Metropolitan West Funds NPORT-P Metropolitan West Intermediate Bond Fund (Dec 2022 report)

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

1

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

BONDS

–

105.15%

ASSET-BACKED

SECURITIES

—

5.87%**  

Academic

Loan

Funding

Trust,

Series

2012-1A,

Class

A2

(LIBOR

USD

1-Month

plus

1.10%)

5.49%

12/27/44

1,2

$

453,323‌

$

445,926‌

AIG

CLO

Ltd.,

Series

2019-2A,

Class

BR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.60%)

5.96%

10/25/33

1,2

2,100,000‌

2,026,477‌

Allegro

CLO

VI

Ltd.,

Series

2017-2A,

Class

B

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.50%)

5.58%

01/17/31

1,2,3

1,750,000‌

1,687,623‌

AMMC

CLO

19

Ltd.,

Series

2016-19A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.14%)

5.22%

10/16/28

1,2,3

209,267‌

209,131‌

Barings

CLO

Ltd.,

Series

2013-IA,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.80%)

5.04%

01/20/28

1,2,3

865,773‌

860,153‌

Bayview

Commercial

Asset

Trust,

Series

2004-3,

Class

A1

(LIBOR

USD

1-Month

plus

0.56%)

4.94%

01/25/35

1,2

202,262‌

201,857‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2010-1,

Class

A2

(LIBOR

USD

3-Month

plus

1.20%)

5.90%

02/25/35

2

580,230‌

576,980‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2011-1,

Class

A2

(LIBOR

USD

3-Month

plus

0.80%)

5.50%

02/25/30

2

3,320‌

3,305‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2011-2,

Class

A3

(LIBOR

USD

3-Month

plus

1.00%)

5.36%

10/27/36

2

942,123‌

929,580‌

Cedar

Funding

XII

CLO

Ltd.,

Series

2020-12A,

Class

A1R

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.13%)

5.49%

10/25/34

1,2,3

2,000,000‌

1,940,000‌

CIT

Education

Loan

Trust,

Series

2007-1,

Class

A

(LIBOR

USD

3-Month

plus

0.09%)

4.81%

03/25/42

1,2

160,231‌

149,647‌

CoreVest

American

Finance

Trust,

Series

2019-1,

Class

XA

(IO)

2.28%

03/15/52

1,4

683,391‌

25,557‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-26A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.90%)

4.98%

04/15/29

1,2,3

$

1,607,893‌

$

1,588,518‌

Global

SC

Finance

II

SRL,

Series

2014-1A,

Class

A2

(Barbados)

3.09%

07/17/29

1,3

263,344‌

253,785‌

Higher

Education

Funding

I,

Series

2014-1,

Class

A

(LIBOR

USD

3-Month

plus

1.05%)

5.81%

05/25/34

1,2

167,728‌

167,623‌

J.G.

Wentworth

XXX

LLC,

Series

2013-3A,

Class

A

4.08%

01/17/73

1

344,835‌

309,053‌

J.G.

Wentworth

XXXII

LLC,

Series

2014-2A,

Class

A

3.61%

01/17/73

1

647,566‌

561,449‌

LCM

XVIII

LP,

Series

19A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.24%)

5.32%

07/15/27

1,2,3

10,780‌

10,738‌

LCM

XX

LP,

Series

20A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.04%)

5.28%

10/20/27

1,2,3

482,606‌

479,330‌

Navient

Student

Loan

Trust,

Series

2014-1,

Class

A3

(LIBOR

USD

1-Month

plus

0.51%)

4.90%

06/25/31

2

474,059‌

448,851‌

Navient

Student

Loan

Trust,

Series

2014-3,

Class

A

(LIBOR

USD

1-Month

plus

0.62%)

5.01%

03/25/83

2

1,314,513‌

1,264,267‌

Navient

Student

Loan

Trust,

Series

2014-4,

Class

A

(LIBOR

USD

1-Month

plus

0.62%)

5.01%

03/25/83

2

1,173,429‌

1,116,928‌

Navient

Student

Loan

Trust,

Series

2016-2A,

Class

A3

(LIBOR

USD

1-Month

plus

1.50%)

5.89%

06/25/65

1,2

1,459,572‌

1,447,101‌

Nelnet

Student

Loan

Trust,

Series

2014-4A,

Class

A2

(LIBOR

USD

1-Month

plus

0.95%)

5.34%

11/25/48

1,2

1,370,000‌

1,334,864‌

Neuberger

Berman

CLO

XX

Ltd.,

Series

2015-20A,

Class

ARR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.16%)

5.24%

07/15/34

1,2,3

2,140,000‌

2,082,584‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

2

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

OCP

CLO

Ltd.,

Series

2020-19A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.15%)

5.39%

10/20/34

1,2,3

$

1,850,000‌

$

1,792,280‌

Octagon

Investment

Partners

46

Ltd.,

Series

2020-2A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.16%)

5.24%

07/15/36

1,2,3

2,000,000‌

1,948,466‌

Progress

Residential

Trust,

Series

2021-SFR8,

Class

D

2.08%

10/17/38

1

1,150,000‌

948,894‌

Recette

CLO

Ltd.,

Series

2015-1A,

Class

ARR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.08%)

5.32%

04/20/34

1,2,3

1,875,000‌

1,819,777‌

Regata

XII

Funding

Ltd.,

Series

2019-1A,

Class

BR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.60%)

5.68%

10/15/32

1,2,3

2,100,000‌

2,016,000‌

Rockford

Tower

CLO

Ltd.,

Series

2019-2A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.10%)

5.78%

08/20/32

1,2,3

2,000,000‌

1,952,488‌

Skyline

Aircraft

Finance

LLC,

Series

2021-1,

Class

A

3.23%

05/10/37

4,5,6

2,065,026‌

1,830,371‌

SLC

Student

Loan

Trust,

Series

2004-1,

Class

B

(LIBOR

USD

3-Month

plus

0.29%)

4.94%

08/15/31

2

91,432‌

83,629‌

SLC

Student

Loan

Trust,

Series

2008-1,

Class

A4A

(LIBOR

USD

3-Month

plus

1.60%)

6.37%

12/15/32

2

171,471‌

170,790‌

SLM

Student

Loan

Trust,

Series

2004-2,

Class

B

(LIBOR

USD

3-Month

plus

0.47%)

4.83%

07/25/39

2

120,585‌

111,975‌

SLM

Student

Loan

Trust,

Series

2006-8,

Class

A6

(LIBOR

USD

3-Month

plus

0.16%)

4.52%

01/25/41

2

846,978‌

794,767‌

SLM

Student

Loan

Trust,

Series

2008-2,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

5.56%

01/25/83

2

185,000‌

141,536‌

SLM

Student

Loan

Trust,

Series

2008-3,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

5.56%

04/26/83

2

185,000‌

170,532‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

SLM

Student

Loan

Trust,

Series

2008-4,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

04/25/73

2

$

185,000‌

$

178,033‌

SLM

Student

Loan

Trust,

Series

2008-5,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

07/25/73

2

2,235,000‌

2,118,075‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

A4

(LIBOR

USD

3-Month

plus

1.10%)

5.46%

07/25/23

2

1,525,267‌

1,468,276‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

07/26/83

2

185,000‌

168,628‌

SLM

Student

Loan

Trust,

Series

2008-7,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

6.21%

07/26/83

2

185,000‌

183,101‌

SLM

Student

Loan

Trust,

Series

2008-8,

Class

B

(LIBOR

USD

3-Month

plus

2.25%)

6.61%

10/25/75

2

185,000‌

176,719‌

SLM

Student

Loan

Trust,

Series

2008-9,

Class

A

(LIBOR

USD

3-Month

plus

1.50%)

5.86%

04/25/23

2

514,030‌

504,939‌

SLM

Student

Loan

Trust,

Series

2008-9,

Class

B

(LIBOR

USD

3-Month

plus

2.25%)

6.61%

10/25/83

2

1,885,000‌

1,885,705‌

SLM

Student

Loan

Trust,

Series

2009-3,

Class

A

(LIBOR

USD

1-Month

plus

0.75%)

5.14%

01/25/45

1,2

2,220,981‌

2,118,846‌

SLM

Student

Loan

Trust,

Series

2011-2,

Class

A2

(LIBOR

USD

1-Month

plus

1.20%)

5.59%

10/25/34

2

363,366‌

361,524‌

SLM

Student

Loan

Trust,

Series

2012-7,

Class

A3

(LIBOR

USD

1-Month

plus

0.65%)

5.04%

05/26/26

2

503,552‌

462,783‌

Structured

Receivables

Finance

LLC,

Series

2010-A,

Class

B

7.61%

01/16/46

1

421,403‌

423,275‌

Student

Loan

Consolidation

Center

Student

Loan

Trust

I,

Series

2002-2,

Class

B2

(28

Day

Auction

Rate

plus

0.00%)

1.61%

07/01/42

1,2

500,000‌

461,812‌

Vantage

Data

Centers

Issuer

LLC,

Series

2018-2A,

Class

A2

4.20%

11/15/43

1

2,014,250‌

1,970,778‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

3

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Velocity

Commercial

Capital

Loan

Trust,

Series

2019-1,

Class

A

3.76%

03/25/49

1,4

$

1,958,614‌

$

1,829,016‌

Total

Asset-Backed

Securities

(Cost

$50,493,151)

48,214,342‌

BANK

LOANS

—

1.26%*  

Automotive

—

0.02%

Clarios

Global

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

04/30/26

2

169,042‌

166,225‌

Communications

—

0.07%

CenturyLink,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.25%)

6.63%

03/15/27

2

23,880‌

22,722‌

Charter

Communications

Operating

LLC,

Term

Loan

B2,

1st

Lien

(LIBOR

plus

1.75%)

6.14%

02/01/27

2

96,992‌

94,859‌

CSC

Holdings

LLC,

Term

Loan

B5,

1st

Lien

(LIBOR

plus

2.50%)

6.82%

04/15/27

2

97,985‌

87,819‌

Zayo

Group

Holdings,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.00%)

7.38%

03/09/27

2

400,395‌

326,129‌

(SOFR

plus

3.25%)

8.57%

03/09/27

2

63,473‌

52,980‌

584,509‌

Consumer

Discretionary

—

0.03%

AI

Aqua

Merger

Sub,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.00%)

7.84%

-

8.63%

07/31/28

2,7

61,622‌

58,182‌

Naked

Juice,

LLC,

Term

Loan,

1st

Lien

(Luxembourg)

(SOFR

plus

3.25%)

7.93%

01/24/29

2,3

88,915‌

79,962‌

Sunshine

Luxembourg

VII

SARL,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.48%

10/01/26

2

84,714‌

81,337‌

219,481‌

Entertainment

—

0.10%

Alpha

Topco

Ltd.

-

Delta

2

(Lux)

Sarl,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.25%)

7.57%

01/15/30

2

11,946‌

11,955‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Entertainment

(continued)

Crown

Finance

U.S.,

Inc.,

Delayed-Draw

Term

Loan,

1st

Lien

(Luxembourg)

(SOFR

plus

9.00%)

14.28%

09/07/23

2

$

255,687‌

$

251,799‌

Elanco

Animal

Health,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

5.87%

08/01/27

2

621,483‌

598,078‌

861,832‌

Finance

—

0.06%

Deerfield

Dakota

Holding

LLC,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.75%)

8.07%

04/09/27

2

130,192‌

121,913‌

Mozart

Borrower,

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

10/23/28

2

99,250‌

94,496‌

Setanta

Aircraft

Leasing

DAC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.00%)

6.73%

11/05/28

2

275,000‌

274,175‌

490,584‌

Food

—

0.02%

Hostess

Brands

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.25%)

6.63%

-

6.66%

08/03/25

2

151,919‌

151,690‌

Gaming

—

0.05%

Golden

Nugget,

LLC,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.00%)

8.32%

01/26/29

2

60,108‌

57,269‌

Penn

National

Gaming,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

1.75%)

7.17%

05/03/29

2

47,243‌

46,852‌

Scientific

Games

International,

Inc.,

Term

Loan

B,

1st

Lien

(Canada)

(SOFR

plus

2.00%)

7.42%

04/13/29

2

317,654‌

314,137‌

418,258‌

Health

Care

—

0.11%

Avantor

Funding,

Inc.,

Term

Loan

B5,

1st

Lien

(LIBOR

plus

2.25%)

6.63%

11/08/27

2

255,840‌

255,041‌

Avolon

TLB

Borrower

1

U.S.

LLC,

Term

Loan

B3,

1st

Lien

(LIBOR

plus

1.75%)

6.10%

01/15/25

2

52,744‌

52,656‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

4

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Health

Care

(continued)

Bausch

&

Lomb

Corp.,

Term

Loan

B,

1st

Lien

(SOFR

plus

2.25%)

7.84%

05/10/27

2

$

73,023‌

$

69,658‌

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.00%)

6.38%

11/15/27

2

92,556‌

89,702‌

Horizon

Therapeutics

USA,

Inc.,

Term

Loan

B2,

1st

Lien

(LIBOR

plus

1.75%)

6.19%

03/15/28

2

710‌

710‌

Jazz

Financing

Lux

SARL,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

05/05/28

2

367,575‌

364,904‌

Peraton

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.13%

02/01/28

2

62,299‌

60,949‌

PetVet

Care

Centers

LLC,

Term

Loan

B3,

1st

Lien

(Luxembourg)

(LIBOR

plus

3.50%)

7.88%

02/14/25

2

35,227‌

33,215‌

926,835‌

Industrials

—

0.21%

AZZ,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.25%)

8.67%

05/11/29

2

19,174‌

19,195‌

Berry

Global,

Inc.,

Term

Loan

Z,

1st

Lien

(LIBOR

plus

1.75%)

6.02%

07/01/26

2

896,675‌

891,174‌

DIRECTV

Financing

LLC,

Term

Loan,

1st

Lien

(LIBOR

plus

5.00%)

9.38%

08/02/27

2

363,875‌

355,044‌

II-VI,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.75%)

7.13%

07/02/29

2

34,946‌

34,666‌

Ingram

Micro,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

8.23%

06/30/28

2

67,674‌

66,828‌

TransDigm,

Inc.,

Term

Loan

E,

1st

Lien

(LIBOR

plus

2.25%)

6.98%

05/30/25

2

289,045‌

286,451‌

Term

Loan

F,

1st

Lien

(LIBOR

plus

2.25%)

6.98%

12/09/25

2

39,418‌

39,014‌

1,692,372‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Information

Technology

—

0.27%

Arches

Buyer,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

12/06/27

2

$

52,343‌

$

48,597‌

AthenaHealth

Group,

Inc.,

Delayed-Draw

Term

Loan

B,

1st

Lien

(Luxembourg)

(SOFR

plus

3.50%)

7.82%

02/15/29

2,8

1,403‌

1,271‌

Term

Loan

B,

1st

Lien

(France)

(SOFR

plus

3.50%)

7.82%

02/15/29

2

32,948‌

29,830‌

Caesars

Resort

Collection

LLC,

Term

Loan

B1,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

07/21/25

2

246,227‌

245,933‌

Central

Parent,

Inc.,

Term

Loan,

1st

Lien

(Canada)

(SOFR

plus

4.50%)

9.08%

07/06/29

2

227,633‌

225,964‌

Entegris,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

3.00%)

7.32%

-

7.58%

07/06/29

2

130,000‌

129,814‌

Gainwell

Acquisition

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.73%

10/01/27

2

198,481‌

186,820‌

Mitnick

Corporate

Purchaser,

Inc.,

Term

Loan,

1st

Lien

(SOFR

plus

3.75%)

8.94%

05/02/29

2

41,396‌

38,887‌

NCR

Corp.,

Term

Loan,

1st

Lien

(LIBOR

plus

2.50%)

6.92%

08/28/26

2

197,583‌

192,397‌

NortonLifeLock,

Inc.,

Term

Loan

B,

1st

Lien

(SOFR

plus

2.00%)

6.42%

09/12/29

2

530,000‌

522,161‌

Open

Text

Corp.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

7.86%

11/16/29

2

41,268‌

40,407‌

Prime

Security

Services

Borrower

LLC,

Term

Loan

B1,

1st

Lien

(LIBOR

plus

2.75%)

6.50%

09/23/26

2

99,710‌

98,962‌

Proofpoint,

Inc.,

Term

Loan

B,

1st

Lien

(Canada)

(LIBOR

plus

3.25%)

7.98%

08/31/28

2

22,356‌

21,552‌

RealPage,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.00%)

7.38%

04/24/28

2

41,291‌

39,350‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

5

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Information

Technology

(continued)

Sophia

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

8.23%

10/07/27

2

$

88,844‌

$

85,957‌

Spin

Holdco,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.77%

03/04/28

2

228,817‌

194,151‌

Trans

Union

LLC,

Term

Loan

B5,

1st

Lien

(LIBOR

plus

1.75%)

6.13%

11/16/26

2

142,536‌

140,767‌

2,242,820‌

Insurance

—

0.05%

Acrisure

LLC,

Term

Loan

B1,

1st

Lien

(LIBOR

plus

3.50%)

7.88%

02/15/27

2

247,455‌

232,807‌

Asurion

LLC,

Term

Loan

B8,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

12/23/26

2

60,660‌

54,228‌

Asurion,

LLC,

Term

Loan

B4,

2nd

Lien

(LIBOR

plus

5.25%)

9.63%

01/20/29

2

32,925‌

25,787‌

HUB

International

Ltd.,

Term

Loan

B3,

1st

Lien

(LIBOR

plus

3.25%)

7.53%

04/25/25

2

85,658‌

85,006‌

397,828‌

Retail

—

0.19%

American

Airlines,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

4.75%)

8.99%

04/20/28

2

42,088‌

41,976‌

KFC

Holding

Co.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

6.09%

03/15/28

2

81,957‌

81,035‌

Level

3

Parent

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

6.13%

03/01/27

2

988,069‌

949,341‌

Whatabrands LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.25%)

7.63%

08/03/28

2

470,250‌

455,555‌

1,527,907‌

Services

—

0.08%

Amentum

Government

Services

Holdings

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.17%

-

8.38%

01/29/27

2

285,957‌

280,356‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Services

(continued)

Element

Materials

Technology

Group

U.S.

Holdings,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.25%)

8.80%

06/22/29

2,9

$

42,657‌

$

41,786‌

Pre-Paid

Legal

Services,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

3.75%)

8.13%

12/15/28

2

96,027‌

92,564‌

Safe

Fleet

Holdings,

LLC,

Term

Loan,

1st

Lien

(SOFR

plus

3.75%)

8.17%

02/23/29

2

27,523‌

26,680‌

Trans

Union

LLC,

Term

Loan

B6,

1st

Lien

(Luxembourg)

(LIBOR

plus

2.25%)

6.63%

12/01/28

2

58,305‌

57,831‌

TruGreen

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

4.00%)

8.38%

11/02/27

2

187,150‌

166,682‌

665,899‌

Transportation

—

0.00%

United

Airlines,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.75%)

8.11%

04/21/28

2

39,054‌

38,672‌

Total

Bank

Loans

(Cost

$10,480,523)

10,384,912‌

CORPORATES

—

32.56%*  

Automotive

—

0.10%

General

Motors

Co.

4.88%

10/02/23

845,000‌

842,626‌

Banking

—

7.01%

Bank

of

America

Corp.

1.73%

07/22/27

4

2,605,000‌

2,284,427‌

2.30%

07/21/32

4

1,420,000‌

1,094,257‌

2.57%

10/20/32

4

215,000‌

168,851‌

2.69%

04/22/32

4

250,000‌

200,352‌

3.37%

01/23/26

4

605,000‌

578,628‌

Bank

of

America

Corp.

(GMTN)

3.59%

07/21/28

4

860,000‌

792,510‌

Bank

of

America

Corp.

(MTN)

0.98%

09/25/25

4

374,000‌

345,254‌

1.92%

10/24/31

4

900,000‌

687,579‌

2.09%

06/14/29

4

2,355,000‌

1,982,270‌

2.46%

10/22/25

4

1,120,000‌

1,059,001‌

3.09%

10/01/25

4

93,000‌

89,158‌

3.97%

03/05/29

4

1,540,000‌

1,425,307‌

Bank

of

New

York

Mellon

Corp.

(The)

(MTN)

3.44%

02/07/28

4

2,110,000‌

1,984,086‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

6

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Banking

(continued)

Credit

Suisse

Group

AG

(Switzerland)

1.31%

02/02/27

1,3,4

$

3,425,000‌

$

2,731,293‌

2.88%

04/02/32

3,4

400,000‌

309,085‌

3.09%

05/14/32

1,3,4

750,000‌

521,389‌

3.87%

01/12/29

1,3,4

145,000‌

116,190‌

4.28%

01/09/28

1,3

1,715,000‌

1,433,273‌

9.02%

11/15/33

1,3,4

4,010,000‌

4,130,558‌

DNB

Bank

ASA

(Norway)

0.86%

09/30/25

1,3,4

2,485,000‌

2,285,067‌

HSBC

Holdings

PLC

(United

Kingdom)

1.59%

05/24/27

3,4

1,730,000‌

1,493,625‌

2.01%

09/22/28

3,4

2,425,000‌

2,026,580‌

2.21%

08/17/29

3,4

1,195,000‌

967,286‌

2.80%

05/24/32

3,4

435,000‌

336,570‌

2.87%

11/22/32

3,4

285,000‌

218,801‌

4.76%

06/09/28

3,4

1,240,000‌

1,175,303‌

ING

Groep

NV

(Netherlands)

4.02%

03/28/28

3,4

1,795,000‌

1,677,385‌

JPMorgan

Chase

&

Co.

0.97%

06/23/25

4

755,000‌

704,520‌

1.58%

04/22/27

4

1,035,000‌

911,755‌

3.96%

01/29/27

4

50,000‌

47,719‌

Lloyds

Banking

Group

PLC

(United

Kingdom)

3.87%

07/09/25

3,4

3,020,000‌

2,924,723‌

4.72%

08/11/26

3,4

1,365,000‌

1,335,126‌

Macquarie

Group

Ltd.

(Australia)

1.20%

10/14/25

1,3,4

1,760,000‌

1,616,293‌

1.34%

01/12/27

1,3,4

1,660,000‌

1,448,522‌

4.44%

06/21/33

1,3,4

265,000‌

230,724‌

NatWest

Group

PLC

(United

Kingdom)

4.27%

03/22/25

3,4

385,000‌

376,257‌

4.52%

06/25/24

3,4

1,165,000‌

1,154,395‌

Santander

UK

Group

Holdings

PLC

(United

Kingdom)

1.09%

03/15/25

3,4

1,575,000‌

1,475,915‌

1.53%

08/21/26

3,4

155,000‌

136,680‌

1.67%

06/14/27

3,4

435,000‌

369,419‌

2.47%

01/11/28

3,4

1,245,000‌

1,065,883‌

4.80%

11/15/24

3,4

1,730,000‌

1,701,509‌

Santander

UK

PLC

(United

Kingdom)

5.00%

11/07/23

1,3

330,000‌

331,144‌

Wells

Fargo

&

Co.

(MTN)

2.16%

02/11/26

4

305,000‌

284,570‌

2.39%

06/02/28

4

9,400,000‌

8,310,511‌

3.53%

03/24/28

4

1,140,000‌

1,057,783‌

57,597,533‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Communications

—

2.61%

AT&T,

Inc.

2.55%

12/01/33

$

2,512,000‌

$

1,937,933‌

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

2.30%

02/01/32

825,000‌

609,770‌

2.80%

04/01/31

1,825,000‌

1,423,394‌

Cox

Communications,

Inc.

2.60%

06/15/31

1

705,000‌

563,160‌

CSC

Holdings

LLC

4.50%

11/15/31

1

500,000‌

349,190‌

5.38%

02/01/28

1

275,000‌

222,153‌

6.50%

02/01/29

1

674,000‌

552,421‌

7.50%

04/01/28

1

90,000‌

61,398‌

Diamond

Sports

Group,

LLC/Diamond

Sports

Finance

Co.

5.38%

08/15/26

1

1,007,000‌

119,581‌

Fox

Corp.

3.50%

04/08/30

1,500,000‌

1,332,463‌

Global

Switch

Finance

BV

(EMTN)

(Netherlands)

1.38%

10/07/30

3

925,000‌

838,210‌

Intelsat

Jackson

Holdings

SA

(Luxembourg)

6.50%

03/15/30

1,3

2,108,000‌

1,894,407‌

Intelsat

Jackson

Holdings

SA,

Class

B

(Luxembourg)

8.50%

10/15/24

†,1,3,5,6,10,11

1,003,000‌

—‌

9.75%

07/15/25

†,1,3,5,6,10,11

585,000‌

—‌

Level

3

Financing,

Inc.

3.88%

11/15/29

1

910,000‌

719,751‌

Netflix,

Inc.

4.63%

05/15/29

720,000‌

757,124‌

Paramount

Global

4.20%

05/19/32

500,000‌

409,574‌

SES

GLOBAL

Americas

Holdings,

Inc.

5.30%

03/25/44

1

750,000‌

577,072‌

SES

SA

(Luxembourg)

3.60%

04/04/23

1,3

1,500,000‌

1,490,203‌

Sprint

LLC.

7.88%

09/15/23

65,000‌

66,052‌

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC

4.74%

03/20/25

1

660,938‌

653,460‌

5.15%

03/20/28

1

1,785,000‌

1,761,051‌

Tencent

Holdings

Ltd.

(Cayman

Islands)

2.88%

04/22/31

1,3

1,210,000‌

1,008,848‌

T-Mobile

USA,

Inc.

2.25%

02/15/26

700,000‌

637,944‌

2.55%

02/15/31

740,000‌

606,315‌

3.75%

04/15/27

2,275,000‌

2,146,782‌

3.88%

04/15/30

800,000‌

726,528‌

21,464,784‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

7

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Consumer

Discretionary

—

1.61%

Anheuser-Busch

InBev

Worldwide,

Inc.

4.38%

04/15/38

$

725,000‌

$

651,001‌

Bacardi

Ltd.

(Bermuda)

4.45%

05/15/25

1,3

1,045,000‌

1,014,902‌

BAT

Capital

Corp.

2.73%

03/25/31

555,000‌

433,164‌

3.46%

09/06/29

1,570,000‌

1,352,735‌

3.56%

08/15/27

550,000‌

501,652‌

4.39%

08/15/37

830,000‌

648,033‌

BAT

International

Finance

PLC

(United

Kingdom)

1.67%

03/25/26

3

330,000‌

292,772‌

Constellation

Brands,

Inc.

4.35%

05/09/27

95,000‌

92,639‌

4.65%

11/15/28

1,000,000‌

967,966‌

Imperial

Brands

Finance

PLC

(United

Kingdom)

3.13%

07/26/24

1,3

1,000,000‌

959,352‌

6.13%

07/27/27

1,3

385,000‌

383,358‌

JDE

Peet's

NV

(Netherlands)

0.80%

09/24/24

1,3

1,650,000‌

1,508,067‌

Reynolds

American,

Inc.

5.70%

08/15/35

940,000‌

850,906‌

WarnerMedia

Holdings,

Inc.

4.28%

03/15/32

1

4,320,000‌

3,564,168‌

13,220,715‌

Electric

—

1.95%

Alliant

Energy

Finance,

LLC

3.60%

03/01/32

1

1,625,000‌

1,404,794‌

Appalachian

Power

Co.,

Series

H

5.95%

05/15/33

350,000‌

355,796‌

Appalachian

Power

Co.,

Series

X

3.30%

06/01/27

410,000‌

384,456‌

Duke

Energy

Corp.

2.65%

09/01/26

30,000‌

27,748‌

3.10%

06/15/28

1,030,000‌

1,029,206‌

4.30%

03/15/28

1,105,000‌

1,066,307‌

EVERSOURCE

ENERGY

4.60%

07/01/27

1,295,000‌

1,279,246‌

Exelon

Corp.

2.75%

03/15/27

1

1,325,000‌

1,218,361‌

FirstEnergy

Transmission

LLC

2.87%

09/15/28

1

853,000‌

745,869‌

ITC

Holdings

Corp.

4.95%

09/22/27

1

2,190,000‌

2,165,280‌

Jersey

Central

Power

&

Light

Co.

4.70%

04/01/24

1

995,000‌

981,555‌

Metropolitan

Edison

Co.

4.00%

04/15/25

1

770,000‌

736,894‌

4.30%

01/15/29

1

550,000‌

516,619‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Electric

(continued)

NextEra

Energy

Capital

Holdings,

Inc.

4.63%

07/15/27

$

2,160,000‌

$

2,130,961‌

Public

Service

Co.

of

New

Mexico

3.85%

08/01/25

1,405,000‌

1,343,716‌

Tucson

Electric

Power

Co.

3.85%

03/15/23

595,000‌

593,082‌

15,979,890‌

Energy

—

1.25%

Boston

Gas

Co.

3.76%

03/16/32

1

2,400,000‌

2,104,476‌

Energy

Transfer

LP

3.45%

01/15/23

105,000‌

104,937‌

3.75%

05/15/30

315,000‌

278,693‌

4.00%

10/01/27

400,000‌

373,973‌

4.75%

01/15/26

130,000‌

126,833‌

4.95%

05/15/28

750,000‌

721,409‌

4.95%

06/15/28

55,000‌

53,288‌

5.50%

06/01/27

531,000‌

528,081‌

Energy

Transfer

Operating

LP

5.25%

04/15/29

1,145,000‌

1,110,523‌

Occidental

Petroleum

Corp.

0.00%

10/10/36

12

444,000‌

227,102‌

Petroleos

Mexicanos

(Mexico)

5.95%

01/28/31

3

300,000‌

228,120‌

6.35%

02/12/48

3

125,000‌

76,907‌

6.63%

06/15/35

3

1,650,000‌

1,200,841‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

3.80%

09/15/30

525,000‌

457,502‌

Rockies

Express

Pipeline

LLC

4.80%

05/15/30

1

400,000‌

354,500‌

4.95%

07/15/29

1

1,000,000‌

913,491‌

Ruby

Pipeline

LLC

8.00%

04/01/22

1,5,6,10,11

561,364‌

611,886‌

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.

6.88%

04/01/26

60,000‌

57,654‌

Venture

Global

Calcasieu

Pass

LLC

3.88%

08/15/29

1

825,000‌

723,317‌

10,253,533‌

Finance

—

6.69%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

2.45%

10/29/26

3

2,045,000‌

1,790,579‌

3.00%

10/29/28

3

1,000,000‌

840,374‌

3.30%

01/30/32

3

285,000‌

222,837‌

Air

Lease

Corp.

2.25%

01/15/23

1,000,000‌

999,062‌

3.25%

03/01/25

820,000‌

778,372‌

3.25%

10/01/29

525,000‌

448,180‌

3.63%

12/01/27

355,000‌

321,855‌

Avolon

Holdings

Funding

Ltd.

(Cayman

Islands)

2.53%

11/18/27

1,3

1,558,000‌

1,247,597‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

8

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

2.88%

02/15/25

1,3

$

1,160,000‌

$

1,072,071‌

Capital

One

Financial

Corp.

1.34%

12/06/24

4

2,090,000‌

2,002,187‌

Cboe

Global

Markets,

Inc.

3.00%

03/16/32

820,000‌

686,020‌

Citigroup,

Inc.

2.52%

11/03/32

4

3,285,000‌

2,555,829‌

2.56%

05/01/32

4

780,000‌

617,642‌

2.57%

06/03/31

4

285,000‌

231,134‌

3.52%

10/27/28

4

1,505,000‌

1,375,641‌

4.41%

03/31/31

4

985,000‌

906,812‌

Citigroup,

Inc.,

Series

VAR

3.07%

02/24/28

4

405,000‌

365,862‌

Durrah

MSN

35603

(Cayman

Islands)

1.68%

01/22/25

3

1,293,217‌

1,249,961‌

Goldman

Sachs

Group,

Inc.

(The)

0.93%

10/21/24

4

840,000‌

804,981‌

1.22%

12/06/23

2,090,000‌

2,018,097‌

2.38%

07/21/32

4

1,020,000‌

791,682‌

2.64%

02/24/28

4

2,555,000‌

2,275,264‌

2.65%

10/21/32

4

3,160,000‌

2,502,918‌

3.75%

02/25/26

20,000‌

19,275‌

JPMorgan

Chase

&

Co.

0.56%

02/16/25

4

910,000‌

858,692‌

1.05%

11/19/26

4

1,235,000‌

1,089,066‌

1.56%

12/10/25

4

2,280,000‌

2,112,174‌

1.76%

11/19/31

4

460,000‌

349,746‌

1.95%

02/04/32

4

430,000‌

329,910‌

2.60%

02/24/26

4

185,000‌

174,125‌

2.74%

10/15/30

4

3,055,000‌

2,568,402‌

2.95%

02/24/28

4

425,000‌

385,224‌

3.54%

05/01/28

4

900,000‌

829,552‌

Morgan

Stanley

2.48%

09/16/36

4

620,000‌

452,637‌

2.63%

02/18/26

4

860,000‌

808,662‌

2.94%

01/21/33

4

1,570,000‌

1,274,159‌

2.95%

05/07/32

4

415,000‌

392,787‌

Morgan

Stanley

(GMTN)

1.51%

07/20/27

4

1,710,000‌

1,486,813‌

Morgan

Stanley

(MTN)

1.16%

10/21/25

4

4,790,000‌

4,414,197‌

1.93%

04/28/32

4

340,000‌

256,100‌

Nationwide

Building

Society

(United

Kingdom)

2.97%

02/16/28

1,3,4

700,000‌

617,215‌

3.77%

03/08/24

1,3,4

1,265,000‌

1,258,156‌

4.36%

08/01/24

1,3,4

1,085,000‌

1,071,057‌

ORIX

Corp.

(Japan)

5.00%

09/13/27

3

3,040,000‌

3,037,883‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

Park

Aerospace

Holdings

Ltd.

(Cayman

Islands)

4.50%

03/15/23

1,3

$

860,000‌

$

857,942‌

5.50%

02/15/24

1,3

40,000‌

39,496‌

Safina

Ltd.

(Cayman

Islands)

2.00%

12/30/23

3

1,273,509‌

1,251,283‌

Sandalwood

2013

LLC

2.90%

07/10/25

863,251‌

840,084‌

TIAA

FSB

Holdings,

Inc.

5.75%

07/02/25

1,150,000‌

1,130,111‌

UBS

Group

AG

(Switzerland)

4.70%

08/05/27

1,3,4

1,000,000‌

968,286‌

54,977,991‌

Food

—

0.46%

JBS

USA

LUX

SA/JBS

USA

Food

Co./JBS

USA

Finance,

Inc.

(Canada)

3.00%

02/02/29

1,3

1,435,000‌

1,190,885‌

5.75%

04/01/33

1,3

750,000‌

717,244‌

JBS

USA

LUX

SA/JBS

USA

Food

Co/JBS

USA

Finance,

Inc.

(Canada)

3.00%

05/15/32

1,3

1,185,000‌

915,503‌

Kraft

Heinz

Foods

Co.

5.00%

07/15/35

103,000‌

99,173‌

5.00%

06/04/42

245,000‌

222,715‌

Pilgrim's

Pride

Corp.

5.88%

09/30/27

1

65,000‌

63,813‌

Post

Holdings,

Inc.

5.75%

03/01/27

1

600,000‌

582,000‌

3,791,333‌

Gaming

—

0.03%

Caesars

Entertainment,

Inc.

4.63%

10/15/29

1

300,000‌

244,584‌

Health

Care

—

3.70%

AbbVie,

Inc.

3.60%

05/14/25

1,152,000‌

1,117,497‌

3.85%

06/15/24

1,342,000‌

1,322,051‌

Aetna,

Inc.

2.80%

06/15/23

50,000‌

49,503‌

3.50%

11/15/24

1,250,000‌

1,215,118‌

Alcon

Finance

Corp.

2.75%

09/23/26

1

2,300,000‌

2,108,221‌

Amgen,

Inc.

3.00%

02/22/29

500,000‌

443,817‌

Bayer

U.S.

Finance

II

LLC

4.38%

12/15/28

1

2,914,000‌

2,741,288‌

5.50%

08/15/25

1

1,100,000‌

1,088,497‌

Bayer

U.S.

Finance

LLC

3.38%

10/08/24

1

1,020,000‌

987,206‌

Baylor

Scott

&

White

Holdings

2.65%

11/15/26

1,530,000‌

1,419,999‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

9

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

Becton

Dickinson

and

Co.

3.36%

06/06/24

$

589,000‌

$

575,044‌

Centene

Corp.

3.00%

10/15/30

2,000,000‌

1,644,009‌

4.25%

12/15/27

445,000‌

418,330‌

CommonSpirit

Health

2.78%

10/01/30

1,650,000‌

1,358,533‌

CVS

Health

Corp.

3.25%

08/15/29

1,085,000‌

973,007‌

DENTSPLY

SIRONA,

Inc.

3.25%

06/01/30

1,540,000‌

1,281,848‌

Fresenius

Finance

Ireland

PLC

(EMTN)

(Ireland)

0.88%

10/01/31

3

550,000‌

407,122‌

HCA,

Inc.

4.13%

06/15/29

1,145,000‌

1,047,713‌

5.25%

04/15/25

865,000‌

860,723‌

5.88%

02/15/26

2,530,000‌

2,560,082‌

5.88%

02/01/29

1,000,000‌

1,001,220‌

7.05%

12/01/27

80,000‌

83,781‌

Humana,

Inc.

3.85%

10/01/24

860,000‌

843,259‌

3.95%

03/15/27

885,000‌

849,700‌

5.88%

03/01/33

550,000‌

570,290‌

ModivCare

Escrow

Issuer,

Inc.

5.00%

10/01/29

1

700,000‌

590,323‌

Organon

&

Co./Organon

Foreign

Debt

Co.-Issuer

BV

5.13%

04/30/31

1

500,000‌

434,670‌

PerkinElmer,

Inc.

0.85%

09/15/24

2,050,000‌

1,901,796‌

Royalty

Pharma

PLC

(United

Kingdom)

2.20%

09/02/30

3

675,000‌

527,933‌

30,422,580‌

Industrials

—

1.27%

Amcor

Finance

USA,

Inc.

3.63%

04/28/26

1,950,000‌

1,850,151‌

Artera

Services

LLC

9.03%

12/04/25

1

227,000‌

190,486‌

BAE

Systems

Holdings,

Inc.

3.80%

10/07/24

1

630,000‌

614,974‌

Berry

Global,

Inc.

1.50%

01/15/27

1

690,000‌

658,789‌

1.65%

01/15/27

95,000‌

81,380‌

4.88%

07/15/26

1

1,055,000‌

1,018,128‌

Boeing

Co.

(The)

1.43%

02/04/24

1,300,000‌

1,244,498‌

Cellnex

Finance

Co.

SA

(EMTN)

(Spain)

2.00%

09/15/32

3

100,000‌

79,305‌

Crane

Holdings

Co.

4.45%

12/15/23

1,130,000‌

1,120,754‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Industrials

(continued)

General

Electric

Co.

(MTN)

(LIBOR

USD

3-Month

plus

0.38%)

4.91%

05/05/26

2

$

1,028,000‌

$

998,613‌

(LIBOR

USD

3-Month

plus

0.48%)

5.09%

08/15/36

2

1,115,000‌

921,828‌

Heathrow

Funding

Ltd.

(EMTN)

(United

Kingdom)

1.88%

03/14/34

3

725,000‌

560,649‌

L3Harris

Technologies,

Inc.

3.85%

06/15/23

410,000‌

407,281‌

Mauser

Packaging

Solutions

Holding

Co.

5.50%

04/15/24

1

65,000‌

63,336‌

Rolls-Royce

PLC

(EMTN)

(United

Kingdom)

1.63%

05/09/28

3

230,000‌

195,408‌

Sydney

Airport

Finance

Co.

Pty

Ltd.

(Australia)

3.38%

04/30/25

1,3

410,000‌

389,114‌

10,394,694‌

Information

Technology

—

0.79%

Apple,

Inc.

3.25%

02/23/26

20,000‌

19,237‌

Broadcom,

Inc.

2.60%

02/15/33

1

1,017,000‌

763,796‌

NCR

Corp.

5.13%

04/15/29

1

300,000‌

251,232‌

Open

Text

Corp.

(Canada)

6.90%

12/01/27

1,3

250,000‌

252,500‌

Oracle

Corp.

2.30%

03/25/28

1,000,000‌

867,865‌

2.88%

03/25/31

1,955,000‌

1,623,195‌

6.15%

11/09/29

1,855,000‌

1,929,514‌

VMware,

Inc.

1.00%

08/15/24

815,000‌

758,446‌

6,465,785‌

Insurance

—

1.50%

Alliant

Holdings

Intermediate

LLC/Alliant

Holdings

Co.-Issuer

6.75%

10/15/27

1

90,000‌

81,284‌

Aon

Corp.

4.50%

12/15/28

1,235,000‌

1,191,668‌

Athene

Global

Funding

1.99%

08/19/28

1

2,555,000‌

2,068,995‌

3.21%

03/08/27

1

530,000‌

473,160‌

Berkshire

Hathaway

Finance

Corp.

2.88%

03/15/32

265,000‌

230,087‌

Brown

&

Brown,

Inc.

4.20%

03/17/32

1,330,000‌

1,154,634‌

Equitable

Financial

Life

Global

Funding

1.30%

07/12/26

1

1,190,000‌

1,031,409‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

10

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Insurance

(continued)

Metropolitan

Life

Global

Funding

I

3.30%

03/21/29

1

$

1,200,000‌

$

1,078,303‌

4.30%

08/25/29

1

1,535,000‌

1,458,882‌

Nationwide

Mutual

Insurance

Co.

7.06%

12/15/24

1,4

1,212,000‌

1,209,152‌

New

York

Life

Global

Funding

3.00%

01/10/28

1

50,000‌

46,072‌

Trinity

Acquisition

PLC

(United

Kingdom)

4.40%

03/15/26

3

1,385,000‌

1,343,025‌

Willis

North

America,

Inc.

4.65%

06/15/27

1,025,000‌

992,762‌

12,359,433‌

Materials

—

0.26%

International

Flavors

&

Fragrances,

Inc.

1.23%

10/01/25

1

950,000‌

840,717‌

2.30%

11/01/30

1

1,135,000‌

903,082‌

Valvoline,

Inc.

3.63%

06/15/31

1

500,000‌

410,915‌

2,154,714‌

Real

Estate

Investment

Trust

(REIT)

—

2.52%

Annington

Funding

PLC

(EMTN)

(United

Kingdom)

2.31%

10/06/32

3

560,000‌

486,045‌

CapitaLand

Ascendas

REIT

(EMTN)

(Slovenia)

0.75%

06/23/28

3

375,000‌

314,150‌

CubeSmart

LP

2.25%

12/15/28

270,000‌

222,949‌

3.00%

02/15/30

220,000‌

183,611‌

Digital

Dutch

Finco

BV

(Netherlands)

1.25%

02/01/31

3

1,185,000‌

925,772‌

Extra

Space

Storage

LP

3.90%

04/01/29

1,650,000‌

1,483,711‌

GLP

Capital

LP/GLP

Financing

II,

Inc.

4.00%

01/15/30

30,000‌

26,288‌

5.38%

04/15/26

2,323,000‌

2,282,805‌

5.75%

06/01/28

1,465,000‌

1,443,024‌

Healthcare

Reality

Holdings

LP

3.50%

08/01/26

225,000‌

209,317‌

Healthcare

Realty

Holdings

LP

3.63%

01/15/28

911,000‌

809,401‌

3.88%

05/01/25

1,400,000‌

1,337,892‌

Host

Hotels

&

Resorts

LP,

Series

H

3.38%

12/15/29

758,000‌

635,463‌

Hudson

Pacific

Properties

LP

3.25%

01/15/30

25,000‌

19,138‌

4.65%

04/01/29

1,065,000‌

911,869‌

Invitation

Homes

Operating

Partnership

LP

2.00%

08/15/31

415,000‌

306,672‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Real

Estate

Investment

Trust

(REIT)

(continued)

Kilroy

Realty

LP

4.25%

08/15/29

$

721,000‌

$

633,856‌

Life

Storage

LP

2.20%

10/15/30

1,000,000‌

779,358‌

Physicians

Realty

LP

3.95%

01/15/28

1,198,000‌

1,098,434‌

4.30%

03/15/27

300,000‌

283,555‌

Piedmont

Operating

Partnership

LP

3.40%

06/01/23

1,210,000‌

1,198,613‌

Prologis

Euro

Finance

LLC

0.50%

02/16/32

625,000‌

475,528‌

0.63%

09/10/31

150,000‌

117,786‌

Prologis

Euro

Finance

LLC

(EMTN)

1.00%

02/08/29

380,000‌

336,061‌

Public

Storage

0.50%

09/09/30

575,000‌

464,467‌

SELP

Finance

SARL

(Luxembourg)

0.88%

05/27/29

3

555,000‌

445,938‌

VICI

Properties

LP/VICI

Note

Co.,

Inc.

3.88%

02/15/29

1

1,695,000‌

1,488,005‌

4.25%

12/01/26

1

540,000‌

504,706‌

4.50%

01/15/28

1

605,000‌

558,519‌

4.63%

06/15/25

1

60,000‌

57,569‌

Weyerhaeuser

Co.

3.38%

03/09/33

810,000‌

679,288‌

20,719,790‌

Retail

—

0.44%

1011778

BC

ULC/New

Red

Finance,

Inc.

(Canada)

4.00%

10/15/30

1,3

900,000‌

733,905‌

7-Eleven,

Inc.

0.80%

02/10/24

1

1,565,000‌

1,489,951‌

Alimentation

Couche-Tard,

Inc.

(Canada)

3.55%

07/26/27

1,3

640,000‌

589,419‌

Fertitta

Entertainment,

LLC/Fertitta

Entertainment

Finance

Co.,

Inc.

6.75%

01/15/30

1

100,000‌

81,035‌

FirstCash,

Inc.

5.63%

01/01/30

1

415,000‌

371,641‌

Michaels

Cos.,

Inc.

(The)

5.25%

05/01/28

1

405,000‌

326,323‌

3,592,274‌

Services

—

0.22%

Global

Payments,

Inc.

5.30%

08/15/29

1,240,000‌

1,204,790‌

Rent-A-Center,

Inc.

6.38%

02/15/29

1

100,000‌

81,630‌

S&P

Global,

Inc.

2.70%

03/01/29

1

500,000‌

440,442‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

11

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Services

(continued)

WASH

Multifamily

Acquisition,

Inc.

5.75%

04/15/26

1

$

100,000‌

$

94,370‌

1,821,232‌

Transportation

—

0.15%

Canadian

Pacific

Railway

Co.

(Canada)

1.35%

12/02/24

3

490,000‌

457,383‌

U.S.

Airways

Pass-Through

Trust,

Series

2011-1,

Class

A

7.13%

10/22/23

349,449‌

351,906‌

U.S.

Airways

Pass-Through

Trust,

Series

2012-1,

Class

A

5.90%

10/01/24

247,453‌

238,571‌

U.S.

Airways

Pass-Through

Trust,

Series

2012-2,

Class

A

4.63%

06/03/25

229,709‌

209,283‌

Union

Pacific

Corp.

2.80%

02/14/32

5,000‌

4,308‌

1,261,451‌

Total

Corporates

(Cost

$288,891,154)

267,564,942‌

MORTGAGE-BACKED

—

24.33%**  

Non-Agency

Commercial

Mortgage-Backed

—

3.31%

Arbor

Realty

Commercial

Real

Estate

Notes

Ltd.,

Series

2021-FL2,

Class

A

(Cayman

Islands)

(LIBOR

USD

1-Month

plus

1.10%)

5.42%

05/15/36

1,2,3

1,688,000‌

1,642,607‌

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2018-PARK,

Class

A

4.09%

08/10/38

1,4

1,095,000‌

990,870‌

BX

Commercial

Mortgage

Trust,

Series

2019-XL,

Class

A

(CME

Term

SOFR

1-Month

plus

1.03%)

5.37%

10/15/36

1,2

1,998,310‌

1,974,491‌

BX

Trust,

Series

2019-OC11,

Class

A

3.20%

12/09/41

1

375,000‌

314,743‌

BXSC

Commercial

Mortgage

Trust,

Series

2022-WSS,

Class

D

(CME

Term

SOFR

1-Month

plus

3.19%)

7.52%

03/15/35

1,2

1,550,000‌

1,478,613‌

CALI

Mortgage

Trust,

Series

2019-101C,

Class

A

3.96%

03/10/39

1

805,000‌

698,701‌

Century

Plaza

Towers,

Series

2019-CPT,

Class

A

2.87%

11/13/39

1

715,000‌

575,223‌

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC36,

Class

A5

3.62%

02/10/49

3,250,000‌

3,057,527‌

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

A4

3.31%

04/10/49

1,000,000‌

935,319‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

Commercial

Mortgage

Trust,

Series

2014-UBS2,

Class

XA

(IO)

1.06%

03/10/47

4

$

17,944,547‌

$

137,719‌

Commercial

Mortgage

Trust,

Series

2016-CR28,

Class

AHR

3.65%

02/10/49

1,596,979‌

1,514,510‌

Credit

Suisse

Mortgage

Capital

Trust,

Series

2019-ICE4,

Class

E

(LIBOR

USD

1-Month

plus

2.15%)

6.47%

05/15/36

1,2

1,825,000‌

1,768,668‌

DC

Office

Trust,

Series

2019-MTC,

Class

A

2.97%

09/15/45

1

765,000‌

610,412‌

GPMT

Ltd.,

Series

2021-FL4,

Class

AS

(Cayman

Islands)

(LIBOR

USD

1-Month

plus

1.70%)

6.06%

12/15/36

1,2,3

2,380,000‌

2,249,298‌

Hudson

Yards

Mortgage

Trust,

Series

2019-30HY,

Class

A

3.23%

07/10/39

1

760,000‌

655,213‌

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

A

2.94%

12/10/41

1,4

765,000‌

642,800‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C29,

Class

XA

(IO)

0.57%

05/15/48

4

21,098,796‌

227,070‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2019-OSB,

Class

A

3.40%

06/05/39

1

740,000‌

644,777‌

Last

Mile

Logistics

Pan

Euro

Finance

DAC,

Series

1A,

Class

A

(Ireland)

(3

month

Euribor

plus

0.75%)

2.55%

08/17/33

1,2,3

2,371,365‌

2,404,053‌

Last

Mile

Securities

PE

2021

DAC,

Series

2021-1A,

Class

A1

(Ireland)

(3

month

Euribor

plus

0.90%)

2.70%

08/17/31

1,2,3

2,172,553‌

2,232,587‌

MKT

Mortgage

Trust,

Series

2020-525M,

Class

A

2.69%

02/12/40

1

520,000‌

406,923‌

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

A

2.52%

09/15/54

1

960,000‌

791,632‌

RBS

Commercial

Funding,

Inc.,

Trust,

Series

2013-GSP,

Class

A

3.83%

01/15/32

1,4

560,000‌

539,478‌

SFAVE

Commercial

Mortgage

Securities

Trust,

Series

2015-5AVE,

Class

A2B

4.14%

01/05/43

1,4

45,000‌

30,934‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C26,

Class

XA

(IO)

1.20%

02/15/48

4

31,904,717‌

627,417‌

27,151,585‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

12

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

—

7.42%

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2005-HE2,

Class

M5

(LIBOR

USD

1-Month

plus

1.02%)

5.41%

04/25/35

2

$

2,437,321‌

$

2,338,698‌

Amresco

Residential

Securities

Corp.

Mortgage

Loan

Trust,

Series

1998-1,

Class

A5

(STEP-reset

date

02/25/23)

7.48%

10/25/27

2,545‌

2,529‌

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-HE9,

Class

M1

(LIBOR

USD

1-Month

plus

0.98%)

5.36%

12/25/34

2

332,064‌

302,240‌

Banc

of

America

Funding

Trust,

Series

2003-2,

Class

1A1

6.50%

06/25/32

3,608‌

3,523‌

Banc

of

America

Funding

Trust,

Series

2014-R6,

Class

2A11

4.28%

07/26/36

1,4

1,700,000‌

1,416,423‌

Bear

Stearns

ALT-A

Trust,

Series

2004-12,

Class

1M1

(LIBOR

USD

1-Month

plus

0.93%)

5.32%

01/25/35

2

1,723,163‌

1,669,972‌

Chevy

Chase

Mortgage

Funding

LLC,

Mortgage-Backed

Certificates,

Series

2005-2A,

Class

A1

(LIBOR

USD

1-Month

plus

0.18%)

4.57%

05/25/36

1,2

41,519‌

35,376‌

CIM

Trust,

Series

2021-R3,

Class

A1A

1.95%

06/25/57

1,4

2,490,411‌

2,207,317‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH1,

Class

M5

(LIBOR

USD

1-Month

plus

0.78%)

5.17%

01/25/36

2

1,657,999‌

1,638,288‌

Countrywide

Asset-Backed

Certificates

Trust,

Series

2005-7,

Class

MV5

(LIBOR

USD

1-Month

plus

1.13%)

5.51%

11/25/35

2

4,220,000‌

4,063,616‌

Countrywide

Home

Loan

Mortgage

Pass-Through

Trust,

Series

2004-14,

Class

4A1

3.91%

08/25/34

4

52,948‌

47,134‌

Credit

Suisse

Mortgage

Capital

Trust

Series

2022-RPL3,

Class

A1

3.65%

03/25/61

1,4

3,624,213‌

3,587,871‌

Credit

Suisse

Mortgage

Capital

Trust,

Series

2022-ATH2,

Class

A1

4.55%

05/25/67

1,4

1,893,169‌

1,817,053‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2003-CB3,

Class

AF1

(STEP-reset

date

02/25/23)

3.38%

12/25/32

483,937‌

446,785‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB2,

Class

AF4

(STEP-reset

date

02/25/23)

3.02%

12/25/36

349,361‌

267,595‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2007-CB5,

Class

A1

(LIBOR

USD

1-Month

plus

0.06%)

2.96%

04/25/37

2

99,601‌

68,603‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2007-CB5,

Class

A3

(LIBOR

USD

1-Month

plus

0.25%)

2.96%

04/25/37

2

$

1,183,516‌

$

703,241‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2004-AA3,

Class

A1

3.86%

09/25/34

4

40,448‌

36,529‌

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M1B

(SOFR30A

plus

2.40%)

6.33%

02/25/42

1,2

2,000,000‌

1,947,308‌

GCAT

Trust,

Series

2021-NQM5,

Class

A1

1.26%

07/25/66

1,4

4,330,129‌

3,424,205‌

GSAA

Home

Equity

Trust,

Series

2005-9,

Class

M2

(LIBOR

USD

1-Month

plus

0.75%)

5.14%

08/25/35

2

2,158,000‌

2,073,629‌

GSR

Mortgage

Loan

Trust,

Series

2004-9,

Class

5A7

3.36%

08/25/34

4

8,476‌

8,394‌

HarborView

Mortgage

Loan

Trust,

Series

2007-7,

Class

2A1A

(LIBOR

USD

1-Month

plus

2.00%)

5.39%

10/25/37

2

1,539,213‌

1,384,047‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2005-OPT1,

Class

M1

(LIBOR

USD

1-Month

plus

0.63%)

5.02%

11/25/35

2

138,418‌

134,838‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2004-AR7,

Class

A2

(LIBOR

USD

1-Month

plus

0.86%)

5.25%

09/25/34

2

6,913‌

5,939‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2004-AR8,

Class

2A2A

(LIBOR

USD

1-Month

plus

0.80%)

5.19%

11/25/34

2

20,235‌

17,410‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2007-AR11,

Class

1A1

2.89%

06/25/37

4

480,643‌

381,987‌

IndyMac

Manufactured

Housing

Contract

Pass-Through

Certificates,

Series

1997-1,

Class

A3

6.61%

02/25/28

29,745‌

29,368‌

IndyMac

Manufactured

Housing

Contract

Pass-Through

Certificates,

Series

1997-1,

Class

A4

6.75%

02/25/28

7,918‌

7,822‌

IndyMac

Manufactured

Housing

Contract

Pass-Through

Certificates,

Series

1998-1,

Class

A4

6.49%

09/25/28

43,445‌

44,659‌

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M2

(LIBOR

USD

1-Month

plus

0.29%)

4.68%

07/25/36

2

902,903‌

897,942‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

13

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

JPMorgan

Mortgage

Trust,

Series

2007-A3,

Class

3A2

3.28%

05/25/37

4

$

103,097‌

$

87,969‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2003-6,

Class

4A2

3.82%

01/25/34

4

23,209‌

22,149‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2007-HF2,

Class

A1

(LIBOR

USD

1-Month

plus

0.62%)

5.01%

09/25/37

2

700,156‌

672,129‌

MASTR

Seasoned

Securitization

Trust,

Series

2004-1,

Class

4A1

4.22%

10/25/32

4

4,463‌

4,278‌

MASTR

Seasoned

Securitization

Trust,

Series

2005-1,

Class

4A1

4.32%

10/25/32

4

16,404‌

15,392‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-3,

Class

A2C

(LIBOR

USD

1-Month

plus

0.36%)

4.75%

06/25/37

2

320,959‌

198,226‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-3,

Class

A2D

(LIBOR

USD

1-Month

plus

0.50%)

4.89%

06/25/37

2

593,123‌

463,319‌

Mid-State

Capital

Corp.

Trust,

Series

2005-1,

Class

M2

7.08%

01/15/40

223,589‌

222,438‌

Mid-State

Trust

XI,

Series

11,

Class

A1

4.86%

07/15/38

323,746‌

312,555‌

Morgan

Stanley

ABS

Capital

I

Trust,

Series

2004-NC7,

Class

M2

(LIBOR

USD

1-Month

plus

0.93%)

5.32%

07/25/34

2

114,628‌

107,896���

Morgan

Stanley

ABS

Capital

I,

Inc.,

Trust,

Series

2005-HE3,

Class

M5

(LIBOR

USD

1-Month

plus

1.04%)

5.42%

07/25/35

2

3,603,778‌

3,502,522‌

Nationstar

Home

Equity

Loan

Trust,

Series

2007-B,

Class

1AV1

(LIBOR

USD

1-Month

plus

0.22%)

4.61%

04/25/37

2

1,131,612‌

1,123,471‌

New

Century

Home

Equity

Loan

Trust,

Series

2005-1,

Class

M1

(LIBOR

USD

1-Month

plus

0.68%)

5.06%

03/25/35

2

1,473,713‌

1,442,107‌

New

Century

Home

Equity

Loan

Trust,

Series

2005-D,

Class

A1

(LIBOR

USD

1-Month

plus

0.44%)

4.83%

02/25/36

2

281,241‌

280,400‌

New

York

Mortgage

Trust,

Series

2005-3,

Class

A1

(LIBOR

USD

1-Month

plus

0.48%)

4.87%

02/25/36

2

341,282‌

332,847‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Option

One

Mortgage

Loan

Trust,

Series

2005-2,

Class

M1

(LIBOR

USD

1-Month

plus

0.66%)

5.05%

05/25/35

2

$

21,645‌

$

21,441‌

PRPM

LLC,

Series

2020-4,

Class

A1

(STEP-reset

date

01/25/23)

2.95%

10/25/25

1

2,330,088‌

2,255,473‌

PRPM

LLC,

Series

2021-11,

Class

A1

(STEP-reset

date

01/25/23)

2.49%

11/25/26

1

1,527,138‌

1,384,859‌

PRPM

LLC,

Series

2021-6,

Class

A1

(STEP-reset

date

01/25/23)

1.79%

07/25/26

1

1,982,538‌

1,799,724‌

PRPM

LLC,

Series

2022-3,

Class

A1

(STEP-reset

date

01/25/23)

5.56%

06/25/27

1

2,219,231‌

2,143,497‌

RBSSP

Resecuritization

Trust,

Series

2009-12,

Class

17A2

3.46%

10/25/35

1,4

1,123,118‌

1,062,746‌

Residential

Asset

Mortgage

Products

Trust,

Series

2003-SL1,

Class

A41

8.00%

04/25/31

15,413‌

13,262‌

Residential

Asset

Mortgage

Products

Trust,

Series

2004-SL1,

Class

A7

7.00%

11/25/31

6,351‌

5,446‌

Residential

Asset

Securities

Corp.,

Series

2005-AHL3,

Class

A3

(LIBOR

USD

1-Month

plus

0.34%)

5.07%

11/25/35

2

608‌

607‌

Residential

Asset

Securitization

Trust,

Series

2004-IP2,

Class

2A1

3.44%

12/25/34

4

11,587‌

9,760‌

Saxon

Asset

Securities

Trust,

Series

2007-1,

Class

A2D

(LIBOR

USD

1-Month

plus

0.24%)

4.63%

01/25/47

2

4,673,246‌

4,206,980‌

Soundview

Home

Loan

Trust,

Series

2005-OPT4,

Class

M1

(LIBOR

USD

1-Month

plus

0.69%)

5.08%

12/25/35

2

4,500,000‌

3,978,350‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2004-15,

Class

A

3.62%

10/25/34

4

624,375‌

569,815‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2005-AR1,

Class

A1

(LIBOR

USD

1-Month

plus

0.48%)

4.82%

04/19/35

2

339,203‌

306,530‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2005-AR8,

Class

A2

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

1.48%)

1.57%

02/25/36

2

232,125‌

184,512‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR3,

Class

22A1

3.13%

05/25/36

4

1,786,142‌

982,684‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

14

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

VOLT

XCIX,

LLC,

Series

2021-NPL8,

Class

A1

(STEP-reset

date

01/25/23)

2.12%

04/25/51

1

$

1,326,414‌

$

1,179,118‌

VOLT

XCVI

LLC,

Series

2021-NPL5,

Class

A1

(STEP-reset

date

01/25/23)

2.12%

03/27/51

1

750,319‌

683,888‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR13,

Class

A1A3

(LIBOR

USD

1-Month

plus

1.56%)

5.95%

10/25/45

2

399,402‌

376,538‌

60,963,269‌

U.S.

Agency

Commercial

Mortgage-Backed

—

0.35%

Fannie

Mae

Pool

AN2786

2.76%

09/01/36

47,249‌

38,586‌

Fannie

Mae

Pool

BL6060

2.46%

04/01/40

1,160,000‌

838,437‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

KJ42,

Class

A1

3.90%

07/25/29

2,039,744‌

1,995,289‌

2,872,312‌

U.S.

Agency

Mortgage-Backed

—

13.25%

Fannie

Mae

Pool

253974

7.00%

08/01/31

698‌

713‌

Fannie

Mae

Pool

527247

7.00%

09/01/26

5‌

5‌

Fannie

Mae

Pool

545191

7.00%

09/01/31

415‌

425‌

Fannie

Mae

Pool

545646

7.00%

09/01/26

4‌

4‌

Fannie

Mae

Pool

549740

6.50%

10/01/27

1,215‌

1,247‌

Fannie

Mae

Pool

630599

7.00%

05/01/32

2,110‌

2,157‌

Fannie

Mae

Pool

655928

7.00%

08/01/32

1,479‌

1,569‌

Fannie

Mae

Pool

735207

7.00%

04/01/34

640‌

660‌

Fannie

Mae

Pool

735861

6.50%

09/01/33

31,919‌

32,444‌

Fannie

Mae

Pool

764388

(LIBOR

USD

6-Month

plus

1.38%)

2.76%

03/01/34

2

6,639‌

6,477‌

Fannie

Mae

Pool

776708

5.00%

05/01/34

64,316‌

65,742‌

Fannie

Mae

Pool

844773

(LIBOR

USD

12-Month

plus

1.56%)

3.81%

12/01/35

2

2,785‌

2,737‌

Fannie

Mae

Pool

889184

5.50%

09/01/36

50,477‌

52,114‌

Fannie

Mae

Pool

890221

5.50%

12/01/33

71,554‌

73,002‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

Pool

939419

(LIBOR

USD

12-Month

plus

1.27%)

2.64%

05/01/37

2

$

19,880‌

$

19,514‌

Fannie

Mae

Pool

AL0209

4.50%

05/01/41

197,951‌

196,218‌

Fannie

Mae

Pool

CA1710

4.50%

05/01/48

8,373‌

8,202‌

Fannie

Mae

Pool

CA1711

4.50%

05/01/48

582,220‌

570,313‌

Fannie

Mae

Pool

CA2208

4.50%

08/01/48

7,504‌

7,350‌

Fannie

Mae

Pool

FM2318

3.50%

09/01/49

951,930‌

883,874‌

Fannie

Mae

Pool

FS1598

2.00%

04/01/52

3,139,322‌

2,555,535‌

Fannie

Mae

Pool

FS2646

3.00%

06/01/52

3,518,090‌

3,094,062‌

Fannie

Mae

Pool

MA1527

3.00%

08/01/33

13,353‌

12,534‌

Fannie

Mae

Pool

MA1561

3.00%

09/01/33

749,778‌

706,211‌

Fannie

Mae

Pool

MA1608

3.50%

10/01/33

645,398‌

618,569‌

Fannie

Mae

Pool

MA3427

4.00%

07/01/33

6,583‌

6,469‌

Fannie

Mae

Pool

MA3537

4.50%

12/01/48

516,156‌

505,601‌

Fannie

Mae

Pool

MA3811

3.00%

10/01/49

428,150‌

375,626‌

Fannie

Mae

Pool

MA4152

2.00%

10/01/40

2,456,740‌

2,072,646‌

Fannie

Mae

Pool

MA4333

2.00%

05/01/41

681,442‌

574,751‌

Fannie

Mae

Pool

MA4512

2.50%

01/01/52

2,177,262‌

1,849,642‌

Fannie

Mae

Pool

MA4548

2.50%

02/01/52

2,645,076‌

2,240,742‌

Fannie

Mae

REMICS,

Series

1993-80,

Class

S

(-1.22

X

LIBOR

USD

1-Month

plus

10.88%,

10.88%

Cap)

5.51%

05/25/23

2

50‌

50‌

Fannie

Mae

REMICS,

Series

2001-52,

Class

YZ

6.50%

10/25/31

77,576‌

79,840‌

Fannie

Mae

REMICS,

Series

2003-124,

Class

TS

(-14.00

X

LIBOR

USD

1-Month

plus

100.80%,

9.80%

Cap)

9.80%

01/25/34

2

2,226‌

2,231‌

Fannie

Mae

REMICS,

Series

2007-64,

Class

FA

(LIBOR

USD

1-Month

plus

0.47%)

4.86%

07/25/37

2

31,784‌

31,426‌

Fannie

Mae

REMICS,

Series

2008-50,

Class

SA

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.05%,

6.05%

Cap)

1.66%

11/25/36

2

544,558‌

41,030‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

15

/

December

2022

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

REMICS,

Series

2018-38,

Class

PA

3.50%

06/25/47

$

3,453‌

$

3,298‌

Fannie

Mae

REMICS,

Series

2018-43,

Class

CT

3.00%

06/25/48

195,617‌

174,288‌

Fannie

Mae

REMICS,

Series

2018-55,

Class

PA

3.50%

01/25/47

25,737‌

24,901‌

Fannie

Mae

REMICS,

Series

2018-86,

Class

JA

4.00%

05/25/47

148,650‌

144,546‌

Fannie

Mae

Trust,

Series

2003-W6,

Class

5T

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

8.15%,

0.55%

Cap)

0.55%

09/25/42

2

6,439,722‌

102,413‌

Freddie

Mac

Gold

Pool

A25162

5.50%

05/01/34

58,720‌

60,251‌

Freddie

Mac

Gold

Pool

A33262

5.50%

02/01/35

24,970‌

25,801‌

Freddie

Mac

Gold

Pool

A68781

5.50%

10/01/37

3,391‌

3,514‌

Freddie

Mac

Gold

Pool

C03813

3.50%

04/01/42

505,784‌

474,209‌

Freddie

Mac

Gold

Pool

G01548

7.50%

07/01/32

163,566‌

174,346‌

Freddie

Mac

Gold

Pool

G01644

5.50%

02/01/34

36,491‌

37,695‌

Freddie

Mac

Gold

Pool

G02366

6.50%

10/01/36

32,396‌

34,486‌

Freddie

Mac

Gold

Pool

G08844

5.00%

10/01/48

150,219‌

150,332‌

Freddie

Mac

Gold

Pool

G15897

2.50%

09/01/31

18,535‌

17,399‌

Freddie

Mac

Gold

Pool

G16085

2.50%

02/01/32

1,163,601‌

1,090,502‌

Freddie

Mac

Gold

Pool

G16524

3.50%

05/01/33

40,064‌

38,729‌

Freddie

Mac

Gold

Pool

G16756

3.50%

01/01/34

679,815‌

657,918‌

Freddie

Mac

Gold

Pool

G18581

2.50%

01/01/31

17,940‌

16,859‌

Freddie

Mac

Pool

SD7503

3.50%

08/01/49

2,636,427‌

2,447,943‌

Freddie

Mac

Pool

SD8199

2.00%

03/01/52

1,701,867‌

1,385,335‌

Freddie

Mac

REMICS,

Series

1602,

Class

SN

(-4.25

X

PRIME

plus

46.22%,

10.09%

Cap)

10.09%

10/15/23

2

1,054‌

1,055‌

Freddie

Mac

REMICS,

Series

2174,

Class

PN

6.00%

07/15/29

13,361‌

13,504‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Freddie

Mac

REMICS,

Series

3460,

Class

SA

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.20%,

6.20%

Cap)

1.88%

06/15/38

2

$

514,412‌

$

40,646‌

Freddie

Mac

REMICS,

Series

4030,

Class

HS

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.61%,

6.61%

Cap)

2.29%

04/15/42

2

447,494‌

45,191‌

Ginnie

Mae

(TBA)

2.50%

01/20/53

3,900,000‌

3,378,958‌

Ginnie

Mae

I

Pool

782810

4.50%

11/15/39

369,225‌

363,430‌

Ginnie

Mae

II

Pool

80968

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1-Year

plus

1.50%)

2.63%

07/20/34

2

10,068‌

9,847‌

Ginnie

Mae

II

Pool

MA4454

5.00%

05/20/47

13,784‌

13,987‌

Ginnie

Mae

II

Pool

MA4511

4.00%

06/20/47

3,464‌

3,329‌

Ginnie

Mae

II

Pool

MA4588

4.50%

07/20/47

121,233‌

120,042‌

Ginnie

Mae

II

Pool

MA4589

5.00%

07/20/47

661,022‌

671,017‌

Ginnie

Mae

II

Pool

MA4838

4.00%

11/20/47

312,324‌

300,199‌

Ginnie

Mae

II

Pool

MA4901

4.00%

12/20/47

252,330‌

242,534‌

Ginnie

Mae

II

Pool

MA5399

4.50%

08/20/48

313,250‌

307,590‌

Ginnie

Mae

II

Pool

MA5530

5.00%

10/20/48

3,714‌

3,735‌

Ginnie

Mae

II

Pool

MA6030

3.50%

07/20/49

43,589‌

39,479‌

Ginnie

Mae

II

Pool

MA6080

3.00%

08/20/49

21,281‌

18,575‌

Ginnie

Mae

II

Pool

MA6209

3.00%

10/20/49

386,362‌

337,238‌

Ginnie

Mae,

Series

2004-8,

Class

SE

(-2.00

X

LIBOR

USD

1-Month

plus

14.30%,

14.30%

Cap)

6.24%

11/26/23

2

1,485‌

1,484‌

UMBS

(TBA)

2.50%

01/01/53

5,975,000‌

5,055,878‌

3.00%

01/01/53

6,575,000‌

5,767,623‌

3.50%

01/01/53

375,000‌

340,547‌

4.00%

01/01/53

3,825,000‌

3,586,597‌

4.50%

01/01/53

31,375,000‌

30,211,784‌

5.00%

01/01/53

34,775,000‌

34,265,610‌

108,896,376‌

Total

Mortgage-Backed

(Cost

$210,632,329)

199,883,542‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

16

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

—

0.92%*  

California

—

0.14%

City

of

San

Francisco

Public

Utilities

Commission

Water

Revenue

Bonds,

Series

G

2.19%

11/01/32

$

795,000‌

$

620,289‌

Los

Angeles

Department

of

Water

&

Power

Power

System

Revenue

Bonds,

Electric

Light

&

Power

Improvements,

Series

C

5.52%

07/01/27

50,000‌

51,184‌

Los

Angeles

Unified

School

District

General

Obligation

Bonds,

School

Improvements,

Series

KR

5.75%

07/01/34

475,000‌

496,928‌

1,168,401‌

Florida

—

0.06%

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

C

4.06%

10/01/31

280,000‌

256,379‌

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

D

3.50%

10/01/31

245,000‌

214,472‌

470,851‌

Massachusetts

—

0.23%

Commonwealth

of

Massachusetts

Revenue

Bonds,

Series

B

4.11%

07/15/31

2,000,000‌

1,913,831‌

Michigan

—

0.08%

University

of

Michigan

Revenue

Bonds,

Series

C

3.48%

04/01/33

750,000‌

669,776‌

New

York

—

0.40%

City

of

New

York

General

Obligation,

Public

Improvements,

Series

2

1.70%

03/01/29

250,000‌

206,348‌

Metropolitan

Transportation

Authority

Revenue

Bonds,

Transit

Improvements

6.55%

11/15/31

25,000‌

25,453‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

School

Improvements,

Series

G-3

5.27%

05/01/27

1,465,000‌

1,479,133‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

Series

C

1.95%

03/15/29

590,000‌

482,475‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

Transit

Improvements,

Series

F

3.03%

02/15/33

1,245,000‌

1,014,561‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

University

&

College

Improvements,

Series

D

5.50%

03/15/30

70,000‌

70,816‌

3,278,786‌

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

(continued)

Pennsylvania

—

0.01%

Pennsylvania

Economic

Development

Financing

Authority

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

B

3.20%

11/15/27

$

40,000‌

$

36,249‌

Total

Municipal

Bonds

(Cost

$8,563,222)

7,537,894‌

U.S.

TREASURY

SECURITIES

—

40.21%  

U.S.

Treasury

Bonds

—

0.16%

U.S.

Treasury

Bonds

4.00%

11/15/52

305,000‌

306,763‌

U.S.

Treasury

Bonds

-

Treasury

Inflation

Indexed

Bonds

0.63%

07/15/32

13

1,146,643‌

1,050,400‌

1,357,163‌

U.S.

Treasury

Notes

—

40.05%

U.S.

Treasury

Notes

3.88%

11/30/27

77,560,000‌

77,139,896‌

3.88%

12/31/27

108,655,000‌

108,035,632‌

4.00%

12/15/25

27,950,000‌

27,775,312‌

4.13%

10/31/27

3,721,000‌

3,735,390‌

4.13%

11/15/32

34,500,000‌

35,192,695‌

4.25%

12/31/24

16,455,000‌

16,401,323‌

4.50%

11/30/24

60,805,000‌

60,816,939‌

329,097,187‌

Total

U.S.

Treasury

Securities

(Cost

$332,039,208)

330,454,350‌

Total

Bonds

—

105.15%

(Cost

$901,099,587)

864,039,982‌

Issues

Shares

Value

COMMON

STOCK

—

0.05%

Communications

—

0.05%

Intelsat

Emergence

SA

3,5,6,10

(Luxembourg)

15,249‌

369,026‌

Electric

—

0.00%

Homer

City

Holdings

LLC

†,5,6

8,014‌

—‌

Total

Common

Stock

(Cost

$968,242)

369,026‌

RIGHTS

—

0.00%

Communications

—

0.00%

Intelsat

Jackson

Holdings

SA,

Series

A

†,3,5,6,10

(Luxembourg)

1,596‌

—‌

Intelsat

Jackson

Holdings

SA,

Series

B

†,3,5,6,10

(Luxembourg)

1,596‌

—‌

—‌

Total

Rights

(Cost

$–)

—‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

17

/

December

2022

Issues

Maturity

Date

Principal

Amount

/

Shares

Value

SHORT-TERM

INVESTMENTS

—

13.73%

Money

Market

Funds

—

11.64%

Dreyfus

Government

Cash

Management

Fund

4.19%

14

40,127,000‌

$

40,127,000‌

Fidelity

Investments

Money

Market

Funds

-

Government

Portfolio

4.06%

14,15

777,206‌

777,206‌

JPMorgan

U.S.

Government

Money

Market

Fund

4.08%

14

16,179,000‌

16,179,000‌

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

4.12%

14

38,548,000‌

38,548,000‌

95,631,206‌

U.S.

Treasury

Bills

—

2.09%

U.S.

Treasury

Bills

4.53%

16

05/18/23

$

15,000,000‌

14,747,723‌

4.56%

16

05/25/23

2,500,000‌

2,455,897‌

17,203,620‌

Total

Short-Term

Investments

(Cost

$112,837,066)

112,834,826‌

Total

Investments

-

118.93%

(Cost

$1,014,904,895)

977,243,834‌

Net

unrealized

appreciation

on

unfunded

commitments

-

0.00%

267‌

Liabilities

in

Excess

of

Other

Assets

-

(18.93)%

(155,519,913‌)

Net

Assets

-

100.00%

$

821,724,188‌

1

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.

2

Floating

rate

security.

The

rate

disclosed

was

in

effect

at

December

31,

2022.

3

Foreign

denominated

security

issued

by

foreign

domiciled

entity.

4

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.

5

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

6

Illiquid

security

as

determined

under

procedures

approved

by

the

Board

of

Trustees.

The

aggregate

value

of

illiquid

securities

is

$2,811,283,

which

is

0.34%

of

total

net

assets.

7

Excluded

from

the

investment

total

above

is

an

unfunded

delayed

draw

term

loan

commitment

in

an

amount

not

to

exceed

$10,146,

at

an

interest

rate

of

8.32%

and

a

maturity

of

July

31,

2028.

The

investment

is

accruing

an

unused

commitment

fee

of

4.51%

per

annum.

8

Excluded

from

the

investment

total

above

is

an

unfunded

delayed

draw

term

loan

commitment

in

an

amount

not

to

exceed

$3,811,

at

an

interest

rate

of

7.82%

and

a

maturity

of

February

15,

2029.

The

investment

is

accruing

an

unused

commitment

fee

of

8.00%

per

annum.

9

Excluded

from

the

investment

total

above

is

an

unfunded

delayed

draw

term

loan

commitment

in

an

amount

not

to

exceed

$19,286,

at

an

interest

rate

of

8.80%

and

a

maturity

of

June

22,

2029.

The

investment

is

not

accruing

an

unused

commitment

fee.

10

Non-income producing

security.

11

Security

is

currently

in

default

with

regard

to

scheduled

interest

or

principal

payments.

12

Zero

coupon

bond.

The

rate

shown

is

the

effective

yield

as

of

December

31,

2022.

13

Inflation

protected

security.

Principal

amount

reflects

original

security

face

amount.

14

Represents

the

current

yield

as

of

December

31,

2022.

15

Securities,

or

a

portion

thereof,

pledged

as

collateral

for

swaps.

The

total

market

value

of

collateral

pledged

is

$777,206.

16

Represents

annualized

yield

at

date

of

purchase.

†

Fair

valued

security.

The

aggregate

value

of

fair

valued

securities

is

$0,

which

is

0.00%

of

total

net

assets.

Fair

valued

securities

were

not

valued

utilizing

an

independent

quote

but

were

valued

pursuant

to

guidelines

approved

by

the

Board

of

Trustees.

See

Notes

to

Financial

Statements.

*

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.

(CLO):

Collateralized

Loan

Obligation

(EMTN):

Euro

Medium-Term

Note

(EUR):

Euro

(EURIBOR):

Euro

InterBank

Offer

Rate

(GBP):

British

Pound

(GMTN):

Global

Medium-Term

Note

(IO):

Interest

Only

(LIBOR):

London

InterBank

Offer

Rate

(MTN):

Medium-Term

Note

(S&P):

Standard

&

Poor’s

(SOFR):

Secured

Overnight

Financing

Rate

(STEP):

Step

Coupon

Bond

(TBA):

To-Be-Announced

(USD):

U.S.

Dollar

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

18

Currency

to

be

Purchased

Currency

to

be

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

FOREIGN

CURRENCY

EXCHANGE

CONTRACT

EUR

580,000

USD

574,972

Goldman

Sachs

International

01/13/23

$

44,643‌

EUR

338,000

USD

331,626

Barclays

Bank

PLC

01/13/23

29,461‌

74,104‌

USD

1,090,180

EUR

1,085,000

Goldman

Sachs

International

01/13/23

(68,929‌)

USD

11,772,093

EUR

11,847,000

Bank

of

America

N.A.

01/13/23

(884,096‌)

USD

398,471

EUR

385,000

Barclays

Bank

PLC

01/13/23

(12,825‌)

USD

484,364

GBP

423,000

Citibank

N.A.

01/13/23

(24,664‌)

(990,514‌)

NET

UNREALIZED

DEPRECIATION

$

(916,410‌)

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

FUTURES

CONTRACTS:

LONG

POSITIONS

U.S.

Treasury

Two-Year

Note

1,174

03/31/23

$

240,761,720‌

$

263,345‌

$

263,345‌

U.S.

Treasury

Ten-Year

Ultra

Bond

86

03/22/23

10,172,188‌

(44,647‌)

(44,647‌)

U.S.

Treasury

Five-Year

Note

79

03/31/23

8,526,445‌

(5,627‌)

(5,627‌)

259,460,353‌

213,071‌

213,071‌

FUTURES

CONTRACTS:

SHORT

POSITIONS

U.S.

Treasury

Ultra

Bond

70

03/22/23

(9,401,875‌)

(19,655‌)

(19,655‌)

Euro-Bobl

Future

34

03/08/23

(4,200,162‌)

124,046‌

124,046‌

Euro-Bund

Future

24

03/08/23

(3,404,869‌)

202,569‌

202,569‌

(17,006,906‌)

306,960‌

306,960‌

TOTAL

FUTURES

CONTRACTS

$

242,453,447‌

$

520,031‌

$

520,031‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

19

/

December

2022

Reference

Obligation/Index

Financing

Rate

Paid

by

the

Fund

Payment

Frequency

Implied

Credit

Spread

at

12/31/22

1

Counterparty

Expiration

Date

Notional

Amount

(000's)

2

Value

3

Premiums

Paid

Unrealized

Appreciation

SWAPS:

CREDIT

DEFAULT

(SALES)

-

SINGLE

ISSUES

OTC

4

1011778

BC

ULC/New

Red

Finance,

Inc.,

4.00%,

due

10/15/30

5

5.00%

3

Months

120

Citigroup

Global

Markets,

Inc.

06/20/23

$

2,070‌

$

40,810‌

$

31,474‌

$

9,336‌

Berry

Global,

Inc.,

5.63%,

due

07/15/27

5.00%

3

Months

175

Credit

Suisse

First

Boston

International

12/20/23

1,155‌

37,707‌

34,149‌

3,558‌

TOTAL

$

78,517‌

$

65,623‌

$

12,894‌

1

An

implied

credit

spread

is

the

spread

in

yield

between

a

U.S.

Treasury

security

and

the

referenced

obligation

or

underlying

investment

that

are

identical

in

all

respects

except

for

the

quality

rating.

Implied

credit

spreads,

represented

in

absolute

terms,

utilized

in

determining

the

value

of

credit

default

swaps

on

corporate

issues

as

of

year-end

serve

as

an

indicator

of

the

current

status

of

the

payment

performance

risk

and

represent

the

likelihood

of

risk

of

default

for

the

credit

derivative.

The

implied

credit

spread

of

a

particular

referenced

entity

reflects

the

cost

of

buying/selling

protection

and

may

include

upfront

payments

required

to

be

made

to

enter

the

agreement.

Wider

credit

spreads,

in

comparison

to

narrower

credit

spreads,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

of

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

2

The

maximum

potential

amount

for

the

Fund

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

as

defined

under

the

terms

of

that

particular

swap

agreement.

3

The

quoted

market

prices

are

resulting

values

for

credit

default

swap

agreements

on

credit

indices

serve

as

an

indicator

of

the

current

status

of

the

payment/performance

risk

and

represent

the

likelihood

of

an

expected

liability

(or

profit)

for

the

credit

derivative

had

the

notional

amount

of

the

swap

agreement

been

closed/sold

as

of

year-end.

Increasing

values

(buy

protection)

or

decreasing

values

(sell

protection),

when

compared

to

the

notional

amount

of

the

swap,

represent

a

deterioration

of

the

referenced

entity's

credit

soundness

and

a

greater

likelihood

of

risk

of

default

or

other

credit

event

occurring

as

defined

under

the

terms

of

the

agreement.

4

If

the

Fund

is

a

seller

of

protection

and

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the

Fund

will

either

(i)

pay

to

the

buyer

of

protection

the

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

obligation

or

underlying

investments

comprising

the

referenced

index

or

(ii)

pay

a

net

settlement

amount

in

the

form

of

cash

or

investments

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

investments

comprising

the

referenced

index.

5

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

20

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

for

the

period 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

approved

by

the

Board

of

Trustees

for

the

period 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

approved

by

the

Board,

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

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

21

/

December

2022

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,

2022

is

as

follows:

INTERMEDIATE

BOND

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTAL

Investments

in

Securities

Assets:

Short-Term

Investments:

Money

Market

Funds

$

95,631,206‌

$

—‌

$

—‌

$

95,631,206‌

U.S.

Treasury

Bills

17,203,620‌

—‌

—‌

17,203,620‌

Long-Term

Investments:

Asset-Backed

Securities

—‌

46,383,971‌

1,830,371‌

48,214,342‌

Bank

Loans

—‌

10,384,912‌

—‌

10,384,912‌

Common

Stock

—‌

—‌

369,026‌

369,026‌

Corporates

—‌

266,953,056‌

611,886‌

267,564,942‌

Mortgage-Backed

Securities

—‌

199,883,542‌

—‌

199,883,542‌

Municipal

Bonds

—‌

7,537,894‌

—‌

7,537,894‌

Rights

—‌

—‌

—‌

—‌

U.S.

Treasury

Securities

329,403,950‌

1,050,400‌

—‌

330,454,350‌

Other

Financial

Instruments

*

Assets:

Credit

contracts

—‌

37,707‌

40,810‌

78,517‌

Foreign

currency

exchange

contracts

—‌

74,104‌

—‌

74,104‌

Interest

rate

contracts

589,960‌

—‌

—‌

589,960‌

Liabilities:

Foreign

currency

exchange

contracts

—‌

(

990,514‌

)

—‌

(

990,514‌

)

Interest

rate

contracts

(

69,929‌

)

—‌

—‌

(

69,929‌

)

Total

$

442,758,807‌

$

531,315,072‌

$

2,852,093‌

$

976,925,972‌

*Other

financial

instruments

include

foreign

currency

exchange

contracts,

futures

and

swaps.

Credit

contracts

include

swaps.

Interest

rate

contracts

include

futures.

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2022

(Unaudited)

December

2022

/

22

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,

2022

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:

COMMITMENTS

AND

CONTINGENCIES

The

Intermediate

Bond

Fund had

the

following

unfunded

commitments

and

unrealized

gain

(loss)

as

of

December

31,

2022:

INTERMEDIATE

BOND

FUND

ASSET-BACKED

SECURITIES

COMMON

STOCK

CORPORATES

CREDIT

DEFAULT

SWAPS

Balance

as

of

April

1,

2022

$

2,041,174‌

$

457,470‌

$

522,068‌

$

98,067‌

Accrued

discounts/premiums

—‌

—‌

—‌

(

51,894‌

)

Realized

gain

(loss)

—‌

—‌

—‌

—‌

Change

in

unrealized

appreciation

(depreciation)*

(

112,995‌

)

(

88,444‌

)

89,818‌

(

6,225‌

)

Purchases

—‌

—‌

—‌

862‌

Sales

(

97,808‌

)

—‌

—‌

—‌

Transfers

into

Level

3**

—‌

—‌

—‌

—‌

Transfers

out

of

Level

3**

—‌

—‌

—‌

—‌

Balance

as

of

December

31,

2022

$

1,830,371‌

$

369,026‌

$

611,886‌

$

40,810‌

*The

change

in

unrealized

appreciation

(depreciation)

on

securities

still

held

at

December

31,

2022

was

$(117,846)

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,

2022.

Significant

unobservable

valuations

inputs

for

Level

3

investments

as

of

December

31,

2022,

are

as

follows:

INTERMEDIATE

BOND

FUND

FAIR

VALUE

AT

12/31/22

VALUATION

TECHNIQUE

*

UNOBSERVABLE

INPUT

RANGE

WEIGHTED

AVERAGE

INPUT

TO

VALUATION

IF

INPUT

INCREASES

Asset-Backed

Securities

$1,830,371

Broker

Quote

Offered

Quote

$88.64

$88.64

Increase

Common

Stock

$—

Broker

Quote

Offered

Quote

$—

$—

Increase

Common

Stock

$369,026

Third-Party

Vendor

Vendor

Prices

$24.20

$24.20

Increase

Corporate

Securities

$—

Broker

Quote

Offered

Quote

$—

$—

Increase

Corporate

Securities

$611,886

Third-Party

Vendor

Vendor

Prices

$109.00

$109.00

Increase

Credit

Default

Swaps

$40,810

Broker

Quote

Offered

Quote

$1.78

$1.78

Increase

Rights

$—

Broker

Quote

Offered

Quote

$—

$—

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.

INTERMEDIATE

BOND

FUND

UNFUNDED

COMMITMENTS

MATURITY

AMOUNT

UNREALIZED

GAIN

(LOSS)

AI

Aqua

Merger

Sub,

Inc.,

Delayed-Draw

Term

Loan

B,

1st

Lien

July

2028

$

10,146‌

$

(

123‌

)

AthenaHealth

Group,

Inc.,

Delayed-Draw

Term

Loan

B,

1st

Lien

February

2029

3,811‌

(

82‌

)

Element

Materials

Technology

Group

U.S.

Holdings,

Inc.,

Delayed-Draw

Term

Loan

B,

1st

Lien

June

2029

19,286‌

472‌

Total

Unfunded

Commitments

$

33,243‌

$

267‌