Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
1
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
98.81%
ASSET-BACKED
SECURITIES
—
0.63%**
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
1,2,3
$
37,778
$
34,167
Total
Asset-Backed
Securities
(Cost
$37,778)
CORPORATES
—
82.45%*
Banking
—
12.37%
Bank
of
America
Corp.
2.30%
07/21/32
3
10,000
8,175
2.69%
04/22/32
3
20,000
16,908
Bank
of
America
Corp.
(MTN)
1.92%
10/24/31
3
20,000
16,267
2.09%
06/14/29
3
125,000
110,371
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
3
58,000
53,736
HSBC
Holdings
PLC
(United
Kingdom)
2.80%
05/24/32
3,4
90,000
75,217
JPMorgan
Chase
&
Co.
2.07%
06/01/29
3
25,000
22,189
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,4
10,000
9,173
3.57%
11/07/28
3,4
35,000
32,955
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,4
5,000
4,982
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
3
50,000
48,965
6.88%
10/20/34
3
5,000
5,558
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,4
55,000
54,388
U.S.
Bancorp
4.84%
02/01/34
3
20,000
19,203
5.85%
10/21/33
3
15,000
15,496
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
3,4,5
30,000
27,487
3.09%
05/14/32
3,4,5
30,000
25,587
6.54%
08/12/33
3,4,5
20,000
21,325
Wells
Fargo
&
Co.
5.39%
04/24/34
3
15,000
15,073
Wells
Fargo
&
Co.
(MTN)
3.35%
03/02/33
3
105,000
91,879
674,934
Communications
—
7.07%
AT&T,
Inc.
3.80%
12/01/57
38,000
28,447
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.30%
02/01/32
$
20,000
$
15,937
3.90%
06/01/52
5,000
3,416
5.38%
05/01/47
42,000
35,937
5.75%
04/01/48
5,000
4,444
Comcast
Corp.
4.00%
11/01/49
15,000
12,586
Cox
Communications,
Inc.
2.60%
06/15/31
5
40,000
33,912
Fox
Corp.
6.50%
10/13/33
15,000
16,252
Meta
Platforms,
Inc.
5.60%
05/15/53
15,000
16,300
Qwest
Corp.
7.25%
09/15/25
20,000
19,575
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
5
35,000
27,384
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
5.15%
03/20/28
5
12,750
12,699
Tencent
Holdings
Ltd.
(Cayman
Islands)
3.98%
04/11/29
4,5
30,000
28,519
Time
Warner
Cable
LLC
5.50%
09/01/41
33,000
28,592
T-Mobile
USA,
Inc.
2.55%
02/15/31
93,000
80,147
Vodafone
Group
PLC
(United
Kingdom)
4.25%
09/17/50
4
26,000
21,676
385,823
Consumer
Discretionary
—
4.01%
Altria
Group,
Inc.
3.70%
02/04/51
5,000
3,534
3.88%
09/16/46
11,000
8,285
5.95%
02/14/49
15,000
15,307
Amcor
Finance
USA,
Inc.
5.63%
05/26/33
20,000
20,833
Bacardi
Ltd.
(Bermuda)
4.70%
05/15/28
4,5
20,000
19,614
BAT
Capital
Corp.
4.39%
08/15/37
35,000
29,355
4.54%
08/15/47
20,000
15,389
Imperial
Brands
Finance
PLC
(United
Kingdom)
4.25%
07/21/25
4,5
35,000
34,402
JDE
Peet's
NV
(Netherlands)
2.25%
09/24/31
4,5
25,000
20,063
WarnerMedia
Holdings,
Inc.
5.14%
03/15/52
60,000
51,685
218,467
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Diversified
REITs
—
3.50%
American
Assets
Trust
LP
3.38%
02/01/31
$
30,000
$
24,513
American
Tower
Corp.
2.70%
04/15/31
21,000
18,047
Crown
Castle,
Inc.
3.30%
07/01/30
50,000
44,864
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
2,000
1,700
4.00%
01/15/30
30,000
27,435
LXP
Industrial
Trust
2.38%
10/01/31
5,000
4,041
2.70%
09/15/30
45,000
37,344
VICI
Properties
LP
5.13%
05/15/32
20,000
19,524
Weyerhaeuser
Co.
3.38%
03/09/33
15,000
13,325
190,793
Electric
—
8.34%
AEP
Transmission
Co.
LLC,
Series
M
3.65%
04/01/50
5,000
3,946
AEP
Transmission
Co.
LLC,
Series
N
2.75%
08/15/51
40,000
26,091
Alabama
Power
Co.
5.50%
03/15/41
9,000
9,028
Alliant
Energy
Finance
LLC
1.40%
03/15/26
5
45,000
40,849
Appalachian
Power
Co.
4.45%
06/01/45
10,000
8,563
Arizona
Public
Service
Co.
3.35%
05/15/50
10,000
7,210
6.35%
12/15/32
15,000
16,322
Baltimore
Gas
and
Electric
Co.
2.90%
06/15/50
33,000
22,728
Black
Hills
Corp.
4.35%
05/01/33
35,000
32,484
Commonwealth
Edison
Co.
6.45%
01/15/38
10,000
11,110
Consolidated
Edison
Co.
of
New
York,
Inc.,
Series
2017
3.88%
06/15/47
5,000
4,074
Duke
Energy
Carolinas
LLC
3.75%
06/01/45
70,000
56,212
3.88%
03/15/46
15,000
12,229
Evergy,
Inc.
2.45%
09/15/24
5,000
4,889
FirstEnergy
Transmission
LLC
5.45%
07/15/44
5
30,000
29,095
Interstate
Power
and
Light
Co.
2.30%
06/01/30
20,000
17,135
Metropolitan
Edison
Co.
4.00%
04/15/25
5
19,000
18,505
Narragansett
Electric
Co.
(The)
3.40%
04/09/30
5
10,000
9,113
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Niagara
Mohawk
Power
Corp.
5.78%
09/16/52
5
$
10,000
$
10,428
PacifiCorp.
4.13%
01/15/49
30,000
24,433
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
20,000
19,489
Virginia
Electric
&
Power
Co.,
Series
B
3.80%
09/15/47
10,000
8,041
Virginia
Electric
and
Power
Co.
2.45%
12/15/50
12,000
7,424
Vistra
Operations
Co.,
LLC
3.55%
07/15/24
5
6,000
5,921
Xcel
Energy,
Inc.
4.80%
09/15/41
55,000
49,675
454,994
Energy
—
5.03%
Aker
BP
ASA
(Norway)
3.10%
07/15/31
4,5
30,000
25,709
Boston
Gas
Co.
3.76%
03/16/32
5
10,000
8,922
Energy
Transfer
LP
5.00%
05/15/50
15,000
13,437
5.40%
10/01/47
6,000
5,613
6.13%
12/15/45
12,000
12,170
EQM
Midstream
Partners
LP
6.50%
07/15/48
8,000
8,300
KeySpan
Gas
East
Corp.
5.82%
04/01/41
5
15,000
14,724
Kinder
Morgan
Energy
Partners
LP
(MTN)
6.95%
01/15/38
5,000
5,508
Kinder
Morgan,
Inc.
(GMTN)
7.80%
08/01/31
5,000
5,735
NGPL
Pipe
Co.
LLC
3.25%
07/15/31
5
20,000
17,383
4.88%
08/15/27
5
10,000
9,819
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
4.50%
12/15/26
13,000
12,855
Rockies
Express
Pipeline
LLC
3.60%
05/15/25
5
30,000
29,083
6.88%
04/15/40
5
17,000
16,745
Sabine
Pass
Liquefaction
LLC
4.20%
03/15/28
3,000
2,940
Southern
Co.
Gas
Capital
Corp.
4.40%
06/01/43
10,000
8,485
5.88%
03/15/41
15,000
15,316
Southern
Natural
Gas
Co.
LLC
4.80%
03/15/47
5
15,000
12,689
TransCanada
PipeLines
Ltd.
(Canada)
4.63%
03/01/34
4
25,000
23,696
5.00%
10/16/43
4
15,000
14,107
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
3
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
Williams
Cos.,
Inc.
(The)
3.50%
10/15/51
$
15,000
$
10,965
274,201
Finance
—
10.19%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.00%
10/29/28
4
15,000
13,702
3.30%
01/30/32
4
28,000
24,403
3.88%
01/23/28
4
4,000
3,807
Air
Lease
Corp.
3.63%
12/01/27
19,000
18,018
4.25%
09/15/24
10,000
9,889
American
Express
Co.
6.49%
10/30/31
3
20,000
21,708
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
4,5
3,000
2,660
2.75%
02/21/28
4,5
10,000
8,894
4.38%
05/01/26
4,5
10,000
9,696
Capital
One
Financial
Corp.
3.27%
03/01/30
3
10,000
8,937
Citigroup,
Inc.
2.52%
11/03/32
3
40,000
32,953
2.57%
06/03/31
3
60,000
51,284
2.98%
11/05/30
3
1,000
892
Discover
Financial
Services
6.70%
11/29/32
20,000
20,973
Goldman
Sachs
Group,
Inc.
(The)
1.99%
01/27/32
3
35,000
28,349
2.60%
02/07/30
80,000
70,369
JPMorgan
Chase
&
Co.
2.55%
11/08/32
3
40,000
33,446
3.90%
01/23/49
3
65,000
54,191
LSEGA
Financing
PLC
(United
Kingdom)
2.00%
04/06/28
4,5
30,000
26,867
Morgan
Stanley
2.48%
09/16/36
3
40,000
31,776
Morgan
Stanley
(GMTN)
3.77%
01/24/29
3
20,000
19,105
Morgan
Stanley
(MTN)
1.93%
04/28/32
3
25,000
20,065
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
5.50%
02/15/24
4,5
2,000
1,996
Pipeline
Funding
Co.
LLC
7.50%
01/15/30
5
25,212
26,911
Raymond
James
Financial,
Inc.
3.75%
04/01/51
20,000
15,153
556,044
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Food
—
2.01%
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
5.75%
04/01/33
4
$
10,000
$
9,901
6.50%
12/01/52
4
25,000
25,135
Kraft
Heinz
Foods
Co.
4.63%
10/01/39
10,000
9,348
Pilgrim's
Pride
Corp.
3.50%
03/01/32
45,000
38,157
Smithfield
Foods,
Inc.
2.63%
09/13/31
5
35,000
27,227
109,768
Health
Care
—
9.96%
AbbVie,
Inc.
4.40%
11/06/42
10,000
9,299
Alcon
Finance
Corp.
2.60%
05/27/30
5
30,000
26,022
Amgen,
Inc.
4.40%
05/01/45
10,000
8,910
4.88%
03/01/53
10,000
9,377
5.65%
03/02/53
5,000
5,274
5.75%
03/02/63
10,000
10,534
Barnabas
Health,
Inc.,
Series
2012
4.00%
07/01/28
5,000
4,819
Baxter
International,
Inc.
3.95%
04/01/30
10,000
9,486
Bayer
U.S.
Finance
II
LLC
4.38%
12/15/28
5
15,000
14,269
4.88%
06/25/48
5
17,000
14,356
Centene
Corp.
3.00%
10/15/30
21,000
18,213
Children's
Hospital
Medical
Center
2.82%
11/15/50
20,000
13,694
Cigna
Group
(The)
5.40%
03/15/33
5,000
5,207
CommonSpirit
Health
2.78%
10/01/30
5,000
4,340
CVS
Health
Corp.
5.05%
03/25/48
18,000
16,907
5.25%
02/21/33
28,000
28,646
Elanco
Animal
Health,
Inc.
6.65%
08/28/28
5,000
5,194
HCA,
Inc.
5.25%
06/15/49
35,000
32,580
Illumina,
Inc.
2.55%
03/23/31
20,000
16,929
IQVIA,
Inc.
6.25%
02/01/29
5
10,000
10,449
Mass
General
Brigham,
Inc.,
Series
2020
3.34%
07/01/60
10,000
7,210
OhioHealth
Corp.,
Series
2020
3.04%
11/15/50
15,000
11,086
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Pfizer
Investment
Enterprises
Pte
Ltd.
(Slovenia)
4.75%
05/19/33
4
$
5,000
$
5,011
Revvity,
Inc.
2.55%
03/15/31
25,000
21,300
Roche
Holdings,
Inc.
5.59%
11/13/33
5
15,000
16,179
Royalty
Pharma
PLC
(United
Kingdom)
1.75%
09/02/27
4
45,000
40,383
Sharp
HealthCare,
Series
20B
2.68%
08/01/50
50,000
32,806
Smith
&
Nephew
PLC
(United
Kingdom)
2.03%
10/14/30
4
30,000
24,858
STERIS
Irish
FinCo
UnLtd
Co.
(Ireland)
2.70%
03/15/31
4
20,000
17,166
Thermo
Fisher
Scientific,
Inc.
5.09%
08/10/33
10,000
10,424
UnitedHealth
Group,
Inc.
3.70%
08/15/49
10,000
8,157
4.25%
04/15/47
15,000
13,406
Universal
Health
Services,
Inc.
1.65%
09/01/26
40,000
36,437
West
Virginia
United
Health
System
Obligated
Group,
Series
2020
3.13%
06/01/50
35,000
23,394
Zoetis,
Inc.
5.60%
11/16/32
10,000
10,730
543,052
Health
Care
REITs
—
0.81%
Healthcare
Realty
Holdings
LP
3.63%
01/15/28
30,000
27,693
Physicians
Realty
LP
2.63%
11/01/31
20,000
16,471
44,164
Hotel
&
Resort
REITs
—
0.33%
Host
Hotels
&
Resorts
LP,
Series
I
3.50%
09/15/30
20,000
17,873
Industrial
REITs
—
0.29%
Rexford
Industrial
Realty
LP
2.15%
09/01/31
20,000
16,074
Industrials
—
2.22%
Amcor
Flexibles
North
America,
Inc.
2.63%
06/19/30
5,000
4,339
BAE
Systems
Holdings,
Inc.
3.85%
12/15/25
5
20,000
19,574
Berry
Global,
Inc.
1.57%
01/15/26
28,000
26,044
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrials
(continued)
Boeing
Co.
(The)
5.93%
05/01/60
$
12,000
$
12,484
CCL
Industries,
Inc.
(Canada)
3.05%
06/01/30
4,5
25,000
21,918
Northrop
Grumman
Corp.
5.15%
05/01/40
5,000
5,071
Sealed
Air
Corp.
1.57%
10/15/26
5
20,000
18,038
Sonoco
Products
Co.
3.13%
05/01/30
10,000
9,011
Sydney
Airport
Finance
Co.
Pty
Ltd.
(Australia)
3.63%
04/28/26
4,5
5,000
4,835
121,314
Information
Technology
—
3.34%
Broadcom,
Inc.
2.60%
02/15/33
5
25,000
20,600
3.14%
11/15/35
5
25,000
20,566
CDW
LLC/CDW
Finance
Corp.
3.28%
12/01/28
25,000
22,925
Fiserv,
Inc.
2.65%
06/01/30
15,000
13,197
Intel
Corp.
3.25%
11/15/49
5,000
3,721
5.70%
02/10/53
5,000
5,420
Micron
Technology,
Inc.
2.70%
04/15/32
25,000
21,016
Open
Text
Corp.
(Canada)
6.90%
12/01/27
4,5
17,000
17,638
Oracle
Corp.
3.60%
04/01/50
45,000
33,371
3.95%
03/25/51
12,000
9,443
Take-Two
Interactive
Software,
Inc.
4.00%
04/14/32
15,000
14,289
182,186
Insurance
—
5.34%
Allstate
Corp.
(The)
3.85%
08/10/49
20,000
16,194
Aon
Corp./Aon
Global
Holdings
PLC
3.90%
02/28/52
15,000
11,942
Arthur
J
Gallagher
&
Co.
3.05%
03/09/52
20,000
13,487
6.50%
02/15/34
10,000
10,964
Athene
Global
Funding
1.61%
06/29/26
5
15,000
13,599
1.99%
08/19/28
5
10,000
8,647
Farmers
Insurance
Exchange
4.75%
11/01/57
3,5
55,000
42,422
Guardian
Life
Insurance
Co.
of
America
(The)
3.70%
01/22/70
5
45,000
30,887
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
5
/
December
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
(continued)
MMI
Capital
Trust
I,
Series
B
7.63%
12/15/27
$
25,000
$
26,367
Nationwide
Mutual
Insurance
Co.
7.94%
12/15/24
3,5
45,000
44,962
New
York
Life
Insurance
Co.
3.75%
05/15/50
5
15,000
12,023
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
3,5
35,000
34,454
Willis
North
America,
Inc.
5.35%
05/15/33
25,000
25,291
291,239
Materials
—
0.70%
International
Flavors
&
Fragrances,
Inc.
1.23%
10/01/25
5
5,000
4,630
2.30%
11/01/30
5
15,000
12,415
5.00%
09/26/48
25,000
21,297
38,342
Office
REITs
—
1.40%
Boston
Properties
LP
2.55%
04/01/32
10,000
7,979
3.40%
06/21/29
5,000
4,491
Hudson
Pacific
Properties
LP
3.95%
11/01/27
25,000
20,957
Kilroy
Realty
LP
2.50%
11/15/32
15,000
11,410
Piedmont
Operating
Partnership
LP
2.75%
04/01/32
45,000
31,382
76,219
Real
Estate
Investment
Trust
(REIT)
—
1.45%
American
Tower
Corp.
5.55%
07/15/33
20,000
20,750
Digital
Realty
Trust
LP
3.60%
07/01/29
5,000
4,694
Equinix,
Inc.
2.50%
05/15/31
45,000
38,227
NNN
REIT,
Inc.
5.60%
10/15/33
15,000
15,516
79,187
Residential
REITs
—
0.40%
American
Homes
4
Rent
LP
2.38%
07/15/31
15,000
12,404
Essex
Portfolio
LP
2.65%
03/15/32
5,000
4,195
Invitation
Homes
Operating
Partnership
LP
5.50%
08/15/33
5,000
5,012
21,611
Retail
—
0.18%
Lowe's
Cos.,
Inc.
5.75%
07/01/53
5,000
5,321
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Retail
(continued)
McDonald's
Corp.
(MTN)
4.20%
04/01/50
$
5,000
$
4,447
9,768
Services
—
0.87%
Global
Payments,
Inc.
4.45%
06/01/28
30,000
29,177
RELX
Capital,
Inc.
4.00%
03/18/29
15,000
14,761
William
Marsh
Rice
University
2.60%
05/15/50
5,000
3,358
47,296
Specialized
REITs
—
0.70%
CubeSmart
LP
4.38%
02/15/29
5,000
4,850
Extra
Space
Storage
LP
2.20%
10/15/30
40,000
33,330
38,180
Transportation
—
1.50%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
19,768
17,580
JetBlue
Airways
Pass-Through
Trust,
Series
2019-1,
Class
AA
2.75%
05/15/32
12,257
10,361
JetBlue
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A
4.00%
11/15/32
24,111
22,050
United
Airlines
Pass-Through
Trust,
Series
2016-2,
Class
AA
2.88%
10/07/28
6,879
6,167
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A
5.80%
01/15/36
25,000
25,398
81,556
Water
—
0.44%
Essential
Utilities,
Inc.
5.30%
05/01/52
25,000
24,079
Total
Corporates
(Cost
$5,089,044)
4,497,164
MORTGAGE-BACKED
—
0.57%**
Non-Agency
Commercial
Mortgage-Backed
—
0.09%
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XA
(IO)
0.81%
09/10/47
1,2,3
559,876
1,521
Commercial
Mortgage
Trust,
Series
2014-UBS6,
Class
XA
(IO)
0.82%
12/10/47
3
380,905
1,477
GS
Mortgage
Securities
Trust,
Series
2010-C1,
Class
X
(IO)
0.45%
08/10/43
3,5
1,237,494
2,052��
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
XB
(IO)
0.18%
08/10/49
1,2,3,5
$
146,033
$
30
5,080
U.S.
Agency
Commercial
Mortgage-Backed
—
0.34%
Ginnie
Mae,
Series
2009-111,
Class
IO
(IO)
0.19%
09/16/51
3
498,335
17,284
Ginnie
Mae,
Series
2012-144,
Class
IO
(IO)
0.32%
01/16/53
3
138,543
941
18,225
U.S.
Agency
Mortgage-Backed
—
0.14%
Fannie
Mae
REMICS,
Series
2011-116,
Class
SA
(IO)
(-1.00
X
SOFR30A
plus
5.89%,
6.00%
Cap)
0.55%
11/25/41
6
18,110
1,556
Fannie
Mae
REMICS,
Series
2012-128,
Class
UA
2.50%
06/25/42
6,926
6,250
7,806
Total
Mortgage-Backed
(Cost
$136,857)
31,111
MUNICIPAL
BONDS
—
2.17%*
California
—
0.79%
Los
Angeles
Department
of
Airports
Revenue
Bonds,
Port,
Airport
and
Marina
Improvements,
Series
A
3.89%
05/15/38
15,000
13,436
San
Francisco
City
&
County
Airport
Commercial-San
Francisco
International
Airport
Revenue
Bonds,
Series
C
3.05%
05/01/34
35,000
29,763
43,199
Florida
—
0.25%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.50%
10/01/31
15,000
13,756
Massachusetts
—
0.30%
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
A
2.50%
02/15/37
10,000
7,490
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
B
2.97%
10/15/32
10,000
8,847
16,337
New
York
—
0.83%
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements
3.73%
08/01/29
5,000
4,814
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
New
York
(continued)
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Series
E
1.97%
02/01/33
$
20,000
$
16,018
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Transit
Improvements,
Series
B
2.54%
03/15/34
10,000
8,212
2.59%
03/15/35
20,000
16,158
45,202
Total
Municipal
Bonds
(Cost
$138,937)
118,494
U.S.
TREASURY
SECURITIES
—
12.99%
U.S.
Treasury
Bonds
—
6.00%
U.S.
Treasury
Bonds
(WI)
4.75%
11/15/53
291,000
327,307
U.S.
Treasury
Notes
—
6.99%
U.S.
Treasury
Notes
4.25%
12/31/25
1,000
1,000
4.38%
11/30/28
78,000
79,837
4.38%
12/15/26
104,000
105,052
U.S.
Treasury
Notes
(WI)
3.75%
12/31/28
55,000
54,753
4.50%
11/15/33
134,000
140,721
381,363
Total
U.S.
Treasury
Securities
(Cost
$671,759)
708,670
Total
Bonds
—
98.81%
(Cost
$6,074,375)
5,389,606
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
2.34%
Money
Market
Funds
—
2.34%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
5.25%
7
20,710
20,710
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.27%
7
107,000
107,000
Total
Short-Term
Investments
(Cost
$127,710)
127,710
Total
Investments
-
101.15%
(Cost
$6,202,085)
5,517,316
Liabilities
in
Excess
of
Other
Assets
-
(1.15)%
(62,503)
Net
Assets
-
100.00%
$
5,454,813
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
7
/
December
2023
1
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
2
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$35,718,
which
is
0.65%
of
total
net
assets.
3
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
4
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
5
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
6
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
December
31,
2023.
7
Represents
the
current
yield
as
of
December
31,
2023.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(WI):
When
Issued
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
12
03/28/24
$
2,470,969
$
24,527
$
24,527
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Five-Year
Note
2
03/28/24
(217,547)
(4,800)
(4,800)
U.S.
Treasury
Ten-Year
Ultra
Bond
2
03/19/24
(236,031)
(10,246)
(10,246)
(453,578)
(15,046)
(15,046)
TOTAL
FUTURES
CONTRACTS
$
2,017,391
$
9,481
$
9,481
Received
by
the
Fund
Paid
by
the
Fund
Description
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
(000's)
Value
Premiums
Paid
Unrealized
(Depreciation)
SWAPS:
INTEREST
RATE
Interest
Rate
Swap
1
12/20/53
USD-SOFR-
COMPOUND
Annual
3.52%
Annual
$
77
$
(3,349)
$
—
$
(3,349)
TOTAL
SWAPS
CONTRACTS
$
77
$
(3,349)
$
—
$
(3,349)
1
Centrally
cleared.
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
8
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund:
Net
Asset
Value
The
Net
Asset
Value
(“NAV”)
of
each
class
of
the
Fund
is
determined
by
dividing
the
net
assets
attributable
to
each
class
of
shares
of
the
Fund
by
the
number
of
issued
and
outstanding
shares
of
the
class
of
the
Fund
on
each
business
day
as
of
4
p.m.
ET.
Security
Valuation
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
of
Trustees
(the
"Board"
or
the
"Board
of
Trustees")
has
designated
the
Adviser
as
the
"valuation
designee"
with
respect
to
the
fair
valuation
of
the
Fund's
portfolio
securities,
subject
to
oversight
by
and
periodic
reporting
to
the
Board. Fixed
income
securities
for
which
market
quotations
are
readily
available were
valued
during
the
period at
prices
as
provided
by
independent
pricing
vendors
or
broker
quotes.
The
Fund
received
pricing
information
from
independent
pricing
vendors
selected
and
overseen
by
the
valuation
designee.
Securities
with
a
demand
feature
exercisable
within
one
to
seven
days
are
valued
at
par.
The
Fund
also
uses
a
benchmark
pricing
system
to
the
extent
vendors’
prices
for
their
securities
are
either
inaccurate
(such
as
when
the
reported
prices
are
different
from
recent
known
market
transactions)
or
are
not
available
from
another
pricing
source.
For
a
security
priced
using
this
system,
the
Adviser
initially
selects
a
proxy
composed
of
a
relevant
security
(e.g.,
U.S.
Treasury
Note)
or
benchmark
(e.g.,
LIBOR)
and
a
multiplier,
divisor
or
margin
that
the
Adviser
believes
would
together
best
reflect
changes
in
the
market
value
of
the
security.
The
value
of
the
security
changes
daily
based
on
changes
to
the
market
price
of
the
assigned
benchmark.
The
benchmark
pricing
system
is
continuously
reviewed
by
the
Adviser
and
implemented
according
to
the
pricing
policy
reviewed
by
the
Board.
S&P
500
Index
futures
contracts
are
valued
at
the
first
sale
price
after
4
p.m.
ET
on
the
Chicago
Mercantile
Exchange.
All
other
futures
contracts
are
valued
at
the
official
settlement
price
of
the
exchange
on
which
those
securities
are
traded.
Equity
securities,
including
depository
receipts,
are
valued
at
the
last
reported
sale
price
or
the
market’s
closing
price
on
the
exchange
or
market
on
which
such
securities
are
traded,
as
of
the
close
of
business
on
the
day
the
securities
are
being
valued
or,
lacking
any
sales,
at
the
average
of
the
bid
and
ask
prices.
In
cases
where
equity
securities
are
traded
on
more
than
one
exchange,
the
securities
are
valued
on
the
exchange
or
market
determined
by
the
Adviser
to
be
the
broadest
and
most
representative
market,
which
may
be
either
a
securities
exchange
or
the
over-the-counter
market.
Equity
options
are
valued
at
the
average
of
the
bid
and
ask
prices.
Securities
and
other
assets
that
could
not be
valued
as
described
above were
valued at
their
fair
value
as
determined
by
the
Adviser
in
accordance
with
procedures
approved by
and
under
the
general
oversight
of
the
Board.
Investments
in
registered
open-ended
investment
companies,
including
those
classified
as
money
market
funds,
are
valued
based
upon
the
reported
NAV
of
such
investments.
Fair
value
methods
used
by
the
Adviser included,
but were
not
limited
to,
obtaining
market
quotations
from
secondary
pricing
services,
broker-dealers,
or
widely
used
quotation
systems.
General
factors
considered
in
determining
the
fair
value
of
securities
include
fundamental
analytical
data,
the
nature
and
duration
of
any
restrictions
on
disposition
of
the
securities,
and
an
evaluation
of
the
forces
that
influence
the
market
in
which
the
investments
are
purchased
and
sold.
These
securities
are
either
categorized
as
Level
2
or
3
depending
on
the
relevant
inputs
used.
In
the
event
that
the
security
or
asset
could
not be
valued
pursuant
to
one
of
the
valuation
methods
used
by
the
Adviser,
the
value
of
the
security
or
asset was
determined
in
good
faith
by
the Adviser,
as
the
valuation
designee.
When
the
Fund
uses
these
fair
valuation
methods that
use
significant
unobservable
inputs
to
determine
NAV,
securities
will
be
priced
by
a
method
that
the
Adviser
believes
accurately
reflects
fair
value
and
are
categorized
as
Level
3
of
the
fair
value
hierarchy.
These
methods
may
require
subjective
determinations
about
the
value
of
a
security.
While
the
Fund’s
policy
is
intended
to
result
in
a
calculation
of
its
NAV
that
fairly
reflects
security
values
as
of
the
time
of
pricing,
the
Fund
cannot
guarantee
that
values
determined
by
the
Adviser
would
accurately
reflect
the
price
that
the
Fund
could
obtain
for
a
security
if
it
were
to
dispose
of
that
security
as
of
the
time
of
pricing
(for
instance,
in
a
forced
or
distressed
sale).
The
prices
used
by
the
Fund
may
differ
from
the
value
that
would
be
realized
if
the
securities
were
sold.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
fair
value
of
investments,
which
are
as
follows:
*
Level
1
-
unadjusted
quoted
prices
in
active
markets
for
identical
securities
*
Level
2
-
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
*
Level
3
-
significant
unobservable
inputs
that
are
not
corroborated
by
observable
market
data
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
9
/
December
2023
The
inputs
or
methodology
used
for
valuing
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
investments
and
the
determination
of
the
significance
of
a
particular
input
to
the
fair
value
measurement
in
its
entirety
requires
judgment
and
consideration
of
factors
specific
to
each
security.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized as
Level
3.
In
periods
of
market
dislocation,
the
observability
of
prices
and
inputs
may
be
reduced
for
many
instruments.
This
condition,
as
well
as
changes
related
to
liquidity
of
investments,
could
cause
a
security
to
be
reclassified
between
Level
1,
Level
2,
or
Level
3.
In
certain
cases,
the
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
summary
of
inputs
used
to
value
the
Fund’s
investments
and
other
financial
instruments
carried
at
fair
value
as
of
December
31,
2023
is
as
follows:
CORPORATE
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
127,710
$
—
$
—
$
127,710
Long-Term
Investments:
Asset-Backed
Securities
—
—
34,167
34,167
Corporates
—
4,497,164
—
4,497,164
Mortgage-Backed
Securities
—
29,560
1,551
31,111
Municipal
Bonds
—
118,494
—
118,494
U.S.
Treasury
Securities
708,670
—
—
708,670
Other
Financial
Instruments
*
Assets:
Interest
rate
contracts
24,527
—
—
24,527
Liabilities:
Interest
rate
contracts
(
15,046
)
(
3,349
)
—
(
18,395
)
Total
$
845,861
$
4,641,869
$
35,718
$
5,523,448
*Other
financial
instruments
include
futures
and
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
December
31,
2023
(Unaudited)
December
2023
/
10
Certain
securities
held
by
the
Funds
are
categorized
as
Level
3
investments.
Their
prices
may
be
derived
by
utilizing
unobservable
prior
transaction
values
or
information
from
third
party
valuation
services.
The
value
of
Level
3
investments
could
be
significantly
affected
by
changes
in
these
unobservable
inputs.
For
the
period
ended
December
31,
2023
a
reconciliation
of
Level
3
investments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
CORPORATE
BOND
FUND
ASSET-BACKED
SECURITIES
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
35,886
$
5,168
$
41,054
Accrued
discounts/premiums
—
(
1,851
)
(
1,851
)
Realized
gain
(loss)
—
—
—
Change
in
unrealized
appreciation
(depreciation)*
257
(
1,766
)
(
1,509
)
Purchases
—
—
—
Sales
(
1,976
)
—
(
1,976
)
Transfers
into
Level
3**
—
—
—
Transfers
out
of
Level
3**
—
—
—
Balance
as
of
December
31,
2023
$
34,167
$
1,551
$
35,718
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
December
31,
2023
was
$(1,509)
and
is
included
in
the
related
net
realized
gains
(losses)
and
net
change
in
appreciation
(depreciation)
in
the
Statements
of
Operations.
**There
were
no
transfers
between
level
2
and
3
for
the
period
ended
December
31,
2023.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
December
31,
2023,
are
as
follows:
CORPORATE
BOND
FUND
FAIR
VALUE
AT
12/31/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$34,167
Broker
Quote
Offered
Quote
$90.44
$90.44
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$1,551
Third-Party
Vendor
Vendor
Prices
$0.02
-
$0.27
$0.27
Increase
*
The
valuation
technique
employed
on
the
Level
3
securities
involves
the
use
of
vendor
prices,
broker
quotes
and
benchmark
pricing.
The
Adviser
monitors
the
third-party
brokers
and
vendors
using
the
valuation
process.