Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
99.07%
ASSET-BACKED
SECURITIES
—
4.35%**
Academic
Loan
Funding
Trust,
Series
2012-1A,
Class
A2
(LIBOR
USD
1-Month
plus
1.10%)
6.25%
12/27/44
1,2
$
411,288
$
405,198
AIG
CLO
Ltd.,
Series
2019-2A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
6.86%
10/25/33
1,2,3
2,100,000
2,057,622
Allegro
CLO
VI
Ltd.,
Series
2017-2A,
Class
B
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.50%)
6.76%
01/17/31
1,2,3
1,750,000
1,710,957
Brazos
Higher
Education
Authority,
Inc.,
Series
2011-2,
Class
A3
(LIBOR
USD
3-Month
plus
1.00%)
6.26%
10/27/36
2
795,967
791,805
Cedar
Funding
XII
CLO
Ltd.,
Series
2020-12A,
Class
A1R
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.13%)
6.39%
10/25/34
1,2,3
2,000,000
1,963,912
CIT
Education
Loan
Trust,
Series
2007-1,
Class
A
(SOFR90A
plus
0.35%)
5.33%
03/25/42
1,2
143,654
138,911
CoreVest
American
Finance
Trust,
Series
2019-1,
Class
XA
(IO)
2.46%
03/15/52
1,4
550,976
11,967
Dryden
XXVI
Senior
Loan
Fund,
Series
2013-26A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
0.90%)
6.16%
04/15/29
1,2,3
1,495,997
1,483,670
Global
SC
Finance
II
SRL,
Series
2014-1A,
Class
A2
(Barbados)
3.09%
07/17/29
1,3
181,235
176,208
J.G.
Wentworth
XXX
LLC,
Series
2013-3A,
Class
A
4.08%
01/17/73
1
328,529
295,135
J.G.
Wentworth
XXXII
LLC,
Series
2014-2A,
Class
A
3.61%
01/17/73
1
587,345
506,387
LCM
XX
LP,
Series
20A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.04%)
6.29%
10/20/27
1,2,3
213,427
213,181
Navient
Student
Loan
Trust,
Series
2014-1,
Class
A3
(LIBOR
USD
1-Month
plus
0.51%)
5.66%
06/25/31
2
425,311
410,552
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
Navient
Student
Loan
Trust,
Series
2014-3,
Class
A
(LIBOR
USD
1-Month
plus
0.62%)
5.77%
03/25/83
2
$
1,212,785
$
1,181,308
Navient
Student
Loan
Trust,
Series
2014-4,
Class
A
(LIBOR
USD
1-Month
plus
0.62%)
5.77%
03/25/83
2
1,095,202
1,057,010
Navient
Student
Loan
Trust,
Series
2016-2A,
Class
A3
(LIBOR
USD
1-Month
plus
1.50%)
6.65%
06/25/65
1,2
1,353,413
1,357,200
Nelnet
Student
Loan
Trust,
Series
2014-4A,
Class
A2
(LIBOR
USD
1-Month
plus
0.95%)
6.10%
11/25/48
1,2
1,316,980
1,311,712
Neuberger
Berman
CLO
XX
Ltd.,
Series
2015-20A,
Class
ARR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.16%)
6.42%
07/15/34
1,2,3
2,140,000
2,107,793
OCP
CLO
Ltd.,
Series
2020-19A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.15%)
6.40%
10/20/34
1,2,3
1,750,000
1,721,485
Octagon
Investment
Partners
46
Ltd.,
Series
2020-2A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.16%)
6.42%
07/15/36
1,2,3
2,000,000
1,959,150
Progress
Residential
Trust,
Series
2021-SFR8,
Class
D
2.08%
10/17/38
1
1,150,000
986,134
Recette
CLO
Ltd.,
Series
2015-1A,
Class
ARR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.08%)
6.33%
04/20/34
1,2,3
1,875,000
1,837,200
Regata
XII
Funding
Ltd.,
Series
2019-1A,
Class
BR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.60%)
6.86%
10/15/32
1,2,3
2,100,000
2,055,102
Rockford
Tower
CLO
Ltd.,
Series
2019-2A,
Class
AR
(Cayman
Islands)
(LIBOR
USD
3-Month
plus
1.10%)
6.48%
08/20/32
1,2,3
2,000,000
1,968,740
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
4,5,6
1,998,494
1,759,198
SLC
Student
Loan
Trust,
Series
2004-1,
Class
B
(LIBOR
USD
3-Month
plus
0.29%)
5.61%
08/15/31
2
83,928
71,318
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
SLC
Student
Loan
Trust,
Series
2008-1,
Class
A4A
(LIBOR
USD
3-Month
plus
1.60%)
7.15%
12/15/32
2
$
151,524
$
151,337
SLM
Student
Loan
Trust,
Series
2004-2,
Class
B
(LIBOR
USD
3-Month
plus
0.47%)
5.73%
07/25/39
2
107,153
99,304
SLM
Student
Loan
Trust,
Series
2006-8,
Class
A6
(LIBOR
USD
3-Month
plus
0.16%)
5.42%
01/25/41
2
754,575
718,523
SLM
Student
Loan
Trust,
Series
2008-2,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
01/25/83
2
185,000
174,189
SLM
Student
Loan
Trust,
Series
2008-3,
Class
B
(LIBOR
USD
3-Month
plus
1.20%)
6.46%
04/26/83
2
185,000
171,385
SLM
Student
Loan
Trust,
Series
2008-4,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
04/25/73
2
185,000
176,192
SLM
Student
Loan
Trust,
Series
2008-5,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/25/73
2
2,235,000
2,180,687
SLM
Student
Loan
Trust,
Series
2008-6,
Class
A4
(LIBOR
USD
3-Month
plus
1.10%)
6.36%
07/25/23
2
1,347,835
1,325,354
SLM
Student
Loan
Trust,
Series
2008-6,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
2
185,000
175,241
SLM
Student
Loan
Trust,
Series
2008-7,
Class
B
(LIBOR
USD
3-Month
plus
1.85%)
7.11%
07/26/83
2
185,000
171,205
SLM
Student
Loan
Trust,
Series
2009-3,
Class
A
(LIBOR
USD
1-Month
plus
0.75%)
5.90%
01/25/45
1,2
2,059,613
1,984,143
SLM
Student
Loan
Trust,
Series
2011-2,
Class
A2
(LIBOR
USD
1-Month
plus
1.20%)
6.35%
10/25/34
2
325,671
324,440
SLM
Student
Loan
Trust,
Series
2012-7,
Class
A3
(LIBOR
USD
1-Month
plus
0.65%)
5.80%
05/26/26
2
468,163
443,445
Structured
Receivables
Finance
LLC,
Series
2010-A,
Class
B
7.61%
01/16/46
1
407,113
409,478
Issues
Maturity
Date
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(continued)
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
$
450,000
$
415,816
Velocity
Commercial
Capital
Loan
Trust,
Series
2019-1,
Class
A
3.76%
03/25/49
1,4
1,817,228
1,680,096
Total
Asset-Backed
Securities
(Cost
$41,693,122)
40,139,690
BANK
LOANS
—
1.19%*
Communications
—
0.09%
Charter
Communications
Operating
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.75%)
6.80%
02/01/27
2
96,491
96,028
CSC
Holdings
LLC,
Term
Loan
B5,
1st
Lien
(LIBOR
plus
2.50%)
7.69%
04/15/27
2
97,481
85,444
Frontier
Communications
Holdings
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.62%
05/01/28
2
46,524
45,209
SBA
Senior
Finance
II
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.95%
04/11/25
2
133,720
133,841
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
1st
Lien
(SOFR
plus
3.35%)
8.31%
03/31/31
2
150,000
148,928
Zayo
Group
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.19%
03/09/27
2
400,395
315,711
(SOFR
plus
4.25%)
9.35%
03/09/27
2
63,153
50,326
875,487
Consumer
Discretionary
—
0.05%
City
Brewing
Co.
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
8.32%
04/05/28
2
53,970
35,620
Hilton
Worldwide
Finance
LLC,
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.75%)
6.94%
06/22/26
2
36,228
36,241
Naked
Juice,
LLC,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
3.25%)
8.45%
-
8.59%
01/24/29
2,3
188,468
176,004
Term
Loan,
2nd
Lien
(SOFR
plus
6.10%)
11.00%
01/24/30
2
57,817
46,441
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Consumer
Discretionary
(continued)
Osmosis
Buyer
Ltd.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.90%
07/31/28
2
$
72,005
$
70,781
Sunshine
Luxembourg
VII
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
9.00%
10/01/26
2
84,282
83,967
449,054
Entertainment
—
0.10%
Alpha
Topco
Ltd.
-
Delta
2
(Lux)
Sarl,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.00%)
8.05%
01/15/30
2
11,946
11,963
Crown
Finance
U.S.,
Inc.,
Delayed-Draw
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
10.10%)
15.19%
-
15.24%
09/07/23
2,3
255,382
258,468
Elanco
Animal
Health,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
1.85%)
7.01%
08/01/27
2
618,059
607,630
William
Morris
Endeavor
Entertainment
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.95%
05/16/25
2
62,646
62,601
940,662
Finance
—
0.06%
Avolon
TLB
Borrower
1
U.S.
LLC,
Term
Loan
B6,
1st
Lien
(SOFR
plus
2.50%)
7.59%
06/22/28
2
52,744
52,781
Deerfield
Dakota
Holding
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.75%)
8.99%
04/09/27
2
129,524
126,032
Delos
Finance
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(LIBOR
plus
1.75%)
7.26%
10/06/23
2,3
47,354
47,384
Mozart
Borrower,
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.25%)
8.38%
10/23/28
2
98,750
97,731
Setanta
Aircraft
Leasing
DAC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.00%)
7.54%
11/06/28
2
275,000
275,369
599,297
Food
—
0.04%
8th
Avenue
Food &
Provisions,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.86%)
8.97%
10/01/25
2
14,712
13,598
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Food
(continued)
Froneri
U.S.,
Inc.,
Term
Loan
B2,
1st
Lien
(LIBOR
plus
2.25%)
7.44%
01/29/27
2
$
41,601
$
41,440
H-Food
Holdings
LLC,
Term
Loan,
1st
Lien
(LIBOR
plus
3.69%)
9.27%
05/23/25
2
24,318
21,475
Hostess
Brands
LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
2.25%)
7.47%
08/03/25
2
97,523
97,654
(SOFR
plus
2.50%)
7.64%
06/21/30
2
162,900
162,799
336,966
Gaming
—
0.05%
Golden
Nugget,
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.00%)
9.13%
01/26/29
2
59,806
59,139
Penn
National
Gaming,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.85%)
7.66%
05/03/29
2
47,005
46,912
Scientific
Games
International,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.10%)
8.25%
04/13/29
2,3
316,058
316,132
422,183
Health
Care
—
0.14%
Avantor
Funding,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
2.35%)
7.48%
11/08/27
2
187,019
187,175
Bausch
+
Lomb
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.59%
05/10/27
2
90,316
87,832
Genesee
&
Wyoming,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.00%)
7.24%
12/30/26
2
26,370
26,377
Horizon
Therapeutics
USA,
Inc.,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.00%)
7.06%
05/22/26
2
100,000
99,982
Term
Loan
B2,
1st
Lien
(LIBOR
plus
1.75%)
6.84%
03/15/28
2
208,577
208,224
ICON
Luxembourg
SARL,
Term
Loan,
1st
Lien
(Luxembourg)
(SOFR
plus
2.51%)
7.75%
07/03/28
2,3
84,399
84,505
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Health
Care
(continued)
Jazz
Financing
Lux
SARL,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.76%)
8.76%
05/05/28
2
$
365,505
$
365,407
Peraton
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
8.98%
02/01/28
2
184,242
181,380
PRA
Health
Sciences,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
2.51%)
7.58%
07/03/28
2
21,028
21,054
1,261,936
Industrials
—
0.16%
ASP
Blade
Holdings,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.18%
10/16/28
2
49,762
43,432
AZZ,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
8.91%
05/14/29
2
19,114
19,150
Berry
Global,
Inc.,
Term
Loan
Z,
1st
Lien
(LIBOR
plus
1.75%)
6.51%
07/01/26
2
870,227
870,236
DIRECTV
Financing
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
5.00%)
10.18%
08/02/27
2
302,707
296,610
Filtration
Group
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.36%)
9.45%
10/21/28
2
29,086
29,118
II-VI,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.86%)
7.38%
07/02/29
2
32,699
32,689
Patriot
Container
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.85%)
9.05%
03/20/25
2
14,712
13,640
TransDigm,
Inc.,
Term
Loan
I,
1st
Lien
(SOFR
plus
3.25%)
8.49%
08/24/28
2
155,548
155,639
1,460,514
Information
Technology
—
0.30%
AppLovin
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.35%)
8.45%
08/15/25
2
199,739
199,911
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Arches
Buyer,
Inc.,
Term
Loan,
1st
Lien
(SOFR
plus
3.25%)
8.48%
12/06/27
2
$
52,076
$
50,351
AthenaHealth
Group,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.25%
02/15/29
2,3,7
34,179
32,983
Central
Parent,
Inc.,
Term
Loan,
1st
Lien
(Canada)
(SOFR
plus
4.25%)
9.15%
07/06/29
2,3
226,495
226,125
Entegris,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
2.75%)
7.85%
-
7.99%
07/06/29
2
43,392
43,121
Gainwell
Acquisition
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
8.72%
10/01/27
2
197,468
194,753
IQVIA,
Inc.,
Term
Loan
B3,
1st
Lien
(LIBOR
plus
1.75%)
7.29%
06/11/25
2
98,003
98,095
MH
Sub
I
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
4.25%)
9.35%
04/25/28
2
88,833
85,347
NCR
Corp.,
Term
Loan,
1st
Lien
(LIBOR
plus
2.50%)
7.78%
08/28/26
2
196,791
196,545
NortonLifeLock,
Inc.,
Term
Loan
A,
1st
Lien
(SOFR
plus
1.75%)
7.05%
09/10/27
2
218,600
214,229
Open
Text
Corp.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.50%)
8.74%
08/24/29
2
51,471
51,761
Term
Loan,
1st
Lien
(Canada)
(LIBOR
plus
1.75%)
7.25%
05/30/25
2,3
73,475
73,587
(SOFR
plus
3.60%)
8.74%
01/31/30
2,3
92,662
93,184
Oracle
Corp.,
Term
Loan
1,
1st
Lien
(SOFR
plus
0.60%)
6.46%
08/16/27
2
556,429
553,647
Prime
Security
Services
Borrower
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
2.75%)
7.94%
09/23/26
2
99,203
99,298
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Information
Technology
(continued)
Proofpoint,
Inc.,
Term
Loan
B,
1st
Lien
(Canada)
(SOFR
plus
3.36%)
8.44%
08/31/28
2,3
$
22,243
$
21,807
RealPage,
Inc.,
Term
Loan
B,
1st
Lien
(SOFR
plus
3.11%)
8.19%
04/24/28
2
41,082
40,245
Renaissance
Holding
Corp.,
Term
Loan,
1st
Lien
(SOFR
plus
4.75%)
4.99%
04/07/30
2
77,468
76,663
Sophia
LP,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.50%)
9.04%
10/07/27
2
88,394
87,584
Spin
Holdco,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
4.00%)
9.23%
03/03/28
2
227,653
196,513
SS&C
Technologies
Holdings,
Inc.,
Term
Loan
B5,
1st
Lien
(SOFR
plus
1.75%)
6.97%
04/16/25
2
124,658
124,679
2,760,428
Insurance
—
0.05%
Acrisure
LLC,
Term
Loan
B1,
1st
Lien
(LIBOR
plus
3.50%)
8.67%
02/15/27
2
246,183
239,611
Asurion
LLC,
Term
Loan
B7,
1st
Lien
(LIBOR
plus
3.00%)
7.84%
11/03/24
2
132,245
132,277
Term
Loan
B8,
1st
Lien
(LIBOR
plus
3.25%)
8.79%
12/23/26
2
60,351
58,254
430,142
Materials
—
0.00%
Chemours
Co.
(The),
Term
Loan
B2,
1st
Lien
(SOFR
plus
1.85%)
6.98%
04/03/25
2
10,925
10,864
Retail
—
0.06%
American
Airlines,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
4.75%)
10.00%
04/20/28
2
42,088
43,042
KFC
Holding
Co.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
1.75%)
6.90%
03/15/28
2
81,540
81,000
Issues
Maturity
Date
Principal
Amount
Value
BANK
LOANS
(continued)
Retail
(continued)
Whatabrands LLC,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.36%)
8.47%
08/03/28
2
$
467,875
$
465,718
589,760
Services
—
0.09%
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.11%)
8.63%
01/29/27
2
284,006
280,456
Element
Materials
Technology
Group
U.S.
Holdings,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.59%
06/22/29
2
19,589
19,246
Term
Loan
B,
1st
Lien
(SOFR
plus
4.35%)
9.42%
06/22/29
2
42,443
41,701
Pre-Paid
Legal
Services,
Inc.,
Term
Loan,
1st
Lien
(LIBOR
plus
3.75%)
8.94%
12/15/28
2
95,544
94,379
Safe
Fleet
Holdings,
LLC,
Term
Loan,
1st
Lien
(SOFR
plus
3.85%)
8.93%
02/23/29
2
27,385
27,402
Trans
Union
LLC,
Term
Loan
B6,
1st
Lien
(Luxembourg)
(SOFR
plus
2.25%)
7.47%
12/01/28
2,3
187,378
187,153
TruGreen
LP,
Term
Loan
B,
1st
Lien
(SOFR
plus
4.10%)
9.20%
11/02/27
2
186,195
171,858
822,195
Transportation
—
0.00%
United
Airlines,
Inc.,
Term
Loan
B,
1st
Lien
(LIBOR
plus
3.75%)
8.56%
04/21/28
2
30,926
30,961
Total
Bank
Loans
(Cost
$10,990,442)
10,990,449
CORPORATES
—
29.53%*
Banking
—
6.51%
Bank
of
America
Corp.
2.30%
07/21/32
4
1,420,000
1,135,837
Bank
of
America
Corp.
(GMTN)
3.59%
07/21/28
4
860,000
801,605
Bank
of
America
Corp.
(MTN)
1.92%
10/24/31
4
1,135,000
900,651
2.09%
06/14/29
4
2,355,000
2,013,166
2.55%
02/04/28
4
160,000
144,520
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
3.09%
10/01/25
4
$
93,000
$
89,491
3.82%
01/20/28
4
605,000
572,447
3.97%
03/05/29
4
1,540,000
1,441,702
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
4
3,725,000
3,346,881
Bank
of
New
York
Mellon
Corp.
(The)
(MTN)
3.44%
02/07/28
4
2,110,000
1,987,240
DNB
Bank
ASA
(Norway)
0.86%
09/30/25
1,3,4
2,485,000
2,331,607
HSBC
Holdings
PLC
(United
Kingdom)
1.59%
05/24/27
3,4
1,730,000
1,527,710
2.01%
09/22/28
3,4
2,425,000
2,080,384
2.21%
08/17/29
3,4
1,195,000
1,001,505
2.80%
05/24/32
3,4
720,000
583,776
4.76%
06/09/28
3,4
1,240,000
1,193,351
6.33%
03/09/44
3,4
150,000
155,911
ING
Groep
NV
(Netherlands)
4.02%
03/28/28
3,4
1,795,000
1,686,247
JPMorgan
Chase
&
Co.
0.97%
06/23/25
4
755,000
716,809
1.58%
04/22/27
4
1,035,000
930,192
2.07%
06/01/29
4
30,000
25,758
4.01%
04/23/29
4
3,055,000
2,879,278
Lloyds
Banking
Group
PLC
(United
Kingdom)
3.57%
11/07/28
3,4
915,000
830,022
4.72%
08/11/26
3,4
1,036,000
1,006,383
Macquarie
Group
Ltd.
(Australia)
1.20%
10/14/25
1,3,4
1,760,000
1,651,184
1.34%
01/12/27
1,3,4
1,660,000
1,478,399
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,4
385,000
378,169
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
4
590,000
566,212
5.58%
06/12/29
4
460,000
458,167
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,4
3,460,000
3,314,084
1.67%
06/14/27
3,4
435,000
376,945
2.47%
01/11/28
3,4
1,245,000
1,088,681
Santander
UK
PLC
(United
Kingdom)
5.00%
11/07/23
1,3
330,000
328,257
U.S.
Bancorp
4.84%
02/01/34
4
500,000
468,772
5.84%
06/12/34
4
530,000
534,092
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
1,3,4
3,425,000
2,998,416
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Banking
(continued)
2.59%
09/11/25
1,3,4
$
315,000
$
300,180
2.88%
04/02/32
3,4
400,000
381,091
3.09%
05/14/32
1,3,4
880,000
712,566
3.87%
01/12/29
1,3,4
145,000
130,824
4.19%
04/01/31
1,3,4
5,345,000
4,760,151
4.28%
01/09/28
1,3
1,715,000
1,586,375
7.75%
03/01/29
3,4
525,000
635,613
Wells
Fargo
&
Co.
(MTN)
2.16%
02/11/26
4
305,000
287,367
2.39%
06/02/28
4
5,445,000
4,856,045
3.35%
03/02/33
4
2,195,000
1,882,102
3.53%
03/24/28
4
1,140,000
1,066,333
4.90%
07/25/33
4
495,000
475,078
60,097,576
Communications
—
2.23%
Cable
One,
Inc.
4.00%
11/15/30
1
1,000,000
785,000
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.30%
02/01/32
825,000
624,820
2.80%
04/01/31
1,825,000
1,473,194
Cox
Communications,
Inc.
2.60%
06/15/31
1
705,000
575,791
CSC
Holdings
LLC
4.50%
11/15/31
1
500,000
349,078
5.38%
02/01/28
1
275,000
221,375
6.50%
02/01/29
1
924,000
747,873
7.50%
04/01/28
1
90,000
51,436
Diamond
Sports
Group,
LLC/Diamond
Sports
Finance
Co.
5.38%
08/15/26
1,8,9
462,000
15,881
Fox
Corp.
3.50%
04/08/30
1,500,000
1,346,873
Frontier
Communications
Holdings
LLC
8.63%
03/15/31
1
900,000
871,549
Global
Switch
Finance
BV
(EMTN)
(Netherlands)
1.38%
10/07/30
3
925,000
839,980
Intelsat
Jackson
Holdings
SA
(Luxembourg)
6.50%
03/15/30
1,3
2,108,000
1,917,194
Intelsat
Jackson
Holdings
SA,
Class
B
(Luxembourg)
8.50%
10/15/24
†,1,3,5,6,8,9
1,003,000
—
9.75%
07/15/25
†,1,3,5,6,8,9
585,000
—
Meta
Platforms,
Inc.
4.95%
05/15/33
843,000
842,519
Netflix,
Inc.
4.63%
05/15/29
720,000
796,290
Northwest
Fiber
LLC/Northwest
Fiber
Finance
Sub,
Inc.
4.75%
04/30/27
1
95,000
84,075
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
1
750,000
558,552
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Sprint
Capital
Corp.
8.75%
03/15/32
$
745,000
$
901,243
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
4.74%
03/20/25
1
79,625
78,612
5.15%
03/20/28
1
1,695,750
1,678,307
Tencent
Holdings
Ltd.
(Cayman
Islands)
2.88%
04/22/31
1,3
1,210,000
1,029,859
T-Mobile
USA,
Inc.
2.25%
02/15/26
700,000
645,090
2.55%
02/15/31
740,000
615,327
3.75%
04/15/27
2,275,000
2,155,971
3.88%
04/15/30
800,000
737,492
VZ
Secured
Financing
BV
(Netherlands)
5.00%
01/15/32
1,3
300,000
242,572
VZ
Secured
Financing
BV,
Series
REGS
(Netherlands)
3.50%
01/15/32
3
500,000
421,795
20,607,748
Consumer
Discretionary
—
1.34%
Bacardi
Ltd.
(Bermuda)
4.45%
05/15/25
1,3
1,045,000
1,017,540
BAT
Capital
Corp.
2.73%
03/25/31
555,000
442,338
3.46%
09/06/29
1,570,000
1,361,307
3.56%
08/15/27
550,000
506,476
4.39%
08/15/37
830,000
664,588
BAT
International
Finance
PLC
(United
Kingdom)
1.67%
03/25/26
3
330,000
296,862
Imperial
Brands
Finance
PLC
(United
Kingdom)
3.13%
07/26/24
1,3
1,000,000
966,984
6.13%
07/27/27
1,3
385,000
386,308
JDE
Peet's
NV
(Netherlands)
0.80%
09/24/24
1,3
1,650,000
1,548,034
Reynolds
American,
Inc.
5.70%
08/15/35
940,000
886,774
Triton
Water
Holdings,
Inc.
6.25%
04/01/29
1
500,000
430,150
WarnerMedia
Holdings,
Inc.
4.28%
03/15/32
4,320,000
3,833,583
12,340,944
Diversified
REITs
—
1.07%
American
Tower
Corp.
0.88%
05/21/29
515,000
458,177
1.00%
01/15/32
510,000
416,694
2.30%
09/15/31
1,230,000
979,946
2.70%
04/15/31
230,000
190,954
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Diversified
REITs
(continued)
5.65%
03/15/33
$
570,000
$
581,062
CapitaLand
Ascendas
REIT
(EMTN)
(Slovenia)
0.75%
06/23/28
3
375,000
327,268
Digital
Dutch
Finco
BV
(Netherlands)
1.25%
02/01/31
3
1,185,000
966,828
Digital
Intrepid
Holding
BV
(Netherlands)
0.63%
07/15/31
3
245,000
185,960
GLP
Capital
LP/GLP
Financing
II,
Inc.
4.00%
01/15/30
30,000
26,136
4.00%
01/15/31
200,000
173,179
5.38%
04/15/26
848,000
830,882
5.75%
06/01/28
1,465,000
1,434,624
VICI
Properties
LP
4.95%
02/15/30
20,000
18,796
VICI
Properties
LP/VICI
Note
Co.,
Inc.
3.88%
02/15/29
1
1,675,000
1,471,425
4.50%
01/15/28
1
605,000
556,491
4.63%
06/15/25
1
60,000
58,084
5.75%
02/01/27
1
540,000
530,504
Weyerhaeuser
Co.
3.38%
03/09/33
810,000
697,494
9,904,504
Electric
—
2.18%
Alliant
Energy
Finance,
LLC
3.60%
03/01/32
1
1,625,000
1,420,478
Appalachian
Power
Co.,
Series
H
5.95%
05/15/33
350,000
352,897
Appalachian
Power
Co.,
Series
X
3.30%
06/01/27
410,000
383,051
Arizona
Public
Service
Co.
5.55%
08/01/33
975,000
977,529
Black
Hills
Corp.
5.95%
03/15/28
1,765,000
1,790,985
Duke
Energy
Corp.
2.65%
09/01/26
30,000
27,742
3.10%
06/15/28
1,030,000
1,061,451
4.30%
03/15/28
1,105,000
1,063,592
Eversource
Energy
4.60%
07/01/27
1,295,000
1,265,453
5.13%
05/15/33
905,000
894,456
FirstEnergy
Transmission
LLC
2.87%
09/15/28
1
853,000
751,550
ITC
Holdings
Corp.
4.95%
09/22/27
1
2,190,000
2,164,172
5.40%
06/01/33
1
1,000,000
995,809
Jersey
Central
Power
&
Light
Co.
4.70%
04/01/24
1
995,000
984,743
Metropolitan
Edison
Co.
4.00%
04/15/25
1
770,000
737,247
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
4.30%
01/15/29
1
$
550,000
$
521,616
Pennsylvania
Electric
Co.
5.15%
03/30/26
1
500,000
493,173
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
1,405,000
1,347,019
Southwestern
Electric
Power
Co.
5.30%
04/01/33
1,030,000
1,020,634
TenneT
Holding
BV
(EMTN)
(Netherlands)
4.50%
10/28/34
3
1,565,000
1,819,637
20,073,234
Energy
—
1.20%
Boston
Gas
Co.
3.76%
03/16/32
1
2,400,000
2,118,519
Enbridge,
Inc.
(Canada)
5.70%
03/08/33
3
260,000
263,662
Energy
Transfer
LP
3.75%
05/15/30
315,000
284,352
4.95%
05/15/28
750,000
727,721
Energy
Transfer
Operating
LP
5.25%
04/15/29
1,145,000
1,118,243
NiSource,
Inc.
5.40%
06/30/33
1,400,000
1,405,643
Petroleos
Mexicanos
(Mexico)
5.95%
01/28/31
3
2,452,000
1,793,149
6.35%
02/12/48
3
125,000
75,763
Piedmont
Natural
Gas
Co.,
Inc.
5.40%
06/15/33
550,000
549,132
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
3.80%
09/15/30
525,000
466,214
Rockies
Express
Pipeline
LLC
4.80%
05/15/30
1
400,000
352,000
4.95%
07/15/29
1
1,000,000
920,988
Sabine
Pass
Liquefaction
LLC
4.50%
05/15/30
292,000
277,856
Venture
Global
Calcasieu
Pass
LLC
3.88%
08/15/29
1
825,000
721,555
11,074,797
Finance
—
4.87%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
2.45%
10/29/26
3
2,045,000
1,829,109
3.00%
10/29/28
3
1,000,000
868,288
3.30%
01/30/32
3
285,000
233,120
Air
Lease
Corp.
3.25%
03/01/25
820,000
782,292
3.25%
10/01/29
525,000
456,269
3.63%
12/01/27
355,000
323,945
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
1,3
1,558,000
1,315,235
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
2.88%
02/15/25
1,3
$
1,160,000
$
1,082,769
Capital
One
Financial
Corp.
1.34%
12/06/24
4
2,090,000
2,035,536
Cboe
Global
Markets,
Inc.
3.00%
03/16/32
820,000
704,502
Citigroup,
Inc.
2.52%
11/03/32
4
3,285,000
2,644,261
2.56%
05/01/32
4
785,000
641,310
2.57%
06/03/31
4
1,305,000
1,089,362
2.98%
11/05/30
4
290,000
251,950
3.52%
10/27/28
4
1,505,000
1,398,990
Durrah
MSN
35603
(Cayman
Islands)
1.68%
01/22/25
3
1,009,588
979,964
GGAM
Finance
Ltd.
(Cayman
Islands)
8.00%
06/15/28
1,3
457,000
458,375
Goldman
Sachs
Group,
Inc.
(The)
0.93%
10/21/24
4
840,000
825,892
1.22%
12/06/23
2,090,000
2,051,727
2.38%
07/21/32
4
490,000
392,808
2.65%
10/21/32
4
2,710,000
2,209,890
3.75%
02/25/26
20,000
19,207
3.81%
04/23/29
4
2,555,000
2,375,192
Icahn
Enterprises
LP/Icahn
Enterprises
Finance
Corp.
5.25%
05/15/27
526,000
454,659
6.25%
05/15/26
300,000
273,656
Jane
Street
Group/JSG
Finance,
Inc.
4.50%
11/15/29
1
300,000
259,033
JPMorgan
Chase
&
Co.
0.56%
02/16/25
4
910,000
878,276
1.04%
02/04/27
4
1,465,000
1,306,005
1.56%
12/10/25
4
2,280,000
2,136,352
1.95%
02/04/32
4
890,000
709,424
Morgan
Stanley
1.59%
05/04/27
4
1,250,000
1,119,387
2.48%
09/16/36
4
620,000
469,445
2.63%
02/18/26
4
860,000
816,559
2.95%
05/07/32
4
415,000
409,658
Morgan
Stanley
(GMTN)
2.70%
01/22/31
4
1,570,000
1,339,159
Morgan
Stanley
(MTN)
1.16%
10/21/25
4
4,790,000
4,478,984
Nationwide
Building
Society
(United
Kingdom)
2.97%
02/16/28
1,3,4
700,000
629,417
4.36%
08/01/24
1,3,4
1,085,000
1,082,840
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
5.50%
02/15/24
1,3
40,000
39,555
Safina
Ltd.
(Cayman
Islands)
2.00%
12/30/23
3
639,971
632,477
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Sandalwood
2013
LLC
2.90%
07/10/25
$
711,289
$
692,039
TIAA
FSB
Holdings,
Inc.
5.75%
07/02/25
1,150,000
1,055,038
UBS
Group
AG
(Switzerland)
1.36%
01/30/27
1,3,4
1,000,000
876,793
Vonovia
SE
(Georgia)
1.00%
06/16/33
3
300,000
222,963
Vonovia
SE,
(EMTN)
(Georgia)
5.00%
11/23/30
3
100,000
106,698
44,958,410
Food
—
0.44%
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
3.00%
02/02/29
1,3
1,435,000
1,221,736
JBS
USA
LUX
SA/JBS
USA
Food
Co/JBS
USA
Finance,
Inc.
(Canada)
3.00%
05/15/32
1,3
1,185,000
913,013
Pilgrim's
Pride
Corp.
3.50%
03/01/32
925,000
737,822
5.88%
09/30/27
1
65,000
64,233
6.25%
07/01/33
580,000
564,968
Post
Holdings,
Inc.
5.75%
03/01/27
1
600,000
586,500
4,088,272
Health
Care
—
3.74%
AbbVie,
Inc.
3.60%
05/14/25
1,152,000
1,114,033
3.85%
06/15/24
1,342,000
1,319,842
Aetna,
Inc.
3.50%
11/15/24
1,250,000
1,211,464
Alcon
Finance
Corp.
2.75%
09/23/26
1
2,300,000
2,113,441
Amgen,
Inc.
3.00%
02/22/29
500,000
451,748
5.25%
03/02/33
4,240,000
4,246,310
Bayer
U.S.
Finance
II
LLC
4.38%
12/15/28
1
2,914,000
2,765,710
5.50%
08/15/25
1
1,100,000
1,079,043
Bayer
U.S.
Finance
LLC
3.38%
10/08/24
1
1,020,000
987,884
Baylor
Scott
&
White
Holdings
2.65%
11/15/26
1,530,000
1,411,944
Becton
Dickinson
&
Co.
3.36%
06/06/24
589,000
576,630
Centene
Corp.
3.00%
10/15/30
2,000,000
1,668,514
4.25%
12/15/27
445,000
416,480
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
CommonSpirit
Health
2.78%
10/01/30
$
1,650,000
$
1,389,576
DENTSPLY
SIRONA,
Inc.
3.25%
06/01/30
1,540,000
1,333,121
Fortrea
Holdings,
Inc.
7.50%
07/01/30
1
150,000
153,665
Fresenius
Finance
Ireland
PLC
(EMTN)
(Ireland)
0.88%
10/01/31
3
550,000
446,654
Grifols
Escrow
Issuer
SA
(Spain)
4.75%
10/15/28
1,3
1,068,000
927,701
HCA,
Inc.
4.13%
06/15/29
1,145,000
1,060,949
5.25%
04/15/25
865,000
854,432
5.88%
02/15/26
2,530,000
2,532,022
5.88%
02/01/29
1,000,000
1,004,403
7.05%
12/01/27
80,000
82,673
Humana,
Inc.
1.35%
02/03/27
955,000
832,158
3.85%
10/01/24
860,000
840,262
IQVIA,
Inc.
5.70%
05/15/28
1
1,725,000
1,710,225
Kevlar
SpA
(Italy)
6.50%
09/01/29
1,3
700,000
600,250
ModivCare
Escrow
Issuer,
Inc.
5.00%
10/01/29
1
800,000
593,056
Organon
&
Co./Organon
Foreign
Debt
Co.-Issuer
BV
5.13%
04/30/31
1
355,000
293,763
Royalty
Pharma
PLC
(United
Kingdom)
2.20%
09/02/30
3
675,000
543,362
34,561,315
Health
Care
REITs
—
0.42%
Healthcare
Reality
Holdings
LP
3.50%
08/01/26
225,000
207,128
Healthcare
Realty
Holdings
LP
3.63%
01/15/28
911,000
807,300
3.88%
05/01/25
1,255,000
1,180,130
Physicians
Realty
LP
3.95%
01/15/28
1,223,000
1,119,351
4.30%
03/15/27
590,000
556,600
3,870,509
Hotel
&
Resort
REITs
—
0.07%
Host
Hotels
&
Resorts
LP,
Series
H
3.38%
12/15/29
758,000
650,294
Industrial
REITs
—
0.16%
Prologis
Euro
Finance
LLC
0.50%
02/16/32
625,000
498,341
0.63%
09/10/31
150,000
121,928
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Industrial
REITs
(continued)
Prologis
Euro
Finance
LLC
(EMTN)
1.00%
02/08/29
$
380,000
$
345,306
SELP
Finance
SARL
(Luxembourg)
0.88%
05/27/29
3
555,000
473,699
1,439,274
Industrials
—
1.01%
Amcor
Finance
USA,
Inc.
3.63%
04/28/26
1,950,000
1,845,342
Artera
Services
LLC
9.03%
12/04/25
1
227,000
198,958
BAE
Systems
Holdings,
Inc.
3.80%
10/07/24
1
630,000
613,035
Berry
Global,
Inc.
1.50%
01/15/27
1
690,000
676,089
1.65%
01/15/27
95,000
82,018
4.88%
07/15/26
1
1,055,000
1,015,068
Boeing
Co.
(The)
1.43%
02/04/24
1,300,000
1,265,791
Cellnex
Finance
Co.
SA
(EMTN)
(Spain)
2.00%
09/15/32
3
700,000
602,700
General
Electric
Co.
(MTN)
(LIBOR
USD
3-Month
plus
0.38%)
5.71%
05/05/26
2
1,028,000
1,025,251
(LIBOR
USD
3-Month
plus
0.48%)
5.80%
08/15/36
2
1,115,000
981,843
Rolls-Royce
PLC
(EMTN)
(United
Kingdom)
1.63%
05/09/28
3
230,000
212,887
Sydney
Airport
Finance
Co.
Pty
Ltd.
(Australia)
3.38%
04/30/25
1,3
410,000
392,732
TransDigm,
Inc.
6.75%
08/15/28
1
425,000
427,937
9,339,651
Information
Technology
—
0.68%
Apple,
Inc.
3.25%
02/23/26
20,000
19,268
Broadcom,
Inc.
2.60%
02/15/33
1
1,017,000
793,484
NCR
Corp.
5.13%
04/15/29
1
300,000
266,178
Open
Text
Corp.
(Canada)
6.90%
12/01/27
1,3
250,000
254,375
Oracle
Corp.
2.30%
03/25/28
1,000,000
883,175
2.88%
03/25/31
1,955,000
1,668,211
2.95%
04/01/30
1,855,000
1,620,193
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Information
Technology
(continued)
VMware,
Inc.
1.00%
08/15/24
$
815,000
$
771,795
6,276,679
Insurance
—
1.31%
Aon
Corp.
4.50%
12/15/28
1,235,000
1,188,950
Athene
Global
Funding
1.99%
08/19/28
1
2,555,000
2,060,223
3.21%
03/08/27
1
530,000
474,870
Brown
&
Brown,
Inc.
4.20%
03/17/32
1,330,000
1,197,937
Equitable
Financial
Life
Global
Funding
1.30%
07/12/26
1
1,190,000
1,038,514
Metropolitan
Life
Global
Funding
I
3.30%
03/21/29
1
1,200,000
1,081,914
4.30%
08/25/29
1
1,535,000
1,455,772
Nationwide
Mutual
Insurance
Co.
7.84%
12/15/24
1,4
1,212,000
1,211,046
New
York
Life
Global
Funding
3.00%
01/10/28
1
50,000
46,170
Trinity
Acquisition
PLC
(United
Kingdom)
4.40%
03/15/26
3
1,385,000
1,337,387
Willis
North
America,
Inc.
4.65%
06/15/27
1,025,000
996,820
12,089,603
Materials
—
0.30%
International
Flavors
&
Fragrances,
Inc.
1.23%
10/01/25
1
950,000
847,821
1.80%
09/25/26
120,000
117,911
2.30%
11/01/30
1
1,805,000
1,431,799
Valvoline,
Inc.
3.63%
06/15/31
1
500,000
406,960
2,804,491
Office
REITs
—
0.20%
Hudson
Pacific
Properties
LP
3.25%
01/15/30
310,000
196,913
3.95%
11/01/27
145,000
105,574
4.65%
04/01/29
1,315,000
929,192
Kilroy
Realty
LP
4.25%
08/15/29
721,000
619,061
1,850,740
Real
Estate
Investment
Trust
(REIT)
—
0.17%
American
Tower
Corp.
5.25%
07/15/28
400,000
396,653
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
3.18%
07/12/29
3
100,000
101,493
Crown
Castle,
Inc.
5.10%
05/01/33
1,031,000
1,016,871
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Real
Estate
Investment
Trust
(REIT)
(continued)
Vonovia
Finance
BV
(Netherlands)
2.25%
04/07/30
3
$
100,000
$
90,024
1,605,041
Residential
REITs
—
0.19%
American
Homes
4
Rent
LP
3.63%
04/15/32
1,030,000
893,910
Invitation
Homes
Operating
Partnership
LP
2.00%
08/15/31
415,000
322,120
2.30%
11/15/28
69,000
58,855
2.70%
01/15/34
560,000��
424,864
1,699,749
Retail
—
0.33%
7-Eleven,
Inc.
0.80%
02/10/24
1
1,565,000
1,517,129
Fertitta
Entertainment,
LLC/Fertitta
Entertainment
Finance
Co.,
Inc.
6.75%
01/15/30
1
227,000
193,518
FirstCash,
Inc.
5.63%
01/01/30
1
415,000
375,338
Michaels
Cos.,
Inc.
(The)
5.25%
05/01/28
1
405,000
327,633
Tractor
Supply
Co.
5.25%
05/15/33
640,000
635,144
3,048,762
Services
—
0.16%
Global
Payments,
Inc.
4.88%
03/17/31
100,000
108,780
5.30%
08/15/29
1,240,000
1,212,379
Upbound
Group,
Inc.
6.38%
02/15/29
1
100,000
89,000
WASH
Multifamily
Acquisition,
Inc.
5.75%
04/15/26
1
100,000
93,909
1,504,068
Specialized
REITs
—
0.65%
Annington
Funding
PLC
(EMTN)
(United
Kingdom)
2.31%
10/06/32
3
560,000
496,107
Blackstone
Property
Partners
Europe
Holdings
SARL
(EMTN)
(Luxembourg)
1.00%
05/04/28
3
325,000
266,356
1.63%
04/20/30
3
235,000
180,683
1.75%
03/12/29
3
415,000
337,524
CubeSmart
LP
2.25%
12/15/28
185,000
156,340
3.00%
02/15/30
220,000
188,509
4.38%
02/15/29
673,000
631,522
Extra
Space
Storage
LP
2.55%
06/01/31
163,000
132,175
3.90%
04/01/29
1,650,000
1,505,286
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Specialized
REITs
(continued)
Life
Storage
LP
2.20%
10/15/30
$
1,000,000
$
801,227
3.88%
12/15/27
915,000
850,666
Public
Storage
0.50%
09/09/30
575,000
486,594
6,032,989
Transportation
—
0.30%
Canadian
Pacific
Railway
Co.
(Canada)
1.35%
12/02/24
3
490,000
460,728
U.S.
Airways
Pass-Through
Trust,
Series
2011-1,
Class
A
7.13%
10/22/23
321,526
322,102
U.S.
Airways
Pass-Through
Trust,
Series
2012-1,
Class
A
5.90%
10/01/24
229,661
227,365
U.S.
Airways
Pass-Through
Trust,
Series
2012-2,
Class
A
4.63%
06/03/25
218,195
207,514
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A
5.80%
01/15/36
1,500,000
1,529,275
2,746,984
Total
Corporates
(Cost
$286,556,592)
272,665,634
MORTGAGE-BACKED
—
24.21%**
Non-Agency
Commercial
Mortgage-Backed
—
2.91%
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.,
Series
2021-FL2,
Class
A
(Cayman
Islands)
(LIBOR
USD
1-Month
plus
1.10%)
6.29%
05/15/36
1,2,3
1,688,000
1,661,391
Banc
of
America
Merrill
Lynch
Commercial
Mortgage
Trust,
Series
2018-PARK,
Class
A
4.23%
08/10/38
1,4
1,095,000
962,423
BX
Commercial
Mortgage
Trust,
Series
2019-XL,
Class
A
(CME
Term
SOFR
1-Month
plus
1.03%)
6.18%
10/15/36
1,2
1,940,218
1,929,052
BX
Trust,
Series
2019-OC11,
Class
A
3.20%
12/09/41
1
375,000
321,348
BXSC
Commercial
Mortgage
Trust,
Series
2022-WSS,
Class
D
(CME
Term
SOFR
1-Month
plus
3.19%)
8.34%
03/15/35
1,2
1,550,000
1,527,129
Century
Plaza
Towers,
Series
2019-CPT,
Class
A
2.87%
11/13/39
1
715,000
575,559
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC36,
Class
A5
3.62%
02/10/49
3,250,000
3,035,935
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
12
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
Citigroup
Commercial
Mortgage
Trust,
Series
2016-GC37,
Class
A4
3.31%
04/10/49
$
1,000,000
$
931,081
Commercial
Mortgage
Trust,
Series
2014-UBS2,
Class
XA
(IO)
1.22%
03/10/47
4
17,554,669
43,492
Credit
Suisse
Mortgage
Capital
Trust,
Series
2019-ICE4,
Class
E
(LIBOR
USD
1-Month
plus
2.15%)
7.34%
05/15/36
1,2
1,820,471
1,783,538
DC
Office
Trust,
Series
2019-MTC,
Class
A
2.97%
09/15/45
1
765,000
605,984
Frost
CMBS
DAC,
Series
2021-1X,
Class
EUA
(Ireland)
(3
month
Euribor
plus
1.15%)
4.53%
11/20/33
2,3
1,341,738
1,404,118
GPMT
Ltd.,
Series
2021-FL4,
Class
AS
(Cayman
Islands)
(LIBOR
USD
1-Month
plus
1.70%)
6.85%
12/15/36
1,2,3
2,380,000
2,278,188
Hudson
Yards
Mortgage
Trust,
Series
2019-30HY,
Class
A
3.23%
07/10/39
1
760,000
654,863
Hudson
Yards
Mortgage
Trust,
Series
2019-55HY,
Class
A
3.04%
12/10/41
1,4
765,000
644,059
JPMBB
Commercial
Mortgage
Securities
Trust,
Series
2015-C29,
Class
XA
(IO)
0.69%
05/15/48
4
20,174,535
165,897
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2019-OSB,
Class
A
3.40%
06/05/39
1
740,000
640,444
Last
Mile
Logistics
Pan
Euro
Finance
DAC,
Series
1A,
Class
A
(Ireland)
(3
month
Euribor
plus
0.75%)
4.11%
08/17/33
1,2,3
2,338,773
2,444,649
Last
Mile
Securities
PE
2021
DAC,
Series
2021-1A,
Class
A1
(Ireland)
(3
month
Euribor
plus
0.90%)
4.26%
08/17/31
1,2,3
2,172,553
2,284,716
MKT
Mortgage
Trust,
Series
2020-525M,
Class
A
2.69%
02/12/40
1
520,000
388,000
One
Bryant
Park
Trust,
Series
2019-OBP,
Class
A
2.52%
09/15/54
1
960,000
779,396
RBS
Commercial
Funding,
Inc.,
Trust,
Series
2013-GSP,
Class
A
3.96%
01/15/32
1,4
560,000
535,797
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Commercial
Mortgage-Backed
(continued)
SFAVE
Commercial
Mortgage
Securities
Trust,
Series
2015-5AVE,
Class
A2B
4.14%
01/05/43
1,4
$
45,000
$
29,196
Taurus
UK
DAC,
Series
2021-UK4X,
Class
D
(Ireland)
(SONIA
plus
2.10%)
6.82%
08/17/31
2,3
656,547
768,242
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C26,
Class
XA
(IO)
1.32%
02/15/48
4
30,354,416
431,631
26,826,128
Non-Agency
Mortgage-Backed
—
6.79%
ACE
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2005-HE2,
Class
M5
(LIBOR
USD
1-Month
plus
1.02%)
6.17%
04/25/35
2
2,108,345
2,043,526
Argent
Securities,
Inc.,
Asset-Backed
Pass-Through
Certificates,
Series
2005-W3,
Class
M1
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
11/25/35
2
4,914,316
4,723,664
Asset-Backed
Securities
Corp.
Home
Equity
Loan
Trust,
Series
2004-HE9,
Class
M1
(LIBOR
USD
1-Month
plus
0.98%)
6.13%
12/25/34
2
317,259
289,802
Banc
of
America
Funding
Trust,
Series
2003-2,
Class
1A1
6.50%
06/25/32
3,488
3,423
Banc
of
America
Funding
Trust,
Series
2014-R6,
Class
2A11
5.40%
07/26/36
1,4
1,700,000
1,361,196
Bear
Stearns
ALT-A
Trust,
Series
2004-12,
Class
1M1
(LIBOR
USD
1-Month
plus
0.93%)
6.08%
01/25/35
2
1,420,815
1,407,609
Chevy
Chase
Mortgage
Funding
LLC,
Mortgage-Backed
Certificates,
Series
2005-2A,
Class
A1
(LIBOR
USD
1-Month
plus
0.18%)
5.33%
05/25/36
1,2
36,892
32,933
CIM
Trust,
Series
2021-R3,
Class
A1A
1.95%
06/25/57
1,4
2,277,580
1,957,173
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2006-WFH1,
Class
M5
(LIBOR
USD
1-Month
plus
0.78%)
5.93%
01/25/36
2
1,217,923
1,208,131
Countrywide
Asset-Backed
Certificates
Trust,
Series
2005-7,
Class
MV5
(LIBOR
USD
1-Month
plus
1.13%)
6.28%
11/25/35
2
4,216,171
4,099,992
Countrywide
Home
Loan
Mortgage
Pass-Through
Trust,
Series
2004-14,
Class
4A1
3.91%
08/25/34
4
51,341
46,268
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
13
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Credit
Suisse
Mortgage
Capital
Trust
Series
2022-RPL3,
Class
A1
3.71%
03/25/61
1,4
$
3,956,121
$
3,805,177
Credit
Suisse
Mortgage
Capital
Trust,
Series
2022-ATH2,
Class
A1
4.55%
05/25/67
1,4
1,810,564
1,733,974
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2003-CB3,
Class
AF1
(STEP-reset
date
08/25/23)
3.38%
12/25/32
438,417
404,895
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2006-CB2,
Class
AF4
(STEP-reset
date
08/25/23)
3.04%
12/25/36
342,331
270,574
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB5,
Class
A1
(LIBOR
USD
1-Month
plus
0.06%)
3.00%
04/25/37
2
97,642
59,573
Credit-Based
Asset
Servicing
and
Securitization
LLC,
Series
2007-CB5,
Class
A3
(LIBOR
USD
1-Month
plus
0.25%)
3.00%
04/25/37
2
1,160,242
694,933
Fannie
Mae
Connecticut
Avenue
Securities,
Series
2022-R01,
Class
1M1
(SOFR30A
plus
1.00%)
6.07%
12/25/41
1,2
1,008,099
996,861
First
Horizon
Alternative
Mortgage
Securities
Trust,
Series
2004-AA3,
Class
A1
5.18%
09/25/34
4
35,779
32,623
Freddie
Mac
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA2,
Class
M1B
(SOFR30A
plus
2.40%)
7.47%
02/25/42
1,2
2,480,000
2,450,149
GCAT
Trust,
Series
2021-NQM5,
Class
A1
1.26%
07/25/66
1,4
4,133,057
3,243,226
GSAA
Home
Equity
Trust,
Series
2005-9,
Class
M2
(LIBOR
USD
1-Month
plus
0.75%)
5.90%
08/25/35
2
2,158,000
2,114,311
GSR
Mortgage
Loan
Trust,
Series
2004-9,
Class
5A7
4.57%
08/25/34
4
7,731
7,685
HarborView
Mortgage
Loan
Trust,
Series
2007-7,
Class
2A1A
(LIBOR
USD
1-Month
plus
2.00%)
6.15%
10/25/37
2
1,440,314
1,331,231
HSI
Asset
Securitization
Corp.
Trust,
Series
2005-OPT1,
Class
M1
(LIBOR
USD
1-Month
plus
0.63%)
5.78%
11/25/35
2
121,994
118,488
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR7,
Class
A2
(LIBOR
USD
1-Month
plus
0.86%)
6.01%
09/25/34
2
6,857
6,047
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
IndyMac
Index
Mortgage
Loan
Trust,
Series
2004-AR8,
Class
2A2A
(LIBOR
USD
1-Month
plus
0.80%)
5.95%
11/25/34
2
$
19,955
$
17,894
IndyMac
Index
Mortgage
Loan
Trust,
Series
2007-AR11,
Class
1A1
3.10%
06/25/37
4
467,254
389,800
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A3
6.61%
02/25/28
17,983
17,815
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1997-1,
Class
A4
6.75%
02/25/28
4,787
4,744
IndyMac
Manufactured
Housing
Contract
Pass-Through
Certificates,
Series
1998-1,
Class
A4
6.49%
09/25/28
38,468
38,343
JPMorgan
Mortgage
Acquisition
Trust,
Series
2006-CH1,
Class
M2
(LIBOR
USD
1-Month
plus
0.29%)
5.44%
07/25/36
2
502,328
500,213
JPMorgan
Mortgage
Trust,
Series
2007-A3,
Class
3A2
4.20%
05/25/37
4
99,169
85,218
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2003-6,
Class
4A2
3.81%
01/25/34
4
22,559
21,600
MASTR
Adjustable
Rate
Mortgages
Trust,
Series
2007-HF2,
Class
A1
(LIBOR
USD
1-Month
plus
0.62%)
5.77%
09/25/37
2
465,983
452,430
MASTR
Seasoned
Securitization
Trust,
Series
2004-1,
Class
4A1
4.22%
10/25/32
4
4,252
4,120
MASTR
Seasoned
Securitization
Trust,
Series
2005-1,
Class
4A1
4.32%
10/25/32
4
15,716
14,876
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-3,
Class
A2C
(LIBOR
USD
1-Month
plus
0.36%)
5.51%
06/25/37
2
309,919
284,087
Merrill
Lynch
First
Franklin
Mortgage
Loan
Trust,
Series
2007-3,
Class
A2D
(LIBOR
USD
1-Month
plus
0.50%)
5.65%
06/25/37
2
572,721
526,985
Mid-State
Trust
XI,
Series
11,
Class
A1
4.86%
07/15/38
279,416
270,124
Morgan
Stanley
ABS
Capital
I
Trust,
Series
2004-NC7,
Class
M2
(LIBOR
USD
1-Month
plus
0.93%)
6.08%
07/25/34
2
110,978
106,555
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
14
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Morgan
Stanley
ABS
Capital
I,
Inc.,
Trust,
Series
2005-HE3,
Class
M5
(LIBOR
USD
1-Month
plus
1.04%)
6.19%
07/25/35
2
$
3,347,562
$
3,223,758
Nationstar
Home
Equity
Loan
Trust,
Series
2007-B,
Class
1AV1
(LIBOR
USD
1-Month
plus
0.22%)
5.37%
04/25/37
2
890,463
884,248
New
Century
Home
Equity
Loan
Trust,
Series
2005-1,
Class
M1
(LIBOR
USD
1-Month
plus
0.68%)
5.83%
03/25/35
2
1,194,173
1,178,036
New
York
Mortgage
Trust,
Series
2005-3,
Class
A1
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
02/25/36
2
293,531
287,501
Option
One
Mortgage
Loan
Trust,
Series
2005-2,
Class
M1
(LIBOR
USD
1-Month
plus
0.66%)
5.81%
05/25/35
2
7,205
7,174
PRPM
LLC,
Series
2020-4,
Class
A1
(STEP-reset
date
07/25/23)
2.95%
10/25/25
1
2,167,006
2,139,455
PRPM
LLC,
Series
2021-11,
Class
A1
(STEP-reset
date
07/25/23)
2.49%
11/25/26
1
1,370,942
1,282,189
PRPM
LLC,
Series
2021-6,
Class
A1
(STEP-reset
date
07/25/23)
1.79%
07/25/26
1
1,806,369
1,646,790
PRPM
LLC,
Series
2022-3,
Class
A1
(STEP-reset
date
07/25/23)
5.56%
06/25/27
1
2,142,224
2,092,018
RBSSP
Resecuritization
Trust,
Series
2009-12,
Class
17A2
3.41%
10/25/35
1,4
909,530
871,303
Residential
Asset
Mortgage
Products
Trust,
Series
2003-SL1,
Class
A41
8.00%
04/25/31
15,201
13,119
Residential
Asset
Mortgage
Products
Trust,
Series
2004-SL1,
Class
A7
7.00%
11/25/31
5,939
5,096
Residential
Asset
Securitization
Trust,
Series
2004-IP2,
Class
2A1
3.52%
12/25/34
4
11,374
9,668
Saxon
Asset
Securities
Trust,
Series
2007-1,
Class
A2D
(LIBOR
USD
1-Month
plus
0.24%)
5.39%
01/25/47
2
4,453,151
4,035,688
Soundview
Home
Loan
Trust,
Series
2005-OPT4,
Class
M1
(LIBOR
USD
1-Month
plus
0.69%)
5.84%
12/25/35
2
4,500,000
3,961,002
Structured
Adjustable
Rate
Mortgage
Loan
Trust,
Series
2004-15,
Class
A
4.51%
10/25/34
4
535,161
497,681
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
Non-Agency
Mortgage-Backed
(continued)
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR1,
Class
A1
(LIBOR
USD
1-Month
plus
0.48%)
5.63%
04/19/35
2
$
316,759
$
286,691
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2005-AR8,
Class
A2
(Federal
Reserve
US
12-Month
Cumulative
Average
plus
1.48%)
3.91%
02/25/36
2
220,826
191,065
Structured
Asset
Mortgage
Investments
II
Trust,
Series
2006-AR3,
Class
22A1
3.68%
05/25/36
4
1,688,446
925,373
VOLT
XCIX,
LLC,
Series
2021-NPL8,
Class
A1
(STEP-reset
date
07/25/23)
2.12%
04/25/51
1
1,143,937
1,043,296
VOLT
XCVI
LLC,
Series
2021-NPL5,
Class
A1
(STEP-reset
date
07/25/23)
2.12%
03/27/51
1
620,335
583,539
WaMu
Mortgage
Pass-Through
Certificates,
Series
2005-AR13,
Class
A1A3
(LIBOR
USD
1-Month
plus
1.56%)
6.71%
10/25/45
2
368,172
354,638
62,697,596
U.S.
Agency
Commercial
Mortgage-Backed
—
0.31%
Fannie
Mae
Pool
AN2786
2.76%
09/01/36
46,787
39,218
Fannie
Mae
Pool
BL6060
2.46%
04/01/40
1,160,000
833,103
Freddie
Mac
Multifamily
Structured
Pass-Through
Certificates,
Series
KJ42,
Class
A1
3.90%
07/25/29
2,028,752
1,969,776
2,842,097
U.S.
Agency
Mortgage-Backed
—
14.20%
Fannie
Mae
Pool
253974
7.00%
08/01/31
644
652
Fannie
Mae
Pool
527247
7.00%
09/01/26
4
4
Fannie
Mae
Pool
545191
7.00%
09/01/31
393
398
Fannie
Mae
Pool
545646
7.00%
09/01/26
3
3
Fannie
Mae
Pool
549740
6.50%
10/01/27
1,062
1,086
Fannie
Mae
Pool
630599
7.00%
05/01/32
1,969
1,987
Fannie
Mae
Pool
655928
7.00%
08/01/32
1,358
1,418
Fannie
Mae
Pool
735207
7.00%
04/01/34
610
622
Fannie
Mae
Pool
735861
6.50%
09/01/33
27,725
28,015
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
15
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
Pool
764388
(LIBOR
USD
6-Month
plus
1.38%)
3.76%
03/01/34
2
$
6,402
$
6,242
Fannie
Mae
Pool
776708
5.00%
05/01/34
59,348
59,808
Fannie
Mae
Pool
844773
(LIBOR
USD
12-Month
plus
1.56%)
3.81%
12/01/35
2
2,686
2,630
Fannie
Mae
Pool
889184
5.50%
09/01/36
45,987
47,083
Fannie
Mae
Pool
890221
5.50%
12/01/33
65,529
66,475
Fannie
Mae
Pool
939419
(LIBOR
USD
12-Month
plus
1.27%)
4.64%
05/01/37
2
19,371
18,804
Fannie
Mae
Pool
AL0209
4.50%
05/01/41
183,959
180,834
Fannie
Mae
Pool
CA1710
4.50%
05/01/48
7,888
7,702
Fannie
Mae
Pool
CA1711
4.50%
05/01/48
549,267
536,305
Fannie
Mae
Pool
CA2208
4.50%
08/01/48
7,184
7,015
Fannie
Mae
Pool
FM2318
3.50%
09/01/49
911,670
841,661
Fannie
Mae
Pool
FS1598
2.00%
04/01/52
3,070,427
2,502,541
Fannie
Mae
Pool
FS2646
3.00%
06/01/52
3,444,048
3,038,149
Fannie
Mae
Pool
MA1527
3.00%
08/01/33
12,305
11,530
Fannie
Mae
Pool
MA1561
3.00%
09/01/33
687,432
644,121
Fannie
Mae
Pool
MA1608
3.50%
10/01/33
597,210
570,006
Fannie
Mae
Pool
MA3427
4.00%
07/01/33
5,832
5,652
Fannie
Mae
Pool
MA3537
4.50%
12/01/48
486,688
475,203
Fannie
Mae
Pool
MA3811
3.00%
10/01/49
420,482
367,786
Fannie
Mae
Pool
MA4152
2.00%
10/01/40
2,366,269
2,011,256
Fannie
Mae
Pool
MA4333
2.00%
05/01/41
655,919
557,606
Fannie
Mae
Pool
MA4512
2.50%
01/01/52
2,114,469
1,794,682
Fannie
Mae
Pool
MA4548
2.50%
02/01/52
2,573,206
2,183,711
Fannie
Mae
REMICS,
Series
2001-52,
Class
YZ
6.50%
10/25/31
69,388
70,686
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
2,074
2,078
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2007-64,
Class
FA
(LIBOR
USD
1-Month
plus
0.47%)
5.62%
07/25/37
2
$
27,912
$
27,625
Fannie
Mae
REMICS,
Series
2008-50,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.05%,
6.05%
Cap)
0.90%
11/25/36
2
491,948
34,607
Fannie
Mae
REMICS,
Series
2018-38,
Class
PA
3.50%
06/25/47
3,142
2,972
Fannie
Mae
REMICS,
Series
2018-43,
Class
CT
3.00%
06/25/48
184,796
165,708
Fannie
Mae
REMICS,
Series
2018-55,
Class
PA
3.50%
01/25/47
22,449
21,545
Fannie
Mae
REMICS,
Series
2018-86,
Class
JA
4.00%
05/25/47
137,489
132,524
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
6,081,939
101,719
Freddie
Mac
Gold
Pool
A25162
5.50%
05/01/34
52,516
53,147
Freddie
Mac
Gold
Pool
A33262
5.50%
02/01/35
22,965
23,505
Freddie
Mac
Gold
Pool
A68781
5.50%
10/01/37
2,889
2,960
Freddie
Mac
Gold
Pool
C03813
3.50%
04/01/42
483,948
452,093
Freddie
Mac
Gold
Pool
G01548
7.50%
07/01/32
155,863
163,447
Freddie
Mac
Gold
Pool
G01644
5.50%
02/01/34
33,362
34,197
Freddie
Mac
Gold
Pool
G02366
6.50%
10/01/36
28,322
29,631
Freddie
Mac
Gold
Pool
G08844
5.00%
10/01/48
135,958
135,490
Freddie
Mac
Gold
Pool
G15897
2.50%
09/01/31
16,791
15,701
Freddie
Mac
Gold
Pool
G16085
2.50%
02/01/32
1,038,387
964,291
Freddie
Mac
Gold
Pool
G16524
3.50%
05/01/33
36,500
35,022
Freddie
Mac
Gold
Pool
G16756
3.50%
01/01/34
618,182
593,622
Freddie
Mac
Gold
Pool
G18581
2.50%
01/01/31
16,203
15,088
Freddie
Mac
Pool
SD7503
3.50%
08/01/49
2,487,468
2,304,363
Freddie
Mac
Pool
SD8199
2.00%
03/01/52
1,661,300
1,354,037
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
16
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Freddie
Mac
REMICS,
Series
1602,
Class
SN
(-4.25
X
PRIME
plus
46.22%,
10.09%
Cap)
10.09%
10/15/23
2
$
275
$
274
Freddie
Mac
REMICS,
Series
2174,
Class
PN
6.00%
07/15/29
12,081
12,056
Freddie
Mac
REMICS,
Series
3460,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.20%,
6.20%
Cap)
1.01%
06/15/38
2
451,863
32,760
Freddie
Mac
REMICS,
Series
4030,
Class
HS
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.61%,
6.61%
Cap)
1.42%
04/15/42
2
417,506
38,845
Ginnie
Mae
(TBA)
2.50%
07/15/53
3,900,000
3,376,042
4.50%
07/20/53
4,425,000
4,270,599
5.00%
07/20/53
2,200,000
2,162,016
Ginnie
Mae
I
Pool
782810
4.50%
11/15/39
334,042
326,039
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
9,248
8,992
Ginnie
Mae
II
Pool
MA4454
5.00%
05/20/47
12,968
13,065
Ginnie
Mae
II
Pool
MA4511
4.00%
06/20/47
3,259
3,130
Ginnie
Mae
II
Pool
MA4588
4.50%
07/20/47
114,205
112,529
Ginnie
Mae
II
Pool
MA4589
5.00%
07/20/47
632,912
637,247
Ginnie
Mae
II
Pool
MA4838
4.00%
11/20/47
296,383
284,437
Ginnie
Mae
II
Pool
MA4901
4.00%
12/20/47
238,838
229,211
Ginnie
Mae
II
Pool
MA5399
4.50%
08/20/48
293,924
287,570
Ginnie
Mae
II
Pool
MA5530
5.00%
10/20/48
3,537
3,534
Ginnie
Mae
II
Pool
MA6030
3.50%
07/20/49
41,875
38,084
Ginnie
Mae
II
Pool
MA6080
3.00%
08/20/49
20,988
18,303
Ginnie
Mae
II
Pool
MA6209
3.00%
10/20/49
375,162
327,170
Ginnie
Mae,
Series
2004-8,
Class
SE
(-2.00
X
LIBOR
USD
1-Month
plus
14.30%,
14.30%
Cap)
4.00%
11/26/23
2
335
334
UMBS
(TBA)
2.50%
07/01/53
5,125,000
4,343,887
2.50%
08/01/53
850,000
721,504
3.00%
07/01/53
13,475,000
11,860,104
3.00%
08/01/53
450,000
396,510
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
3.50%
08/01/53
$
375,000
$
342,114
4.00%
07/01/53
11,825,000
11,096,092
4.50%
07/01/53
16,850,000
16,199,100
4.50%
08/01/53
10,275,000
9,884,871
5.00%
07/01/53
22,600,000
22,146,235
5.50%
07/01/53
19,350,000
19,263,060
131,142,759
Total
Mortgage-Backed
(Cost
$233,187,802)
223,508,580
MUNICIPAL
BONDS
—
1.12%*
California
—
0.08%
City
of
San
Francisco
Public
Utilities
Commission
Water
Revenue
Bonds,
Series
G
2.19%
11/01/32
795,000
649,221
Los
Angeles
Department
of
Water
&
Power
Power
System
Revenue
Bonds,
Electric
Light
&
Power
Improvements,
Series
C
5.52%
07/01/27
50,000
51,123
700,344
Florida
—
0.05%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
C
4.06%
10/01/31
280,000
263,272
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.50%
10/01/31
245,000
217,186
480,458
Massachusetts
—
0.24%
Commonwealth
of
Massachusetts
Revenue
Bonds,
Series
B
4.11%
07/15/31
2,295,000
2,231,409
Michigan
—
0.08%
University
of
Michigan
Revenue
Bonds,
Series
C
3.48%
04/01/33
750,000
686,884
New
York
—
0.67%
City
of
New
York
General
Obligation,
Public
Improvements,
Series
2
1.70%
03/01/29
250,000
210,919
Metropolitan
Transportation
Authority
Revenue
Bonds,
Transit
Improvements
6.55%
11/15/31
25,000
26,351
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
School
Improvements,
Series
G-3
5.27%
05/01/27
1,465,000
1,473,764
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Series
F,
Subseries
F-3
5.13%
02/01/35
718,000
727,958
5.15%
02/01/36
718,000
728,531
New
York
State
Dormitory
Authority
Revenue
Bonds,
Series
C
1.95%
03/15/29
590,000
506,549
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
17
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
MUNICIPAL
BONDS
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority
Revenue
Bonds,
Transit
Improvements,
Series
F
3.03%
02/15/33
$
1,245,000
$
1,070,780
New
York
State
Dormitory
Authority
Revenue
Bonds,
University
&
College
Improvements,
Series
D
5.50%
03/15/30
70,000
71,852
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Transit
Improvements,
Series
B
2.01%
03/15/30
1,630,000
1,363,039
6,179,743
Pennsylvania
—
0.00%
Pennsylvania
Economic
Development
Financing
Authority
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
B
3.20%
11/15/27
40,000
36,778
Total
Municipal
Bonds
(Cost
$11,068,665)
10,315,616
U.S.
TREASURY
SECURITIES
—
38.67%
U.S.
Treasury
Bonds
—
1.33%
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
(WI)
1.13%
01/15/33
10
6,824,553
6,542,853
1.25%
04/15/28
10
5,962,076
5,768,308
12,311,161
U.S.
Treasury
Notes
—
37.34%
U.S.
Treasury
Notes
4.00%
06/30/28
167,055,000
166,147,943
4.25%
05/31/25
9,947,000
9,822,468
4.63%
06/30/25
101,015,000
100,557,276
U.S.
Treasury
Notes
(WI)
3.38%
05/15/33
37,074,000
35,759,032
3.63%
05/31/28
33,156,000
32,426,488
344,713,207
Total
U.S.
Treasury
Securities
(Cost
$359,866,186)
357,024,368
Total
Bonds
—
99.07%
(Cost
$943,362,809)
914,644,337
Issues
Shares
Value
COMMON
STOCK
—
0.04%
Communications
—
0.04%
Intelsat
Emergence
SA
3,5,6
(Luxembourg)
15,249
345,390
Electric
—
0.00%
Homer
City
Holdings
LLC
†,5,6
8,014
—
Total
Common
Stock
(Cost
$968,241)
345,390
Issues
Shares
Value
RIGHTS
—
0.00%
Communications
—
0.00%
Intelsat
Jackson
Holdings
SA,
Series
A
†,3,5,6,8
(Luxembourg)
1,596
$
—
Intelsat
Jackson
Holdings
SA,
Series
B
†,3,5,6,8
(Luxembourg)
1,596
—
—
Total
Rights
(Cost
$–)
—
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
12.75%
Money
Market
Funds
—
3.60%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
11,12
366,592
366,592
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
11
32,908,000
32,908,000
33,274,592
U.S.
Agency
Discount
Notes
—
1.08%
Federal
Home
Loan
Bank
4.93%
13
08/09/23
$
10,000,000
9,949,273
U.S.
Treasury
Bills
—
8.07%
U.S.
Cash
Management
Bills
4.90%
13
10/19/23
15,000,000
14,766,233
U.S.
Treasury
Bills
5.36%
13
10/03/23
8,000,000
7,894,287
5.25%
13
10/26/23
25,000,000
24,585,177
U.S.
Treasury
Bills
(WI)
5.12%
13
08/15/23
27,400,000
27,231,738
74,477,435
Total
Short-Term
Investments
(Cost
$117,725,038)
117,701,300
Total
Investments
-
111.86%
(Cost
$1,062,056,088)
1,032,691,027
Net
unrealized
appreciation
on
unfunded
commitments
-
0.00%
147
Liabilities
in
Excess
of
Other
Assets
-
(11.86)%
(109,463,211)
Net
Assets
-
100.00%
$
923,227,963
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
June
30,
2023.
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.
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
18
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
$2,104,588,
which
is
0.23%
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
$4,062,
at
an
interest
rate
of
8.70%
and
a
maturity
of
February
15,
2029.
The
investment
is
accruing
an
unused
commitment
fee
of
8.00%
per
annum.
8
Non-income producing
security.
9
Security
is
currently
in
default
with
regard
to
scheduled
interest
or
principal
payments.
10
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
11
Represents
the
current
yield
as
of
June
30,
2023.
12
Securities,
or
a
portion
thereof,
pledged
as
collateral
for
swaps.
The
total
market
value
of
collateral
pledged
is
$1,547.
13
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
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(SONIA):
Sterling
Overnight
Index
Average
(STEP):
Step
Coupon
Bond
(TBA):
To-Be-Announced
(USD):
U.S.
Dollar
(WI):
When
Issued
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
19
/
June
2023
Currency
to
be
Purchased
Currency
to
be
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
FOREIGN
CURRENCY
EXCHANGE
CONTRACT
GBP
22,000
USD
27,415
Citibank
N.A.
07/14/23
$
557
USD
19,856,125
EUR
18,105,000
Citibank
N.A.
07/14/23
89,160
89,717
EUR
462,703
USD
505,247
Citibank
N.A.
07/06/23
(280)
EUR
569,000
USD
629,284
Citibank
N.A.
07/14/23
(8,052)
USD
1,375,292
EUR
1,284,000
Goldman
Sachs
International
07/14/23
(26,575)
USD
631,568
GBP
506,000
Citibank
N.A.
07/14/23
(11,804)
(46,711)
NET
UNREALIZED
APPRECIATION
$
43,006
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
1,826
09/29/23
$
371,305,688
$
(5,057,773)
$
(5,057,773)
U.S.
Treasury
Five-Year
Note
179
09/29/23
19,169,781
(358,652)
(358,652)
U.S.
Treasury
Ten-Year
Ultra
Bond
178
09/20/23
21,081,875
(293,433)
(293,433)
411,557,344
(5,709,858)
(5,709,858)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ultra
Bond
83
09/20/23
(11,306,156)
(123,551)
(123,551)
Euro-Bobl
Future
52
09/07/23
(6,564,460)
100,897
100,897
Euro-Bund
Future
37
09/07/23
(5,398,682)
66,399
66,399
(23,269,298)
43,745
43,745
TOTAL
FUTURES
CONTRACTS
$
388,288,046
$
(5,666,113)
$
(5,666,113)
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
Payment
Frequency
Implied
Credit
Spread
at
06/30/23
1
Counterparty
Expiration
Date
Notional
Amount
(000's)
2
Value
3
Premiums
Paid
Unrealized
Appreciation
SWAPS:
CREDIT
DEFAULT
(SALES)
-
SINGLE
ISSUES
OTC
4
Berry
Global,
Inc.,
5.63%,
due
07/15/27
5.00%
3
Months
175
Credit
Suisse
First
Boston
International
12/20/23
$
1,155
$
19,662
$
16,540
$
3,122
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.
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
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
used
by
the
Adviser
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
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
Intermediate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
21
/
June
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
June
30,
2023
is
as
follows:
INTERMEDIATE
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
33,274,592
$
—
$
—
$
33,274,592
U.S.
Agency
Discount
Notes
—
9,949,273
—
9,949,273
U.S.
Treasury
Bills
74,477,435
—
—
74,477,435
Long-Term
Investments:
Asset-Backed
Securities
—
38,380,492
1,759,198
40,139,690
Bank
Loans
—
10,990,449
—
10,990,449
Common
Stock
—
—
345,390
345,390
Corporates
—
272,665,634
—
272,665,634
Mortgage-Backed
Securities
—
223,508,580
—
223,508,580
Municipal
Bonds
—
10,315,616
—
10,315,616
Rights
—
—
—
—
U.S.
Treasury
Securities
344,713,207
12,311,161
—
357,024,368
Unfunded
Commitments
Appreciation
—
147
—
147
Other
Financial
Instruments
*
Assets:
Credit
contracts
—
19,662
—
19,662
Foreign
currency
exchange
contracts
—
89,717
—
89,717
Interest
rate
contracts
167,296
—
—
167,296
Liabilities:
Foreign
currency
exchange
contracts
—
(
46,711
)
—
(
46,711
)
Interest
rate
contracts
(
5,833,409
)
—
—
(
5,833,409
)
Total
$
446,799,121
$
578,184,020
$
2,104,588
$
1,027,087,729
*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
June
30,
2023
(Unaudited)
June
2023
/
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
June
30,
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:
COMMITMENTS
AND
CONTINGENCIES
The
Intermediate
Bond
Fund had
the
following
unfunded
commitments
and
unrealized
gain
(loss)
as
of
June
30,
2023:
INTERMEDIATE
BOND
FUND
ASSET-BACKED
SECURITIES
COMMON
STOCK
CREDIT
DEFAULT
SWAPS
TOTAL
Balance
as
of
April
1,
2023
$
1,834,181
$
396,474
$
20,902
$
2,251,557
Accrued
discounts/premiums
—
—
(
14,988
)
(
14,988
)
Realized
gain
(loss)
—
—
—
—
Change
in
unrealized
(depreciation)*
(
41,583
)
(
51,084
)
(
5,914
)
(
98,581
)
Purchases
—
—
—
—
Sales
(
33,400
)
—
—
(
33,400
)
Transfers
into
Level
3**
—
—
—
—
Transfers
out
of
Level
3**
—
—
—
—
Balance
as
of
June
30,
2023
$
1,759,198
$
345,390
$
—
$
2,104,588
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(92,667)
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
June
30,
2023.
Significant
unobservable
valuations
inputs
for
Level
3
investments
as
of
June
30,
2023,
are
as
follows:
INTERMEDIATE
BOND
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$1,759,198
Broker
Quote
Offered
Quote
$88.03
$88.03
Increase
Common
Stock
$—
Broker
Quote
Offered
Quote
$—
$—
Increase
Common
Stock
$345,390
Third-Party
Vendor
Vendor
Prices
$22.65
$22.65
Increase
Corporate
Securities
$—
Broker
Quote
Offered
Quote
$—
$—
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
AthenaHealth
Group,
Inc.,
Delayed-Draw
Term
Loan
B,
1st
Lien
February
2029
$
4,062
$
147
Total
Unfunded
Commitments
$
4,062
$
147