Morgan Stanley Institutional Fund Trust
Core Plus Fixed Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at December 31, 2021:

Futures Contracts:
The Fund had the following futures contracts open at December 31, 2021:

Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)

Morgan Stanley Institutional Fund Trust
Corporate Bond Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Morgan Stanley Institutional Fund Trust
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)

Morgan Stanley Institutional Fund Trust
Discovery Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Call Options Purchased:
The Fund had the following call options purchased open at December 31, 2021:

Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Total Return Swap Agreements:
The Fund had the following total return swap agreements open at December 31, 2021:

†† See tables below for details of the equity basket holdings underlying the swap.

Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

The following table represents the equity basket holdings underlying the total return swap with JPM Russell 1000 Anti-Value Index as of December 31, 2021:

Morgan Stanley Institutional Fund Trust
Dynamic Value Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

The following table represents the equity basket holdings underlying the total return swap with JP Morgan Russell 1000 Value Index as of December 31, 2021:

Morgan Stanley Institutional Fund Trust
Global Strategist Portfolio
Consolidated Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Country assignments and aggregations are based generally on third party vendor classifications and information, and may be different from the assignments and aggregations under the policies set forth in the Fund's prospectus and/or statement of additional information relating to geographic classifications.

Foreign Currency Forward Exchange Contracts:
The Fund had the following foreign currency forward exchange contracts open at December 31, 2021:

Futures Contracts:
The Fund had the following futures contracts open at December 31, 2021:

Interest Rate Swap Agreements:
The Fund had the following interest rate swap agreements open at December 31, 2021:

Total Return Swap Agreements:
The Fund had the following total return swap agreements open at December 31, 2021:

†† See tables below for details of the equity basket holdings underlying the swap.

The following table represents the equity basket holdings underlying the total return swap with BNP Custom U.S. Banks Index as of December 31, 2021:

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Anti-Value Index as of December 31, 2021:

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 1500 Value Index as of December 31, 2021:

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Anti-Value Index Index as of December 31, 2021:

The following table represents the equity basket holdings underlying the total return swap with JPM SPX 500 Value Index as of December 31, 2021:

* Industries and/or investment types representing less than 5% of total investments.

Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Morgan Stanley Institutional Fund Trust
Short Duration Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Futures Contracts:
The Fund had the following futures contracts open at December 31, 2021:

Morgan Stanley Institutional Fund Trust
Strategic Income Portfolio
Portfolio of Investments
First Quarter Report
December 31, 2021 (unaudited)(cont’d)

Futures Contracts:
The Fund had the following futures contracts open at December 31, 2021:

The Fund had the following credit default swap agreement open at December 31, 2021:

* Industries and/or investment types representing less than 5% of total investments.

In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other Interbank Offered Rate (“IBOR”) based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management evaluated the impact of ASU 2020-04 on the Funds’ investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the reference rate reform and does not expect there will be any significant impact to the Funds.

Security Valuation: (1) Certain portfolio securities may be valued by an outside pricing service/vendor approved by the Trust's Board of Trustees (the "Trustees"). The pricing service/vendor may employ a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. Alternatively, if a valuation is not available from an outside pricing service/vendor, and the security trades on an exchange, the security may be valued at its latest reported sale price (or at the exchange official closing price if such exchange reports an official closing price), prior to the time when assets are valued. If there are no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available in the relevant exchanges. If only bid prices are available then the latest bid price may be used. If Morgan Stanley Investment Management Inc. (the "Adviser") or Morgan Stanley Investment Management Limited (“MSIM Limited”) (the “Sub-Adviser”), each a wholly-owned subsidiary of Morgan Stanley, determines that the price provided by the outside pricing service/vendor or exchange does not reflect the security's fair value or is unable to provide a price, prices from brokers or dealers may also be utilized. In these circumstances, the value of the security will be the mean of bid and asked prices obtained from brokers or dealers; (2) an equity portfolio security listed or traded on an exchange is valued at its latest reported sales price (or at the exchange official closing price if such exchange reports an official closing price), and if there were no sales on a given day and if there is no official exchange closing price for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant exchanges. If only bid prices are available then the latest bid price may be used. Listed equity securities not traded on the valuation date with no reported bid and asked prices available on the exchange are valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers. In cases where a security is traded on more than one exchange, the security is valued on the exchange designated as the primary market; (3) all other equity portfolio securities for which over-the-counter (“OTC”) market quotations are readily available are valued at the latest reported sales price (or at the market official closing price if such market reports an official closing price), and if there was no trading in the security on a given day and if there is no official closing price from relevant markets for that day, the security is valued at the mean between the last reported bid and asked prices if such bid and asked prices are available on the relevant markets. An unlisted equity security that does not trade on the valuation date and for which bid and asked prices from the relevant markets are unavailable is valued at the mean between the current bid and asked prices obtained from one or more reputable brokers or dealers; (4) certain senior collateralized loans ("Senior Loans") are valued based on quotations received from an independent pricing service; (5) futures are valued at the settlement price on the exchange on which they trade or, if a settlement price is unavailable, at the last sale price on the exchange; (6) OTC swaps may be valued by an outside pricing service approved by the Trustees or quotes from a broker or dealer. Swaps cleared on a clearinghouse or exchange may be valued using the closing price provided by the clearinghouse or exchange; (7) listed options are valued at the last reported sales price on the exchange on which they are listed (or at the exchange official closing price if such exchange reports an official closing price). If an official closing price or last reported sales price is unavailable, the listed option should be fair valued at the mean between its latest bid and ask prices. Unlisted options are valued at the mean between their latest bid and ask prices from a broker/dealer or valued by a pricing service/vendor; (8) when market quotations are not readily available, including circumstances under which the Adviser or the Sub-Adviser determines that the closing price, last sale price or the mean between the last reported bid and asked prices are not reflective of a security’s market value, portfolio securities are valued at their fair value as determined in good faith under procedures established by and under the general supervision of the Trustees. Occasionally, developments affecting the closing prices of securities and other assets may occur between the times at which valuations of such securities are determined (that is, close of the foreign market on which the securities trade) and the close of business of the New York Stock Exchange (“NYSE”). If developments occur during such periods that are expected to materially affect the value of such securities, such valuations may be adjusted to reflect the estimated fair value of such securities as of the close of the NYSE, as determined in good faith by the Trustees or by the Adviser using a pricing service and/or procedures approved by the Trustees; (9) quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are translated into U.S. dollar equivalents at the prevailing market rates prior to the close of the NYSE; (10) PIPE investments may be valued based on the underlying stock price less a discount until the commitment is fulfilled and shares are registered; and (11) investments in mutual funds, including the Morgan Stanley Institutional Liquidity Funds, are valued at the net asset value as of the close of each business day.

The Trustees have responsibility for determining in good faith the fair value of the investments, and the Trustees may appoint others, such as the Trust's Adviser or a valuation committee, to assist the Trustees in determining fair value and to make the actual calculations pursuant to the fair valuation methodologies previously approved by the Trustees. Under procedures approved by the Trustees, the Trust's Adviser has formed a Valuation Committee whose members are approved by the Trustees. The Valuation Committee provides administration and oversight of the Trust’s valuation policies and procedures, which are reviewed at least annually by the Trustees. These procedures allow the Trust to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Fair Value Measurement: FASB Accounting Standards Codification^TM ("ASC") 820, "Fair Value Measurement" (“ASC 820”), defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. ASC 820 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in valuing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in valuing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

• Level 1 – unadjusted quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs including the Fund’s own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer's financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each security.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Core Plus Fixed Income
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—		$	12		$	—	$	12
Agency Fixed Rate Mortgages		—			146,341			—		146,341
Asset-Backed Securities		—			119,052			—		119,052
Collateralized Mortgage Obligations - Agency Collateral Series		—			15,240			—		15,240
Commercial Mortgage-Backed Securities		—			63,521			—		63,521
Corporate Bonds		—			312,568			—		312,568
Mortgages - Other		—			183,571			—		183,571
Municipal Bonds		—			4,727			—		4,727
Sovereign		—			55,356			—		55,356
Supranational		—			2,064			—		2,064
U.S. Treasury Securities		—			9,491			—		9,491
Variable Rate Senior Loan Interests		—			23,703			—		23,703
Total Fixed Income Securities		—			935,646			—		935,646
Short-Term Investments
Investment Company		91,825			—			—		91,825
U.S. Treasury Securities		—			18,481			—		18,481
Total Short-Term Investments		91,825			18,481			—		110,306
Foreign Currency Forward Exchange Contracts		—			252			—		252
Futures Contracts		1,521			—			—		1,521
Total Assets		93,346			954,379			—		1,047,725
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(318	)		—		(318	)
Futures Contracts		(461	)		—			—		(461	)
Total Liabilities		(461	)		(318	)		—		(779	)
Total	$	92,885		$	954,061		$	—	$	1,046,946

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Corporate Bond
Assets:
Fixed Income Securities
Corporate Bonds	$	—		$	169,443		$	—	$	169,443
Short-Term Investments
Investment Company		3,922			—			—		3,922
U.S. Treasury Security		—			1,863			—		1,863
Total Short-Term Investments		3,922			1,863			—		5,785
Foreign Currency Forward Exchange Contract		—			—@			—		—@
Futures Contracts		185			—			—		185
Total Assets		4,107			171,306			—		175,413
Liabilities:
Foreign Currency Forward Exchange Contract		—			(2	)		—		(2	)
Futures Contracts		(627	)		—			—		(627	)
Total Liabilities		(627	)		(2	)		—		(629	)
Total	$	3,480		$	171,304		$	—	$	174,784

Value is less than $500.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)

Discovery
Assets:
Common Stocks
Biotechnology	$	40,316	$	—	$	—	$	40,316
Consumer Finance		33,816		—		—		33,816
Entertainment		199,066		—		—		199,066
Equity Real Estate Investment Trusts (REITs)		20,231		—		—		20,231
Health Care Providers & Services		96,177		—		—		96,177
Health Care Technology		255,537		—		—		255,537
Information Technology Services		951,020		—		—		951,020
Interactive Media & Services		280,625		—		—		280,625
Internet & Direct Marketing Retail		196,168		—		—		196,168
Leisure Products		78,130		—		—		78,130
Life Sciences Tools & Services		36,350		—		—		36,350
Pharmaceuticals		107,947		—		—		107,947
Real Estate Management & Development		67,159		—		—		67,159
Software		738,236		51,651		—		789,887
Specialty Retail		111,379		—		—		111,379
Total Common Stocks		3,212,157		51,651		—		3,263,808
Preferred Stocks
Internet & Direct Marketing Retail		1,403		—		—		1,403
Software		—		—		32,556		32,556
Total Preferred Stocks		1,403		—		32,556		33,959
Investment Company		34,496		—		—		34,496
Warrant		441		—		—		441
Call Options Purchased		—		5,278		—		5,278
Short-Term Investments
Investment Company		84,867		—		—		84,867
Repurchase Agreements		—		4,051		—		4,051
Total Short-Term Investments		84,867		4,051		—		88,918
Total Assets	$	3,333,364	$	60,980	$	32,556	$	3,426,900

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Preferred		Derivative
Discovery	Stock (000)		Contract — PIPE (000)
Beginning Balance	$	31,810	$	(2,197	)
Purchases		-		-
Sales		-		-
PIPE transactions		-		2,197
Amortization of discount		-		-
Transfers in		-		-
Transfers out		-		-
Corporate actions		-		-
Change in unrealized appreciation (depreciation)		746		-
Realized gains (losses)		-		-
Ending Balance	$	32,556	$	-
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2021	$	746	$	-

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2021. Various valuation techniques were used in the valuation of certain investments and weighted based on the level of significance. The Fund calculated the weighted averages of the unobservable inputs relative to each investment’s fair value as of December 31, 2021.

Fair Value at

Impact to

December 31, 2021

Valuation

Unobservable

Valuation from an

Discovery

(000)

Technique

Input

Amount*

Increase in Input**

Preferred Stock

32,556

Market Transaction Method

Precedent Transaction

220.45

Increase

Discounted Cash Flow

Weighted Average

Cost of Capital

11.0

Decrease

Perpetual Growth Rate

3.5

Increase

Market Comparable Companies

Enterprise

Value/Revenue

38.5

Increase

Discount for Lack

of Marketability

12.0

Decrease

*	Amount is indicative of the weighted average.
**	Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type		Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)

Dynamic Value
Assets:
Common Stocks
Aerospace & Defense	$	185	$	—		$	—	$	185
Air Freight & Logistics		80		—			—		80
Automobiles		104		—			—		104
Banks		477		—			—		477
Beverages		48		—			—		48
Biotechnology		371		—			—		371
Building Products		94		—			—		94
Capital Markets		208		—			—		208
Chemicals		164		—			—		164
Commercial Services & Supplies		31		—			—		31
Construction & Engineering		43		—			—		43
Consumer Finance		277		—			—		277
Containers & Packaging		77		—			—		77
Diversified Consumer Services		133		—			—		133
Diversified Financial Services		72		—			—		72
Diversified Telecommunication Services		166		—			—		166
Electric Utilities		315		—			—		315
Electronic Equipment, Instruments & Components		183		—			—		183
Energy Equipment & Services		75		—			—		75
Equity Real Estate Investment Trusts (REITs)		731		—			—		731
Food & Staples Retailing		141		—			—		141
Food Products		302		—			—		302
Gas Utilities		121		—			—		121
Health Care Providers & Services		789		—			—		789
Hotels, Restaurants & Leisure		126		—			—		126
Household Durables		190		—			—		190
Household Products		96		—			—		96
Information Technology Services		535		—			—		535
Insurance		417		—			—		417
Internet & Direct Marketing Retail		27		—			—		27
Life Sciences Tools & Services		70		—			—		70
Machinery		484		—			—		484
Media		489		—			—		489
Metals & Mining		212		—			—		212
Multi-Line Retail		28		—			—		28
Multi-Utilities		63		—			—		63
Oil, Gas & Consumable Fuels		373		—			—		373
Personal Products		98		—			—		98
Pharmaceuticals		452		—			—		452
Professional Services		154		—			—		154
Real Estate Management & Development		43		—			—		43
Road & Rail		150		—			—		150
Semiconductors & Semiconductor Equipment		313		—			—		313
Software		145		—			—		145
Specialty Retail		199		—			—		199
Tech Hardware, Storage & Peripherals		136		—			—		136
Thrifts & Mortgage Finance		226		—			—		226
Trading Companies & Distributors		91		—			—		91
Total Common Stocks		10,304		—			—		10,304
Short-Term Investment
Investment Company		34		—			—		34
Total Return Swap Agreements		—		175			—		175
Total Assets		10,338		175			—		10,513
Liabilities:
Total Return Swap Agreements		—		(89	)		—		(89	)
Total	$	10,338	$	86		$	—	$	10,424

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)

Global Strategist
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgage	$	—		$	15		$	—	$	15
Agency Fixed Rate Mortgages		—			16,320			—		16,320
Asset-Backed Securities		—			2,239			—		2,239
Commercial Mortgage-Backed Securities		—			1,746			—		1,746
Corporate Bonds		—			61,413			—		61,413
Mortgages - Other		—			3,551			—		3,551
Sovereign		—			145,844			—		145,844
Supranational		—			6,277			—		6,277
U.S. Treasury Securities		—			19,508			—		19,508
Total Fixed Income Securities		—			256,913			—		256,913
Common Stocks
Aerospace & Defense		2,147			75			—		2,222
Air Freight & Logistics		596			521			—		1,117
Airlines		82			20			—		102
Auto Components		449			53			—		502
Automobiles		2,467			1,158			—		3,625
Banks		10,208			1,874			—		12,082
Beverages		2,803			116			—		2,919
Biotechnology		2,442			154			—		2,596
Building Products		801			394			—		1,195
Capital Markets		4,432			1,002			—		5,434
Chemicals		2,797			1,257			—		4,054
Commercial Services & Supplies		675			41			—		716
Communications Equipment		835			309			—		1,144
Construction & Engineering		3,686			656			—		4,342
Construction Materials		402			169			—		571
Consumer Finance		607			—			—		607
Containers & Packaging		411			—			—		411
Distributors		135			—			—		135
Diversified Consumer Services		24			—			—		24
Diversified Financial Services		1,104			420			—		1,524
Diversified Telecommunication Services		1,447			824			—		2,271
Electric Utilities		2,139			975			—		3,114
Electrical Equipment		1,243			557			—		1,800
Electronic Equipment, Instruments & Components		787			147			—		934
Energy Equipment & Services		188			23	†		—		211	†
Entertainment		1,982			24			—		2,006
Equity Real Estate Investment Trusts (REITs)		3,616			15			—		3,631
Food & Staples Retailing		2,417			132			—		2,549
Food Products		1,236			2,146			—		3,382
Gas Utilities		200			114			—		314
Health Care Equipment & Supplies		3,216			886			—		4,102
Health Care Providers & Services		2,773			175			—		2,948
Health Care Technology		176			—			—		176
Hotels, Restaurants & Leisure		8,550			140			—		8,690
Household Durables		5,447			25			—		5,472
Household Products		1,554			196			—		1,750
Independent Power Producers & Energy Traders		171			20			—		191
Industrial Conglomerates		1,196			687			—		1,883
Information Technology Services		6,357			207			—		6,564
Insurance		4,223			1,596			—		5,819
Interactive Media & Services		6,230			45			—		6,275
Internet & Direct Marketing Retail		4,357			175			—		4,532
Leisure Products		54			—			—		54
Life Sciences Tools & Services		2,070			374			—		2,444
Machinery		1,817			1,403			—		3,220
Marine		23			227			—		250
Media		1,447			30			—		1,477
Metals & Mining		3,223			118			—		3,341
Multi-Line Retail		856			—			—		856
Multi-Utilities		1,253			270			—		1,523
Oil, Gas & Consumable Fuels		13,398			558			—		13,956
Paper & Forest Products		100			197			—		297
Personal Products		1,410			49			—		1,459
Pharmaceuticals		5,599			3,668			—		9,267
Professional Services		1,566			130			—		1,696
Real Estate Management & Development		581			383			—		964
Road & Rail		1,803			—			—		1,803
Semiconductors & Semiconductor Equipment		8,182			286			—		8,468
Software		10,429			898	†		—		11,327	†
Specialty Retail		2,391			230			—		2,621
Tech Hardware, Storage & Peripherals		6,977			68			—		7,045
Textiles, Apparel & Luxury Goods		2,707			837			—		3,544
Tobacco		995			54			—		1,049
Trading Companies & Distributors		729			66			—		795
Transportation Infrastructure		262			878			—		1,140
Water Utilities		201			—			—		201
Wireless Telecommunication Services		439			33			—		472
Total Common Stocks		165,120			28,085	†		—		193,205	†
Short-Term Investments
Investment Company		95,283			—			—		95,283
U.S. Treasury Security		—			2,289			—		2,289
Total Short-Term Investments		95,283			2,289			—		97,572
Foreign Currency Forward Exchange Contracts		—			399			—		399
Futures Contracts		530			—			—		530
Interest Rate Swap Agreements		—			1,259			—		1,259
Total Return Swap Agreements		—			9,450			—		9,450
Total Assets		260,933			298,395	†		—		559,328	†
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(685	)		—		(685	)
Futures Contracts		(1,116	)		—			—		(1,116	)
Interest Rate Swap Agreements		—			(436	)		—		(436	)
Total Return Swap Agreements		—			(4,230	)		—		(4,230	)
Total Liabilities		(1,116	)		(5,351	)		—		(6,467	)
Total	$	259,817		$	293,044	†	$	—	$	552,861	†

†

Includes one or more securities valued at zero.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:


Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)			Total (000)

High Yield
Assets:
Fixed Income Securities
Corporate Bonds	$	—	$	167,637		$	—		$	167,637
Variable Rate Senior Loan Interests		—		5,087	†		—			5,087	†
Total Fixed Income Securities		—		172,724	†		—			172,724	†
Common Stocks
Auto Components		—		—	†		—			—	†
Equity Real Estate Investment Trusts		—		4			—			4
Machinery		—		—			—	†		—	†
Semiconductors & Semiconductor Equipment		—		23			—			23
Transportation		—		121			—			121
Total Common Stocks		—		148	†		—	†		148	†
Warrant		—		65			—			65
Short-Term Investment
Investment Company		1,315		—			—			1,315
Total Assets	$	1,315	$	172,937	†	$	—	†	$	174,252	†

† Includes one or more securities valued at zero.

Following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

High Yield		Common Stock (000)
Beginning Balance	$	-	†
Purchases		-
Sales		-
Amortization of discount		-
Transfers in		-
Transfers out		-
Corporate actions		-
Change in unrealized appreciation (depreciation)		-
Realized gains (losses)		-
Ending Balance	$	-	†
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2021	$	-

†	Includes one security valued at zero.

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Short Duration
Assets:
Fixed Income Securities
Agency Adjustable Rate Mortgages	$	—		$	657	$	—	$	657
Agency Bond - Consumer Discretionary (U.S. Government Guaranteed)		—			193		—		193
Agency Fixed Rate Mortgages		—			765		—		765
Asset-Backed Securities		—			77,562		—		77,562
Collateralized Mortgage Obligations - Agency Collateral Series		—			777		—		777
Commercial Mortgage-Backed Securities		—			17,221		—		17,221
Corporate Bonds		—			320,561		—		320,561
Mortgages - Other		—			69,392		—		69,392
Municipal Bonds		—			814		—		814
Sovereign		—			2,050		—		2,050
Supranational		—			2,941		—		2,941
Total Fixed Income Securities		—			492,933		—		492,933
Investment Company		20,744			—		—		20,744
Short-Term Investments
Investment Company		1,542			—		—		1,542
U.S. Treasury Security		—			1,349		—		1,349
Total Short-Term Investments		1,542			1,349		—		2,891
Futures Contract		73			—		—		73
Total Assets		22,359			494,282		—		516,641
Liabilities:
Futures Contracts		(273	)		—		—		(273	)
Total	$	22,086		$	494,282	$	—	$	516,368

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)			Level 2 Other significant observable inputs (000)			Level 3 Significant unobservable inputs (000)		Total (000)
Strategic Income
Assets:
Fixed Income Securities
Asset-Backed Securities	$	—		$	6,393		$	—	$	6,393
Collateralized Mortgage Obligations - Agency Collateral Series		—			4			—		4
Commercial Mortgage-Backed Securities		—			1,880			—		1,880
Corporate Bonds		—			11,798			—		11,798
Mortgages - Other		—			5,363			—		5,363
Sovereign		—			693			—		693
Total Fixed Income Securities		—			26,131			—		26,131
Short-Term Investments
Investment Company		1,260			—			—		1,260
U.S. Treasury Security		—			255			—		255
Total Short-Term Investments		1,260			255			—		1,515
Foreign Currency Forward Exchange Contracts		—			3			—		3
Futures Contracts		7			—			—		7
Total Assets		1,267			26,389			—		27,656
Liabilities:
Foreign Currency Forward Exchange Contracts		—			(6	)		—		(6	)
Futures Contracts		(16	)		—			—		(16	)
Credit Default Swap Agreement		—			(5	)		—		(5	)
Total Liabilities		(16	)		(11	)		—		(27	)
Total	$	1,251		$	26,378		$	—	$	27,629

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Ultra-Short Income
Assets:
Short-Term Investments
Certificates of Deposit	$	—	$	1,004,191	$	—	$	1,004,191
Commercial Paper		—		2,070,065		—		2,070,065
Corporate Bonds		—		1,095,427		—		1,095,427
Floating Rate Notes		—		3,851,127		—		3,851,127
Municipal Bond		—		133,614		—		133,614
Repurchase Agreements		—		3,573,000		—		3,573,000
Time Deposits		—		152,000		—		152,000
Total Short-Term Investments		—		11,879,424		—		11,879,424
Total Assets	$	—	$	11,879,424	$	—	$	11,879,424

The following is a summary of the inputs used to value the Fund's investments as of December 31, 2021:

Investment Type	Level 1 Unadjusted quoted prices (000)		Level 2 Other significant observable inputs (000)		Level 3 Significant unobservable inputs (000)		Total (000)
Ultra-Short Municipal Income
Assets:
Short-Term Investments
Weekly Variable Rate Bonds	$	—	$	67,100	$	—	$	67,100
Daily Variable Rate Bonds		—		21,000		—		21,000
Closed-End Investment Companies		—		11,400		—		11,400
Floating Rate Notes		—		8,800		—		8,800
Quarterly Variable Rate Bonds		—		16,700		—		16,700
Commercial Paper		—		21,150		—		21,150
Municipal Bonds & Notes		—		6,788		—		6,788
Total Short-Term Investments		—		152,938		—		152,938
Total Assets	$	—	$	152,938	$	—	$	152,938

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

	Face Amount (000)		Value (000)
Fixed Income Securities (99.0%)
Agency Adjustable Rate Mortgage (0.0%) (a)
Federal Home Loan Mortgage Corporation,
Conventional Pool:
12 Month USD LIBOR + 1.63%, 1.94%, 7/1/45	$	11	$	12
Agency Fixed Rate Mortgages (15.5%)
Federal Home Loan Mortgage Corporation,
Conventional Pools:
2.50%, 11/1/49		899		919
3.00%, 11/1/49 – 12/1/49		523		531
3.50%, 8/1/49		249		258
4.00%, 4/1/49 – 11/1/49		1,087		1,140
4.50%, 2/1/49		489		524
Gold Pools:
3.00%, 3/1/47 – 6/1/49		1,409		1,476
3.50%, 1/1/44 – 4/1/49		927		999
4.00%, 6/1/44 – 1/1/48		437		471
5.41%, 7/1/37 – 8/1/37		11		12
5.44%, 1/1/37 – 2/1/38		46		51
5.46%, 5/1/37 – 1/1/38		41		44
5.48%, 8/1/37		11		12
5.50%, 8/1/37 – 11/1/37		48		53
5.52%, 10/1/37		5		5
5.62%, 12/1/36 – 8/1/37		47		52
6.00%, 10/1/36 – 8/1/38		78		88
6.50%, 12/1/25 – 8/1/33		55		62
7.00%, 6/1/28 – 11/1/31		25		26
Federal National Mortgage Association,
Conventional Pools:
2.50%, 10/1/49 – 2/1/50		1,314		1,338
3.00%, 6/1/40 – 1/1/50		3,814		3,936
3.50%, 8/1/45 – 1/1/51		22,189		23,337
4.00%, 11/1/41 – 9/1/49		3,289		3,542
4.50%, 3/1/41 – 8/1/49		1,449		1,556
5.00%, 3/1/41		101		112
5.50%, 6/1/35 – 1/1/37		36		42
5.62%, 12/1/36		18		19
6.50%, 4/1/24 – 1/1/34		511		568
7.00%, 5/1/28 – 12/1/33		84		92
9.50%, 4/1/30		29		31
February TBA:
2.50%, 2/1/52 (b)		57,950		58,980
January TBA:
2.00%, 1/1/52 (b)		7,225		7,203
3.00%, 1/1/52 (b)		23,150		23,984
Government National Mortgage Association,
January TBA:
3.00%, 1/20/52 (b)		9,475		9,804
Various Pools:
3.50%, 11/20/40 – 7/20/49		991		1,044
4.00%, 8/20/41 – 11/20/49		3,055		3,227
4.50%, 4/20/49 – 7/20/49		380		396
5.00%, 12/20/48 – 2/20/49		60		63
6.50%, 5/15/40		298		344
				146,341

Asset-Backed Securities (12.6%)
AASET 2018-2 US Ltd.,
4.45%, 11/18/38 (c)	3,009	2,878
AIMCO CLO,
Series 2018-B
3 Month USD LIBOR + 1.10%, 1.22%, 1/15/32 (c)(d)	3,600	3,602
Ajax Mortgage Loan Trust,
1.70%, 5/25/59 (c)	1,855	1,846
2.24%, 6/25/66 (c)	2,078	2,065
American Homes 4 Rent Trust,
6.07%, 10/17/52 (c)	601	659
AMSR Trust,
2.77%, 1/19/39 (c)	3,100	3,197
Aqua Finance Trust,
1.54%, 7/17/46 (c)	1,437	1,425
3.47%, 7/16/40 (c)	900	917
BCMSC Trust,
7.51%, 1/15/29 (d)	1,336	1,302
Benefit Street Partners CLO XX Ltd.,
3 Month USD LIBOR + 1.17%, 1.31%, 7/15/34 (c)(d)	3,685	3,688
Blackbird Capital Aircraft,
2.44%, 7/15/46 (c)	1,529	1,513
Blackbird Capital Aircraft Lease Securitization Ltd.,
5.68%, 12/16/41 (c)	714	678
Cascade MH Asset Trust,
4.00%, 11/25/44 (c)(d)	1,309	1,364
CFMT 2020-HB4 LLC,
2.72%, 12/26/30 (c)(d)	3,850	3,845
Cologix Data Centers US Issuer LLC,
3.30%, 12/26/51 (c)	2,125	2,125
Conn's Receivables Funding 2021-A LLC,
2.87%, 5/15/26 (c)	1,300	1,297
Consumer Loan Underlying Bond Credit Trust,
4.41%, 10/15/26 (c)	2,000	2,027
4.66%, 7/15/26 (c)	1,000	1,013
5.21%, 7/15/25 (c)	388	392
ContiMortgage Home Equity Loan Trust,
8.10%, 8/15/25	19	15
CWABS Asset-Backed Certificates Trust,
1 Month USD LIBOR + 1.58%, 1.67%, 12/25/34 (d)	3,680	3,678
Diamond Resorts Owner Trust,
4.02%, 2/20/32 (c)	661	671
Fair Square Issuance Trust,
2.90%, 9/20/24 (c)	900	901
Falcon Aerospace Ltd.,
3.60%, 9/15/39 (c)	803	784
FCI Funding LLC,
3.63%, 2/18/31 (c)	97	97
Foundation Finance Trust,
3.86%, 11/15/34 (c)	334	342
Freed ABS Trust,
3.19%, 11/18/26 (c)	678	679
GAIA Aviation Ltd.,
7.00%, 12/15/44 (c)	1,387	1,118
GCI Funding I LLC,
2.82%, 10/18/45 (c)	877	881
Golub Capital Partners ABS Funding Ltd.,
2.77%, 4/20/29 (c)	875	867
Class A2
3.21%, 1/22/29 (c)	3,290	3,290

Goodgreen Trust,
5.53%, 4/15/55 (c)		2,307	2,393
5.74%, 10/15/56 (c)		3,318	3,334
JOL Air Ltd.,
4.95%, 4/15/44 (c)		241	227
Lunar Aircraft Ltd.,
3.38%, 2/15/45 (c)		422	409
MACH 1 Cayman Ltd.,
3.47%, 10/15/39 (c)		934	915
MAPS Ltd.,
4.21%, 5/15/43 (c)		467	458
METAL LLC,
4.58%, 10/15/42 (c)		620	561
Mosaic Solar Loan Trust,
2.10%, 4/20/46 (c)		701	704
Navistar Financial Dealer Note Master Trust,
1 Month USD LIBOR + 2.90%, 3.00%, 7/25/25 (c)(d)		1,300	1,305
New Residential Mortgage LLC,
5.44%, 6/25/25 – 7/25/25 (c)		5,170	5,238
Newday Funding Master Issuer PLC,
SOFR + 1.10%, 1.15%, 3/15/29 (c)(d)		4,150	4,181
Newtek Small Business Loan Trust,
Daily U.S. Prime Rate - 0.55%, 2.70%, 2/25/44 (c)(d)		410	412
NRZ Excess Spread-Collateralized Notes,
Class A
3.47%, 11/25/26 (c)		2,589	2,589
NYCTL Trust,
2.19%, 11/10/32 (c)		466	467
Octagon Investment Partners 51 Ltd.,
3 Month USD LIBOR + 1.15%, 1.28%, 7/20/34 (c)(d)		5,225	5,228
Oxford Finance Funding LLC,
3.10%, 2/15/28 (c)		1,000	1,011
5.44%, 2/15/27 (c)		425	434
PMT FMSR Issuer Trust,
1 Month USD LIBOR + 3.00%, 3.09%, 3/25/26 (c)(d)		3,900	3,915
PNMAC FMSR Issuer Trust,
1 Month USD LIBOR + 2.35%, 2.44%, 4/25/23 (c)(d)		2,000	1,998
PNMAC GMSR Issuer Trust,
1 Month USD LIBOR + 2.65%, 2.75%, 8/25/25 (c)(d)		1,400	1,403
1 Month USD LIBOR + 2.85%, 2.95%, 2/25/23 (c)(d)		1,000	1,003
PRET 2021-NPL6 LLC,
2.49%, 7/25/51 (c)		2,150	2,172
Progress Residential Trust,
2.31%, 5/17/38 (c)		650	640
Prosper Marketplace Issuance Trust,
3.20%, 2/17/26 (c)		311	311
Raptor Aircraft Finance I LLC,
4.21%, 8/23/44 (c)		2,238	2,013
ReadyCap Lending Small Business Loan Trust,
Daily U.S. Prime Rate - 0.50%, 2.75%, 12/27/44 (c)(d)		605	594
Republic Finance Issuance Trust,
3.54%, 11/20/30 (c)		1,385	1,414
S-Jets Ltd.,
3.97%, 8/15/42 (c)		3,188	3,109
Sculptor CLO XXVI Ltd.,
3 Month USD LIBOR + 1.27%, 1.42%, 7/20/34 (c)(d)		4,900	4,925
SFS Asset Securitization LLC,
4.24%, 6/10/25 (c)		2,137	2,138
SLM Student Loan Trust,
3 Month EURIBOR + 0.55%, 0.01%, 7/25/39 – 1/25/40 (d)	EUR	3,719	4,113
Small Business Origination Loan Trust,
3.89%, 12/15/27	GBP	751	1,017

Sofi Consumer Loan Program Trust,
3.79%, 4/26/27 (c)	$	26	26
4.02%, 8/25/27 (c)		39	39
Sprite Ltd.,
4.25%, 12/15/37 (c)		468	463
START Ireland,
4.09%, 3/15/44 (c)		324	323
Start Ltd.,
4.09%, 5/15/43 (c)		3,237	3,185
Sunbird Engine Finance LLC,
3.67%, 2/15/45 (c)		963	929
Tricon American Homes Trust,
5.10%, 1/17/36 (c)		3,500	3,564
Upstart Securitization Trust,
3.73%, 9/20/29 (c)		732	736
			119,052
Collateralized Mortgage Obligations - Agency Collateral Series (1.6%)
Federal Home Loan Mortgage Corporation,
1 Month USD LIBOR + 4.35%, 4.44%, 12/25/26 (c)(d)		90	91
1 Month USD LIBOR + 5.25%, 5.34%, 7/25/26 (c)(d)		46	46
IO
0.33%, 11/25/27 (d)		23,577	429
2.63%, 1/25/49 (d)		4,091	797
2.65%, 2/25/49 (d)		9,522	1,920
2.66%, 1/25/49 (d)		17,200	3,451
2.73%, 9/25/48 (d)		16,800	3,413
2.74%, 8/25/48 (d)		5,484	1,070
3.07%, 11/25/36 (d)		4,400	1,448
3.09%, 4/25/39 (d)		3,200	1,051
3.46%, 10/25/38 (d)		3,500	1,246
IO REMIC
6.00% - 1 Month USD LIBOR, 5.89%, 11/15/43 (e)		527	86
IO STRIPS
7.50%, 12/15/29		15	2
Federal National Mortgage Association,
IO PAC REMIC
8.00%, 9/18/27		42	6
IO REMIC
6.00%, 7/25/33		32	4
IO STRIPS
6.50%, 9/25/29 – 12/25/29		187	22
8.00%, 4/25/24		8	—	@
8.50%, 10/25/25		12	1
9.00%, 11/25/26		13	1
REMIC
7.00%, 9/25/32		117	138
Government National Mortgage Association,
IO
5.00%, 2/16/41		102	18
			15,240
Commercial Mortgage-Backed Securities (6.7%)
Bancorp Commercial Mortgage Trust,
SOFR + 2.41%, 2.46%, 9/15/36 (c)(d)		1,400	1,396
BANK 2019-BNK21,
IO
0.87%, 10/17/52 (d)		14,874	843
BANK 2020-BNK30,
2.92%, 12/15/53 (d)		4,200	3,865

Benchmark Mortgage Trust,
3.76%, 7/15/53 (c)		2,000	2,006
IO
0.88%, 9/15/48 (c)(d)		31,000	1,238
BF Mortgage Trust,
1 Month USD LIBOR + 1.70%, 1.81%, 12/15/35 (c)(d)		2,500	2,495
BXP Trust,
1 Month USD LIBOR + 3.00%, 3.11%, 11/15/34 (c)(d)		1,150	1,071
CG-CCRE Commercial Mortgage Trust,
1 Month USD LIBOR + 1.85%, 1.96%, 11/15/31 (c)(d)		557	547
Citigroup Commercial Mortgage Trust,
3.50%, 12/10/41 (c)(d)		1,100	869
IO
0.72%, 11/10/48 (d)		2,376	58
0.88%, 9/10/58 (d)		4,412	125
Commercial Mortgage Trust,
3.40%, 8/15/57 (c)(d)		1,400	1,343
IO
0.06%, 7/10/45 (d)		9,820	5
0.70%, 10/10/47 (d)		2,750	45
1.00%, 7/15/47 (d)		2,748	56
Credit Suisse Mortgage Capital Certificates,
Class A
1 Month USD LIBOR + 3.00%, 3.25%, 12/15/35 (c)(d)		5,275	5,306
CSWF Commercial Mortgage Trust,
1 Month USD LIBOR + 1.57%, 1.68%, 6/15/34 (c)(d)		3,350	3,335
DROP Mortgage Trust,
1 Month USD LIBOR + 1.15%, 1.26%, 4/15/26 (c)(d)		3,525	3,532
GS Mortgage Securities Trust,
4.74%, 8/10/46 (c)(d)		500	490
IO
0.71%, 9/10/47 (d)		4,758	78
1.22%, 10/10/48 (d)		4,819	185
Highways 2021 PLC,
3 Month GBP SONIA + 1.35%, 1.49%, 11/18/26 (c)(d)	GBP	2,775	3,761
InTown Hotel Portfolio Trust,
1 Month USD LIBOR + 2.30%, 2.41%, 1/15/33 (c)(d)	$	579	578
Jackson Park Trust LIC,
3.24%, 10/14/39 (c)(d)		1,700	1,558
JP Morgan Chase Commercial Mortgage Securities Corp.,
1 Month USD LIBOR + 2.45%, 2.56%, 4/15/38 (c)(d)		2,400	2,402
JP Morgan Chase Commercial Mortgage Securities Trust,
IO
0.51%, 4/15/46 (d)		6,956	47
0.59%, 12/15/49 (d)		3,715	85
0.86%, 7/15/47 (d)		5,545	74
JPMBB Commercial Mortgage Securities Trust,
4.65%, 4/15/47 (c)(d)		775	778
IO
0.96%, 8/15/47 (d)		3,442	72
Last Mile Logistics Pan Euro Finance DAC,
1.90%, 8/17/33	EUR	747	854
Manhattan West Mortgage Trust,
2.34%, 9/10/39 (c)(d)	$	1,500	1,447
MF1 2021-W10X,
SOFR + 2.82%, 2.87%, 12/15/34 (c)(d)		4,350	4,354
MFT Mortgage Trust,
3.28%, 8/10/40 (c)(d)		1,000	983
MFT Trust,
3.48%, 2/10/42 (c)(d)		800	750

MKT 2020-525M Mortgage Trust,
2.94%, 2/12/40 (c)(d)		1,000	920
Multifamily Connecticut Avenue Securities Trust,
1 Month USD LIBOR + 1.70%, 1.80%, 10/15/49 (c)(d)		232	231
1 Month USD LIBOR + 1.95%, 2.05%, 3/25/50 (c)(d)		1,971	1,977
Natixis Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 2.20%, 2.31%, 7/15/36 (c)(d)		2,300	2,300
4.13%, 5/15/39(c)(d)		2,300	2,226
4.32%, 1/15/43 (c)(d)		800	809
Olympic Tower Mortgage Trust,
3.57%, 5/10/39 (c)		2,900	3,056
Real Estate Asset Liquidity Trust,
IO
1.15%, 2/12/31 (c)(d)	CAD	32,966	1,464
SG Commercial Mortgage Securities Trust,
3.73%, 3/15/37 (c)(d)	$	1,900	1,884
SLG Office Trust,
IO
0.26%, 7/15/41 (c)(d)		34,800	710
Wells Fargo Commercial Mortgage Trust,
1 Month USD LIBOR + 1.74%, 1.85%, 2/15/37 (c)(d)		900	895
WFRBS Commercial Mortgage Trust,
4.14%, 5/15/45 (c)(d)		425	418
			63,521
Corporate Bonds (33.1%)
Finance (10.9%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust,
3.00%, 10/29/28		2,500	2,537
4.13%, 7/3/23		1,150	1,195
Aflac, Inc.,
4.75%, 1/15/49		500	664
American International Group, Inc.,
4.50%, 7/16/44		1,075	1,327
Anthem, Inc.,
2.25%, 5/15/30		1,325	1,322
Aon Corp.,
2.80%, 5/15/30		1,750	1,806
AON Corp./AON Global Holdings PLC,
2.60%, 12/2/31		850	866
Australia & New Zealand Banking Group Ltd.,
2.57%, 11/25/35 (c)		875	839
Avolon Holdings Funding Ltd.,
2.88%, 2/15/25 (c)		2,650	2,709
Banco de Credito e Inversiones SA,
2.88%, 10/14/31 (c)		2,275	2,245
Banco Santander Chile,
2.70%, 1/10/25 (c)		1,125	1,150
Banco Santander SA,
5.18%, 11/19/25		600	668
Bank Hapoalim BM,
3.26%, 1/21/32 (c)		2,075	2,065
Bank of America Corp.,
1.73%, 7/22/27		2,525	2,508
2.69%, 4/22/32		7,200	7,314
MTN
2.68%, 6/19/41		675	651
4.00%, 1/22/25		1,055	1,127
Bank of Ireland Group PLC,
2.03%, 9/30/27 (c)		2,500	2,458

Bank of Montreal,
3.80%, 12/15/32	2,700	2,898
Belrose Funding Trust,
2.33%, 8/15/30 (c)	1,225	1,202
BNP Paribas SA,
2.82%, 11/19/25 (c)	700	721
4.40%, 8/14/28 (c)	1,050	1,178
BPCE SA,
3.12%, 10/19/32 (c)	1,100	1,105
5.15%, 7/21/24 (c)	2,750	2,980
Brookfield Finance LLC,
3.45%, 4/15/50	1,350	1,410
Brown & Brown, Inc.,
2.38%, 3/15/31	900	878
4.20%, 9/15/24	1,150	1,228
Citigroup, Inc.,
2.52%, 11/3/32	1,450	1,450
CNO Financial Group, Inc.,
5.25%, 5/30/29	885	1,017
Coinbase Global, Inc.,
3.38%, 10/1/28 (c)(f)	1,010	945
Danske Bank A/S,
5.00%, 1/12/23 (c)	350	350
Deutsche Bank AG,
2.22%, 9/18/24	1,200	1,216
3.95%, 2/27/23	850	877
Global Atlantic Fin Co.,
4.70%, 10/15/51 (c)	2,220	2,253
Goldman Sachs Group, Inc. (The),
2.65%, 10/21/32	3,025	3,047
MTN
4.80%, 7/8/44	625	800
Grupo Aval Ltd.,
4.38%, 2/4/30 (c)	770	740
Howard Hughes Corp. (The),
4.38%, 2/1/31 (c)	1,480	1,497
HSBC Holdings PLC,
4.25%, 3/14/24	2,325	2,456
Intercontinental Exchange, Inc.,
1.85%, 9/15/32	2,675	2,568
Intesa Sanpaolo SpA,
5.25%, 1/12/24	610	656
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
5.00%, 8/15/28 (c)	1,490	1,530
JPMorgan Chase & Co.,
1.95%, 2/4/32	1,025	988
2.55%, 11/8/32	3,375	3,398
4.13%, 12/15/26	3,225	3,559
JPMorgan Chase Bank NA,
0.13%, 1/1/23 (c)	1,140	1,130
Kimco Realty Corp.,
3.70%, 10/1/49	1,050	1,122
Life Storage LP,
2.40%, 10/15/31	1,050	1,033
Lloyds Banking Group PLC,
3.57%, 11/7/28	250	267
4.38%, 3/22/28	1,525	1,712
Macquarie Group Ltd.,
2.87%, 1/14/33 (c)	1,350	1,347
Marsh & McLennan Cos., Inc.,
5.88%, 8/1/33	1,554	2,068

Metropolitan Life Global Funding I,
2.95%, 4/9/30 (c)	1,300	1,372
Nationwide Building Society,
3.96%, 7/18/30	1,200	1,320
4.30%, 3/8/29	1,550	1,709
Natwest Group PLC,
3.88%, 9/12/23	875	913
Oversea-Chinese Banking Corp. Ltd.,
1.83%, 9/10/30 (c)	970	963
Pine Street Trust I,
4.57%, 2/15/29 (c)	575	650
Progressive Corp. (The),
3.20%, 3/26/30	175	189
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.,
3.88%, 3/1/31 (c)	1,350	1,372
Societe Generale SA,
2.63%, 1/22/25 (c)	1,625	1,667
Standard Chartered PLC,
2.68%, 6/29/32 (c)	475	467
SVB Financial Group,
1.80%, 2/2/31	2,900	2,752
4.10%, 2/15/31 (g)	970	964
Travelers Cos., Inc. (The),
3.75%, 5/15/46	800	923
USAA Capital Corp.,
2.13%, 5/1/30 (c)	350	351
Wells Fargo & Co.,
MTN
2.88%, 10/30/30	1,150	1,197
Westpac Banking Corp.,
2.67%, 11/15/35	775	756
		102,642
Industrials (20.4%)
7-Eleven, Inc.,
2.50%, 2/10/41 (c)	1,450	1,340
AbbVie, Inc.,
4.25%, 11/21/49	850	1,025
Adobe, Inc.,
2.30%, 2/1/30	1,975	2,021
Airbnb, Inc.,
0.00%, 3/15/26 (c)	1,015	996
Alibaba Group Holding Ltd.,
2.13%, 2/9/31 (f)	825	797
Altria Group, Inc.,
3.40%, 2/4/41	1,575	1,455
Amazon.com, Inc.,
2.70%, 6/3/60	1,075	1,039
American Airlines Inc/AAdvantage Loyalty IP Ltd.,
5.75%, 4/20/29 (c)	1,590	1,703
Amgen, Inc.,
2.80%, 8/15/41	1,075	1,036
Anheuser-Busch InBev Worldwide, Inc.,
3.50%, 6/1/30	650	713
4.60%, 4/15/48	2,683	3,288
Apple, Inc.,
2.65%, 5/11/50	2,050	2,020
2.70%, 8/5/51	975	966
Arches Buyer, Inc.,
4.25%, 6/1/28 (c)	1,315	1,317

AT&T, Inc.,
2.55%, 12/1/33	1,725	1,689
3.55%, 9/15/55	3,375	3,393
Baidu, Inc.,
1.72%, 4/9/26	1,450	1,435
BAT Capital Corp.,
3.56%, 8/15/27	2,100	2,204
Boeing Co. (The),
2.95%, 2/1/30	650	663
3.25%, 2/1/35	225	227
3.95%, 8/1/59	350	365
BP Capital Markets PLC,
4.38%, 6/22/25 (g)	700	733
4.88%, 3/22/30 (g)	700	758
Burlington Northern Santa Fe LLC,
3.30%, 9/15/51	850	925
Canadian Pacific Railway Co.,
3.10%, 12/2/51	775	798
CDW LLC,
2.67%, 12/1/26	675	693
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.30%, 2/1/32	275	261
2.80%, 4/1/31	975	966
3.50%, 3/1/42	3,700	3,595
Chemours Co. (The),
4.63%, 11/15/29 (c)	1,990	1,978
Children's Health System of Texas,
2.51%, 8/15/50	800	758
Cigna Corp.,
2.38%, 3/15/31	1,975	1,987
3.40%, 3/15/51	625	655
CNOOC Finance 2013 Ltd.,
3.00%, 5/9/23	540	553
Comcast Corp.,
1.95%, 1/15/31	3,725	3,654
2.94%, 11/1/56 (c)	1,250	1,194
CVS Health Corp.,
1.88%, 2/28/31	2,550	2,449
5.13%, 7/20/45	425	554
Daimler Trucks Finance North America LLC,
2.00%, 12/14/26 (c)	2,200	2,211
Dell International LLC/EMC Corp.,
3.45%, 12/15/51 (c)	1,575	1,515
6.02%, 6/15/26	1,475	1,707
Delta Air Lines Pass Through Trust,
Series AA
3.20%, 10/25/25	1,050	1,087
Dexcom, Inc.,
0.25%, 11/15/25 (f)	1,175	1,400
Diamond Sports Group LLC/Diamond Sports Finance Co.,
6.63%, 8/15/27 (c)	700	198
Diamondback Energy, Inc.,
3.25%, 12/1/26	1,750	1,847
Duke University,
Series 2020
2.83%, 10/1/55	1,600	1,661
DXC Technology Co.,
1.80%, 9/15/26	3,450	3,413
Enbridge, Inc.,
2.50%, 1/15/25 (f)	925	951
2.50%, 8/1/33	3,025	2,973

Energy Transfer LP,
2.90%, 5/15/25	1,575	1,628
3.90%, 7/15/26	750	808
4.75%, 1/15/26	275	301
Enterprise Products Operating LLC,
3.30%, 2/15/53	825	822
Equinix, Inc.,
1.00%, 9/15/25	2,500	2,427
Expedia Group, Inc.,
0.00%, 2/15/26 (c)(f)	950	1,098
Exxon Mobil Corp.,
3.45%, 4/15/51	1,375	1,493
Fiserv, Inc.,
2.65%, 6/1/30	500	508
Ford Motor Credit Co. LLC,
3.10%, 5/4/23	200	204
4.00%, 11/13/30	490	528
GMTN
4.39%, 1/8/26	800	863
Fox Corp.,
5.48%, 1/25/39	1,300	1,680
Galaxy Pipeline Assets Bidco Ltd.,
1.75%, 9/30/27 (c)	2,985	2,994
GE Capital International Funding Co., Unlimited Co.,
4.42%, 11/15/35	1,062	1,269
General Motors Co.,
6.60%, 4/1/36	200	271
General Motors Financial Co., Inc.,
3.85%, 1/5/28	800	862
4.35%, 1/17/27	1,825	2,012
Georgia-Pacific LLC,
2.30%, 4/30/30 (c)	1,525	1,528
Gilead Sciences, Inc.,
2.80%, 10/1/50	700	680
Glencore Funding LLC,
4.13%, 3/12/24 (c)	2,375	2,499
GLP Capital LP/GLP Financing II, Inc.,
3.25%, 1/15/32	350	352
5.38%, 4/15/26	1,250	1,394
GSK Finance No 3 PLC,
0.00%, 6/22/23 (c)	1,500	1,474
HCA, Inc.,
5.25%, 6/15/49	950	1,222
Hyatt Hotels Corp.,
1.80%, 10/1/24	1,600	1,602
Hyundai Capital America,
1.80%, 1/10/28 (c)	2,650	2,563
Imperial Brands Finance PLC,
3.13%, 7/26/24 (c)	1,000	1,034
JBS Finance Luxembourg Sarl,
2.50%, 1/15/27 (c)	1,575	1,559
Johns Hopkins University,
Series A
2.81%, 1/1/60	1,170	1,203
Kimberly-Clark de Mexico SAB de CV,
2.43%, 7/1/31 (c)	1,375	1,361
Las Vegas Sands Corp.,
3.20%, 8/8/24	850	866
Level 3 Financing, Inc.,
3.40%, 3/1/27 (c)	1,275	1,318

Lions Gate Capital Holdings LLC,
5.50%, 4/15/29 (c)	1,570	1,600
LYB International Finance III LLC,
4.20%, 5/1/50	550	637
MARB BondCo PLC,
3.95%, 1/29/31 (c)	2,720	2,602
Marriott Vacations Worldwide Corp.,
1.50%, 9/15/22	915	1,117
McDonald's Corp.,
4.45%, 9/1/48	450	556
McLaren Health Care Corp., Series A
4.39%, 5/15/48	1,175	1,458
Microsoft Corp.,
2.53%, 6/1/50	750	734
NBN Co. Ltd.,
2.63%, 5/5/31 (c)	2,400	2,412
Newcastle Coal Infrastructure Group Pty Ltd.,
4.40%, 9/29/27 (c)	2,550	2,545
NIKE, Inc.,
3.25%, 3/27/40	650	709
Nissan Motor Co. Ltd.,
3.04%, 9/15/23 (c)	2,400	2,464
NOVA Chemicals Corp.,
4.25%, 5/15/29 (c)(f)	1,510	1,518
NuStar Logistics LP,
6.38%, 10/1/30	2,350	2,612
NVIDIA Corp.,
2.00%, 6/15/31	1,150	1,145
Occidental Petroleum Corp.,
3.20%, 8/15/26	10	10
3.50%, 8/15/29	2,600	2,675
ONEOK, Inc.,
3.10%, 3/15/30	1,625	1,657
Ooredoo International Finance Ltd.,
2.63%, 4/8/31 (c)	1,470	1,479
Oracle Corp.,
2.50%, 4/1/25	1,900	1,946
Peloton Interactive, Inc.,
0.00%, 2/15/26 (c)	2,115	1,803
Resorts World Las Vegas LLC/RWLV Capital, Inc.,
4.63%, 4/16/29 (c)	2,800	2,820
RingCentral, Inc.,
0.00%, 3/15/26	895	797
Rockies Express Pipeline LLC,
3.60%, 5/15/25 (c)	2,125	2,189
Royalty Pharma PLC,
3.55%, 9/2/50	925	919
Saudi Arabian Oil Co.,
3.25%, 11/24/50 (c)	960	938
SBA Communications Corp.,
3.13%, 2/1/29 (c)	1,610	1,548
Seattle Children's Hospital,
Series 2021
2.72%, 10/1/50	2,750	2,704
Sherwin-Williams Co. (The),
2.30%, 5/15/30	925	924
2.95%, 8/15/29	625	658
Silgan Holdings, Inc.,
1.40%, 4/1/26 (c)	2,150	2,100

Splunk, Inc.,
1.13%, 6/15/27		1,200	1,125
Spotify USA, Inc.,
0.00%, 3/15/26 (c)		1,190	1,079
Standard Industries, Inc.,
2.25%, 11/21/26 (c)	EUR	575	643
Syngenta Finance N.V.,
4.89%, 4/24/25 (c)	$	975	1,048
T-Mobile USA, Inc.,
2.25%, 11/15/31 (f)		1,700	1,651
3.60%, 11/15/60		650	646
Targa Resources Partners LP/Targa Resources Partners Finance Corp.,
4.00%, 1/15/32 (c)		2,695	2,821
Telefonica Emisiones SA,
4.10%, 3/8/27		1,800	1,983
TotalEnergies SE,
Series FP
0.50%, 12/2/22		1,200	1,226
Trimble, Inc.,
4.15%, 6/15/23		1,150	1,196
Uber Technologies, Inc.,
0.00%, 12/15/25		1,560	1,539
Univision Communications, Inc.,
4.50%, 5/1/29 (c)		1,470	1,487
US Foods, Inc.,
4.75%, 2/15/29 (c)		2,350	2,392
Verizon Communications, Inc.,
2.36%, 3/15/32 (c)		300	296
2.65%, 11/20/40		2,050	1,951
2.99%, 10/30/56		1,675	1,589
3.40%, 3/22/41		275	288
Volkswagen Group of America Finance LLC,
4.75%, 11/13/28 (c)		1,025	1,181
Vontier Corp.,
2.40%, 4/1/28 (c)		2,700	2,613
VTR Finance N.V.,
6.38%, 7/15/28 (c)		1,050	1,094
Walt Disney Co. (The),
2.75%, 9/1/49		2,491	2,417
3.50%, 5/13/40		375	412
Western Digital Corp.,
1.50%, 2/1/24		1,055	1,070
Williams Cos., Inc. (The),
3.50%, 10/15/51		500	506
Ziff Davis, Inc.,
1.75%, 11/1/26 (c)		825	1,024
Zynga, Inc.,
0.00%, 12/15/26		1,150	1,055
			193,197
Utilities (1.8%)
DTE Electric Co.,
2.95%, 3/1/50		350	354
Duke Energy Indiana LLC,
2.75%, 4/1/50		460	449
Jersey Central Power & Light Co.,
2.75%, 3/1/32 (c)		1,400	1,420
Mississippi Power Co.,
3.95%, 3/30/28		2,325	2,550

NextEra Energy Capital Holdings, Inc.,
3.00%, 1/15/52	1,350	1,351
Northern States Power Co.,
2.90%, 3/1/50	1,400	1,417
NRG Energy, Inc.,
3.63%, 2/15/31 (c)	1,530	1,494
Pacific Gas and Electric Co.,
3.30%, 8/1/40	775	720
Piedmont Natural Gas Co., Inc.,
2.50%, 3/15/31	975	976
Public Service Enterprise Group, Inc.,
2.45%, 11/15/31	2,750	2,721
Virginia Electric and Power Co.,
2.95%, 11/15/51	1,375	1,384
Xcel Energy, Inc.,
2.60%, 12/1/29	1,850	1,893
		16,729
		312,568
Mortgages - Other (19.4%)
510 Asset Backed 2021-NPL1 Trust,
2.24%, 6/25/61 (c)	2,516	2,500
Adjustable Rate Mortgage Trust,
3.27%, 6/25/35 (d)	94	96
Ajax Mortgage Loan Trust,
2.35%, 9/25/65 (c)(d)	725	722
Alternative Loan Trust,
1 Month USD LIBOR + 0.36%, 0.46%, 5/25/47 (d)	87	84
Banc of America Alternative Loan Trust,
1 Month USD LIBOR + 0.65%, 0.75%, 7/25/46 (d)	121	99
6.36%, 10/25/36	424	176
Banc of America Funding Trust,
5.25%, 7/25/37	20	20
Bear Stearns ARM Trust,
2.54%, 2/25/34 (d)	555	568
BRAVO Residential Funding Trust,
2.00%, 5/25/59 (c)(d)	2,029	2,033
Brean Asset Backed Securities Trust,
1.40%, 10/25/63 (c)(d)	2,557	2,440
1.75%, 10/25/61 (c)(d)	2,536	2,457
Bunker Hill Loan Depositary Trust,
1.72%, 2/25/55 (c)(d)	1,329	1,337
Cascade Funding Mortgage Trust,
1.94%, 9/25/50 (c)(d)	4,322	4,238
3.73%, 6/25/36 (c)(d)	3,825	3,801
4.00%, 10/25/68 (c)(d)	1,919	1,950
CFMT 2021-HB5 LLC,
2.91%, 2/25/31 (c)(d)	3,800	3,749
ChaseFlex Trust,
6.00%, 2/25/37	614	341
CIM Trust,
2.50%, 7/1/51 (c)(d)	3,853	3,876
Citigroup Mortgage Loan Trust,
2.50%, 9/25/51 (c)(d)	4,763	4,758
COLT 2021-RPL1 Trust,
1.67%, 9/25/61 (c)(d)	1,726	1,714
Credit Suisse Mortgage Capital Certificates,
1 Month USD LIBOR + 3.97%, 4.08%, 4/15/23 (c)(d)	3,272	3,286
1 Month USD LIBOR + 3.67%, 4.17%, 12/15/23 (c)(d)	3,300	3,309

E-MAC NL 2004-I BV,
3 Month EURIBOR + 0.18%, 1.71%, 7/25/36 (d)	EUR	397	445
Eurosail BV,
3 Month EURIBOR + 1.80%, 1.25%, 10/17/40 (d)		700	798
Eurosail PLC,
3 Month GBP LIBOR + 1.10%, 1.04%, 6/13/45 (d)	GBP	581	778
Farringdon Mortgages No. 2 PLC,
3 Month GBP LIBOR + 1.50%, 1.63%, 7/15/47 (d)		209	283
Federal Home Loan Mortgage Corporation,
3.00%, 7/25/46 – 5/25/47	$	1,193	1,188
3.50%, 5/25/45 – 5/25/47		489	500
3.80%, 5/25/45 (c)(d)		4	4
4.00%, 5/25/45		11	11
1 Month USD LIBOR + 5.15%, 5.25%, 10/25/29 (d)		300	327
Flagstar Mortgage Trust,
2.50%, 9/25/51 (c)(d)		3,780	3,779
FMC GMSR Issuer Trust,
3.85%, 10/25/26 (c)(d)		2,600	2,585
4.45%, 1/25/26 (c)(d)		3,500	3,514
Glenbeigh 2 Issuer 2021-2 DAC,
3 Month EURIBOR + 0.75%, 0.21%, 6/24/50 (c)(d)	EUR	4,261	4,859
Grifonas Finance No. 1 PLC,
6 Month EURIBOR + 0.28%, 0.00%, 8/28/39 (d)		309	348
HarborView Mortgage Loan Trust,
1 Month USD LIBOR + 0.19%, 0.29%, 1/19/38 (d)	$	319	311
Headlands Residential 2021-RPL1 LLC,
2.49%, 9/25/26 (c)(d)		3,320	3,320
Hundred Acre Wood Trust,
2.50%, 10/25/51 (c)(d)		9,142	9,142
IM Pastor 3 FTH,
3 Month EURIBOR + 0.14%, 0.00%, 3/22/43 (d)	EUR	385	406
JP Morgan Mortgage Trust,
3.03%, 6/25/37 (d)	$	69	61
6.00%, 6/25/37		33	39
Landmark Mortgage Securities No. 1 PLC,
3 Month EURIBOR + 0.60%, 0.00%, 6/17/38 (d)	EUR	717	806
Legacy Mortgage Asset Trust,
3.25%, 2/25/60 (c)	$	2,857	2,875
Lehman Mortgage Trust,
6.50%, 9/25/37		626	311
LHOME Mortgage Trust,
3.23%, 10/25/24 (c)		675	678
Mello Mortgage Capital Acceptance,
2.50%, 8/25/51 (c)(d)		4,559	4,558
Mello Warehouse Securitization Trust,
1 Month USD LIBOR + 0.70%, 0.79%, 2/25/55 (c)(d)		2,215	2,204
1 Month USD LIBOR + 1.30%, 1.40%, 11/25/53 (c)(d)		2,000	1,996
Natixis Commercial Mortgage Securities Trust,
1 Month USD LIBOR + 1.70%, 1.81%, 8/15/38 (c)(d)		3,250	3,251
New Residential Mortgage Loan Trust,
3.99%, 9/25/57 (c)(d)		513	530
Newgate Funding PLC,
3 Month GBP LIBOR + 1.10%, 0.26%, 12/15/50 (d)	GBP	1,252	1,640
NYMT Loan Trust,
2.94%, 10/25/60 (c)(d)	$	3,078	3,075
OBX Trust,
3.50%, 10/25/59 – 2/25/60 (c)(d)		899	913
Pepper Residential Securities Trust,
1 Month USD LIBOR + 0.93%, 1.03%, 3/12/61 (c)(d)		533	532
Preston Ridge Partners LLC,
1.74%, 9/25/26 (c)(d)		2,559	2,531
2.36%, 10/25/26 (c)(d)		2,784	2,764
2.49%, 10/25/26 (c)		2,665	2,665

PRMI Securitization Trust,
2.50%, 4/25/51 (c)(d)		4,902	4,924
Sage AR Funding PLC (SGSHR) No. 1,
0.16%, 11/17/51	GBP	3,625	4,916
Seasoned Credit Risk Transfer Trust,
3.00%, 9/25/55 – 5/25/60	$	14,119	14,715
4.00%, 7/25/56 (d)		450	455
4.00%, 8/25/56 (c)(d)		1,000	1,020
4.00%, 8/25/58 – 2/25/59		1,525	1,623
4.25%, 8/25/59 – 11/25/60(c)(d)		6,550	6,739
4.50%, 6/25/57		1,418	1,533
4.75%, 7/25/56 – 6/25/57(c)(d)		1,408	1,446
4.75%, 10/25/58 (d)		1,300	1,336
Stanwich Mortgage Loan Co. 2021-NPL-B-1 LLC,
2.74%, 10/16/26 (c)		3,453	3,452
Stratton Mortgage Funding PLC,
2.19%, 5/25/51	GBP	2,500	3,395
Structured Asset Securities Corp. Reverse Mortgage Loan Trust,
1 Month USD LIBOR + 1.85%, 1.95%, 5/25/47 (c)(d)	$	1,503	1,412
TDA 27 FTA,
3 Month EURIBOR + 0.19%, 0.00%, 12/28/50 (d)	EUR	1,500	1,527
Toorak Mortgage Corp. Ltd.,
3.72%, 9/25/22	$	1,477	1,482
Towd Point HE Trust,
0.92%, 2/25/63 (c)(d)		3,676	3,662
Towd Point Mortgage Funding PLC,
3 Month GBP SONIA + 1.80%, 1.85%, 7/20/44 (d)	GBP	1,800	2,433
2.44%, 2/20/54		2,400	3,256
TVC Mortgage Trust,
3.47%, 9/25/24 (c)	$	850	854
United Wholesale Mortgage Trust,
2.50%, 8/25/51 (c)(d)		4,858	4,881
Vista Point Securitization Trust,
1.76%, 3/25/65 (c)(d)		884	888
VMC Finance 2021-HT1 LLC,
1 Month USD LIBOR + 1.65%, 1.75%, 1/18/37 (c)(d)		3,200	3,204
VOLT CV LLC,
2.49%, 11/27/51 (c)		1,909	1,905
VOLT XCIII LLC,
1.89%, 2/27/51 (c)		2,213	2,198
VOLT XCIV LLC,
2.24%, 2/27/51 (c)		2,746	2,734
			183,571
Municipal Bonds (0.5%)
Chicago O’Hare International Airport, IL,
O'Hare International Airport Revenue Series 2010B
6.40%, 1/1/40		255	381
City of New York, NY,
Series G-1
5.97%, 3/1/36		270	363
Illinois State Toll Highway Authority, IL,
Highway Revenue, Build America Bonds Series A
6.18%, 1/1/34		477	653
New York City, NY,
Transitional Finance Authority Future Tax Secured Revenue, Series A
5.27%, 5/1/27		320	376

Onondaga Civic Development Corp., NY,
Series 2020B
3.07%, 12/1/55		2,925	2,954
			4,727
Sovereign (5.9%)
Australia Government Bond,
3.25%, 4/21/25	AUD	10,500	8,174
China Government Bond,
3.13%, 11/21/29	CNY	42,600	6,819
Croatia Government International Bond,
1.50%, 6/17/31	EUR	237	280
Dominican Republic International Bond,
4.88%, 9/23/32 (c)	$	410	418
5.88%, 1/30/60 (c)		2,310	2,226
Ecuador Government International Bond,
0.50%, 7/31/40 (c)(h)		261	154
Egypt Government Bond,
13.77%, 1/5/24	EGP	16,300	1,034
Egypt Government International Bond,
6.38%, 4/11/31 (c)	EUR	2,025	2,135
7.50%, 2/16/61 (c)	$	290	238
8.15%, 11/20/59 (c)		210	180
8.88%, 5/29/50 (c)		410	373
Export-Import Bank of India,
3.25%, 1/15/30 (c)		670	683
3.88%, 2/1/28 (c)		505	541
Honduras Government International Bond,
5.63%, 6/24/30 (c)		350	365
Italy Buoni Poliennali Del Tesoro,
0.65%, 10/28/27 (c)	EUR	6,151	7,502
Ivory Coast Government International Bond,
4.88%, 1/30/32 (c)		1,360	1,493
Mexican Bonos,
Series M
7.75%, 5/29/31	MXN	74,500	3,681
Mexico Government International Bond,
3.25%, 4/16/30 (f)	$	750	770
3.75%, 4/19/71		850	766
Morocco Government International Bond,
4.00%, 12/15/50 (c)		790	719

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Delivery Date	Unrealized Appreciation (Depreciation) (000)
Bank of America NA	CNY	1,734	$	270	2/18/22	$	(1	)
Bank of America NA	CNY	43,207	$	6,743	2/18/22	(12		)
Bank of America NA	GBP	2,750	$	3,646	2/18/22	(76		)
Bank of America NA	$	296	ZAR	4,781	2/18/22	2
Barclays Bank PLC	GBP	13,258	$	17,839	2/18/22	(103		)
Barclays Bank PLC	$	68	EUR	61	2/18/22	1
Barclays Bank PLC	$	41	GBP	31	2/18/22	1
Barclays Bank PLC	$	50	GBP	38	2/18/22	1
BNP Paribas SA	EUR	26,121	$	29,777	2/18/22	11
BNP Paribas SA	GBP	—@	$	—@	2/18/22	(—@		)
BNP Paribas SA	$	2,650	CNY	17,030	2/18/22	13
BNP Paribas SA	$	2,410	PLN	9,868	2/18/22	31
Citibank NA	$	373	EGP	6,009	2/17/22	5
Citibank NA	$	20	HUF	6,488	2/18/22	(—@		)
Goldman Sachs International	SEK	21,650	$	2,396	2/18/22	(—@		)
Goldman Sachs International	$	2,392	CZK	53,895	2/18/22	64
JPMorgan Chase Bank NA	EUR	3,723	$	4,224	2/18/22	(18)
JPMorgan Chase Bank NA	$	25	CAD	32	2/18/22	—@
JPMorgan Chase Bank NA	$	2,384	HUF	767,752	2/18/22	(27		)
JPMorgan Chase Bank NA	$	876	MXN	18,237	2/18/22	8
JPMorgan Chase Bank NA	$	2,457	RUB	181,585	2/18/22	(59		)
JPMorgan Chase Bank NA	ZAR	7,897	$	514	2/18/22	21
State Street Bank and Trust Co.	$	2,372	JPY	270,165	2/18/22	(22		)
UBS AG	AUD	11,509	$	8,441	2/18/22	67
UBS AG	CAD	1,887	$	1,503	2/18/22	11
UBS AG	$	19	CHF	17	2/18/22	—@
UBS AG	$	292	MXN	6,328	2/18/22	14
UBS AG	$	139	MXN	2,919	2/18/22	2
						$	(66	)

	Number of Contracts		Expiration Date	Notional Amount (000)			Value (000)			Unrealized Appreciation (Depreciation) (000)

Long:
U.S. Treasury 2 yr. Note		480	Mar-22	$	96,000		$	104,723		$	(93	)
U.S. Treasury 5 yr. Note		257	Mar-22		25,700			31,091			28
U.S. Treasury Long Bond		254	Mar-22		25,400			40,751			465
U.S. Treasury Ultra Bond		247	Mar-22		24,700			48,690			811

Short:
German Euro OAT		31	Mar-22	EUR	(3,100	)		(5,758	)		69
German Euro 30 yr. Bond		4	Mar-22		(400	)		(942	)		30
German Euro BTP		30	Mar-22		(3,000	)		(5,021	)		66
German Euro Bund		15	Mar-22		(1,500	)		(2,927	)		52
U.S. Treasury Ultra Long Bond		156	Mar-22	$	(15,600	)		(22,844	)		(326	)
U.S. Treasury10 yr. Note		41	Mar-22		(4,100	)		(5,349	)		(42	)
										$	1,060

@		Value is less than $500.
OAT		Obligations Assimilables du Trésor (Treasury Obligation).
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CNY	—	Chinese Yuan Renminbi
CZK	—	Czech Koruna
EGP	—	Egyptian Pound
EUR	—	Euro
GBP	—	British Pound
HUF	—	Hungarian Forint
JPY	—	Japanese Yen
MXN	—	Mexican Peso
PLN	—	Polish Zloty
RUB	—	Russian Ruble
SEK	—	Swedish Krona
USD	—	United States Dollar
ZAR	—	South African Rand

Senegal Government International Bond,
6.25%, 5/23/33 (c)		705	727
Serbia International Bond,
1.65%, 3/3/33 (c)	EUR	800	851
			55,356
Supranational (0.2%)
Banque Ouest Africaine de Developpement,
2.75%, 1/22/33 (c)		590	708
4.70%, 10/22/31 (c)	$	1,240	1,356
			2,064
U.S. Treasury Securities (1.0%)
U.S. Treasury Bond,
1.75%, 8/15/41		1,700	1,649
U.S. Treasury Note,
1.25%, 12/31/26		7,850	7,842
			9,491
Variable Rate Senior Loan Interests (2.5%)
American Airlines, Inc.,
2018 Term Loan B
1 Month USD LIBOR + 1.75%, 1.85%, 6/27/25 (d)		980	931
American Builders & Contractors Supply Co., Inc.,
2019 Term Loan
1 Month USD LIBOR + 2.00%, 2.10%, 1/15/27 (d)		990	985
Asurion LLC,
2020 Term Loan B8
1 Month USD LIBOR + 3.25%, 3.35%, 12/23/26 (d)		990	985
Bausch Health Companies Inc.,
2018 Term Loan B
1 Month USD LIBOR + 3.00%, 3.10%, 6/2/25 (d)		807	804
BWAY Holding Co.,
2017 Term Loan B
1 Month USD LIBOR + 3.25%, 3.35%, 4/3/24 (d)		977	966
Carrols Restaurant Group, Inc.,
Term Loan B
1 Month USD LIBOR + 3.25%, 3.36%, 4/30/26 (d)		405	396
CenturyLink, Inc.,
2020 Term Loan B
1 Month USD LIBOR + 2.25%, 2.35%, 3/15/27 (d)		987	977
Chemours Co. (The),
2018 USD Term Loan B
1 Month USD LIBOR + 1.75%, 1.85%, 4/3/25 (d)		917	911
Core & Main LP,
2017 Term Loan B
1 Month USD LIBOR + 2.50%, 3.00%, 8/1/24 (d)		985	981
CPG International, Inc.,
2017 Term Loan
3 Month USD LIBOR + 2.50%, 3.25%, 5/5/24 (d)		218	218
Creative Artists Agency, LLC,
2019 Term Loan B
1 Month USD LIBOR + 3.75%, 3.85%, 11/27/26 (d)		940	939
DaVita, Inc.,
2020 Term Loan B
1 Month USD LIBOR + 1.75%, 1.85%, 8/12/26 (d)		980	976
Froneri International Ltd.,
2020 USD Term Loan
1 Month USD LIBOR + 2.25%, 2.35%, 1/29/27 (d)		987	976

Grifols Worldwide Operations USA, Inc.,
USD 2019 Term Loan B
1 Month USD LIBOR + 2.00%, 2.10%, 11/15/27 (d)	926	914
Level 3 Financing, Inc.,
2019 Term Loan B
1 Month USD LIBOR + 1.75%, 1.85%, 3/1/27 (d)	1,000	989
Lions Gate Capital Holdings LLC,
2018 Term Loan B
1 Month USD LIBOR + 2.25%, 2.35%, 3/24/25 (d)	973	968
Medallion Midland Acquisition LLC,
2021 Term Loan
1 Month USD LIBOR + 3.75%, 4.50%, 10/18/28 (d)	784	781
Scientific Games International, Inc.,
2018 Term Loan B5
1 Month USD LIBOR + 2.75%, 2.85%, 8/14/24 (d)	990	988
Surf Holdings LLC,
USD Term Loan
3 Month USD LIBOR + 3.50%, 3.69%, 3/5/27 (d)	739	734
Surgery Center Holdings, Inc.,
2021 Term Loan
1 Month USD LIBOR + 3.75%, 4.50%, 8/31/26 (d)	980	981
TransDigm, Inc.,
2020 Term Loan F
1 Month USD LIBOR + 2.25%, 2.35%, 12/9/25 (d)	990	978
Univision Communications Inc.,
2021 First Lien Term Loan B
1 Month USD LIBOR + 3.25%, 4.00%, 3/15/26 (d)	900	903
US Foods, Inc.,
2019 Term Loan B
1 Month USD LIBOR + 2.00%, 2.10%, 9/13/26 (d)	990	980
Verifone Systems, Inc.,
2018 1st Lien Term Loan
3 Month USD LIBOR + 4.00%, 4.18%, 8/20/25 (d)	980	964
Virgin Media Bristol LLC,
USD Term Loan N
3 Month USD LIBOR + 2.50%, 2.61%, 1/31/28 (d)	1,000	992
Ziggo Financing Partnership,
USD Term Loan I
3 Month USD LIBOR + 2.50%, 2.61%, 4/30/28 (d)	1,500	1,486
		23,703
Total Fixed Income Securities (Cost $932,963)		935,646

	Shares
Short-Term Investments (11.7%)
Investment Company (9.1%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $85,735)	85,734,866	85,735
Security held as Collateral on Loaned Securities (0.6%)
Investment Company (0.6%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (i) (Cost $6,090)	6,089,848	6,090

	Face Amount (000)
U.S. Treasury Securities (2.0%)
U.S. Treasury Bill,
0.06%, 7/14/22 (j)	$	2,518		2,516
U.S. Treasury Notes,
1.50%, 9/15/22		10,000		10,086
1.88%, 8/31/22		5,818		5,879
Total U.S. Treasury Securities (Cost $18,501)				18,481
Total Short-Term Investments (Cost $110,326)				110,306
Total Investments (110.7%) (Cost $1,043,289) Including $7,461 of Securities Loaned (k)(l)(m)				1,045,952
Liabilities in Excess of Other Assets (-10.7%)				(100,785	)
Net Assets (100.0%)			$	945,167

(a)	Amount is less than 0.05%.
(b)	Security is subject to delayed delivery.
(c)	144A security — Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.
(d)	Floating or variable rate securities: The rates disclosed are as of December 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description in the Portfolio of Investments. Certain variable rate securities may not be based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description in the Portfolio of Investments.
(e)	Inverse Floating Rate Security - Interest rate fluctuates with an inverse relationship to an associated interest rate. Indicated rate is the effective rate at December 31, 2021.
(f)	All or a portion of this security was on loan. The value of loaned securities and related collateral outstanding at December 31, 2021, were approximately $7,461,000 and $7,622,000, respectively. The Fund received cash collateral of approximately $6,090,000 and Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class as reported in the Portfolio of Investments. The remaining collateral of approximately $1,532,000 was received in the form of U.S. Government obligations, which the Fund cannot sell or re-pledge and accordingly are not reflected in the Portfolio of Investments. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand.
(g)	Perpetual — One or more securities do not have a predetermined maturity date. Rates for these securities are fixed for a period of time, after which they revert to a floating rate. Interest rates in effect are as of December 31, 2021.
(h)	Multi-step — Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of December 31, 2021. Maturity date disclosed is the ultimate maturity date.
(i)	The Fund invests in the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio - (the "Liquidity Funds"), an open-end management investment company managed by the Adviser, both directly and as a portion of the securities held as collateral on loaned securities. Advisory fees paid by the Fund are reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Funds. For the three months ended December 31, 2021, advisory fees paid were reduced by approximately $9,000 relating to the Fund's investment in the Liquidity Funds.
(j)	Rate shown is the yield to maturity at December 31, 2021.
(k)	Securities are available for collateral in connection with securities purchased on a forward commitment basis, open foreign currency exchange contracts and futures contracts.
(l)	The Fund is permitted to purchase and sell securities ("cross-trade") from and to other Morgan Stanley Funds as well as other funds and client accounts for which the Adviser or an affiliate of the Adviser serves as investment adviser, pursuant to procedures approved by the Trustees in compliance with Rule 17a-7 under the Act (the "Rule"). Each cross-trade is executed at the current market price in compliance with provisions of the Rule. For the three months ended December 31, 2021, the Fund did not engage in any cross-trade transactions.
(m)	At December 31, 2021, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation is approximately $16,047,000 and the aggregate gross unrealized depreciation is approximately $12,390,000, resulting in net unrealized appreciation of approximately $3,657,000.

@	Value is less than $500.
CLO	Collateralized Loan Obligation.
EURIBOR	Euro Interbank Offered Rate.
IO	Interest Only.
LIBOR	London Interbank Offered Rate.
MTN	Medium Term Note.
PAC	Planned Amortization Class.
REMIC	Real Estate Mortgage Investment Conduit.
SOFR	Secured Overnight Financing Rate.
SONIA	Sterling Overnight Index Average
STRIPS	Separate Trading of Registered Interest and Principal of Securities.
TBA	To Be Announced.
USD	United States Dollar.

Portfolio Composition*

Classification	Percentage of Total Investments
Industrials		18.6	%
Mortgages - Other		17.7
Agency Fixed Rate Mortgages		14.1
Asset-Backed Securities		11.4
Short-Term Investments		10.0
Finance		9.9
Other**		6.9
Commercial Mortgage-Backed Securities		6.1
Sovereign		5.3
Total Investments		100.0	%***

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2021.
**	Industries and/or investment types representing less than 5% of total investments.
***	Does not include open long/short futures contracts with a value of approximately $268,096,000 and net unrealized appreciation of approximately $1,060,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $66,000.

	Face Amount (000)		Value (000)
Fixed Income Securities (97.5%)
Corporate Bonds (97.5%)
Finance (31.5%)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.00%, 10/29/28	$	675	$	685
Aflac, Inc.
4.75%, 1/15/49		150		199
American International Group, Inc.
3.88%, 1/15/35		350		388
Anthem, Inc.
2.25%, 5/15/30		350		349
AON Corp./AON Global Holdings PLC
2.60%, 12/2/31		625		637
Australia & New Zealand Banking Group Ltd.
2.57%, 11/25/35 (a)		300		288
Avolon Holdings Funding Ltd.
2.88%, 2/15/25 (a)		550		562
Banco de Credito del Peru
2.70%, 1/11/25 (a)		325		331
Banco de Credito e Inversiones SA
2.88%, 10/14/31 (a)		200		197
Banco Santander Chile
2.70%, 1/10/25 (a)		425		435
Banco Santander SA
1.72%, 9/14/27		800		786
Bank Hapoalim BM
3.26%, 1/21/32 (a)		800		796
Bank of America Corp.,
2.57%, 10/20/32		425		427
2.68%, 6/19/41		1,700		1,639
2.69%, 4/22/32		1,450		1,473
6.11%, 1/29/37		200		269
Bank of Ireland Group PLC
2.03%, 9/30/27 (a)		1,450		1,426
Barclays PLC
3.93%, 5/7/25		1,200		1,263
Belrose Funding Trust
2.33%, 8/15/30 (a)		475		466
BNP Paribas SA
4.40%, 8/14/28 (a)		850		953
Boston Properties LP
2.45%, 10/1/33		275		267
BPCE SA,
1.65%, 10/6/26 (a)		625		617
3.12%, 10/19/32 (a)		375		377
5.15%, 7/21/24 (a)		1,025		1,111
Brown & Brown, Inc.
2.38%, 3/15/31		1,000		975
Citigroup, Inc.
2.52%, 11/3/32		1,825		1,825
CNO Global Funding
1.75%, 10/7/26 (a)		400		395
Coinbase Global, Inc.
3.38%, 10/1/28 (a)(b)		190		178
Commerzbank AG
8.13%, 9/19/23 (a)		550		606
Commonwealth Bank of Australia
3.31%, 3/11/41 (a)		725		740

Credit Agricole SA
4.13%, 1/10/27 (a)	250	275
CubeSmart LP
2.25%, 12/15/28	900	901
Deutsche Bank AG
3.70%, 5/30/24	100	105
Digital Realty Trust LP
4.45%, 7/15/28 (b)	475	536
Equitable Financial Life Global Funding,
1.40%, 8/27/27 (a)(b)	375	364
1.75%, 11/15/30 (a)	725	695
Federal Realty Investment Trust
3.63%, 8/1/46	225	240
Global Atlantic Fin Co.,
4.40%, 10/15/29 (a)	1,775	1,913
4.70%, 10/15/51 (a)	420	426
Goldman Sachs Group, Inc. (The),
2.65%, 10/21/32	2,050	2,065
MTN
4.80%, 7/8/44	275	352
Grupo Aval Ltd.
4.38%, 2/4/30 (a)	625	600
High Street Funding Trust I
4.11%, 2/15/28 (a)(b)	850	948
HSBC Holdings PLC,
1.59%, 5/24/27	850	832
3.97%, 5/22/30	325	353
4.38%, 11/23/26	625	686
Intercontinental Exchange, Inc.
1.85%, 9/15/32	500	480
Itau Unibanco Holding SA
2.90%, 1/24/23 (a)	850	860
JPMorgan Chase & Co.,
2.55%, 11/8/32	3,375	3,398
3.16%, 4/22/42	525	549
JPMorgan Chase Bank NA
0.00%, 8/7/22	200	226
Kimco Realty Corp.
3.70%, 10/1/49	275	294
KKR Group Finance Co. X LLC
3.25%, 12/15/51 (a)	525	525
LeasePlan Corp. N.V.
2.88%, 10/24/24 (a)	675	696
Life Storage LP
2.40%, 10/15/31	625	615
Lloyds Banking Group PLC
3.57%, 11/7/28	700	748
Macquarie Group Ltd.
2.87%, 1/14/33 (a)	575	574
Marsh & McLennan Cos., Inc.
5.88%, 8/1/33	675	898
MDGH GMTN (RSC) Ltd.
4.50%, 11/7/28 (a)	425	491
National Australia Bank Ltd.
2.33%, 8/21/30 (a)	850	815
Nationwide Building Society
4.30%, 3/8/29 (a)	275	303
Oversea-Chinese Banking Corp. Ltd.
1.83%, 9/10/30 (a)	390	387
Pine Street Trust I
4.57%, 2/15/29 (a)	375	424

Rexford Industrial Realty LP
2.13%, 12/1/30	750	713
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
3.88%, 3/1/31 (a)	290	295
Sabra Health Care LP
3.20%, 12/1/31	950	929
Santander UK Group Holdings PLC
4.80%, 11/15/24	575	611
Shinhan Bank Co., Ltd.
4.00%, 4/23/29 (a)	600	663
Shinhan Financial Group Co. Ltd.
1.35%, 1/10/26 (a)	460	454
Societe Generale SA,
2.63%, 1/22/25 (a)	625	641
2.89%, 6/9/32 (a)	200	200
Standard Chartered PLC
0.99%, 1/12/25 (a)	1,350	1,336
Stewart Information Services Corp.
3.60%, 11/15/31	375	380
SVB Financial Group,
1.80%, 2/2/31	1,475	1,400
4.10%, 12/31/99 (c)	190	189
UnitedHealth Group, Inc.
3.25%, 5/15/51	350	379
Wells Fargo & Co.,
2.88%, 10/30/30	1,550	1,613
3.07%, 4/30/41	525	540
Westpac Banking Corp.
2.67%, 11/15/35	225	219
		54,796
Industrials (56.7%)
7-Eleven, Inc.,
2.50%, 2/10/41 (a)	450	416
2.80%, 2/10/51 (a)	150	139
AbbVie, Inc.,
4.05%, 11/21/39	550	632
4.25%, 11/21/49	350	422
Activision Blizzard, Inc.
2.50%, 9/15/50	425	373
Agilent Technologies, Inc.
2.30%, 3/12/31	500	496
Airbnb, Inc.
0.00%, 3/15/26 (a)	265	260
Alaska Airlines 2020-1 Class A Pass Through Trust
4.80%, 2/15/29 (a)	300	328
Alibaba Group Holding Ltd.
2.70%, 2/9/41	240	219
Alphabet, Inc.
1.90%, 8/15/40	275	251
Altria Group, Inc.
3.40%, 2/4/41	750	693
Amazon.com, Inc.,
2.50%, 6/3/50	450	430
2.70%, 6/3/60	750	725
American Airlines Inc/AAdvantage Loyalty IP Ltd.
5.75%, 4/20/29 (a)	290	310
Amgen, Inc.
2.80%, 8/15/41	375	361

Anheuser-Busch InBev Worldwide, Inc.,
4.35%, 6/1/40		325	383
4.38%, 4/15/38		300	352
4.60%, 4/15/48		1,175	1,440
Apple, Inc.,
2.38%, 2/8/41		625	608
2.65%, 5/11/50		625	616
2.70%, 8/5/51		600	595
AT&T, Inc.,
2.55%, 12/1/33		1,125	1,102
3.55%, 9/15/55		1,702	1,711
Baidu, Inc.
1.72%, 4/9/26		450	445
BAT Capital Corp.,
2.73%, 3/25/31		625	607
3.56%, 8/15/27		675	708
3.73%, 9/25/40		250	241
Berry Global, Inc.
4.88%, 7/15/26 (a)		413	428
Boeing Co. (The),
1.17%, 2/4/23		250	250
2.95%, 2/1/30		825	841
3.25%, 2/1/35		250	252
3.95%, 8/1/59		225	234
5.15%, 5/1/30		500	583
BP Capital Markets America, Inc.
3.38%, 2/8/61		200	206
BP Capital Markets PLC,
Series BP
1.00%, 4/28/23 (Convertible)	GBP	300	415
4.38%, 6/22/25 (c)	$	500	524
4.88%, 3/22/30 (c)		775	839
Braskem Netherlands Finance BV
4.50%, 1/31/30 (a)		340	362
Bristol-Myers Squibb Co.
2.55%, 11/13/50		200	190
Broadcom, Inc.,
2.45%, 2/15/31 (a)		275	270
3.19%, 11/15/36 (a)		375	375
Burlington Northern Santa Fe LLC
3.30%, 9/15/51		650	707
Canadian Pacific Railway Co.
3.10%, 12/2/51		350	361
Caterpillar, Inc.
3.25%, 9/19/49		225	247
CDW LLC/CDW Finance Corp.
2.67%, 12/1/26		250	257
Cedars-Sinai Health System,
Series 2021
2.29%, 8/15/31		270	270
Charter Communications Operating LLC/Charter Communications Operating Capital,
2.80%, 4/1/31		275	272
3.50%, 3/1/42		1,225	1,190
5.13%, 7/1/49		450	523
Chemours Co. (The)
4.63%, 11/15/29 (a)		520	517
Cigna Corp.
2.38%, 3/15/31		350	352
Comcast Corp.,
1.95%, 1/15/31		800	785
2.94%, 11/1/56 (a)		850	812
3.75%, 4/1/40		425	477

Continental Resources, Inc.,
2.27%, 11/15/26 (a)	325	323
2.88%, 4/1/32 (a)	700	686
Coterra Energy, Inc.
3.90%, 5/15/27 (a)	475	511
CVS Health Corp.,
1.88%, 2/28/31	1,525	1,465
5.13%, 7/20/45	75	98
Daimler Finance North America LLC
3.30%, 5/19/25 (a)	575	607
Daimler Trucks Finance North America LLC
2.00%, 12/14/26 (a)	450	452
Dell International LLC/EMC Corp.,
3.45%, 12/15/51 (a)	300	288
6.02%, 6/15/26	975	1,128
Delta Air Lines Pass Through Trust,
Series AA
3.20%, 10/25/25	450	466
Delta Air Lines, Inc.
3.63%, 3/15/22	475	475
Diamond Sports Group LLC/Diamond Sports Finance Co.
6.63%, 8/15/27 (a)	200	56
Diamondback Energy, Inc.,
3.13%, 3/24/31	600	619
3.25%, 12/1/26	800	844
Dollar General Corp.
4.13%, 4/3/50	175	202
DT Midstream, Inc.
4.13%, 6/15/29 (a)	190	195
DuPont de Nemours, Inc.
5.32%, 11/15/38	225	290
DXC Technology Co.
1.80%, 9/15/26	950	940
Embraer Netherlands Finance BV
5.40%, 2/1/27	330	344
Enbridge, Inc.
2.50%, 8/1/33	775	762
Energy Transfer LP,
3.90%, 7/15/26	275	296
4.00%, 10/1/27	750	806
4.75%, 1/15/26	250	274
5.00%, 5/15/50	125	144
5.40%, 10/1/47	100	118
Enterprise Products Operating LLC
3.30%, 2/15/53	625	623
Equinix, Inc.,
1.55%, 3/15/28	600	578
2.95%, 9/15/51	475	450
Equinor ASA
3.25%, 11/18/49	150	159
Expedia Group, Inc.
0.00%, 2/15/26 (a)(b)	225	260
Exxon Mobil Corp.
3.45%, 4/15/51	775	841
Ford Motor Credit Co., LLC,
4.39%, 1/8/26	725	782
Fox Corp.
5.48%, 1/25/39	475	614
Galaxy Pipeline Assets Bidco Ltd.
1.75%, 9/30/27 (a)	1,321	1,325

Series GG
3.50%, 10/15/32		650	682
McDonald's Corp.
4.45%, 9/1/48		625	771
Micron Technology, Inc.
2.70%, 4/15/32		925	928
Microsoft Corp.
2.53%, 6/1/50		525	513
Minsur SA
4.50%, 10/28/31 (a)(b)		200	205
MPLX LP
5.20%, 12/1/47		100	122
NBN Co. Ltd.,
2.50%, 1/8/32 (a)		800	796
2.63%, 5/5/31 (a)		900	905
Newcastle Coal Infrastructure Group Pty Ltd.
4.40%, 9/29/27 (a)		1,125	1,123
Newmont Corp.
2.60%, 7/15/32		550	552
Nissan Motor Co. Ltd.
3.04%, 9/15/23 (a)		1,000	1,026
NOVA Chemicals Corp.
4.88%, 6/1/24 (a)		300	310
NTT Finance Corp.
1.59%, 4/3/28 (a)		1,000	978
NVIDIA Corp.
3.50%, 4/1/50		150	171
Occidental Petroleum Corp.
3.50%, 8/15/29		200	206
ONEOK, Inc.
3.10%, 3/15/30		1,150	1,173
Ooredoo International Finance Ltd.
2.63%, 4/8/31 (a)		520	523
Oracle Corp.,
3.60%, 4/1/50		525	515
3.65%, 3/25/41		525	532
PayPal Holdings, Inc.
2.30%, 6/1/30		759	772
Peloton Interactive, Inc.
0.00%, 2/15/26 (a)		415	354
Pioneer Natural Resources Co.
1.90%, 8/15/30		400	380
POSCO
4.00%, 8/1/23 (a)		475	495
Prosus N.V.
3.68%, 1/21/30 (a)		775	798
Pure Storage, Inc.
0.13%, 4/15/23		310	415
Q-Park Holding I BV
1.50%, 3/1/25 (a)	EUR	150	165
Republic Services, Inc.
2.38%, 3/15/33	$	375	374
Resorts World Las Vegas LLC/RWLV Capital, Inc.
4.63%, 4/16/29 (a)		500	504
RingCentral, Inc.
0.00%, 3/15/26		255	227
Rockies Express Pipeline LLC
3.60%, 5/15/25 (a)		400	412
Royalty Pharma PLC,
2.15%, 9/2/31		375	355
3.55%, 9/2/50		350	348

Sabine Pass Liquefaction LLC
4.50%, 5/15/30		825	931
Saudi Arabian Oil Co.,
2.25%, 11/24/30 (a)		570	556
3.50%, 4/16/29 (a)		500	535
SBA Communications Corp.
3.13%, 2/1/29 (a)		320	308
Sealed Air Corp.
1.57%, 10/15/26 (a)		300	291
Shell International Finance BV
3.13%, 11/7/49		175	181
Sherwin-Williams Co. (The)
2.30%, 5/15/30		200	200
Sigma Alimentos SA de CV
4.13%, 5/2/26		225	239
Silgan Holdings, Inc.
1.40%, 4/1/26 (a)		850	830
Sirius XM Radio, Inc.
4.00%, 7/15/28 (a)		290	292
Smithfield Foods, Inc.
3.00%, 10/15/30 (a)		625	623
Sodexo, Inc.
2.72%, 4/16/31 (a)(b)		975	996
Spectra Energy Partners LP
4.50%, 3/15/45		150	174
Spotify USA, Inc.
0.00%, 3/15/26 (a)		425	385
Standard Industries, Inc.
2.25%, 11/21/26 (a)	EUR	100	112
Stryker Corp.
2.90%, 6/15/50	$	325	327
Syngenta Finance N.V.
4.89%, 4/24/25 (a)		300	322
SYNNEX Corp.
1.25%, 8/9/24 (a)		450	445
T-Mobile USA, Inc.,
2.25%, 11/15/31 (b)		400	389
3.60%, 11/15/60		650	646
Tencent Holdings Ltd.,
2.39%, 6/3/30 (a)		200	196
3.60%, 1/19/28 (a)		1,050	1,115
Thermo Fisher Scientific, Inc.
2.00%, 10/15/31		750	740
Transcontinental Gas Pipe Line Co. LLC
3.95%, 5/15/50		525	590
Transportadora de Gas Internacional SA ESP
5.55%, 11/1/28 (a)		400	442
Transurban Finance Co. Pty Ltd.
2.45%, 3/16/31 (a)		500	496
Uber Technologies, Inc.
0.00%, 12/15/25		290	286
Valero Energy Corp.
3.65%, 12/1/51		625	622
Verizon Communications, Inc.,
1.75%, 1/20/31		700	663
2.36%, 3/15/32 (a)		250	247
2.65%, 11/20/40		525	500
2.99%, 10/30/56		1,032	979
3.40%, 3/22/41		300	315
Viatris, Inc.
1.65%, 6/22/25		500	498

Visa, Inc.
2.70%, 4/15/40	225	230
Vontier Corp.
2.95%, 4/1/31 (a)	725	719
Walt Disney Co. (The),
2.75%, 9/1/49	759	736
3.50%, 5/13/40	450	494
Western Digital Corp.
1.50%, 2/1/24	350	355
Williams Cos., Inc. (The)
3.50 %, 10/15/51	50	51
Ziff Davis, Inc.
1.75%, 11/1/26 (a)	270	335
		98,526
Utilities (9.3%)
Ameren Illinois Co.
1.55%, 11/15/30	700	660
American Transmission Co.
2.65%, 1/15/32 (a)	825	834
APT Pipelines Ltd.
4.20%, 3/23/25 (a)	300	321
Berkshire Hathaway Energy Co.
2.85%, 5/15/51	550	531
Cleveland Electric Illuminating Co. (The)
4.55%, 11/15/30 (a)	250	288
Consorcio Transmantaro SA
4.70%, 4/16/34 (a)	400	440
Consumers Energy Co.,
2.50%, 5/1/60	325	287
3.50%, 8/1/51	175	197
Dominion Energy, Inc.,Series C
2.25%, 8/15/31	495	484
DTE Electric Co.
3.95%, 3/1/49	450	533
Duke Energy Corp.
4.20%, 6/15/49	425	490
Duke Energy Indiana LLC
2.75%, 4/1/50	380	371
Duke Energy Progress LLC
3.45%, 3/15/29	275	297
Entergy Texas, Inc.
3.55%, 9/30/49	200	212
Georgia Power Co.,
Series A
3.25%, 3/15/51	425	427
Interstate Power and Light Co.,
2.30%, 6/1/30	550	548
3.50%, 9/30/49	175	189
Jersey Central Power & Light Co.
2.75%, 3/1/32 (a)	600	609
Mississippi Power Co.
3.95%, 3/30/28	575	631
NextEra Energy Capital Holdings, Inc.,
2.75%, 11/1/29	1,025	1,054
3.00%, 1/15/52	200	200
Northern States Power Co.
2.90%, 3/1/50	475	481

NRG Energy, Inc.
3.63%, 2/15/31 (a)		300		293
Pacific Gas and Electric Co.
3.30%, 8/1/40		475		441
PacifiCorp
2.70%, 9/15/30		825		850
PECO Energy Co.
3.05%, 3/15/51		325		333
Piedmont Natural Gas Co., Inc.
2.50%, 3/15/31		475		475
Public Service Co. of Colorado,
Series 34
3.20%, 3/1/50		275		287
Public Service Enterprise Group, Inc.
2.45%, 11/15/31		775		767
Southern California Edison Co.
4.00%, 4/1/47		250		276
Southern Co. (The)
4.40%, 7/1/46		475		558
Virginia Electric and Power Co.,
2.45%, 12/15/50		275		254
Series A
2.88%, 7/15/29		825		867
2.95%, 11/15/51		175		176
Xcel Energy, Inc.
2.60%, 12/1/29		450		460
				16,121
Total Fixed Income Securities (Cost $167,732)				169,443

		Shares
Short-Term Investments (3.4%)
Investment Company (1.0%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $1,688)		1,687,610		1,688
Security held as Collateral on Loaned Securities (1.3%)
Investment Company (1.3%)
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class (d) (Cost $2,234)		2,234,375		2,234

	Face Amount (000)
U.S. Treasury Security (1.1%)
U.S. Treasury Bill 0.06%, 7/14/22 (e)(f) (Cost $1,864)	$	1,865		1,863
Total Short-Term Investments (Cost $5,786)				5,785
Total Investments (100.9%) (Cost $173,518) Including $2,608 of Securities Loaned (g)(h)(i)				175,228
Liabilities in Excess of Other Assets (–0.9%)				(1,560	)
Net Assets (100.0%)			$	173,668

Counterparty	Contracts to Deliver (000)			In Exchange For (000)	Delivery Date		Unrealized Appreciation (Depreciation) (000)
BNP Paribas SA	EUR	440	$	501	2/18/22	$	—@
Barclays Bank PLC	GBP	315	$	424	2/18/22		(2	)
						$	(2	)
@ Value is less than $500.

*	Percentages indicated are based upon total investments (excluding Securities held as Collateral on Loaned Securities) as of December 31, 2021.
**	Industry and/or investment type representing less than 5% of total investments.
***	Does not include open long/short futures contracts with a value of approximately $75,687,000 and net unrealized depreciation of approximately $442,000. Does not include open foreign currency forward exchange contracts with net unrealized depreciation of approximately $2,000.

	Shares		Value (000)
Common Stocks (95.6%)
Biotechnology (1.2%)
Alnylam Pharmaceuticals, Inc. (a)		87,936	$	14,912
Ginkgo Bioworks Holdings, Inc. (a)(b)		937,842		7,794
Intellia Therapeutics, Inc. (a)		148,935		17,610
				40,316
Consumer Finance (1.0%)
Upstart Holdings, Inc. (a)		223,504		33,816

Entertainment (5.8%)
ROBLOX Corp., Class A (a)		1,929,683		199,066

Equity Real Estate Investment Trusts (REITs) (0.6%)
WeWork, Inc., Class A REIT (a)(b)		2,352,484		20,231

Health Care Providers & Services (2.8%)
Agilon Health, Inc. (a)		2,282,330		61,623
Guardant Health, Inc. (a)		345,469		34,554
				96,177
Health Care Technology (7.5%)
Doximity, Inc., Class A (a)		1,584,591		79,436
GoodRx Holdings, Inc., Class A (a)		2,452,366		80,143
Teladoc Health, Inc. (a)		95,836		8,800
Veeva Systems, Inc., Class A (a)		341,155		87,158
				255,537
Information Technology Services (27.8%)
Affirm Holdings, Inc. (a)		1,877,946		188,846
Cloudflare, Inc., Class A (a)		1,770,816		232,862
Fastly, Inc., Class A (a)		2,736,521		97,010
Marqeta, Inc., Class A (a)		1,708,401		29,333
MongoDB, Inc. (a)		448,000		237,149
Okta, Inc. (a)		739,705		165,820
				951,020
Interactive Media & Services (8.2%)
Pinterest, Inc., Class A (a)		2,426,275		88,195
Twitter, Inc. (a)		3,044,709		131,592
ZoomInfo Technologies, Inc., Class A (a)		947,631		60,838
				280,625
Internet & Direct Marketing Retail (5.7%)
Chewy, Inc., Class A (a)		312,657		18,437
Farfetch Ltd., Class A (a)		1,489,046		49,779
Grab Holdings Ltd., Class A (a)		3,700,241		26,383
Wayfair, Inc., Class A (a)		534,659		101,569
				196,168
Leisure Products (2.3%)
Peloton Interactive, Inc., Class A (a)		2,184,858		78,130

Life Sciences Tools & Services (1.1%)
10X Genomics, Inc., Class A (a)		244,024		36,350

Pharmaceuticals (3.2%)
Royalty Pharma PLC, Class A (United Kingdom)	2,708,826	107,947

Real Estate Management & Development (2.0%)
Opendoor Technologies, Inc. (a)	2,122,246	31,006
Redfin Corp. (a)	941,730	36,153
		67,159
Software (23.1%)
Aurora Innovation, Inc. (a)(c)	1,557,480	16,573
Bill.Com Holdings, Inc. (a)	551,707	137,458
Cipher Mining, Inc. (a)	2,558,195	11,844
Confluent, Inc., Class A (a)	808,586	61,647
Gitlab, Inc., Class A (a)	238,647	20,762
HashiCorp, Inc., Class A (a)	292,915	26,667
HubSpot, Inc. (a)	51,698	34,077
IronSource Ltd., Class A (a)(c)	4,980,200	35,078
IronSource Ltd., Class A (a)	479,198	3,709
MicroStrategy, Inc., Class A (a)(b)	29,123	15,857
Monday.com Ltd. (Israel) (a)	173,067	53,429
Procore Technologies, Inc. (a)	457,262	36,567
Qualtrics International, Inc., Class A (a)	750,989	26,585
Samsara, Inc., Class A (a)	983,036	27,633
Trade Desk, Inc. (The), Class A (a)	1,431,920	131,221
UiPath, Inc., Class A (a)	367,478	15,849
Unity Software, Inc. (a)	943,637	134,931
		789,887
Specialty Retail (3.3%)
Carvana Co. (a)	480,517	111,379
Total Common Stocks (Cost $3,271,243)		3,263,808

Preferred Stocks (1.0%)
Internet & Direct Marketing Retail (0.0%) (d)
Overstock.com, Inc. Series A-1	29,853	1,403

Software (1.0%)
Databricks, Inc. (a)(c)(e) (acquisition cost — $31,810 acquired 8/31/21)	144,294	32,556
Total Preferred Stocks (Cost $31,968)		33,959

Investment Company (1.0%)
Grayscale Bitcoin Trust (a) (Cost $45,561)	1,007,183	34,496

	No. of Warrants
Warrant (0.0%) (d)
Biotechnology (0.0%) (d)
Ginkgo Bioworks Holdings, Inc. expires 12/31/27 (a)(b) (Cost $655)	196,782	441