
	1,840,000			Federal Home Loan Bank Discount Notes, 1.579% due 5/1/20(t) (Cost — $1,835,096)		1,835,096
Face Amount/Units†
	U.S. GOVERNMENT OBLIGATIONS — 2.6%
				U.S. Treasury Bills:
$	3,490,000			1.493% due 3/17/20(t)		3,487,689
	312,000			1.536% due 3/19/20(t)(v)		311,761
	1,475,000			1.496% due 4/2/20(t)		1,473,045
	1,500,000			1.543% due 4/16/20(t)		1,497,049
	14,550,000			1.553% due 4/21/20(t)		14,518,058
	1,380,000			1.526% due 4/30/20(t)		1,376,503
	1,715,000			1.522% due 7/9/20(t)		1,705,642
	7,845,000			1.532% due 7/16/20(t)		7,799,602
				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $32,169,349)		32,169,349
				TOTAL SHORT-TERM INVESTMENTS (Cost — $103,933,892)		103,933,892
				TOTAL INVESTMENTS IN SECURITIES (Cost — $1,244,382,403)		1,305,066,400
				TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $748,292)		1,527,248
				TOTAL INVESTMENTS — 106.1% (Cost — $1,245,130,695)		1,306,593,648
				Liabilities in Excess of Other Assets — (6.1)%		(75,476,296	)
				TOTAL NET ASSETS — 100.0%	$	1,231,117,352

† 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 29, 2020.

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

See Notes to Financial Statements.

182

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

(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 29, 2020, amounts to approximately $127,645,803 and represents 10.4% of net assets.

(d) Rating by Moody’s Investors Service.

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

(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) Illiquid security.

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

(j) Principal only security.

(k) Rating by Fitch Ratings Service.

(l) Interest only security.

(m) 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 29, 2020.

(n) Affiliated security (See Note 2). As of February 29, 2020, total cost and total market value of affiliated securities amounted to $2,168,735 and $2,219,033, respectively.

(o) The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2020, amounts to approximately $17,649,842 and represents 1.4% of net assets.

(p) 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.

(q) 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.

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

(s) 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 8.4%.

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

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

(v) All or a portion of this security is held at the broker as collateral for open futures contracts.

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

At February 29, 2020, 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	$	1,245,130,695	$	78,689,996	$	(18,735,288	)	$	59,954,708

Abbreviations used in this schedule:
ABS	— Asset-Based Security
ACES	— Alternative Credit Enhancement Securities
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

See Notes to Financial Statements.

183

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

Summary of Investments by Security Type^
Mortgage-Backed Securities	29.4	%
Corporate Bonds & Notes	25.5
U.S. Government Agencies & Obligations	20.6
Collateralized Mortgage Obligations	10.0
Sovereign Bonds	3.0
Asset-Backed Securities	1.7
Senior Loans	1.3
Municipal Bonds	0.4
Purchased Options	0.1
Short-Term Investments	8.0
	100.0	%+

^ As a percentage of total investments.

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

At February 29, 2020, Core Fixed Income Fund held the following Options Contracts Purchased:

Currency Options

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	7,080,000		$7,080,000	OTC U.S. Dollar versus Euro, Call		CITI		4/15/20	EUR	1.09	$	154,075
	6,320,000		6,320,000	OTC U.S. Dollar versus Euro, Call		CITI		4/24/20	EUR	1.08		164,482
	3,140,000		3,140,000	OTC U.S. Dollar versus Euro, Call		CITI		4/27/20	EUR	1.11		35,316
				Total Currency Options							$	353,873

Options on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	300		$39,998,438	U.S. Treasury 10-Year Note April Futures, Call		GSC		3/27/20	$	132.00	$	876,562
	84		11,199,563	U.S. Treasury 10-Year Note April Futures, Call		GSC		3/27/20	$	134.50		105,000
	180		23,999,063	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/27/20	$	130.00		5,625
	125		16,666,016	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/27/20	$	131.00		7,813
	125		16,666,016	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/27/20	$	133.00		48,828
	84		11,199,563	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/27/20	$	134.50		84,000
	93		15,574,594	U.S. Treasury Bond April Futures, Put		GSC		3/27/20	$	152.00		1,453
	83		13,899,906	U.S. Treasury Bond April Futures, Put		GSC		3/27/20	$	164.00		44,094
				Total Options on Futures							$	1,173,375
				TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $748,292)							$	1,527,248

See Notes to Financial Statements.

184

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At February 29, 2020, 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
	21	$	2,799,891	U.S. Treasury 10-Year Note April Futures, Call		GSC		3/27/20	$	136.00	$	14,437
	252		33,598,688	U.S. Treasury 10-Year Note April Futures, Call		GSC		3/27/20	$	136.50		141,750
	192		25,599,000	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/27/20	$	129.50		3,000
	250		33,332,031	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/27/20	$	131.50		27,344
	252		33,598,688	U.S. Treasury 10-Year Note April Futures, Put		GSC		3/27/20	$	132.50		66,938
	128		17,066,000	U.S. Treasury 10-Year Note June Futures, Call		GSC		5/22/20	$	134.00		252,000
	506		67,464,031	U.S. Treasury 10-Year Note June Futures, Put		GSC		5/22/20	$	128.00		39,531
	208		27,732,250	U.S. Treasury 10-Year Note May Futures, Call		GSC		4/24/20	$	137.00		136,500
	31		5,191,531	U.S. Treasury Bond April Futures, Put		GSC		3/27/20	$	155.00		969
	166		27,799,813	U.S. Treasury Bond June Futures, Put		GSC		5/22/20	$	158.00		67,437
				Total Options on Futures							$	749,906
				TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $603,561)							$	749,906

At February 29, 2020, 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:
30-Day Federal Funds April Futures		102		4/20	$	41,952,023	$	41,989,109	$	37,086
90-Day Eurodollar December Futures		163		12/20		40,140,854		40,381,213		240,359
90-Day Eurodollar June Futures		167		6/20		41,171,413		41,317,888		146,475
90-Day Eurodollar March Futures		245		3/21		60,259,925		60,763,062		503,137
Euro-BTP March Futures		76		3/20		11,984,795		12,227,631		242,836
U.S. Treasury 2-Year Note June Futures		323		6/20		69,929,459		70,519,985		590,526
U.S. Treasury 5-Year Note June Futures		548		6/20		66,029,989		67,267,000		1,237,011
U.S. Treasury Ultra Long Bond June Futures		79		6/20		15,659,899		16,392,500		732,601
										3,730,031
Contracts to Sell:
90-Day Eurodollar December Futures		142		12/21		35,179,450		35,216,000		(36,550	)
90-Day Eurodollar March Futures		164		3/20		40,307,225		40,442,400		(135,175	)
Euro-Bund March Futures		171		3/20		32,608,414		33,495,538		(887,124	)
Japan Government 10-Year Bond March Futures		5		3/20		7,065,314		7,141,798		(76,484	)
U.S. Treasury 10-Year Note June Futures		67		6/20		8,827,250		9,028,250		(201,000	)
U.S. Treasury Long Bond June Futures		45		6/20		7,489,727		7,661,250		(171,523	)
U.S. Ultra Long Bond June Futures		34		6/20		4,943,383		5,107,438		(164,055	)
United Kingdom Treasury 10-Year Gilt June Futures		42		6/20		7,236,620		7,289,909		(53,289	)
										(1,725,200	)
Net Unrealized Appreciation on Open Exchange-Traded Futures Contracts									$	2,004,831

See Notes to Financial Statements.

185

Schedules of Investments

(unaudited) (continued)

Core Fixed Income Fund

At February 29, 2020, Core Fixed Income Fund had deposited cash of $1,345,122 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 29, 2020, 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		511,019		USD	353,380		CITI	$	333,093		4/17/20	$	(20,287	)
Brazilian Real		3,830,000		USD	936,659		CITI		853,905		4/17/20		(82,754	)
Brazilian Real		4,322,323		USD	1,054,354		CITI		963,670		4/17/20		(90,684	)
British Pound		1,790,489		USD	2,350,982		CITI		2,298,065		4/17/20		(52,917	)
Canadian Dollar		6,920,000		USD	5,337,941		CITI		5,155,772		4/17/20		(182,169	)
Canadian Dollar		2,070,000		USD	1,596,754		CITI		1,542,261		4/17/20		(54,493	)
Canadian Dollar		4,357,647		USD	3,347,491		CITI		3,246,681		4/17/20		(100,810	)
Euro		4,661,207		USD	5,208,545		CITI		5,159,405		4/17/20		(49,140	)
Euro		1,864,276		USD	2,091,904		CITI		2,063,533		4/17/20		(28,371	)
Euro		738,000		USD	819,979		CITI		816,879		4/17/20		(3,100	)
Euro		70,096		USD	76,286		CITI		77,588		4/17/20		1,302
Euro		2,990,000		USD	3,316,209		CITI		3,311,643		4/28/20		(4,566	)
Indian Rupee		260,147,303		USD	3,628,907		CITI		3,568,538		4/17/20		(60,369	)
Indonesian Rupiah		78,867,595,537		USD	5,688,866		CITI		5,473,875		4/17/20		(214,991	)
Mexican Peso		64,064,233		USD	3,366,787		CITI		3,232,017		4/17/20		(134,770	)
South African Rand		8,680,000		USD	598,522		CITI		552,431		4/17/20		(46,091	)
													(1,124,210	)
Contracts to Sell:
Chinese Offshore Renminbi		26,818,047		USD	3,866,333		CITI		3,838,072		4/17/20		28,261
Euro		9,789,140		USD	10,948,771		CITI		10,835,418		4/17/20		113,353
Japanese Yen		24,807,647		USD	227,489		CITI		230,579		4/17/20		(3,090	)
Philippine Peso		120,583,000		USD	2,376,020		CITI		2,355,908		4/17/20		20,112
Russian Ruble		84,937,018		USD	1,369,687		CITI		1,261,715		4/17/20		107,972
													266,608
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(857,602	)

At February 29, 2020, 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

$

147,559

$

7,443

$

140,116

At February 29, 2020, 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	28-Day MXN TIIE Banxico		7.351%		4/5/21		28-Day		MXN	15,700,000	$	5,396		$	—	$	5,396
Receive	3-Month USD-LIBOR		1.550%		6/30/26		6-Month		USD	34,019,000		(1,159,607	)		100,541		(1,260,148	)
Pay	3-Month USD-LIBOR		1.573%		1/21/23		6-Month		USD	14,800,000		216,585			—		216,585

See Notes to Financial Statements.

186

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	3-Month USD-LIBOR		1.580%		1/21/23		3-Month		USD	15,810,000	$	233,473		$	3,193		$	230,280
Receive	3-Month USD-LIBOR		1.656%		8/23/49		6-Month		USD	5,400,000		(478,479	)		(20,150	)		(458,329	)
Receive	3-Month USD-LIBOR		1.667%		1/21/26		6-Month		USD	6,020,000		211,898			—			211,898
Receive	3-Month USD-LIBOR		1.675%		1/21/26		6-Month		USD	6,430,000		228,835			(2,137	)		230,972
Receive	3-Month USD-LIBOR		1.810%		11/15/44		6-Month		USD	1,314,000		(158,178	)		1,759			(159,937	)
Receive	3-Month USD-LIBOR		1.850%		11/15/44		6-Month		USD	11,243,000		(1,453,198	)		(35,942	)		(1,417,256	)
Receive	3-Month USD-LIBOR		2.875%		5/15/44		6-Month		USD	2,137,000		(749,570	)		3,084			(752,654	)
Receive	U.S. Federal Funds Effective Rate Index		1.550%		11/15/26		12-Month		USD	10,451,000		(544,916	)		335			(545,251	)
											$	(3,647,761	)	$	50,683		$	(3,698,444	)

At February 29, 2020, Core Fixed Income Fund held the following Centrally Cleared Credit Default Swap Contracts:

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)		Market Value		Upfront Payment Paid		Unrealized Depreciation
Markit CDX North America Investment Grade Series 33 5-Year Index		1.000	%		12/20/24		3-Month		0.672	%	USD	900,000	$	15,485	$	21,574	$	(6,089	)
Marki CDX North America High Yield Series 33 5-Year Index		5.000	%		12/20/24		3-Month		3.733	%	USD	1,514,700		95,730		112,088		(16,358	)
													$	111,215	$	133,662	$	(22,447	)

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

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

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

At February 29, 2020, Core Fixed Income Fund deposited cash collateral with brokers in the amount of $1,236,242 for open centrally cleared swap contracts.

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

See pages 272-273 for definitions of ratings.

See Notes to Financial Statements.

187

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††		Security	Value
	CORPORATE BONDS & NOTES — 85.1%
	Advertising — 0.3%
$	40,000		B	MDC Partners Inc., Company Guaranteed Notes, 6.500% due 5/1/24(a)	$	36,600
	89,000		CCC+	Terrier Media Buyer Inc., Company Guaranteed Notes, 8.875% due 12/15/27(a)		88,555
				Total Advertising		125,155
	Aerospace/Defense — 0.9%
				Bombardier Inc., Senior Unsecured Notes:
	57,000		B-	6.000% due 10/15/22(a)		56,002
	30,000		B-	6.125% due 1/15/23(a)		30,129
	48,000		B-	7.875% due 4/15/27(a)		47,761
	6,000		BB	Moog Inc., Company Guaranteed Notes, 4.250% due 12/15/27(a)		6,120
	90,000		BB	Signature Aviation US Holdings Inc., Senior Unsecured Notes, 5.375% due 5/1/26(a)		92,041
	200,000		B-	TransDigm Inc., Company Guaranteed Notes, 6.500% due 5/15/25		206,857
				Total Aerospace/Defense		438,910
	Agriculture — 0.1%
	50,000		BBB	Altria Group Inc., Company Guaranteed Notes, 5.950% due 2/14/49		63,653
	Apparel — 0.6%
	140,000		BB-	Hanesbrands Inc., Company Guaranteed Notes, 4.875% due 5/15/26(a)		146,909
	80,000		BB+	Levi Strauss & Co., Senior Unsecured Notes, 5.000% due 5/1/25		82,513
	74,000		BB+	William Carter Co., Company Guaranteed Notes, 5.625% due 3/15/27(a)		78,903
				Total Apparel		308,325
	Auto Manufacturers — 0.2%
	94,000		B-	Navistar International Corp., Company Guaranteed Notes, 6.625% due 11/1/25(a)		97,564
	Auto Parts & Equipment — 0.7%
				American Axle & Manufacturing Inc., Company Guaranteed Notes:
	23,000		B	6.625% due 10/15/22		23,165
	70,000		B	6.500% due 4/1/27		67,342
	50,000		BB-	Delphi Technologies PLC, Company Guaranteed Notes, 5.000% due 10/1/25(a)		54,875
				Panther BF Aggregator 2 LP/Panther Finance Co., Inc.:
	115,000		B	Company Guaranteed Notes, 8.500% due 5/15/27(a)		117,087
	70,000		B+	Senior Secured Notes, 6.250% due 5/15/26(a)		72,035
				Total Auto Parts & Equipment		334,504
	Banks — 3.9%
	200,000		BB+	Barclays PLC, Subordinated Notes, 5.088% (3-Month USD-LIBOR + 3.054%) due 6/20/30(b)		226,784
	10,000		A2(c)	BofA Finance LLC, Bank Guaranteed Notes, 0.125% due 9/1/22		10,238
				CIT Group Inc.:
	20,000		BB+	Senior Unsecured Notes, 5.250% due 3/7/25		21,992
	130,000		BB	Subordinated Notes, 6.125% due 3/9/28		156,370
	40,000		BB+	Citigroup Inc., Junior Subordinated Notes, 5.950% (3-Month USD-LIBOR + 3.905%)(b)(d)		43,128
	200,000		BBB-	Credit Agricole SA, Junior Subordinated Notes, 8.125% (5-Year USD Swap Rate + 6.185%)(a)(b)(d)		236,677
	200,000		BB-	Credit Suisse Group AG, Junior Subordinated Notes, 7.500% (5-Year USD Swap Rate + 4.600%)(a)(b)(d)		216,029
	200,000		BBB+	Danske Bank AS, Senior Unsecured Notes, 5.375% due 1/12/24(a)		224,394
	240,000		Baa3(c)	HSBC Holdings PLC, Junior Subordinated Notes, 6.500% (5-Year USD 1100 Run ICE Swap Rate + 3.606%)(b)(d)		259,996
	62,000		BBB-	JPMorgan Chase & Co., Junior Subordinated Notes, 4.600% (SOFR + 3.125%)(b)(d)		62,139
	200,000		B+	Royal Bank of Scotland Group PLC, Junior Subordinated Notes, 8.625% (5-Year USD Swap Rate + 7.598%)(b)(d)		211,955
	200,000		BB	UBS Group AG, Junior Subordinated Notes, 7.000% (5-Year USD Swap Rate + 4.344%)(a)(b)(d)		213,429
				Total Banks		1,883,131

See Notes to Financial Statements.

188

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††		Security	Value
	Beverages — 0.2%
$	100,000		B	Cott Holdings Inc., Company Guaranteed Notes, 5.500% due 4/1/25(a)	$	102,541
	Building Materials — 0.9%
				Builders FirstSource Inc.:
	48,000		BB-	Company Guaranteed Notes, 5.000% due 3/1/30(a)		48,113
	15,000		BB+	Senior Secured Notes, 6.750% due 6/1/27(a)		16,205
	22,000		BB+	Masonite International Corp., Company Guaranteed Notes, 5.375% due 2/1/28(a)		23,128
				Standard Industries Inc., Senior Unsecured Notes:
	4,000		BBB-	5.500% due 2/15/23(a)		4,045
	225,000		BBB-	6.000% due 10/15/25(a)		235,685
	10,000		BBB-	4.750% due 1/15/28(a)		10,298
				Summit Materials LLC/Summit Materials Finance Corp., Company Guaranteed Notes:
	50,000		BB	5.125% due 6/1/25(a)		50,896
	40,000		BB	6.500% due 3/15/27(a)		42,814
				Total Building Materials		431,184
	Chemicals — 1.0%
	19,000		B-	Hexion Inc., Company Guaranteed Notes, 7.875% due 7/15/27(a)		18,906
	56,000		BB-	Nufarm Australia Ltd./Nufarm Americas Inc., Company Guaranteed Notes, 5.750% due 4/30/26(a)		55,319
	80,000		BB+	Olin Corp., Senior Unsecured Notes, 5.000% due 2/1/30		78,052
	340,000		BB	Valvoline Inc., Company Guaranteed Notes, 5.500% due 7/15/24		354,280
				Total Chemicals		506,557
	Commercial Services — 4.9%
	100,000		BB-	ADT Security Corp. (The), Senior Secured Notes, 4.125% due 6/15/23		101,958
				Allied Universal Holdco LLC/Allied Universal Finance Corp.:
	177,000		B-	Senior Secured Notes, 6.625% due 7/15/26(a)		185,960
	31,000		CCC	Senior Unsecured Notes, 9.750% due 7/15/27(a)		33,016
	10,000		BB-	AMN Healthcare Inc., Company Guaranteed Notes, 4.625% due 10/1/27(a)		10,153
	70,000		B	Carriage Services Inc., Company Guaranteed Notes, 6.625% due 6/1/26(a)		72,327
	49,000		CCC+	GW B-CR Security Corp., Senior Unsecured Notes, 9.500% due 11/1/27(a)		51,908
	50,000		BB-	Harsco Corp., Company Guaranteed Notes, 5.750% due 7/31/27(a)		49,376
	115,000		B	Jaguar Holding Co. II/Pharmaceutical Product Development LLC, Company Guaranteed Notes, 6.375% due 8/1/23(a)		118,666
	13,000		BB	Korn Ferry, Company Guaranteed Notes, 4.625% due 12/15/27(a)		13,358
	153,000		BB-	Laureate Education Inc., Company Guaranteed Notes, 8.250% due 5/1/25(a)		162,581
	240,000		B-	MPH Acquisition Holdings LLC, Company Guaranteed Notes, 7.125% due 6/1/24(a)		223,850
				Prime Security Services Borrower LLC/Prime Finance Inc.:
	110,000		B-	Secured Notes, 6.250% due 1/15/28(a)		106,260
				Senior Secured Notes:
	10,000		BB-	5.250% due 4/15/24(a)		10,371
	130,000		BB-	5.750% due 4/15/26(a)		134,105
				Service Corp. International, Senior Unsecured Notes:
	70,000		BB	7.500% due 4/1/27		85,599
	50,000		BB	5.125% due 6/1/29		54,155
				ServiceMaster Co. LLC (The):
	80,000		BB-	Company Guaranteed Notes, 5.125% due 11/15/24(a)		82,667
	280,000		B	Senior Unsecured Notes, 7.450% due 8/15/27		321,397
	47,000		CCC	Team Health Holdings Inc., Company Guaranteed Notes, 6.375% due 2/1/25(a)		25,400
	53,000		B	TMS International Corp., Senior Unsecured Notes, 7.250% due 8/15/25(a)		49,577
				United Rentals North America Inc.:
				Company Guaranteed Notes:
	20,000		BB-	5.500% due 5/15/27		20,950
	10,000		BB-	4.875% due 1/15/28		10,282
	290,000		BB-	5.250% due 1/15/30		305,617

See Notes to Financial Statements.

189

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Commercial Services — 4.9% — (continued)
$	20,000	BBB-	Secured Notes, 3.875% due 11/15/27	$	20,212
	120,000	B+	WW International Inc., Company Guaranteed Notes, 8.625% due 12/1/25(a)		125,450
			Total Commercial Services		2,375,195
	Computers — 0.7%
			Dell International LLC/EMC Corp.:
	105,000	BB	Company Guaranteed Notes, 7.125% due 6/15/24(a)		109,987
	90,000	BBB-	Senior Secured Notes, 6.020% due 6/15/26(a)		105,555
	16,000	B+	MTS Systems Corp., Company Guaranteed Notes, 5.750% due 8/15/27(a)		16,326
			Presidio Holdings Inc.:
	38,000	CCC+	Company Guaranteed Notes, 8.250% due 2/1/28(a)		39,283
	13,000	B	Senior Secured Notes, 4.875% due 2/1/27(a)		13,024
	60,000	BB+	Western Digital Corp., Company Guaranteed Notes, 4.750% due 2/15/26		62,063
			Total Computers		346,238
	Distribution/Wholesale — 0.3%
	45,000	B-	Core & Main Holdings LP, Senior Unsecured Notes, 8.625% (8.625% cash or 9.375% PIK) due 9/15/24(a)(e)		46,819
	22,000	B	IAA Inc., Senior Unsecured Notes, 5.500% due 6/15/27(a)		23,333
	34,000	B	KAR Auction Services Inc., Company Guaranteed Notes, 5.125% due 6/1/25(a)		35,003
	35,000	B+	Performance Food Group Inc., Company Guaranteed Notes, 5.500% due 10/15/27(a)		37,013
	4,000	BB	Resideo Funding Inc., Company Guaranteed Notes, 6.125% due 11/1/26(a)		3,920
	13,000	BB-	Univar Solutions USA Inc., Company Guaranteed Notes, 5.125% due 12/1/27(a)		13,157
			Total Distribution/Wholesale		159,245
	Diversified Financial Services — 1.2%
	42,000	B	AG Issuer LLC, Senior Secured Notes, 6.250% due 3/1/28(a)		41,685
	100,000	NR	Alliance Data Systems Corp., Company Guaranteed Notes, 4.750% due 12/15/24(a)		98,375
	90,000	BB+	Ally Financial Inc., Subordinated Notes, 5.750% due 11/20/25		101,324
			Navient Corp., Senior Unsecured Notes:
	5,000	B+	5.875% due 3/25/21		5,111
	50,000	B+	6.625% due 7/26/21		51,588
	80,000	BBB-	Park Aerospace Holdings Ltd., Company Guaranteed Notes, 5.250% due 8/15/22(a)		85,185
	200,000	BB	Quicken Loans Inc., Company Guaranteed Notes, 5.250% due 1/15/28(a)		207,405
			Total Diversified Financial Services		590,673
	Electric — 2.0%
			AES Corp., Senior Unsecured Notes:
	19,000	BB+	5.500% due 4/15/25		19,483
	195,000	BB+	6.000% due 5/15/26		201,006
			Calpine Corp.:
	40,000	BB	Senior Secured Notes, 4.500% due 2/15/28(a)		38,418
			Senior Unsecured Notes:
	10,000	B	5.500% due 2/1/24		9,850
	66,000	B	5.750% due 1/15/25		66,363
	56,000	B	5.125% due 3/15/28(a)		52,780
	152,000	BB	NextEra Energy Operating Partners LP, Company Guaranteed Notes, 4.500% due 9/15/27(a)		158,891
			NRG Energy Inc., Company Guaranteed Notes:
	155,000	BB	5.750% due 1/15/28		161,301
	27,000	BB	5.250% due 6/15/29(a)		28,113
			Talen Energy Supply LLC:
	40,000	B	Company Guaranteed Notes, 10.500% due 1/15/26(a)		35,693
	60,000	BB	Senior Secured Notes, 6.625% due 1/15/28(a)		57,603
	85,000	BB	Vistra Energy Corp., Company Guaranteed Notes, 8.125% due 1/30/26(a)		89,888
			Vistra Operations Co. LLC:
	53,000	BB	Company Guaranteed Notes, 5.000% due 7/31/27(a)		53,628
	8,000	BBB-	Senior Secured Notes, 4.300% due 7/15/29(a)		8,256
			Total Electric		981,273

See Notes to Financial Statements.

190

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Electrical Components & Equipment — 0.2%
			Energizer Holdings Inc., Company Guaranteed Notes:
$	42,000	B+	6.375% due 7/15/26(a)	$	43,644
	26,000	B+	7.750% due 1/15/27(a)		28,258
			Total Electrical Components & Equipment		71,902
	Electronics — 0.2%
	64,000	BB+	Sensata Technologies Inc., Company Guaranteed Notes, 4.375% due 2/15/30(a)		64,722
	40,000	BB+	Vishay Intertechnology Inc., Senior Unsecured Notes, 2.250% due 6/15/25		39,676
			Total Electronics		104,398
	Energy — Alternate Sources — 0.3%
	58,000	B+	Enviva Partners LP/Enviva Partners Finance Corp., Company Guaranteed Notes, 6.500% due 1/15/26(a)		60,466
	93,000	BB-	TerraForm Power Operating LLC, Company Guaranteed Notes, 5.000% due 1/31/28(a)		100,268
			Total Energy — Alternate Sources		160,734
	Engineering & Construction — 0.4%
	90,000	B	frontdoor Inc., Senior Unsecured Notes, 6.750% due 8/15/26(a)		98,743
	100,000	BB	TopBuild Corp., Company Guaranteed Notes, 5.625% due 5/1/26(a)		104,285
			Total Engineering & Construction		203,028
	Entertainment — 2.7%
	90,000	B-	Allen Media LLC/Allen Media Co.-Issuer Inc., Company Guaranteed Notes, 10.500% due 2/15/28(a)		86,569
	102,000	CCC+	AMC Entertainment Holdings Inc., Company Guaranteed Notes, 5.750% due 6/15/25		83,598
	60,000	B	Boyne USA Inc., Secured Notes, 7.250% due 5/1/25(a)		64,375
	119,000	B-	Caesars Resort Collection LLC/CRC Finco Inc., Company Guaranteed Notes, 5.250% due 10/15/25(a)		117,158
	115,000	BB	Cinemark USA Inc., Company Guaranteed Notes, 4.875% due 6/1/23		114,570
	102,000	B	Eldorado Resorts Inc., Company Guaranteed Notes, 6.000% due 4/1/25		106,803
	23,000	CCC+	Golden Entertainment Inc., Senior Unsecured Notes, 7.625% due 4/15/26(a)		24,607
	70,000	CCC+	Lions Gate Capital Holdings LLC, Company Guaranteed Notes, 5.875% due 11/1/24(a)		67,908
	40,000	B+	Live Nation Entertainment Inc., Company Guaranteed Notes, 4.750% due 10/15/27(a)		40,274
	200,000	B+	Merlin Entertainments Ltd., Company Guaranteed Notes, 5.750% due 6/15/26(a)		215,069
	110,000	CCC+	Mohegan Gaming & Entertainment, Company Guaranteed Notes, 7.875% due 10/15/24(a)		109,129
			Scientific Games International Inc., Company Guaranteed Notes:
	71,000	B-	7.000% due 5/15/28(a)		68,803
	17,000	B-	7.250% due 11/15/29(a)		16,606
	80,000	BB+	Speedway Motorsports LLC/Speedway Funding II Inc., Senior Unsecured Notes, 4.875% due 11/1/27(a)		79,504
	90,000	B-	Stars Group Holdings BV/Stars Group US Co-Borrower LLC, Company Guaranteed Notes, 7.000% due 7/15/26(a)		96,916
	17,000	BB	Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., Company Guaranteed Notes, 5.125% due 10/1/29(a)		16,458
			Total Entertainment		1,308,347
	Environmental Control — 2.1%
			Clean Harbors Inc., Company Guaranteed Notes:
	23,000	BB+	4.875% due 7/15/27(a)		24,071
	14,000	BB+	5.125% due 7/15/29(a)		15,037
			Covanta Holding Corp., Senior Unsecured Notes:
	175,000	B	5.875% due 3/1/24		177,479
	70,000	B	5.875% due 7/1/25		71,954
			GFL Environmental Inc.:
	20,000	B+	Senior Secured Notes, 5.125% due 12/15/26(a)		20,750
			Senior Unsecured Notes:
	150,000	CCC+	5.375% due 3/1/23(a)		154,313

See Notes to Financial Statements.

191

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Environmental Control — 2.1% — (continued)
$	107,000	CCC+	7.000% due 6/1/26(a)	$	112,788
	274,000	CCC+	8.500% due 5/1/27(a)		297,222
	145,000	B+	Waste Pro USA Inc., Senior Unsecured Notes, 5.500% due 2/15/26(a)		141,763
			Total Environmental Control		1,015,377
	Food — 1.5%
			Albertsons Cos. LLC/Safeway Inc./New Albertsons LP/Albertson’s LLC, Company Guaranteed Notes:
	38,000	BB-	5.875% due 2/15/28(a)		39,564
	39,000	BB-	4.875% due 2/15/30(a)		39,098
	62,000	BB	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., Senior Unsecured Notes, 5.500% due 1/15/30(a)		65,247
	77,000	BB+	Kraft Heinz Foods Co., Company Guaranteed Notes, 4.375% due 6/1/46		71,782
	110,000	BB+	Lamb Weston Holdings Inc., Company Guaranteed Notes, 4.875% due 11/1/26(a)		114,334
	20,000	BB	Pilgrim’s Pride Corp., Company Guaranteed Notes, 5.875% due 9/30/27(a)		20,763
			Post Holdings Inc., Company Guaranteed Notes:
	58,000	B+	5.500% due 3/1/25(a)		60,513
	50,000	B+	5.000% due 8/15/26(a)		51,077
	60,000	B-	Simmons Foods Inc., Secured Notes, 5.750% due 11/1/24(a)		59,825
	205,000	BB	US Foods Inc., Company Guaranteed Notes, 5.875% due 6/15/24(a)		209,015
			Total Food		731,218
	Forest Products & Paper — 0.5%
			Mercer International Inc., Senior Unsecured Notes:
	75,000	BB-	6.500% due 2/1/24		77,000
	100,000	BB-	7.375% due 1/15/25		100,979
	60,000	BB-	5.500% due 1/15/26		56,743
			Total Forest Products & Paper		234,722
	Gas — 0.3%
			AmeriGas Partners LP/AmeriGas Finance Corp., Senior Unsecured Notes:
	70,000	Ba3(c)	5.625% due 5/20/24		72,953
	80,000	Ba3(c)	5.500% due 5/20/25		81,601
			Total Gas		154,554
	Hand/Machine Tools — 0.1%
			Colfax Corp., Company Guaranteed Notes:
	19,000	BB+	6.000% due 2/15/24(a)		19,734
	32,000	BB+	6.375% due 2/15/26(a)		33,960
			Total Hand/Machine Tools		53,694
	Healthcare — Products — 0.3%
	30,000	CCC-	Immucor Inc., Company Guaranteed Notes, 11.125% due 2/15/22(a)		29,784
	115,000	BB	Teleflex Inc., Company Guaranteed Notes, 4.625% due 11/15/27		120,894
			Total Healthcare — Products		150,678
	Healthcare — Services — 6.4%
	100,000	CCC	ASP AMC Merger Sub Inc., Senior Unsecured Notes, 8.000% due 5/15/25(a)		65,542
	20,000	CCC+	BCPE Cycle Merger Sub II Inc., Senior Unsecured Notes, 10.625% due 7/15/27(a)		20,307
			Catalent Pharma Solutions Inc., Company Guaranteed Notes:
	130,000	B+	4.875% due 1/15/26(a)		133,620
	26,000	B+	5.000% due 7/15/27(a)		27,121
			Centene Corp., Senior Unsecured Notes:
	150,000	BBB-	6.125% due 2/15/24		154,680
	30,000	BBB-	4.750% due 1/15/25(a)		30,809
	69,000	BBB-	5.250% due 4/1/25(a)		71,156
	175,000	BBB-	5.375% due 6/1/26(a)		184,135

See Notes to Financial Statements.

192

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Healthcare — Services — 6.4% — (continued)
$	76,000	BBB-	5.375% due 8/15/26(a)	$	80,085
	68,000	BBB-	4.250% due 12/15/27(a)		70,084
	147,000	BBB-	4.625% due 12/15/29(a)		157,562
	86,000	BBB-	3.375% due 2/15/30(a)		86,108
			Charles River Laboratories International Inc., Company Guaranteed Notes:
	90,000	BB	5.500% due 4/1/26(a)		94,837
	19,000	BB	4.250% due 5/1/28(a)		19,391
			CHS/Community Health Systems Inc., Senior Secured Notes:
	100,000	B-	6.625% due 2/15/25(a)		102,250
	100,000	B-	8.000% due 3/15/26(a)		103,457
	40,000	B+	DaVita Inc., Company Guaranteed Notes, 5.000% due 5/1/25		40,673
			Encompass Health Corp., Company Guaranteed Notes:
	20,000	B+	4.500% due 2/1/28		20,289
	20,000	B+	4.750% due 2/1/30		20,683
	940,000	NR	Escrow Magellan Health, 9.750% due 5/15/20#(f)		—
			HCA Inc.:
			Company Guaranteed Notes:
	175,000	BB-	5.375% due 2/1/25		193,827
	65,000	BB-	5.375% due 9/1/26		72,197
	75,000	BB-	5.625% due 9/1/28		85,142
	45,000	BB-	5.875% due 2/1/29		52,144
	57,000	BB-	3.500% due 9/1/30		55,911
	80,000	BB-	7.500% due 11/6/33		103,628
	140,000	BB-	7.500% due 11/15/95		174,081
	25,000	BBB-	Senior Secured Notes, 5.000% due 3/15/24		27,808
	113,000	B+	LifePoint Health Inc., Senior Secured Notes, 4.375% due 2/15/27(a)		111,836
	70,000	B-	Polaris Intermediate Corp., Senior Unsecured Notes, 8.500% (8.500% cash or 9.250% PIK) due 12/1/22(a)(e)		59,682
	80,000	CCC+	Radiology Partners Inc., Company Guaranteed Notes, 9.250% due 2/1/28(a)		80,600
	140,000	CCC+	RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., Company Guaranteed Notes, 9.750% due 12/1/26(a)		149,972
	20,000	B-	Select Medical Corp., Company Guaranteed Notes, 6.250% due 8/15/26(a)		21,362
			Surgery Center Holdings Inc., Company Guaranteed Notes:
	3,000	CCC	6.750% due 7/1/25(a)		2,954
	14,000	CCC	10.000% due 4/15/27(a)		15,335
			Tenet Healthcare Corp.:
			Senior Secured Notes:
	10,000	BB-	4.625% due 9/1/24(a)		10,175
	62,000	BB-	4.875% due 1/1/26(a)		63,240
	62,000	BB-	5.125% due 11/1/27(a)		64,480
			Senior Unsecured Notes:
	110,000	CCC+	8.125% due 4/1/22		119,375
	120,000	CCC+	6.750% due 6/15/23		129,202
			Total Healthcare — Services		3,075,740
	Home Builders — 1.7%
	19,000	BB-	Brookfield Residential Properties Inc./Brookfield Residential US Corp., Company Guaranteed Notes, 4.875% due 2/15/30(a)		18,832
	160,000	B+	Century Communities Inc., Company Guaranteed Notes, 5.875% due 7/15/25		167,666
			Forestar Group Inc.:
	80,000	B+	Company Guaranteed Notes, 8.000% due 4/15/24(a)		86,933
	80,000	B+	Senior Unsecured Notes, 5.000% due 3/1/28(a)		78,750
	50,000	B+	Installed Building Products Inc., Company Guaranteed Notes, 5.750% due 2/1/28(a)		53,833
			Lennar Corp., Company Guaranteed Notes:
	50,000	BB+	4.500% due 4/30/24		53,208
	30,000	BB+	5.875% due 11/15/24		32,839

See Notes to Financial Statements.

193

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Home Builders — 1.7% — (continued)
$	80,000	BB+	4.750% due 11/29/27	$	89,248
	17,000	BB-	M/I Homes Inc., Company Guaranteed Notes, 4.950% due 2/1/28(a)		17,340
	41,000	BB-	Shea Homes LP/Shea Homes Funding Corp., Senior Unsecured Notes, 4.750% due 2/15/28(a)		41,098
			Taylor Morrison Communities Inc., Company Guaranteed Notes:
	70,000	NR	6.000% due 9/1/23(a)		72,524
	10,000	NR	5.875% due 1/31/25(a)		10,281
	33,000	BB	5.875% due 6/15/27(a)		36,954
	41,000	BB	5.750% due 1/15/28(a)		45,417
	8,000	B+	William Lyon Homes Inc., Company Guaranteed Notes, 7.000% due 8/15/22		8,010
			Total Home Builders		812,933
	Household Products/Wares — 0.8%
			Central Garden & Pet Co., Company Guaranteed Notes:
	165,000	BB	6.125% due 11/15/23		169,882
	10,000	BB	5.125% due 2/1/28		10,453
			Spectrum Brands Inc., Company Guaranteed Notes:
	175,000	B+	5.750% due 7/15/25		179,811
	45,000	B+	5.000% due 10/1/29(a)		46,596
			Total Household Products/Wares		406,742
	Insurance — 0.8%
	28,000	B-	AmWINS Group Inc., Company Guaranteed Notes, 7.750% due 7/1/26(a)		29,147
	50,000	BB+	Fidelity & Guaranty Life Holdings Inc., Company Guaranteed Notes, 5.500% due 5/1/25(a)		55,625
	43,000	CCC+	GTCR AP Finance Inc., Senior Unsecured Notes, 8.000% due 5/15/27(a)		45,917
	99,000	CCC+	HUB International Ltd., Senior Unsecured Notes, 7.000% due 5/1/26(a)		100,235
	139,000	CCC+	USI Inc., Senior Unsecured Notes, 6.875% due 5/1/25(a)		138,704
			Total Insurance		369,628
	Internet — 1.6%
	65,000	CCC+	EIG Investors Corp., Company Guaranteed Notes, 10.875% due 2/1/24		68,074
	51,000	BB-	Go Daddy Operating Co. LLC/GD Finance Co., Inc., Company Guaranteed Notes, 5.250% due 12/1/27(a)		53,134
	80,000	BB	Match Group Inc., Senior Unsecured Notes, 6.375% due 6/1/24		82,943
			Netflix Inc., Senior Unsecured Notes:
	60,000	BB-	4.375% due 11/15/26		62,943
	130,000	BB-	4.875% due 4/15/28		137,181
	150,000	BB-	5.875% due 11/15/28		168,922
	60,000	BB-	6.375% due 5/15/29		68,817
	60,000	BB+	Twitter Inc., Senior Unsecured Notes, 3.875% due 12/15/27(a)		61,425
	79,000	B	Zayo Group LLC/Zayo Capital Inc., Company Guaranteed Notes, 6.375% due 5/15/25		80,942
			Total Internet		784,381
	Investment Companies — 0.4%
			Icahn Enterprises LP/Icahn Enterprises Finance Corp., Company Guaranteed Notes:
	84,000	BB+	6.250% due 2/1/22		85,588
	66,000	BB+	6.250% due 5/15/26		67,781
	60,000	BB+	5.250% due 5/15/27(a)		60,300
			Total Investment Companies		213,669
	Iron/Steel — 0.5%
	35,000	B+	Allegheny Ludlum LLC, Company Guaranteed Notes, 6.950% due 12/15/25		37,509
			Allegheny Technologies Inc., Senior Unsecured Notes:
	120,000	B	7.875% due 8/15/23		127,534
	58,000	B	5.875% due 12/1/27		58,174
	38,000	Ba3(c)	Infrabuild Australia Pty Ltd., Senior Secured Notes, 12.000% due 10/1/24(a)		39,013
			Total Iron/Steel		262,230

See Notes to Financial Statements.

194

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††		Security	Value
	Leisure Time — 1.0%
$	30,000		BB+	NCL Corp., Ltd., Senior Unsecured Notes, 3.625% due 12/15/24(a)	$	27,867
	355,000		B+	Viking Cruises Ltd., Company Guaranteed Notes, 5.875% due 9/15/27(a)		316,181
	150,000		BB	VOC Escrow Ltd., Senior Secured Notes, 5.000% due 2/15/28(a)		134,153
				Total Leisure Time		478,201
	Lodging — 0.8%
				MGM Resorts International, Company Guaranteed Notes:
	175,000		BB-	7.750% due 3/15/22		191,499
	60,000		BB-	5.750% due 6/15/25		65,849
	40,000		B-	Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., Senior Secured Notes, 5.875% due 5/15/25(a)		39,317
	88,000		BB	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., Company Guaranteed Notes, 5.250% due 5/15/27(a)		85,470
				Total Lodging		382,135
	Machinery — Construction & Mining — 0.1%
	30,000		BB+	BWX Technologies Inc., Company Guaranteed Notes, 5.375% due 7/15/26(a)		31,490
	Machinery — Diversified — 0.2%
	40,000		B-	Cleaver-Brooks Inc., Senior Secured Notes, 7.875% due 3/1/23(a)		39,517
	28,000		B	Cloud Crane LLC, Secured Notes, 10.125% due 8/1/24(a)		29,668
	19,000		B-	Granite US Holdings Corp., Company Guaranteed Notes, 11.000% due 10/1/27(a)		19,814
				Total Machinery — Diversified		88,999
	Media — 7.1%
	90,000		NR	American Media LLC, Secured Notes, 10.500% due 12/31/26(a)		97,864
	325,000		B	Cablevision Systems Corp., Senior Unsecured Notes, 5.875% due 9/15/22		341,877
				CCO Holdings LLC/CCO Holdings Capital Corp., Senior Unsecured Notes:
	150,000		BB	5.125% due 5/1/23(a)		152,068
	205,000		BB	5.875% due 4/1/24(a)		211,003
	40,000		BB	5.750% due 2/15/26(a)		41,662
	110,000		BB	5.125% due 5/1/27(a)		114,570
	24,000		BB	5.375% due 6/1/29(a)		25,597
	68,000		BB	4.750% due 3/1/30(a)		70,038
	228,000		BB	4.500% due 8/15/30(a)		230,993
	60,000		BBB-	Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes, 4.908% due 7/23/25		67,563
				Clear Channel Worldwide Holdings Inc.:
	9,000		B-	Company Guaranteed Notes, 9.250% due 2/15/24(a)		9,589
	49,000		B+	Senior Secured Notes, 5.125% due 8/15/27(a)		49,224
				CSC Holdings LLC:
				Company Guaranteed Notes:
	200,000		BB	6.500% due 2/1/29(a)		221,355
	200,000		B	5.750% due 1/15/30(a)		211,750
	100,000		B	Senior Unsecured Notes, 6.750% due 11/15/21		106,027
				Diamond Sports Group LLC/Diamond Sports Finance Co.:
	77,000		B	Company Guaranteed Notes, 6.625% due 8/15/27(a)(g)		62,254
	78,000		BB	Senior Secured Notes, 5.375% due 8/15/26(a)		72,064
				DISH DBS Corp., Company Guaranteed Notes:
	20,000		B-	6.750% due 6/1/21		20,747
	362,000		B-	7.750% due 7/1/26		389,660
				DISH Network Corp., Senior Unsecured Notes:
	50,000		CCC+	2.375% due 3/15/24		46,671
	15,000		CCC+	3.375% due 8/15/26		14,520
				iHeartCommunications Inc.:
	30,471		B-	Company Guaranteed Notes, 8.375% due 5/1/27		33,146
	3,854		BB-	Senior Secured Notes, 6.375% due 5/1/26		4,149

See Notes to Financial Statements.

195

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††		Security	Value
	Media — 7.1% — (continued)
$	1,124		WR(c)	LBI Media Inc., Secured Notes, 13.500% due 4/15/20(a)(f)(h)	$	—
	52,000		B	Nexstar Broadcasting Inc., Company Guaranteed Notes, 5.625% due 7/15/27(a)		53,919
	20,000		B-	Scripps Escrow Inc., Company Guaranteed Notes, 5.875% due 7/15/27(a)		20,787
	39,000		B	Sinclair Television Group Inc., Company Guaranteed Notes, 5.500% due 3/1/30(a)		38,830
				Sirius XM Radio Inc., Company Guaranteed Notes:
	96,000		BB	4.625% due 7/15/24(a)		99,171
	8,000		BB	5.000% due 8/1/27(a)		8,356
				TEGNA Inc., Company Guaranteed Notes:
	22,000		BB	4.625% due 3/15/28(a)		21,341
	98,000		BB	5.000% due 9/15/29(a)		96,898
	70,000		BBB-	Time Warner Cable LLC, Senior Secured Notes, 7.300% due 7/1/38		95,987
	80,000		B	Univision Communications Inc., Senior Secured Notes, 5.125% due 2/15/25(a)		75,682
	200,000		BB-	Virgin Media Secured Finance PLC, Senior Secured Notes, 5.500% due 5/15/29(a)		205,630
	135,000		B+	Ziggo BV, Senior Secured Notes, 5.500% due 1/15/27(a)		139,305
				Total Media		3,450,297
	Metal Fabricate/Hardware — 0.2%
	29,000		CCC	Hillman Group Inc. (The), Company Guaranteed Notes, 6.375% due 7/15/22(a)		26,091
	79,000		B	Park-Ohio Industries Inc., Company Guaranteed Notes, 6.625% due 4/15/27		80,377
				Total Metal Fabricate/Hardware		106,468
	Mining — 3.8%
	200,000		BB+	Alcoa Nederland Holding BV, Company Guaranteed Notes, 6.125% due 5/15/28(a)		205,630
	91,000		B+	Arconic Rolled Products Corp., Secured Notes, 6.125% due 2/15/28(a)		93,957
	38,000		B+	Compass Minerals International Inc., Company Guaranteed Notes, 6.750% due 12/1/27(a)		40,350
	22,000		B	Eldorado Gold Corp., Secured Notes, 9.500% due 6/1/24(a)		23,916
				First Quantum Minerals Ltd., Company Guaranteed Notes:
	200,000		B-	7.250% due 4/1/23(a)		192,417
	200,000		B-	6.875% due 3/1/26(a)		187,630
	462,000		BB	Freeport-McMoRan Inc., Company Guaranteed Notes, 5.450% due 3/15/43		449,341
	37,000		Caa1(c)	Hecla Mining Co., Company Guaranteed Notes, 6.875% due 5/1/21		37,165
	30,000		B	Hudbay Minerals Inc., Company Guaranteed Notes, 7.625% due 1/15/25(a)		29,050
				New Gold Inc., Company Guaranteed Notes:
	26,000		B	6.250% due 11/15/22(a)		26,260
	118,000		B	6.375% due 5/15/25(a)		115,001
	130,000		B-	Northwest Acquisitions ULC/Dominion Finco Inc., Secured Notes, 7.125% due 11/1/22(a)		99,031
				Novelis Corp., Company Guaranteed Notes:
	150,000		B+	5.875% due 9/30/26(a)		155,277
	47,000		B+	4.750% due 1/30/30(a)		46,442
	140,000		BBB-	Teck Resources Ltd., Senior Unsecured Notes, 6.250% due 7/15/41		161,850
				Total Mining		1,863,317
	Miscellaneous Manufacturers — 0.2%
	80,000		B-	FXI Holdings Inc., Senior Secured Notes, 7.875% due 11/1/24(a)		75,399
	Oil & Gas — 6.2%
	82,000		B+	Ascent Resources Utica Holdings LLC/ARU Finance Corp., Senior Unsecured Notes, 7.000% due 11/1/26(a)		49,434
	31,000		B+	Berry Petroleum Co. LLC, Company Guaranteed Notes, 7.000% due 2/15/26(a)		27,058
	30,000		BB-	Callon Petroleum Co., Company Guaranteed Notes, 8.250% due 7/15/25		26,787
				Centennial Resource Production LLC, Company Guaranteed Notes:
	70,000		BB-	5.375% due 1/15/26(a)		58,999
	69,000		BB-	6.875% due 4/1/27(a)		61,915
	39,000		B	Citgo Holding Inc., Senior Secured Notes, 9.250% due 8/1/24(a)		40,560
	100,000		B3(c)	Comstock Resources Inc., Company Guaranteed Notes, 7.500% due 5/15/25(a)		74,012

See Notes to Financial Statements.

196

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 6.2% — (continued)
$	216,000	BB-	CrownRock LP/CrownRock Finance Inc., Senior Unsecured Notes, 5.625% due 10/15/25(a)	$	208,438
	48,000	BB-	CVR Energy Inc., Senior Unsecured Notes, 5.750% due 2/15/28(a)		45,480
	178,000	BB-	Endeavor Energy Resources LP/EER Finance Inc., Senior Unsecured Notes, 5.750% due 1/30/28(a)		174,271
	37,000	D	EP Energy LLC/Everest Acquisition Finance Inc., Senior Secured Notes, 7.750% due 5/15/26(a)(h)		22,200
			Extraction Oil & Gas Inc., Company Guaranteed Notes:
	146,000	B-	7.375% due 5/15/24(a)		50,674
	217,000	B-	5.625% due 2/1/26(a)		76,568
	120,000	B	Great Western Petroleum LLC/Great Western Finance Corp., Senior Unsecured Notes, 9.000% due 9/30/21(a)		108,348
			Hilcorp Energy I LP/Hilcorp Finance Co., Senior Unsecured Notes:
	4,000	BB+	5.750% due 10/1/25(a)		3,212
	85,000	BB+	6.250% due 11/1/28(a)		62,081
	21,000	BB	Jagged Peak Energy LLC, Company Guaranteed Notes, 5.875% due 5/1/26		20,991
			Laredo Petroleum Inc., Company Guaranteed Notes:
	15,000	B+	9.500% due 1/15/25		10,819
	23,000	B+	10.125% due 1/15/28		16,557
	90,000	BB-	Matador Resources Co., Company Guaranteed Notes, 5.875% due 9/15/26		80,777
			MEG Energy Corp.:
	24,000	BB-	Company Guaranteed Notes, 7.000% due 3/31/24(a)		22,790
	130,000	BB-	Senior Unsecured Notes, 7.125% due 2/1/27(a)		122,950
	50,000	B	Montage Resources Corp., Company Guaranteed Notes, 8.875% due 7/15/23		36,610
			Nabors Industries Ltd., Company Guaranteed Notes:
	22,000	BB-	7.250% due 1/15/26(a)		20,130
	24,000	BB-	7.500% due 1/15/28(a)		22,202
	23,519	B+	Northern Oil & Gas Inc., Secured Notes, 8.500% (8.500% cash or 1.000% PIK) due 5/15/23(e)		23,695
	87,000	B+	Oasis Petroleum Inc., Company Guaranteed Notes, 6.875% due 1/15/23(g)		67,642
			Parsley Energy LLC/Parsley Finance Corp., Company Guaranteed Notes:
	105,000	BB	5.250% due 8/15/25(a)		104,256
	65,000	BB	5.625% due 10/15/27(a)		64,552
			PBF Holding Co. LLC/PBF Finance Corp., Company Guaranteed Notes:
	93,000	BB	7.250% due 6/15/25		95,751
	66,000	BB	6.000% due 2/15/28(a)		65,340
			Petrobras Global Finance BV, Company Guaranteed Notes:
	40,000	BB-	7.375% due 1/17/27		48,590
	20,000	BB-	5.750% due 2/1/29		22,585
			Precision Drilling Corp., Company Guaranteed Notes:
	5,000	BB-	7.750% due 12/15/23		4,915
	55,000	BB-	7.125% due 1/15/26(a)		50,922
			Range Resources Corp., Company Guaranteed Notes:
	60,000	BB-	5.000% due 3/15/23(g)		43,631
	30,000	BB-	9.250% due 2/1/26(a)		20,405
	90,000	BB	Seven Generations Energy Ltd., Company Guaranteed Notes, 5.375% due 9/30/25(a)		82,547
	166,000	B-	Shelf Drilling Holdings Ltd., Company Guaranteed Notes, 8.250% due 2/15/25(a)		138,193
			SM Energy Co., Senior Unsecured Notes:
	2,000	BB-	5.000% due 1/15/24		1,565
	18,000	BB-	5.625% due 6/1/25		14,047
	141,000	BB-	6.750% due 9/15/26		111,792
	39,000	BB-	6.625% due 1/15/27		30,316
	48,000	BB-	Sunoco LP/Sunoco Finance Corp., Company Guaranteed Notes, 5.500% due 2/15/26		48,861
	50,000	B+	Teine Energy Ltd., Senior Unsecured Notes, 6.875% due 9/30/22(a)		49,891
	41,750	B	Transocean Guardian Ltd., Senior Secured Notes, 5.875% due 1/15/24(a)		41,441
			Transocean Inc., Company Guaranteed Notes:
	84,000	B-	7.250% due 11/1/25(a)		69,719

See Notes to Financial Statements.

197

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 6.2% — (continued)
$	64,000	B-	7.500% due 1/15/26(a)	$	51,029
	20,000	B-	8.000% due 2/1/27(a)		16,625
	80,000	CCC+	6.800% due 3/15/38		43,808
	25,050	B	Transocean Pontus Ltd., Senior Secured Notes, 6.125% due 8/1/25(a)		25,363
	20,000	BBB-	Viper Energy Partners LP, Company Guaranteed Notes, 5.375% due 11/1/27(a)		20,363
	70,000	BB-	Whiting Petroleum Corp., Company Guaranteed Notes, 6.625% due 1/15/26		25,727
			WPX Energy Inc., Senior Unsecured Notes:
	130,000	BB-	8.250% due 8/1/23		145,329
	14,000	BB-	5.250% due 10/15/27		13,803
	40,000	BB-	4.500% due 1/15/30		38,238
			Total Oil & Gas		3,024,804
	Oil & Gas Services — 0.1%
	28,000	B+	Archrock Partners LP/Archrock Partners Finance Corp., Company Guaranteed Notes, 6.250% due 4/1/28(a)		27,023
	25,000	B-	Nine Energy Service Inc., Company Guaranteed Notes, 8.750% due 11/1/23(a)		19,956
			Total Oil & Gas Services		46,979
	Packaging & Containers — 2.6%
	200,000	B-	ARD Finance SA, Senior Secured Notes, 6.500% (6.500% cash or 7.25% PIK) due 6/30/27(a)(e)		201,630
	200,000	B	Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., Company Guaranteed Notes, 6.000% due 2/15/25(a)		209,000
			Berry Global Inc., Secured Notes:
	75,000	BB	5.125% due 7/15/23		75,223
	19,000	BB	4.500% due 2/15/26(a)		18,750
	60,000	BB-	Cascades Inc./Cascades USA Inc., Company Guaranteed Notes, 5.375% due 1/15/28(a)		61,950
	25,000	BB-	Crown Americas LLC/Crown Americas Capital Corp. V, Company Guaranteed Notes, 4.250% due 9/30/26		25,804
	160,000	BB-	Crown Americas LLC/Crown Americas Capital Corp. VI, Company Guaranteed Notes, 4.750% due 2/1/26		165,456
	80,000	CCC+	Flex Acquisition Co., Inc., Senior Unsecured Notes, 7.875% due 7/15/26(a)		81,386
	120,000	BB-	Greif Inc., Company Guaranteed Notes, 6.500% due 3/1/27(a)		129,294
			Pactiv LLC, Senior Unsecured Notes:
	40,000	B-	7.950% due 12/15/25		45,717
	5,000	B-	8.375% due 4/15/27		5,789
	255,000	B-	Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, Company Guaranteed Notes, 7.000% due 7/15/24(a)		257,870
			Total Packaging & Containers		1,277,869
	Pharmaceuticals — 2.9%
			Bausch Health Americas Inc., Company Guaranteed Notes:
	120,000	B	9.250% due 4/1/26(a)		134,300
	117,000	B	8.500% due 1/31/27(a)		128,917
			Bausch Health Cos., Inc.:
			Company Guaranteed Notes:
	12,000	B	5.500% due 3/1/23(a)		12,020
	35,000	B	6.125% due 4/15/25(a)		35,763
	140,000	B	9.000% due 12/15/25(a)		156,234
	21,000	B	7.000% due 1/15/28(a)		22,511
	109,000	B	5.000% due 1/30/28(a)		108,046
	139,000	B	5.250% due 1/30/30(a)		137,958
			Senior Secured Notes:
	197,000	BB	5.500% due 11/1/25(a)		203,238
	17,000	BB	5.750% due 8/15/27(a)		18,115
	60,000	BB-	HLF Financing Sarl LLC/Herbalife International Inc., Company Guaranteed Notes, 7.250% due 8/15/26(a)		60,675

See Notes to Financial Statements.

198

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Pharmaceuticals — 2.9% — (continued)
$	70,000	B+	Par Pharmaceutical Inc., Senior Secured Notes, 7.500% due 4/1/27(a)	$	74,097
	80,000	BB	Teva Pharmaceutical Finance Co. BV, Company Guaranteed Notes, 2.950% due 12/18/22		76,958
	200,000	BB	Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes, 7.125% due 1/31/25(a)		210,817
			Total Pharmaceuticals		1,379,649
	Pipelines — 3.2%
	57,000	B+	Antero Midstream Partners LP/Antero Midstream Finance Corp., Company Guaranteed Notes, 5.750% due 3/1/27(a)		38,904
			Blue Racer Midstream LLC/Blue Racer Finance Corp.:
	130,000	B	Company Guaranteed Notes, 6.125% due 11/15/22(a)		119,083
	80,000	B	Senior Unsecured Notes, 6.625% due 7/15/26(a)		68,228
			Buckeye Partners LP, Senior Unsecured Notes:
	39,000	BB	4.125% due 3/1/25(a)		39,101
	34,000	BB	4.500% due 3/1/28(a)		33,086
	144,000	BBB-	Cheniere Corpus Christi Holdings LLC, Senior Secured Notes, 7.000% due 6/30/24		165,100
	40,000	NR	Cheniere Energy Inc., Senior Unsecured Notes, 4.250% due 3/15/45		29,392
			Cheniere Energy Partners LP:
	77,000	BB	Company Guaranteed Notes, 4.500% due 10/1/29(a)		73,956
	80,000	BB	Senior Secured Notes, 5.250% due 10/1/25		80,374
			DCP Midstream Operating LP, Company Guaranteed Notes:
	20,000	BB+	6.450% due 11/3/36(a)		20,519
	80,000	BB+	6.750% due 9/15/37(a)		84,275
	39,000	BB+	EnLink Midstream LLC, Company Guaranteed Notes, 5.375% due 6/1/29		33,743
	100,000	B+	Genesis Energy LP/Genesis Energy Finance Corp., Company Guaranteed Notes, 5.625% due 6/15/24		86,291
	80,000	BBB-	NGPL PipeCo LLC, Senior Unsecured Notes, 7.768% due 12/15/37(a)		105,314
	100,000	BB	Plains All American Pipeline LP, Junior Subordinated Notes, 6.125% (3-Month USD-LIBOR + 4.110%)(b)(d)		88,576
			Rockies Express Pipeline LLC, Senior Unsecured Notes:
	90,000	BBB-	7.500% due 7/15/38(a)		100,185
	40,000	BBB-	6.875% due 4/15/40(a)		41,079
			Targa Resources Partners LP/Targa Resources Partners Finance Corp., Company Guaranteed Notes:
	60,000	BB	4.250% due 11/15/23		59,207
	50,000	BB	5.875% due 4/15/26		51,599
	30,000	BB	5.375% due 2/1/27		30,805
	43,000	BB	6.500% due 7/15/27		44,989
	60,000	BB	5.000% due 1/15/28		59,371
	68,000	BB	6.875% due 1/15/29		73,695
			Total Pipelines		1,526,872
	Real Estate — 0.6%
	184,000	B	Five Point Operating Co. LP/Five Point Capital Corp., Company Guaranteed Notes, 7.875% due 11/15/25(a)		185,264
	115,000	BB-	Greystar Real Estate Partners LLC, Senior Secured Notes, 5.750% due 12/1/25(a)		119,168
			Total Real Estate		304,432
	Real Estate Investment Trusts (REITs) — 2.5%
			CoreCivic Inc., Company Guaranteed Notes:
	30,000	BB	5.000% due 10/15/22		30,909
	20,000	BB	4.625% due 5/1/23		20,094
	60,000	BB	CTR Partnership LP/CareTrust Capital Corp., Company Guaranteed Notes, 5.250% due 6/1/25		62,575
			ESH Hospitality Inc., Company Guaranteed Notes:
	70,000	BB-	5.250% due 5/1/25(a)		70,554
	47,000	BB-	4.625% due 10/1/27(a)		45,738

See Notes to Financial Statements.

199

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Real Estate Investment Trusts (REITs) — 2.5% — (continued)
$	220,000	B+	GEO Group Inc. (The), Company Guaranteed Notes, 6.000% due 4/15/26	$	199,655
	120,000	BBB-	GLP Capital LP/GLP Financing II Inc., Company Guaranteed Notes, 5.750% due 6/1/28		140,953
	70,000	BB-	Iron Mountain Inc., Company Guaranteed Notes, 4.875% due 9/15/29(a)		69,534
	60,000	BB-	Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., Company Guaranteed Notes, 4.250% due 2/1/27(a)		57,075
			MGM Growth Properties Operating Partnership LP/MGP Finance Co.-Issuer Inc., Company Guaranteed Notes:
	80,000	BB-	4.500% due 9/1/26		82,986
	23,000	BB-	5.750% due 2/1/27		25,214
			MPT Operating Partnership LP/MPT Finance Corp., Company Guaranteed Notes:
	50,000	BBB-	5.000% due 10/15/27		52,302
	60,000	BBB-	4.625% due 8/1/29		63,263
	16,000	BB-	RHP Hotel Properties LP/RHP Finance Corp., Company Guaranteed Notes, 5.000% due 4/15/23		16,267
			VICI Properties LP/VICI Notes Co., Inc., Company Guaranteed Notes:
	63,000	BB	4.250% due 12/1/26(a)		63,752
	63,000	BB	4.625% due 12/1/29(a)		65,164
	120,000	BB	4.125% due 8/15/30(a)		120,375
			Total Real Estate Investment Trusts (REITs)		1,186,410
	Retail — 3.1%
			1011778 BC ULC/New Red Finance Inc.:
	232,000	B+	Secured Notes, 5.000% due 10/15/25(a)		234,247
	100,000	BB+	Senior Secured Notes, 4.250% due 5/15/24(a)		100,303
			Asbury Automotive Group Inc., Senior Unsecured Notes:
	9,000	BB	4.500% due 3/1/28(a)		9,041
	13,000	BB	4.750% due 3/1/30(a)		13,260
	60,000	BB+	Brinker International Inc., Company Guaranteed Notes, 5.000% due 10/1/24(a)		62,755
	80,000	BB	FirstCash Inc., Company Guaranteed Notes, 5.375% due 6/1/24(a)		82,033
			Golden Nugget Inc.:
	171,000	CCC+	Company Guaranteed Notes, 8.750% due 10/1/25(a)		172,146
	61,000	CCC+	Senior Unsecured Notes, 6.750% due 10/15/24(a)		60,066
			L Brands Inc.:
			Company Guaranteed Notes:
	190,000	BB-	5.250% due 2/1/28		184,770
	51,000	BB-	6.875% due 11/1/35		52,057
	19,000	BB-	6.750% due 7/1/36		19,287
	10,000	B	Senior Unsecured Notes, 7.600% due 7/15/37		10,034
	50,000	B-	Michaels Stores Inc., Company Guaranteed Notes, 8.000% due 7/15/27(a)(g)		41,772
			Murphy Oil USA Inc., Company Guaranteed Notes:
	90,000	BB+	5.625% due 5/1/27		95,369
	27,000	BB+	4.750% due 9/15/29		28,368
	80,000	CCC+	Party City Holdings Inc., Company Guaranteed Notes, 6.625% due 8/1/26(a)		47,200
	40,000	CCC+	PetSmart Inc., Company Guaranteed Notes, 8.875% due 6/1/25(a)		39,900
	150,000	BB+	Reliance Intermediate Holdings LP, Senior Secured Notes, 6.500% due 4/1/23(a)		153,062
	70,000	BB-	Sally Holdings LLC/Sally Capital Inc., Company Guaranteed Notes, 5.625% due 12/1/25		71,091
			Total Retail		1,476,761
	Semiconductors — 0.6%
	100,000	BB	Amkor Technology Inc., Senior Unsecured Notes, 6.625% due 9/15/27(a)		108,185
	55,000	BB	Entegris Inc., Company Guaranteed Notes, 4.625% due 2/10/26(a)		56,820
	100,000	BB+	Sensata Technologies UK Financing Co. PLC, Company Guaranteed Notes, 6.250% due 2/15/26(a)		104,765
			Total Semiconductors		269,770

See Notes to Financial Statements.

200

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	Software — 1.6%
			CDK Global Inc., Senior Unsecured Notes:
$	80,000	BB+	5.875% due 6/15/26	$	83,852
	70,000	BB+	4.875% due 6/1/27		72,263
	22,000	BB+	5.250% due 5/15/29(a)		23,485
	80,000	B	Donnelley Financial Solutions Inc., Company Guaranteed Notes, 8.250% due 10/15/24		82,409
	215,000	BB	j2 Cloud Services LLC/j2 Global Co-Obligor Inc., Company Guaranteed Notes, 6.000% due 7/15/25(a)		224,586
	67,000	BB	Open Text Corp., Company Guaranteed Notes, 3.875% due 2/15/28(a)		66,308
	82,000	BB	Open Text Holdings Inc., Company Guaranteed Notes, 4.125% due 2/15/30(a)		81,744
			PTC Inc., Company Guaranteed Notes:
	19,000	BB-	3.625% due 2/15/25(a)		19,095
	19,000	BB-	4.000% due 2/15/28(a)		19,000
	89,000	CCC-	Riverbed Technology Inc., Company Guaranteed Notes, 8.875% due 3/1/23(a)		60,742
	20,000	B+	SS&C Technologies Inc., Company Guaranteed Notes, 5.500% due 9/30/27(a)		20,982
			Total Software		754,466
	Telecommunications — 7.6%
	510,000	B	Altice France SA, Senior Secured Notes, 7.375% due 5/1/26(a)		535,780
			CenturyLink Inc.:
	90,000	BBB-	Senior Secured Notes, 4.000% due 2/15/27(a)		90,666
			Senior Unsecured Notes:
	50,000	B+	6.450% due 6/15/21		51,972
	20,000	B+	6.750% due 12/1/23		22,036
	122,000	B-	CommScope Inc., Company Guaranteed Notes, 8.250% due 3/1/27(a)		122,836
			CommScope Technologies LLC, Company Guaranteed Notes:
	73,000	B-	6.000% due 6/15/25(a)		68,620
	40,000	B-	5.000% due 3/15/27(a)		36,297
	200,000	B+	Connect Finco SARL/Connect US Finco LLC, Senior Secured Notes, 6.750% due 10/1/26(a)		203,726
	120,000	BB	Hughes Satellite Systems Corp., Company Guaranteed Notes, 6.625% due 8/1/26		132,354
			Intelsat Jackson Holdings SA:
	51,000	CCC+	Company Guaranteed Notes, 8.500% due 10/15/24(a)		44,136
	150,000	B	Senior Secured Notes, 8.000% due 2/15/24(a)		154,063
	56,000	CCC	Intrado Corp., Company Guaranteed Notes, 8.500% due 10/15/25(a)		37,800
			Level 3 Financing Inc., Company Guaranteed Notes:
	100,000	BB	5.125% due 5/1/23		100,458
	40,000	BB	5.375% due 1/15/24		40,017
	90,000	BB	5.250% due 3/15/26		93,092
			Sprint Capital Corp., Company Guaranteed Notes:
	92,000	B*	6.875% due 11/15/28		109,770
	105,000	B*	8.750% due 3/15/32		146,018
			Sprint Communications Inc., Senior Unsecured Notes:
	160,000	B*	11.500% due 11/15/21		183,091
	15,000	B*	6.000% due 11/15/22		16,116
			Sprint Corp., Company Guaranteed Notes:
	150,000	B*	7.250% due 9/15/21		159,475
	200,000	B*	7.875% due 9/15/23		228,917
	280,000	B*	7.625% due 3/1/26		330,837
	240,000	BB+	Telecom Italia SpA, Senior Unsecured Notes, 5.303% due 5/30/24(a)		256,798
			T-Mobile USA Inc., Company Guaranteed Notes:
	820,000	BB+	6.500% due 1/15/26(f)		379,674
	90,000	BB+	4.500% due 2/1/26(f)		45,689
	180,000	BB+	4.750% due 2/1/28(f)		62,586
	33,000	BB+	ViaSat Inc., Senior Secured Notes, 5.625% due 4/15/27(a)		33,629
	10,000	NR	Vonage Holdings Corp., Senior Unsecured Notes, 1.750% due 6/1/24(a)		9,546
			Total Telecommunications		3,695,999

See Notes to Financial Statements.

201

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††		Security	Value
	Toys/Games/Hobbies — 0.1%
$	27,000		BB-	Mattel Inc., Company Guaranteed Notes, 6.750% due 12/31/25(a)	$	28,432
	Transportation — 1.4%
	26,000		B+	Cargo Aircraft Management Inc., Company Guaranteed Notes, 4.750% due 2/1/28(a)		25,837
	140,000		B-	Navios Maritime Acquisition Corp./Navios Acquisition Finance US Inc., Senior Secured Notes, 8.125% due 11/15/21(a)		93,765
	160,000		B-	Watco Cos. LLC/Watco Finance Corp., Company Guaranteed Notes, 6.375% due 4/1/23(a)		161,666
	90,000		B+	XPO CNW Inc., Senior Unsecured Notes, 6.700% due 5/1/34		92,990
				XPO Logistics Inc., Company Guaranteed Notes:
	160,000		BB-	6.125% due 9/1/23(a)		163,966
	140,000		BB-	6.750% due 8/15/24(a)		147,992
				Total Transportation		686,216
	Trucking & Leasing — 0.5%
	240,000		BB+	DAE Funding LLC, Company Guaranteed Notes, 5.000% due 8/1/24(a)		248,558
				TOTAL CORPORATE BONDS & NOTES (Cost — $40,746,070)		41,241,646
	SENIOR LOANS — 7.4%
	60,000		NR	Acrisure, LLC, (Restricted, cost — $59,851, acquired 1/31/20), 5.207% (3-Month USD-LIBOR + 3.500%) due 2/15/27(i)		59,250
	148,096		NR	AlixPartners LLP, 4.103% (1-Month USD-LIBOR + 2.500%) due 4/4/24		144,949
	30,000		NR	Allen Media, LLC, (Restricted, cost — $29,851, acquired 2/6/20), 7.231% (3-Month USD-LIBOR + 5.500%) due 2/10/27(i)		29,625
	95,225		NR	Allied Universal Holdco LLC, (Restricted, cost — $95,225, acquired 8/16/19), 5.853% (1-Month USD-LIBOR + 4.250%) due 7/10/26(i)		94,510
	59,849		NR	AMC Entertainment Holdings Inc., (Restricted, cost — $59,778, acquired 10/24/19), 4.610% (1-Month USD-LIBOR + 3.000%) due 4/22/26(i)		58,091
	40,000		NR	Amentum Government Services Holdings LLC, (Restricted, cost — $39,802, acquired 1/24/20), 5.762% (3-Month USD-LIBOR + 4.000%) due 1/29/27(i)		39,983
	26,591		NR	AmeriLife Group, LLC, (Restricted, cost — $26,525, acquired 2/6/20), due 2/5/27(i)(j)		26,458
	3,409		NR	AmeriLife Group, LLC, (Restricted, cost — $3,409, acquired 2/6/20), due 2/5/27(i)(j)		3,392
	315,000		NR	Asurion, LLC, 8.103% (1-Month USD-LIBOR + 6.500%) due 8/4/25		316,575
	29,775		NR	athenahealth Inc., (Restricted, cost — $29,268, acquired 2/7/19), 6.158% (1-Month USD-LIBOR + 4.500%) due 2/11/26(i)		29,514
	20,700		NR	BellRing Brands, LLC, 6.603% (1-Month USD-LIBOR + 5.000%) due 10/21/24		20,907
	127,075		NR	Big River Steel LLC, 6.945% (3-Month USD-LIBOR + 5.000%) due 8/23/23		127,433
	20,000		NR	Castle US Holding Corp., (Restricted, cost — $20,000, acquired 1/24/20), due 1/29/27(i)(j)		19,150
	82,572		NR	CEOC, LLC, (Restricted, cost — $82,479, acquired 8/16/19), 3.603% (1-Month USD-LIBOR + 2.000%) due 10/7/24(i)		82,348
	130,000		NR	Chesapeake Energy Corp., (Restricted, cost — $128,516, acquired 12/9/19), 9.928% (3-Month USD-LIBOR + 8.000%) due 6/24/24(i)		118,950
	60,000		NR	CoreCivic Inc., (Restricted, cost — $57,114, acquired 12/12/19), 6.110% (1-Month USD-LIBOR + 4.500%) due 12/12/24(i)		59,550
	35,910		NR	CSC Holdings LLC, 4.159% (1-Month USD-LIBOR + 2.500%) due 4/15/27		35,596
	29,925		NR	Diamond Sports Group LLC, (Restricted, cost — $29,788, acquired 7/18/19), 4.880% (1-Month USD-LIBOR + 3.250%) due 8/24/26(i)		27,494
	226,507		NR	EIG Investors Corp., 5.387% (1-Month USD-LIBOR + 3.750%) due 2/9/23		223,181
	47,414		NR	Elanco Animal Health Incorporated, due 2/4/27(j)		47,019
	50,724		NR	Envision Healthcare Corp., 5.353% (1-Month USD-LIBOR + 3.750%) due 10/10/25		41,163
	40,000		NR	EyeCare Partners, LLC, (Restricted, cost — $39,600, acquired 2/18/20), due 2/4/28(i)(j)		39,631
	48,649		NR	EyeCare Partners, LLC, (Restricted, cost — $48,588, acquired 2/5/20), 5.418% (3-Month USD-LIBOR + 3.750%) due 2/18/27(i)		48,081
	81,224		NR	Garda World Security Corp., (Restricted, cost — $80,338, acquired 10/24/19), 6.390% (3-Month USD-LIBOR + 4.750%) due 10/30/26(i)		81,097

See Notes to Financial Statements.

202

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Face Amount/Units†		Rating††	Security	Value
	SENIOR LOANS — 7.4% — (continued)
$	79,598	NR	Global Tel*Link Corp., (Restricted, cost — $76,493, acquired 8/16/19), 5.853% (1-Month USD-LIBOR + 4.250%) due 11/29/25(i)	$	76,229
	86,018	NR	Graftech International Ltd., 5.103% (1-Month USD-LIBOR + 3.500%) due 2/12/25		82,255
	69,125	NR	Herbalife Nutrition Ltd., 4.353% (1-Month USD-LIBOR + 2.750%) due 8/18/25		68,693
	27,788	NR	Hillman Group Inc. (The), 5.603% (1-Month USD-LIBOR + 4.000%) due 5/30/25		26,723
	82,101	NR	iHeartCommunication Inc., (Restricted, cost — $82,101, acquired 1/29/20), 4.655% (3-Month USD-LIBOR + 3.000%) due 5/1/26(i)		80,870
	60,635	NR	Infor (US) Inc., 4.695% (1-Month USD-LIBOR + 2.750%) due 2/1/22		60,392
	100,000	NR	Intelsat Jackson Holdings SA, 6.625% due 1/2/24		100,953
	39,798	NR	Jane Street Group, LLC, (Restricted, cost — $39,675, acquired 8/16/19), due 8/25/22(i)		39,799
	81,048	NR	LifePoint Health Inc., (Restricted, cost — $80,876, acquired 2/11/20), 5.353% (3-Month USD-PRIME + 3.500%) due 11/16/25(i)(j)		80,474
	79,597	NR	McAfee, LLC, (Restricted, cost — $79,684, acquired 8/16/19), 5.353% (1-Month USD-LIBOR + 3.750%) due 9/30/24(i)		79,075
	10,000	NR	Michaels Stores Inc., (Restricted, cost — $9,100, acquired 2/28/20), (1-Month USD-LIBOR + 2.500%) due 1/30/23(i)(j)		9,100
	70,000	NR	Mohegan Tribal Gaming Authority, (Restricted, cost — $69,283, acquired 1/10/20), 5.603% (1-Month USD-LIBOR + 4.000%) due 10/13/23(i)		67,754
	75,144	NR	National Mentor Holdings Inc., 5.610% (1-Month USD-LIBOR + 4.000%) due 3/9/26		75,097
	59,850	NR	Panther BF Aggregator 2 LP, (Restricted, cost — $59,763, acquired 4/3/19), 5.103% (1-Month USD-LIBOR + 3.500%) due 4/30/26(i)		58,429
	73,413	NR	PetSmart Inc., (Restricted, cost — $73,645, acquired 2/12/20), 5.660% (1-Month USD-LIBOR + 4.000%) due 3/11/22(i)(j)		72,715
	88,650	NR	Ply Gem Midco Inc., (Restricted, cost — $88,413, acquired 3/29/18), 5.408% (1-Month USD-LIBOR + 3.750%) due 4/12/25(i)		86,434
	104,706	NR	Radnet Management Inc., (Restricted, cost — $104,557, acquired 8/16/17), 5.378% (3-Month USD-PRIME + 2.500%) due 6/30/23(i)		105,120
	10,000	NR	Rockwood Service Corp., (Restricted, cost — $10,100, acquired 1/17/20), due 12/20/26(i)(j)		10,125
	69,300	NR	Sedgwick Claims Management Services Inc., 4.853% (1-Month USD-LIBOR + 3.250%) due 12/31/25		67,914
	33,568	NR	Spectacle Gary Holdings LLC, 11.000% (3-Month USD-LIBOR + 9.000%) due 12/23/25		34,407
	78,404	NR	Spencer Spirit IH LLC, (Restricted, cost — $76,990, acquired 6/14/19), 7.629% (3-Month USD-PRIME + 5.000%) due 6/19/26(i)		78,697
	93,754	NR	SS&C Technologies Holdings Inc., 3.353% (1-Month USD-LIBOR + 1.750%) due 4/16/25		92,825
	36,564	NR	Stars Group Holdings BV, 5.445% (3-Month USD-LIBOR + 3.500%) due 7/10/25		36,553
	127,203	NR	Temple Generation 1, LLC, (Restricted, cost — $125,906, acquired 2/7/18), 9.603% (1-Month USD-LIBOR + 8.000%) due 2/7/23(i)		127,938
	60,000	NR	Terrier Media Buyer Inc., (Restricted, cost — $59,708, acquired 12/12/19), 6.148% (3-Month USD-LIBOR + 4.250%) due 12/17/26(i)		59,725
	139,650	NR	U.S. Renal Care Inc., (Restricted, cost — $137,131, acquired 6/14/19), 6.625% (1-Month USD-LIBOR + 5.000%) due 6/26/26(i)		138,661
			TOTAL SENIOR LOANS (Cost — $3,613,841)		3,590,904
Shares/Units
	CLOSED END MUTUAL FUND SECURITIES — 0.6%
	FINANCIALS — 0.6%
	Financials, Capital Markets — 0.6%
	5,162		Invesco Senior Loan ETF(g)		113,513
	7,000		SPDR Bloomberg Barclays Short Term High Yield Bond ETF		185,290
			Total Financials, Capital Markets		298,803
			TOTAL CLOSED END MUTUAL FUND SECURITIES (Cost — $303,329)		298,803

See Notes to Financial Statements.

203

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Shares/Units		Rating††		Security	Value
	COMMON STOCKS — 0.4%
	COMMUNICATIONS — 0.0%
	Advertising — 0.0%
	802			Clear Channel Outdoor Holdings Inc., Class A Shares*	$	1,660
	Media — 0.0%
	168			iHeartMedia Inc., Class A Shares*		2,539
				TOTAL COMMUNICATIONS		4,199
	CONSUMER CYCLICAL — 0.0%
	Lodging — 0.0%
	9,953			Bossier Casino Venture Holdco Inc.*#(f)(k)		2,319
	ENERGY — 0.4%
	Energy Equipment & Services — 0.0%
	17,453			Hercules Offshore Inc.*#(f)(k)		16,969
	Oil & Gas — 0.4%
	21,784			Berry Corp		138,764
	7,241			Montage Resources Corp.*		25,271
				Total Oil & Gas		164,035
				TOTAL ENERGY		181,004
	FINANCIALS — 0.0%
	Diversified Financial Services — 0.0%
	68			MWO Holdings, ADR,*#(f)(k)		5,206
				TOTAL COMMON STOCKS (Cost — $2,129,164)		192,728
	PREFERRED STOCKS — 0.3%
	FINANCIALS — 0.3%
	Banks — 0.2%
	3,884			GMAC Capital Trust I, 7.477% (3-Month USD-LIBOR + 5.785%) due 2/15/40(b)		99,042
	Diversified Financial Services — 0.1%
	1,175			B. Riley Financial Inc., 6.875% due 9/30/23		29,081
				TOTAL FINANCIALS		128,123
				TOTAL PREFERRED STOCKS (Cost — $97,539)		128,123
Face Amount/Units†
	SOVEREIGN BOND — 0.1%
	Argentina — 0.1%
$	150,000		CCC-	Argentine Republic Government International Bonds, 7.500% due 4/22/26 (Cost — $159,450)		65,439
Shares/Units
	CONVERTIBLE PREFERRED STOCK — 0.1%
	UTILITIES — 0.1%
	400		BBB	NextEra Energy Inc., 5.279% due 3/1/23* (Cost — $19,497)		18,185

See Notes to Financial Statements.

204

Schedules of Investments

(unaudited) (continued)

High Yield Fund
Shares/Units		Security	Value
	WARRANT — 0.0%
	Media — 0.0%
$	853	iHeartMedia Inc., (Restricted, cost — $4,488, acquired 8/28/19), expires 5/1/39*(i)(k)	$	12,155
		(Cost — $4,488)		12,155
		TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $47,073,378)		45,547,983
Face Amount/Units†
	SHORT-TERM INVESTMENTS (l) — 6.6%
	MONEY MARKET FUND — 0.7%
$	326,398	Invesco STIT — Government & Agency Portfolio, 1.471%, Institutional Class(m) (Cost — $326,398)		326,398
	TIME DEPOSITS — 5.9%
	1,896,566	ANZ National Bank — London, 0.950% due 3/2/20		1,896,566
	982,742	Citibank — New York, 0.950% due 3/2/20		982,742
		TOTAL TIME DEPOSITS (Cost — $2,879,308)		2,879,308
		TOTAL SHORT-TERM INVESTMENTS (Cost — $3,205,706)		3,205,706
		TOTAL INVESTMENTS — 100.6% (Cost — $50,279,084)		48,753,689
		Liabilities in Excess of Other Assets — (0.6)%		(286,878	)
		TOTAL NET ASSETS — 100.0%	$	48,466,811

† 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 29, 2020, amounts to approximately $25,725,563 and represents 53.1% of net assets.

(b) Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2020.

(c) Rating by Moody’s Investors Service.

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

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

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

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

(h) Security is currently in default.

(i) The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2020, amounts to approximately $2,000,424 and represents 4.1% 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) Illiquid security.

(l) Inclusive of all short-term holdings, including investments of collateral received from securities lending transactions. Excluding such collateral, the percentage of portfolio holdings would be 5.9%.

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

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

See Notes to Financial Statements.

205

Schedules of Investments

(unaudited) (continued)

High Yield Fund

At February 29, 2020, for High Yield Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized (Depreciation)
High Yield Fund	$	50,279,084	$	1,844,340	$	(3,385,824	)	$	(1,541,484	)

Abbreviations used in this schedule:
ADR	— American Depositary Receipts
ETF	— Exchange-Traded Fund
ICE	— Intercontinental Exchange
LIBOR	— London Interbank Offered Rate
PLC	— Public Limited Company
SOFR	— Secured Overnight Financing Rate

Summary of Investments by Security Type^
Corporate Bonds & Notes	85.2	%
Senior Loans	7.4
Closed End Mutual Fund Securities	0.6
Common Stocks	0.4
Preferred Stocks	0.3
Sovereign Bond	0.1
Convertible Preferred Stock	0.0	*
Warrant	0.0	*
Short-Term Investments	6.0
	100.0	%+

^ As a percentage of total investments.

* Position represents less than 0.05%.

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

At February 29, 2020, High Yield Fund had an open exchange-traded futures contract as described below.

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

Open Futures Contract	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contract to Sell:
U.S. Treasury 10-Year Note June (CBT) Futures		6		6/20	$	792,411	$	808,500	$	(16,089	)

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

See pages 272-273 for definitions of ratings.

See Notes to Financial Statements.

206

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	SOVEREIGN BONDS — 55.8%
	Argentina — 0.1%
	7,120,000	ARS	Argentina POM Politica Monetaria, 51.226% due 6/21/20(a)(b)	$	88,534
	360,000	ARS	Argentine Bonos del Tesoro, 15.500% due 10/17/26(a)		2,753
	170,000	ARS	Bonos de la Nacion Argentina con Ajuste por CER, 4.000% due 3/6/20(a)		5,076
	4,960,000	ARS	Bonos del Tesoro Nacional en Pesos Badlar, 37.342% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 2.000%) due 4/3/22(a)(b)		57,883
	780,000	ARS	Ciudad Autonoma de Buenos Aires, 38.279% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 5.000%) due 1/23/22(a)(b)		11,827
	460,000	ARS	Provincia de Buenos Aires, 38.284% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 3.750%) due 4/12/25(a)(b)(c)		4,435
			Total Argentina		170,508
	Australia — 0.9%
			New South Wales Treasury Corp.:
	200,000	AUD	3.000% due 2/20/30		151,668
	500,000	AUD	2.000% due 3/20/31		346,966
	300,000	AUD	Northern Territory Treasury Corp., 2.000% due 4/21/31		200,582
			Queensland Treasury Corp.:
	400,000	AUD	3.500% due 8/21/30(c)		316,975
	100,000	AUD	1.750% due 8/21/31(c)		67,484
			Treasury Corp. of Victoria:
	100,000	AUD	2.500% due 10/22/29		72,792
	50,000	AUD	4.250% due 12/20/32		43,310
	100,000	AUD	Western Australian Treasury Corp., 2.750% due 7/24/29		74,029
			Total Australia		1,273,806
	Brazil — 0.9%
	5,900,000	BRL	Brazil Letras do Tesouro Nacional, zero coupon, due 4/1/20		1,314,050
	Canada — 1.7%
	3,100,000	CAD	Province of Ontario Canada, 3.150% due 6/2/22		2,401,126
	China — 3.2%
	22,200,000	CNY	China Development Bank, 4.240% due 8/24/27		3,379,132
	8,800,000	CNY	China Government Bonds, 3.220% due 12/6/25		1,292,772
			Total China		4,671,904
	Finland — 1.6%
			Finland Government Bonds:
	600,000	EUR	0.875% due 9/15/25(c)		716,994
	1,300,000	EUR	0.500% due 4/15/26(c)		1,529,288
			Total Finland		2,246,282
	France — 6.1%
			French Republic Government Bonds OAT:
	900,000	EUR	3.250% due 5/25/45		1,705,442
	4,500,000	EUR	2.000% due 5/25/48(c)(d)		7,119,175
			Total France		8,824,617
	Ireland — 1.0%
	1,000,000	EUR	Ireland Government Bonds, 5.400% due 3/13/25		1,431,732
	Israel — 0.1%
$	200,000		Israel Government International Bonds, 3.250% due 1/17/28		218,033
	Italy — 6.1%
			Italy Buoni Poliennali Del Tesoro:
	3,500,000	EUR	0.350% due 2/1/25		3,829,542
	700,000	EUR	2.500% due 11/15/25		853,423

See Notes to Financial Statements.

207

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	Italy — 6.1% — (continued)
	700,000	EUR	2.100% due 7/15/26	$	839,859
	200,000	EUR	1.350% due 4/1/30		225,398
	1,100,000	EUR	3.450% due 3/1/48(c)		1,571,985
	200,000	EUR	3.850% due 9/1/49(c)		305,616
	400,000	EUR	2.450% due 9/1/50(c)		474,509
	400,000	GBP	Republic of Italy Government International Bonds, 6.000% due 8/4/28		665,113
			Total Italy		8,765,445
	Japan — 19.0%
			Development Bank of Japan Inc.:
$	200,000		2.000% due 10/19/21		202,435
	1,200,000		2.500% due 10/18/22		1,238,986
			Japan Bank for International Cooperation:
	200,000		2.375% due 7/21/22		205,873
	200,000		3.250% due 7/20/23		213,674
	200,000		3.375% due 10/31/23		215,831
			Japan Finance Organization for Municipalities:
	500,000		2.125% due 4/13/21(c)		504,801
	200,000		2.625% due 4/20/22(c)		205,557
	350,000,000	JPY	Japan Government Ten Year Bonds, 0.100% due 3/20/29		3,333,682
			Japan Government Thirty Year Bonds:
	210,000,000	JPY	1.700% due 9/20/44		2,636,021
	310,000,000	JPY	1.400% due 9/20/45		3,706,364
	152,000,000	JPY	0.500% due 9/20/46		1,499,815
	168,000,000	JPY	0.700% due 12/20/48		1,737,292
	140,000,000	JPY	0.500% due 3/20/49		1,375,320
			Japan Government Twenty Year Bonds:
	40,000,000	JPY	2.200% due 9/20/28		448,783
	150,000,000	JPY	1.300% due 6/20/35		1,657,180
	181,000,000	JPY	1.200% due 9/20/35		1,974,722
	400,000,000	JPY	1.000% due 12/20/35		4,257,642
	60,000,000	JPY	0.400% due 3/20/36		586,099
	111,639,000	JPY	Japanese Government CPI Linked Bonds, 0.100% due 3/10/28		1,061,380
	400,000		Tokyo Metropolitan Government, 2.000% due 5/17/21(c)		402,804
			Total Japan		27,464,261
	Kuwait — 0.7%
	900,000		Kuwait International Government Bonds, 3.500% due 3/20/27		985,456
	Lithuania — 0.2%
	300,000		Lithuania Government International Bonds, 6.125% due 3/9/21		313,602
	Peru — 0.7%
			Peruvian Government International Bonds:
	1,300,000	PEN	6.350% due 8/12/28(c)		440,860
	700,000	PEN	5.940% due 2/12/29(c)		231,345
	700,000	PEN	6.950% due 8/12/31(c)		247,455
	200,000	PEN	5.350% due 8/12/40(c)		60,926
			Total Peru		980,586
	Poland — 0.5%
	2,700,000	PLN	Republic of Poland Government Bonds, 3.250% due 7/25/25		746,748
	Qatar — 1.1%
			Qatar Government International Bonds:
	1,000,000		3.875% due 4/23/23		1,060,567
	500,000		4.500% due 4/23/28		580,000
			Total Qatar		1,640,567

See Notes to Financial Statements.

208

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	Saudi Arabia — 0.8%
$	1,200,000		Saudi Government International Bonds, 2.375% due 10/26/21	$	1,208,993
	Slovenia — 0.2%
	250,000		Slovenia Government International Bonds, 5.250% due 2/18/24		283,442
	Spain — 7.7%
			Autonomous Community of Catalonia:
	100,000	EUR	4.900% due 9/15/21		118,645
	100,000	EUR	4.220% due 4/26/35		147,006
			Spain Government Bonds:
	300,000	EUR	0.250% due 7/30/24(c)		337,707
	3,000,000	EUR	1.450% due 10/31/27(c)		3,654,027
	1,500,000	EUR	1.400% due 7/30/28(c)(d)		1,827,123
	1,100,000	EUR	1.450% due 4/30/29(c)		1,350,285
	1,900,000	EUR	0.600% due 10/31/29(c)(d)		2,168,686
	900,000	EUR	2.900% due 10/31/46(c)		1,429,490
	100,000	EUR	2.700% due 10/31/48(c)		154,991
			Total Spain		11,187,960
	United Arab Emirates — 0.4%
			Abu Dhabi Government International Bonds:
	300,000		2.500% due 10/11/22(c)		305,721
	200,000		3.125% due 10/11/27(c)		214,639
			Total United Arab Emirates		520,360
	United Kingdom — 2.8%
			United Kingdom Gilt:
	1,400,000	GBP	3.250% due 1/22/44(d)		2,683,747
	700,000	GBP	3.500% due 1/22/45(d)		1,408,090
			Total United Kingdom		4,091,837
			TOTAL SOVEREIGN BONDS (Cost — $73,617,818)		80,741,315
	MORTGAGE-BACKED SECURITIES — 37.6%
	CMHC — 0.3%
			Canadian Mortgage and Housing Corp. (CMHC):
	129,165	CAD	2.085% (1-Month Canadian Bank Bill + 0.100%) due 6/1/20(b)		96,214
	411,555	CAD	2.285% (1-Month Canadian Bank Bill + 0.300%) due 7/1/20 — 8/1/20(b)		306,778
			Total CMHC		402,992
	FNMA — 37.3%
			Federal National Mortgage Association (FNMA):
	18,689,713		3.500% due 10/1/34 — 4/1/50		19,414,392
	31,545		4.353% (1-Year CMT Index + 2.360%) due 11/1/34(b)		33,583
	25,273		6.500% due 8/1/37		26,272
	4,195,935		3.000% due 5/1/48 — 4/1/50(e)		4,324,632
	2,900,000		2.500% due 4/1/50 — 5/1/50(e)		2,954,313
	25,800,000		4.000% due 4/1/50(e)		27,167,976
			Total FNMA		53,921,168
	GNMA — 0.0%
	2,149		Government National Mortgage Association II (GNMA), 6.000% due 9/20/38		2,335
			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $53,936,403)		54,326,495

See Notes to Financial Statements.

209

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	CORPORATE BONDS & NOTES — 30.8%
	Argentina — 0.0%
	1,390,000	ARS	YPF SA, Senior Unsecured Notes, 52.992% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 6.000%) due 3/4/21(a)(b)	$	27,744
	Canada — 0.6%
$	100,000		Enbridge Inc., Company Guaranteed Notes, 2.594% (3-Month USD-LIBOR + 0.700%) due 6/15/20(b)		100,178
	100,000	EUR	Fairfax Financial Holdings Ltd., Senior Unsecured Notes, 2.750% due 3/29/28(c)		122,084
	300,000		HSBC Bank Canada, Covered Notes, 3.300% due 11/28/21(c)		310,436
	400,000		Toronto-Dominion Bank (The), Covered Notes, 2.100% due 7/15/22(c)		408,319
			Total Canada		941,017
	Cayman Islands — 1.5%
	300,000		CK Hutchison International 17 Ltd., Company Guaranteed Notes, 2.875% due 4/5/22(c)		307,525
			KSA Sukuk Ltd., Senior Unsecured Notes:
	200,000		2.894% due 4/20/22(c)		204,423
	500,000		4.303% due 1/19/29(c)		565,946
	200,000		Sands China Ltd., Senior Unsecured Notes, 5.400% due 8/8/28		227,030
	200,000		Sunac China Holdings Ltd., Senior Secured Notes, 7.875% due 2/15/22		207,059
	707,024		US Capital Funding II Ltd./US Capital Funding II Corp., Asset Backed, 2.513% (3-Month USD-LIBOR + 0.750%) due 8/1/34(b)(c)		673,087
			Total Cayman Islands		2,185,070
	Denmark — 5.2%
			Jyske Realkredit AS, Covered Notes:
	1,387,863	DKK	1.500% due 10/1/37		211,648
	1	DKK	2.000% due 10/1/47		—
	1,456	DKK	3.000% due 10/1/47		231
	6,868,316	DKK	1.000% due 10/1/50		1,023,022
	744,853	DKK	1.500% due 10/1/50		112,769
			Nordea Kredit Realkreditaktieselskab, Covered Notes:
	677,658	DKK	1.500% due 10/1/37		103,728
	135,017	DKK	2.500% due 10/1/37		20,964
	1	DKK	2.000% due 10/1/47		—
	9,987	DKK	2.500% due 10/1/47		1,547
	9,499,065	DKK	1.000% due 10/1/50		1,409,850
	346,958	DKK	1.500% due 10/1/50		52,421
	598,708	DKK	2.000% due 10/1/50		91,236
			Nykredit Realkredit AS, Covered Notes:
	53,136	DKK	2.500% due 10/1/36		8,266
	1	DKK	2.000% due 7/1/37		—
	358,752	DKK	1.500% due 10/1/37		54,802
	1	DKK	2.000% due 10/1/47		—
	5,728	DKK	2.500% due 10/1/47		887
	15,384,030	DKK	1.000% due 10/1/50		2,274,474
	14,120,840	DKK	1.500% due 10/1/50		2,138,637
			Realkredit Danmark AS, Covered Notes:
	42,355	DKK	2.500% due 4/1/36		6,568
	1	DKK	2.000% due 10/1/37		—
	24,154	DKK	2.500% due 7/1/47		3,739
	1	DKK	2.000% due 10/1/47		—
			Total Denmark		7,514,789
	France — 0.8%
	100,000	GBP	BNP Paribas SA, Senior Unsecured Notes, 3.375% due 1/23/26		139,751
	250,000		Credit Agricole SA, Senior Unsecured Notes, 3.750% due 4/24/23(c)		265,326

See Notes to Financial Statements.

210

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	France — 0.8% — (continued)
$	700,000		Danone SA, Senior Unsecured Notes, 2.077% due 11/2/21(c)	$	706,066
			Total France		1,111,143
	Germany — 1.8%
			Deutsche Bank AG, Senior Unsecured Notes:
	400,000		2.617% (3-Month USD-LIBOR + 0.815%) due 1/22/21(b)		399,145
	100,000		3.150% due 1/22/21		100,918
	800,000		4.250% due 10/14/21		825,899
	350,000		3.961% (SOFR + 2.581%) due 11/26/25(b)		368,612
	100,000	EUR	2.625% due 2/12/26		118,535
	300,000		IHO Verwaltungs GmbH, Senior Secured Notes, 6.000% (6.000% cash or 6.750 PIK) due 5/15/27(c)(f)		309,854
	400,000	EUR	Volkswagen Leasing GmbH, Company Guaranteed Notes, 0.071% (0.450% – 3-Month EURIBOR) due 7/6/21(g)		441,891
			Total Germany		2,564,854
	Ireland — 1.3%
	800,000		AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes, 4.625% due 10/30/20		812,598
	200,000	EUR	Bank of Ireland, Junior Subordinated Notes, 7.375% (5-Year EUR Swap Rate + 6.956%)(b)(h)		223,319
	400,000		GE Capital International Funding Co. Unlimited Co., Company Guaranteed Notes, 2.342% due 11/15/20		401,135
	200,000		Shire Acquisitions Investments Ireland DAC, Company Guaranteed Notes, 2.400% due 9/23/21		202,716
	200,000		SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 3.000% due 7/15/22(c)		206,550
			Total Ireland		1,846,318
	Italy — 0.8%
			Banca Carige SpA, Covered Notes:
	400,000	EUR	1.314% (1.700% – 3-Month EURIBOR) due 10/25/21(g)		446,372
	400,000	EUR	1.085% (1.500% – 3-Month EURIBOR) due 5/25/22(g)		445,495
	200,000	EUR	UniCredit SpA, Junior Subordinated Notes, 6.750% (5-Year EUR Swap Rate + 6.100%)(b)(h)		231,010
			Total Italy		1,122,877
	Japan — 1.2%
			Central Nippon Expressway Co., Ltd., Senior Unsecured Notes:
	800,000		2.291% (3-Month USD-LIBOR + 0.540%) due 8/4/20(b)		800,762
	200,000		2.091% due 9/14/21		201,321
	400,000		Chugoku Electric Power Co., Inc. (The), Senior Secured Notes, 2.701% due 3/16/20		400,134
	400,000		NTT Finance Corp., Senior Unsecured Notes, 1.900% due 7/21/21		402,306
			Total Japan		1,804,523
	Jersey Channel Islands — 0.1%
	100,000	GBP	Kennedy Wilson Europe Real Estate Ltd., Senior Unsecured Notes, 3.950% due 6/30/22		133,257
	Luxembourg — 0.2%
	100,000		Allergan Funding SCS, Company Guaranteed Notes, 3.450% due 3/15/22		103,636
	200,000		NORD/LB Luxembourg SA Covered Bonds Bank, Covered Notes, 2.875% due 2/16/21		202,743
			Total Luxembourg		306,379
	Netherlands — 2.2%
	400,000		BMW Finance NV, Company Guaranteed Notes, 2.250% due 8/12/22(c)		405,760
			Cooperatieve Rabobank UA:
			Junior Subordinated Notes:
	300,000	EUR	5.500% (5-Year EUR Swap Rate + 5.250%)(b)(h)		335,443
	200,000	EUR	6.625% (6.697% – 5-Year EUR Swap Rate)(g)(h)		237,041
	300,000	EUR	Senior Unsecured Notes, 6.875% due 3/19/20		332,244

See Notes to Financial Statements.

211

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	Netherlands — 2.2% — (continued)
			ING Bank NV:
	300,000	EUR	Senior Unsecured Notes, 0.375% due 11/26/21	$	334,629
$	600,000		Covered Notes, 2.625% due 12/5/22(c)		622,896
			Petrobras Global Finance BV, Company Guaranteed Notes:
	170,000		6.125% due 1/17/22		181,273
	278,000		5.093% due 1/15/30(c)		297,808
	50,000	EUR	Stichting AK Rabobank Certificaten, Junior Subordinated Notes, 6.500%(h)		70,400
	400,000		Syngenta Finance NV, Company Guaranteed Notes, 3.698% due 4/24/20(c)		400,854
			Total Netherlands		3,218,348
	Norway — 0.3%
	400,000		DNB Boligkreditt AS, Covered Notes, 2.500% due 3/28/22(c)		410,462
	Portugal — 0.1%
			Banco Espirito Santo SA, Senior Unsecured Notes:
	200,000	EUR	4.750% due 1/15/18(a)(i)		43,048
	200,000	EUR	4.000% due 1/21/19(a)(i)		43,048
			Total Portugal		86,096
	Singapore — 0.2%
	200,000		BOC Aviation Ltd., Senior Unsecured Notes, 2.750% due 9/18/22(c)		203,931
	100,000		DBS Bank Ltd., Covered Notes, 3.300% due 11/27/21(c)		103,182
			Total Singapore		307,113
	Supranational — 0.6%
			European Investment Bank, Senior Unsecured Notes:
	500,000	AUD	0.500% due 6/21/23		321,196
	800,000	AUD	0.500% due 8/10/23		513,076
			Total Supranational		834,272
	Sweden — 0.2%
	2,000,000	SEK	Sveriges Sakerstallda Obligationer AB, Covered Notes, 2.000% due 6/17/26		226,968
	Switzerland — 1.4%
			Credit Suisse Group AG, Senior Unsecured Notes:
	300,000		2.997% (3-Month USD-LIBOR + 1.200%) due 12/14/23(b)(c)		307,005
	250,000		4.282% due 1/9/28(c)		277,754
	250,000		3.869% (3-Month USD-LIBOR + 1.410%) due 1/12/29(b)(c)		272,072
			UBS AG, Subordinated Notes:
	250,000		7.625% due 8/17/22		281,198
	400,000		5.125% due 5/15/24		433,160
	400,000		UBS Group AG, Senior Unsecured Notes, 2.642% (3-Month USD-LIBOR + 0.950%) due 8/15/23(b)(c)		404,705
			Total Switzerland		1,975,894
	United Kingdom — 7.0%
	400,000		Barclays Bank PLC, Subordinated Notes, 7.625% due 11/21/22		445,948
			Barclays PLC:
	600,000	GBP	Junior Subordinated Notes, 7.125% (5-Year UK Government Note Generic Bid Yield + 6.579%)(b)(h)		851,484
			Senior Unsecured Notes:
	600,000		3.844% (3-Month USD-LIBOR + 2.110%) due 8/10/21(b)		613,368
	200,000		4.610% (3-Month USD-LIBOR + 1.400%) due 2/15/23(b)		210,292
	100,000		British Telecommunications PLC, Senior Unsecured Notes, 9.625% due 12/15/30		158,549
	300,000	GBP	Clydesdale Bank PLC, Senior Unsecured Notes, 2.250% due 4/21/20		385,125
	200,000	GBP	Co-operative Group Holdings 2011 Ltd., Company Guaranteed Notes, step bond to yield, 6.875% due 7/8/20		258,806

See Notes to Financial Statements.

212

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	United Kingdom — 7.0% — (continued)
	100,000	EUR	FCE Bank PLC, Senior Unsecured Notes, 1.660% due 2/11/21	$	111,808
			HSBC Holdings PLC:
	100,000	GBP	Subordinated Notes, 6.750% due 9/11/28		171,614
			Senior Unsecured Notes:
$	400,000		2.292% (3-Month USD-LIBOR + 0.600%) due 5/18/21(b)		400,351
	300,000		2.692% (3-Month USD-LIBOR + 1.000%) due 5/18/24(b)		302,763
	200,000		3.803% (3-Month USD-LIBOR + 1.211%) due 3/11/25(b)		213,601
	600,000		Imperial Brands Finance PLC, Company Guaranteed Notes, 2.950% due 7/21/20(c)		602,524
	400,000		Lloyds Bank PLC, Senior Unsecured Notes, 2.250% due 8/14/22		405,534
			Lloyds Banking Group PLC:
	200,000	GBP	Junior Subordinated Notes, 5.125% (5-Year UK Government Note Generic Bid Yield + 4.607%)(b)(h)		260,377
	300,000		Subordinated Notes, 4.582% due 12/10/25		327,978
			Senior Unsecured Notes:
	300,000		4.050% due 8/16/23		321,637
	200,000		3.900% due 3/12/24		215,093
	200,000	GBP	Marks & Spencer PLC, Senior Unsecured Notes, 3.000% due 12/8/23		268,236
	200,000		Nationwide Building Society, Senior Unsecured Notes, 3.766% (3-Month USD-LIBOR + 1.064%) due 3/8/24(b)(c)		209,512
	100,000	GBP	RAC Bonds Co. PLC, Senior Secured Notes, 4.870% due 5/6/26		133,846
			Royal Bank of Scotland Group PLC:
			Junior Subordinated Notes:
	200,000		7.500% (5-Year USD Swap Rate + 5.800%)(b)(h)		202,231
	200,000		8.000% (5-Year USD Swap Rate + 5.720%)(b)(h)		228,355
	200,000		8.625% (5-Year USD Swap Rate + 7.598%)(b)(h)		211,955
			Senior Unsecured Notes:
	800,000		3.497% (3-Month USD-LIBOR + 1.550%) due 6/25/24(b)		812,149
	200,000		4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(b)		215,055
			Santander UK Group Holdings PLC, Senior Unsecured Notes:
	400,000		4.796% (3-Month USD-LIBOR + 1.570%) due 11/15/24(b)		436,139
	600,000		3.823% (3-Month USD-LIBOR + 1.400%) due 11/3/28(b)		652,921
	97,370	GBP	Tesco Property Finance 4 PLC, Senior Secured Notes, 5.801% due 10/13/40		168,363
	300,000	GBP	Virgin Media Secured Finance PLC, Senior Secured Notes, 4.875% due 1/15/27		392,275
			Total United Kingdom		10,187,889
	United States — 5.3%
			AT&T Inc.:
	200,000	EUR	Junior Subordinated Notes, 2.875% (3.140% – 5-Year EURIBOR ICE Swap Rate)(g)(h)		218,291
			Senior Unsecured Notes:
	300,000		2.330% (3-Month USD-LIBOR + 0.750%) due 6/1/21(b)		301,425
	300,000		2.781% (3-Month USD-LIBOR + 0.950%) due 7/15/21(b)		302,905
	300,000	EUR	1.800% due 9/5/26		359,623
	400,000		Aviation Capital Group LLC, Senior Unsecured Notes, 2.530% (3-Month USD-LIBOR + 0.950%) due 6/1/21(b)(c)		402,643
	200,000		Bank of America Corp., Junior Subordinated Notes, 5.875% (3-Month USD-LIBOR + 2.931%)(b)(h)		217,663
	58,000		Campbell Soup Co., Senior Unsecured Notes, 3.650% due 3/15/23		61,338
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	250,000		3.579% due 7/23/20		251,407
	700,000		4.464% due 7/23/22		742,293
	400,000		Comcast Corp., Company Guaranteed Notes, 2.349% (3-Month USD-LIBOR + 0.440%) due 10/1/21(b)		401,895
	300,000		Daimler Finance North America LLC, Company Guaranteed Notes, 2.143% (3-Month USD-LIBOR + 0.430%) due 2/12/21(b)(c)		300,248

See Notes to Financial Statements.

213

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	United States — 5.3% — (continued)
$	250,000		Dell International LLC/EMC Corp., Senior Secured Notes, 4.420% due 6/15/21(c)	$	257,627
	200,000		Dominion Energy Gas Holdings LLC, Senior Unsecured Notes, 2.494% (3-Month USD-LIBOR + 0.600%) due 6/15/21(b)		200,900
	400,000		Duke Energy Corp., Senior Unsecured Notes, 2.538% (3-Month USD-LIBOR + 0.650%) due 3/11/22(b)		403,050
	200,000		Emera US Finance LP, Company Guaranteed Notes, 2.700% due 6/15/21		203,166
	200,000		EPR Properties, Company Guaranteed Notes, 4.500% due 6/1/27		223,391
	100,000		Equifax Inc., Senior Unsecured Notes, 3.600% due 8/15/21		102,731
			Fidelity National Information Services Inc., Senior Unsecured Notes:
	100,000	EUR	0.400% due 1/15/21		110,819
	100,000	GBP	1.700% due 6/30/22		130,011
	100,000	EUR	0.750% due 5/21/23		112,770
	100,000		General Motors Financial Co., Inc., Company Guaranteed Notes, 2.728% (3-Month USD-LIBOR + 0.850%) due 4/9/21(b)		100,350
	1,300,000		Lehman Brothers Holdings Inc., Senior Unsecured Notes, zero coupon, due 12/28/17(a)(i)		17,063
	132,000		Navient Corp., Senior Unsecured Notes, 8.000% due 3/25/20		132,688
	300,000		Progress Energy Inc., Senior Unsecured Notes, 4.400% due 1/15/21		304,827
	100,000		Santander Holdings USA Inc., Senior Unsecured Notes, 3.400% due 1/18/23		103,888
	100,000		Spectra Energy Partners LP, Company Guaranteed Notes, 2.592% (3-Month USD-LIBOR + 0.700%) due 6/5/20(b)		100,139
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	300,000		2.477% (3-Month USD-LIBOR + 0.770%) due 11/13/20(b)(c)		301,062
	200,000		3.875% due 11/13/20(c)		203,063
	300,000		2.653% (3-Month USD-LIBOR + 0.940%) due 11/12/21(b)(c)		303,077
	200,000		4.000% due 11/12/21(c)		208,304
	300,000		WEA Finance LLC/Westfield UK & Europe Finance PLC, Company Guaranteed Notes, 3.750% due 9/17/24(c)		324,916
	300,000		Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 3.150% due 4/1/22		308,992
			Total United States		7,712,565
			TOTAL CORPORATE BONDS & NOTES (Cost — $43,908,049)		44,517,578
	COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8%
	400,000		ACE Securities Corp. Home Equity Loan Trust, Series 2005-HE5, Class M4, 2.527% (1-Month USD-LIBOR + 0.900%) due 8/25/35(b)		400,913
	243,801	EUR	Adagio IV CLO Ltd., Series IV-A, Class A2R, 1.100% due 10/15/29(c)		268,830
	331,005	GBP	Aggregator of Loans Backed by Assets PLC, Series 2015-1, Class A, 1.960% (1-Month GBP-LIBOR + 1.250%) due 4/24/49(b)		424,941
	368,592	GBP	ALBA PLC, Series 2007-1, Class A3, 0.964% (3-Month GBP-LIBOR + 0.170%) due 3/17/39(b)		455,144
	613,625		Argent Mortgage Loan Trust, Series 2005-W1, Class A1, 2.107% (1-Month USD-LIBOR + 0.480%) due 5/25/35(b)		590,797
	16,759		Banc of America Funding Trust, Series 2006-A, Class 1A1, 4.402% due 2/20/36(b)		16,873
	238,940		Bayview Financial Asset Trust, Series 2007-SR1A, Class A, 2.927% (1-Month USD-LIBOR + 0.450%) due 3/25/37(b)(c)		239,597
			Bear Stearns Adjustable Rate Mortgage Trust:
	3,555		Series 2003-5, Class 1A2, 3.973% due 8/25/33(b)		3,577
	5,624		Series 2003-7, Class 6A, 4.211% due 10/25/33(b)		5,787
	19,898		Series 2004-2, Class 22A, 4.693% due 5/25/34(b)		19,938
	5,589		Series 2004-2, Class 23A, 3.439% due 5/25/34(b)		5,321
	69,016		Bear Stearns Structured Products Inc. Trust, Series 2007-R6, Class 1A1, 4.736% due 1/26/36(b)		58,268
	247,918	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)		273,689

See Notes to Financial Statements.

214

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8% — (continued)
	250,000	EUR	Cairn CLO BV, Series 2016-7A, Class A1R, 0.670% (3-Month EURIBOR + 0.670%) due 1/31/30(b)(c)	$	275,898
$	460,034		California Street CLO XII Ltd., Series 2013-12A, Class AR, 2.861% (3-Month USD-LIBOR + 1.030%) due 10/15/25(b)(c)		460,345
			Countrywide Alternative Loan Trust:
	6,410		Series 2005-21CB, Class A3, 5.250% due 6/25/35		6,278
	31,718		Series 2007-7T2, Class A9, 6.000% due 4/25/37		21,435
	45,762		Series 2007-11T1, Class A12, 1.977% (1-Month USD-LIBOR + 0.350%) due 5/25/37(b)		19,927
	23,751		Series 2007-16CB, Class 5A1, 6.250% due 8/25/37		20,430
			Countrywide Asset-Backed Certificates:
	172,363		Series 2006-18, Class 2A2, 1.787% (1-Month USD-LIBOR + 0.160%) due 3/25/37(b)		171,564
	400,000		Series 2007-9, Class 2A4, 1.877% (1-Month USD-LIBOR + 0.250%) due 2/25/36(b)		378,838
	85,163		Series 2007-12, Class 1A1, 2.367% (1-Month USD-LIBOR + 0.740%) due 8/25/47(b)		84,520
	692,289		Series 2007-13, Class 1A, 2.467% (1-Month USD-LIBOR + 0.840%) due 10/25/47(b)		693,518
	318,807		Series 2007-SEA2, Class 1A1, 2.627% (1-Month USD-LIBOR + 1.000%) due 8/25/47(b)(c)		317,168
			Countrywide Home Loan Mortgage Pass-Through Trust:
	2,080		Series 2004-12, Class 11A1, 3.728% due 8/25/34(b)		2,016
	78,568		Series 2005-2, Class 1A1, 2.267% (1-Month USD-LIBOR + 0.640%) due 3/25/35(b)		73,638
	6,266		Series 2005-3, Class 2A1, 2.207% (1-Month USD-LIBOR + 0.580%) due 4/25/35(b)		5,990
	72,999		Series 2005-9, Class 1A3, 2.087% (1-Month USD-LIBOR + 0.460%) due 5/25/35(b)		67,901
	21,476		Series 2005-11, Class 3A1, 2.812% due 4/25/35(b)		19,727
	21,779		Series 2005-HYB9, Class 3A2A, 3.711% (1-Year USD-LIBOR + 1.750%) due 2/20/36(b)		19,442
	725,665		Series 2007-4, Class 1A47, 6.000% due 5/25/37		570,535
	114,716		Series 2007-19, Class 2A1, 6.500% due 11/25/47		91,856
	485,073		Credit Suisse Mortgage Capital Certificates, Series 2007-NC1, Class 2A1, 2.227% (1-Month USD-LIBOR + 0.600%) due 9/25/37(b)		476,240
	35,902		Credit Suisse Mortgage Capital Trust, Series 2007-5R, Class A5, 6.500% due 7/26/36		16,518
	400,000		Crown Point CLO 6 Ltd., Series 2018-6A, Class A1, 2.989% (3-Month USD-LIBOR + 1.170%) due 10/20/28(b)(c)		400,075
	156,484		CSAB Mortgage-Backed Trust, Series 2006-4, Class A6A, step bond to yield, 5.684% due 12/25/36		58,192
	395,486		CSMC Trust, Series 2019-RPL9, Class A1, 3.319% due 10/27/59(b)(c)		401,041
	604,566		Deutsche Alternative-A Securities Mortgage Loan Trust, Series 2007-3, Class 2A1, 2.377% (1-Month USD-LIBOR + 0.750%) due 10/25/47(b)		583,122
	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)		331,392
	242,380	GBP	Durham Mortgages A PLC, Series 2018-AX, Class A, 1.304% (3-Month GBP-LIBOR + 0.550%) due 3/31/53		311,335
	633,188		Ellington Loan Acquisition Trust, Series 2007-2, Class A1, 2.677% (1-Month USD-LIBOR + 1.050%) due 5/25/37(b)(c)		636,200
	179,705	GBP	Eurohome UK Mortgages PLC, Series 2007-1, Class A, 0.948% (3-Month GBP-LIBOR + 0.150%) due 6/15/44(b)		225,163
	381,185	GBP	Eurosail-UK PLC, Series 2007-4X, Class A3, 1.750% (3-Month GBP-LIBOR + 0.950%) due 6/13/45(b)		490,736
	100,000		Evans Grove CLO Ltd., Series 2018-1A, Class A1, 2.533% (3-Month USD-LIBOR + 0.920%) due 5/28/28(b)(c)		99,948
			Federal Home Loan Mortgage Corp. (FHLMC):
	25,276		Series T-35, Class A, 1.767% (1-Month USD-LIBOR + 0.140%) due 9/25/31(b)		25,045
	34,841		Series T-62, Class 1A1, 3.253% (1-Year Treasury Average Rate + 1.200%) due 10/25/44(b)		34,915
			Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	28,215		Series 2391, Class FJ, 2.159% (1-Month USD-LIBOR + 0.500%) due 4/15/28(b)		28,298
	46,094		Series 2614, Class SJ, 15.102% (19.663% – 2.75% x 1 Month USD-LIBOR) due 5/15/33(g)		66,991
	179,718		Series 4579, Class FD, 2.131% (1-Month USD-LIBOR + 0.350%) due 1/15/38(b)		178,490
	179,718		Series 4579, Class SD, 2.415% due 1/15/38(b)(j)		12,561

See Notes to Financial Statements.

215

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8% — (continued)
$	6,209		Federal National Mortgage Association (FNMA), Grantor Trust, Series 2004-T3, Class 1A1, 6.000% due 2/25/44	$	7,270
			Federal National Mortgage Association (FNMA), REMICS:
	6,160		Series 2003-34, Class A1, 6.000% due 4/25/43		7,171
	12,887		Series 2006-48, Class TF, 2.027% (1-Month USD-LIBOR + 0.400%) due 6/25/36(b)		12,866
	95,568		Series 2009-104, Class FA, 2.427% (1-Month USD-LIBOR + 0.800%) due 12/25/39(b)		97,522
	43,618		Federal National Mortgage Association (FNMA), REMICS Trust, Series 2004-W12, Class 1A1, 6.000% due 7/25/44		50,265
	177,854		Figueroa CLO Ltd., Series 2014-1A, Class AR, 2.731% (3-Month USD-LIBOR + 0.900%) due 1/15/27(b)(c)		177,918
	202,138		First Franklin Mortgage Loan Trust, Series 2005-FF9, Class A4, 1.987% (1-Month USD-LIBOR + 0.360%) due 10/25/35(b)		202,412
	33,200		GMACM Mortgage Loan Trust, Series 2005-AR6, Class 3A1, 3.894% due 11/19/35(b)		32,137
	409,108		Government National Mortgage Association (GNMA), Series 2016-H15, Class FA, 2.534% (1-Month USD-LIBOR + 0.800%) due 7/20/66(b)		412,465
			GSR Mortgage Loan Trust:
	10,434		Series 2003-1, Class A2, 4.300% (1-Year CMT Index + 1.750%) due 3/25/33(b)		10,693
	150,104		Series 2005-AR7, Class 2A1, 4.259% due 11/25/35(b)		151,825
			Harborview Mortgage Loan Trust:
	18,451		Series 2005-2, Class 2A1A, 2.087% (1-Month USD-LIBOR + 0.440%) due 5/19/35(b)		17,949
	44,342		Series 2005-3, Class 2A1A, 2.138% (1-Month USD-LIBOR + 0.480%) due 6/19/35(b)		44,872
	86,043		Series 2006-SB1, Class A1A, 2.903% (1-Year Treasury Average Rate + 0.850%) due 12/19/36(b)		84,683
	104,145		Series 2007-1, Class 2A1A, 1.777% (1-Month USD-LIBOR + 0.130%) due 3/19/37(b)		100,837
	462,140	GBP	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.761% (Sterling Overnight Index Average + 1.050%) due 5/25/53(b)(c)		596,382
			JPMorgan Mortgage Trust:
	3,732		Series 2003-A2, Class 3A1, 3.684% due 11/25/33(b)		3,881
	1,670		Series 2005-A1, Class 6T1, 4.395% due 2/25/35(b)		1,700
	43,411		JPMorgan Resecuritization Trust, Series 2009-7, Class 17A1, 5.444% due 7/27/37(b)(c)		43,872
	514,890	GBP	Ludgate Funding PLC, Series 2007-1, Class A2A, 0.956% (3-Month GBP-LIBOR + 0.160%) due 1/1/61(b)		627,917
��	5,131		Merrill Lynch Mortgage Investors Trust, Series 2003-A2, Class 1A1, 3.747% due 2/25/33(b)		5,180
	400,000		Monarch Grove CLO, Series 2018-1A, Class A1, 2.674% (3-Month USD-LIBOR + 0.880%) due 1/25/28(b)(c)		399,598
			New Residential Mortgage Loan Trust:
	382,037		Series 2019-RPL3, Class A1, 2.750% due 7/25/59(b)(c)		393,229
	396,088		Series 2020-RPL1, Class A1, 2.750% due 11/25/59(b)(c)		409,566
	641,684	GBP	Newgate Funding PLC, Series 2007-1X, Class A3, 0.947% (3-Month GBP-LIBOR + 0.160%) due 12/1/50(b)		794,180
	400,000		NovaStar Mortgage Funding Trust, Series 2006-1, Class A2D, 2.167% (1-Month USD-LIBOR + 0.540%) due 5/25/36(b)		377,883
	91,836		Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, 1.767% (1-Month USD-LIBOR + 0.140%) due 3/25/37(b)		84,132
	161,167		RAAC Trust, Series 2007-SP3, Class A1, 2.827% (1-Month USD-LIBOR + 1.200%) due 9/25/47(b)		162,370
	55,813		RALI Trust, Series 2007-QO2, Class A1, 1.777% (1-Month USD-LIBOR + 0.150%) due 2/25/47(b)		30,854
	79,503	CAD	Real Estate Asset Liquidity Trust, Series 2018-1A, Class A1, 3.072% due 8/12/53(c)		60,973
			Residential Asset Securitization Trust:
	17,321		Series 2005-A15, Class 5A1, 5.750% due 2/25/36		11,978
	45,091		Series 2006-R1, Class A2, 2.027% (1-Month USD-LIBOR + 0.400%) due 1/25/46(b)		17,748
	143,524	GBP	Residential Mortgage Securities 28 PLC, Series 28, Class A, 1.948% (3-Month GBP-LIBOR + 1.150%) due 6/15/46(b)		184,368

See Notes to Financial Statements.

216

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 16.8% — (continued)
	247,676	GBP	ResLoC UK PLC, Series 2007-1X, Class A3B, 0.958% (3-Month GBP-LIBOR + 0.160%) due 12/15/43(b)	$	306,074
			RMAC Securities No 1 PLC:
	238,641	GBP	Series 2006-NS1X, Class A2A, 0.929% (3-Month GBP-LIBOR + 0.150%) due 6/12/44(b)		295,102
	452,956	GBP	Series 2006-NS3X, Class A2A, 0.929% (3-Month GBP-LIBOR + 0.150%) due 6/12/44(b)		556,488
			Soundview Home Loan Trust:
$	204,384		Series 2006-3, Class A3, 1.787% (1-Month USD-LIBOR + 0.160%) due 11/25/36(b)		203,320
	1,300,000		Series 2006-3, Class A4, 1.877% (1-Month USD-LIBOR + 0.250%) due 11/25/36(b)		1,224,859
			Structured Adjustable Rate Mortgage Loan Trust:
	5,814		Series 2004-1, Class 4A1, 3.871% due 2/25/34(b)		5,889
	19,719		Series 2004-4, Class 3A2, 4.190% due 4/25/34(b)		20,162
	35,068		Series 2004-19, Class 2A1, 3.453% (1-Year Treasury Average Rate + 1.400%) due 1/25/35(b)		34,741
			Structured Asset Mortgage Investments II Trust:
	44,661		Series 2005-AR2, Class 2A1, 2.087% (1-Month USD-LIBOR + 0.460%) due 5/25/45(b)		44,851
	57,263		Series 2005-AR8, Class A1A, 1.907% (1-Month USD-LIBOR + 0.280%) due 2/25/36(b)		55,527
	35,076		Series 2006-AR5, Class 1A1, 1.837% (1-Month USD-LIBOR + 0.210%) due 5/25/36(b)		32,422
	199,945		Series 2007-AR4, Class A3, 1.847% (1-Month USD-LIBOR + 0.220%) due 9/25/47(b)		198,524
	89,613		Series 2007-AR6, Class A1, 3.553% (1-Year Treasury Average Rate + 1.500%) due 8/25/47(b)		88,519
	60,763		Structured Asset Securities Corp., Series 2006-RF1, Class 1A, 1.907% (1-Month USD-LIBOR + 0.280%) due 1/25/36(b)(c)		56,573
	372,845		Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 2.788% (3-Month USD-LIBOR + 0.950%) due 7/14/26(b)(c)		372,901
	234,904		THL Credit Wind River CLO Ltd., Series 2012-1A, Class AR2, 2.711% (3-Month USD-LIBOR + 0.880%) due 1/15/26(b)(c)		234,999
	300,000	EUR	Tikehau CLO II BV, Series 2A, Class AR, 0.880% (3-Month EUR-LIBOR + 0.880%) due 12/7/29(b)(c)		331,471
	400,000	EUR	Toro European CLO 2 DAC, Series 2A, Class AR, 0.900% (3-Month EUR-LIBOR + 0.900%) due 10/15/30(b)(c)		442,293
	580,506	GBP	Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 1.611% (Sterling Overnight Average Index + 0.900%) due 7/20/45(b)(c)		746,026
	1,327,662		Towd Point Mortgage Trust, Series 2019-4, Class A1, 2.900% due 10/25/59(b)(c)		1,382,157
	400,000		Tralee CLO V Ltd., Series 2018-5A, Class A1, 2.929% (3-Month USD-LIBOR + 1.110%) due 10/20/28(b)(c)		400,322
	400,000		Venture XVI CLO Ltd., Series 2014-16A, Class ARR, 2.681% (3-Month USD-LIBOR + 0.850%) due 1/15/28(b)(c)		399,645
	100,000		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 2.711% (3-Month USD-LIBOR + 0.880%) due 4/15/27(b)(c)		99,957
			WaMu Mortgage Pass-Through Certificates Trust:
	10,084		Series 2002-AR9, Class 1A, 3.453% (1-Year Treasury Average Rate + 1.400%) due 8/25/42(b)		9,940
	2,454		Series 2003-AR5, Class A7, 4.663% due 6/25/33(b)		2,518
	182,957		Series 2003-AR9, Class 2A, 4.399% due 9/25/33(b)		188,322
	235,617		Series 2004-AR1, Class A, 4.052% due 3/25/34(b)		241,484
	34,411		Series 2005-AR13, Class A1A1, 1.917% (1-Month USD-LIBOR + 0.290%) due 10/25/45(b)		34,355
	36,750		Series 2006-AR10, Class 2A1, 3.827% due 9/25/36(b)		35,589
	69,176		Series 2006-AR13, Class 2A, 2.536% (11th District Cost of Funds Index + 1.500%) due 10/25/46(b)		67,785
	21,514		Washington Mutual Mortgage Pass-Through Certificates WMALT, Series 2006-AR5, Class 3A, 2.993% (1-Year Treasury Average Rate + 0.940%) due 7/25/46(b)		15,985
	93,305		Washington Mutual MSC Mortgage Pass-Through Certificates Trust, Series 2002-AR3, Class 1A7, 3.870% due 12/25/32(b)		96,155
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $24,597,727)		24,282,614

See Notes to Financial Statements.

217

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	U.S. GOVERNMENT OBLIGATIONS — 7.0%
$	1,731,366		U.S. Treasury Inflation Indexed Bonds, 2.375% due 1/15/25(d)	$	1,966,489
			U.S. Treasury Inflation Indexed Notes:
	211,332		0.125% due 4/15/22(k)		212,949
	310,365		0.625% due 4/15/23(k)		319,263
	3,363,345		0.250% due 1/15/25(d)		3,470,694
	1,041,790		0.500% due 1/15/28		1,109,018
	2,800,000		U.S. Treasury Notes, 2.875% due 4/30/25(d)		3,072,563
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $9,631,970)		10,150,976
	ASSET-BACKED SECURITIES — 0.6%
	Automobiles — 0.5%
	331,575		Bank of The West Auto Trust, Series 2019-1, Class A2, 2.400% due 10/17/22(c)		333,344
	400,000		Toyota Auto Loan Extended Notes Trust, Series 2019-1A, Class A, 2.560% due 11/25/31(c)		419,249
			Total Automobiles		752,593
	Student Loans — 0.1%
	73,351		Massachusetts Educational Financing Authority, Series 2008-1, Class A1, 2.744% (3-Month USD-LIBOR + 0.950%) due 4/25/38(b)		73,032
			TOTAL ASSET-BACKED SECURITIES (Cost — $804,844)		825,625
	MUNICIPAL BOND — 0.0%
	United States — 0.0%
	700,000		Tobacco Settlement Finance Authority, Revenue Bonds, Series B, zero coupon, due 6/1/47 (Cost — $52,368)		35,987
			TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $206,549,179)		214,880,590
	SHORT-TERM INVESTMENTS —1.7%
	SOVEREIGN BOND — 0.4%
	Japan — 0.4%
	60,000,000	JPY	Japan Treasury Discount Bills, (0.150)% due 3/23/20(l) (Cost — $547,707)		556,466
	TIME DEPOSITS — 1.3%
			BBH — Grand Cayman:
	87	DKK	(0.950)% due 3/2/20		13
	135,384	SEK	(0.170)% due 3/2/20		14,090
	26,711	AUD	0.310% due 3/2/20		17,393
	3,876	SGD	0.500% due 3/2/20		2,783
	72	HKD	0.630% due 3/2/20		9
	3,961	NOK	0.700% due 3/2/20		421
	2,049	NZD	0.700% due 3/2/20		1,281
	57,806	CAD	0.820% due 3/2/20		43,068
	212,106	ZAR	6.250% due 3/2/20		13,592
	186,345	EUR	BNP Paribas — Paris, (0.680)% due 3/2/20		205,687
	30,265	GBP	Citibank — London, 0.330% due 3/2/20		38,797
	472,426		JPMorgan Chase & Co. — New York, 0.950% due 3/2/20		472,426

See Notes to Financial Statements.

218

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund
Face Amount/Units†			Security	Value
	TIME DEPOSITS — 1.3% — (continued)
			Sumitomo Mitsui Banking Corp. — Tokyo:
	7,956,966	JPY	(0.260)% due 3/2/20	$	73,768
$	950,380		0.950% due 3/2/20		950,380
			TOTAL TIME DEPOSITS (Cost — $1,833,708)		1,833,708
			TOTAL SHORT-TERM INVESTMENTS (Cost — $2,381,415)		2,390,174
			TOTAL INVESTMENTS IN SECURITIES (Cost — $208,930,594)		217,270,764
			TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $121,054)		62,257
			TOTAL INVESTMENTS — 150.3% (Cost — $209,051,648)		217,333,021
			Liabilities in Excess of Other Assets — (50.3)%		(72,727,133	)
			TOTAL NET ASSETS — 100.0%	$	144,605,888

† 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 29, 2020.

(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 29, 2020, amounts to approximately $47,546,557 and represents 32.9% of net assets.

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

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

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

(g) Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 29, 2020.

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

(i) Security is currently in default.

(j) Interest only security.

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

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

At February 29, 2020, 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	$	209,051,648	$	17,958,367	$	(11,629,474	)	$	6,328,893

See Notes to Financial Statements.

219

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

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
PLC	— Public Limited Company
REMICS	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Financing Rate

Summary of Investments by Security Type^
Sovereign Bonds	37.2	%
Mortgage-Backed Securities	25.0
Corporate Bonds & Notes	20.5
Collateralized Mortgage Obligations	11.2
U.S. Government Obligations	4.6
Asset-Backed Securities	0.4
Municipal Bond	0.0	*
Purchased Options	0.0	*
Short-Term Investments	1.1
	100.0	%

^ As a percentage of total investments.

* Position represents less than 0.05%

At February 29, 2020, International Fixed Income Fund held the following Options Contracts Purchased:

Currency Options

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Strike Price		Value
	1,271,000		1,094,414	GBP	OTC Euro versus British Pound, Put		GSC		4/22/20	GBP	0.83	$	1,923
	979,000	$	1,080,620		OTC Euro versus U.S. Dollar, Put		GSC		4/8/20	$	1.09		3,579
					Total Currency Options							$	5,502

Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	200,000		1,436	GBP	OTC 30-Year Swaption, 3-Month GBP-EURIBOR, Put		GSC		2/26/21		0.860%	$	11,620
	400,000	$	6,322		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		BCLY		8/23/21		1.758%		14,081
	1,000,000		15,804		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		BOA		9/15/21		2.175%		16,042
	600,000		9,482		OTC 30-Year Swaption, 3-Month USD-LIBOR, Put		DUB		12/21/21		2.300%		8,626
					Total Interest Rate Swaptions							$	50,369

See Notes to Financial Statements.

220

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(unaudited) (continued)

International Fixed Income Fund

Options on Futures

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Strike Price		Value
	38		5,434,000	CAD	Canada Government 10-Year Bond June Futures, Call		BOA		5/15/20	CAD	169.00	$	142
	7		951,930	EUR	Euro-Bobl June Futures, Put		SOG		5/22/20	EUR	131.50		39
	76		11,083,080	EUR	Euro-BTP June Futures, Put		SOG		5/22/20	EUR	106.00		839
	32		5,592,320	EUR	Euro-Bund June Futures, Call		SOG		5/22/20	EUR	187.00		1,766
	11		1,922,360	EUR	Euro-Bund June Futures, Call		SOG		5/22/20	EUR	189.00		364
	8		1,371,200	EUR	Euro-OAT June Futures, Put		SOG		5/22/20	EUR	151.00		88
	89		9,998,260	EUR	Euro-Schatz June Futures, Call		SOG		5/22/20	EUR	113.40		982
	1,500,000	$	106,500,000		OTC Federal National Mortgage Association (FNMA) 30-Year January Futures, Put		JPM		3/5/20	$	71.00		—
	3,200,000		230,400,000		OTC Federal National Mortgage Association (FNMA) 30-Year January Futures, Put		JPM		3/5/20	$	72.00		—
	30		3,999,844		U.S. Treasury 10-Year Note June Futures, Call		CITI		5/22/20	$	148.00		1,875
	5		666,641		U.S. Treasury 10-Year Note June Futures, Put		CITI		5/22/20	$	119.50		5
	14		1,705,156		U.S. Treasury 5-Year Note June Futures, Put		CITI		5/22/20	$	112.00		14
	6		730,781		U.S. Treasury 5-Year Note June Futures, Put		CITI		5/22/20	$	112.25		6
	34		4,141,094		U.S. Treasury 5-Year Note June Futures, Put		CITI		5/22/20	$	113.00		266
					Total Options on Futures							$	6,386
					TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $121,054)							$	62,257

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

At February 29, 2020, 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
	600,000		337,230	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		BOA		3/18/20		0.425%	$	15
	500,000		281,025	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		BCLY		3/18/20		0.425%		13
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		JPM		3/18/20		0.425%		5
	400,000		224,820	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		BNP		3/18/20		0.450%		25
	400,000		224,820	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		GSC		3/18/20		0.450%		25
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		JPM		3/18/20		0.450%		12
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		BOA		3/18/20		0.450%		12
	100,000		56,205	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		DUB		3/18/20		0.450%		6
	100,000		56,205	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		MLP		3/18/20		0.450%		6
	600,000		337,230	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		BOA		3/18/20		0.700%		1,027
	500,000		281,025	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		BCLY		3/18/20		0.700%		856
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		JPM		3/18/20		0.700%		342
	400,000		224,820	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		GSC		3/18/20		0.800%		293
	300,000		168,615	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		BNP		3/18/20		0.800%		220
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		DUB		3/18/20		0.800%		146
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		BOA		3/18/20		0.800%		146
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		JPM		3/18/20		0.800%		147
	100,000		56,205	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		MLP		3/18/20		0.800%		73
					Total Credit Default Swaptions							$	3,369

See Notes to Financial Statements.

221

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International Fixed Income Fund

Currency Options

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Strike Price		Value
	1,271,000		1,094,414	GBP	OTC Euro versus British Pound, Call		GSC		4/22/20	GBP	0.86	$	16,486
	650,000		5,044,244	CNH	OTC Euro versus Chinese Offshore Renminbi, Call		HSBC		4/2/20	CNH	7.85		1,340
	597,000		44,089,874	RUB	OTC Euro versus Russian, Call		GSC		4/2/20	RUB	73.00		17,671
	979,000	$	1,080,620		OTC Euro versus U.S. Dollar, Call		GSC		4/8/20	$	1.11		8,072
	700,000		4,921,420	CNH	OTC U.S. Dollar versus Chinese Offshore Renminbi, Call		GSC		3/3/20	CNH	7.07		48
	2,103,000		14,785,352	CNH	OTC U.S. Dollar versus Chinese Offshore Renminbi, Call		HSBC		3/6/20	CNH	7.14		288
	700,000		700,000		OTC U.S. Dollar versus Chinese Offshore Renminbi, Put		GSC		3/3/20	CNH	6.95		245
					Total Currency Options							$	44,150

Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	530,000	$	83,760		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		8/6/20		1.450%	$	29,691
	520,000		82,180		OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		GSC		8/11/20		1.450%		29,283
	530,000		83,760		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		8/6/20		1.450%		958
	520,000		82,180		OTC 1-Year Swaption, 3-Month USD-LIBOR, Put		GSC		8/11/20		1.450%		962
	3,300,000		52,153		OTC 3-Year Swaption, 3-Month USD-LIBOR, Put		BCLY		8/23/21		1.448%		11,387
	8,300,000		131,172		OTC 3-Year Swaption, 3-Month USD-LIBOR, Put		BOA		9/15/21		1.880%		10,951
	5,100,000		80,599		OTC 3-Year Swaption, 3-Month USD-LIBOR, Put		DUB		12/21/21		2.020%		6,716
	550,000		3,948	GBP	OTC 10-Year Swaption, 3-Month GBP-LIBOR , Put		GSC		2/26/21		0.780%		11,302
	100,000		425	EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Call		JPM		8/25/20		0.000%		4,189
	200,000		850	EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Call		GSC		8/27/20		0.000%		8,445
	300,000		1,275	EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Call		GSC		8/28/20		0.000%		11,908
					Total Interest Rate Swaptions							$	125,792
					TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $199,024)							$	173,311

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

At February 29, 2020, International Fixed Income Fund held the following Reverse Repurchase Agreements:

Face Amounts†			Security	Value
			Bank of America:
$	3,441,000		1.730% due 4/20/20	$	3,441,000
			BNP Paribas SA:
	1,880,029	EUR	(0.470)% due 5/27/20		2,075,177
	5,714,125	EUR	(0.450)% due 5/27/20		6,307,251
	1,343,903	EUR	(0.440)% due 5/27/20		1,483,400
			BNP Paribas SA:
	2,517,754	GBP	0.830% due 5/13/20		3,227,508
			Credit Suisse Securities (USA) LLC:
	3,003,000		1.710% due 3/3/20		3,003,000
			NatWest Markets Securities Inc.:
	1,962,150		1.710% due 3/5/20		1,962,150
			TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $21,357,000)	$	21,499,486

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

See Notes to Financial Statements.

222

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(unaudited) (continued)

International Fixed Income Fund

For the period ended February 29, 2020, the daily average borrowing and interest rate under the reverse repurchase agreements were $26,725,535 and 0.935%, respectively.

At February 29, 2020, International Fixed Income Fund held the following Forward Sale Commitment:

Face Amounts†		Security	Value
		Federal National Mortgage Association (FNMA):
$	100,000	3.500% due 3/1/35(a) (Proceeds — $104,094)	$	104,751

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

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

At February 29, 2020, 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 3-Year Bond March Futures		54		3/20	$	4,071,348	$	4,090,768	$	19,420
Euro-Bobl March Futures		7		3/20		1,035,519		1,048,191		12,672
Euro-BTP June Futures		71		6/20		11,579,899		11,462,367		(117,532	)
Euro-BTP March Futures		7		3/20		1,129,684		1,126,229		(3,455	)
Euro-Buxl 30-Year Bond March Futures		11		3/20		2,471,828		2,668,525		196,697
Euro-Schatz Note March Futures		7		3/20		867,979		867,813		(166	)
Japan Government 10-Year Bond March Futures		2		3/20		2,829,185		2,856,720		27,535
Short Euro-BTP June Futures		54		6/20		6,732,716		6,710,353		(22,363	)
U.S. Treasury 5-Year Note June Futures		54		6/20		6,505,707		6,628,500		122,793
U.S. Treasury 10-Year Note June Futures		13		6/20		1,747,732		1,751,750		4,018
										239,619
Contracts to Sell:
Australian Government 10-Year Bond March Futures		3		3/20		290,690		292,424		(1,734	)
Canada Government 10-Year Bond June Futures		34		6/20		3,557,935		3,615,318		(57,383	)
Euro-Bund March Futures		21		3/20		4,034,411		4,113,487		(79,076	)
Euro-OAT March Futures		16		3/20		2,980,260		2,979,554		706
Euro-Schatz Note June Futures		89		6/20		11,013,975		11,038,044		(24,069	)
Short Euro-BTP March Futures		6		3/20		745,970		745,661		309
United Kingdom Treasury 10-Year Gilt June Futures		36		6/20		6,162,657		6,248,493		(85,836	)
										(247,083	)
Net Unrealized Depreciation on Open Exchange Traded Futures Contracts									$	(7,464	)

See Notes to Financial Statements.

223

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 29, 2020, International Fixed Income Fund had deposited cash of $561,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 29, 2020, 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		1,128,000		USD	763,836		UBS	$	734,496		3/3/20	$	(29,340	)
Australian Dollar		861,000		USD	575,836		BOA		560,655		3/4/20		(15,181	)
Australian Dollar		427,000		USD	282,438		HSBC		278,048		3/4/20		(4,390	)
Brazilian Real		6,908,580		USD	1,640,000		BCLY		1,544,180		3/3/20		(95,820	)
Brazilian Real		7,215,094		USD	1,603,818		GSC		1,612,690		3/3/20		8,872
Brazilian Real		306,514		USD	71,000		JPM		68,511		3/3/20		(2,489	)
Brazilian Real		7,215,094		USD	1,644,616		GSC		1,609,399		4/2/20		(35,217	)
British Pound		573,000		USD	744,322		BCLY		734,529		3/3/20		(9,793	)
British Pound		5,770,189		USD	7,434,101		BOA		7,396,806		3/3/20		(37,295	)
British Pound		75,000		USD	97,289		HSBC		96,142		3/3/20		(1,147	)
British Pound		622,000		USD	811,030		SCB		797,342		3/3/20		(13,688	)
British Pound		219,000		USD	283,072		BNP		280,745		3/4/20		(2,327	)
British Pound		110,000		USD	143,172		BNP		141,013		3/4/20		(2,159	)
British Pound		182,000		USD	234,681		BNP		233,512		4/2/20		(1,169	)
Canadian Dollar		773,000		USD	582,450		GSC		575,920		3/3/20		(6,530	)
Canadian Dollar		4,658,050		USD	3,485,964		UBS		3,470,459		3/3/20		(15,505	)
Canadian Dollar		100,000		USD	75,498		UBS		74,504		3/3/20		(994	)
Canadian Dollar		2,000		USD	1,501		BNP		1,490		3/4/20		(11	)
Canadian Dollar		568,000		USD	429,323		SCB		423,186		3/4/20		(6,137	)
Canadian Dollar		189,000		USD	142,286		UBS		140,813		3/4/20		(1,473	)
Chinese Offshore Renminbi		6,122,430		USD	885,000		HSBC		877,189		3/10/20		(7,811	)
Chinese Offshore Renminbi		7,214,953		USD	1,043,000		HSBC		1,033,720		3/10/20		(9,280	)
Chinese Offshore Renminbi		3,182,469		USD	443,191		HSBC		455,859		3/18/20		12,668
Chinese Offshore Renminbi		1,911,559		USD	270,734		HSBC		273,813		3/18/20		3,079
Chinese Offshore Renminbi		2,726,219		USD	386,906		HSBC		390,505		3/18/20		3,599
Chinese Offshore Renminbi		41,912,849		USD	5,997,403		HSBC		6,003,630		3/18/20		6,227
Chinese Offshore Renminbi		13,337,383		USD	1,900,481		SCB		1,905,681		6/17/20		5,200
Chinese Onshore Renminbi		5,146,500		USD	720,354		DUB		735,883		3/18/20		15,529
Danish Krone		4,520,000		USD	675,499		BCLY		669,022		4/1/20		(6,477	)
Danish Krone		2,410,000		USD	363,083		BOA		356,713		4/1/20		(6,370	)
Euro		262,000		USD	286,539		SCB		289,214		3/4/20		2,675
Hong Kong Dollar		7,591,492		USD	968,000		BCLY		973,874		9/3/20		5,874
Indian Rupee		89,156,700		USD	1,215,000		HSBC		1,221,530		4/27/20		6,530
Indian Rupee		88,825,230		USD	1,209,000		BNP		1,216,018		5/4/20		7,018
Indonesian Rupiah		15,396,832,752		USD	1,077,154		DUB		1,071,678		3/18/20		(5,476	)
Indonesian Rupiah		15,396,832,752		USD	1,110,482		SCB		1,062,794		6/17/20		(47,688	)
Japanese Yen		2,659,115,991		USD	24,152,922		BCLY		24,652,259		3/3/20		499,337
Japanese Yen		77,400,000		USD	711,366		BCLY		717,564		3/3/20		6,198
Japanese Yen		119,800,000		USD	1,093,031		BNP		1,110,648		3/3/20		17,617
Japanese Yen		15,020,000		USD	137,036		BNP		139,256		3/4/20		2,220
Japanese Yen		77,886,000		USD	704,329		GSC		722,109		3/4/20		17,780
Japanese Yen		243,700,000		USD	2,247,844		BCLY		2,263,190		4/2/20		15,346
Korean Won		202,258,800		USD	171,000		BCLY		168,471		3/18/20		(2,529	)

See Notes to Financial Statements.

224

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		179,025,600		USD	151,000		BCLY	$	149,119		3/18/20	$	(1,881	)
Korean Won		194,968,400		USD	167,729		BNP		162,398		3/18/20		(5,331	)
Korean Won		122,384,600		USD	105,368		BNP		101,940		3/18/20		(3,428	)
Korean Won		208,343,000		USD	179,826		BNP		173,539		3/18/20		(6,287	)
Korean Won		14,201,400		USD	12,000		BNP		11,829		3/18/20		(171	)
Korean Won		15,388,750		USD	13,000		BOA		12,818		3/18/20		(182	)
Korean Won		453,414,550		USD	383,000		HSBC		377,670		3/18/20		(5,330	)
Mexican Peso		3,920,000		USD	201,525		UBS		198,503		3/25/20		(3,022	)
Mexican Peso		12,939,806		USD	659,639		RBS		650,947		5/5/20		(8,692	)
Mexican Peso		5,849,000		USD	296,780		BNP		292,296		6/17/20		(4,484	)
New Taiwan Dollar		10,565,543		USD	353,056		BCLY		351,055		3/18/20		(2,001	)
New Taiwan Dollar		8,105,940		USD	270,000		BOA		269,331		3/18/20		(669	)
New Taiwan Dollar		2,459,590		USD	82,000		SCB		81,723		3/18/20		(277	)
New Zealand Dollar		539,000		USD	340,586		BNP		336,928		3/3/20		(3,658	)
New Zealand Dollar		474,000		USD	300,923		BNP		296,300		3/4/20		(4,623	)
New Zealand Dollar		665,000		USD	429,675		BOA		415,696		3/4/20		(13,979	)
New Zealand Dollar		6,000		USD	3,835		BOA		3,751		3/4/20		(84	)
New Zealand Dollar		444,000		USD	285,766		UBS		277,547		3/4/20		(8,219	)
Norwegian Krone		3,255,000		USD	352,777		BOA		346,059		3/3/20		(6,718	)
Norwegian Krone		6,960,000		USD	761,731		BOA		739,962		3/3/20		(21,769	)
Norwegian Krone		2,215,000		USD	241,114		BOA		235,490		3/3/20		(5,624	)
Norwegian Krone		2,646,000		USD	285,047		BNP		281,314		3/4/20		(3,733	)
Norwegian Krone		2,670,000		USD	285,993		GSC		283,866		3/4/20		(2,127	)
Norwegian Krone		6,680,000		USD	710,778		UBS		710,320		4/2/20		(458	)
Russian Ruble		6,712,270		USD	106,000		GSC		100,292		3/5/20		(5,708	)
Russian Ruble		6,195,560		USD	98,000		UBS		92,571		3/5/20		(5,429	)
Russian Ruble		11,151,000		USD	177,000		HSBC		166,588		3/6/20		(10,412	)
Russian Ruble		1,329,615		USD	21,000		JPM		19,863		3/6/20		(1,137	)
Russian Ruble		35,712,265		USD	550,921		GSC		532,784		3/16/20		(18,137	)
Russian Ruble		14,492,042		USD	226,514		GSC		215,336		4/15/20		(11,178	)
Russian Ruble		17,184,880		USD	277,615		GSC		255,349		4/15/20		(22,266	)
Singapore Dollar		960,328		USD	695,587		HSBC		689,566		3/18/20		(6,021	)
South African Rand		3,015,000		USD	195,419		JPM		192,193		4/6/20		(3,226	)
Swedish Krona		2,331,487		USD	241,543		GSC		242,651		3/3/20		1,108
Swedish Krona		4,213,000		USD	434,743		BNP		438,493		3/4/20		3,750
Swedish Krona		1,437,000		USD	147,642		BOA		149,564		3/4/20		1,922
Swedish Krona		2,767,000		USD	287,091		SCB		287,992		3/4/20		901
Swiss Franc		277,000		USD	282,440		GSC		287,157		3/4/20		4,717
Swiss Franc		551,000		USD	564,556		UBS		571,203		3/4/20		6,647
													92,257
Contracts to Sell:
Australian Dollar		425,000		USD	284,914		BNP		276,738		3/3/20		8,176
Australian Dollar		52,000		USD	34,772		HSBC		33,860		3/3/20		912
Australian Dollar		305,000		USD	200,655		JPM		198,601		3/3/20		2,054
Australian Dollar		294,000		USD	197,750		SCB		191,438		3/3/20		6,312
Australian Dollar		104,000		USD	69,532		UBS		67,719		3/3/20		1,812
Australian Dollar		363,000		USD	242,773		UBS		236,368		3/3/20		6,405
Australian Dollar		1,675,000		USD	1,104,584		UBS		1,090,676		3/3/20		13,908
Australian Dollar		623,000		USD	409,226		UBS		405,666		3/3/20		3,560
Australian Dollar		1,069,000		USD	718,029		GSC		696,098		3/4/20		21,931
Australian Dollar		218,000		USD	145,733		HSBC		141,955		3/4/20		3,778
Australian Dollar		2,713,000		USD	1,774,152		SCB		1,767,889		4/2/20		6,263

See Notes to Financial Statements.

225

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)
Brazilian Real		6,908,580		USD	1,535,684		BCLY	$	1,544,179		3/3/20	$	(8,495	)
Brazilian Real		7,215,094		USD	1,647,282		GSC		1,612,690		3/3/20		34,592
Brazilian Real		306,514		USD	68,134		JPM		68,511		3/3/20		(377	)
Brazilian Real		905,178		USD	205,000		BNP		201,909		4/2/20		3,091
Brazilian Real		205,068		USD	46,000		GSC		45,742		4/2/20		258
Brazilian Real		1,337,772		USD	296,000		HSBC		298,403		4/2/20		(2,403	)
Brazilian Real		538,692		USD	121,000		HSBC		120,161		4/2/20		839
Brazilian Real		5,900,000		USD	1,485,136		JPM		1,316,054		4/2/20		169,082
British Pound		564,882		EUR	667,000		GSC		725,138		4/24/20		13,446
British Pound		242,000		USD	314,462		BNP		310,220		3/3/20		4,242
British Pound		365,000		USD	476,989		BOA		467,893		3/3/20		9,096
British Pound		6,433,189		USD	8,384,137		SCB		8,246,705		3/3/20		137,432
British Pound		330,000		USD	429,657		BCLY		423,040		3/4/20		6,617
British Pound		221,000		USD	285,743		BNP		283,309		3/4/20		2,434
British Pound		5,770,189		USD	7,440,077		BOA		7,403,336		4/2/20		36,741
Canadian Dollar		5,531,050		USD	4,196,468		BOA		4,120,883		3/3/20		75,585
Canadian Dollar		570,000		USD	429,385		BNP		424,676		3/4/20		4,709
Canadian Dollar		4,658,050		USD	3,486,043		UBS		3,470,576		4/2/20		15,467
Chinese Offshore Renminbi		13,337,383		USD	1,904,959		SCB		1,910,909		3/10/20		(5,950	)
Chinese Offshore Renminbi		1,261,179		USD	175,054		DUB		180,652		3/18/20		(5,598	)
Chinese Offshore Renminbi		1,899,000		USD	269,783		GSC		272,014		3/18/20		(2,231	)
Chinese Offshore Renminbi		11,962,016		USD	1,696,372		GSC		1,713,449		3/18/20		(17,077	)
Chinese Offshore Renminbi		3,646,751		USD	505,580		HSBC		522,363		3/18/20		(16,783	)
Chinese Offshore Renminbi		2,743,650		USD	390,000		HSBC		393,003		3/18/20		(3,003	)
Chinese Offshore Renminbi		4,643,000		USD	673,336		HSBC		665,067		3/18/20		8,269
Chinese Offshore Renminbi		25,382,000		USD	3,552,337		JPM		3,635,738		3/18/20		(83,401	)
Chinese Offshore Renminbi		3,342,000		USD	477,208		RBS		478,710		3/18/20		(1,502	)
Chinese Offshore Renminbi		2,131,000		USD	302,306		BNP		304,483		6/17/20		(2,177	)
Chinese Offshore Renminbi		3,308,000		USD	471,589		BNP		472,655		6/17/20		(1,066	)
Chinese Offshore Renminbi		41,912,849		USD	5,984,301		HSBC		5,988,618		6/17/20		(4,317	)
Chinese Offshore Renminbi		2,226,000		USD	315,383		SCB		318,057		6/17/20		(2,674	)
Colombian Peso		7,459,430		USD	2,215		HSBC		2,112		3/31/20		103
Danish Krone		1,185,000		USD	173,516		JPM		175,032		3/3/20		(1,516	)
Danish Krone		56,721,395		USD	8,475,226		GSC		8,395,543		4/1/20		79,683
Euro		381,989		RON	1,858,000		UBS		421,993		3/16/20		3,898
Euro		1,446,000		USD	1,569,608		BCLY		1,596,095		3/3/20		(26,487	)
Euro		216,000		USD	233,326		BOA		238,421		3/3/20		(5,095	)
Euro		23,507,765		USD	25,957,180		BOA		25,947,877		3/3/20		9,303
Euro		487,000		USD	526,871		GSC		537,551		3/3/20		(10,680	)
Euro		820,000		USD	899,066		GSC		905,116		3/3/20		(6,050	)
Euro		1,305,000		USD	1,421,085		GSC		1,440,459		3/3/20		(19,374	)
Euro		342,000		USD	372,020		HSBC		377,499		3/3/20		(5,479	)
Euro		1,133,000		USD	1,255,561		JPM		1,250,605		3/3/20		4,956
Euro		519,000		USD	561,091		SCB		572,873		3/3/20		(11,782	)
Euro		789,000		USD	870,671		UBS		870,898		3/3/20		(227	)
Euro		369,000		USD	406,365		UBS		407,303		3/3/20		(938	)
Euro		663,000		USD	719,970		BNP		731,867		3/4/20		(11,897	)
Euro		262,000		USD	284,039		UBS		289,214		3/4/20		(5,175	)
Euro		641,000		USD	708,686		GSC		708,907		4/2/20		(221	)
Euro		30,933,765		USD	34,041,889		SCB		34,210,857		4/2/20		(168,968	)
Hong Kong Dollar		691,460		USD	88,000		BNP		88,704		9/3/20		(704	)
Hong Kong Dollar		6,986,651		USD	889,000		SCB		896,282		9/3/20		(7,282	)

See Notes to Financial Statements.

226

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)
Indian Rupee		89,156,700		USD	1,228,985		BCLY	$	1,221,530		4/27/20	$	7,455
Indian Rupee		44,451,230		USD	618,642		BNP		608,538		5/4/20		10,104
Indian Rupee		44,374,000		USD	615,792		JPM		607,480		5/4/20		8,312
Indonesian Rupiah		15,396,832,752		USD	1,120,503		SCB		1,071,677		3/18/20		48,826
Indonesian Rupiah		3,123,703,720		USD	223,000		BNP		217,227		3/27/20		5,773
Indonesian Rupiah		1,214,945,620		USD	82,000		BNP		83,864		6/17/20		(1,864	)
Indonesian Rupiah		554,346,000		USD	39,000		BNP		38,265		6/17/20		735
Indonesian Rupiah		963,079,000		USD	65,000		HSBC		66,478		6/17/20		(1,478	)
Indonesian Rupiah		1,607,990,000		USD	113,000		JPM		110,994		6/17/20		2,006
Israeli New Shekel		253,000		USD	73,238		GSC		72,993		3/16/20		245
Japanese Yen		37,800,000		USD	344,354		BOA		350,438		3/3/20		(6,084	)
Japanese Yen		147,000,000		USD	1,341,630		BOA		1,362,815		3/3/20		(21,185	)
Japanese Yen		78,500,000		USD	700,126		JPM		727,762		3/3/20		(27,636	)
Japanese Yen		2,576,215,991		USD	23,665,405		UBS		23,883,706		3/3/20		(218,301	)
Japanese Yen		16,800,000		USD	155,033		UBS		155,750		3/3/20		(717	)
Japanese Yen		15,873,000		USD	144,500		BNP		147,164		3/4/20		(2,664	)
Japanese Yen		77,884,000		USD	718,313		BOA		722,091		3/4/20		(3,778	)
Japanese Yen		2,659,115,991		USD	24,192,212		BCLY		24,694,648		4/2/20		(502,436	)
Korean Won		265,340,300		USD	227,000		BCLY		221,014		3/18/20		5,986
Korean Won		171,754,400		USD	146,000		BNP		143,062		3/18/20		2,938
Korean Won		1,176,400		USD	1,000		HSBC		980		3/18/20		20
Korean Won		36,474,600		USD	31,000		JPM		30,381		3/18/20		619
Korean Won		364,439,700		USD	312,902		JPM		303,559		3/18/20		9,343
Korean Won		347,849,600		USD	298,658		JPM		289,740		3/18/20		8,918
Korean Won		208,084,174		USD	175,964		UBS		173,323		3/18/20		2,641
Mexican Peso		5,100,000		USD	267,060		BNP		258,256		3/25/20		8,804
New Taiwan Dollar		2,103,472		USD	70,179		BNP		69,891		3/18/20		288
New Taiwan Dollar		4,957,425		USD	165,000		BOA		164,717		3/18/20		283
New Taiwan Dollar		10,548,421		USD	349,216		DUB		350,486		3/18/20		(1,270	)
New Taiwan Dollar		390,650		USD	13,000		GSC		12,980		3/18/20		20
New Taiwan Dollar		3,209,572		USD	107,000		GSC		106,642		3/18/20		357
New Zealand Dollar		539,000		USD	348,876		HSBC		336,929		3/3/20		11,947
New Zealand Dollar		539,000		USD	340,688		BNP		337,035		4/2/20		3,653
Norwegian Krone		3,220,000		USD	343,707		BNP		342,338		3/3/20		1,369
Norwegian Krone		2,530,000		USD	274,025		BNP		268,980		3/3/20		5,045
Norwegian Krone		6,680,000		USD	710,703		UBS		710,192		3/3/20		511
Norwegian Krone		3,997,000		USD	432,474		BCLY		424,948		3/4/20		7,526
Norwegian Krone		1,309,000		USD	141,138		SCB		139,169		3/4/20		1,969
Peruvian Sol		1,436,812		USD	421,112		HSBC		415,319		3/11/20		5,793
Peruvian Sol		511,855		USD	153,383		BNP		147,945		3/16/20		5,438
Peruvian Sol		170,258		USD	50,216		GSC		49,204		3/27/20		1,012
Peruvian Sol		797,835		USD	237,154		BNP		230,331		4/30/20		6,823
Polish Zloty		1,579,188		USD	409,493		BOA		402,660		6/10/20		6,833
Polish Zloty		1,347,640		USD	348,754		SCB		343,620		6/10/20		5,134
Romanian New Leu		751,164		EUR	151,269		BNP		172,182		3/16/20		(5,071	)
Romanian New Leu		861,670		EUR	173,731		BOA		197,513		3/16/20		(5,587	)
Romanian New Leu		264,467		EUR	54,522		GSC		60,622		3/16/20		(389	)
Russian Ruble		6,726,930		USD	103,000		BNP		100,358		3/16/20		2,642
Russian Ruble		458,238		USD	7,000		BOA		6,836		3/16/20		164
Russian Ruble		3,665,200		USD	56,000		GSC		54,680		3/16/20		1,320
Russian Ruble		7,509,150		USD	111,000		HSBC		112,028		3/16/20		(1,028	)
Russian Ruble		10,946,661		USD	163,000		JPM		163,311		3/16/20		(311	)

See Notes to Financial Statements.

227

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)
Russian Ruble		12,704,090		USD	194,000		JPM	$	189,530		3/16/20	$	4,470
Singapore Dollar		482,000		USD	354,378		JPM		346,101		3/18/20		8,277
Singapore Dollar		477,000		USD	351,176		RBS		342,511		3/18/20		8,665
Swedish Krona		2,331,487		USD	241,498		BNP		242,651		3/3/20		(1,153	)
Swedish Krona		9,000		USD	933		BOA		937		3/4/20		(4	)
Swedish Krona		2,331,487		USD	241,889		GSC		243,021		4/2/20		(1,132	)
Swiss Franc		141,000		USD	144,282		BNP		146,170		3/4/20		(1,888	)
Swiss Franc		969,000		USD	1,005,504		JPM		1,004,530		3/4/20		974
													(334,713	)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts												$	(242,456	)

At February 29, 2020, 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		2.962%		PAM	*		3/20/20		BCLY	USD	900,000	$	(99,445	)	$	5,463	$	(104,908	)
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.294%		PAM	*		6/22/20		BNP	USD	733,000		1,617			2,409		(792	)
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.291%		PAM	*		6/22/20		BOA	USD	1,067,000		1,623			3,506		(1,883	)
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.150%		PAM	*		3/20/20		GSC	USD	300,000		(13,198	)		503		(13,701	)
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.155%		PAM	*		3/20/20		GSC	USD	300,000		(12,750	)		521		(13,271	)
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.156%		PAM	*		3/20/20		GSC	USD	400,000		(16,866	)		815		(17,681	)
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.153%		PAM	*		3/20/20		GSC	USD	400,000		(17,265	)		814		(18,079	)
iBoxx Investment Grade Index	3-Month USD-LIBOR		3.292%		PAM	*		6/22/20		GSC	USD	900,000		1,438			2,910		(1,472	)
													$	(154,846	)	$	16,941	$	(171,787	)

* PAM — paid at maturity.

At February 29, 2020, International Fixed Income Fund held the following OTC Interest Rate Swap Contracts:

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Counterparty		Notional Amount		Market Value		Upfront Payment Paid		Unrealized Appreciation
Pay	Israeli Shekel 3-Month Rate		1.775%		4/25/29		JPM	ILS	1,000,000	$	37,419	$	217	$	37,202
Pay	Israeli Shekel 3-Month Rate		1.779%		4/30/29		GSC	ILS	800,000		29,996		—		29,996
Pay	Israeli Shekel 3-Month Rate		1.780%		4/22/29		GSC	ILS	500,000		18,793		—		18,793
Pay	Israeli Shekel 3-Month Rate		1.786%		5/1/29		BNP	ILS	500,000		18,844		—		18,844
										$	105,052	$	217	$	104,835

See Notes to Financial Statements.

228

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 29, 2020, 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)
Receive	Sterling Overnight Index Average		0.905%		12/3/39		3-Month	GBP	300,000	$	(11,466	)	$	—		$	(11,466	)
Receive	U.S. Federal Funds Effective Rate Index		2.684%		4/30/25		12-Month	USD	1,000,000		(106,637	)		(32	)		(106,605	)
Receive	U.S. Federal Funds Effective Rate Index		2.696%		4/30/25		12-Month	USD	300,000		(32,202	)		—			(32,202	)
Receive	U.S. Federal Funds Effective Rate Index		2.710%		4/30/25		12-Month	USD	300,000		(32,453	)		—			(32,453	)
Pay	28-Day MXN TIIE Banxico		5.825%		1/12/23		28-Day	MXN	6,800,000		(6,994	)		2,273			(9,267	)
Pay	28-Day MXN TIIE Banxico		7.317%		3/23/22		28-Day	MXN	2,100,000		1,613			—			1,613
Pay	28-Day MXN TIIE Banxico		7.740%		2/22/27		28-Day	MXN	15,800,000		51,459			(2,879	)		54,338
Pay	3-Month Canadian Bank Bill		1.500%		6/17/25		6-Month	CAD	800,000		4,067			(6,440	)		10,507
Pay	3-Month Canadian Bank Bill		1.500%		6/17/30		6-Month	CAD	2,200,000		2,080			(44,506	)		46,586
Pay	3-Month Canadian Bank Bill		1.713%		10/2/29		6-Month	CAD	700,000		10,437			135			10,302
Pay	3-Month Canadian Bank Bill		1.900%		12/18/29		6-Month	CAD	2,900,000		83,127			42,548			40,579
Pay	3-Month Canadian Bank Bill		2.500%		6/19/29		6-Month	CAD	2,500,000		171,162			32,961			138,201
Pay	3-Month GBP-LIBOR		1.080%		12/3/39		3-Month	GBP	300,000		12,588			—			12,588
Pay	3-Month SEK-STIBOR		0.500%		6/19/24		12-Month	SEK	4,800,000		11,013			10,994			19
Pay	3-Month USD-LIBOR		1.000%		6/17/22		6-Month	USD	4,400,000		11,721			(12,249	)		23,970
Pay	3-Month USD-LIBOR		1.250%		6/17/21		6-Month	USD	4,800,000		15,426			10,096			5,330
Receive	3-Month USD-LIBOR		1.250%		6/17/25		6-Month	USD	400,000		(6,168	)		615			(6,783	)
Receive	3-Month USD-LIBOR		1.250%		6/17/30		6-Month	USD	2,500,000		(39,870	)		118,300			(158,170	)
Receive	3-Month USD-LIBOR		1.298%		8/25/24		6-Month	USD	1,400,000		(15,982	)		—			(15,982	)
Receive	3-Month USD-LIBOR		1.305%		8/21/23		6-Month	USD	2,000,000		(25,786	)		—			(25,786	)
Receive	3-Month USD-LIBOR		1.360%		9/17/24		6-Month	USD	2,350,000		(30,363	)		—			(30,363	)
Receive	3-Month USD-LIBOR		1.500%		12/18/21		6-Month	USD	2,700,000		(22,872	)		9,820			(32,692	)
Receive	3-Month USD-LIBOR		1.500%		12/18/29		6-Month	USD	1,100,000		(42,786	)		20,801			(63,587	)
Pay	3-Month USD-LIBOR		1.500%		6/17/50		6-Month	USD	1,100,000		59,764			21,399			38,365
Receive	3-Month USD-LIBOR		1.540%		2/26/22		6-Month	USD	3,200,000		(35,537	)		—			(35,537	)
Receive	3-Month USD-LIBOR		1.570%		2/27/22		6-Month	USD	3,900,000		(45,690	)		—			(45,690	)
Receive	3-Month USD-LIBOR		1.625%		1/6/30		6-Month	USD	4,500,000		(228,054	)		(80,514	)		(147,540	)
Receive	3-Month USD-LIBOR		1.750%		6/20/20		6-Month	USD	27,400,000		(14,705	)		513,968			(528,673	)
Receive	3-Month USD-LIBOR		2.000%		1/15/30		6-Month	USD	2,600,000		(227,239	)		(12,276	)		(214,963	)
Receive	3-Month USD-LIBOR		2.000%		3/20/50		6-Month	USD	400,000		(73,221	)		(1,697	)		(71,524	)
Receive	3-Month USD-LIBOR		2.250%		12/16/22		6-Month	USD	1,300,000		(48,333	)		(7,312	)		(41,021	)
Receive	3-Month USD-LIBOR		2.250%		6/20/28		6-Month	USD	2,800,000		(274,698	)		158,430			(433,128	)
Receive	3-Month USD-LIBOR		2.500%		12/18/21		6-Month	USD	3,200,000		(91,024	)		(44,487	)		(46,537	)
Receive	3-Month USD-LIBOR		2.500%		12/18/24		6-Month	USD	5,400,000		(399,360	)		(293,764	)		(105,596	)
Pay	3-Month USD-LIBOR		2.750%		12/19/20		6-Month	USD	3,700,000		53,231			(11,348	)		64,579
Pay	3-Month ZAR-SAJIBOR		7.250%		6/20/23		3-Month	ZAR	14,000,000		20,870			(14,709	)		35,579
Pay	3-Month ZAR-SAJIBOR		8.500%		3/15/27		3-Month	ZAR	5,200,000		26,852			(349	)		27,201
Pay	3-Month ZAR-SAJIBOR		8.750%		3/16/21		3-Month	ZAR	15,700,000		28,944			1,570			27,374
Receive	6-Month EURIBOR		(0.500)%		3/18/22		12-Month	EUR	3,700,000		4,291			4,978			(687	)
Pay	6-Month EURIBOR		(0.500)%		3/18/25		6-Month	EUR	7,300,000		(50,542	)		(69,138	)		18,596
Receive	6-Month EURIBOR		(0.300)%		6/17/22		12-Month	EUR	5,300,000		(18,062	)		(843	)		(17,219	)
Pay	6-Month EURIBOR		(0.150)%		6/17/25		6-Month	EUR	500,000		6,124			(20	)		6,144

See Notes to Financial Statements.

229

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	6-Month EURIBOR		(0.150)%		3/18/30		12-Month	EUR	9,300,000	$	29,967		$	(246,639	)	$	276,606
Pay	6-Month EURIBOR		0.150%		6/17/30		12-Month	EUR	5,200,000		183,887			45,656			138,231
Receive	6-Month EURIBOR		0.250%		3/18/50		12-Month	EUR	2,950,000		(114,988	)		231,051			(346,039	)
Pay	6-Month EURIBOR		0.500%		6/17/50		12-Month	EUR	300,000		36,618			13,051			23,567
Pay	6-Month EURIBOR		1.310%		6/19/29		12-Month	EUR	900,000		70,173			28,930			41,243
Receive	6-Month GBP-LIBOR		0.672%		2/26/31		6-Month	GBP	250,000		(562	)		—			(562	)
Pay	6-Month GBP-LIBOR		0.722%		2/26/51		6-Month	GBP	90,000		283			—			283
Pay	6-Month GBP-LIBOR		0.737%		2/14/24		6-Month	GBP	3,100,000		6,557			—			6,557
Pay	6-Month GBP-LIBOR		0.745%		2/17/24		6-Month	GBP	4,700,000		10,459			—			10,459
Pay	6-Month GBP-LIBOR		0.750%		3/18/22		6-Month	GBP	1,400,000		7,301			(1,632	)		8,933
Pay	6-Month GBP-LIBOR		0.750%		3/18/30		6-Month	GBP	300,000		4,404			4,407			(3	)
Pay	6-Month GBP-LIBOR		0.750%		3/18/50		6-Month	GBP	400,000		5,390			(8,762	)		14,152
Receive	6-Month GBP-LIBOR		0.803%		2/14/28		6-Month	GBP	600,000		(6,405	)		—			(6,405	)
Receive	6-Month GBP-LIBOR		0.811%		2/17/28		6-Month	GBP	900,000		(10,045	)		—			(10,045	)
Pay	6-Month GBP-LIBOR		1.000%		6/17/25		6-Month	GBP	4,000,000		112,305			32,903			79,402
Receive	6-Month GBP-LIBOR		1.000%		6/17/30		6-Month	GBP	300,000		(13,730	)		(1,151	)		(12,579	)
Pay	6-Month GBP-LIBOR		1.000%		6/17/50		6-Month	GBP	500,000		51,576			3,309			48,267
Pay	6-Month JPY-LIBOR		0.035%		11/29/29		6-Month	JPY	200,000,000		25,929			(8,291	)		34,220
Pay	6-Month JPY-LIBOR		0.200%		6/19/29		6-Month	JPY	370,000,000		102,351			62,314			40,037
Receive	6-Month JPY-LIBOR		0.400%		6/19/39		6-Month	JPY	80,000,000		(50,452	)		1,430			(51,882	)
Receive	6-Month JPY-LIBOR		0.500%		6/19/49		6-Month	JPY	40,000,000		(40,204	)		(16,224	)		(23,980	)
										$	(894,461	)	$	486,677		$	(1,381,138	)

Fund Pay Floating Rate Index	Fund Receive Floating Rate Index	Maturity Date		Notional Amount		Market Value			Upfront Payment (Received)			Unrealized Appreciation/ (Depreciation)
1-Month USD-LIBOR + 0.088%	3-Month USD-LIBOR		5/23/29		USD  1,000,000	$	(547	)	$	—		$	(547	)
1-Month USD-LIBOR + 0.070%	3-Month USD-LIBOR		6/12/22		USD  1,400,000		1,060			—			1,060
1-Month USD-LIBOR + 0.105%	3-Month USD-LIBOR		9/27/24		USD  1,700,000		(1,089	)		—			(1,089	)
1-Month USD-LIBOR + 0.084%	3-Month USD-LIBOR		6/12/22		USD  1,900,000		778			—			778
1-Month USD-LIBOR + 0.102%	3-Month USD-LIBOR		10/4/24		USD  2,600,000		(1,509	)		—			(1,509	)
1-Month USD-LIBOR + 0.086%	3-Month USD-LIBOR		4/12/23		USD  3,100,000		(617	)		—			(617	)
1-Month USD-LIBOR + 0.073%	3-Month USD-LIBOR		4/27/23		USD  4,600,000		(87	)		—			(87	)
1-Month USD-LIBOR + 0.084%	3-Month USD-LIBOR		4/26/22		USD  6,700,000		(135	)		—			(135	)
1-Month USD-LIBOR + 0.085%	3-Month USD-LIBOR		6/19/22		USD  7,400,000		3,251			(555	)		3,806
1-Month USD-LIBOR + 0.091%	3-Month USD-LIBOR		3/18/22		USD  32,200,000		(2,950	)		(854	)		(2,096	)
						$	(1,845	)	$	(1,409	)	$	(436	)

See Notes to Financial Statements.

230

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 29, 2020, 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		Unrealized Appreciation
Pay	10-Year GBP Inflation Linked		3.386%		1/15/30		GBP 200,000	$	1,774	$	—	$	1,774
Pay	10-Year GBP Inflation Linked		3.436%		2/15/30		GBP 100,000		1,233		—		1,233
Pay	10-Year GBP Inflation Linked		3.450%		2/15/30		GBP 200,000		2,933		83		2,850
Pay	10-Year GBP Inflation Linked		3.450%		2/15/30		GBP 100,000		1,467		285		1,182
Pay	10-Year GBP Inflation Linked		3.453%		2/15/30		GBP 700,000		10,615		—		10,615
								$	18,022	$	368	$	17,654

At February 29, 2020, International Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

OTC Credit Default Swaps on Sovereign Issues and Indexes — Buy Protection (1)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)		Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
China Government International, A+		(1.000	)%		6/20/23		3-Month		BCLY		0.327	%		USD 200,000	$	(4,811	)	$	(3,815	)	$	(996	)
China Government International, A+		(1.000	)%		6/20/23		3-Month		GSC		0.327	%		USD 500,000		(12,027	)		(9,654	)		(2,373	)
Japan Government International Bond, A+		(1.000	)%		6/20/22		3-Month		BCLY		0.091	%		USD 400,000		(9,195	)		(14,121	)		4,926
Japan Government International Bond, A+		(1.000	)%		6/20/22		3-Month		BNP		0.091	%		USD 700,000		(16,093	)		(25,057	)		8,964
Japan Government International Bond, A+		(1.000	)%		6/20/22		3-Month		BOA		0.091	%		USD 200,000		(4,597	)		(6,913	)		2,316
Japan Government International Bond, A+		(1.000	)%		6/20/22		3-Month		GSC		0.091	%		USD 500,000		(11,494	)		(17,653	)		6,159
Japan Government International Bond, A+		(1.000	)%		6/20/22		3-Month		HSBC		0.091	%		USD 300,000		(6,897	)		(10,159	)		3,262
Markit iTraxx Europe Sub Financials Series 27 5-Year Index		(1.000	)%		6/20/22		3-Month		BNP		0.834	%		EUR 700,000		(4,522	)		36,666			(41,188	)
South Korea International Bond, AA		(1.000	)%		6/20/23		3-Month		BCLY		0.246	%		USD 600,000		(16,037	)		(15,056	)		(981	)
South Korea International Bond, AA		(1.000	)%		6/20/23		3-Month		BNP		0.246	%		USD 400,000		(10,692	)		(9,884	)		(808	)
South Korea International Bond, AA		(1.000	)%		6/20/23		3-Month		HSBC		0.246	%		USD 200,000		(5,346	)		(4,989	)		(357	)
South Korea International Bond, AA		(1.000	)%		6/20/23		3-Month		JPM		0.246	%		USD 400,000		(10,691	)		(9,580	)		(1,111	)
															$	(112,402	)	$	(90,215	)	$	(22,187	)

See Notes to Financial Statements.

231

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Counterparty		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)		Market Value			Upfront Premiums (Received)			Unrealized Appreciation
South Africa Government, BB		1.000	%		6/20/23		3-Month		JPM		1.691	%	USD	100,000	$	(2,016	)	$	(4,998	)	$	2,982
South Africa Government, BB		1.000	%		6/20/24		3-Month		GSC		1.988	%	USD	200,000		(7,708	)		(8,852	)		1,144
															$	(9,724	)	$	(13,850	)	$	4,126

Centrally Cleared — Credit Default Swaps on Corporate and Sovereign Issues and Indexes — Buy Protection (1)

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation
Basf Se, A		(1.000	%)		12/20/20		3-Month		0.112	%		EUR	100,000	$	(1,028)		$	(2,908)		$	1,880
Markit CDX North America Investment Grade Series 32 10-Year Index		(1.000	%)		6/20/29		3-Month		1.152	%		USD	1,700,000		17,888			(387	)		18,275
Markit CDX North America Investment Grade Series 33 10-Year Index		(1.000	%)		12/20/29		3-Month		1.193	%		USD	8,300,000		121,013			20,144			100,869
Markit iTraxx Europe Series 31 10-Year Index		(1.000	%)		6/20/29		3-Month		1.034	%		EUR	13,400,000		15,219			(87,474	)		102,693
Reynolds American Inc., BBB+		(1.000	%)		12/20/20		3-Month		0.067	%		USD	500,000		(4,805	)		(14,731	)		9,926
United Utilities PLC, BBB-		(1.000	%)		12/20/20		3-Month		0.099	%		EUR	200,000		(2,079	)		(3,440	)		1,361
														$	146,208		$	(88,796	)	$	235,004

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Daimler AG, A-		1.000	%		12/20/20		3-Month		0.216	%		EUR	100,000	$	932		$	1,651		$	(719	)
Markit CDX North America Investment Grade Series 33 5-Year Index		1.000	%		12/20/24		3-Month		0.675	%		USD	22,200,000		378,954			576,378			(197,424	)
Markit iTraxx Europe Series 32 5-Year Index		5.000	%		12/20/24		3-Month		3.030	%		EUR	300,000		31,810			44,352			(12,542	)
Marks & Spencer PLC, BBB-		1.000	%		6/20/23		3-Month		1.423	%		EUR	200,000		(2,628	)		(6,000	)		3,372
Ryder System Inc., BBB+		1.000	%		6/20/22		3-Month		0.504	%		USD	100,000		1,337			1,866			(529	)
Shell International Finance BV, AA-		1.000	%		12/20/26		3-Month		0.628	%		EUR	200,000		6,051			(5,907	)		11,958
														$	416,456		$	612,340			$  (195,884)

See Notes to Financial Statements.

232

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 29, 2020, 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/ (Depreciation)
Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency received	Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency delivered		8/1/2029		GSC		USD	1,449,000		AUD	2,100,000	$	(77,963	)	$	(3,920	)	$	(74,043	)
Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency received	Floating rate equal to 3-Month EUR-LIBOR less 0.181% based on the notional amount of currency delivered		2/18/2030		GSC		USD	541,975		EUR	500,000		8,950			—			8,950
												$	(69,013	)	$	(3,920	)	$	(65,093	)

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

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

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

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

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

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

See Notes to Financial Statements.

233

Schedules of Investments

(unaudited) (continued)

International Fixed Income Fund

At February 29, 2020, International Fixed Income Fund deposited cash collateral with brokers in the amount of $1,316,000 for open centrally cleared swap contracts.

At February 29, 2020, International Fixed Income Fund had cash collateral from brokers in the amount of $910,000 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	CITI	— Citigroup Global Markets Inc.
CNH	— Chinese Offshore Renminbi	DUB	— Deutsche Bank AG
CNY	— China Yuan Renminbi	GSC	— Goldman Sachs & Co.
DKK	— Danish Krone	HSBC	— HSBC Bank USA
EUR	— Euro	JPM	— JPMorgan Chase & Co.
GBP	— British Pound	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
HKD	— Hong Kong Dollar	RBS	— Royal Bank of Scotland PLC
ILS	— Israeli New Shekel	SCB	— Standard Chartered Bank
JPY	— Japanese Yen	SOG	— Societe Generale SA
MXN	— Mexican Peso	UBS	— UBS Securities LLC
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Sol
RON	— Romanian New Leu
RUB	— Russian Ruble
PLN	— Polish Zloty
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See Notes to Financial Statements.

234

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Rating††	Security	Value
	MUNICIPAL BONDS — 94.1%
	Arizona — 5.0%
$	2,815,000.00	A+	Chandler Industrial Development Authority, Revenue Bonds, Variable AMT Intel Corp., 5.000% due 6/1/49(a)(b)	$	3,270,551
			Industrial Development Authority of the County of Pima (The), Revenue Bonds:
	250,000	NR	Facility American Leadership Academy, 4.750% due 6/15/37(c)		259,350
	280,000	NR	Imagine East Mesa Charter School, 3.250% due 7/1/24(c)		284,637
	500,000	BB+	Maricopa County Industrial Development Authority, Revenue Bonds, Paradise School Project Paragon Management Inc., 4.000% due 7/1/26(c)		548,540
			Total Arizona		4,363,078
	California — 7.0%
	500,000	CCC-	California County Tobacco Securitization Agency, Revenue Bonds, Asset-Backed Gold Country Funding Corp., 5.250% due 6/1/46		500,235
	1,000,000	AA+	California Infrastructure & Economic Development Bank, Revenue Bonds, Bay Area Toll Bridges, Series A, Pre-refunded 1/1/28 @ 100, AMBAC-Insured, 5.000% due 7/1/36(d)		1,327,870
	1,000,000	AA-	Garden Grove Unified School District, GO, 2010 Election, Series C, Pre-refunded 8/1/23 @ 100, 5.000% due 8/1/35(d)		1,148,700
			Golden State Tobacco Securitization Corp., Revenue Bonds:
	290,000	NR	Series A1, 5.000% due 6/1/47		307,942
	35,000	NR	Series A2, 5.000% due 6/1/47		37,166
	1,000,000	A3(e)	Kaweah Delta Health Care District, Revenue Bonds, Series B, 4.000% due 6/1/45		1,088,560
	1,500,000	A+	San Diego County, CA, Regional Airport Authority, Revenue Bonds, Series A, 5.000% due 7/1/43		1,687,935
			Total California		6,098,408
	Colorado — 8.7%
	750,000	A+	City & County of Denver, CO, Airport System Revenue, Revenue Bonds, AMT, Series A, 5.000% due 11/15/30(b)		949,485
	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		1,624,951
	1,500,000	AA-	Colorado Health Facilities Authority, Revenue Bonds, Sisters of Charity of Leavenworth Inc., Series A, 5.000% due 1/1/44		1,690,335
	1,000,000	AAA	Colorado Water Resources & Power Development Authority, Revenue Bonds, Revolving Fund, Series A, 5.500% due 9/1/22		1,116,920
	2,000,000	AA	University of Colorado Hospital Authority, Revenue Bonds, Series A, 4.000% due 11/15/36		2,151,820
			Total Colorado		7,533,511
	Connecticut — 0.9%
	790,000	AAA	Connecticut Housing Finance Authority, Revenue Bonds, AMT, Series B2, 2.300% due 11/15/23(b)		818,385
	District of Columbia — 2.8%
	1,500,000	AAA	District of Columbia, Income Tax Revenue, Revenue Bonds, Series A, 5.000% due 12/1/28		1,608,120
	700,000	AA-	Metropolitan Washington Airports Authority, Revenue Bonds, AMT, Series A, 4.000% due 10/1/36(b)		795,452
			Total District of Columbia		2,403,572
	Florida — 9.0%
	100,000	Ba2(e)	Capital Trust Agency Inc., Revenue Bonds, Viera Charter Schools Inc. Project, 4.000% due 10/15/29(c)		108,002
	1,400,000	A+	City of Cape Coral, FL, Water & Sewer Revenue, Revenue Bonds, 5.000% due 10/1/39		1,753,038
	1,500,000	AA-	City of Gainesville, FL, Utilities System Revenue, Revenue Bonds, Series A, 5.000% due 10/1/29		1,935,105
	305,000	NR	Finley Woods Community Development District, Special Assessment, Area One, 3.150% due 5/1/25		307,242
	100,000	NR	Florida Development Finance Corp., Revenue Bonds, AMT, Waste Pro USA Inc. Project, 5.000% due 5/1/29(b)(c)		111,124

See Notes to Financial Statements.

235

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Rating††	Security	Value
	Florida — 9.0% — (continued)
$	1,090,000	A1(e)	Florida Municipal Power Agency, Revenue Bonds, Stanton II Project, Series A, 5.000% due 10/1/24	$	1,203,338
	125,000	NR	Harbor Bay Community Development District, Special Assessment, Area One, Series A2, 3.100% due 5/1/24		125,831
	275,000	NR	Lakewood Ranch Stewardship District, Special Assessment, Isles Lakewood Ranch Project, 3.875% due 5/1/29		294,651
	1,000,000	AA	Orlando Utilities Commission, Utility System Revenue Bonds, 2018 Project, Series A, 5.000% due 10/1/33		1,278,640
	310,000	NR	Seminole County Industrial Development Authority, Revenue Bonds, Legacy Pointe at UCF Project, 3.750% due 11/15/25		314,309
	255,000	NR	Southern Groves Community Development District No. 5, Special Assessment, 2.875% due 5/1/24		257,066
	100,000	NR	Westside Community Development District, Special Assessment, 3.500% due 5/1/24(c)		100,940
			Total Florida		7,789,286
	Georgia — 3.4%
	2,610,000	Aa1(e)	Main Street Natural Gas Inc., Revenue Bonds, Series B, 4.000% due 8/1/49(a)		2,982,630
	Illinois — 3.9%
			Illinois Finance Authority, Revenue Bonds:
	785,000	Aa3(e)	Advocate Health Care, Pre-refunded 6/1/22 @ 100, 4.000% due 6/1/47(d)		840,217
	450,000	AA	Advocate Health Care, Unrefunded Portion, 4.000% due 6/1/47		471,033
	600,000	A	DePaul University, 5.000% due 10/1/36		728,010
	1,000,000	AAA	Northwestern University, 5.000% due 12/1/28		1,326,680
			Total Illinois		3,365,940
	Indiana — 1.4%
	1,000,000	A+	Indiana Municipal Power Agency, Power Supply, Revenue Bonds, Series C, 5.000% due 1/1/37.		1,220,630
	Iowa — 1.4%
	1, 000,000	A3(e)	PEFA Inc., Revenue Bonds, 5.000% due 9/1/49(a)		1,224,090
	Louisiana — 0.7%
			New Orleans Aviation Board, AMT, General Airport North Terminal, Revenue Bonds, Series B:
	250,000	A	5.000% due 1/1/37(b)		301,350
	250,000	A	5.000% due 1/1/38(b)		300,535
			Total Louisiana		601,885
	Maryland — 1.0%
			City of Baltimore, MD, Tax Allocation, Harbor Point Project:
	200,000	NR	Series A, 2.600% due 6/1/21(c)		201,194
	200,000	NR	Series A, 2.750% due 6/1/24(c)		203,942
	125,000	NR	Series A, 2.800% due 6/1/25(c)		128,006
	135,000	NR	Series A, 2.850% due 6/1/26(c)		139,056
	160,000	NR	Series B, 3.000% due 6/1/24(c)		162,150
			Total Maryland		834,348
	Massachusetts — 2.4%
	320,000	NR	Collegiate Charter School of Lowell, Revenue Bonds, 4.000% due 6/15/24		339,747
	1,000,000	AA	Massachusetts Bay Transportation Authority, Revenue Bonds, Series A1, 5.000% due 7/1/44		1,249,620
	500,000	A	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, 4.000% due 9/1/49		525,065
			Total Massachusetts		2,114,432
	Michigan — 0.5%
	400,000	BB+	Michigan Finance Authority, Revenue Bonds, Cesar Chavez Academy Project, 3.250% due 2/1/24		406,320

See Notes to Financial Statements.

236

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Rating††	Security	Value
	Minnesota — 3.3%
$	2,725,000	AA+	Minnesota Housing Finance Agency, Revenue Bonds, Non-Ace Residential Housing Finance Bonds, Series C, 3.600% due 7/1/31	$	2,855,827
	Nevada — 1.8%
	125,000	Ba2(e)	City of Sparks, NV, Revenue Bonds, Senior Sales Tax Anticipation, Series A, 2.500% due 6/15/24(c)		127,973
	1,130,000	AAA	State of Nevada Highway Improvement Revenue, Revenue Bonds, 5.000% due 12/1/31.		1,430,162
			Total Nevada		1,558,135
	New Hampshire — 1.2%
	1,000,000	B	New Hampshire Business Finance Authority, Revenue Bonds, Casella Waste Systems Inc., 2.950% due 4/1/29(b)(c)		1,030,580
	New Jersey — 3.7%
	1,340,000	A3(e)	Manalapan-Englishtown Regional Board of Education, GO, FGIC & NPFG-Insured, 5.750% due 12/1/22		1,508,371
	215,000	NR	New Jersey Economic Development Authority, Revenue Bonds, Golden Door Charter School Project, 5.125% due 11/1/29(c)		241,482
	1,250,000	A+	New Jersey Transportation Trust Fund Authority, Revenue Bonds, Highway Reimbursement, 5.000% due 6/15/30		1,500,012
			Total New Jersey		3,249,865
	New Mexico — 1.4%
	1,000,000	BBB+	City of Farmington, NM, Revenue Bonds, Public Service Company of New Mexico, 1.875% due 4/1/33(a)		1,010,060
			City of Santa Fe, NM, Revenue Bonds, El Castillo Retirement Project:
	100,000	BB+(f)	2.250% due 5/15/24		100,665
	100,000	BB+(f)	2.625% due 5/15/25		101,038
			Total New Mexico		1,211,763
	New York — 3.4%
	1,170,000	AA	New York City Trust for Cultural Resources, Revenue Bonds, Juilliard School, Series A, 5.000% due 1/1/33		1,546,131
	1,000,000	AA+	New York State Dormitory Authority, Revenue Bonds, Bidding Group, Series B, 5.000% due 2/15/43		1,240,630
	140,000	WD(f)	Niagara Tobacco Asset Securitization Corp., Revenue Bonds, Asset-Backed Bonds, 5.000% due 5/15/21		145,428
			Total New York		2,932,189
	Ohio — 0.7%
	600,000	Ba1(e)	Ohio Air Quality Development Authority, Revenue Bonds, Ohio Valley Electric Corp., Series A, 2.875% due 2/1/26		622,944
	Oregon — 1.0%
	830,000	Aa2(e)	Washington & Clackamas Counties School District No. 23J Tigard-Tualatin, GO, NPFG-Insured, 5.000% due 6/15/22		909,323
	Puerto Rico — 1.4%
			Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Revenue Bonds:
	334,000	NR	Series A1, zero coupon, due 7/1/24		305,617
	570,000	NR	Series A1, 4.750% due 7/1/53		645,308
	216,000	NR	Series A2, 4.784% due 7/1/58		244,134
			Total Puerto Rico		1,195,059
	South Carolina — 8.5%
	1,535,000	Aa3(e)	Clemson University, Revenue Bonds, 5.000% due 5/1/29		1,830,579
	2,000,000	A	South Carolina Jobs-Economic Development Authority, Revenue Bonds, Prisma Health Obligation Group, Series A, 5.000% due 5/1/28		2,572,680

See Notes to Financial Statements.

237

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†			Rating††	Security	Value
	South Carolina — 8.5% — (continued)
$	2,985,000		Aa3(e)	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Remarketing, Series B, 1.559% (1-Month USD-LIBOR + 0.450%) due 10/1/31(a)	$	2,998,194
				Total South Carolina		7,401,453
	Tennessee — 1.2%
	975,000		Aa2(e)	Tennessee Housing Development Agency, Revenue Bonds, Series A, 3.850% due 1/1/35		1,042,051
	Texas — 8.6%
	1,000,000		A1(e)	City of Houston, TX, Airport System Revenue, Revenue Bonds, AMT, Series C, 5.000% due 7/1/26(b)		1,235,120
	295,000	��	A	Lower Colorado River Authority, Revenue Bonds, LCRA Transmission Services Corp. Project, 4.000% due 5/15/36		311,278
	505,000		NR	New Hope Cultural Education Facilities Finance Corp., Revenue Bonds, Beta Academy, 3.375% due 8/15/29(c)		518,665
	500,000		AAA	North East, TX, Independent School District, GO, PSF-GTD-Insured, 5.250% due 2/1/28		660,335
	1,000,000		A+	North Texas Tollway Authority, Revenue Bonds, Series A, 5.000% due 1/1/39		1,205,230
	1,250,000		AA	San Antonio Water System, Revenue Bonds, Junior Lien Revenue and Refunding Bonds, Series C, 5.000% due 5/15/46		1,526,325
	1,575,000		AAA	Texas Transportation Commission State Highway Fund, Revenue Bonds, 5.250% due 4/1/26		1,980,752
				Total Texas		7,437,705
	Utah — 3.3%
	500,000		A	Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind, Series A, 5.000% due 9/1/32		632,345
	2,000,000		AA	Utah State University, Revenue Bonds, Student Building Fee, Series B, Pre-refunded 6/1/23 @ 100, 5.000% due 12/1/44(d)		2,272,620
				Total Utah		2,904,965
	Washington — 1.6%
	1,000,000		AA+	King County School District No. 401 Highline, GO, SCH BD GTY-Insured, 5.000% due 12/1/35		1,299,310
	100,000		BB(f)	Washington State Housing Finance Commission, Revenue Bonds, Transforming Age Projects, Series A, 5.000% due 1/1/26(c)		116,543
				Total Washington		1,415,853
	Wisconsin — 4.1%
	1,500,000		AA+	Wisconsin Department of Transportation, Revenue Bonds, Series I, 5.000% due 7/1/20		1,520,760
				Wisconsin Health & Educational Facilities Authority, Revenue Bonds:
	1,300,000		AA-	Aspirus Inc. Obligation Group, 4.000% due 8/15/40		1,404,208
	500,000		AA	Milwaukee Regional Medical Center Thermal Service Obligated Group, 5.000% due 4/1/37		633,945
				Total Wisconsin		3,558,913
	Wyoming — 0.8%
	680,000		A	County of Laramie, WY, Revenue Bonds, Cheyenne Regional Medical Center Project, 5.000% due 5/1/37		707,846
				TOTAL MUNICIPAL BONDS (Cost — $75,659,247)		81,790,986
Shares/Units
	CLOSED END MUTUAL FUND SECURITY — 4.1%
	UNITED STATES — 4.1%
	30,100			iShares® National Muni Bond ETF, Common Class (Cost — $3,340,729)		3,512,971
				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $78,999,976)		85,303,957

See Notes to Financial Statements.

238

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund
Face Amount†		Security	Value
	SHORT-TERM INVESTMENTS — 0.9%
	TIME DEPOSITS — 0.9%
$	71,696	Banco Santander SA — Frankfurt, 0.950% due 3/2/20	$	71,696
	741,943	JPMorgan Chase & Co. — New York, 0.950% due 3/2/20		741,943
		TOTAL SHORT-TERM INVESTMENTS (Cost — $813,639)		813,639
		TOTAL INVESTMENTS — 99.1% (Cost — $79,813,615)		86,117,596
		Other Assets in Excess of Liabilities — 0.9%		779,419
		TOTAL NET ASSETS — 100.0%	$	86,897,015

† 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 29, 2020.

(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 29, 2020, amounts to approximately $4,282,184 and represents 4.9% of net assets.

(d) 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.

(e) Rating by Moody’s Investors Service.

(f) Rating by Fitch Ratings Service.

At February 29, 2020, 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	$	79,813,615	$	6,303,981	$	(123,750	)	$	6,180,231

Abbreviations used in this schedule:
AMBAC	— American Bond Assurance Corporation
ETF	— Exchange-Traded Fund
FGIC	— Financial Guarantee Insurance Company
GO	— General Obligation
NPFG	— National Public Finance Guarantee Corporation
PSF-GTD	— Permanent School Fund Guaranteed
SCH BD GTY	— School Bond Guaranty

See Notes to Financial Statements.

239

Schedules of Investments

(unaudited) (continued)

Municipal Bond Fund

Summary of Investments by Industry^
General Obligation	13.9	%
Health Care Providers & Services	12.7
Transportation	12.1
Higher Education	8.9
Development	7.7
School District	6.4
Utilities	6.2
Airport	6.1
Water and Sewer	5.1
Single Family Housing	4.5
Capital Markets	4.1
Power	4.1
Education	3.1
Tobacco Settlement	1.2
Pollution	1.2
Multi Family Housing	1.0
Nursing Homes	0.7
Short-Term Investments	1.0
	100.0	%

^ As a percentage of total investments.

At February 29, 2020, Municipal Bond Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Depreciation
Contracts to Sell:
U.S. Treasury 10-Year Note June Futures		60		6/20	$	7,961,250	$	8,085,000	$	(123,750	)

At February 29, 2020, Municipal Bond Fund had deposited cash of $70,000 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 pages 272-273 for definitions of ratings.

See Notes to Financial Statements.

240

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	U.S. GOVERNMENT OBLIGATIONS — 105.5%
			U.S. Treasury Inflation Indexed Bonds:
$	8,738,625		2.375% due 1/15/25	$	9,925,351
	8,963,416		2.000% due 1/15/26		10,216,801
	1,958,928		1.750% due 1/15/28		2,276,017
	6,976,465		3.625% due 4/15/28		9,203,008
	6,752,910		2.500% due 1/15/29		8,446,085
	2,730,858		3.875% due 4/15/29		3,775,046
	34,746		3.375% due 4/15/32		50,035
	4,838,945		2.125% due 2/15/40		6,891,506
	2,804,546		2.125% due 2/15/41		4,038,536
	227,450		0.750% due 2/15/42		261,575
	435,907		0.625% due 2/15/43		489,812
	6,582,582		1.375% due 2/15/44		8,606,810
	240,079		0.750% due 2/15/45		278,902
	6,626,478		1.000% due 2/15/46		8,162,524
	4,364,655		0.875% due 2/15/47		5,272,637
	2,313,418		1.000% due 2/15/48		2,892,061
	725,066		1.000% due 2/15/49		913,922
			U.S. Treasury Inflation Indexed Notes:
	2,819,328		1.125% due 1/15/21		2,849,218
	15,518,870		0.125% due 4/15/21(a)		15,541,528
	193,827		0.625% due 7/15/21		196,673
	5,779,033		0.125% due 1/15/22		5,822,443
	17,965,333		0.125% due 4/15/22(a)		18,102,794
	21,608,040		0.125% due 1/15/23		21,893,426
	537,966		0.625% due 4/15/23		553,389
	16,611,686		0.625% due 1/15/26(a)		17,578,462
	10,650,916		0.125% due 7/15/26		11,015,604
	7,265,822		0.375% due 1/15/27		7,623,707
	8,204,483		0.375% due 7/15/27		8,663,452
	9,467,788		0.500% due 1/15/28		10,078,756
	6,899,940		0.750% due 7/15/28		7,547,158
	910,850		0.875% due 1/15/29		1,007,096
	18,929,866		0.250% due 7/15/29(a)		19,992,635
	639,232		0.125% due 1/15/30		667,689
	130,000		U.S. Treasury Notes, 1.750% due 12/31/24		135,106
			TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $215,324,396)		230,969,764
	MORTGAGE-BACKED SECURITIES — 13.9%
	FNMA — 13.9%
			Federal National Mortgage Association (FNMA):
	7,600,000		3.000% due 4/1/50(b)		7,819,354
	15,300,000		4.000% due 4/1/50(b)		16,111,242
	6,500,000		2.500% due 5/1/50(b)		6,619,000
			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $30,275,984)		30,549,596
	COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2%
			Alternative Loan Trust:
	338,989	Caa2(c)	Series 2006-HY11, Class A1, 1.747% (1-Month USD-LIBOR + 0.120%) due 6/25/36(d)		327,795
	55,687	WR(c)	Series 2007-4CB, Class 1A35, 6.000% due 4/25/37		56,992
	688,522	Caa3(c)	Alternative Loan Trust Resecuritization, Series 2008-2R, Class 1A1, 6.000% due 8/25/37(d)		693,844
	2,378	AA	American Home Mortgage Investment Trust, Series 2005-2, Class 4A1, 3.263% (6-Month USD-LIBOR + 1.500%) due 9/25/45(d)		2,420

See Notes to Financial Statements.

241

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 11.2% — (continued)
$	100,479		AAA	B&M CLO Ltd., Series 2014-1A, Class A1R, 2.573% (3-Month USD-LIBOR + 0.730%) due 4/16/26(d)(e)	$	100,514
	596,192		Aaa(c)	Bancorp Commercial Mortgage Trust, Series 2019-CRE6, Class A, 2.709% (1-Month USD-LIBOR + 1.050%) due 9/15/36(d)(e)		596,499
				Bayview Opportunity Master Fund IVa Trust:
	132,605		NR	Series 2019-RN2, Class A1, step bond to yield, 3.967% due 3/28/34(e)		133,049
	71,029		NR	Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(e)		71,136
	27,436		BBB-	Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-3, Class 3A2, 4.789% due 5/25/33(d)		28,454
	303,485		CCC	Bear Stearns Asset-Backed Securities Trust, Series 2004-1, Class M1, 2.602% (1-Month USD-LIBOR + 0.975%) due 6/25/34(d)		310,193
	68,681		AA+	Chevy Chase Funding LLC Mortgage-Backed Certificates, Series 2004-A, Class A1, 1.987% (1-Month USD-LIBOR + 0.360%) due 3/25/35(d)(e)		68,760
				CHL Mortgage Pass-Through Trust:
	1,036,961		WR(c)	Series 2005-HYB6, Class 2A1, 3.797% due 10/20/35(d)		1,051,548
	109,153		WR(c)	Series 2005-HYB9, Class 2A1, 3.939% (1-Year USD-LIBOR + 1.750%) due 2/20/36(d)		106,244
	144,976		Caa2(c)	Series 2006-6, Class A4, 6.000% due 4/25/36		117,203
	201,200		WD(f)	Series 2007-1, Class A1, 6.000% due 3/25/37		169,826
				Citigroup Mortgage Loan Trust:
	6,780		B-	Series 2004-HYB2, Class 2A, 4.023% due 3/25/34(d)		6,801
	280,315		Caa2(c)	Series 2007-AR4, Class 1A1A, 4.046% due 3/25/37(d)		276,450
	94,543		NR	Series 2019-B, Class A1, 3.258% due 4/25/66(d)(e)		94,898
	33,670		B(f)	Citigroup Mortgage Loan Trust Inc., Series 2004-NCM2, Class 1CB1, 5.500% due 8/25/34		34,800
				Countrywide Asset-Backed Certificates:
	442,364		CC	Series 2007-1, Class 1A, 1.767% (1-Month USD-LIBOR + 0.140%) due 7/25/37(d)		401,864
	94,884		CC	Series 2007-6, Class 1A, 1.827% (1-Month USD-LIBOR + 0.200%) due 9/25/37(d)		82,154
	539,451		CCC	Series 2007-8, Class 1A1, 1.817% (1-Month USD-LIBOR + 0.190%) due 11/25/37(d)		521,163
	867,968		NR	Credit Suisse Commercial Mortgage, Series 2015-3R, Class 5A2, 1.777% (1-Month USD-LIBOR + 0.150%) due 9/29/36(d)(e)		844,561
	187,906		NR	Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.552% due 8/26/58(e)		190,255
				Credit-Based Asset Servicing & Securitization LLC:
	153,000		BB	Series 2005-CB3, Class M4, 2.677% (1-Month USD-LIBOR + 1.050%) due 5/25/35(d)		153,409
	1,041,287		CC	Series 2007-CB6, Class A3, 1.847% (1-Month USD-LIBOR + 0.220%) due 7/25/37(d)(e)		705,162
	600,000		AAA	Crown Point CLO 5 Ltd., Series 2018-5A, Class A, 2.776% (3-Month USD-LIBOR + 0.940%) due 7/17/28(d)(e)		599,715
	149,011		D	CWABS Asset-Backed Certificates Trust, Series 2004-7, Class MV5, 3.352% (1-Month USD-LIBOR + 1.725%) due 11/25/34(d)		150,391
	1,006,726		CCC	Ellington Loan Acquisition Trust, Series 2007-1, Class A1, 2.727% (1-Month USD-LIBOR + 1.100%) due 5/25/37(d)(e)		1,009,799
	500,000	EUR	AAA	Euro-Galaxy V CLO BV, Series 2016-5A, Class ARV, 0.820% (3-Month EURIBOR + 8.200%) due 11/10/30(d)(e)		552,396
	100,000		Aaa(c)	Evans Grove CLO Ltd., Series 2018-1A, Class A1, 2.533% (3-Month USD-LIBOR + 0.920%) due 5/28/28(d)(e)		99,948
	1,001,355		NR	Fannie Mae REMICS, Series 2019-5, Class FA, 2.027% (1-Month USD-LIBOR + 0.400%) due 3/25/49(d)		997,773
	269,817		AAA	Figueroa CLO Ltd., Series 2013-2A, Class A1RR, 2.758% (3-Month USD-LIBOR + 0.850%) due 6/20/27(d)(e)		270,183
				Government National Mortgage Association:
	467,058		NR	Series 2018-H15, Class FG, 2.266% (1-Year USD-LIBOR + 0.150%) due 8/20/68(d)		462,237
	1,010,489		NR	Series 2019-20, Class FE, 2.047% (1-Month USD-LIBOR + 0.400%) due 2/20/49(d)		1,008,326
	32,157		D	GSAA Trust, Series 2006-7, Class AF4A, step bond to yield, 6.220% due 3/25/46		25,357
	5,449		AA+	HarborView Mortgage Loan Trust, Series 2005-9, Class 2A1A, 1.987% (1-Month USD-LIBOR + 0.340%) due 6/20/35(d)		5,422

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 — 11.2% — (continued)
	831,852	GBP	AAA	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.761% (Sterling Overnight Index Average + 1.050%) due 5/25/53(d)(e)	$	1,073,487
$	69,548		B-	IndyMac INDX Mortgage Loan Trust, Series 2005-16IP, Class A1, 2.267% (1-Month USD-LIBOR + 0.640%) due 7/25/45(d)		65,897
	250,000		Aaa(c)	JMP Credit Advisors CLO IIIR Ltd., Series 2014-1RA, Class A, 2.686% (3-Month USD-LIBOR + 0.850%) due 1/17/28(d)(e)		249,713
	451,957		CCC	JP Morgan Alternative Loan Trust, Series 2006-A1, Class 1A1, 2.087% (1-Month USD-LIBOR + 0.460%) due 3/25/36(d)		447,993
	200,000		A-	JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-FL12, Class A, 3.108% (1-Month USD-LIBOR + 1.450%) due 12/15/31(d)(e)		200,012
	260,000	EUR	AAA	Jubilee CLO BV, Series 2015-16A, Class A1R, 0.405% (0.800% — 3-Month EURIBOR) due 12/15/29(e)(h)		286,814
	90,319		NR	Legacy Mortgage Asset Trust, Series 2019-GS3, Class A1, step bond to yield, 3.750% due 4/25/59(e)		92,023
	455,414		WD(f)	Lehman XS Trust, Series 2007-20N, Class A1, 2.777% (1-Month USD-LIBOR + 1.150%) due 12/25/37(d)		451,231
	21,341		Aaa(c)	LMREC Inc., Series 2015-CRE1, Class AR, 2.609% (1-Month USD-LIBOR + 0.980%) due 2/22/32(d)(e)		21,322
	196,198		CC	Long Beach Mortgage Loan Trust, Series 2006-7, Class 2A2, 1.747% (1-Month USD-LIBOR + 0.120%) due 8/25/36(d)		107,959
	320,000		Aaa(c)	Monarch Grove CLO, Series 2018-1A, Class A1, 2.674% (3-Month USD-LIBOR + 0.880%) due 1/25/28(d)(e)		319,678
	627,370		AAA	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 2.668% (3-Month USD-LIBOR + 0.820%) due 10/13/27(d)(e)		627,396
	16,279		AA+	MRFC Mortgage Pass-Through Trust, Series 2000-TBC2, Class A1, 2.138% (1-Month USD-LIBOR + 0.480%) due 6/15/30(d)		16,338
				New Residential Mortgage Loan Trust:
	75,893		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(d)(e)		81,067
	382,037		Aaa(c)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(d)(e)		393,229
				Option One Mortgage Loan Trust:
	124,283		CC	Series 2007-1, Class 1A1, 1.767% (1-Month USD-LIBOR + 0.140%) due 1/25/37(d)		92,003
	119,214		CC	Series 2007-2, Class 1A1, 1.767% (1-Month USD-LIBOR + 0.140%) due 3/25/37(d)		90,793
	700,000	EUR	AAA	OZLME BV, Series 1A, Class AR, 0.820% (3-Month EURIBOR + 0.820%) due 1/18/30(d)(e)		769,574
	600,000		B+	RASC Trust, Series 2006-KS3, Class M1, 1.957% (1-Month USD-LIBOR + 0.330%) due 4/25/36(d)		594,610
	596,093		WD(f)	Residential Asset Securitization Trust, Series 2006-A10, Class A5, 6.500% due 9/25/36		402,547
				Securitized Asset-Backed Receivables LLC Trust:
	593,633		CC	Series 2006-FR3, Class A3, 1.877% (1-Month USD-LIBOR + 0.250%) due 5/25/36(d)		409,567
	115,360		CC	Series 2006-HE2, Class A2C, 1.777% (1-Month USD-LIBOR + 0.150%) due 7/25/36(d)		63,113
	336,212		B	Sequoia Mortgage Trust, Series 6, Class A, 2.287% (1-Month USD-LIBOR + 0.640%) due 4/19/27(d)		334,040
	207,500	GBP	NR	Silverstone Master Issuer PLC, Series 2015-16A, Class 2A, 1.461% (Sterling Overnight Index Average + 0.750%) due 1/21/70(d)(e)		267,607
	900,000		Aaa(c)	Sound Point Clo XIV Ltd., Series 2016-3A, Class AR, 2.956% (3-Month USD-LIBOR + 1.150%) due 1/23/29(d)(e)		900,069
				Soundview Home Loan Trust:
	289,142		CC	Series 2007-OPT1, Class 1A1, 1.827% (1-Month USD-LIBOR + 0.200%) due 6/25/37(d)		229,646
	80,014		CCC	Series 2007-OPT2, Class 2A3, 1.807% (1-Month USD-LIBOR + 0.180%) due 7/25/37(d)		75,910
	483,874		NR	SpringCastle Funding Asset-Backed Notes, Series 2019-AA, Class A, 3.200% due 5/27/36(e)		495,806
	233,028		Aaa(c)	Symphony CLO XIV Ltd., Series 2014-14A, Class AR, 2.788% (3-Month USD-LIBOR + 0.950%) due 7/14/26(d)(e)		233,063
	260,000		Aaa(c)	Symphony CLO XVII Ltd., Series 2016-17A, Class AR, 2.711% (3-Month USD-LIBOR + 0.880%) due 4/15/28(d)(e)		260,073

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 — 11.2% — (continued)
$	146,815		AAA	THL Credit Wind River CLO Ltd., Series 2012-1A, Class AR2, 2.711% (3-Month USD-LIBOR + 0.880%) due 1/15/26(d)(e)	$	146,874
	360,000		Aaa(c)	TICP CLO III-2 Ltd., Series 2018-3R, Class A, 2.659% (3-Month USD-LIBOR + 0.840%) due 4/20/28(d)(e)		359,467
	500,000		Aaa(c)	Venture 35 CLO Ltd., Series 2018-35A, Class AS, 2.952% (3-Month USD-LIBOR + 1.150%) due 10/22/31(d)(e)		498,433
	346,521		AAA	Venture XII CLO Ltd., Series 2012-12A, Class ARR, 2.413% (3-Month USD-LIBOR + 0.800%) due 2/28/26(d)(e)		346,457
	800,000		Aaa(c)	Venture XVI CLO Ltd., Series 2014-16A, Class ARR, 2.681% (3-Month USD-LIBOR + 0.850%) due 1/15/28(d)(e)		799,290
	330,000		Aaa(c)	Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 2.711% (3-Month USD-LIBOR + 0.880%) due 4/15/27(d)(e)		329,857
				WaMu Mortgage Pass-Through Certificates Trust:
	14,650		Baa1(c)	Series 2002-AR2, Class A, 2.286% (11th District Cost of Funds Index + 1.250%) due 2/27/34(d)		14,687
	5,813		BBB	Series 2002-AR17, Class 1A, 3.253% (1-Year Treasury Average Rate + 1.200%) due 11/25/42(d)		5,759
				TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $24,315,276)		24,480,945
	CORPORATE BONDS & NOTES — 4.4%
	Banks — 2.0%
	100,000	EUR	Ba1(c)	Banco Santander SA, Junior Subordinated Notes, 6.250% (5-Year EUR Swap Rate + 5.640%)(d)(g)		116,710
	200,000	EUR	Baa3(c)	Cooperatieve Rabobank UA, Junior Subordinated Notes, 6.625% (6.697% — 5-Year EUR Swap Rate)(g)(h)		237,041
	700,000		BBB-	Deutsche Bank AG, Senior Unsecured Notes, 4.250% due 10/14/21		722,661
	100,000	GBP	BBB+	HSBC Holdings PLC, Subordinated Notes, 6.000% due 3/29/40		177,115
	200,000		BBB+	Lloyds Banking Group PLC, Senior Unsecured Notes, 2.728% (3-Month USD-LIBOR + 0.800%) due 6/21/21(d)		201,166
	15,625,895	DKK	AAA	Nykredit Realkredit AS, Covered Notes, 1.000% due 10/1/50		2,331,121
				Royal Bank of Scotland Group PLC:
	240,000		B+	Junior Subordinated Notes, 8.625% (5-Year USD Swap Rate + 7.598%)(d)(g)		254,346
				Senior Unsecured Notes:
	200,000		BBB	3.497% (3-Month USD-LIBOR + 1.550%) due 6/25/24(d)		203,037
	200,000		BBB	4.519% (3-Month USD-LIBOR + 1.550%) due 6/25/24(d)		215,055
				Total Banks		4,458,252
	Diversified Financial Services — 1.8%
				Ally Financial Inc.:
	400,000		BBB-	Company Guaranteed Notes, 8.000% due 11/1/31		555,760
	100,000		BBB-	Senior Unsecured Notes, 8.000% due 11/1/31		139,372
	18,846,001	DKK	AAA	Jyske Realkredit AS, Covered Notes, 1.000% due 10/1/50		2,813,594
	2,679,504	DKK	AAA	Nordea Kredit Realkreditaktieselskab, Covered Notes, 1.000% due 10/1/50		399,935
				Total Diversified Financial Services		3,908,661
	Electric — 0.2%
	200,000		BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.800% due 1/15/23		207,372
	100,000		BBB+	Sempra Energy, Senior Unsecured Notes, 2.344% (3-Month USD-LIBOR + 0.450%) due 3/15/21(d)		100,252
				Total Electric		307,624

See Notes to Financial Statements.

244

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Oil & Gas — 0.3%
$	505,000		BB-	Petrobras Global Finance BV, Company Guaranteed Notes, 5.093% due 1/15/30(e)	$	540,981
	2,120,000	ARS	NR	YPF SA, Senior Unsecured Notes, 52.375% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 6.000%) due 3/4/21(d)		42,315
				Total Oil & Gas		583,296
	Telecommunications — 0.1%
	300,000		BBB	AT&T Inc., Senior Unsecured Notes, 2.330% (3-Month USD-LIBOR + 0.750%) due 6/1/21(d)		301,426
				TOTAL CORPORATE BONDS & NOTES (Cost — $9,390,719)		9,559,259
	SOVEREIGN BONDS — 3.8%
	Argentina — 0.1%
	21,644,000	ARS	NR	Argentina POM Politica Monetaria, 51.226% due 6/21/20(d)		269,135
	727,000	ARS	NR	Bonos del Tesoro Nacional en Pesos Badlar, 37.342% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 2.000%) due 4/3/22(d)		8,484
	4,740,000	ARS	NR	Ciudad Autonoma de Buenos Aires, 38.279% (Argentina Deposit Rates Badlar Private Banks ARS 30 to 35 Days Index + 5.000%) due 1/23/22(d)		71,872
				Total Argentina		349,491
	Australia — 0.8%
				Australia Government Bonds:
	1,040,000	AUD	Aaa(c)	1.250% due 2/21/22		813,058
	890,000	AUD	Aaa(c)	3.000% due 9/20/25		865,921
				Total Australia		1,678,979
	Brazil — 0.6%
	5,768,000	BRL	BB-	Brazil Letras do Tesouro Nacional, zero coupon, due 7/1/20		1,272,251
	Canada — 0.2%
				Canadian Government Real Return Bonds:
	465,924	CAD	AAA	4.250% due 12/1/26		451,827
	52,475	CAD	AAA	0.500% due 12/1/50		45,191
				Total Canada		497,018
	Japan — 1.4%
				Japanese Government CPI Linked Bonds:
	141,071,100	JPY	A1(c)	0.100% due 3/10/28		1,341,199
	182,428,090	JPY	NR	0.100% due 3/10/29		1,734,390
				Total Japan		3,075,589
	New Zealand — 0.4%
	970,000	NZD	AA+	New Zealand Government Bonds Inflation Linked Bonds, 2.500% due 9/20/35		855,450
	Peru — 0.2%
	1,400,000	PEN	A-	Peru Government Bonds Inflation Linked Bonds, 6.150% due 8/12/32(e)		465,931
	Qatar — 0.1%
	200,000		AA-	Qatar Government International Bonds, 3.875% due 4/23/23		212,113
				TOTAL SOVEREIGN BONDS (Cost — $9,334,056)		8,406,822
				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $288,640,431)		303,966,386

See Notes to Financial Statements.

245

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund
Face Amount/Units†			Security	Value
	SHORT-TERM INVESTMENTS — 0.4%
	TIME DEPOSITS — 0.4%
	99,285	EUR	Banco Santander SA — Frankfurt, (0.680)% due 3/2/20	$	109,590
	112,419	GBP	Banco Santander SA — Frankfurt, 0.330% due 3/2/20		144,110
			BBH — Grand Cayman:
	352,087	DKK	(0.950)% due 3/2/20		52,005
	1,046,614	JPY	(0.260)% due 3/2/20		9,703
	25,192	AUD	0.310% due 3/2/20		16,404
	525	SGD	0.500% due 3/2/20		377
	15,076	NZD	0.700% due 3/2/20		9,424
	37	CAD	0.820% due 3/2/20		27
	4,472	ZAR	6.250% due 3/2/20		287
$	624,821		JPMorgan Chase & Co. — New York, 0.950% due 3/2/20		624,821
			TOTAL SHORT-TERM INVESTMENTS (Cost — $966,748)		966,748
			TOTAL INVESTMENTS IN SECURITIES (Cost — $289,607,179)		304,933,134
			TOTAL INVESTMENTS IN PURCHASED OPTIONS (Cost — $250,509)		635,136
			TOTAL INVESTMENTS — 139.5% (Cost — $289,857,688)		305,568,270
			Liabilities in Excess of Other Assets — (39.5)%		(86,537,150	)
			TOTAL NET ASSETS — 100.0%	$	219,031,120

† 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 agreements.

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

(c) Rating by Moody’s Investors Service.

(d) Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2020.

(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 29, 2020, amounts to approximately $15,095,098 and represents 6.9% of net assets.

(f) Rating by Fitch Ratings Service.

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

(h) Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 29, 2020.

^(SBB)  All or a portion of these securities were purchased in a sale-buyback transaction. The value of these securities total $25,474,744, which represents 11.6% of net assets.

At February 29, 2020, 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	$	289,857,688	$	21,248,709	$	(4,786,747	)	$	16,461,962

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
REMICS	— Real Estate Mortgage Investment Conduit

See Notes to Financial Statements.

246

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Summary of Investments by Security Type^
U.S. Government Obligations	75.6	%
Mortgage-Backed Securities	10.0
Collateralized Mortgage Obligations	8.0
Corporate Bonds & Notes	3.1
Sovereign Bonds	2.8
Purchased Options	0.2
Short-Term Investments	0.3
	100.0	%

^ As a percentage of total investments.

At February 29, 2020, 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
	56,070,000	$	886,119	OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		DUB		3/10/20		1.500%	$	227,095
	55,600,000		878,691	OTC 1-Year Swaption, 3-Month USD-LIBOR, Call		BNP		8/26/20		1.190%		206,332
	30,100,000		475,694	OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		JPM		10/2/20		1.066%		197,922
				Total Interest Rate Swaptions							$	631,349

Options on Futures

Number of Contracts		Notional Amount†		Security Name	Counterparty		Expiration Date		Strike Price		Value
	55	$	7,333,047	U.S. Treasury 10-Year Note June Futures, Call		CITI		5/22/20	$	152.00	$	1,719
	30		6,526,406	U.S. Treasury 2-Year Note June Futures, Call		CITI		5/22/20	$	112.25		937
	17		2,070,547	U.S. Treasury 5-Year Note June Futures, Call		CITI		5/22/20	$	132.25		398
	46		7,703,563	U.S. Treasury Bond June Futures, Call		CITI		5/22/20	$	215.00		719
	14		2,844,625	U.S. Treasury Ultra Long Bond June Futures, Put		CITI		5/22/20	$	135.00		14
				Total Options on Futures							$	3,787
				TOTAL OPTIONS CONTRACTS PURCHASED (Cost — $250,509)							$	635,136

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

At February 29, 2020, 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
	900,000		505,845	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		BCLY		3/18/20		0.425%	$	23
	900,000		505,845	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		BCLY		3/18/20		0.700%		1,540
	400,000		$  271,412		OTC Markit CDX North America Investment Grade Series 33 5-Year Index, Put		BNP		6/17/20		0.800%		1,384
	400,000		224,820	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		BNP		3/18/20		0.450%		25
	400,000		224,820	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		BNP		3/18/20		0.800%		293
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		DUB		3/18/20		0.450%		12

See Notes to Financial Statements.

247

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		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		DUB		3/18/20		0.800%	$	147
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		JPM		3/18/20		0.800%		147
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		JPM		3/18/20		0.425%		5
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		JPM		3/18/20		0.700%		342
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		JPM		3/18/20		0.450%		12
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Call		MLP		3/18/20		0.450%		12
	200,000		112,410	EUR	OTC Markit iTraxx Europe Series 32 5-Year Index, Put		MLP		3/18/20		0.800%		146
					Total Credit Default Swaptions							$	4,088

Interest Rate Swaptions

Number of Contracts		Notional Amount†			Security Name	Counterparty		Expiration Date		Exercise Rate		Value
	6,300,000		$    99,564		OTC 10-Year Swaption, 3-Month USD-LIBOR, Call		JPM		10/2/20		1.302%	$	192,799
	28,300,000		447,248		OTC 2-Year Swaption, 3-Month USD-LIBOR, Call		BNP		8/26/20		1.090%		158,477
	700,000		2,975	EUR	OTC 30-Year Swaption, 3-Month EURIBOR, Call		JPM		8/25/20		0.000%		29,322
	11,600,000		183,324		OTC 5-Year Swaption, 3-Month USD-LIBOR, Call		DUB		3/10/20		1.404%		244,699
					Total Interest Rate Swaptions							$	625,297

Options on Futures

Number of Contracts

Notional Amount†

Security Name

Counterparty

Expiration Date

Strike Price

Value

13

2,271,880EUR

Euro-Bund April Futures, Call

UBS

3/27/20

EUR

172.00

$

41,613

13

2,271,880EUR

Euro-Bund April Futures, Put

UBS

3/27/20

EUR

172.00

3,013

Total Options on Futures

$

44,626

TOTAL OPTIONS CONTRACTS WRITTEN (Premiums received — $301,942)

$

674,011

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

At February 29, 2020, Inflation-Linked Fixed Income Fund held the following Reverse Repurchase Agreements:

Face Amounts†		Security	Value
		Bank of America:
$	2,817,750	1.720% due 4/13/20	$	2,817,750
	866,000	1.720% due 5/4/20		866,000
		NatWest Markets Securities Inc.:
	1,901,250	1.700% due 3/4/20		1,901,250
	105,000	1.710% due 3/5/20		105,000
	841,000	1.740% due 4/6/20		841,000
		Standard Chartered Bank:
	25,833,120	1.740% due 3/4/20		25,833,120
		TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds — $32,364,120)	$	32,364,120

See Notes to Financial Statements.

248

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

For the period ended February 29, 2020, the daily average borrowing and interest rate under the reverse repurchase agreements were $49,012,644 and 1.980%, respectively.

At February 29, 2020, Inflation-Linked Fixed Income Fund had cash collateral from brokers in the amount of $167,000 for open reverse repurchase agreements.

At February 29, 2020, Inflation-Linked Fixed Income Fund had open exchange-traded futures contracts as described below.

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

Open Futures Contracts	Number of Contracts		Expiration Date (Month/Year)		Notional Amount		Market Value		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Euro-Bund June Futures		52		6/20	$	9,941,948	$	10,026,786	$	84,838
Short Euro-BTP June Futures		73		6/20		9,095,245		9,071,403		(23,842	)
U.S. Treasury 5-Year Note June Futures		19		6/20		2,307,791		2,332,250		24,459
U.S. Treasury Ultra Long Bond June Futures		16		6/20		3,113,131		3,320,000		206,869
										292,324
Contracts to Sell:
Australian Government 10-Year Bond March Futures		4		3/20		380,542		389,899		(9,357	)
Australian Government 3-Year Bond March Futures		14		3/20		1,055,535		1,060,570		(5,035	)
Euro-Bobl March Futures		58		3/20		8,587,829		8,685,008		(97,179	)
Euro-BTP March Futures		1		3/20		163,539		160,890		2,649
Euro-Buxl 30-Year Bond March Futures		9		3/20		2,021,212		2,183,338		(162,126	)
Euro-Schatz Note June Futures		289		6/20		35,779,538		35,842,637		(63,099	)
Japan Government 10-Year Bond March Futures		3		3/20		4,235,989		4,285,078		(49,089	)
U.S. Treasury 2-Year Note June Futures		35		6/20		7,575,586		7,641,484		(65,898	)
U.S. Treasury 10-Year Note June Futures		77		6/20		10,219,741		10,375,750		(156,009	)
U.S. Treasury Long Bond June Futures		53		6/20		8,586,837		9,023,250		(436,413	)
U.S. Ultra Long Bond June Futures		13		6/20		1,920,953		1,952,844		(31,891	)
										(1,073,447	)
Net Unrealized Depreciation on Open Exchange-Traded Futures Contracts									$	(781,123	)

At February 29, 2020, Inflation-Linked Fixed Income Fund had deposited cash of $401,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 29, 2020, 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:
Brazilian Real		2,042,558		USD	484,874		BCLY	$	456,544		3/3/20	$	(28,330	)
Brazilian Real		2,042,558		USD	454,033		MLP		456,545		3/3/20		2,512
Brazilian Real		2,042,558		USD	465,344		MLP		455,613		4/2/20		(9,731	)
British Pound		1,290,000		USD	1,661,989		MLP		1,653,651		3/3/20		(8,338	)
Indonesian Rupiah		16,302,736,400		USD	1,140,530		DUB		1,134,731		3/18/20		(5,799	)
Indonesian Rupiah		16,302,736,400		USD	1,175,819		SCB		1,125,327		6/17/20		(50,492	)

See Notes to Financial Statements.

249

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy: (continued)
Japanese Yen		339,200,000		USD	3,080,976		BCLY	$	3,144,672		3/3/20	$	63,696
Korean Won		229,967,600		USD	194,000		BNP		191,551		3/18/20		(2,449	)
Korean Won		557,514,000		USD	470,000		HSBC		464,379		3/18/20		(5,621	)
Korean Won		553,145,400		USD	465,000		JPM		460,740		3/18/20		(4,260	)
Mexican Peso		20,133,000		USD	1,026,225		HSBC		1,012,805		5/5/20		(13,420	)
New Taiwan Dollar		20,026,824		USD	662,000		BCLY		665,419		3/18/20		3,419
New Taiwan Dollar		15,036,735		USD	497,000		SCB		499,616		3/18/20		2,616
New Zealand Dollar		1,264,000		USD	798,704		BNP		790,127		3/3/20		(8,577	)
Russian Ruble		9,099,025		USD	146,113		HSBC		135,746		3/16/20		(10,367	)
Russian Ruble		67,739,427		USD	1,060,435		HSBC		1,006,536		4/15/20		(53,899	)
Singapore Dollar		781,000		USD	574,876		HSBC		560,800		3/18/20		(14,076	)
													(143,116	)
Contracts to Sell:
Australian Dollar		2,517,000		USD	1,698,197		HSBC		1,638,944		3/3/20		59,253
Australian Dollar		2,517,000		USD	1,645,979		SCB		1,640,168		4/2/20		5,811
Brazilian Real		2,042,558		USD	454,033		BCLY		456,545		3/3/20		(2,512	)
Brazilian Real		2,042,558		USD	466,125		MLP		456,545		3/3/20		9,580
Brazilian Real		5,768,000		USD	1,377,597		JPM		1,280,934		7/2/20		96,663
British Pound		1,290,000		USD	1,679,686		HSBC		1,653,651		3/3/20		26,035
British Pound		1,290,000		USD	1,663,325		MLP		1,655,111		4/2/20		8,214
Canadian Dollar		644,000		USD	488,610		MLP		479,810		3/3/20		8,800
Danish Krone		36,982,652		USD	5,560,217		BCLY		5,473,939		4/1/20		86,278
Euro		275,000		USD	301,693		BCLY		303,545		3/3/20		(1,852	)
Euro		3,452,000		USD	3,832,168		SCB		3,810,319		3/3/20		21,849
Euro		3,727,000		USD	4,101,477		SCB		4,121,835		4/2/20		(20,358	)
Indonesian Rupiah		16,302,736,400		USD	1,186,430		SCB		1,134,731		3/18/20		51,699
Japanese Yen		339,200,000		USD	3,117,511		BCLY		3,144,672		3/3/20		(27,161	)
Japanese Yen		339,200,000		USD	3,085,987		BCLY		3,150,078		4/2/20		(64,091	)
Korean Won		1,351,944,610		USD	1,151,395		BNP		1,126,097		3/18/20		25,298
New Taiwan Dollar		35,402,020		USD	1,172,019		DUB		1,176,281		3/18/20		(4,262	)
New Zealand Dollar		1,264,000		USD	817,978		JPM		790,127		3/3/20		27,851
New Zealand Dollar		1,264,000		USD	798,942		BNP		790,376		4/2/20		8,566
Peruvian Sol		1,581,510		USD	473,917		BNP		457,115		3/16/20		16,802
Singapore Dollar		788,084		USD	577,482		HSBC		565,886		3/18/20		11,596
													344,059
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	200,943

At February 29, 2020, Inflation-Linked Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount				Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	U.S. Federal Funds Effective Rate Index		2.428%		12/20/47		12-Month		USD		100,000	$	(33,336	)	$	241		$	(33,577	)
Receive	U.S. Federal Funds Effective Rate Index		2.478%		12/20/47		12-Month		USD		378,000		(130,762	)		758			(131,520	)
Receive	U.S. Federal Funds Effective Rate Index		2.499%		12/20/47		12-Month		USD	��	950,000		(333,629	)		2,364			(335,993	)
Receive	3-Month FRA New Zealand Bank Bill		3.250%		3/21/28		6-Month		NZD		700,000		(78,228	)		2,137			(80,365	)
Receive	3-Month USD-LIBOR		1.625%		1/16/50		6-Month		USD		100,000		(8,528	)		(1,424	)		(7,104	)
Receive	3-Month USD-LIBOR		1.625%		2/3/50		6-Month		USD		300,000		(25,635	)		(819	)		(24,816	)

See Notes to Financial Statements.

250

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount			Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	3-Month USD-LIBOR		1.750%		9/12/29		6-Month		USD	3,400,000	$	(89,411	)	$	7,961		$	(97,372	)
Receive	3-Month USD-LIBOR		1.750%		1/22/50		6-Month		USD	500,000		(58,835	)		(2,941	)		(55,894	)
Receive	3-Month USD-LIBOR		2.000%		1/15/50		6-Month		USD	100,000		(18,223	)		(720	)		(17,503	)
Pay	3-Month USD-LIBOR		2.250%		12/20/22		6-Month		USD	9,600,000		356,816			12,038			344,778
Receive	3-Month USD-LIBOR		2.250%		12/11/49		6-Month		USD	700,000		(172,623	)		(2,779	)		(169,844	)
Receive	3-Month USD-LIBOR		2.250%		3/12/50		6-Month		USD	400,000		(99,017	)		(1,227	)		(97,790	)
Pay	3-Month USD-LIBOR		2.750%		12/19/23		6-Month		USD	9,540,000		664,306			(58,761	)		723,067
Receive	3-Month USD-LIBOR		2.765%		7/18/28		6-Month		USD	650,000		(91,313	)		—			(91,313	)
Receive	6-Month JPY-LIBOR		0.300%		9/20/27		6-Month		JPY	5,590,000		(1,842	)		(101	)		(1,741	)
											$	(120,260	)	$	(43,273	)	$	(76,987	)

At February 29, 2020, 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	5-Year EUR Inflation Linked		1.030%		3/15/24		EUR	2,000,000	$	(40,250	)	$	(3,199	)	$	(37,051	)
Pay	10-Year EUR Inflation Linked		1.520%		11/15/27		EUR	1,890,000		125,512			(30,893	)		156,405
Pay	10-Year EUR Inflation Linked		1.535%		3/15/28		EUR	700,000		49,990			91			49,899
Pay	10-Year EUR Inflation Linked		1.620%		5/15/28		EUR	910,000		74,371			57			74,314
Receive	15-Year EUR Inflation Linked		1.710%		3/15/33		EUR	100,000		(13,189	)		—			(13,189	)
Pay	20-Year USD Inflation Linked		1.242%		8/15/39		EUR	240,000		5,004			—			5,004
Pay	30-Year EUR Inflation Linked		1.387%		8/15/49		EUR	120,000		5,122			—			5,122
Pay	30-Year EUR Inflation Linked		1.450%		2/15/50		EUR	600,000		40,721			1,933			38,788
Pay	5-Year GBP Inflation Linked		3.850%		9/15/24		GBP	1,300,000		73,547			(181	)		73,728
Pay	10-Year GBP Inflation Linked		3.717%		12/15/28		GBP	920,000		80,024			—			80,024
Pay	15-Year GBP Inflation Linked		3.100%		6/15/31		GBP	2,430,000		(117,153	)		(251,380	)		134,227
Pay	15-Year GBP Inflation Linked		3.500%		9/15/33		GBP	250,000		19,384			194			19,190
Pay	15-Year GBP Inflation Linked		3.530%		10/15/31		GBP	1,190,000		89,003			(7,845	)		96,848
Receive	15-Year GBP Inflation Linked		3.597%		9/15/34		GBP	1,260,000		(123,483	)		811			(124,294	)
Pay	20-Year GBP Inflation Linked		3.590%		6/15/39		GBP	120,000		19,346			—			19,346
Pay	20-Year GBP Inflation Linked		3.600%		6/15/39		GBP	540,000		89,516			(1,234	)		90,750
Pay	1-Year USD Inflation Linked		1.235%		2/27/21		USD	2,200,000		3,963			—			3,963
Receive	2-Year USD Inflation Linked		1.432%		7/25/21		USD	1,500,000		(1,147	)		—			(1,147	)
Receive	2-Year USD Inflation Linked		1.432%		8/6/21		USD	700,000		(443	)		—			(443	)
Receive	2-Year USD Inflation Linked		1.445%		9/9/21		USD	1,100,000		(490	)		—			(490	)
Receive	2-Year USD Inflation Linked		1.488%		10/1/21		USD	2,800,000		(6,154	)		—			(6,154	)
Receive	2-Year USD Inflation Linked		1.580%		9/20/21		USD	1,300,000		(4,685	)		—			(4,685	)
Receive	2-Year USD Inflation Linked		1.592%		9/20/21		USD	1,300,000		(4,998	)		(256	)		(4,742	)
Receive	2-Year USD Inflation Linked		1.997%		3/22/21		USD	1,390,000		(9,147	)		—			(9,147	)
Receive	5-Year USD Inflation Linked		1.550%		7/26/21		USD	400,000		6,480			13,538			(7,058	)
Receive	5-Year USD Inflation Linked		1.603%		9/12/21		USD	310,000		3,541			9,337			(5,796	)
Receive	5-Year USD Inflation Linked		2.210%		2/5/23		USD	2,090,000		(63,987	)		—			(63,987	)
Receive	5-Year USD Inflation Linked		2.220%		4/13/23		USD	6,296,000		(220,356	)		—			(220,356	)
Pay	10-Year USD Inflation Linked		1.760%		11/4/29		USD	1,200,000		10,599			(1,416	)		12,015
Pay	10-Year USD Inflation Linked		1.882%		11/20/29		USD	1,500,000		32,610			1,434			31,176

See Notes to Financial Statements.

251

Schedules of Investments

(unaudited) (continued)

Inflation-Linked Fixed Income Fund

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Notional Amount			Market Value		Upfront Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Pay	10-Year USD Inflation Linked		2.150%		9/25/27		USD	300,000	$	13,728	$	—		$	13,728
Pay	10-Year USD Inflation Linked		2.156%		10/17/27		USD	700,000		32,965		—			32,965
Pay	10-Year USD Inflation Linked		2.335%		2/5/28		USD	960,000		71,023		2,083			68,940
Pay	10-Year USD Inflation Linked		2.352%		5/9/28		USD	360,000		28,472		—			28,472
Pay	10-Year USD Inflation Linked		2.360%		5/9/28		USD	540,000		43,175		—			43,175
Pay	10-Year USD Inflation Linked		2.364%		5/10/28		USD	550,000		44,192		—			44,192
									$	356,806	$	(266,926	)	$	623,732

At February 29, 2020, Inflation-Linked Fixed Income Fund held the following OTC and Centrally Cleared Credit Default Swap Contracts:

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

Reference Obligation	Fixed Deal Receive Rate			Maturity Date		Payment Frequency		Counter party		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)			Market Value		Upfront Premiums Paid		Unrealized Depreciation
Brazilian Government International, BB -		1.000	%		3/20/20		3-Month		HSBC		0.420	%		USD	500,000	$	1,169	$	1,328	$	(159	)

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

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)			Market Value			Upfront Payment (Received)			Unrealized Appreciation
Markit CDX North America High Yield Index Series 32 5-Year Index		(5.000	)%		12/20/24		3-Month		0.038	%		USD	4,059,000	$	(248,925	)	$	(249,895	)	$	970
Markit iTraxx Europe Series 32 5-Year Index		(1.000	)%		12/20/24		3-Month		0.006	%		EUR	1,400,000		(29,465	)		(51,399	)		21,934
														$	(278,390	)	$	(301,294	)	$	22,904

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 2/29/20 (2)			Notional Amount (3)			Market Value		Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Daimler AG, A-		1.000	%		12/20/20		3-Month		0.002	%		EUR	100,000	$	932	$	1,651		$	(719	)
General Electric Co., BBH+		1.000	%		12/20/23		3-Month		0.007	%		USD	100,000		1,219		(4,874	)		6,093
														$	2,151	$	(3,223	)	$	5,374

(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.

See Notes to Financial Statements.

252

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(unaudited) (continued)

Inflation-Linked Fixed Income Fund

(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 29, 2020, Inflation-Linked Fixed Income Fund deposited cash collateral with brokers in the amount of $927,000 for open centrally cleared swap contracts.

At February 29, 2020, Inflation-Linked Fixed Income Fund had cash collateral from brokers in the amount of $410,000 for open OTC swap contracts.

At February 29, 2020, Inflation-Linked Fixed Income Fund was involved in following sale-buyback transactions:

Counterparty	Borrowing date		Maturity date		Borrowing rate			Amount borrowed
BNP Paribas		1/23/2020		4/23/2020		1.72	%	$	21,748,993
BNP Paribas		1/23/2020		4/23/2020		1.72	%		212,046
BNP Paribas		2/25/2020		3/3/2020		1.75	%		1,157,659
BNP Paribas		2/26/2020		3/4/2020		1.78	%		1,155,169
TD Securities (USA) LLC		2/27/2020		3/4/2020		1.60	%		897,538
								$	25,171,406

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	CITI	— Citigroup Global Markets Inc.
DKK	— Danish Krone	DUB	— Deutsche Bank AG
EUR	— Euro	HSBC	— HSBC Bank USA
GBP	— British Pound	JPM	— JPMorgan Chase & Co.
JPY	— Japanese Yen	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
NZD	— New Zealand Dollar	SCB	— Standard Chartered Bank
PEN	— Peruvian Sol	UBS	— UBS Securities LLC
SGD	— Singapore Dollar
USD	— United States Dollar
ZAR	— South African Rand

See pages 272-273 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 — 51.5%
	Aerospace/Defense — 0.5%
$	1,500,000	BB	Spirit AeroSystems Inc., Company Guaranteed Notes, 2.694% (3-Month USD-LIBOR + 0.800%) due 6/15/21(a)	$	1,485,375
	1,000,000	BBB+	United Technologies Corp., Senior Unsecured Notes, 2.342% (3-Month USD-LIBOR + 0.650%) due 8/16/21(a)		1,000,011
			Total Aerospace/Defense		2,485,386
	Agriculture — 1.5%
			BAT Capital Corp., Company Guaranteed Notes:
	2,330,000	BBB+	2.294% (3-Month USD-LIBOR + 0.590%) due 8/14/20(a)		2,333,320
	1,900,000	BBB+	2.572% (3-Month USD-LIBOR + 0.880%) due 8/15/22(a)		1,910,901
			Imperial Brands Finance PLC, Company Guaranteed Notes:
	1,100,000	BBB	2.950% due 7/21/20(b)		1,104,627
	2,400,000	BBB	3.750% due 7/21/22(b)		2,509,347
			Total Agriculture		7,858,195
	Airlines — 0.3%
	1,500,000	BB+	Delta Air Lines Inc., Senior Unsecured Notes, 2.875% due 3/13/20		1,500,217
	87,806	A+	Northwest Airlines Inc. Class G-2 Pass-Through Trust, Series 2002-1, Pass-Thru Certificates, 6.264% due 11/20/21		90,893
			Total Airlines		1,591,110
	Auto Manufacturers — 5.4%
	500,000	A+	BMW US Capital LLC, Company Guaranteed Notes, 2.207% (3-Month USD-LIBOR + 0.500%) due 8/13/21(a)(b)		502,787
			Daimler Finance North America LLC, Company Guaranteed Notes:
	500,000	A-	2.143% (3-Month USD-LIBOR + 0.430%) due 2/12/21(a)(b)		500,413
	5,600,000	A-	2.563% (3-Month USD-LIBOR + 0.880%) due 2/22/22(a)(b)		5,627,982
			Ford Motor Credit Co. LLC, Senior Unsecured Notes:
	1,000,000	BBB-	2.343% due 11/2/20		1,002,651
	1,037,000	BBB-	2.710% (3-Month USD-LIBOR + 0.810%) due 4/5/21(a)		1,031,113
	1,100,000	BBB-	2.728% (3-Month USD-LIBOR + 0.880%) due 10/12/21(a)		1,088,119
			General Motors Co., Senior Unsecured Notes:
	1,900,000	BBB	2.542% (3-Month USD-LIBOR + 0.800%) due 8/7/20(a)		1,905,493
	200,000	BBB	2.791% (3-Month USD-LIBOR + 0.900%) due 9/10/21(a)		200,734
			General Motors Financial Co., Inc.:
			Company Guaranteed Notes:
	300,000	BBB	2.728% (3-Month USD-LIBOR + 0.850%) due 4/9/21(a)		301,051
	1,500,000	BBB	3.271% (3-Month USD-LIBOR + 1.310%) due 6/30/22(a)		1,510,733
	2,400,000	BBB	Senior Unsecured Notes, 2.837% (3-Month USD-LIBOR + 1.100%) due 11/6/21(a)		2,414,543
	500,000	BBB+	Harley-Davidson Financial Services Inc., Company Guaranteed Notes, 2.400% due 6/15/20(b)		500,663
			Hyundai Capital America, Senior Unsecured Notes:
	600,000	BBB+	2.699% (3-Month USD-LIBOR + 0.800%) due 9/18/20(a)(b)		601,974
	800,000	BBB+	2.707% (3-Month USD-LIBOR + 0.820%) due 3/12/21(a)		802,728
	1,700,000	BBB+	3.450% due 3/12/21		1,728,930
	600,000	BBB+	2.812% (3-Month USD-LIBOR + 0.940%) due 7/8/21(a)		603,411
	500,000	BBB+	3.750% due 7/8/21(b)		512,742
	800,000	BBB+	Hyundai Capital Services Inc., Senior Unsecured Notes, 2.625% due 9/29/20		804,327
			Nissan Motor Acceptance Corp., Senior Unsecured Notes:
	1,000,000	BBB+	2.414% (3-Month USD-LIBOR + 0.520%) due 3/15/21(a)(b)		1,001,840
	1,000,000	BBB+	2.651% (3-Month USD-LIBOR + 0.690%) due 9/28/22(a)(b)		998,798
			Volkswagen Group of America Finance LLC, Company Guaranteed Notes:
	1,000,000	BBB+	3.875% due 11/13/20(b)		1,015,317
	3,000,000	BBB+	2.653% (3-Month USD-LIBOR + 0.940%) due 11/12/21(a)		3,030,766
			Total Auto Manufacturers		27,687,115

See Notes to Financial Statements.

254

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Auto Parts & Equipment — 0.1%
$	300,000	BBB-	ZF North America Capital Inc., Company Guaranteed Notes, 4.000% due 4/29/20	$	300,594
	Banks — 18.6%
	1,000,000	A1(c)	ABN AMRO Bank NV, Senior Unsecured Notes, 2.619% (3-Month USD-LIBOR + 0.800%) due 7/19/22(a)		1,013,090
	1,400,000	BBB+	Aozora Bank Ltd., Senior Unsecured Notes, 2.750% due 3/9/20		1,400,610
	1,800,000	BBB-	Axis Bank Ltd., Senior Unsecured Notes, 3.250% due 5/21/20		1,804,911
	800,000	A	Banco Santander Chile, Senior Unsecured Notes, 2.838% (3-Month USD-LIBOR + 1.200%) due 11/28/21(a)		809,118
	491,000	BBB+	Bangkok Bank PCL, Senior Unsecured Notes, 4.800% due 10/18/20		501,226
			Bank of America Corp., Senior Unsecured Notes:
	1,600,000	A-	2.559% (3-Month USD-LIBOR + 0.650%) due 10/1/21(a)		1,604,679
	1,000,000	A-	2.682% (3-Month USD-LIBOR + 0.790%) due 3/5/24(a)		1,000,692
	500,000	A	Barclays Bank PLC, Senior Unsecured Notes, 2.308% (3-Month USD-LIBOR + 0.460%) due 1/11/21(a)		499,554
			Barclays PLC, Senior Unsecured Notes:
	515,000	BBB	3.200% due 8/10/21		526,200
	2,300,000	BBB	3.844% (3-Month USD-LIBOR + 2.110%) due 8/10/21(a)		2,351,245
	300,000	BBB	3.122% (3-Month USD-LIBOR + 1.430%) due 2/15/23(a)		304,492
	2,000,000	A	Chiba Bank Ltd. (The), Senior Unsecured Notes, 2.750% due 7/29/20		2,003,363
			Citigroup Inc., Senior Unsecured Notes:
	1,500,000	BBB+	2.751% (3-Month USD-LIBOR + 0.950%) due 7/24/23(a)		1,519,190
	2,100,000	BBB+	3.010% (3-Month USD-LIBOR + 1.430%) due 9/1/23(a)		2,142,643
	500,000	BBB+	2.792% (3-Month USD-LIBOR + 1.100%) due 5/17/24(a)		505,694
	300,000	BBB+	2.603% (3-Month USD-LIBOR + 1.023%) due 6/1/24(a)		304,536
	1,200,000	A+	Cooperatieve Rabobank UA, Senior Unsecured Notes, 2.664% (3-Month USD-LIBOR + 0.830%) due 1/10/22(a)		1,212,852
	1,750,000	BBB+	Credit Suisse Group AG, Senior Unsecured Notes, 3.127% (3-Month USD-LIBOR + 1.240%) due 6/12/24(a)		1,784,976
	2,000,000	BBB+	Credit Suisse Group Funding Guernsey Ltd., Company Guaranteed Notes, 4.109% (3-Month USD-LIBOR + 2.290%) due 4/16/21(a)		2,048,874
			Danske Bank AS, Senior Unsecured Notes:
	500,000	A	2.750% due 9/17/20		503,369
	1,731,000	A	2.800% due 3/10/21(b)		1,754,402
	1,050,000	A	2.000% due 9/8/21		1,057,303
			DBS Group Holdings Ltd., Senior Unsecured Notes:
	1,000,000	Aa2(c)	2.415% (3-Month USD-LIBOR + 0.620%) due 7/25/22(a)		1,006,178
	3,000,000	Aa2(c)	2.415% (3-Month USD-LIBOR + 0.620%) due 7/25/22(a)(b)		3,018,534
	1,000,000	AA-	DNB Bank ASA, Senior Unsecured Notes, 2.650% (3-Month USD-LIBOR + 1.070%) due 6/2/21(a)		1,012,341
	600,000	NR	Eksportfinans ASA, Senior Unsecured Notes, 2.534% (3-Month USD-LIBOR + 0.800%) due 11/10/20(a)(d)		600,678
	1,500,000	AA-	First Abu Dhabi Bank PJSC, Senior Unsecured Notes, 2.793% (3-Month USD-LIBOR + 0.950%) due 4/16/22(a)		1,513,348
	800,000	A+	Goldman Sachs Bank USA, Senior Unsecured Notes, 2.183% (SOFR + 0.600%) due 5/24/21(a)		800,548
			Goldman Sachs Group Inc. (The), Senior Unsecured Notes:
	900,000	BBB+	2.862% (3-Month USD-LIBOR + 1.170%) due 11/15/21(a)		906,677
	1,000,000	BBB+	2.904% (3-Month USD-LIBOR + 1.110%) due 4/26/22(a)		1,010,855
	1,986,000	BBB+	2.557% (3-Month USD-LIBOR + 0.780%) due 10/31/22(a)		2,003,309
			HSBC Holdings PLC, Senior Unsecured Notes:
	2,300,000	A	2.537% (3-Month USD-LIBOR + 0.650%) due 9/11/21(a)		2,302,347
	1,400,000	A	3.400% (3-Month USD-LIBOR + 1.500%) due 1/5/22(a)		1,431,462
	3,600,000	A	2.692% (3-Month USD-LIBOR + 1.000%) due 5/18/24(a)		3,633,160

See Notes to Financial Statements.

255

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Banks — 18.6% — (continued)
			ICICI Bank Ltd., Senior Unsecured Notes:
$	700,000	BBB-	3.125% due 8/12/20	$	703,647
	500,000	BBB-	5.750% due 11/16/20		512,967
	1,200,000	A-	ING Groep NV, Senior Unsecured Notes, 3.111% (3-Month USD-LIBOR + 1.150%) due 3/29/22(a)		1,219,952
	3,900,000	A-	JPMorgan Chase & Co., Senior Unsecured Notes, 2.509% (3-Month USD-LIBOR + 0.610%) due 6/18/22(a)		3,912,212
	800,000	A+	KEB Hana Bank, Senior Unsecured Notes, 2.609% (3-Month USD-LIBOR + 0.700%) due 10/2/22(a)(b)		804,300
	3,900,000	BBB+	Lloyds Banking Group PLC, Senior Unsecured Notes, 2.728% (3-Month USD-LIBOR + 0.800%) due 6/21/21(a)		3,922,729
			Mizuho Financial Group Inc., Senior Unsecured Notes:
	1,500,000	A-	2.768% (3-Month USD-LIBOR + 0.880%) due 9/11/22(a)		1,516,905
	1,000,000	A-	2.683% (3-Month USD-LIBOR + 0.840%) due 7/16/23(a)		1,007,261
	2,500,000	A-	2.737% (3-Month USD-LIBOR + 0.850%) due 9/13/23(a)		2,509,964
	2,000,000	A-	2.309% (3-Month USD-LIBOR + 0.630%) due 5/25/24(a)		1,995,829
	1,400,000	A-	NatWest Markets PLC, Senior Unsecured Notes, 3.361% (3-Month USD-LIBOR + 1.400%) due 9/29/22(a)(b)		1,426,771
			QNB Finance Ltd.:
			Company Guaranteed Notes:
	600,000	A	2.988% (3-Month USD-LIBOR + 1.350%) due 5/31/21(a)		603,786
	1,000,000	Aa3(c)	3.389% (3-Month USD-LIBOR + 1.570%) due 7/18/21(a)		1,010,650
	1,000,000	A	2.763% (3-Month USD-LIBOR + 1.000%) due 5/2/22(a)		1,005,205
	1,600,000	Aa3(c)	Senior Unsecured Notes, 3.351% (3-Month USD-LIBOR + 1.450%) due 8/11/21(a)		1,617,167
	800,000	Aa3(c)	QNB Finance Ltd., (Restricted, cost — $808,304, acquired 6/20/19), Senior Unsecured Notes, 3.207% (3-Month USD-LIBOR + 1.320%) due 12/6/21(a)(d)(e)		807,813
	5,000,000	BBB	Royal Bank of Scotland Group PLC, Senior Unsecured Notes, 3.162% (3-Month USD-LIBOR + 1.470%) due 5/15/23(a)		5,054,532
	800,000	A	Santander UK PLC, Senior Unsecured Notes, 2.200% (3-Month USD-LIBOR + 0.620%) due 6/1/21(a)		803,770
			Standard Chartered PLC, Senior Unsecured Notes:
	600,000	BBB+	2.969% (3-Month USD-LIBOR + 1.150%) due 1/20/23(a)(b)		605,051
	1,700,000	BBB+	3.785% (3-Month USD-LIBOR + 1.560%) due 5/21/25(a)(b)		1,801,611
	2,550,000	BBB-	State Bank of India, Senior Unsecured Notes, 2.850% (3-Month USD-LIBOR + 0.950%) due 4/6/20(a)		2,551,440
	300,000	A	Sumitomo Mitsui Banking Corp., Company Guaranteed Notes, 2.213% (3-Month USD-LIBOR + 0.370%) due 10/16/20(a)		300,551
			Sumitomo Mitsui Financial Group Inc., Senior Unsecured Notes:
	3,100,000	A-	2.618% (3-Month USD-LIBOR + 0.780%) due 7/12/22(a)		3,126,978
	500,000	A-	2.559% (3-Month USD-LIBOR + 0.740%) due 10/18/22(a)		504,335
	650,000	BBB	Synchrony Bank, Senior Unsecured Notes, 2.586% (3-Month USD-LIBOR + 0.625%) due 3/30/20(a)		650,334
	4,300,000	A-	UBS Group AG, Senior Unsecured Notes, 3.618% (3-Month USD-LIBOR + 1.780%) due 4/14/21(a)(b)(f)		4,378,227
			Wells Fargo & Co., Senior Unsecured Notes:
	2,811,000	A-	2.661% (3-Month USD-LIBOR + 0.930%) due 2/11/22(a)		2,830,923
	1,100,000	A-	3.007% (3-Month USD-LIBOR + 1.230%) due 10/31/23(a)		1,115,616
	1,000,000	A+	Wells Fargo Bank NA, Senior Unsecured Notes, 2.258% (3-Month USD-LIBOR + 0.620%) due 5/27/22(a)		1,003,462
			Total Banks		95,196,444
	Beverages — 0.2%
	1,000,000	BBB	Constellation Brands Inc., Company Guaranteed Notes, 2.392% (3-Month USD-LIBOR + 0.700%) due 11/15/21(a)		1,000,159

See Notes to Financial Statements.

256

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Building Materials — 0.2%
$	1,100,000	BBB	Vulcan Materials Co., Senior Unsecured Notes, 2.494% (3-Month USD-LIBOR + 0.600%) due 6/15/20(a)	$	1,100,890
	Chemicals — 0.6%
			Syngenta Finance NV, Company Guaranteed Notes:
	500,000	BBB-	3.698% due 4/24/20		501,067
	2,400,000	BBB-	3.698% due 4/24/20(b)		2,405,121
			Total Chemicals		2,906,188
	Commercial Services — 1.1%
			Central Nippon Expressway Co., Ltd., Senior Unsecured Notes:
	1,000,000	A1(c)	2.744% (3-Month USD-LIBOR + 0.850%) due 9/14/21(a)		1,006,898
	3,000,000	A1(c)	2.273% (3-Month USD-LIBOR + 0.810%) due 3/3/22(a)		3,019,970
			Equifax Inc., Senior Unsecured Notes:
	400,000	BBB	2.300% due 6/1/21		404,580
	1,150,000	BBB	2.562% (3-Month USD-LIBOR + 0.870%) due 8/15/21(a)		1,155,815
			Total Commercial Services		5,587,263
	Computers — 0.6%
	3,200,000	BBB-	Dell International LLC/EMC Corp., Senior Secured Notes, 4.420% due 6/15/21(b)		3,297,625
	Diversified Financial Services — 5.2%
			AerCap Ireland Capital DAC/AerCap Global Aviation Trust, Company Guaranteed Notes:
	600,000	BBB	4.625% due 10/30/20		609,448
	1,200,000	BBB	4.500% due 5/15/21		1,239,914
	300,000	BBB	5.000% due 10/1/21		314,407
	500,000	BBB	4.450% due 12/16/21		521,205
	400,000	BBB	4.625% due 7/1/22		424,190
	1,400,000	BBB	Air Lease Corp., Senior Unsecured Notes, 3.500% due 1/15/22		1,439,945
			Aircastle Ltd., Senior Unsecured Notes:
	457,000	BBB-	7.625% due 4/15/20		459,905
	1,100,000	BBB-	5.125% due 3/15/21		1,134,579
			Ally Financial Inc.:
	600,000	BBB-	Company Guaranteed Notes, 7.500% due 9/15/20		618,988
	500,000	BBB-	Senior Unsecured Notes, 4.125% due 2/13/22		519,655
	500,000	BBB-	Avolon Holdings Funding Ltd., Company Guaranteed Notes, 5.500% due 1/15/23(b)		538,264
			BOC Aviation Ltd., Senior Unsecured Notes:
	700,000	A-	3.000% due 3/30/20		700,585
	1,000,000	A-	2.813% (3-Month USD-LIBOR + 1.050%) due 5/2/21(a)		1,005,620
	1,000,000	A-	2.813% (3-Month USD-LIBOR + 1.050%) due 5/2/21(a)(b)		1,005,620
	1,000,000	A-	3.000% due 5/23/22		1,022,362
	500,000	A-	2.750% due 9/18/22		509,827
	200,000	A-	2.750% due 9/18/22(b)		203,931
			International Lease Finance Corp., Senior Unsecured Notes:
	700,000	BBB	8.250% due 12/15/20		733,735
	1,300,000	BBB	8.625% due 1/15/22		1,451,093
	800,000	BBB-	LeasePlan Corp. NV, Senior Unsecured Notes, 2.875% due 10/24/24(b)		823,579
	500,000	Baa2(c)	Mirae Asset Daewoo Co., Ltd., Senior Unsecured Notes, 4.125% due 11/7/21		518,167
			Mitsubishi UFJ Lease & Finance Co., Ltd., Senior Unsecured Notes:
	2,200,000	A-	2.500% due 3/9/20		2,200,432
	500,000	A-	2.652% due 9/19/22(b)		510,126
			Navient Corp., Senior Unsecured Notes:
	362,000	B+	8.000% due 3/25/20		363,888
	700,000	B+	6.500% due 6/15/22		731,500
	900,000	BBB+	Nomura Holdings Inc., Senior Unsecured Notes, 2.648% due 1/16/25		925,222

See Notes to Financial Statements.

257

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Diversified Financial Services — 5.2% — (continued)
			ORIX Corp., Senior Unsecured Notes:
$	3,300,000	A-	2.650% due 4/13/21	$	3,335,541
	200,000	A-	3.200% due 1/19/22		205,721
	400,000	A-	2.900% due 7/18/22		411,777
			Park Aerospace Holdings Ltd., Company Guaranteed Notes:
	600,000	BBB-	3.625% due 3/15/21(b)		605,617
	1,300,000	BBB-	5.250% due 8/15/22(b)		1,384,255
	400,000	BB-	Springleaf Finance Corp., Company Guaranteed Notes, 7.750% due 10/1/21		426,936
			Total Diversified Financial Services		26,896,034
	Electric — 2.4%
	700,000	A3(c)	Chugoku Electric Power Co., Inc. (The), Senior Secured Notes, 2.701% due 3/16/20		700,235
	1,000,000	A+	CLP Power Hong Kong Financing Ltd., Company Guaranteed Notes, 4.750% due 3/19/20		1,001,384
	1,600,000	BBB+	Duke Energy Corp., Senior Unsecured Notes, 2.204% (3-Month USD-LIBOR + 0.500%) due 5/14/21(a)(b)		1,606,551
	300,000	BBB+	Exelon Generation Co. LLC, Senior Unsecured Notes, 4.000% due 10/1/20		302,579
	400,000	BBB	Israel Electric Corp., Ltd., Senior Secured Notes, 6.875% due 6/21/23		457,074
	2,474,000	A-	Mississippi Power Co., Senior Unsecured Notes, 2.597% (3-Month USD-LIBOR + 0.650%) due 3/27/20(a)		2,475,246
	700,000	BBB+	NextEra Energy Capital Holdings Inc., Company Guaranteed Notes, 2.163% (3-Month USD-LIBOR + 0.550%) due 8/28/21(a)		700,219
	1,000,000	BBB	Pennsylvania Electric Co., Senior Unsecured Notes, 5.200% due 4/1/20		1,002,731
	1,000,000	BBB+	PPL WEM Ltd./Western Power Distribution PLC, Senior Unsecured Notes, 5.375% due 5/1/21(b)		1,032,048
	1,700,000	BBB+	Sempra Energy, Senior Unsecured Notes, 2.344% (3-Month USD-LIBOR + 0.450%) due 3/15/21(a)		1,704,291
	1,500,000	BBB+	Southern Power Co., Senior Unsecured Notes, 2.458% (3-Month USD-LIBOR + 0.550%) due 12/20/20(a)(b)		1,500,714
			Total Electric		12,483,072
	Electronics — 0.1%
	300,000	BBB-	Arrow Electronics Inc., Senior Unsecured Notes, 3.500% due 4/1/22		310,502
	Food — 0.9%
	400,000	BBB-	Campbell Soup Co., Senior Unsecured Notes, 2.524% (3-Month USD-LIBOR + 0.630%) due 3/15/21(a)		400,436
			Conagra Brands Inc., Senior Unsecured Notes:
	1,500,000	BBB-	2.378% (3-Month USD-LIBOR + 0.500%) due 10/9/20(a)		1,501,584
	300,000	BBB-	3.800% due 10/22/21		311,984
	200,000	Baa2(c)	Grupo Bimbo SAB de CV, Company Guaranteed Notes, 4.875% due 6/30/20		202,115
			Kraft Heinz Foods Co., Company Guaranteed Notes:
	1,500,000	BB+	2.304% (3-Month USD-LIBOR + 0.570%) due 2/10/21(a)		1,493,655
	200,000	BB+	3.375% due 6/15/21		202,163
	300,000	BB+	2.554% (3-Month USD-LIBOR + 0.820%) due 8/10/22(a)		298,648
			Total Food		4,410,585
	Gas — 0.3%
	600,000	BBB	Centrica PLC, Senior Unsecured Notes, 2.947% (3-Month USD-LIBOR + 1.000%) due 9/25/20(a)		600,586
	950,000	BB+	WGL Holdings Inc., Senior Unsecured Notes, 2.437% (3-Month USD-LIBOR + 0.550%) due 3/12/20(a)		950,072
			Total Gas		1,550,658
	Healthcare — Products — 0.2%
	900,000	BBB	Zimmer Biomet Holdings Inc., Senior Unsecured Notes, 2.653% (3-Month USD-LIBOR + 0.750%) due 3/19/21(a)		900,179

See Notes to Financial Statements.

258

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Healthcare — Services — 0.2%
$	1,200,000	A-	Cigna Holding Co., Company Guaranteed Notes, 5.125% due 6/15/20	$	1,211,846
	Holding Companies — Diversified — 0.1%
	500,000	A	Hutchison Whampoa International 11 Ltd., Company Guaranteed Notes, 4.625% due 1/13/22		526,317
	Household Products/Wares — 0.2%
	900,000	A-	Reckitt Benckiser Treasury Services PLC, Company Guaranteed Notes, 2.495% (3-Month USD-LIBOR + 0.560%) due 6/24/22(a)(b)		902,063
	Insurance — 1.0%
	500,000	BBB+	American International Group Inc., Senior Unsecured Notes, 3.300% due 3/1/21		507,223
	183,000	BBB	Assurant Inc., Senior Unsecured Notes, 3.197% (3-Month USD-LIBOR + 1.250%) due 3/26/21(a)		183,023
			Athene Global Funding, Secured Notes:
	1,500,000	A	2.750% due 4/20/20(b)		1,502,037
	2,800,000	A	3.138% (3-Month USD-LIBOR + 1.230%) due 7/1/22(a)(b)		2,851,679
			Total Insurance		5,043,962
	Lodging — 0.2%
	600,000	BBB-	Las Vegas Sands Corp., Senior Unsecured Notes, 3.500% due 8/18/26		627,545
	400,000	BBB	Marriott International Inc., Senior Unsecured Notes, 2.535% (3-Month USD-LIBOR + 0.650%) due 3/8/21(a)		402,048
			Total Lodging		1,029,593
	Machinery — Diversified — 0.4%
	700,000	BBB	CNH Industrial Capital LLC, Company Guaranteed Notes, 3.875% due 10/15/21		726,593
	1,200,000	BBB	Westinghouse Air Brake Technologies Corp., Company Guaranteed Notes, 3.194% (3-Month USD-LIBOR + 1.300%) due 9/15/21(a)		1,200,379
			Total Machinery — Diversified		1,926,972
	Media — 1.1%
			Charter Communications Operating LLC/Charter Communications Operating Capital, Senior Secured Notes:
	4,018,000	BBB-	3.579% due 7/23/20		4,040,606
	1,000,000	BBB-	4.464% due 7/23/22		1,060,418
	700,000	BBB-	3.413% (3-Month USD-LIBOR + 1.650%) due 2/1/24(a)		722,834
			Total Media		5,823,858
	Mining — 0.1%
	300,000	Baa1(c)	Minmetals Bounteous Finance BVI Ltd., Company Guaranteed Notes, 3.500% due 7/30/20		302,077
	Miscellaneous Manufacturers — 0.4%
	1,200,000	BBB+	General Electric Co., Senior Unsecured Notes, 2.371% (3-Month USD-LIBOR + 0.410%) due 3/28/20(a)		1,199,248
	700,000	BBB	Textron Inc., Senior Unsecured Notes, 2.284% (3-Month USD-LIBOR + 0.550%) due 11/10/20(a)		700,040
			Total Miscellaneous Manufacturers		1,899,288
	Oil & Gas — 2.8%
	1,300,000	A-	BP Capital Markets America Inc., Company Guaranteed Notes, 2.553% (3-Month USD-LIBOR + 0.650%) due 9/19/22(a)		1,309,613
	2,800,000	A+	CNOOC Finance 2015 Australia Pty Ltd., Company Guaranteed Notes, 2.625% due 5/5/20		2,805,474
	4,855,000	BBB	Occidental Petroleum Corp., Senior Unsecured Notes, 3.142% (3-Month USD-LIBOR + 1.450%) due 8/15/22(a)		4,873,022
	2,000,000	BBB+	Phillips 66, Company Guaranteed Notes, 2.581% (3-Month USD-LIBOR + 0.750%) due 4/15/20(a)(b)		2,000,861
	2,250,000	A+	Sinopec Group Overseas Development 2015 Ltd., Company Guaranteed Notes, 2.500% due 4/28/20		2,250,464

See Notes to Financial Statements.

259

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	Oil & Gas — 2.8% — (continued)
$	1,200,000	A+	Sinopec Group Overseas Development 2017 Ltd., Company Guaranteed Notes, 2.250% due 9/13/20	$	1,203,720
			Total Oil & Gas		14,443,154
	Pharmaceuticals — 1.1%
			Allergan Funding SCS, Company Guaranteed Notes:
	1,300,000	BBB	3.000% due 3/12/20		1,300,375
	1,500,000	BBB	3.142% (3-Month USD-LIBOR + 1.255%) due 3/12/20(a)		1,500,461
	600,000	BBB	Bayer US Finance II LLC, Company Guaranteed Notes, 2.577% (3-Month USD-LIBOR + 0.630%) due 6/25/21(a)(b)		601,372
	400,000	A-	Cigna Corp., Company Guaranteed Notes, 2.550% (3-Month USD-LIBOR + 0.650%) due 9/17/21(a)		400,113
	1,400,000	BBB	CVS Health Corp., Senior Unsecured Notes, 2.605% (3-Month USD-LIBOR + 0.720%) due 3/9/21(a)		1,404,082
			Mylan NV, Company Guaranteed Notes:
	138,000	BBB-	3.750% due 12/15/20		140,235
	200,000	BBB-	3.150% due 6/15/21		203,233
	234,000	BB	Teva Pharmaceutical Finance Netherlands III BV, Company Guaranteed Notes, 2.200% due 7/21/21		227,429
			Total Pharmaceuticals		5,777,300
	Pipelines — 1.3%
	3,400,000	BBB+	Enbridge Inc., Company Guaranteed Notes, 2.195% (3-Month USD-LIBOR + 0.500%) due 2/18/22(a)		3,402,278
	1,600,000	BBB-	Rockies Express Pipeline LLC, Senior Unsecured Notes, 5.625% due 4/15/20(b)		1,604,960
	1,300,000	BBB-	Sabine Pass Liquefaction LLC, Senior Secured Notes, 5.625% due 2/1/21		1,330,366
	200,000	BBB+	Spectra Energy Partners LP, Company Guaranteed Notes, 2.592% (3-Month USD-LIBOR + 0.700%) due 6/5/20(a)		200,277
			Total Pipelines		6,537,881
	Real Estate — 0.4%
	1,200,000	AA-	Qatari Diar Finance QSC, Govt Guaranteed, 5.000% due 7/21/20		1,215,758
	1,000,000	A-	Sinochem Overseas Capital Co., Ltd., Company Guaranteed Notes, 4.500% due 11/12/20		1,018,455
			Total Real Estate		2,234,213
	Semiconductors — 0.9%
	500,000	BBB-	Broadcom Corp./Broadcom Cayman Finance Ltd., Company Guaranteed Notes, 3.000% due 1/15/22		509,814
			Broadcom Inc., Company Guaranteed Notes:
	1,690,000	BBB-	3.125% due 4/15/21(b)		1,716,490
	1,000,000	BBB-	3.125% due 10/15/22(b)		1,034,141
			NXP BV/NXP Funding LLC, Company Guaranteed Notes:
	200,000	BBB	4.125% due 6/1/21(b)		205,659
	600,000	BBB	4.625% due 6/15/22(b)		638,716
	300,000	BBB	3.875% due 9/1/22(b)		314,881
			Total Semiconductors		4,419,701
	Telecommunications — 1.4%
	4,000,000	BBB	AT&T Inc., Senior Unsecured Notes, 3.067% (3-Month USD-LIBOR + 1.180%) due 6/12/24(a)		4,049,615
	400,000	B	Sprint Corp., Company Guaranteed Notes, 7.250% due 9/15/21		425,268
			Verizon Communications Inc., Senior Unsecured Notes:
	700,000	BBB+	2.894% (3-Month USD-LIBOR + 1.000%) due 3/16/22(a)		709,365
	1,800,000	BBB+	2.792% (3-Month USD-LIBOR + 1.100%) due 5/15/25(a)		1,840,942
			Total Telecommunications		7,025,190

See Notes to Financial Statements.

260

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Transportation — 0.1%
$	600,000		BBB-	Pacific National Finance Pty Ltd., Company Guaranteed Notes, 4.625% due 9/23/20(b)	$	608,975
	Trucking & Leasing — 1.6%
				Aviation Capital Group LLC, Senior Unsecured Notes:
	500,000		BBB-	2.530% (3-Month USD-LIBOR + 0.950%) due 6/1/21(a)(b)		503,303
	2,000,000		BBB-	2.440% (3-Month USD-LIBOR + 0.670%) due 7/30/21(a)(b)		2,007,723
	1,200,000		BBB-	2.875% due 1/20/22(b)		1,222,738
	100,000		BB+	DAE Funding LLC, Company Guaranteed Notes, 4.000% due 8/1/20(b)		100,414
	800,000		BBB	GATX Corp., Senior Unsecured Notes, 2.461% (3-Month USD-LIBOR + 0.720%) due 11/5/21(a)		805,325
	2,400,000		AA-	NTT Finance Corp., Senior Unsecured Notes, 2.491% (3-Month USD-LIBOR + 0.530%) due 6/29/20(a)		2,403,583
	200,000		BBB	Penske Truck Leasing Co. LP/PTL Finance Corp., Senior Unsecured Notes, 3.200% due 7/15/20(b)		200,955
	700,000		A-	SMBC Aviation Capital Finance DAC, Company Guaranteed Notes, 3.550% due 4/15/24(b)		748,995
				Total Trucking & Leasing		7,993,036
				TOTAL CORPORATE BONDS & NOTES (Cost — $261,498,830)		263,267,425
	COLLATERALIZED MORTGAGE OBLIGATIONS — 20.9%
	584,880		BB-	ACE Securities Corp. Home Equity Loan Trust, Series 2004-OP1, Class M1, 2.407% (1-Month USD-LIBOR + 0.780%) due 4/25/34(a)		580,153
	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)		441,580
	500,000		AAA	Atlas Senior Loan Fund IX Ltd., Series 2018-9A, Class A, 2.689% (3-Month USD-LIBOR + 0.870%) due 4/20/28(a)(b)		499,515
	700,000		AAA	Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class A, 2.609% (1-Month USD-LIBOR + 0.950%) due 6/15/35(a)(b)		700,175
	233,673		AAA	B&M CLO Ltd., Series 2014-1A, Class A1R, 2.573% (3-Month USD-LIBOR + 0.730%) due 4/16/26(a)(b)		233,755
				BAMLL Commercial Mortgage Securities Trust:
	500,000		AAA	Series 2019-AHT, Class A, 2.859% (1-Month USD-LIBOR + 1.200%) due 3/15/34(a)(b)		501,991
	400,000		Aaa(c)	Series 2019-RLJ, Class A, 2.709% (1-Month USD-LIBOR + 1.050%) due 4/15/36(a)(b)		400,399
				Bancorp Commercial Mortgage Trust:
	732,823		Aaa(c)	Series 2018-CRE4, Class A, 2.559% (1-Month USD-LIBOR + 0.900%) due 9/15/35(a)(b)		732,497
	695,557		Aaa(c)	Series 2019-CRE6, Class A, 2.709% (1-Month USD-LIBOR + 1.050%) due 9/15/36(a)(b)		695,915
				Bayview Opportunity Master Fund IVa Trust:
	53,042		NR	Series 2019-RN2, Class A1, step bond to yield, 3.967% due 3/28/34(b)		53,220
	142,059		NR	Series 2019-SBR1, Class A1, step bond to yield, 3.475% due 6/28/34(b)		142,273
	145,864		AA+	Bear Stearns ALT-A Trust, Series 2004-10, Class 2A1, 2.287% (1-Month USD-LIBOR + 0.660%) due 9/25/34(a)		145,759
	764,415		BBB-	Bear Stearns Asset Backed Securities I Trust, Series 2005-CL1, Class A2, 1.615% (1-Month USD-LIBOR + 0.500%) due 9/25/34(a)		744,637
	1,399,632		B3(c)	Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M2, 2.977% (1-Month USD-LIBOR + 1.350%) due 1/25/36(a)(b)		1,403,979
	456,313		Aaa(c)	Brass NO 8 PLC, Series 8A, Class A1, 2.392% (3-Month USD-LIBOR + 0.700%) due 11/16/66(a)(b)		456,708
	1,000,000	GBP	Aaa(c)	Canterbury Finance No 1 PLC, Series 1, Class A2, 2.061% (Sterling Overnight Index Average + 1.350%) due 5/16/56(a)		1,302,125
	386,380		AAA	Cent CLO 19 Ltd., Series 2013-19A, Class A1A, 3.105% (3-Month USD-LIBOR + 1.330%) due 10/29/25(a)(b)		386,630
				Citigroup Mortgage Loan Trust:
	661,799		NR	Series 2019-B, Class A1, 3.258% due 4/25/66(a)(b)		664,286
	288,615		NR	Series 2019-C, Class A1, step bond to yield, 3.228% due 9/25/59(b)		291,592
	719,639	CAD	Aaa(c)	CNH Capital Canada Receivables Trust, Series 2019-1A, Class A1, 2.103% due 2/15/22(b)		536,539

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 — 20.9% — (continued)
$	31,518		Aaa(c)	COMM Mortgage Trust, Series 2013-CR6, Class A3FL, 2.288% (1-Month USD-LIBOR + 0.630%) due 3/10/46(a)(b)	$	31,479
	469,765		NR	Credit Suisse Mortgage Capital Certificates, Series 2019-RPL4, Class A1, 3.552% due 8/26/58(b)		475,637
				CSMC Trust:
	290,065		NR	Series 2019-RPL8, Class A1, 3.322% due 10/25/58(a)(b)		294,674
	988,715		NR	Series 2019-RPL9, Class A1, 3.319% due 10/27/59(a)(b)		1,002,602
	419,991		B-	CWABS Inc. Asset-Backed Certificates Trust, Series 2004-5, Class M1, 2.482% (1-Month USD-LIBOR + 0.855%) due 8/25/34(a)		415,963
	500,000		AAA	Dorchester Park CLO DAC, Series 2015-1A, Class AR, 2.719% (3-Month USD-LIBOR + 0.900%) due 4/20/28(a)(b)		499,250
	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)		552,320
				Federal Home Loan Mortgage Corp. (FHLMC), REMICS:
	1,348,550		NR	Series 4344, Class FA, 2.231% (1-Month USD-LIBOR + 0.450%) due 12/15/37(a)		1,345,019
	1,886,604		NR	Series 4351, Class FA, 2.231% (1-Month USD-LIBOR + 0.450%) due 5/15/38(a)		1,873,633
	3,275,819		NR	Series 4906, Class WF, 2.181% (1-Month USD-LIBOR + 0.400%) due 12/15/38(a)		3,268,490
	1,682,714		NR	Series 4950, Class A, 2.500% due 6/25/34		1,704,589
	1,982,878		NR	Federal National Mortgage Association (FNMA), REMICS, Series 2017-108, Class AF, 1.927% (1-Month USD-LIBOR + 0.300%) due 1/25/48(a)		1,967,448
	337,271		AAA	Figueroa CLO Ltd., Series 2013-2A, Class A1RR, 2.758% (3-Month USD-LIBOR + 0.850%) due 6/20/27(a)(b)		337,728
	225,141		BBB+	Finance America Mortgage Loan Trust, Series 2004-2, Class M1, 2.452% (1-Month USD-LIBOR + 0.825%) due 8/25/34(a)		225,758
	2,500,000	GBP	AAA(i)	Finsbury Square PLC, Series 2020-1A, Class A, zero coupon, (Sterling Overnight Index Average + 0.800%) due 3/16/70(a)(b)		3,210,249
	1,394,408	GBP	AAA(i)	Finsbury Square PLC, Series 2019-1, Class A, 1.751% (3-Month GBP-LIBOR + 0.970%) due 6/16/69(a)		1,795,625
	88,249		AAA	FNBA Mortgage Loan Trust, Series 2004-AR1, Class A2, 2.047% (1-Month USD-LIBOR + 0.400%) due 8/19/34(a)		88,207
				Ford Credit Floorplan Master Owner Trust A:
	1,200,000		AAA	Series 2018-3, Class A2, 2.058% (1-Month USD-LIBOR + 0.400%) due 10/15/23(a)		1,202,429
	700,000		AAA	Series 2019-3, Class A2, 2.258% (1-Month USD-LIBOR + 0.600%) due 9/15/24(a)		703,497
	469,216		B	Fremont Home Loan Trust, Series 2005-A, Class M3, 2.362% (1-Month USD-LIBOR + 0.735%) due 1/25/35(a)		469,009
				GMF Floorplan Owner Revolving Trust:
	2,000,000		Aaa(c)	Series 2017-2, Class A2, 2.088% (1-Month USD-LIBOR + 0.430%) due 7/15/22(a)(b)		2,001,754
	500,000		AAA	Series 2018-3, Class A, 1.978% (1-Month USD-LIBOR + 0.320%) due 9/15/22(a)(b)		500,439
	1,600,000		AAA	Series 2018-4, Class A1, 3.500% due 9/15/23(b)		1,654,869
	1,200,000		AAA	GoldentTree Loan Management US CLO 1 Ltd., Series 2017-1A, Class AR, (0.950% — 3-Month USD-LIBOR) due 4/20/29(b)		1,201,280
	525,116		Aaa(c)	Gosforth Funding PLC, Series 2017-1A, Class A1A, 2.373% (3-Month USD-LIBOR + 0.470%) due 12/19/59(a)(b)		525,738
				Government National Mortgage Association (GNMA):
	2,238,211		NR	Series 2016-H06, Class FD, 2.654% (1-Month USD-LIBOR + 0.920%) due 7/20/65(a)		2,265,461
	162,889		NR	Series 2016-H11, Class F, 2.534% (1-Month USD-LIBOR + 0.800%) due 5/20/66(a)		164,274
	1,874,918		NR	Series 2017-H15, Class FE, 3.310% (1-Year USD-LIBOR + 0.800%) due 7/20/67(a)		1,917,916
	2,500,000		NR	Series 2020-17, Class EU, 2.500% due 10/20/49(h)		2,556,745
	1,200,000		NR	Series 2020-21, Class AC, 2.500% due 1/20/49(h)		1,226,788
	1,000,000		Aaa(c)	Greystone CRE Notes Ltd., Series 2019-FL2, Class A, 2.838% (1-Month USD-LIBOR + 1.180%) due 9/15/37(a)(b)		1,003,090
	394,802		Aaa(c)	GS Mortgage Securities Trust, Series 2014-GC18, Class AAB, 3.648% due 1/10/47		409,998
	3,697,120	GBP	AAA	Hawksmoor Mortgages, Series 2019-1A, Class A, 1.761% (3-Month Sterling Overnight Index Average + 1.050%) due 5/25/53(a)(b)(g)		4,771,053

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 — 20.9% — (continued)
$	514,286		AAA	Holmes Master Issuer PLC, Series 2018-1A, Class A2, 2.191% (3-Month USD-LIBOR + 0.360%) due 10/15/54(a)(b)	$	514,326
	146,880		B	Impac CMB Trust, Series 2004-10, Class 1A1, 2.267% (1-Month USD-LIBOR + 0.640%) due 3/25/35(a)		145,250
				JP Morgan Chase Commercial Mortgage Securities Trust:
	430,698		AAA(i)	Series 2018-LAQ, Class A, 2.659% (1-Month USD-LIBOR + 1.000%) due 6/15/32(a)(b)		430,936
	500,000		A-	Series 2019-FL12, Class A, 3.108% (1-Month USD-LIBOR + 1.450%) due 12/15/31(a)(b)		500,030
	2,000,000	EUR	AAA	Jubilee CLO 2015-XVI BV, Series 2015-16A, Class A1R, 0.490% (3-Month EURIBOR + 0.800%) due 12/15/29(a)(b)		2,206,259
	820,000		AAA	Lanark Master Issuer PLC, Series 2019-1A, Class 1A1, 2.453% (3-Month USD-LIBOR + 0.770%) due 12/22/69(a)(b)		823,225
				Legacy Mortgage Asset Trust:
	451,595		NR	Series 2019-GS3, Class A1, step bond to yield, 3.750% due 4/25/59(b)		460,117
	286,961		NR	Series 2019-GS6, Class A1, step bond to yield, 3.000% due 6/25/59(b)		288,767
	387,354	GBP	Aaa(c)	London Wall Mortgage Capital PLC, Series 2017-FL1, Class A, 1.609% (3-Month GBP-LIBOR + 0.850%) due 11/15/49(a)		498,923
	724,285		AAA	Madison Park Funding XVI Ltd., Series 2015-16A, Class A1R, 3.149% (3-Month USD-LIBOR + 1.330%) due 4/20/26(a)(b)		724,932
	987,372		AAA	Marathon CLO V Ltd., Series 2013-5A, Class A1R, 2.566% (3-Month USD-LIBOR + 0.870%) due 11/21/27(a)(b)		987,120
	247,991		A	Mastr Asset Backed Securities Trust, Series 2004-OPT2, Class A1, 2.327% (1-Month USD-LIBOR + 0.700%) due 9/25/34(a)		244,564
	2,900,000		Aaa(c)	MF1 Ltd., Series 2019-FL2, Class A, 2.757% (1-Month USD-LIBOR + 1.130%) due 12/25/34(a)(b)		2,914,321
	1,411,635		Aaa(c)	Mill City Mortgage Loan Trust, Series 2019-GS2, Class A1, 2.750% due 8/25/59(a)(b)		1,454,824
	218,172		Aaa(c)	MMAF Equipment Finance LLC, Series 2018-A, Class A2, 2.920% due 7/12/21(b)		218,710
	300,000		Aaa(c)	Monarch Grove CLO, Series 2018-1A, Class A1, 2.674% (3-Month USD-LIBOR + 0.880%) due 1/25/28(a)(b)		299,698
	631,328		B-	Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 2.527% (1-Month USD-LIBOR + 0.900%) due 5/25/34(a)(j)		636,318
	629,196		AAA	Motel 6 Trust, Series 2017-MTL6, Class A, 2.579% (1-Month USD-LIBOR + 0.920%) due 8/15/34(a)(b)		629,961
	800,000		AAAe(i)	Mountain View CLO 2017-1 LLC, Series 2017-1A, Class AR, zero coupon, (3-Month EURIBOR + 1.090%) due 10/16/29(a)(b)		800,000
	1,901,121		AAA	Mountain View CLO X Ltd., Series 2015-10A, Class AR, 2.668% (3-Month USD-LIBOR + 0.820%) due 10/13/27(a)(b)		1,901,201
				New Residential Mortgage Loan Trust:
	379,465		NR	Series 2018-3A, Class A1, 4.500% due 5/25/58(a)(b)		405,334
	2,960,791		Aaa(c)	Series 2019-RPL3, Class A1, 2.750% due 7/25/59(a)(b)		3,047,525
	2,772,617		Aaa(c)	Series 2020-RPL1, Class A1, 2.750% due 11/25/59(a)(b)		2,866,960
	400,000		BBB-	NovaStar Mortgage Funding Trust, Series 2005-4, Class M1, 2.287% (1-Month USD-LIBOR + 0.660%) due 1/25/36(a)		399,323
				OCP CLO Ltd.:
	945,036		AAA	Series 2015-9A, Class A1R, 2.631% (3-Month USD-LIBOR + 0.800%) due 7/15/27(a)(b)		945,007
	821,962		AAA	Series 2015-10A, Class A1R, 2.614% (3-Month USD-LIBOR + 0.820%) due 10/26/27(a)(b)		821,796
	574,032		AAA(i)	Palmer Square CLO Ltd., Series 2018-3A, Class A1, 2.542% (3-Month USD-LIBOR + 0.850%) due 8/15/26(a)(b)		574,123
	539,811		AA+	Pennsylvania Higher Education Assistance Agency, Series 2006-2, Class A-3, 1.924% (3-Month USD-LIBOR + 0.130%) due 10/25/36(a)		533,565
	2,550,000		AAA	Permanent Master Issuer PLC, Series 2018-1A, Class 1A1, 2.366% (3-Month USD-LIBOR + 0.380%) due 7/15/58(a)(b)		2,551,298
	1,200,000		AAA	PFS Financing Corp., Series 2019-A, Class A1, 2.208% (1-Month USD-LIBOR + 0.550%) due 4/15/24(a)(b)		1,204,419
	339,577	GBP	AAA	Residential Mortgage Securities 31 PLC, Series 2031, Class A, 1.976% (3-Month GBP-LIBOR + 1.200%) due 9/20/65(a)		438,689

See Notes to Financial Statements.

263

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††		Security	Value
	COLLATERALIZED MORTGAGE OBLIGATIONS — 20.9% — (continued)
	846,580	GBP	AAA		Ripon Mortgages PLC, Series 1X, Class A1, 1.551% (3-Month GBP-LIBOR + 0.800%) due 8/20/56(a)	$	1,089,224
					Silverstone Master Issuer PLC:
$	172,000		AAA		Series 2019-1A, Class 1A, 2.389% (3-Month USD-LIBOR + 0.570%) due 1/21/70(a)(b)		172,304
	664,000	GBP	AAA		Series 2019-1A, Class 2A, 1.460% (Sterling Overnight Index Average + 0.750%) due 1/21/70(a)(b)		856,341
					Sofi Consumer Loan Program LLC:
	38,595		AA		Series 2017-3, Class A, 2.770% due 5/25/26(b)		38,887
	84,255		(P)AA		Series 2017-4, Class A, 2.500% due 5/26/26(b)		84,692
	2,000,000		Aaa(c)		Sound Point CLO X Ltd., Series 2015-3A, Class AR, 2.709% (3-Month USD-LIBOR + 0.890%) due 1/20/28(a)(b)		2,000,790
	2,000,000		Aaa(c)		Sound Point CLO XIV Ltd., Series 2016-3A, Class AR, 2.956% (3-Month USD-LIBOR + 1.150%) due 1/23/29(a)(b)		2,000,152
	1,304,725		BBB+		Soundview Home Loan Trust, Series 2005-OPT1, Class M2, 2.302% (1-Month USD-LIBOR + 0.675%) due 6/25/35(a)		1,304,164
	967,748		NR		SpringCastle Funding Asset-Backed Notes, Series 2019-AA, Class A, 3.200% due 5/27/36(b)		991,613
	255,039		NR		Stanwich Mortgage Loan Co. LLC, Series 2019-NPB1, Class A1, step bond to yield, 3.375% due 8/15/24(b)		256,968
	1,215,120		AAA		Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class A, 2.420% (1-Month USD-LIBOR + 0.750%) due 11/11/34(a)(b)		1,214,276
	587,259		AAA		THL Credit Wind River CLO Ltd., Series 2012-1A, Class AR2, 2.711% (3-Month USD-LIBOR + 0.880%) due 1/15/26(a)(b)		587,497
	1,161,012	GBP	AAA		Towd Point Mortgage Funding, Series 2019-A13A, Class A1, 1.611% (Sterling Overnight Index Average + 0.900%) due 7/20/45(a)(b)		1,492,052
					Towd Point Mortgage Trust:
	874,404		Aaa(c)		Series 2017-5, Class A1, 2.227% (1-Month USD-LIBOR + 0.600%) due 2/25/57(a)(b)		875,450
	655,266		Aaa(c)		Series 2019-HY2, Class A1, 2.627% (1-Month USD-LIBOR + 1.000%) due 5/25/58(a)(b)		660,669
	724,548		Aaa(c)		Series 2019-HY3, Class A1A, 2.627% (1-Month USD-LIBOR + 1.000%) due 10/25/59(a)(b)		730,628
	184,564	GBP	AAA		Trinity Square PLC, Series 2015-1X, Class A, 1.875% (3-Month GBP-LIBOR + 1.150%) due 7/15/51(a)		238,212
	55,396		NR		Upstart Securitization Trust, Series 2019-1, Class A, 3.450% due 4/20/26(b)		55,544
	1,800,000		Aaa(c)		Venture XVI CLO Ltd., Series 2014-16A, Class ARR, 2.681% (3-Month USD-LIBOR + 0.850%) due 1/15/28(a)(b)		1,798,402
	800,000		Aaa(c)		Venture XVII CLO Ltd., Series 2014-17A, Class ARR, 2.711% (3-Month USD-LIBOR + 0.880%) due 4/15/27(a)(b)		799,654
	124,243		Aaa(c)		Voya CLO Ltd., Series 2014-3A, Class A1R, 2.514% (3-Month USD-LIBOR + 0.720%) due 7/25/26(a)(b)		124,233
	805,208		AA		WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR13, Class A1A1, 1.917% (1-Month USD-LIBOR + 0.290%) due 10/25/45(a)		803,905
	957,672	GBP	AAA		Warwick Finance Residential Mortgages No One PLC, Series 1, Class A, 1.800% (3-Month GBP-LIBOR + 1.000%) due 9/21/49(a)		1,230,566
					Wells Fargo Commercial Mortgage Trust:
	500,000		AAA		Series 2017-HSDB, Class A, 2.503% (1-Month USD-LIBOR + 0.850%) due 12/13/31(a)(b)		499,057
	1,393,121		AAA(i)		Series 2018-BXI, Class A, 2.390% (1-Month USD-LIBOR + 0.731%) due 12/15/36(a)(b)		1,392,392
					WFRBS Commercial Mortgage Trust:
	1,500,000		Aaa(c)		Series 2012-C7, Class AFL, 2.858% (1-Month USD-LIBOR + 1.200%) due 6/15/45(a)(b)		1,509,963
	829,131		Aaa(c)	��	Series 2012-C10, Class AFL, 2.448% (1-Month USD-LIBOR + 0.790%) due 12/15/45(a)(b)		833,404
					TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost — $106,323,719)		106,685,299

See Notes to Financial Statements.

264

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†		Rating††	Security	Value
	MORTGAGE-BACKED SECURITIES — 10.7%
	FNMA — 10.7%
			Federal National Mortgage Association (FNMA):
$	9,548,330		4.000% due 11/1/48 — 12/1/48	$	10,071,636
	11,025,666		3.000% due 9/1/49 — 2/1/50		11,370,841
	31,800,000		4.000% due 3/1/50 — 4/1/50(k)		33,490,955
			TOTAL FNMA		54,933,432
			TOTAL MORTGAGE-BACKED SECURITIES (Cost — $54,173,563)		54,933,432
	U.S. GOVERNMENT AGENCIES & OBLIGATIONS — 8.5%
	U.S. GOVERNMENT AGENCIES — 3.0%
	5,000,000	AA+	Federal Home Loan Bank (FHLB), 2.000% due 2/20/25		5,005,365
	10,000,000	Aaa(c)	Federal Home Loan Mortgage Corp. (FHLMC), 1.970% due 2/6/25		10,009,581
			TOTAL U.S. GOVERNMENT AGENCIES		15,014,946
	U.S. GOVERNMENT OBLIGATIONS — 5.5%
			U.S. Treasury Inflation Indexed Notes:
	3,254,850		0.250% due 1/15/25		3,358,737
	6,068,272		0.375% due 7/15/25		6,341,811
	16,993,918		0.750% due 7/15/28		18,587,955
			TOTAL U.S. GOVERNMENT OBLIGATIONS		28,288,503
			TOTAL U.S. GOVERNMENT AGENCIES & OBLIGATIONS (Cost — $41,177,543)		43,303,449
	ASSET-BACKED SECURITIES — 5.8%
	Automobiles — 0.3%
	728,112	Aaa(c)	Hertz Fleet Lease Funding LP, Series 2018-1, Class A2, 3.230% due 5/10/32(b)		733,772
	107,175	Aaa(c)	OSCAR US Funding Trust IX LLC, Series 2018-2A, Class A2A, 3.150% due 8/10/21(b)		107,343
	20,766	Aaa(c)	OSCAR US Funding Trust VIII LLC, Series 2018-1A, Class A2A, 2.910% due 4/12/21(b)		20,766
	327,905	Aaa(c)	OSCAR US Funding X LLC, Series 2019-1A, Class A2, 3.100% due 4/11/22(b)		329,527
	125,309	AAA	Securitized Term Auto Receivables Trust, Series 2018-2A, Class A2A, 3.060% due 2/25/21(b)		125,495
			Total Automobiles		1,316,903
	Credit Cards — 2.2%
	1,300,000	Aaa(c)	CARDS II Trust, Series 2018-1A, Class A, 2.008% (1-Month USD-LIBOR + 0.350%) due 4/17/23(a)(b)		1,300,248
	3,000,000	(P)AAA	Evergreen Credit Card Trust, Series 2019-1, Class A, 2.138% (1-Month USD-LIBOR + 0.480%) due 1/15/23(a)(b)		3,006,854
	1,018,102	NR	LP Credit Card ABS Master Trust, Series 2018-1, Class A, 3.189% (1-Month USD-LIBOR + 1.550%) due 8/20/24(a)(b)		1,003,428
	3,000,000	Aaa(c)	Master Credit Card Trust II, Series 2018-1A, Class A, 2.129% (1-Month USD-LIBOR + 0.490%) due 7/21/24(a)(b)		3,003,864
	2,000,000	AAA	Penarth Master Issuer PLC, Series 2019-1A, Class A1, 2.199% (1-Month USD-LIBOR + 0.540%) due 7/18/23(a)(b)		2,002,482
	800,000	AAA	Trillium Credit Card Trust II, Series 2019-1A, Class A, 2.096% (1-Month USD-LIBOR + 0.480%) due 1/26/24(a)(b)		802,223
			Total Credit Cards		11,119,099
	Student Loans — 3.3%
			ECMC Group Student Loan Trust:
	672,276	Aaa(c)	Series 2017-2A, Class A, 2.677% (1-Month USD-LIBOR + 1.050%) due 5/25/67(a)(b)		678,352
	564,585	Aaa(c)	Series 2018-1A, Class A, 2.377% (1-Month USD-LIBOR + 0.750%) due 2/27/68(a)(b)		558,266
	959,481	Aaa(c)	Series 2019-1A, Class A1B, 2.627% (1-Month USD-LIBOR + 1.000%) due 7/25/69(a)(b)		958,941
	215,516	AAA	EFS Volunteer LLC, Series 2010-1, Class A2, 2.644% (3-Month USD-LIBOR + 0.850%) due 10/25/35(a)(b)		213,842
	91,412	Aaa(c)	Navient Private Education Loan Trust, Series 2015-AA, Class A2A, 2.650% due 12/15/28(b)		92,940

See Notes to Financial Statements.

265

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	Student Loans — 3.3% — (continued)
				Navient Private Education Refi Loan Trust:
$	269,512		AAA	Series 2019-A, Class A1, 3.030% due 1/15/43(b)	$	271,507
	1,200,000		AAA	Series 2020-A, Class A1, 2.334% (1-Month USD-LIBOR + 0.350%) due 11/15/68(a)(b)		1,201,212
				Navient Student Loan Trust:
	1,207,563		AAA	Series 2018-1A, Class A2, 1.977% (1-Month USD-LIBOR + 0.350%) due 3/25/67(a)(b)		1,206,464
	2,297,168		AAA	Series 2018-2A, Class A2, 2.007% (1-Month USD-LIBOR + 0.380%) due 3/25/67(a)(b)		2,297,278
				Nelnet Student Loan Trust:
	1,148,128		AA+	Series 2017-3A, Class A, 2.477% (1-Month USD-LIBOR + 0.850%) due 2/25/66(a)(b)		1,146,860
	1,437,564		AA+	Series 2019-2A, Class A, 2.527% (1-Month USD-LIBOR + 0.900%) due 6/27/67(a)(b)		1,450,957
	1,239,935		AA+	Series 2019-3A, Class A, 2.427% (1-Month USD-LIBOR + 0.800%) due 8/25/67(a)(b)		1,233,093
				SLC Student Loan Trust:
	900,428		AAA	Series 2006-1, Class A5, 2.004% (3-Month USD-LIBOR + 0.110%) due 3/15/27(a)		897,449
	617,324		AAA	Series 2007-1, Class A4, 1.752% (3-Month USD-LIBOR + 0.060%) due 5/15/29(a)		605,487
				SLM Student Loan Trust:
	215,740		AAA	Series 2003-10A, Class A3, 2.364% (3-Month USD-LIBOR + 0.470%) due 12/15/27(a)(b)		215,827
	993,412		AAA	Series 2005-5, Class A4, 1.934% (3-Month USD-LIBOR + 0.140%) due 10/25/28(a)		987,937
	521,593		B	Series 2008-5, Class A4, 3.494% (3-Month USD-LIBOR + 1.700%) due 7/25/23(a)		525,885
	750,793		B	Series 2008-7, Class A4, 2.694% (3-Month USD-LIBOR + 0.900%) due 7/25/23(a)		743,535
	119,474		B	Series 2008-8, Class A4, 3.294% (3-Month USD-LIBOR + 1.500%) due 4/25/23(a)		120,195
	777,795		AAA	SMB Private Education Loan Trust, Series 2015-B, Class A2B, 2.858% (1-Month USD-LIBOR + 1.200%) due 7/15/27(a)(b)		781,895
	466,941		AAA	Sofi Professional Loan Program LLC, Series 2018-A, Class A2A, 2.390% due 2/25/42(b)		468,249
	820,408		AA+	Utah State Board of Regents, Series 2017-1, Class A, 2.377% (1-Month USD-LIBOR + 0.750%) due 1/25/57(a)		814,895
				Total Student Loans		17,471,066
				TOTAL ASSET-BACKED SECURITIES (Cost — $29,914,241)		29,907,068
	SOVEREIGN BONDS — 2.5%
	India — 0.9%
				Export-Import Bank of India:
	2,500,000		BBB-	2.750% due 4/1/20		2,503,717
	1,900,000		Baa2(c)	2.696% (3-Month USD-LIBOR + 1.000%) due 8/21/22(a)		1,905,111
				Total India		4,408,828
	Mexico — 1.6%
	160,580,000	MXN	A-	Mexican Bonos, 7.250% due 12/9/21		8,255,416
				TOTAL SOVEREIGN BONDS (Cost — $12,834,676)		12,664,244
				TOTAL INVESTMENTS IN SECURITIES BEFORE SHORT-TERM INVESTMENTS (Cost — $505,922,572)		510,760,917
	SHORT-TERM INVESTMENTS- 40.1%
	COMMERCIAL PAPERS — 1.2%
	2,000,000			Arrow Electronics Inc., 1.954% due 3/9/20(l)		1,999,133
	1,700,000			Broadcom Inc., 2.044% due 3/17/20(l)		1,698,459
	1,100,000			Sempra Energy, 1.858% due 4/22/20(l)		1,097,060
	1,200,000			Syngenta Wilmington Inc., 2.267% due 6/5/20(l)		1,192,800
				TOTAL COMMERCIAL PAPERS (Cost — $5,987,452)		5,987,452
	REPURCHASE AGREEMENT — 1.0%
	5,200,000			Merril Lynch & Co., Inc. repurchase agreement dated 2/28/20, 1.640% due 3/2/20, Proceeds at maturity — $5,200,237; (Fully collateralized by GNMA II P#MA5763 4.000% 02/20/49; Market Valued — $0)
				(Cost — $5,200,000)		5,200,000

See Notes to Financial Statements.

266

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund
Face Amount/Units†			Rating††	Security	Value
	TIME DEPOSITS — 0.3%
	365,293	AUD		ANZ National Bank — Hong Kong, 0.310% due 3/2/20	$	237,860
				BBH — Grand Cayman:
	2,606	DKK		(0.950)% due 3/2/20		385
	772	EUR		(0.680)% due 3/2/20		852
	83,553	JPY		(0.260)% due 3/2/20		775
	6,080	NZD		0.700% due 3/2/20		3,801
	596,628	CAD		0.820% due 3/2/20		444,515
	182,891	GBP		Citibank — London, 0.330% due 3/2/20		234,447
$	649,090			Citibank — New York, 0.950% due 3/2/20		649,090
				TOTAL TIME DEPOSITS (Cost — $1,571,725)		1,571,725
	U.S. GOVERNMENT OBLIGATIONS — 37.6%
				U.S. Treasury Bills:
	180,000,000			1.532% due 3/31/20(l)		179,785,800
	12,800,000			1.554% due 4/7/20(f)(l)		12,779,609
				TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost — $192,569,042)		192,565,409
				TOTAL SHORT-TERM INVESTMENTS (Cost — $205,328,219)		205,324,586
				TOTAL INVESTMENTS — 140.0% (Cost — $711,250,791)		716,085,503
				Liabilities in Excess of Other Assets — (40.0)%		(204,632,683	)
				TOTAL NET ASSETS — 100.0%	$	511,452,820

† 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 29, 2020.

(b) 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 29, 2020, amounts to approximately $160,305,557 and represents 31.3% of net assets.

(c) Rating by Moody’s Investors Service.

(d) Illiquid security.

(e) The aggregate value of restricted securities (excluding 144A holdings) at February 29, 2020, amounts to approximately $807,813 and represents 0.2% of net assets.

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

(g) Inverse Floating Rate Security — interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate as of February 29, 2020.

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

(i) Rating by Fitch Ratings Service.

(j) Affiliated security (See Note 2). As of February 29, 2020, total cost and total market value of affiliated securities amounted to $628,048 and $636,318 respectively.

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

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

At February 29, 2020, for Ultra-Short 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	$	711,250,791	$	10,220,264	$	(5,592,880	)	$	4,627,384

See Notes to Financial Statements.

267

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

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

Summary of Investments by Security Type^
Corporate Bonds & Notes	36.7	%
Collateralized Mortgage Obligations	14.9
Mortgage-Backed Securities	7.7
U.S. Government Agencies & Obligations	6.0
Asset-Backed Securities	4.2
Sovereign Bonds	1.8
Short-Term Investments	28.7
	100.0	%

^ As a percentage of total investments.

At February 29, 2020, 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:
Australian Government 10-Year Bond March Futures		95		3/20	$	9,005,081	$	9,260,094	$	255,013
Bank Accept March Futures		268		3/21		49,165,037		49,284,086		119,049
Canada Government 10-Year Bond June Futures		120		6/20		12,585,606		12,759,947		174,341
U.S. Treasury 2-Year Note June Futures		970		6/20		210,148,984		211,778,282		1,629,298
										2,177,701
Contracts to Sell:
90-Day Eurodollar December Futures		161		12/20		39,610,025		39,885,737		(275,712	)
U.S. Treasury 5-Year Note June Futures		330		6/20		40,014,171		40,507,500		(493,329	)
U.S. Treasury Ultra Long Bond June Futures		55		6/20		10,974,590		11,412,500		(437,910	)
										(1,206,951)
Net Unrealized Appreciation on Open Exchange Traded Futures Contracts									$	970,750

At February 29, 2020, Ultra-Short Term Fixed Income Fund had deposited cash of $978,000 with a broker or brokers as margin collateral on an open exchange-traded futures contracts.

At February 29, 2020, 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:

See Notes to Financial Statements.

268

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

Foreign Currency	Local Currency		In Exchange For			Counterparty		Market Value		Settlement Date		Unrealized Appreciation/ (Depreciation)
Contracts to Buy:
Australian Dollar		3,481,000		USD	2,348,374		BCLY	$	2,266,653		3/3/20	$	(81,721	)
Australian Dollar		3,372,000		USD	2,255,176		HSBC		2,195,677		3/3/20		(59,499	)
British Pound		13,234,000		USD	17,050,203		MLP		16,964,666		3/3/20		(85,537	)
Canadian Dollar		6,725,000		USD	5,053,675		BNP		5,010,431		3/3/20		(43,244	)
Canadian Dollar		6,053,000		USD	4,556,314		HSBC		4,509,760		3/3/20		(46,554	)
Canadian Dollar		1,176,000		USD	879,646		HSBC		876,173		3/3/20		(3,473	)
Japanese Yen		1,178,700,000		USD	10,833,167		BCLY		10,927,549		3/3/20		94,382
Japanese Yen		590,900,000		USD	5,311,526		BNP		5,478,144		3/3/20		166,618
Japanese Yen		1,120,100,000		USD	10,190,491		BCLY		10,402,132		4/2/20		211,641
													152,613
Contracts to Sell:
Australian Dollar		18,492,000		USD	12,476,386		HSBC		12,041,061		3/3/20		435,325
Australian Dollar		3,681,000		USD	2,428,028		JPM		2,396,882		3/3/20		31,146
Australian Dollar		15,320,000		USD	10,018,431		SCB		9,983,064		4/2/20		35,367
British Pound		2,324,000		USD	2,989,992		JPM		2,979,136		3/3/20		10,856
British Pound		10,910,000		USD	14,218,599		SCB		13,985,530		3/3/20		233,069
British Pound		13,234,000		USD	17,063,908		MLP		16,979,641		4/2/20		84,267
Canadian Dollar		13,954,000		USD	10,587,053		MLP		10,396,365		3/3/20		190,688
Canadian Dollar		1,176,000		USD	879,669		HSBC		876,202		4/2/20		3,467
Euro		2,900,000		USD	3,213,478		MLP		3,201,020		3/3/20		12,458
Euro		2,900,000		USD	3,191,383		SCB		3,207,223		4/2/20		(15,840	)
Japanese Yen		1,120,100,000		USD	10,173,941		BCLY		10,384,277		3/3/20		(210,336	)
Japanese Yen		294,000,000		USD	2,662,480		JPM		2,725,629		3/3/20		(63,149	)
Japanese Yen		80,800,000		USD	736,080		MLP		749,085		3/3/20		(13,005	)
Japanese Yen		274,700,000		USD	2,487,131		SCB		2,546,702		3/3/20		(59,571	)
Mexican Peso		91,779,000		USD	4,862,000		JPM		4,652,983		3/18/20		209,017
Mexican Peso		69,507,000		USD	3,692,291		MLP		3,523,845		3/18/20		168,446
													1,052,205
Net Unrealized Appreciation on Open Forward Foreign Currency Contracts												$	1,204,818

At February 29, 2020, Ultra-Short Term Fixed Income Fund held the following Centrally Cleared Interest Rate Swap Contracts:

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate		Maturity Date		Payment Frequency		Notional Amount		Market Value			Upfront Payment Paid/ (Received)			Unrealized Appreciation/ (Depreciation)
Receive	28-Day MXN TIIE Banxico		6.420%		12/9/21		28-Day	MXN	191,400,000	$	3,678		$	—		$	3,678
Receive	U.S. Federal Funds Effective Rate Index		2.300%		3/1/22		12-Month	USD	127,500,000		(4,282,055)			(2,910,823	)		(1,371,232	)
Pay	3-Month Canadian Bank Bill		2.500%		6/19/29		6-Month	CAD	4,500,000		308,090			231,385			76,705
Receive	3-Month USD-LIBOR		2.000%		12/10/29		6-Month	USD	25,200,000		(2,183,491	)		(1,024,426	)		(1,159,065	)
										$	(6,153,778	)	$	(3,703,864)		$	(2,449,914)

See Notes to Financial Statements.

269

Schedules of Investments

(unaudited) (continued)

Ultra-Short Term Fixed Income Fund

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

Reference Obligation	Fixed Deal (Pay) Rate			Maturity Date		Payment Frequency		Implied Credit Spread at 2/29/20 (2)			Notional Amount (3)		Market Value			Upfront Payment (Received)			Unrealized Appreciation
Markit CDX North America High Yield Series 33 5-Year Index		(5.000	)%		12/20/24		3-Month		3.769	%	USD	6,930,000	$	(424,994	)	$	(492,012	)	$	67,018
													$	(424,994	)	$	(492,012	)	$	67,018

(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.

At February 29, 2020, Ultra-Short Term Fixed Income Fund deposited cash collateral with brokers in the amount of $321,000 for open centrally cleared swap contracts.

At February 29, 2020, Ultra-Short Term Fixed Income Fund had cash collateral from brokers in the amount of $617,000 for open centrally cleared swap contracts.

Currency Abbreviations used in this schedule:		Counterparty Abbreviations used in this schedule:
AUD	— Australian Dollar	BCLY	— Barclays Bank PLC
CAD	— Canadian Dollar	BNP	— BNP Paribas SA
EUR	— Euro	HSBC	— HSBC Bank USA
GBP	— British Pound	JPM	— JPMorgan Chase & Co.
JPY	— Japanese Yen	MLP	— Merrill Lynch, Pierce, Fenner & Smith Inc.
MXN	— Mexican Peso	SCB	— Standard Chartered Bank
USD	— United States Dollar

See pages 272-273 for definitions of ratings.

See Notes to Financial Statements.

270

Schedules of Investments

(unaudited) (continued)

Alternative Strategies Fund
Units		Security	Value
	OPEN END MUTUAL FUND SECURITIES — 97.7%
	United States — 97.7%
	269,102	American Beacon AHL Managed Futures Strategy Fund, Class Y	$	2,790,585
	215,608	BlackRock Event Driven Equity Fund, Institutional Class		2,089,243
	321,203	BlackRock Global Long/Short Credit Fund, Institutional Class		3,208,822
	311,217	BlackRock Global Long/Short Equity Fund, Institutional Class		3,578,997
	184,382	BNY Mellon Global Real Return, Class Y		2,767,580
	110,815	Diamond Hill Long/Short Fund, Class I		2,712,752
	146,286	Driehaus Event Driven Fund, Common Class		1,771,527
	331,222	Goldman Sachs Absolute Return Tracker Fund, Institutional Class		3,126,731
	241,953	John Hancock Seaport Long/Short Fund, Class I		2,780,042
	150,385	LoCorr Market Trend Fund, Class I		1,625,662
	295,703	PIMCO Mortgage Opportunities and Bond Fund, Class I-2		3,229,082
	151,734	Tortoise MLP & Pipeline Fund, Institutional Class		1,628,104
	322,776	Western Asset Macro Opportunities Fund, Class I		3,473,068
		TOTAL INVESTMENTS — 97.7% (Cost — $35,211,703)		34,782,195
		Other Assets in Excess of Liabilities — 2.3%		812,384
		TOTAL NET ASSETS — 100.0%	$	35,594,579

At February 29, 2020, for Alternative Strategies Fund the aggregate cost of investments, the aggregate gross unrealized appreciation and depreciation of all investments for federal income tax purposes were as follows:

Fund	Aggregate Cost For Federal Income Tax Purposes		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized (Depreciation)
Alternative Strategies Fund	$	35,211,703	$	380,400	$	(809,908	)	$	(429,508	)

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

^ As a percentage of total investments.

See Notes to Financial Statements.

271

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.

272

Ratings

(unaudited) (continued)

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

Short-Term Security Ratings

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

273

Statements of Assets and Liabilities

February 29, 2020 (unaudited)

	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund
ASSETS:
Unaffiliated investments, at value1,3	$	1,497,621,069	$	417,688,363	$	1,312,255,929
Affiliated investments, at value2		1,483,468		—		—
Foreign currency, at value4		15		10		81,028
Cash		7,709,848		1,151,848		20,103
Receivable for securities sold		10,449,749		723,610		5,600,005
Receivable for TBA securities sold		—		—		—
Dividends and interest receivable from unaffiliated investments		2,571,834		330,253		6,562,792
Dividends and interest receivable from affiliated investments		—		—		—
Receivable for manager waiver		—		—		—
Receivable for Fund shares sold		2,524,393		749,791		3,203,138
Unrealized appreciation on unfunded loan commitments		—		—		—
Unrealized appreciation on open forward foreign currency contracts (Note 1)		—		—		—
Variation margin on open future 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		430,984		133,996		62,064
Foreign capital gain tax receivable		—		—		—
Prepaid expenses		111,271		39,127		106,545
Total Assets		1,522,902,631		420,816,998		1,327,891,604
LIABILITIES:
Reverse repurchase agreements, at value7		—		—		—
Payable for collateral received from securities on loan		5,381,234		8,092,493		21,795,195
Payable for Fund shares repurchased		2,664,240		741,288		2,503,068
Payable for securities purchased		12,534,893		2,870,131		6,189,241
Payable for TBA securities purchased		—		—		—
Payable for sale-buyback transactions		—		—		—
Investment management fee payable		480,305		154,494		561,765
Transfer agent fees payable		13,528		6,173		15,931
Interest expense payable		—		—		—
Custody fee payable		69,371		20,106		201,738
Variation margin on open future contracts (Note 1)		29,698		34,815		52,302
Variation margin on open centrally cleared swap contracts (Note 1)		—		—		—
Due to custodian, at value4		—		—		—
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		—		—		—
Distributions payable		—		—		—
Accrued expenses		47,060		63,949		36,780
Total Liabilities		21,220,329		11,983,449		31,356,020
Total Net Assets	$	1,501,682,302	$	408,833,549	$	1,296,535,584
NET ASSETS:
Paid-in-capital (Note 4)	$	1,013,099,322	$	360,800,893	$	1,301,690,338
Total distributable earnings (losses)		488,582,980		48,032,656		(5,154,754	)
Total Net Assets	$	1,501,682,302	$	408,833,549	$	1,296,535,584
Shares Outstanding		82,096,946		24,795,362		114,042,490
Net Asset Value	$	18.29	$	16.49	$	11.37
1 Unaffiliated investments, at cost	$	1,032,510,755	$	374,757,243	$	1,263,318,536
2 Affiliated investments, at cost	$	795,894	$	—	$	—
3 Includes securities on loan	$	5,193,205	$	7,821,298	$	20,610,479
4 Foreign currency/Due to custodian, at cost	$	478	$	467	$	81,733
5 Proceeds	$	—	$	—	$	—
6 Premiums received	$	—	$	—	$	—
7 Proceeds of reverse repurchase agreement	$	—	$	—	$	—

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
$	503,532,959	$	1,304,374,615	$	48,753,689		$	217,333,021	$	86,117,596	$	305,568,270	$	715,449,185		$	34,782,195
	—		2,219,033		—			—		—		—		636,318			—
	802,984		1,220,175		—			302,681		—		99,177		72,689			—
	9,701		26,167		3,003			—		3,682		1,065,957		4,907,927			643,194
	576,320		31,634,906		346,367			2,636,183		—		823,269		1,227,274			—
	—		39,852,152		—			46,751,257		—		36,817,107		23,758,742			—
	1,388,202		5,999,264		649,650			1,001,601		815,427		440,269		2,011,722			8,407
	—		5,819		—			—		—		—		222			—
	—		—		—			—		—		—		—			2,606
	1,062,940		2,174,358		71,284			288,970		116,965		198,398		1,614,450			261,052
	—		—		12			—		—		—		—			—
	—		271,000		—			1,563,006		—		536,538		1,886,747			—
	—		122,222		—			—		—		—		381,884			—
	—		—		—			103,788		—		255,811		—			—
	—		140,116		—			143,538		—		—		—			—
	—		7,443		—			53,824		—		1,328		—			—
	97,994		2,581,364		—			1,877,000		70,000		1,328,000		1,299,000			—
	68,785		—		—			—		—		—		—			—
	50,356		124,613		13,682			19,376		19,678		38,639		52,695			29,113
	507,590,241		1,390,753,247		49,837,687			272,074,245		87,143,348		347,172,763		753,298,855			35,726,567
	—		—		—			21,499,486		—		32,364,120		—			—
	1,337,661		227,160		326,398			—		—		—		—			—
	943,336		3,500,727		54,546			385,672		85,122		418,609		962,734			74,396
	1,598,474		58,378,677		870,517			2,320,329		—		804,644		181,752,665			15,930
	—		94,294,207		—			99,398,985		—		67,004,578		57,044,656			—
	—		—		—			—		—		25,171,406		—			—
	235,603		340,417		18,111			47,777		25,378		71,997		168,320			5,244
	27,257		36,623		2,282			2,850		1,056		2,964		5,620			437
	—		—		—			7,209		—		27,055		424			—
	84,072		223,373		33,297			82,065		14,767		77,542		56,912			18,894
	20,958		—		1,532			177,606		88,438		336,162		—			—
	—		606,168		—			—		—		—		411,963			—
	—		—		—			1,301		—		—		—			—
	—		—		—			104,751		—		—		—			—
	—		749,906		—			173,311		—		674,011		—			—
	—		—		—			293,644		—		159		—			—
	—		—		—			144,651		—		—		—			—
	—		1,128,602		—			1,805,462		—		335,595		681,929			—
	—		—		—			910,000		—		577,000		617,000			—
	—		1,612		—			—		57		—		—			—
	91,015		148,423		64,193			113,258		31,515		275,801		143,812			17,087
	4,338,376		159,635,895		1,370,876			127,468,357		246,333		128,141,643		241,846,035			131,988
$	503,251,865	$	1,231,117,352	$	48,466,811		$	144,605,888	$	86,897,015	$	219,031,120	$	511,452,820		$	35,594,579
$	480,377,055	$	1,167,520,467	$	75,386,020		$	140,458,544	$	80,374,250	$	210,706,618	$	516,159,069		$	35,865,034
	22,874,810		63,596,885		(26,919,209	)		4,147,344		6,522,765		8,324,502		(4,706,249	)		(270,455	)
$	503,251,865	$	1,231,117,352	$	48,466,811		$	144,605,888	$	86,897,015	$	219,031,120	$	511,452,820		$	35,594,579
	35,607,625		143,577,494		13,026,946			18,085,043		9,014,418		21,087,544		51,635,133			3,629,513
$	14.13	$	8.57	$	3.72		$	8.00	$	9.64	$	10.39	$	9.91		$	9.81
$	429,630,398	$	1,242,961,960	$	50,279,084		$	209,051,648	$	79,813,615	$	289,857,688	$	710,622,743		$	35,211,703
$	—	$	2,168,735	$	—		$	—	$	—	$	—	$	628,048		$	—
$	1,301,397	$	183,399	$	294,043		$	—	$	—	$	—	$	—		$	—
$	804,187	$	1,315,822	$	—		$	305,898	$	—	$	102,325	$	81,023		$	—
$	—	$	—	$	—		$	104,094	$	—	$	—	$	—		$	—
$	—	$	603,561	$	—		$	199,024	$	—	$	250,509	$	—		$	—
$	—	$	—	$	—		$	21,357,000	$	—	$	32,364,120	$	—		$	—

See Notes to Financial Statements.

275

Statements of Operations

For the Six Months Ended February 29, 2020 (unaudited)

	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund
INVESTMENT INCOME:
Dividends from unaffiliated investments	$	14,710,390		$	3,146,474		$	11,837,272
Dividends from affiliated investments		24,037			—			—
Interest from unaffiliated investments		146,675			84,014			129,486
Interest from affiliated investments		—			—			—
Income from securities lending		37,261			98,771			93,182
Less: Foreign taxes withheld (see Note 1q)		(15,750	)		(2,689	)		(971,308	)
Total Investment Income		14,902,613			3,326,570			11,088,632
EXPENSES:
Investment management fee (Note 2)		4,864,364			1,759,288			4,891,560
Transfer agent fees		95,510			27,420			79,816
Custody fees		234,491			92,370			522,255
Trustees' fees		117,984			31,253			103,303
Shareholder reports		97,713			92,072			102,072
Insurance		34,839			10,356			25,288
Audit and tax		29,069			31,011			57,501
Legal fees		45,956			10,999			35,910
Registration fees		19,672			17,749			14,458
Other expense		36,489			9,785			48,562
Interest expense		—			—			—
Total Expenses		5,576,087			2,082,303			5,880,725
Less: Fee waivers and/or expense reimbursement (Note 2)		(1,733,298	)		(756,613	)		(1,130,173	)
Net Expenses		3,842,789			1,325,690			4,750,552
Net Investment Income	$	11,059,824		$	2,000,880		$	6,338,080
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS, OPTIONS CONTRACTS WRITTEN, UNFUNDED LOAN COMMITMENTS, FORWARD SALE COMMITMENTS, SHORT SALES, SWAP CONTRACTS, FORWARD FOREIGN CURRENCY CONTRACTS, FOREIGN CURRENCY TRANSLATIONS AND CAPITAL GAIN DISTRIBUTIONS RECEIVED (NOTES 1 AND 3):
Net Realized Gain (Loss) from:
Unaffiliated investments	$	32,214,416		$	7,731,131		$	7,483,667
Affiliated investments		65,781			—			—
Futures contracts		1,064,158			161,902			183,991
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Short Sales		—			—			—
Swap contracts		—			—			—
Forward foreign currency contracts		—			—			(1,340	)
Foreign currency translations		328,673			73,292			71,594
Capital gain distributions received		—			—			—
Net Realized Gain (Loss)		33,673,028			7,966,325			7,737,912
Change in Net Unrealized Appreciation (Depreciation) from:
Unaffiliated investments		(31,633,261	)		(10,754,435	)		(3,138,549	)
Affiliated investments		71,977			—			—
Futures contracts		(857,853	)		(290,612	)		(138,497	)
Options contracts written		—			—			—
Forward sale commitments		—			—			—
Swap contracts		—			—			—
Unfunded loan commitments		—			—			—
Forward foreign currency contracts		—			—			—
Foreign currency translations		(286	)		709			60,531
Change in Net Unrealized Appreciation (Depreciation):		(32,419,423	)		(11,044,338	)		(3,216,515	)
Net Gain (Loss) on Investments, Futures Contracts, Options Contracts Written, Unfunded Loan Commitments, Forward Sale Commitments, Short Sales, Swap Contracts, Forward Foreign Currency Contracts, Foreign Currency Translations and Capital Gain Distributions Received		1,253,605			(3,078,013	)		4,521,397
Total Increase (Decrease) in Net Assets from Operations	$	12,313,429		$	(1,077,133	)	$	10,859,477

(a) Includes foreign capital gains tax of $946 for Emerging Markets Equity Fund.

See Notes to Financial Statements.

276

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
$	5,007,031		$	—		$	16,259		$	—		$	39,898		$	—		$	—		$	662,654
	—			—			—			—			—			—			—			—
	68,039			17,464,793			1,378,668			2,452,645			1,203,971			2,460,891			6,950,333			—
	—			35,728			—			—			—			—			9,123			—
	118,046			1,727			1,196			—			—			—			—			—
	(633,047	)		—			—			—			—			—			—			—
	4,560,069			17,502,248			1,396,123			2,452,645			1,243,869			2,460,891			6,959,456			662,654
	2,371,204			2,377,027			170,141			356,613			169,358			530,908			1,246,941			185,320
	52,138			96,665			2,918			9,183			5,280			12,618			29,804			1,707
	361,634			595,998			103,432			255,374			58,819			158,866			159,095			56,304
	45,786			79,581			4,508			11,374			6,628			19,611			47,601			2,075
	81,064			125,289			13,091			49,432			7,828			208,430			106,379			3,222
	12,190			21,585			781			2,714			1,834			4,416			10,816			638
	58,059			53,698			33,271			54,902			26,535			34,604			29,828			23,846
	11,572			27,009			694			4,025			3,638			3,731			8,805			1,042
	12,766			14,211			7,636			12,959			9,395			11,063			14,343			7,154
	18,857			54,400			1,561			7,837			2,647			13,567			30,505			461
	—			—			—			106,351			—			539,262			97,281			—
	3,025,270			3,445,463			338,033			870,764			291,962			1,537,076			1,781,398			281,769
	(816,425	)		(124,718	)		(49,119	)		(35,940	)		—			(53,644	)		(128,327	)		(173,608	)
	2,208,845			3,320,745			288,914			834,824			291,962			1,483,432			1,653,071			108,161
$	2,351,224		$	14,181,503		$	1,107,209		$	1,617,821		$	951,907		$	977,459		$	5,306,385		$	554,493
$	3,130,450	(a)	$	8,036,745		$	(74,597	)	$	248,756		$	139,914		$	817,472		$	1,634,348		$	51,508
	—			(123	)		—			—			—			—			184			—
	17,436			1,749,481			(4,445	)		(403,907	)		(89,295	)		363,349			(280,389	)		—
	—			1,755,778			—			270,306			—			331,034			—			—
	—			—			—			299			—			—			—			—
	—			—			—			(8,918	)		—			(27,931	)		3,997			—
	—			(2,533,843	)		—			185,193			—			(1,352,110	)		(6,859,530	)		—
	—			775,094			—			1,366,109			—			29,696			(284,077	)		—
	2,065			(50,323	)		—			(67,679	)		—			(150,805	)		(294,165	)		—
	—			—			—			—			—			—			—			622,715
	3,149,951			9,732,809			(79,042	)		1,590,159			50,619			10,705			(6,079,632	)		674,223
	9,065,720			13,695,765			(396,264	)		(245,695	)		875,521			4,946,648			1,119,209			(1,305,416	)
	—			18,477			—			—			—			—			(23	)		—
	(27,113	)		2,196,774			(16,089	)		(308,941	)		(143,346	)		(541,850	)		1,261,599			—
	—			(230,065	)		—			28,487			—			(412,571	)		—			—
	—			—			—			(657	)		—			—			—			—
	—			1,562,229			—			(1,056,033	)		—			1,728,309			5,378,771			—
	—			(2	)		12			—			—			—			—			—
	—			(406,933	)		—			(1,344,002	)		—			(312,370	)		514,228			—
	(32,676	)		(50,223	)		—			165,830			—			84,628			151,592			—
	9,005,931			16,786,022			(412,341	)		(2,761,011	)		732,175			5,492,794			8,425,376			(1,305,416	)
	12,155,882			26,518,831			(491,383	)		(1,170,852	)		782,794			5,503,499			2,345,744			(631,193	)
$	14,507,106		$	40,700,334		$	615,826		$	446,969		$	1,734,701		$	6,480,958		$	7,652,129		$	(76,700	)

See Notes to Financial Statements.

277

Statements of Changes in Net Assets

For the Six Months Ended February 29, 2020 (unaudited) and Year Ended August 31, 2019

	Large Cap Equity Fund						Small-Mid Cap Equity Fund
	2020			2019			2020			2019
OPERATIONS:
Net investment income	$	11,059,824		$	22,630,797		$	2,000,880		$	2,822,448
Net realized gain (loss)		33,673,028			69,268,848			7,966,325			57,979,006
Change in unrealized appreciation (depreciation)		(32,419,423	)		(78,336,314	)		(11,044,338	)		(94,485,990	)
Increase (Decrease) in Net Assets from Operations		12,313,429			13,563,331			(1,077,133	)		(33,684,536	)
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Distributable earnings		(77,893,014	)		(178,205,387	)		(49,102,404	)		(61,098,943	)
Decrease in Net Assets from Distributions to Shareholders		(77,893,014	)		(178,205,387	)		(49,102,404	)		(61,098,943	)
FUND SHARE TRANSACTIONS (NOTE 4):
Net proceeds from sale of shares		86,072,294			186,428,548			41,516,410			102,921,348
Reinvestment of distributions		77,891,987			178,200,572			49,101,666			61,098,668
Cost of shares repurchased		(150,625,548	)		(382,597,048	)		(54,259,152	)		(166,981,193	)
Increase (Decrease) in Net Assets from Fund Share Transactions		13,338,733			(17,967,928	)		36,358,924			(2,961,177	)
Increase (Decrease) in Net Assets		(52,240,852	)		(182,609,984	)		(13,820,613	)		(97,744,656	)
NET ASSETS:
Beginning of year/period		1,553,923,154			1,736,533,138			422,654,162			520,398,818
End of year/period	$	1,501,682,302		$	1,553,923,154		$	408,833,549		$	422,654,162

See Notes to Financial Statements.

278

International Equity Fund						Emerging Markets Equity Fund						Core Fixed Income Fund						High Yield Fund
2020			2019			2020			2019			2020			2019			2020			2019
$	6,338,080		$	36,024,154		$	2,351,224		$	9,687,466		$	14,181,503		$	27,403,261		$	1,107,209		$	2,727,034
	7,737,912			(45,026,132	)		3,149,951			(9,905,939	)		9,732,809			20,772,717			(79,042	)		(248,212	)
	(3,216,515	)		(87,407,761	)		9,005,931			(2,929,212	)		16,786,022			54,452,797			(412,341	)		228,305
	10,859,477			(96,409,739	)		14,507,106			(3,147,685	)		40,700,334			102,628,775			615,826			2,707,127
	(36,438,560	)		(31,325,356	)		(9,873,780	)		(7,592,456	)		(19,036,835	)		(29,106,437	)		(1,166,686	)		(2,874,860	)
	(36,438,560	)		(31,325,356	)		(9,873,780	)		(7,592,456	)		(19,036,835	)		(29,106,437	)		(1,166,686	)		(2,874,860	)
	97,282,069			239,957,016			37,811,857			102,041,051			89,702,721			446,598,356			4,144,725			11,141,650
	36,437,906			31,325,332			9,873,619			7,592,437			19,036,219			29,106,798			1,166,813			2,874,977
	(122,647,127	)		(509,040,936	)		(41,619,022	)		(104,107,655	)		(102,817,646	)		(212,612,744	)		(5,204,902	)		(23,401,205	)
	11,072,848			(237,758,588	)		6,066,454			5,525,833			5,921,294			263,092,410			106,636			(9,384,578	)
	(14,506,235	)		(365,493,683	)		10,699,780			(5,214,308	)		27,584,793			336,614,748			(444,224	)		(9,552,311	)
	1,311,041,819			1,676,535,502			492,552,085			497,766,393			1,203,532,559			866,917,811			48,911,035			58,463,346
$	1,296,535,584		$	1,311,041,819		$	503,251,865		$	492,552,085		$	1,231,117,352		$	1,203,532,559		$	48,466,811		$	48,911,035

See Notes to Financial Statements.

279

Statements of Changes in Net Assets

For the Six Months Ended February 29, 2020 (unaudited) and Year Ended August 31, 2019

	International Fixed Income Fund
	2020			2019
OPERATIONS:
Net investment income	$	1,617,821		$	1,101,769
Net realized gain (loss)		1,590,159			5,402,825
Change in unrealized appreciation (depreciation)		(2,761,011	)		7,187,476
Increase (Decrease) in Net Assets from Operations		446,969			13,692,070
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Distributable earnings		(6,470,801	)		(4,871,339	)
Decrease in Net Assets from Distributions to Shareholders		(6,470,801	)		(4,871,339	)
FUND SHARE TRANSACTIONS (NOTE 4):
Net proceeds from sale of shares		10,456,226			20,468,860
Reinvestment of distributions		6,470,738			4,871,339
Cost of shares repurchased		(13,296,181	)		(31,758,662	)
Increase (Decrease) in Net Assets from Fund Share Transactions		3,630,783			(6,418,463	)
Increase (Decrease) in Net Assets		(2,393,049	)		2,402,268
NET ASSETS:
Beginning of year/period		146,998,937			144,596,669
End of year/period	$	144,605,888		$	146,998,937

See Notes to Financial Statements.

280

Municipal Bond Fund						Inflation-Linked Fixed Income Fund						Ultra-Short Term Fixed Income Fund						Alternative Strategies Fund
2020			2019			2020			2019			2020			2019			2020			2019
$	951,907		$	1,722,796		$	977,459		$	5,681,713		$	5,306,385		$	12,731,611		$	554,493		$	158,030
	50,619			568,254			10,705			(2,836,919	)		(6,079,632	)		1,395,734			674,223			(130,569	)
	732,175			3,630,430			5,492,794			11,210,285			8,425,376			(4,154,718	)		(1,305,416	)		850,721
	1,734,701			5,921,480			6,480,958			14,055,079			7,652,129			9,972,627			(76,700	)		878,182
	(1,483,277	)		(1,901,725	)		(2,354,545	)		(5,096,357	)		(7,540,693	)		(13,471,881	)		(996,291	)		(95,504	)
	(1,483,277	)		(1,901,725	)		(2,354,545	)		(5,096,357	)		(7,540,693	)		(13,471,881	)		(996,291	)		(95,504	)
	6,543,362			35,161,516			12,583,990			29,466,773			46,244,016			105,555,158			13,532,181			26,545,340
	1,483,231			1,901,976			2,354,546			5,096,511			7,541,026			13,472,931			996,291			95,504
	(7,015,636	)		(19,072,643	)		(16,698,127	)		(66,776,158	)		(39,733,305	)		(125,374,618	)		(4,711,462	)		(6,302,023	)
	1,010,957			17,990,849			(1,759,591	)		(32,212,874	)		14,051,737			(6,346,529	)		9,817,010			20,338,821
	1,262,381			22,010,604			2,366,822			(23,254,152	)		14,163,173			(9,845,783	)		8,744,019			21,121,499
	85,634,634			63,624,030			216,664,298			239,918,450			497,289,647			507,135,430			26,850,560			5,729,061
$	86,897,015		$	85,634,634		$	219,031,120		$	216,664,298		$	511,452,820		$	497,289,647		$	35,594,579		$	26,850,560

See Notes to Financial Statements.

281

Statements of Cash Flows

For the Six-Months Ended February 29, 2020 (unaudited)

	International Fixed Income Fund			Inflation-Linked Fixed Income Fund
Cash Flows Provided by/Used in Operating Activities:
Net increase/decrease in net assets from operations	$	446,969		$	6,480,958
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		(318,406,839	)		(284,217,622	)
Proceeds from the sale and maturity of long-term investments		299,120,570			304,435,834
Proceeds from short-term investments, net		(243,674	)		(279,230	)
Decrease to the principal amount of inflation-indexed bonds		(35,811	)		(715,942	)
Change in net unrealized appreciation/depreciation from unaffiliated investments		245,695			(4,946,648	)
Change in net unrealized appreciation/deprecation from option contracts written		(28,487	)		412,571
Change in net unrealized appreciation/deprecation from OTC swap contracts		(26,650	)		(16,279	)
Increase in variation margin on centrally cleared swap contracts		(41,094	)		(81,436	)
Net amortization (accretion) of premiums (discounts) of investments		(852,674	)		8,041
Net realized gain from unaffiliated investments		(248,756	)		(817,472	)
Increase in premium received on options contracts written		37,553			178,563
Decrease in variation margin on futures contracts		164,401			350,691
Increase in receivable for securities sold		(812,047	)		(609,572	)
Decrease in receivable for TBA securities sold		8,088,173			22,980,301
Increase/Decrease in dividends and interest receivable from unaffiliated investments		(134,576	)		37,132
Decrease in deposits for collateral with counterparty		25,000			116,000
Increase/Decrease in net upfront payments received/paid on open OTC swap contracts		(11,911	)		13,125
Increase for due to custodian		1,301			—
Decrease in forward sale commitments		104,751			—
Increase in prepaid expenses		(2,965	)		(16,084	)
Decrease in unrealized appreciation on open forward foreign currency contracts		870,860			272,714
Increase/Decrease in payable for securities purchased		161,732			(150,570	)
Increase/Decrease in payable for TBA securities purchased		9,572,212			(36,701,778	)
Increase/Decrease in deposits for collateral from counterparty		530,000			(106,000	)
Decrease in investment management fee payable		(8,156	)		(10,614	)
Decrease in interest expense payable		(8,247	)		(21,509	)
Increase/Decrease in custody fee payable		(664	)		45,717
Increase/Decrease in transfer agent fees payable		574			(150	)
Increase in unrealized depreciation on open forward foreign currency contracts		473,142			39,656
Increase in accrued expenses		28,814			163,120
Net cash and foreign currency provided by operating activities		(990,804	)		6,843,517
Cash Flows Provided by/Used in Financing Activities:
Proceeds from sale-buyback transactions		10,702,479			114,557,640
Proceeds on sale-buyback transactions		(11,475,734	)		(94,480,696	)
Proceeds from reverse repurchase agreements		4,563,581			(21,723,881	)
Proceeds from sale of shares		10,281,808			12,545,459
Cost of shares repurchased		(13,037,546	)		(16,503,874	)
Distributions to shareholders, net of reinvestments		(63	)		(23	)
Net cash and foreign currency used in financing activities		1,034,525			(5,605,375	)
Net increase in cash and foreign currency(a)		43,721			1,238,142
Cash and Foreign Currency:
Cash and foreign currency at beginning of the year		258,960			(73,008	)
Cash and foreign currency at end of the year	$	302,681		$	1,165,134
Non-Cash Financing Activities:
Reinvestment of distributions	$	6,470,738		$	2,354,546

(a) Includes net change in unrealized appreciation (depreciation) on foreign currency of $(123,474) and $14,904 for Internatinal Fixed Income Fund and Inflation-Linked Fixed Income Fund, respectively.

See Notes to Financial Statements.

282

Financial Highlights

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

Large Cap Equity Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	19.10		$	21.31		$	18.76		$	17.06		$	20.63		$	22.19
Income from Operations:
Net investment income(2)		0.14			0.27			0.26			0.25			0.19			0.08
Net realized and unrealized gain (loss)		0.02			(0.24	)		3.18			2.05			1.15			0.87
Total Income from Operations		0.16			0.03			3.44			2.30			1.34			0.95
Less Distributions from:
Net investment income		(0.20	)		(0.34	)		(0.24	)		(0.27	)		(0.11	)		(0.07	)
Net realized gain		(0.77	)		(1.90	)		(0.65	)		(0.33	)		(4.80	)		(2.44	)
Total Distributions		(0.97	)		(2.24	)		(0.89	)		(0.60	)		(4.91	)		(2.51	)
Net Asset Value, End of Period	$	18.29		$	19.10		$	21.31		$	18.76		$	17.06		$	20.63
Total Return†(3)		0.54	%(7)		1.32	%		18.89	%		13.86	%		7.08	%		4.39	%(4)
Net Assets, End of Period (millions)	$	1,502		$	1,554		$	1,737		$	1,687		$	1,709		$	1,353
Ratios to Average Net Assets:
Gross expenses		0.68	%(5)		0.69	%		0.69	%		0.69	%		0.69	%		0.68	%
Net expenses(6)		0.47	(5)		0.48			0.48			0.48			0.56			0.68
Net investment income		1.36	(5)		1.43			1.29			1.40			1.10			0.36
Portfolio Turnover Rate		6	%(7)		13	%		29	%		18	%		105	%		66	%

(1) For the six months ended February 29, 2020 (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) The Manager contributed a non-recourse voluntary reimbursement to Large Cap Equity Fund. The effect of the reimbursement is reflected in the Fund’s total return above. Without this reimbursement, the impact was less than 0.005% to the total return for Large Cap Equity Fund.

(5) Annualized.

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

(7) Not annualized.

† 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:

Small-Mid Cap Equity Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	18.60		$	23.06		$	19.53		$	17.40		$	24.39		$	28.53
Income (Loss) from Operations:
Net investment income (loss)(2)		0.08			0.12			0.10			0.10			0.05			(0.12	)
Net realized and unrealized gain (loss)		0.01			(1.83	)		4.14			2.39			(1.22	)		1.93
Total Income (Loss) from Operations		0.09			(1.71	)		4.24			2.49			(1.17	)		1.81
Less Distributions from:
Net investment income		(0.10	)		(0.10	)		(0.03	)		(0.06	)		—			—
Net realized gain		(2.10	)		(2.65	)		(0.68	)		(0.30	)		(5.82	)		(5.95	)
Total Distributions		(2.20	)		(2.75	)		(0.71	)		(0.36	)		(5.82	)		(5.95	)
Net Asset Value, End of Period	$	16.49		$	18.60		$	23.06		$	19.53		$	17.40		$	24.39
Total Return†(3)		(0.40	)%(7)		(6.25	)%		22.17	%		14.49	%		(5.51	)%		7.36	%(4)
Net Assets, End of Period (millions)	$	409		$	423		$	520		$	674		$	475		$	229
Ratios to Average Net Assets:
Gross expenses		0.94	%(5)		0.98	%		0.92	%		0.94	%		0.99	%		0.93	%
Net expenses(6)		0.60	(5)		0.66			0.61			0.63			0.79			0.93
Net investment income (loss)		0.91	(5)		0.63			0.47			0.52			0.28			(0.45	)
Portfolio Turnover Rate		18	%(7)		65	%		34	%		34	%		151	%		89	%

(1) For the six months ended February 29, 2020 (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) The Manager contributed a non-recourse voluntary reimbursement to Small-Mid Cap Equity Fund. The effect of the reimbursement is reflected in the Fund’s total return above. Without this reimbursement, the total return for Small-Mid Cap Equity Fund was 7.27%.

(5) Annualized.

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

(7) Not annualized.

† 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:

International Equity Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	11.59		$	12.64		$	12.34		$	10.83		$	10.91		$	12.03
Income (Loss) from Operations:
Net investment income(2)		0.06			0.28			0.27			0.24			0.21			0.21
Net realized and unrealized gain (loss)		0.05			(1.09	)		0.24			1.56			(0.10	)		(1.13	)
Total Income (Loss) from Operations		0.11			(0.81	)		0.51			1.80			0.11			(0.92	)
Less Distributions from:
Net investment income		(0.33	)		(0.24	)		(0.21	)		(0.29	)		(0.19	)		(0.20	)
Net Asset Value, End of Period	$	11.37		$	11.59		$	12.64		$	12.34		$	10.83		$	10.91
Total Return†(3)		0.67	%(7)		(6.34	)%		4.15	%		17.14	%		0.96	%		(7.68	)%(4)
Net Assets, End of Period (millions)	$	1,297		$	1,311		$	1,677		$	1,244		$	1,122		$	1,202
Ratios to Average Net Assets:
Gross expenses		0.84	%(5)		0.84	%		0.83	%		0.83	%		0.82	%		0.81	%
Net expenses(6)		0.68	(5)		0.68			0.66			0.65			0.76			0.79
Net investment income		0.91	(5)		2.40			2.07			2.15			2.02			1.80
Portfolio Turnover Rate		12	%(7)		28	%		41	%		27	%		64	%		80	%

(1) For the six months ended February 29, 2020 (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) The Manager contributed a non-recourse voluntary reimbursement to International Equity Fund. The effect of the reimbursement is reflected in the Fund’s total return above. Without this reimbursement, the total return for International Equity Fund was (7.94)%.

(5) Annualized.

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

(7) Not annualized.

† 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:

Emerging Markets Equity Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	14.00		$	14.29		$	15.33		$	12.36		$	10.87		$	14.54
Income (Loss) from Operations:
Net investment income(2)		0.07			0.27			0.22			0.20			0.13			0.17
Net realized and unrealized gain (loss)		0.34			(0.34	)		(1.06	)		2.90			1.51			(3.64	)
Total Income (Loss) from Operations		0.41			(0.07	)		(0.84	)		3.10			1.64			(3.47	)
Less Distributions from:
Net investment income		(0.28	)		(0.22	)		(0.20	)		(0.13	)		(0.15	)		(0.20	)
Net Asset Value, End of Period	$	14.13		$	14.00		$	14.29		$	15.33		$	12.36		$	10.87
Total Return†(3)		2.86	%(6)		(0.40	)%		(5.55	)%		25.48	%		15.31	%		(24.08	)%
Net Assets, End of Period (millions)	$	503		$	493		$	498		$	488		$	428		$	464
Ratios to Average Net Assets:
Gross expenses		1.15	%(4)		1.13	%		1.11	%		1.14	%		1.13	%		1.08	%
Net expenses(5)		0.84	(4)		0.82			0.80			0.86			0.96			0.96
Net investment income		0.89	(4)		1.95			1.42			1.51			1.15			1.34
Portfolio Turnover Rate		8	%(6)		22	%		24	%		27	%		99	%		41	%

(1) For the six months ended February 29, 2020 (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) Annualized.

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

(6) Not annualized.

† 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:

Core Fixed Income Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	8.42		$	7.86		$	8.19		$	8.41		$	8.23		$	8.44
Income (Loss) from Operations:
Net investment income(2)		0.10			0.23			0.20			0.19			0.20			0.17
Net realized and unrealized gain (loss)		0.18			0.57			(0.31	)		(0.11	)		0.27			(0.06	)
Total Income (Loss) from Operations		0.28			0.80			(0.11	)		0.08			0.47			0.11
Less Distributions from:
Net investment income		(0.11	)		(0.24	)		(0.21	)		(0.22	)		(0.23	)		(0.20	)
Tax return of capital		—			—			(0.01	)		—			—			—
Net realized gain		(0.02	)		—			—			(0.08	)		(0.06	)		(0.12	)
Total Distributions		(0.13	)		(0.24	)		(0.22	)		(0.30	)		(0.29	)		(0.32	)
Net Asset Value, End of Period	$	8.57		$	8.42		$	7.86		$	8.19		$	8.41		$	8.23
Total Return†(3)		3.41	%(7)		10.39	%		(1.35	)%		1.07	%		5.84	%		1.35	%
Net Assets, End of Period (millions)	$	1,231		$	1,204		$	867		$	710		$	722		$	859
Ratios to Average Net Assets:
Gross expenses		0.58	%(4)		0.57	%		0.57	%		0.58	%(5)		0.55	%(5)		0.54	%(5)
Net expenses(6)		0.56	(4)		0.56			0.56			0.56	(5)		0.54	(5)		0.55	(5)
Net investment income		2.39	(4)		2.85			2.49			2.32			2.42			2.06
Portfolio Turnover Rate		107	%(7)		210	%		253	%		236	%		245	%		326	%

(1) For the six months ended February 29, 2020 (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) Annualized.

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

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

(7) Not annualized.

† 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:

High Yield Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	3.76		$	3.77		$	3.86		$	3.78		$	3.88		$	4.41
Income (Loss) from Operations:
Net investment income(2)		0.09			0.19			0.20			0.22			0.23			0.24
Net realized and unrealized gain (loss)		(0.22	)		0.00			(0.08	)		0.10			(0.09	)		(0.50	)
Total Income (Loss) from Operations		(0.13	)		0.19			0.12			0.32			0.14			(0.26	)
Less Distributions from:
Net investment income		0.09			(0.20	)		(0.21	)		(0.24	)		(0.24	)		(0.27	)
Net Asset Value, End of Period	$	3.72		$	3.76		$	3.77		$	3.86		$	3.78		$	3.88
Total Return†(3)		1.06	%(6)		5.58	%		3.20	%		8.38	%		4.02	%		(6.14	)%
Net Assets, End of Period (millions)	$	48		$	49		$	58		$	173		$	325		$	254
Ratios to Average Net Assets:
Gross expenses		1.39	%(4)		1.32	%		1.17	%		0.95	%		0.88	%		0.90	%
Net expenses(5)		1.19	(4)		1.12			0.97			0.75			0.70			0.74
Net investment income		4.56	(4)		5.09			5.27			5.65			6.21			5.74
Portfolio Turnover Rate		27	%(6)		43	%		57	%		72	%		64	%		42	%

(1) For the six months ended February 29, 2020 (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) Annualized.

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

(6) Not 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:

International Fixed Income Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	8.35		$	7.86		$	7.78		$	7.79		$	7.61		$	8.04
Income from Operations:
Net investment income(2)		0.09			0.06			0.14			0.14			0.13			0.13
Net realized and unrealized gain (loss)		(0.07	)		0.70			0.03			(0.07	)		0.56			(0.09	)
Total Income from Operations		0.02			0.76			0.17			0.07			0.69			0.04
Less Distributions from:
Net investment income		(0.35	)		(0.27	)		(0.09	)		(0.08	)		(0.51	)		(0.47	)
Net realized gain		(0.02	)		—			—			—			—			—
Total Distributions		(0.37	)		(0.27	)		(0.09	)		(0.08	)		(0.51	)		(0.47	)
Net Asset Value, End of Period	$	8.00		$	8.35		$	7.86		$	7.78		$	7.79		$	7.61
Total Return†(3)		0.38	%(7)		10.01	%		2.25	%		0.98	%		9.56	%		0.44	%
Net Assets, End of Period (millions)	$	145		$	147		$	145		$	148		$	192		$	223
Ratios to Average Net Assets:
Gross expenses(4)		1.22	%(5)		1.24	%		1.01	%		1.06	%		0.87	%		0.87	%
Net expenses(4)		1.17	(5)(6)		1.19	(6)		0.95	(6)		1.01	(6)		0.83	(6)		0.87
Net investment income		2.27	(5)		0.77			1.76			1.82			1.71			1.61
Portfolio Turnover Rate		147	%(7)		265	%		203	%		268	%		199	%		416	%

(1) For the six months ended February 29, 2020 (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) Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents 0.15% (annualized), 0.15%, 0.04%, 0.11%, 0.04% and 0.10%, respectively.

(5) Annualized.

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

(7) Not annualized.

† 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:

Municipal Bond Fund
	2020(1)			2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	9.61		$	9.11		$	9.37		$	9.93		$	9.65		$	9.76
Income (Loss) from Operations:
Net investment income(2)		0.11			0.23			0.24			0.27			0.28			0.28
Net realized and unrealized gain (loss)		0.09			0.52			(0.26	)		(0.31	)		0.30			(0.06	)
Total Income (Loss) from Operations		0.20			0.75			(0.02	)		(0.04	)		0.58			0.22
Less Distributions from:
Net investment income		(0.11	)		(0.22	)		(0.24	)		(0.27	)		(0.28	)		(0.28	)
Net realized gain		(0.06	)		(0.03	)		—			(0.25	)		(0.02	)		(0.05	)
Total Distributions		(0.17	)		(0.25	)		(0.24	)		(0.52	)		(0.30	)		(0.33	)
Net Asset Value, End of Period	$	9.64		$	9.61		$	9.11		$	9.37		$	9.93		$	9.65
Total Return†(3)		1.97	%(5)		8.38	%		(0.21	)%		(0.22	)%		6.14	%		2.32	%
Net Assets, End of Period (millions)	$	87		$	86		$	64		$	58		$	69		$	85
Ratios to Average Net Assets:
Gross expenses		0.69	%(4)		0.74	%		0.72	%		0.75	%		0.68	%		0.66	%
Net expenses		0.69	(4)		0.74			0.72			0.75			0.68			0.66
Net investment income		2.29	(4)		2.44			2.61			2.85			2.87			2.91
Portfolio Turnover Rate		5	%(5)		42	%		18	%		13	%		16	%		8	%

(1) For the six months ended February 29, 2020 (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) Annualized.

(5) Not annualized.

† 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:

Inflation-Linked Fixed Income Fund
	2020(1)			2019			2018			2017			2016(2)
Net Asset Value, Beginning of Period	$	10.19		$	9.79		$	10.08		$	10.23		$	10.00
Income from Operations:
Net investment income(3)		0.05			0.24			0.30			0.23			0.14
Net realized and unrealized gain (loss)		0.26			0.38			(0.25	)		(0.13	)		0.32
Total Income from Operations		0.31			0.62			0.05			0.10			0.46
Less Distributions from:
Net investment income		(0.11	)		(0.22	)		(0.34	)		(0.24	)		(0.23	)
Net realized gain		—			—			—			(0.01	)		—
Total Distributions		(0.11	)		(0.22	)		(0.34	)		(0.25	)		(0.23	)
Net Asset Value, End of Period	$	10.39		$	10.19		$	9.79		$	10.08		$	10.23
Total Return†(4)		3.00	%(8)		6.42	%		0.55	%		1.05	%		4.59	%(8)
Net Assets, End of Period (millions)	$	219		$	217		$	240		$	190		$	159
Ratios to Average Net Assets:
Gross expenses(5)		1.45	%(6)		1.35	%		1.27	%		1.15	%		1.03	%(6)
Net expenses(5)(7)		1.40	(6)		1.30			1.22			1.10			0.99	(6)
Net investment income		0.92	(6)		2.47			3.07			2.25			2.91	(6)
Portfolio Turnover Rate		115	%(8)		143	%		72	%		120	%		35	%(8)

(1) For the six months ended February 29, 2020 (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) Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents 0.51% (annualized), 0.55%, 0.49%, 0.29% and 0.19%, respectively.

(6) Annualized.

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

(8) Not annualized.

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

See Notes to Financial Statements.

291

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
	2020(1)			2019			2018			2017			2016(2)
Net Asset Value, Beginning of Period	$	9.90		$	9.97		$	9.99		$	10.00		$	10.00
Income from Operations:
Net investment income(3)		0.10			0.25			0.19			0.13			0.07
Net realized and unrealized gain (loss)		0.06			(0.06	)		0.02			0.08			0.02
Total Income from Operations		0.16			0.19			0.21			0.21			0.09
Less Distributions from:
Net investment income		(0.15	)		(0.26	)		(0.23	)		(0.22	)		(0.09	)
Net Asset Value, End of Period	$	9.91		$	9.90		$	9.97		$	9.99		$	10.00
Total Return†(4)		1.52	%(8)		2.07	%		2.09	%		2.14	%		0.89	%(8)
Net Assets, End of Period (millions)	$	511		$	497		$	507		$	276		$	162
Ratios to Average Net Assets:
Gross expenses(5)		0.71	%(6)		0.82	%		0.71	%		0.84	%		0.81	%(6)
Net expenses(5)(7)		0.66	(6)		0.77			0.66			0.79			0.77	(6)
Net investment income		2.13	(6)		2.51			1.90			1.29			1.47	(6)
Portfolio Turnover Rate		50	%(8)		97	%		128	%		103	%		100	%(8)

(1) For the six months ended February 29, 2020 (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) Ratio includes interest expense on reverse repurchase agreements and sale-buyback transactions which represents 0.04% (annualized), 0.07%, 0.04%, 0.05% and 0.02%, respectively.

(6) Annualized.

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

(8) Not annualized.

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

See Notes to Financial Statements.

292

Financial Highlights

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

Alternative Strategies Fund
	2020(1)			2019			2018(2)
Net Asset Value, Beginning of Period	$	10.10		$	9.88		$	10.00
Income (Loss) from Operations:
Net investment income (loss)(3)		0.18			0.10			(0.09	)
Net realized and unrealized (loss)		(0.16	)		0.19			(0.03	)
Total Income (Loss) from Operations		0.02			0.29			(0.12	)
Less Distributions from:
Net investment income		(0.28	)		(0.07	)		—
Net realized gain		(0.03	)		—			—
Total Distributions		(0.31	)		(0.07	)		—
Net Asset Value, End of Year	$	9.81		$	10.10		$	9.88
Total Return†(4)		0.36	%(7)		2.90	%		(1.20	)%(7)
Net Assets, End of Period (millions)	$	36		$	27		$	6
Ratios to Average Net Assets:
Gross expenses		1.82	%(5)		2.34	%		11.00	%(5)
Net expenses(6)(8)		0.70	(5)		0.88			1.95	(5)
Net investment income (loss)(8)		3.59	(5)		1.01			(1.72	)(5)
Portfolio Turnover Rate		18	%(7)		16	%		14	%(7)

(1) For the six months ended February 29, 2020 (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) Annualized.

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

(7) Not annualized.

(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.

293

Notes to Financial Statements

1. Organization and Significant Accounting Policies

The Morgan Stanley Pathway Funds (the “Trust”) is organized as a Massachusetts business trust and registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust currently consists of Large Cap Equity Fund, Small-Mid Cap Equity Fund, International Equity Fund, Emerging Markets Equity Fund, Core Fixed Income Fund, High Yield Fund, International Fixed Income Fund, Municipal Bond Fund, Inflation-Linked Fixed Income Fund, Ultra-Short Term Fixed Income Fund and Alternative Strategies Fund (individually, a “Fund” and collectively, the “Funds”). 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 August 2018, FASB issued Accounting Standard Update (“ASU”) 2018-13, Fair Value Measurement (Topic 820) – Disclosures Framework – Changes to Disclosure Requirements of Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years; however, management has elected to early adopt ASU 2018-13 as permitted by the standard. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy.

(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

294

Notes to Financial Statements

(continued)

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.

295

Notes to Financial Statements

(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 29, 2020		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	$	136,220,786	$	136,220,786	$	—	$	—
Consumer Discretionary		159,334,126		159,334,126		—		—
Consumer Staples		86,373,656		86,373,656		—		—
Energy		57,724,649		57,724,649		—		—
Financials		164,859,525		164,859,525		—		—
Health Care		231,508,472		231,508,472		—		—
Industrials		136,854,032		136,854,032		—		—
Information Technology		342,351,585		342,351,585		—		—
Materials		42,432,071		42,432,071		—		—
Real Estate		46,654,187		46,654,187		—		—
Utilities		33,262,308		33,262,308		—		—
Closed End Mutual Fund Security:
Financials		37,480,574		37,480,574		—		—
Short-Term Investments:
Money Market Fund		5,381,234		5,381,234		—		—
Time Deposits		18,667,332		—		18,667,332		—
Total Investments, at Value	$	1,499,104,537	$	1,480,437,205	$	18,667,332	$	—

296

Notes to Financial Statements

(continued)

	Total Fair Value at February 29, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other Financial Instruments — Liabilities
Futures Contracts	$	(857,170	)	$	(857,170	)	$	—	$	—
Total Other Financial Instruments — Liabilities	$	(857,170	)	$	(857,170	)	$	—	$	—
Small-Mid Cap Equity Fund
Investments, at Value
Common Stocks:
Communication Services	$	9,469,317		$	9,469,317		$	—	$	—
Consumer Discretionary		28,969,189			28,969,189			—		—
Consumer Staples		12,429,487			12,429,487			—		—
Energy		5,848,054			5,848,054			—		—
Financials		59,251,825	*		59,251,825			—		—	*
Health Care		67,375,182			67,374,988			—		194
Industrials		66,335,936			66,335,936			—		—
Information Technology		81,745,389			81,745,389			—		—
Materials		18,482,511	*		18,482,017			—		494	*
Real Estate		27,120,313			27,120,313			—		—
Utilities		11,611,026			11,611,026			—		—
Preferred Stocks:
Financials		3,149,616			3,149,616			—		—
Convertible Preferred Stocks:
Health Care		271,971			271,971			—		—
Utilities		1,426,575			1,426,575			—		—
Closed End Mutual Fund Securities:
Financials		1,464,778			1,464,778			—		—
Short-Term Investments:
Money Market Fund		8,092,493			8,092,493			—		—
Time Deposits		14,644,701			—			14,644,701		—
Total Investments, at Value	$	417,688,363	*	$	403,042,974		$	14,644,701	$	688	*
Other Financial Instruments — Liabilities
Futures Contracts	$	(357,313	)	$	(357,313	)	$	—	$	—
Total Other Financial Instruments — Liabilities	$	(357,313	)	$	(357,313	)	$	—	$	—
International Equity Fund
Investments, at Value
Common Stocks:
France	$	130,845,689		$	886,501		$	129,959,188	$	—
Germany		109,193,079			—			109,193,079		—
Japan		245,269,667			—			245,269,667		—
Switzerland		134,137,706			—			134,137,706		—
United Kingdom		186,375,633			2,428,936			183,946,697		—
Other Countries**		441,758,832			76,295,616			365,463,216		—
Preferred Stocks:
Germany		11,218,777			—			11,218,777		—

297

Notes to Financial Statements

(continued)

	Total Fair Value at February 29, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Closed End Mutual Fund Security:
United States	$	1,248,770		$	1,248,770		$	—		$	—
Right:
Spain		2,712			—			2,712			—
Short-Term Investments:
Money Market Fund		21,795,195			21,795,195			—			—
Time Deposits		30,409,869			—			30,409,869			—
Total Investments, at Value	$	1,312,255,929		$	102,655,018		$	1,209,600,911		$	—
Other Financial Instruments — Liabilities
Futures Contracts	$	(135,242	)	$	(135,242	)	$	—		$	—
Total Other Financial Instruments — Liabilities	$	(135,242	)	$	(135,242	)	$	—		$	—
Emerging Markets Equity Fund
Investments, at Value
Common Stocks:
Brazil	$	30,421,399		$	30,421,399		$	—		$	—
China		145,124,237			41,081,083			104,043,154			—
India		51,465,814			5,809,685			45,656,129			—
Russia		25,734,699			22,707,257			3,027,442			—
South Korea		47,355,524			—			47,355,524			—
Taiwan		31,405,217			—			31,405,217			—
Other Countries**		151,802,796	*		29,066,023			122,736,773	*		—
Preferred Stocks:
Brazil		5,340,673			5,340,673			—			—
Chile		123,094			123,094			—			—
Colombia		219,106			219,106			—			—
Russia		133,912			133,912			—			—
South Korea		1,112,004			—			1,112,004			—
Rights:
China		2,022			—			2,022			—
South Korea		—	*		—			—	*		—
Warrant:
Thailand		—	*		—			—	*		—
Short-Term Investments:
Money Market Fund		1,337,661			1,337,661			—			—
Time Deposits		11,954,801			—			11,954,801			—
Total Investments, at Value	$	503,532,959	*	$	136,239,893		$	367,293,066	*	$	—
Other Financial Instruments — Liabilities
Futures Contract	$	(99,579	)	$	(99,579	)	$	—		$	—
Total Other Financial Instruments — Liabilities	$	(99,579	)	$	(99,579	)	$	—		$	—
Core Fixed Income Fund
Investments, at Value
Mortgage-Backed Securities	$	384,525,284		$	—		$	384,525,284		$	—
Corporate Bonds & Notes		333,052,480	*		—			333,052,480			—	*
U.S. Government Agencies & Obligations		269,523,398			—			269,523,398			—

298

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(continued)

	Total Fair Value at February 29, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Collateralized Mortgage Obligations	$	130,325,228		$	—		$	130,325,228		$	—
Sovereign Bonds		39,603,898			—			39,603,898			—
Asset-Backed Securities		21,917,314			—			21,917,314			—
Senior Loans		16,668,873			—			16,668,873			—
Municipal Bonds		5,516,033			—			5,516,033			—
Purchased Options		1,527,248			1,173,375			353,873			—
Short-Term Investments:
Commercial Paper		980,969			—			980,969			—
Corporate Bond		966,784			—			966,784			—
Money Market Fund		227,160			227,160			—			—
Repurchase Agreement		9,000,000			—			9,000,000			—
Time Deposits		58,754,534			—			58,754,534			—
U.S. Government Agency		1,835,096			—			1,835,096			—
U.S. Government Obligations		32,169,349			—			32,169,349			—
Total Investments, at Value	$	1,306,593,648	*	$	1,400,535		$	1,305,193,113		$	—	*
Other Financial Instruments — Assets
Futures Contracts	$	3,730,031		$	3,730,031		$	—		$	—
Forward Foreign Currency Contracts		271,000			—			271,000			—
OTC Interest Rate Swaps		140,116			—			140,116			—
Centrally Cleared Interest Rate Swaps		895,131			—			895,131			—
Total Other Financial Instruments — Assets	$	5,036,278		$	3,730,031		$	1,306,247		$	—
Other Financial Instruments — Liabilities
Options Contracts Written	$	(749,906	)	$	(749,906	)	$	—		$	—
Futures Contracts		(1,725,200	)		(1,725,200	)		—			—
Forward Foreign Currency Contracts		(1,128,602	)		—			(1,128,602	)		—
Centrally Cleared Interest Rate Swaps		(4,593,575	)		—			(4,593,575	)		—
Centrally Cleared Credit Default Swaps		(22,447	)		—			(22,447	)		—
Total Other Financial Instruments — Liabilities	$	(8,219,730	)	$	(2,475,106	)	$	(5,744,624	)	$	—
High Yield Fund
Investments, at Value
Corporate Bonds & Notes	$	41,241,646	*	$	—		$	40,753,697	*	$	487,949	*
Senior Loans		3,590,904			—			3,590,904			—
Closed End Mutual Fund Securities:
Financials		298,803			298,803			—			—
Common Stocks:
Communication Services		4,199			4,199			—			—
Consumer Cyclical		2,319			—			—			2,319
Energy		181,004			164,035			—			16,969
Financials		5,206			—			—			5,206
Preferred Stocks:
Financials		128,123			128,123			—			—
Sovereign Bond		65,439			—			65,439			—
Convertible Preferred Stock:
Utilities		18,185			18,185			—			—
Warrant:
Media		12,155			12,155			—			—

299

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(continued)

	Total Fair Value at February 29, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Short-Term Investments:
Money Market Fund	$	326,398		$	326,398		$	—		$	—
Time Deposits		2,879,308			—			2,879,308			—
Total Investments, at Value	$	48,753,689	*	$	951,898		$	47,289,348	*	$	512,443	*
Other Financial Instruments — Liabilities
Futures Contract	$	(16,089	)	$	(16,089	)	$	—		$	—
Total Other Financial Instruments — Liabilities	$	(16,089	)	$	(16,089	)	$	—		$	—
International Fixed Income Fund
Investments, at Value
Sovereign Bonds:
France	$	8,824,617		$	—		$	8,824,617		$	—
Italy		8,765,445			—			8,765,445			—
Japan		27,464,261			—			27,464,261			—
Spain		11,187,960			—			11,187,960			—
Other Countries**		24,499,032			—			24,499,032			—
Mortgage-Backed Securities		54,326,495			—			54,326,495			—
Corporate Bonds & Notes:
Denmark		7,514,789			—			7,514,789			—
United Kingdom		10,187,889			—			10,187,889			—
United States		7,712,565			—			7,712,565			—
Other Countries**		19,102,335			—			19,102,335			—
Collateralized Mortgage Obligations		24,282,614			—			24,282,614			—
U.S. Government Obligations		10,150,976						10,150,976
Asset-Backed Securities		825,625			—			825,625			—
Municipal Bond		35,987			—			35,987			—
Purchased Options		62,257			6,386			55,871			—
Short-Term Investments:
Sovereign Bond		556,466			—			556,466			—
Time Deposits		1,833,708			—			1,833,708			—
Total Investments, at Value	$	217,333,021		$	6,386		$	217,326,635		$	—
Other Financial Instruments — Assets
Futures Contracts	$	384,150		$	384,150		$	—		$	—
Forward Foreign Currency Contracts		1,563,006			—			1,563,006			—
OTC Interest Rate Swaps		104,835			—			104,835			—
Centrally Cleared Interest Rate Swaps		1,289,472			—			1,289,472			—
Centrally Cleared Inflation Rate Swaps		17,654			—			17,654			—
OTC Credit Default Swaps		29,753			—			29,753			—
Centrally Cleared Credit Default Swaps		250,334			—			250,334			—
OTC Cross-Currency Swaps		8,950			—			8,950			—
Total Other Financial Instruments — Assets	$	3,648,154		$	384,150		$	3,264,004		$	—
Other Financial Instruments — Liabilities
Options Contracts Written	$	(173,311	)	$	—		$	(173,311	)	$	—
Reverse Repurchase Agreements		(21,499,486	)		—			(21,499,486	)		—
Forward Sale Commitment		(104,751	)		—			(104,751	)		—
Futures Contracts		(391,614	)		(391,614	)		—			—

300

Notes to Financial Statements

(continued)

	Total Fair Value at February 29, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Forward Foreign Currency Contracts	$	(1,805,462	)	$	—		$	(1,805,462	)	$	—
OTC Total Return Swaps		(171,787	)		—			(171,787	)		—
Centrally Cleared Interest Rate Swaps		(2,671,046	)		—			(2,671,046	)		—
OTC Credit Default Swaps		(47,814	)		—			(47,814	)		—
Centrally Cleared Credit Default Swaps		(211,214	)		—			(211,214	)		—
OTC Cross-Currency Swaps		(74,043	)		—			(74,043	)		—
Total Other Financial Instruments — Liabilities	$	(27,150,528	)	$	(391,614	)	$	(26,758,914	)	$	—
Municipal Bond Fund
Investments, at Value
Municipal Bonds	$	81,790,986		$	—		$	81,790,986		$	—
Closed End Mutual Fund Security:
United States		3,512,971			3,512,971			—			—
Short-Term Investments:
Time Deposits		813,639			—			813,639			—
Total Investments, at Value	$	86,117,596		$	3,512,971		$	82,604,625		$	—
Other Financial Instruments — Liabilities
Futures Contract	$	(123,750	)	$	(123,750	)	$	—		$	—
Total Other Financial Instruments — Liabilities	$	(123,750	)	$	(123,750	)	$	—		$	—
Inflation-Linked Fixed Income Fund
Investments, at Value
U.S. Government Obligations	$	230,969,764		$	—		$	230,969,764		$	—
Mortgage-Backed Securities		30,549,596			—			30,549,596			—
Collateralized Mortgage Obligations		24,480,945			—			24,480,945			—
Corporate Bonds & Notes		9,559,259			—			9,559,259			—
Sovereign Bonds		8,406,822			—			8,406,822			—
Purchased Options		635,136			3,787			631,349			—
Short-Term Investments:
Time Deposits		966,748			—			966,748			—
Total Investments, at Value	$	305,568,270		$	3,787		$	305,564,483		$	—
Other Financial Instruments — Assets
Futures Contracts	$	318,815		$	318,815		$	—		$	—
Forward Foreign Currency Contracts		536,538			—			536,538			—
Centrally Cleared Interest Rate Swaps		1,067,845			—			1,067,845			—
Centrally Cleared Inflation Rate Swaps		1,122,271			—			1,122,271			—
Centrally Cleared Credit Default Swaps		28,997			—			28,997			—
Total Other Financial Instruments — Assets	$	3,074,466		$	318,815		$	2,755,651		$	—
Other Financial Instruments — Liabilities
Options Contracts Written	$	(674,011	)	$	(44,626	)	$	(629,385	)	$	—
Reverse Repurchase Agreements		(32,364,120	)		—			(32,364,120	)		—
Futures Contracts		(1,099,938	)		(1,099,938	)		—			—
Forward Foreign Currency Contracts		(335,595	)		—			(335,595	)		—
Centrally Cleared Interest Rate Swaps		(1,144,832	)		—			(1,144,832	)		—
Centrally Cleared Inflation Rate Swaps		(498,539	)		—			(498,539	)		—

301

Notes to Financial Statements

(continued)

	Total Fair Value at February 29, 2020			Unadjusted Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
OTC Credit Default Swaps	$	(159	)	$	—		$	(159	)	$	—
Centrally Cleared Credit Default Swap		(719	)		—			(719	)		—
Total Other Financial Instruments — Liabilities	$	(36,117,913	)	$	(1,144,564	)	$	(34,973,349	)	$	—
Ultra-Short Term Fixed Income Fund
Investments, at Value
Corporate Bonds & Notes	$	263,267,425		$	—		$	263,267,425		$	—
Collateralized Mortgage Obligations		106,685,299			—			106,685,299			—
Mortgage-Backed Securities		54,933,432			—			54,933,432			—
U.S. Government Agencies & Obligations		43,303,449			—			43,303,449			—
Asset-Backed Securities		29,907,068			—			29,907,068			—
Sovereign Bonds		12,664,244			—			12,664,244			—
Short-Term Investments:
Commercial Papers		5,987,452			—			5,987,452			—
Repurchase Agreement		5,200,000			—			5,200,000			—
Time Deposits		1,571,725			—			1,571,725			—
U.S. Government Obligations		192,565,409			—			192,565,409			—
Total Investments, at Value	$	716,085,503		$	—		$	716,085,503		$	—
Other Financial Instruments — Assets
Futures Contracts	$	2,177,701		$	2,177,701		$	—		$	—
Forward Foreign Currency Contracts		1,886,747			—			1,886,747			—
Centrally Cleared Interest Rate Swaps		80,383			—			80,383			—
Centrally Cleared Credit Default Swap		67,018			—			67,018			—
Total Other Financial Instruments — Assets	$	4,211,849		$	2,177,701		$	2,034,148		$	—
Other Financial Instruments — Liabilities
Futures Contracts	$	(1,206,951	)	$	(1,206,951	)	$	—		$	—
Forward Foreign Currency Contracts		(681,929	)		—			(681,929	)		—
Centrally Cleared Interest Rate Swaps		(2,530,297	)		—			(2,530,297	)		—
Total Other Financial Instruments — Liabilities	$	(4,419,177	)	$	(1,206,951	)	$	(3,212,226	)	$	—
Alternative Strategies Fund
Investments, at Value
Open End Mutual Fund Securities:
United States	$	34,782,195		$	34,782,195		$	—		$	—
Total Investments, at Value	$	34,782,195		$	34,782,195		$	—		$	—

* 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.

302

Notes to Financial Statements

(continued)

The following is a reconciliation of assets for which significant unobservable inputs (Level 3) were used in determining fair value during the period September 1, 2019 through February 29, 2020:

	Total			Common Stocks			Corporate Bonds & Notes			Convertible Preferred Stocks		Rights		Warrant
Small-Mid Cap Equity Fund
Balance as of August 31, 2019	$	688	*	$	688	*	$	—		$	—	$	—	$	—
Total realized gain (loss)		—			—			—			—		—		—
Change in unrealized appreciation (depreciation)		—			—			—			—		—		—
Purchases		—			—			—			—		—		—
(Sales)		—			—			—			—		—		—
Transfers in		—			—			—			—		—		—
(Transfers out)		—						—			—		—		—
Balance as of February 29, 2020	$	688	*	$	688	*	$	—		$	—	$	—	$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2020	$	—		$	—		$	—		$	—	$	—	$	—
Core Fixed Income Fund
Balance as of August 31, 2019	$	—	*	$	—		$	—	*	$	—	$	—	$	—
Total realized gain (loss)		—			—			—			—		—		—
Change in unrealized appreciation (depreciation)		—			—			—			—		—		—
Purchases		—			—			—			—		—		—
(Sales)		—			—			—			—		—		—
Transfers in		—			—			—			—		—		—
(Transfers out)		—						—			—		—		—
Balance as of February 29, 2020	$	—	*	$	—		$	—	*	$	—	$	—	$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2020	$	—		$	—		$	—		$	—	$	—	$	—
High Yield Fund
Balance as of August 31, 2019	$	18,738	*	$	18,738		$	—	*	$	—	$	—	$	—
Total realized gain (loss)		—			—			—			—		—		—
Change in unrealized appreciation (depreciation)		5,756			5,756			—			—		—		—
Purchases		—			—			—			—		—		—
(Sales)		—			—			—			—		—		—
Transfers in		—			—			—			—		—		—
(Transfers out)		—			—			—			—		—		—
Balance as of February 29, 2020	$	24,494	*	$	24,494		$	—	*	$	—	$	—	$	—
Change in unrealized appreciation (depreciation) from Investments held as of February 29, 2020	$	5,756		$	5,756		$	—		$	—	$	—	$	—

* Includes securities that are valued at $0.

303

Notes to Financial Statements

(continued)

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

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

Certain Funds may use derivative instruments including futures, options, forward foreign currency contracts, swaptions and swap contracts as part of their investment strategies. Following is a description of these derivative instruments, including the primary underlying risk exposures related to each instrument type:

(i) Futures Contracts. Certain Funds may enter into futures contracts, to the extent permitted by their investment policies and objectives, for bonafide hedging and other permissible risk management purposes including protecting against anticipated changes in the value of securities a Fund intends to purchase. Upon entering into a futures contract, a Fund is required to deposit cash or securities as initial margin, which is included in deposits for collateral with counterparty on the Statement 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.

304

Notes to Financial Statements

(continued)

(iv) Inflation-Capped Options. Certain Funds may write or purchase inflation-capped options to enhance returns or for hedging opportunities. When a Fund writes an inflation-capped option, an amount equal to the premium received is recorded as a liability on the Statements of Assets and Liabilities and subsequently marked to market to reflect the 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.

305

Notes to Financial Statements

(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

306

Notes to Financial Statements

(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.

307

Notes to Financial Statements

(continued)

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure at February 29, 2020:

Large Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	857,170	$	857,170

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	1,064,158		$	1,064,158
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(857,853	)	$	(857,853	)

Small-Mid Cap Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	357,313	$	357,313

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	161,902		$	161,902
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(290,612	)	$	(290,612	)

International Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	135,242	$	135,242

308

Notes to Financial Statements

(continued)

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk		Foreign exchange risk			Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—		$	—	$	183,991		$	183,991
Forward foreign currency contracts		—		(1,340	)		—		—			(1,340	)
	$	—	$	(1,340	)	$	—	$	183,991		$	182,651
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—		$	—	$	(138,497	)	$	(138,497	)

Emerging Markets Equity Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	—	$	—	$	—	$	99,579	$	99,579

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk			Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	—	$	—	$	—	$	17,436		$	17,436
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	—	$	—	$	—	$	(27,113	)	$	(27,113	)

Core Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	1,173,375	$	353,873	$	—	$	—	$	1,527,248
Unrealized appreciation on open futures contracts (b)		3,730,031		—		—		—		3,730,031
Unrealized appreciation on forward foreign currency contracts (c)		—		271,000		—		—		271,000
Unrealized appreciation on centrally cleared swaps (f)		895,131		—		—		—		895,131
Unrealized appreciation on OTC swaps (a)		140,116		—		—		—		140,116
	$	5,938,653	$	624,873	$	—	$	—	$	6,563,526
Liability derivatives
Options contracts written outstanding (a)	$	749,906	$	—	$	—	$	—	$	749,906
Unrealized depreciation on open futures contracts (b)		1,725,200		—		—		—		1,725,200
Unrealized depreciation on forward foreign currency contracts (a)		—		1,128,602		—		—		1,128,602
Unrealized depreciation on centrally cleared swaps (f)		4,593,575		—		22,447		—		4,616,022
Unrealized depreciation on OTC swaps (a)		—		—		—		—		—
	$	7,068,681	$	1,128,602	$	22,447	$	—	$	8,219,730

309

Notes to Financial Statements

(continued)

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	(1,569,637	)	$	(29,729	)	$	—		$	—	$	(1,599,366	)
Futures contracts		1,749,481			—			—			—		1,749,481
Options contracts written		1,755,778			—			—			—		1,755,778
Swap contracts		(2,476,121	)		—			(57,722	)		—		(2,533,843	)
Forward foreign currency contracts		—			775,094			—			—		775,094
	$	(540,499	)	$	745,365		$	(57,722	)	$	—	$	147,144
Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	770,047		$	(9,813	)	$	—		$	—	$	760,234
Futures contracts		2,196,774			—			—			—		2,196,774
Options contracts written		(230,065	)		—			—			—		(230,065	)
Swap contracts		1,573,119			—			(10,890	)		—		1,562,229
Forward foreign currency contracts		—			(406,933	)		—			—		(406,933	)
	$	4,309,875		$	(416,746	)	$	(10,890	)	$	—	$	3,882,239

High Yield Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	16,089	$	—	$	—	$	—	$	16,089

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	(4,445	)	$	—	$	—	$	—	$	(4,445	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(16,089	)	$	—	$	—	$	—	$	(16,089	)

310

Notes to Financial Statements

(continued)

International Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	56,755	$	5,502	$	—	$	—	$	62,257
Unrealized appreciation on open futures contracts (b)		384,150		—		—		—		384,150
Unrealized appreciation on forward foreign currency contracts (c)		—		1,563,006		—		—		1,563,006
Unrealized appreciation on centrally cleared swaps (f)		1,307,126		—		250,334		—		1,557,460
Unrealized appreciation on OTC swaps (c)		104,835		8,950		29,753		—		143,538
	$	1,852,866	$	1,577,458	$	280,087	$	—	$	3,710,411
Liability derivatives
Options contracts written outstanding (a)	$	125,792	$	44,150	$	3,369	$	—	$	173,311
Unrealized depreciation on open futures contracts (b)		391,614		—		—		—		391,614
Unrealized depreciation on forward foreign currency contracts (a)		—		1,805,462		—		—		1,805,462
Unrealized depreciation on centrally cleared swaps (f)		2,671,046		—		211,214		—		2,882,260
Unrealized depreciation on OTC swaps (a)		171,787		74,043		47,814		—		293,644
	$	3,360,239	$	1,923,655	$	262,397	$	—	$	5,546,291

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk			Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	11,216		$	(6,094	)	$	—		$	—		$	5,122
Futures contracts		(403,907	)		—			—			—			(403,907	)
Options contracts written		190,741			71,839			7,726			—			270,306
Swap contracts		(144,136	)		(21,075	)		431,201			(80,797	)		185,193
Forward foreign currency contracts		—			1,366,109			—			—			1,366,109
	$	(346,086	)	$	1,410,779		$	438,927		$	(80,797	)	$	1,422,823
Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	(31,628	)	$	12,253		$	—		$	—		$	(19,375	)
Futures contracts		(308,941	)		—			—			—			(308,941	)
Options contracts written		26,276			2,410			(199	)		—			28,487
Swap contracts		(542,730	)		(13,484	)		(499,819	)		—			(1,056,033	)
Forward foreign currency contracts		—			(1,344,002	)		—			—			(1,344,002	)
	$	(857,023	)	$	(1,342,823	)	$	(500,018	)	$	—		$	(2,699,864	)

Municipal Bond Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	123,750	$	—	$	—	$	—	$	123,750

311

Notes to Financial Statements

(continued)

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk			Foreign exchange risk		Credit risk		Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	(89,295	)	$	—	$	—	$	—	$	(89,295	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	(143,346	)	$	—	$	—	$	—	$	(143,346	)

Inflation-Linked Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Purchased options (c)	$	635,136	$	—	$	—	$	—	$	635,136
Unrealized appreciation on open futures contracts (b)		318,815		—		—		—		318,815
Unrealized appreciation on forward foreign currency contracts (c)		—		536,538		—		—		536,538
Unrealized appreciation on centrally cleared swaps (f)		2,190,116		—		28,997		—		2,219,113
	$	3,144,067	$	536,538	$	28,997	$	—	$	3,709,602
Liability derivatives
Options contracts written outstanding (a)	$	669,923	$	—	$	4,088	$	—	$	674,011
Unrealized depreciation on open futures contracts (b)		1,099,938		—		—		—		1,099,938
Unrealized depreciation on forward foreign currency contracts (a)		—		335,595		—		—		335,595
Unrealized depreciation on centrally cleared swaps (f)		1,643,371		—		719		—		1,644,090
Unrealized depreciation on OTC swap contracts (a)		—		—		159		—		159
	$	3,413,232	$	335,595	$	4,966	$	—	$	3,753,793

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Purchased options	$	10,039		$	—		$	(120	)	$	—	$	9,919
Futures contracts		363,349			—			—			—		363,349
Options contracts written		320,095			—			10,939			—		331,034
Swap contracts		(1,214,535	)		—			(137,575	)		—		(1,352,110	)
Forward foreign currency contracts		—			29,696			—			—		29,696
	$	(521,052	)	$	29,696		$	(126,756	)	$	—	$	(618,112	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Purchased options	$	386,560		$	—		$	—		$	—	$	386,560
Futures contracts.		(541,850	)		—			—			—		(541,850	)
Options contracts written		(406,261	)		—			(6,310	)		—		(412,571	)
Swap contracts		1,686,972			—			41,337			—		1,728,309
Forward foreign currency contracts		—			(312,370	)		—			—		(312,370	)
	$	1,125,421		$	(312,370	)	$	35,027		$	—	$	848,078

312

Notes to Financial Statements

(continued)

Ultra-Short Fixed Income Fund

Fair Values of Derivative Instruments on the Statements of Assets and Liabilities as of February 29, 2020:
Location	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk		Total
Asset derivatives
Unrealized appreciation on open futures contracts (b)	$	2,177,701	$	—	$	—	$	—	$	2,177,701
Unrealized appreciation on forward foreign currency contracts (c)		—		1,886,747		—		—		1,886,747
Unrealized appreciation on centrally cleared swaps (f)		80,383		—		67,018		—		147,401
	$	2,258,084	$	1,886,747	$	67,018	$	—	$	4,211,849
Liability derivatives
Unrealized depreciation on open futures contracts (b)	$	1,206,951	$	—	$	—	$	—	$	1,206,951
Unrealized depreciation on forward foreign currency contracts (a)		—		681,929		—		—		681,929
Unrealized depreciation on centrally cleared swaps (f)		2,530,297		—		—		—		2,530,297
	$	3,737,248	$	681,929	$	—	$	—	$	4,419,177

Effect of Derivative Instruments on the Statements of Operations for the Period Ended February 29, 2020:
Location	Interest rate risk			Foreign exchange risk			Credit risk			Equity risk		Total
Realized gain/(loss) on derivatives (d)
Futures contracts	$	(280,389	)	$	—		$	—		$	—	$	(280,389	)
Swap contracts		(6,585,097	)		—			(274,433	)		—		(6,859,530	)
Forward foreign currency contracts		—			(284,077	)		—			—		(284,077	)
	$	(6,865,486	)	$	(284,077	)	$	(274,433	)	$	—	$	(7,423,996	)
Change in unrealized appreciation (depreciation) on derivatives (e)
Futures contracts	$	1,261,599		$	—		$	—		$	—	$	1,261,599
Swap contracts		5,168,093			—			210,678			—		5,378,771
Forward foreign currency contracts		—			514,228			—			—		514,228
	$	6,429,692		$	514,228		$	210,678		$	—	$	7,154,598

(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.

313

Notes to Financial Statements

(continued)

The average monthly notional amounts of futures contracts, swaps contracts and forward foreign currency contracts, and the monthly average market value of options contracts written and purchased options outstanding during the period ended February 29, 2020 were as follows:

Large Cap Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	11,445,512

Small-Mid Cap Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	2,332,080

International Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,606,752
Forward foreign currency contracts		—		42,436		—		—

Emerging Markets Equity Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	1,725,094

Core Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	515,603	$	236,667	$	—	$	—
Futures contracts		431,171,001		—		—		—
Option contracts written		480,601		—		—		—
Swap contracts		118,465,256		—		11,406,129		—
Forward foreign currency contracts		—		53,334,675		—		—

High Yield Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	—	$	—	$	—	$	113,202

International Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	91,988	$	10,073	$	—	$	—
Futures contracts		71,403,070		—		—		—
Option contracts written		144,738		18,758		3,843		—
Swap contracts		263,842,503		2,130,741		33,741,494		—
Forward foreign currency contracts		—		268,349,005		—		—

314

Notes to Financial Statements

(continued)

Municipal Bond Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	8,127,374	$	—	$	—	$	—

Inflation-Linked Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Purchased options	$	162,236	$	—	$	—	$	—
Futures contracts		117,175,660		—		—		—
Option contracts written		241,949		—		3,344		—
Swap contracts		43,325,264		—		6,683,984		—
Forward foreign currency contracts		—		60,510,575		—		—

Ultra-Short Term Fixed Income Fund

	Interest rate risk		Foreign exchange risk		Credit risk		Equity risk
Futures contracts	$	367,313,358	$	—	$	—	$	—
Swap contracts		—		—		225,049,602		—
Forward foreign currency contracts		—		142,826,485		—		—

(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

315

Notes to Financial Statements

(continued)

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. See Note 1(x).

The following table presents securities on loan that are subject to enforceable netting arrangements as of February 29, 2020:

Gross Amounts Not Offset in the Statements of Assets and Liabilities

Fund	Gross Asset Amount Presented in Statements of Assets and Liabilities (a)		Financial Instrument		Collateral Received (b)(c)			Net Amount (Not Less than $0)
Large Cap Equity Fund	$	5,193,205	$	—	$	(5,193,205	)	$	0
Small-Mid Cap Equity Fund		7,821,298		—		(7,821,298	)		0
International Equity Fund		20,610,479		—		(20,610,479	)		0
Emerging Markets Equity Fund		1,301,397		—		(1,301,397	)		0
Core Fixed Income Funds		183,399		—		(183,399	)		0
High Yield Fund		294,043		—		(294,043	)		0

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

(b) The Funds received cash collateral of $5,381,234, $8,092,493, $21,795,195, $1,337,661, $227,160 and $326,398, respectively, which was subsequently invested in Invesco STIT — Government & Agency Portfolio as reported in the Schedules 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 29, 2020:

	Remaining Contractual Maturity of the Agreements As of February 29, 2020
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
Large Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	5,381,234	$	—	$	—	$	—	$	5,381,234
Total Borrowings	$	5,381,234	$	—	$	—	$	—	$	5,381,234
Gross amount of recognized liabilities for securities lending transactions									$	5,381,234
Small-Mid Cap Equity Fund
Securities Lending Transactions
Common Stocks	$	8,092,493	$	—	$	—	$	—	$	8,092,493
Total Borrowings	$	8,092,493	$	—	$	—	$	—	$	8,092,493
Gross amount of recognized liabilities for securities lending transactions									$	8,092,493

316

Notes to Financial Statements

(continued)

	Remaining Contractual Maturity of the Agreements As of February 29, 2020
	Overnight and Continuous		< 30 days		Between 30 & 90 days		> 90 days		Total
International Equity Fund
Securities Lending Transactions
Common Stocks	$	21,795,195	$	—	$	—	$	—	$	21,795,195
Total Borrowings	$	21,795,195	$	—	$	—	$	—	$	21,795,195
Gross amount of recognized liabilities for securities lending transactions									$	21,795,195
Emerging Markets Equity Fund
Securities Lending Transactions
Common Stocks	$	1,337,661	$	—	$	—	$	—	$	1,337,661
Total Borrowings	$	1,337,661	$	—	$	—	$	—	$	1,337,661
Gross amount of recognized liabilities for securities lending transactions									$	1,337,661
Core Fixed Income Fund
Securities Lending Transactions
Corporate Security	$	—	$	—	$	—	$	227,160	$	227,160
Total Borrowings	$	—	$	—	$	—	$	227,160	$	227,160
Gross amount of recognized liabilities for securities lending transactions									$	227,160
High Yield Fund
Securities Lending Transactions
Corporate Securities	$	—	$	—	$	—	$	326,398	$	326,398
Total Borrowings	$	—	$	—	$	—	$	326,398	$	326,398
Gross amount of recognized liabilities for securities lending transactions									$	326,398
International Fixed Income Fund
Reverse Repurchase Agreements Transactions
Sovereign Bonds	$	—	$	—	$	13,093,336	$	—	$	13,093,336
U.S. Government Obligations		—		4,965,150		3,441,000		—		8,406,150
Total Borrowings	$	—	$	4,965,150	$	16,534,336	$	—	$	21,499,486
Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	21,499,486
Inflation-Linked Fixed Income Fund
Reverse Repurchase Agreements Transactions
U.S. Government Obligations	$	—	$	27,839,370	$	4,524,750	$	—	$	32,364,120
Sale-Buyback Transactions
U.S. Government Obligations	$	—	$	25,171,406	$	—	$	—	$	25,171,406
Total Borrowings	$	—	$	53,010,776	$	4,524,750	$	—	$	57,535,526
Gross amount of recognized liabilities for reverse repurchase agreements transactions									$	32,364,120
Gross amount of recognized liabilities for sale-buyback transactions									$	25,171,406

(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

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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 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

318

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to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which affect the market and/or credit risk of the investments.

(l) Emerging Markets Risk. In addition to foreign investment and currency risks, which tend to be amplified in emerging markets, emerging markets may experience rising interest rates, or, more significantly, rapid inflation or hyperinflation. The economies of emerging market countries may grow at slower rates than expected or suffer a downturn or recession. Emerging market securities may present market, credit, liquidity, legal, political and other risks different from, or greater than, the risks of investing in developed foreign countries.

(m) Volatility Risk. Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility risk.

(n) 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.

(o) 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.

(p) 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.

(q) 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

319

Notes to Financial Statements

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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.

(r) 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.

(s) Restricted Securities. All Funds may invest in non-publicly traded securities, commonly called restricted securities. Restricted securities may be less liquid than publicly-traded securities. Although certain restricted securities may be resold in privately negotiated transactions, the values realized from these sales could be less than originally paid by a Fund. Certain restricted securities may be deemed liquid by the Manager and/or Sub-adviser pursuant to the procedures approved by the Board. The value of restricted securities is determined as described in Note 1(a).

(t) 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.

(u) 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.

(v) 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.

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Notes to Financial Statements

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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 Statement of Operations and recognized respectively over the commitment period.

The following table summarizes the High Yield Fund’s partially unfunded loan position as of February 29, 2020:

	Principal		Unfunded Bank Loan Interest (Cost)		Value of Underlying Bank Loan Interest (Value)		Unrealized Appreciation/ (Depreciation)
Spectacle Gary Holdings, LLC	$	2,363	$	2,363	$	2,493	$	130
EyeCare Partners, LLC	$	11,337	$	11,337	$	11,219	$	(118	)
	$	13,700	$	13,700	$	13,712	$	12

(w) Sale-Buyback 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.

As of February 29, 2020, Inflation-Linked Fixed Income Fund participated in sale-buyback transactions. The payable for investments purchased related to sale-buyback transactions at the period end, 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 29, 2020, were as following:

	Inflation-Linked Fixed Income Fund
Payable for investments purchased	$	25,171,406
Average amount borrowed		5,774,279
Interest expense		48,555
Weighted average interest rate		1.80	%

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

Cash collateral that has been received or pledged to cover obligations under derivative contracts, if any, will be reported separately in the Statements of Assets and Liabilities. Generally the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits with counterparties and, in the case of cash pledged by counterparty for the benefit of the Fund, a corresponding liability in the Statements of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of

321

Notes to Financial Statements

(continued)

Investments. The carrying amount of such deposits due to brokers at February 29, 2020 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 29, 2020 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 29, 2020.

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 29, 2020:

	Assets			Liabilities
Derivative Instruments (a)	Gross Amounts of Recognized Assets Presented in the Statements of Assets and Liabilities			Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities
Core Fixed Income Fund:
Forward foreign currency contracts	$	271,000		$	1,128,602
Options contracts		353,873	(b)		—
Swap contracts		140,116			—
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	764,989		$	1,128,602
International Fixed Income Fund:
Forward foreign currency contracts	$	1,563,006		$	1,805,462
Options contracts		55,871	(b)		173,311
Swap contracts		143,538			293,644
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	1,762,415		$	2,272,417
Inflation-Linked Fixed Income Fund:
Forward foreign currency contracts	$	536,538		$	335,595
Options contracts		631,349			629,385
Swap contracts		—			159
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	1,167,887		$	965,139
Ultra-Short Term Fixed Income Fund:
Forward foreign currency contracts	$	1,886,747		$	681,929
Total Derivative Instruments, subject to master netting arrangement or similar arrangement	$	1,886,747		$	681,929

(a) Excludes exchange-traded derivatives.

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

322

Notes to Financial Statements

(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 29, 2020.

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)
Core Fixed Income Fund
Over-the-counter
Citigroup Global Markets Inc.	$	764,989	$	(764,989	)	$	—		$	0
Total Over-the-counter derivative instruments	$	764,989	$	(764,989	)	$	—		$	0
Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged			Net Amount (d)
Core Fixed Income Fund
Over-the-counter
Citigroup Global Markets Inc.	$	1,128,602	$	(764,989	)	$	—		$	363,613
Total Over-the-counter derivative instruments	$	1,128,602	$	(764,989	)	$	—		$	363,613
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)
International Fixed Income Fund
Over-the-counter
Bank of America	$	158,285	$	(158,285	)	$	—		$	0
Barclays Bank PLC		573,346		(573,346	)		—			0
BNP Paribas SA		134,677		(108,898	)		—			25,779
Deutsche Bank AG		24,155		(19,212	)		(4,943	)		0
Goldman Sachs & Co.		267,505		(267,505	)		—			0
HSBC Bank USA		67,026		(67,026	)		—			0
JPMorgan Chase & Co.		259,195		(125,899	)		(133,296	)		0
Royal Bank of Scotland PLC		8,665		(8,665	)		—			0
Standard Chartered Bank		214,712		(214,712	)		—			0
UBS Securities LLC		54,849		(54,849	)		—			0
Total Over-the-counter derivative instruments	$	1,762,415	$	(1,598,397	)	$	(138,239	)	$	25,779

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Notes to Financial Statements

(continued)

Counterparty	Gross Amounts of Recognized Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (c)			Collateral Pledged			Net Amount (d)
International Fixed Income Fund
Over-the-counter
Bank of America	$	163,638	$	(158,285	)	$	—		$	5,353
Barclays Bank PLC		775,060		(573,346	)		—			201,714
BNP Paribas SA		108,898		(108,898	)		—			0
Deutsche Bank AG		19,212		(19,212	)		—			0
Goldman Sachs & Co.		434,326		(267,505	)		—			166,821
HSBC Bank USA		80,867		(67,026	)		—			13,841
JPMorgan Chase & Co.		125,899		(125,899	)		—			0
Merrill Lynch, Pierce, Fenner & Smith Inc.		79		—			—			79
Royal Bank of Scotland PLC		10,194		(8,665	)		—			1,529
Standard Chartered Bank		264,446		(214,712	)		—			49,734
UBS Securities LLC	��	289,798		(54,849	)		—			234,949
Total Over-the-counter derivative instruments	$	2,272,417	$	(1,598,397	)	$	—		$	674,020
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)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	153,393	$	(125,509	)	$	(27,884	)	$	0
BNP Paribas SA		256,998		(171,205	)		—			85,793
Deutsche Bank AG		227,095		(227,095	)		—			0
HSBC Bank USA		96,884		(96,884	)		—			0
JPMorgan Chase & Co.		322,436		(226,887	)		(60,000	)		35,549
Merrill Lynch, Pierce, Fenner & Smith Inc.		29,106		(18,227	)		—			10,879
Standard Chartered Bank		81,975		(70,850	)		—			11,125
Total Over-the-counter derivative instruments	$	1,167,887	$	(936,657	)	$	(87,884	)	$	143,346
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)
Inflation-Linked Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	125,509	$	(125,509	)	$	—		$	0
BNP Paribas SA		171,205		(171,205	)		—			0
Deutsche Bank AG		254,919		(227,095	)		—			27,824
HSBC Bank USA		97,542		(96,884	)		—			658
JPMorgan Chase & Co.		226,887		(226,887	)		—			0
Merrill Lynch, Pierce, Fenner & Smith Inc.		18,227		(18,227	)		—			0
Standard Chartered Bank		70,850		(70,850	)		—			0
Total Over-the-counter derivative instruments	$	965,139	$	(936,657	)	$	—		$	28,482

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Counterparty	Assets Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset (a)			Collateral Received (e)			Net Amount (b)
Ultra Short Term Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	306,023	$	(292,057	)	$	—		$	13,966
BNP Paribas SA		166,618		(43,244	)		—			123,374
HSBC Bank USA		438,792		(109,526	)		(217,000	)		112,266
JPMorgan Chase & Co.		251,019		(63,149	)		(100,000	)		87,870
Merrill Lynch, Pierce, Fenner & Smith Inc.		455,859		(98,542	)		(300,000	)		57,317
Standard Chartered Bank		268,436		(75,411	)		—			193,025
Total Over-the-counter derivative instruments	$	1,886,747	$	(681,929	)	$	(617,000	)	$	587,818
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)
Ultra Short Term Fixed Income Fund
Over-the-counter
Barclays Bank PLC	$	292,057	$	(292,057	)	$	—		$	0
BNP Paribas SA		43,244		(43,244	)		—			0
HSBC Bank USA		109,526		(109,526	)		—			0
JPMorgan Chase & Co.		63,149		(63,149	)		—			0
Merrill Lynch, Pierce, Fenner & Smith Inc.		98,542		(98,542	)		—			0
Standard Chartered Bank		75,411		(75,411	)		—			0
Total Over-the-counter derivative instruments	$	681,929	$	(681,929	)	$	—		$	0

(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that are not offset on the Statements of Assets and Liabilities.

(b) Net amount represents the 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.

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, 2020, 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. This contractual waiver will only apply if the Funds’ total management fees exceed the total amount of sub-advisory fees paid by CGAS plus 0.20%, and will not affect the Funds’ total management fees if they are less than such amount. This fee waiver and reimbursement agreement shall remain in effect until January 1, 2021. The agreement may be amended or terminated only with the consent of the Board of Trustees.

325

Notes to Financial Statements

(continued)

In addition, for Alternative Strategies Fund, CGAS and its affiliates have also separately agreed to waive fees and reimburse expenses in order to keep the Fund’s total annual operating expenses (exclusive of interest from borrowing, brokerage commissions, taxes, acquired fund fees and expenses, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business) from exceeding 1.95%. Effective January 1, 2020, CGAS and its affiliates have agreed to waive fees and reimburse expenses in order to keep the Fund’s total operating expenses from exceeding 0.70%. The contractual waiver arrangement shall remain in effect until January 1, 2021 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 29, 2020 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	%

The Manager has agreed to waive and/or reimburse a portion of its fee. For the period ended February 29, 2020, the amounts waived and/or reimbursed by the Manager were as follows:

Fund	Amounts Waived and/or Reimbursed
Large Cap Equity Fund	$	1,733,298
Small-Mid Cap Equity Fund		756,613
International Equity Fund		1,130,173
Emerging Markets Equity Fund		816,425
Core Fixed Income Fund		124,718
High Yield Fund		49,119
International Fixed Income Fund		35,940
Municipal Bond Fund		—
Inflation-Linked Fixed Income Fund		53,644
Ultra-Short Term Fixed Income Fund		128,327
Alternative Strategies Fund		173,608

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 29, 2020, 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	$	389
Small-Mid Cap Equity Fund		2,940

326

Notes to Financial Statements

(continued)

Fund	Commission Dollars to MS&Co.
International Equity Fund	$	1,049
Emerging Markets Equity Fund		—
Core Fixed Income Fund		15,464
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 29, 2020, the Funds assume the following to be affiliated issuers:

Large Cap Equity Fund

Underlying Security	Beginning Value as of August 31, 2019		Purchases at Cost			Proceeds from Sales			Net Realized Gain on Sales			Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of February 29, 2020
Morgan Stanley	$	1,473,725	$	—			$(128,015)		$	65,781		$	71,977	$	24,037	$	1,483,468
Core Fixed Income Fund
Underlying Security	Beginning Value as of August 31, 2019		Purchases at Cost			Proceeds from Sales			Net Realized (Loss) on Sales			Change in Unrealized Appreciation		Dividend/ Interest Income		Ending Value as of February 29, 2020
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C13, Class A4, 4.039% due 11/15/46	$	539,501	$	—		$	—		$	—		$	3,555	$	10,097	$	543,056
Morgan Stanley Resecuritization Trust, Series 2014-R3, Class 2A, 3.000% due 7/26/48		1,928,623		(71,068	)		(196,377	)		(123	)		14,922		25,631		1,675,977

Ultra-Short Term Fixed Income Fund

Underlying Security	Beginning Value as of August 31, 2019		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 29, 2020
Morgan Stanley ABS Capital I Inc. Trust, Series 2004-HE4, Class M1, 2.527% (1-Month USD-LIBOR + 0.900%) due 5/25/34	$	670,579	$	—		$(34,567)	$	184	$	(23	)	$	145	$	8,978	$	636,318

327

Notes to Financial Statements

(continued)

3. Investments

During the period ended February 29, 2020, 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	$	90,342,785	$	132,053,455	$	—	$	—
Small-Mid Cap Equity Fund		74,793,764		80,981,257		—		—
International Equity Fund		161,306,150		184,041,013		—		—
Emerging Markets Fund		41,794,343		44,335,323		—		—
Core Fixed Income Fund		105,187,714		97,490,316		1,166,839,964		1,186,953,358
High Yield Fund		12,698,225		12,911,734		—		—
International Fixed Income Fund		28,491,907		23,671,001		289,837,323		273,877,165
Municipal Bond Fund		4,603,942		3,872,097		—		—
Inflation-Linked Fixed Income Fund		6,061,157		16,253,543		276,659,879		286,583,210
Ultra-Short Term Fixed Income Fund		105,341,337		116,262,525		175,434,464		172,709,453
Alternative Strategies Fund		15,006,455		5,404,692		—		—

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation at February 29, 2020 have been disclosed under respective schedules of investments.

4. Shares of Beneficial Interest

At February 29, 2020, the Trust had an unlimited number of units of beneficial interest (shares) authorized with a par value of $0.001 per share. At February 29, 2020, 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 29, 2020			Year Ended August 31, 2019
Large Cap Equity Fund
Shares sold		4,309,125			9,989,805
Shares issued on reinvestment		3,980,173			10,384,649
Shares repurchased		(7,553,369	)		(20,518,629	)
Net Increase (Decrease)		735,929			(144,175	)
Small-Mid Cap Equity Fund
Shares sold		2,263,057			5,496,318
Shares issued on reinvestment		2,752,335			3,606,769
Shares repurchased		(2,941,170	)		(8,946,045	)
Net Increase		2,074,222			157,042
International Equity Fund
Shares sold		7,833,193			20,548,551
Shares issued on reinvestment		2,929,092			2,852,945
Shares repurchased		(9,884,739	)		(42,827,638	)
Net Increase (Decrease)		877,546			(19,426,142	)
Emerging Markets Equity Fund
Shares sold		2,524,851			7,176,650
Shares issued on reinvestment		669,852			580,462
Shares repurchased		(2,778,135	)		(7,394,458	)
Net Increase		416,568			362,654

328

Notes to Financial Statements

(continued)

	Period Ended February 29, 2020			Year Ended August 31, 2019
Core Fixed Income Fund
Shares sold		10,691,217			55,563,245
Shares issued on reinvestment		2,265,651			3,630,216
Shares repurchased		(12,239,816	)		(26,605,169	)
Net Increase		717,052			32,588,292
High Yield Fund
Shares sold		1,094,901			3,010,925
Shares issued on reinvestment		309,186			782,196
Shares repurchased		(1,377,027	)		(6,313,761	)
Net Increase (Decrease)		27,060			(2,520,640	)
International Fixed Income Fund
Shares sold		1,301,225			2,603,108
Shares issued on reinvestment		828,520			641,810
Shares repurchased		(1,651,313	)		(4,041,970	)
Net Increase (Decrease)		478,432			(797,052	)
Municipal Bond Fund
Shares sold		685,686			3,789,118
Shares issued on reinvestment		155,826			205,371
Shares repurchased		(735,143	)		(2,070,229	)
Net Increase		106,369			1,924,260
Inflation-Linked Fixed Income Fund
Shares sold		1,244,187			3,029,725
Shares issued on reinvestment		234,513			521,525
Shares repurchased		(1,650,374	)		(6,801,137	)
Net Decrease		(171,674	)		(3,249,887	)
Ultra-Short Term Fixed Income Fund
Shares sold		4,670,677			10,613,811
Shares issued on reinvestment		764,518			1,357,789
Shares repurchased		(4,013,136	)		(12,615,669	)
Net Increase (Decrease)		1,422,059			(644,069	)
Alternative Strategies Fund
Shares sold		1,338,737			2,715,976
Shares issued on reinvestment		99,929			10,258
Shares repurchased		(468,312	)		(647,049	)
Net Increase		970,354			2,079,185

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.

329

Notes to Financial Statements

(continued)

As of August 31, 2019, the Funds had the following net capital loss carryforwards remaining:

	Large Cap Equity Fund		Small-Mid Cap Equity Fund		International Equity Fund		Emerging Markets Equity Fund		Core Fixed Income Fund		High Yield Fund
Short-Term	$	—	$	—	$	16,213,927	$	39,477,375	$	—	$	4,341,997
Long-Term		—		—		25,063,700		4,792,122		—		21,596,685
	$	—	$	—	$	41,277,627	$	44,269,497	$	—	$	25,938,682
			International Fixed Income Fund		Municipal Bond Fund		Inflation- Linked Fixed Income Fund		Ultra-Short Term Fixed Income Fund		Alternative Strategies Fund
Short-Term			$	—	$	—	$	819,075	$	1,961,427	$	—
Long-Term				—		—		4,140,416		2,945,314		—
			$	—	$	—	$	4,959,491	$	4,906,741	$	—

6. Recent Accounting Pronouncements

In March 2017, FASB issued an Accounting Standard Update, ASU 2017-08, Receivables- Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be accreted to maturity. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Fund has adopted ASU 2017-08. The adoption resulted in a change in accounting principle, since the Fund had historically amortized such premiums to maturity for U.S. GAAP. Accordingly, the Fund has adopted ASU 2017-08 to amend the premium amortization period for certain purchased callable debt securities with non-contingent call features to the earliest call date. It is impracticable to evaluate the effect on individual prior periods, therefore for the Municipal Bond Fund and International Fixed Income Fund there were applied amendments on a modified retrospective basis by recognizing a cumulative effect adjustment that decreased the beginning of period cost of investments and increased the unrealized appreciation on investments of approximately $19,092 and $1 respectively and for Core Fixed Income Fund and High Yield Fund, increased the beginning of period cost of investments and decreased the unrealized appreciation on investments of approximately $244 and $3,196, respectively.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total accumulated earnings (loss) or the net asset value of the Fund. With respect to the Fund’s results of operations, amortization of premium to first call date accelerates amortization with the intent of more closely aligning the recognition of income on such bonds with the economics of the instrument.

7. Subsequent Events

Management has evaluated subsequent events after the balance sheet date through the date that the financial statements were issued and has identified following events that would require recognition or disclosure in the financial statements.

Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak that occurred subsequent to the semi-annual 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.

Subsequent to February 29, 2020, the Funds made the following distributions:

Record Date Payable Date	Core Fixed Income Fund		High Yield Fund		Municipal Bond Fund
3/1/20-3/31/20	$	0.023179	$	0.013842	$	0.020763

330

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited)

Approval of Management Agreement and Subadvisory 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 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.

At an in-person meeting held on March 4, 2020 (the “March Meeting”), the Board, including a majority of the Independent Trustees, approved an extension of the Agreements, which were previously approved by the Board, including a majority of the Independent Trustees, at an in-person meeting held on May 13-14, 2019 (“May Meeting”). The extension provides that the Agreements may remain in effect until May 31, 2020. In connection with the May Meeting, with respect to the continuance of the Agreements, the March Meeting, with respect to the extension of the Agreements, and at other meetings during the course of the year, the Independent Trustees requested and received information from the Manager and the Sub-advisers that they deemed reasonably necessary for their review of the Agreements and the performance of the Manager and Sub-advisers under the Agreements. The Independent Trustees were assisted in their reviews by Fund counsel and independent legal counsel (“Independent Counsel”) and met with Independent Counsel in executive sessions separate from representatives of the Manager and the Sub-advisers. The Independent Trustees also were assisted in their review, during the May Meeting, by an independent analysis of investment company contract review processes. In addition to the Management Agreement and the investment advisory agreement between the Trust, on behalf of the Alternative Strategies Fund, and the Manager (the “IM Agreement”), pursuant to which the Manager serves as the investment adviser for the Alternative Strategies Fund, the Board approved at the March Meeting the Subadvisory Agreements with the following Sub-advisers on behalf of the indicated Fund to continue until May 31, 2020:

Sub-adviser Name	Fund(s)
BlackRock Financial Management, Inc.	¨ Core Fixed Income Fund ¨ Large Cap Equity Fund ¨ Small-Mid Cap Equity Fund ¨ International Equity Fund ¨ Emerging Markets Equity Fund
Causeway Capital Management LLC	¨ International Equity Fund
ClearBridge Investments, LLC	¨ Large Cap Equity Fund
Columbia Management Investment Advisers, LLC	¨ Large Cap Equity Fund
Eaton Vance Management	¨ High Yield Fund
Invesco Advisers, Inc.	¨ International Equity Fund
Lazard Asset Management LLC	¨ Large Cap Equity Fund ¨ Emerging Markets Equity Fund
Lyrical Asset Management LP	¨ Large Cap Equity Fund
Macquarie Investment Management	¨ Large Cap Equity Fund
Metropolitan West Asset Management LLC	¨ Core Fixed Income Fund

331

Board Approval of Management Agreement and Investment Advisory Agreements

(unaudited) (continued)

Sub-adviser Name	Fund(s)
Neuberger Berman Investment Advisers LLC	¨ Small-Mid Cap Equity Fund
OppenheimerFunds, Inc.	¨ International Equity Fund
Pacific Investment Management Company LLC	¨ International Fixed Income Fund ¨ Inflation-Linked Fixed Income Fund ¨ Ultra-Short Term Fixed Income Fund
Schroder Investment Management North America Inc.	¨ International Equity Fund
Van Eck Associates Corporation	¨ Emerging Markets Equity Fund
Victory Capital Management, Inc.	¨ International Equity Fund
Wellington Management Company LLC	¨ International Equity Fund
Western Asset Management Company	¨ Core Fixed Income Fund ¨ High Yield Fund
Westfield Capital Management Company, L.P.	¨ Small-Mid Cap Equity Fund
Aristotle Capital Boston, LLC	¨ Small-Mid Cap Equity Fund
DF Dent and Company, Inc.	¨ Small-Mid Cap Equity Fund
Nuance Investments, LLC	¨ Small-Mid Cap Equity Fund

In voting to approve the extension of the Agreements at the March Meeting, the Board, including the Independent Trustees, considered the evaluation performed during the May Meeting, as well as the information made available to them throughout the course of the year by representatives of the Adviser. The Board also considered that at the meeting to be held in May of 2020, each of the affected contracts will be subject to a review and evaluation process conducted in accordance with Section 15 of the 1940 Act, which will be substantially the same as the process that would have been undertaken had the meeting in May of 2020 been scheduled for the same dates as last year’s May Meeting. The Board also considered that the request for an extension until May 31, 2020 was merely to correct for a timing issue and not the result of any operational, procedural or compliance concerns.

Based on their discussions and considerations, including those described above, the Board approved the extension of the Management Agreement, the IM Agreement and the Subadvisory Agreements to remain in effect until the May 31, 2020, at which time the Agreements would be subject to renewal in accordance with Section 15 of the 1940 Act.

332

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	Chairman and Trustee	Since 2007 (Chairman since 2018)	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	Vice Chair and Trustee	Since 2008 (Vice Chair since 2018)	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)

333

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	Trustee	Since 2013	Founder and Chief Executive Officer Emeritus, Channing Capital Management, LLC (Investment Management) (2017-present); 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); Director, Shirley Ryan AbilityLab (2000-present); and Director, Urban Gateways (1995-present)
INTERESTED TRUSTEE
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
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

334

Additional Information

(unaudited) (continued)

OFFICERS
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
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)

335

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)

336

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)
Robert Creaney Morgan Stanley One Financial Place 440 South LaSalle Street 39th Floor Chicago, IL 60605 Birth Year: 1974	Assistant Treasurer	Since 2014	Executive Director, Morgan Stanley (1997-present)
Michael Conklin Morgan Stanley One Financial Place 440 South LaSalle Street 39th Floor Chicago, IL 60605 Birth Year: 1977	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 and Regulatory Support Practice of Fund Administration, BBH&Co. (2005-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.

337

Important Tax Information

(unaudited)

The following information is provided with respect to the distributions paid during the taxable year ended August 31, 2019:

	Large Cap Equity Fund			Small-Mid Cap Equity Fund			International Equity Fund			Emerging Markets Equity Fund			High Yield Fund
Record Date		12/6/2018			12/6/2018			12/6/2018			12/6/2018			Monthly
Payable Date		12/7/2018			12/7/2018			12/7/2018			12/7/2018			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		57.46	%		11.91	%		100	%		86.22	%		—
Dividends Qualifying for the Dividends Received
Deduction for Corporations		55.14	%		11.57	%		—			—			—
Foreign Source Income		—			—			99.64	%*		99.94	%*		—
Foreign Tax Paid Per Share		—			—			0.02259			0.03904			—
Long-Term Capital Gain Dividend		1.61994			1.48898			—			—			—
	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			12/6/2018			Monthly			Monthly			Monthly
Payable Date		Monthly			12/7/2018			Monthly			Monthly			Monthly
Ordinary Income:
Qualified Dividend Income for Individuals		—			—			—			—			—
Dividends Qualifying for the Dividends Received
Deduction for Corporations		—			—			—			—			—
Interest from Tax-Exempt Obligations		—			—			100	%		—			—
Interest from Federal Obligations		40.17	%		10.01	%		—			95.40	%		9.41	%
Long-Term Capital Gain Dividend		—			—			0.02552			—			—
	Alternative Strategies Fund
Record Date		12/28/2018
Payable Date		12/31/2018
Ordinary Income:
Qualified Dividend Income for Individuals		29.82	%
Dividends Qualifying for the Dividends Received
Deduction for Corporations		3.68	%
Interest from Tax-Exempt Obligations		—
Interest from Federal Obligations		—
Long-Term Capital Gain Dividend		—

* Expressed as a percentage of the cash distribution grossed-up for foreign taxes.

The law varies in each state as to whether and what percentage of dividend income attributable to Federal obligations is exempt from state income tax. We recommend that you consult with your tax adviser to determine if any portion of the dividends you received is exempt from state income taxes.

The foreign taxes paid represent taxes incurred by the Fund on income received by the Fund from foreign sources. Foreign taxes paid may be included in taxable income with an offsetting deduction from gross income or may be taken as a credit for taxes paid to foreign governments. You should consult your tax adviser regarding the appropriate treatment of foreign taxes paid.

Please retain this information for your records.

338

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.

© 2019 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 2002are 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 6, 2020

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 6, 2020

Morgan Stanley Pathway Funds

By:	/s/ Francis Smith
	Francis Smith
	Chief Financial Officer
	Morgan Stanley Pathway Funds
Date:	May 6, 2020