Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
1
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
BONDS
–
98.67%
ASSET-BACKED
SECURITIES
—
0.55%**
Skyline
Aircraft
Finance
LLC,
Series
2021-1,
Class
A
3.23%
05/10/37
1,2,3
$
39,101
$
34,419
Total
Asset-Backed
Securities
(Cost
$39,101)
CORPORATES
—
84.79%*
Banking
—
12.66%
Bank
of
America
Corp.
(MTN)
1.92%
10/24/31
3
20,000
15,871
2.09%
06/14/29
3
110,000
94,033
3.97%
03/05/29
3
20,000
18,723
Bank
of
America
Corp.,
Series
N
1.66%
03/11/27
3
63,000
56,605
2.65%
03/11/32
3
10,000
8,292
HSBC
Holdings
PLC
(United
Kingdom)
2.21%
08/17/29
3,4
120,000
100,570
JPMorgan
Chase
&
Co.
2.07%
06/01/29
3
15,000
12,879
Lloyds
Banking
Group
PLC
(United
Kingdom)
1.63%
05/11/27
3,4
10,000
8,855
3.57%
11/07/28
3,4
35,000
31,749
Macquarie
Group
Ltd.
(Australia)
1.34%
01/12/27
3,4,5
10,000
8,906
1.63%
09/23/27
3,4,5
30,000
26,143
NatWest
Group
PLC
(United
Kingdom)
4.27%
03/22/25
3,4
35,000
34,379
PNC
Financial
Services
Group,
Inc.
(The)
5.07%
01/24/34
3
60,000
57,581
Santander
UK
Group
Holdings
PLC
(United
Kingdom)
1.09%
03/15/25
3,4
55,000
52,680
U.S.
Bancorp
4.84%
02/01/34
3
20,000
18,751
5.85%
10/21/33
3
15,000
15,090
UBS
Group
AG
(Switzerland)
1.31%
02/02/27
3,4,5
30,000
26,264
3.09%
05/14/32
3,4,5
40,000
32,389
6.54%
08/12/33
3,4,5
40,000
41,116
Wells
Fargo
&
Co.
(MTN)
3.35%
03/02/33
3
130,000
111,468
5.01%
04/04/51
3
15,000
13,983
786,327
Communications
—
7.04%
AT&T,
Inc.
3.80%
12/01/57
78,000
56,836
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Communications
(continued)
Charter
Communications
Operating
LLC/Charter
Communications
Operating
Capital
2.30%
02/01/32
$
20,000
$
15,147
3.90%
06/01/52
5,000
3,271
5.38%
05/01/47
42,000
34,761
5.75%
04/01/48
20,000
17,085
Comcast
Corp.
4.00%
11/01/49
15,000
12,480
Cox
Communications,
Inc.
2.60%
06/15/31
5
40,000
32,669
Meta
Platforms,
Inc.
4.95%
05/15/33
9,000
8,995
5.60%
05/15/53
30,000
30,842
Qwest
Corp.
7.25%
09/15/25
20,000
19,500
SES
GLOBAL
Americas
Holdings,
Inc.
5.30%
03/25/44
5
35,000
26,066
Sprint
Spectrum
Co.
LLC/Sprint
Spectrum
Co.
II
LLC/Sprint
Spectrum
Co.
III
LLC
5.15%
03/20/28
5
14,250
14,103
Tencent
Holdings
Ltd.
(Cayman
Islands)
3.98%
04/11/29
4,5
30,000
27,882
Time
Warner
Cable
LLC
5.50%
09/01/41
33,000
27,480
T-Mobile
USA,
Inc.
2.55%
02/15/31
93,000
77,332
Vodafone
Group
PLC
(United
Kingdom)
4.25%
09/17/50
4
41,000
32,973
437,422
Consumer
Discretionary
—
3.67%
Altria
Group,
Inc.
3.70%
02/04/51
5,000
3,358
3.88%
09/16/46
11,000
7,706
5.95%
02/14/49
15,000
14,230
Amcor
Finance
USA,
Inc.
5.63%
05/26/33
20,000
19,778
Bacardi
Ltd.
(Bermuda)
4.70%
05/15/28
4,5
20,000
19,355
BAT
Capital
Corp.
4.39%
08/15/37
35,000
28,025
4.54%
08/15/47
40,000
29,477
Imperial
Brands
Finance
PLC
(United
Kingdom)
4.25%
07/21/25
4,5
35,000
33,678
JDE
Peet's
NV
(Netherlands)
2.25%
09/24/31
4,5
25,000
19,327
WarnerMedia
Holdings,
Inc.
5.14%
03/15/52
65,000
53,042
227,976
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
2
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Diversified
REITs
—
2.69%
American
Assets
Trust
LP
3.38%
02/01/31
$
30,000
$
23,558
Crown
Castle,
Inc.
3.30%
07/01/30
50,000
44,229
GLP
Capital
LP/GLP
Financing
II,
Inc.
3.25%
01/15/32
2,000
1,610
4.00%
01/15/30
30,000
26,136
LXP
Industrial
Trust
2.38%
10/01/31
5,000
3,804
2.70%
09/15/30
45,000
35,995
VICI
Properties
LP
5.13%
05/15/32
20,000
18,744
Weyerhaeuser
Co.
3.38%
03/09/33
15,000
12,917
166,993
Electric
—
8.09%
AEP
Transmission
Co.
LLC,
Series
M
3.65%
04/01/50
5,000
3,895
AEP
Transmission
Co.
LLC,
Series
N
2.75%
08/15/51
40,000
25,921
Alabama
Power
Co.
5.50%
03/15/41
9,000
8,743
Alliant
Energy
Finance
LLC
1.40%
03/15/26
5
45,000
39,856
Appalachian
Power
Co.
4.45%
06/01/45
10,000
8,328
Arizona
Public
Service
Co.
3.35%
05/15/50
10,000
6,923
6.35%
12/15/32
15,000
15,922
Baltimore
Gas
and
Electric
Co.
2.90%
06/15/50
33,000
22,204
5.40%
06/01/53
10,000
10,211
Black
Hills
Corp.
4.35%
05/01/33
35,000
31,305
Consolidated
Edison
Co.
of
New
York,
Inc.,
Series
2017
3.88%
06/15/47
10,000
7,860
Duke
Energy
Carolinas
LLC
3.75%
06/01/45
70,000
55,175
3.88%
03/15/46
15,000
11,982
5.35%
01/15/53
9,000
9,134
Evergy,
Inc.
2.45%
09/15/24
5,000
4,792
FirstEnergy
Transmission
LLC
5.45%
07/15/44
5
30,000
28,013
Interstate
Power
and
Light
Co.
2.30%
06/01/30
20,000
16,652
Metropolitan
Edison
Co.
4.00%
04/15/25
5
19,000
18,192
Narragansett
Electric
Co.
(The)
3.40%
04/09/30
5
10,000
8,933
Niagara
Mohawk
Power
Corp.
5.78%
09/16/52
5
15,000
15,103
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Electric
(continued)
Oklahoma
Gas
and
Electric
Co.
5.60%
04/01/53
$
10,000
$
10,182
PacifiCorp.
4.13%
01/15/49
60,000
46,501
Public
Service
Co.
of
New
Mexico
3.85%
08/01/25
20,000
19,175
Virginia
Electric
&
Power
Co.,
Series
B
3.80%
09/15/47
20,000
15,689
Virginia
Electric
and
Power
Co.
2.45%
12/15/50
12,000
7,229
Vistra
Operations
Co.,
LLC
3.55%
07/15/24
5
6,000
5,824
Xcel
Energy,
Inc.
4.80%
09/15/41
55,000
48,842
502,586
Energy
—
4.65%
Aker
BP
ASA
(Norway)
3.10%
07/15/31
4,5
30,000
24,850
Boston
Gas
Co.
3.76%
03/16/32
5
10,000
8,827
Enbridge,
Inc.
(Canada)
5.70%
03/08/33
4
22,000
22,310
Energy
Transfer
LP
5.00%
05/15/50
45,000
38,077
5.40%
10/01/47
6,000
5,313
6.13%
12/15/45
12,000
11,452
EQM
Midstream
Partners
LP
6.50%
07/15/48
8,000
7,300
KeySpan
Gas
East
Corp.
5.82%
04/01/41
5
15,000
14,512
Kinder
Morgan
Energy
Partners
LP
(MTN)
6.95%
01/15/38
5,000
5,390
Kinder
Morgan,
Inc.
(GMTN)
7.80%
08/01/31
5,000
5,659
NGPL
Pipe
Co.
LLC
3.25%
07/15/31
5
20,000
16,525
4.88%
08/15/27
5
10,000
9,514
Plains
All
American
Pipeline
LP/PAA
Finance
Corp.
4.50%
12/15/26
13,000
12,589
Rockies
Express
Pipeline
LLC
3.60%
05/15/25
5
30,000
28,515
6.88%
04/15/40
5
17,000
15,300
Sabine
Pass
Liquefaction
LLC
4.20%
03/15/28
3,000
2,843
Southern
Co.
Gas
Capital
Corp.
4.40%
06/01/43
10,000
8,289
5.88%
03/15/41
15,000
15,147
Southern
Natural
Gas
Co.
LLC
4.80%
03/15/47
5
15,000
12,656
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
3
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Energy
(continued)
TransCanada
PipeLines
Ltd.
(Canada)
5.00%
10/16/43
4
$
15,000
$
13,438
Williams
Cos.,
Inc.
(The)
3.50%
10/15/51
15,000
10,365
288,871
Finance
—
11.39%
AerCap
Ireland
Capital
DAC/AerCap
Global
Aviation
Trust
(Ireland)
3.00%
10/29/28
4
15,000
13,025
3.30%
01/30/32
4
28,000
22,903
3.88%
01/23/28
4
4,000
3,679
Air
Lease
Corp.
3.63%
12/01/27
19,000
17,338
4.25%
09/15/24
10,000
9,762
Avolon
Holdings
Funding
Ltd.
(Cayman
Islands)
2.53%
11/18/27
4,5
3,000
2,532
2.75%
02/21/28
4,5
10,000
8,435
4.38%
05/01/26
4,5
10,000
9,348
Capital
One
Financial
Corp.
3.27%
03/01/30
3
10,000
8,531
Citigroup,
Inc.
2.52%
11/03/32
3
50,000
40,247
2.57%
06/03/31
3
100,000
83,476
2.98%
11/05/30
3
5,000
4,344
3.52%
10/27/28
3
10,000
9,296
Discover
Financial
Services
6.70%
11/29/32
25,000
25,844
Goldman
Sachs
Group,
Inc.
(The)
1.99%
01/27/32
3
50,000
39,419
2.38%
07/21/32
3
10,000
8,016
2.60%
02/07/30
80,000
68,517
2.65%
10/21/32
3
10,000
8,155
JPMorgan
Chase
&
Co.
2.55%
11/08/32
3
45,000
36,925
2.95%
02/24/28
3
20,000
18,388
3.90%
01/23/49
3
65,000
52,765
LSEGA
Financing
PLC
(United
Kingdom)
2.00%
04/06/28
4,5
30,000
25,751
Morgan
Stanley
1.59%
05/04/27
3
50,000
44,775
2.48%
09/16/36
3
40,000
30,287
Morgan
Stanley
(GMTN)
3.77%
01/24/29
3
20,000
18,703
Morgan
Stanley
(MTN)
1.93%
04/28/32
3
50,000
38,857
Nationwide
Building
Society
(United
Kingdom)
4.36%
08/01/24
3,4,5
15,000
14,970
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Finance
(continued)
Park
Aerospace
Holdings
Ltd.
(Cayman
Islands)
5.50%
02/15/24
4,5
$
2,000
$
1,978
Pipeline
Funding
Co.
LLC
7.50%
01/15/30
5
25,608
25,459
Raymond
James
Financial,
Inc.
3.75%
04/01/51
20,000
15,209
706,934
Food
—
1.68%
JBS
USA
LUX
SA/JBS
USA
Food
Co./JBS
USA
Finance,
Inc.
(Canada)
5.75%
04/01/33
4,5
10,000
9,439
6.50%
12/01/52
4,5
25,000
23,748
Kraft
Heinz
Foods
Co.
4.63%
10/01/39
10,000
9,061
Pilgrim's
Pride
Corp.
3.50%
03/01/32
45,000
35,894
Smithfield
Foods,
Inc.
2.63%
09/13/31
5
35,000
25,902
104,044
Health
Care
—
10.84%
AbbVie,
Inc.
4.40%
11/06/42
20,000
17,925
Alcon
Finance
Corp.
2.60%
05/27/30
5
30,000
25,617
Amgen,
Inc.
4.40%
05/01/45
15,000
13,015
4.88%
03/01/53
10,000
9,204
5.65%
03/02/53
25,000
25,358
Barnabas
Health,
Inc.,
Series
2012
4.00%
07/01/28
5,000
4,685
Baxter
International,
Inc.
3.95%
04/01/30
10,000
9,235
Bayer
U.S.
Finance
II
LLC
4.38%
12/15/28
5
25,000
23,728
4.88%
06/25/48
5
30,000
27,012
Becton
Dickinson
&
Co.
3.79%
05/20/50
25,000
19,791
Centene
Corp.
3.00%
10/15/30
21,000
17,519
Children's
Hospital
Medical
Center
2.82%
11/15/50
20,000
12,979
Cigna
Group
(The)
5.40%
03/15/33
10,000
10,170
CommonSpirit
Health
2.78%
10/01/30
35,000
29,476
3.91%
10/01/50
10,000
7,740
CVS
Health
Corp.
5.05%
03/25/48
28,000
25,846
5.25%
02/21/33
28,000
27,908
Elanco
Animal
Health,
Inc.
6.65%
08/28/28
5,000
4,864
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
4
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Health
Care
(continued)
Hackensack
Meridian
Health,
Inc.,
Series
2020
2.88%
09/01/50
$
30,000
$
20,422
HCA,
Inc.
3.63%
03/15/32
5
10,000
8,687
5.25%
06/15/49
40,000
36,131
Illumina,
Inc.
2.55%
03/23/31
20,000
16,598
Mass
General
Brigham,
Inc.,
Series
2020
3.34%
07/01/60
10,000
7,008
NYU
Langone
Hospitals,
Series
2020
3.38%
07/01/55
15,000
10,586
OhioHealth
Corp.,
Series
2020
3.04%
11/15/50
15,000
10,838
Pfizer
Investment
Enterprises
Pte
Ltd.
(Slovenia)
4.75%
05/19/33
4
20,000
19,946
Revvity,
Inc.
2.55%
03/15/31
25,000
20,569
Royalty
Pharma
PLC
(United
Kingdom)
1.75%
09/02/27
4
45,000
38,680
Sharp
HealthCare,
Series
20B
2.68%
08/01/50
50,000
32,172
Smith
&
Nephew
PLC
(United
Kingdom)
2.03%
10/14/30
4
30,000
24,301
STERIS
Irish
FinCo
UnLtd
Co.
(Ireland)
2.70%
03/15/31
4
30,000
25,044
UnitedHealth
Group,
Inc.
3.70%
08/15/49
10,000
8,074
4.25%
04/15/47
15,000
13,261
Universal
Health
Services,
Inc.
1.65%
09/01/26
40,000
35,129
West
Virginia
United
Health
System
Obligated
Group,
Series
2020
3.13%
06/01/50
35,000
23,190
Zoetis,
Inc.
5.60%
11/16/32
10,000
10,476
673,184
Health
Care
REITs
—
0.49%
Healthcare
Realty
Holdings
LP
3.63%
01/15/28
30,000
26,585
Physicians
Realty
LP
2.63%
11/01/31
5,000
3,898
30,483
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Hotel
&
Resort
REITs
—
0.27%
Host
Hotels
&
Resorts
LP,
Series
I
3.50%
09/15/30
$
20,000
$
16,951
Industrials
—
2.04%
Amcor
Flexibles
North
America,
Inc.
2.63%
06/19/30
5,000
4,163
BAE
Systems
Holdings,
Inc.
3.85%
12/15/25
5
20,000
19,191
Berry
Global,
Inc.
1.57%
01/15/26
28,000
25,286
Boeing
Co.
(The)
5.93%
05/01/60
12,000
11,890
CCL
Industries,
Inc.
(Canada)
3.05%
06/01/30
4,5
25,000
21,146
Northrop
Grumman
Corp.
5.15%
05/01/40
10,000
9,861
Sealed
Air
Corp.
1.57%
10/15/26
5
20,000
17,446
Sonoco
Products
Co.
3.13%
05/01/30
10,000
8,734
Sydney
Airport
Finance
Co.
Pty
Ltd.
(Australia)
3.63%
04/28/26
4,5
5,000
4,755
WRKCo,
Inc.
3.00%
06/15/33
5,000
4,079
126,551
Information
Technology
—
4.27%
Amazon.com,
Inc.
2.50%
06/03/50
17,000
11,313
Broadcom,
Inc.
2.60%
02/15/33
5
30,000
23,407
3.14%
11/15/35
5
25,000
19,156
3.42%
04/15/33
5
23,000
19,280
CDW
LLC/CDW
Finance
Corp.
3.28%
12/01/28
25,000
21,761
Fiserv,
Inc.
2.65%
06/01/30
15,000
12,792
Intel
Corp.
3.25%
11/15/49
5,000
3,530
5.70%
02/10/53
25,000
25,480
Micron
Technology,
Inc.
2.70%
04/15/32
25,000
19,763
Open
Text
Corp.
(Canada)
6.90%
12/01/27
4,5
17,000
17,298
Oracle
Corp.
3.60%
04/01/50
80,000
57,211
3.95%
03/25/51
27,000
20,449
Take-Two
Interactive
Software,
Inc.
4.00%
04/14/32
15,000
13,772
265,212
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
5
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Insurance
—
6.19%
Allstate
Corp.
(The)
3.85%
08/10/49
$
20,000
$
15,564
Aon
Corp./Aon
Global
Holdings
PLC
3.90%
02/28/52
25,000
19,681
Arthur
J
Gallagher
&
Co.
3.05%
03/09/52
20,000
12,836
Athene
Global
Funding
1.61%
06/29/26
5
15,000
13,019
1.99%
08/19/28
5
10,000
8,064
(SOFR
Index
plus
0.70%)
5.79%
05/24/24
5,6
30,000
29,707
Brown
&
Brown,
Inc.
2.38%
03/15/31
45,000
36,397
Farmers
Insurance
Exchange
4.75%
11/01/57
3,5
55,000
43,244
Guardian
Life
Insurance
Co.
of
America
(The)
3.70%
01/22/70
5
45,000
30,584
MMI
Capital
Trust
I,
Series
B
7.63%
12/15/27
25,000
26,207
Nationwide
Mutual
Insurance
Co.
7.84%
12/15/24
3,5
45,000
44,965
New
York
Life
Insurance
Co.
3.75%
05/15/50
5
15,000
11,478
Teachers
Insurance
&
Annuity
Association
of
America
4.38%
09/15/54
3,5
65,000
62,753
Willis
North
America,
Inc.
2.95%
09/15/29
35,000
30,147
384,646
Materials
—
0.77%
International
Flavors
&
Fragrances,
Inc.
1.23%
10/01/25
5
5,000
4,462
2.30%
11/01/30
5
15,000
11,899
5.00%
09/26/48
25,000
21,200
Nutrien
Ltd.
(Canada)
5.80%
03/27/53
4
10,000
10,064
47,625
Office
REITs
—
1.60%
Boston
Properties
LP
2.55%
04/01/32
10,000
7,549
3.40%
06/21/29
5,000
4,188
Hudson
Pacific
Properties
LP
3.95%
11/01/27
50,000
36,405
Kilroy
Realty
LP
2.50%
11/15/32
15,000
10,513
2.65%
11/15/33
15,000
10,182
Piedmont
Operating
Partnership
LP
2.75%
04/01/32
45,000
30,643
99,480
Real
Estate
Investment
Trust
(REIT)
—
1.23%
American
Tower
Corp.
5.55%
07/15/33
35,000
35,284
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Real
Estate
Investment
Trust
(REIT)
(continued)
Digital
Realty
Trust
LP
3.60%
07/01/29
$
5,000
$
4,447
Equinix,
Inc.
2.50%
05/15/31
35,000
28,531
3.20%
11/18/29
9,000
7,927
76,189
Residential
REITs
—
0.67%
American
Homes
4
Rent
LP
2.38%
07/15/31
15,000
11,997
Essex
Portfolio
LP
2.65%
03/15/32
5,000
4,036
Invitation
Homes
Operating
Partnership
LP
2.30%
11/15/28
30,000
25,589
41,622
Retail
—
0.49%
Alimentation
Couche-Tard,
Inc.
(Canada)
3.80%
01/25/50
4,5
15,000
11,024
Lowe's
Cos.,
Inc.
5.63%
04/15/53
10,000
10,010
5.75%
07/01/53
5,000
5,100
McDonald's
Corp.
(MTN)
4.20%
04/01/50
5,000
4,336
30,470
Services
—
0.89%
Global
Payments,
Inc.
4.45%
06/01/28
30,000
28,168
RELX
Capital,
Inc.
4.00%
03/18/29
25,000
23,850
William
Marsh
Rice
University
2.60%
05/15/50
5,000
3,397
55,415
Specialized
REITs
—
1.10%
CubeSmart
LP
2.25%
12/15/28
10,000
8,451
4.38%
02/15/29
5,000
4,692
Extra
Space
Storage
LP
3.90%
04/01/29
25,000
22,807
Life
Storage
LP
2.20%
10/15/30
40,000
32,049
67,999
Transportation
—
1.61%
Delta
Air
Lines
Pass-Through
Trust,
Series
2020-1,
Class
AA
2.00%
06/10/28
20,515
18,223
JetBlue
Airways
Pass-Through
Trust,
Series
2019-1,
Class
AA
2.75%
05/15/32
12,622
10,693
JetBlue
Airways
Pass-Through
Trust,
Series
2020-1,
Class
A
4.00%
11/15/32
25,092
22,875
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
6
Issues
Maturity
Date
Principal
Amount
Value
CORPORATES
(continued)
Transportation
(continued)
U.S.
Airways
Pass-Through
Trust,
Series
2011-1,
Class
A
7.13%
10/22/23
$
16,224
$
16,253
United
Airlines
Pass-Through
Trust,
Series
2016-2,
Class
AA
2.88%
10/07/28
7,093
6,271
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A
5.80%
01/15/36
25,000
25,488
99,803
Water
—
0.46%
American
Water
Capital
Corp.
3.45%
05/01/50
6,000
4,507
Essential
Utilities,
Inc.
5.30%
05/01/52
25,000
23,783
28,290
Total
Corporates
(Cost
$6,214,009)
5,265,073
MORTGAGE-BACKED
—
0.55%**
Non-Agency
Commercial
Mortgage-Backed
—
0.14%
Commercial
Mortgage
Trust,
Series
2014-UBS5,
Class
XA
(IO)
0.98%
09/10/47
1,2,3
572,245
3,930
Commercial
Mortgage
Trust,
Series
2014-UBS6,
Class
XA
(IO)
0.98%
12/10/47
3
400,459
3,241
GS
Mortgage
Securities
Trust,
Series
2010-C1,
Class
X
(IO)
0.57%
08/10/43
3,5
1,250,484
1,286
GS
Mortgage
Securities
Trust,
Series
2011-GC3,
Class
X
(IO)
0.00%
03/10/44
3,5
80,830
1
UBS-Barclays
Commercial
Mortgage
Trust,
Series
2012-C3,
Class
XB
(IO)
0.34%
08/10/49
1,2,3,5
180,131
95
8,553
U.S.
Agency
Commercial
Mortgage-Backed
—
0.28%
Ginnie
Mae,
Series
2009-111,
Class
IO
(IO)
0.19%
09/16/51
3
504,291
16,543
Ginnie
Mae,
Series
2012-144,
Class
IO
(IO)
0.33%
01/16/53
3
141,196
941
17,484
U.S.
Agency
Mortgage-Backed
—
0.13%
Fannie
Mae
REMICS,
Series
2011-116,
Class
SA
(IO)
(-1.00
X
LIBOR
USD
1-Month
plus
6.00%,
6.00%
Cap)
0.85%
11/25/41
6
25,135
1,673
Issues
Maturity
Date
Principal
Amount
Value
MORTGAGE-BACKED
(continued)
U.S.
Agency
Mortgage-Backed
(continued)
Fannie
Mae
REMICS,
Series
2012-128,
Class
UA
2.50%
06/25/42
$
6,926
$
6,156
7,829
Total
Mortgage-Backed
(Cost
$160,356)
33,866
MUNICIPAL
BONDS
—
2.18%*
California
—
0.85%
Los
Angeles
Department
of
Airports
Revenue
Bonds,
Port,
Airport
and
Marina
Improvements,
Series
A
3.89%
05/15/38
15,000
13,289
San
Francisco
City
&
County
Airport
Commercial-San
Francisco
International
Airport
Revenue
Bonds,
Series
C
3.05%
05/01/34
35,000
29,204
Santa
Clara
Valley
Transportation
Authority
Revenue
Bonds,
Transit
Improvements
5.88%
04/01/32
10,000
10,394
52,887
Florida
—
0.21%
County
of
Miami-Dade
Aviation
Revenue
Bonds,
Airport
and
Marina
Improvements,
Series
D
3.50%
10/01/31
15,000
13,297
Massachusetts
—
0.26%
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
A
2.50%
02/15/37
10,000
7,415
Massachusetts
School
Building
Authority
Revenue
Bonds,
Series
B
2.97%
10/15/32
10,000
8,624
16,039
New
York
—
0.86%
Metropolitan
Transportation
Authority
Revenue
Bonds,
Transit
Improvements,
Series
C2
5.18%
11/15/49
10,000
9,159
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements
3.73%
08/01/29
5,000
4,696
New
York
City
Transitional
Finance
Authority
Future
Tax
Secured
Revenue
Bonds,
Public
Improvements,
Series
E
1.97%
02/01/33
20,000
15,544
New
York
State
Urban
Development
Corp.
Revenue
Bonds,
Transit
Improvements,
Series
B
2.54%
03/15/34
10,000
8,031
2.59%
03/15/35
20,000
15,825
53,255
Total
Municipal
Bonds
(Cost
$160,713)
135,478
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
7
/
June
2023
Issues
Maturity
Date
Principal
Amount
Value
U.S.
TREASURY
SECURITIES
—
10.60%
U.S.
Treasury
Bonds
—
3.69%
U.S.
Treasury
Bonds
3.63%
05/15/53
$
168,000
$
161,569
U.S.
Treasury
Bonds
-
Treasury
Inflation
Indexed
Bonds
(WI)
1.13%
01/15/33
7
20,372
19,531
1.25%
04/15/28
7
49,566
47,955
229,055
U.S.
Treasury
Notes
—
6.91%
U.S.
Treasury
Notes
4.00%
06/30/28
82,000
81,555
4.25%
05/31/25
2,000
1,975
4.63%
06/30/25
26,000
25,882
U.S.
Treasury
Notes
(WI)
3.38%
05/15/33
309,000
298,040
3.63%
05/31/28
22,000
21,516
428,968
Total
U.S.
Treasury
Securities
(Cost
$663,852)
658,023
Total
Bonds
—
98.67%
(Cost
$7,238,031)
6,126,859
Issues
Maturity
Date
Principal
Amount
/
Shares
Value
SHORT-TERM
INVESTMENTS
—
0.94%
Money
Market
Funds
—
0.94%
Fidelity
Investments
Money
Market
Funds
-
Government
Portfolio
4.99%
8
21,532
21,532
Issues
Maturity
Date
Principal
Amount/Shares
Value
SHORT-TERM
INVESTMENTS
(continued)
Money
Market
Funds
(continued)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
5.02%
8
37,000
$
37,000
Total
Short-Term
Investments
(Cost
$58,532)
58,532
Total
Investments
-
99.61%
(Cost
$7,296,563)
6,185,391
Cash
and
Other
Assets,
Less
Liabilities
-
0.39%
23,930
Net
Assets
-
100.00%
$
6,209,321
1
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
2
Illiquid
security
as
determined
under
procedures
approved
by
the
Board
of
Trustees.
The
aggregate
value
of
illiquid
securities
is
$38,444,
which
is
0.62%
of
total
net
assets.
3
Variable
rate
security.
Interest
rate
disclosed
is
as
of
the
most
recent
information
available.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
4
Foreign
denominated
security
issued
by
foreign
domiciled
entity.
5
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
The
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
6
Floating
rate
security.
The
rate
disclosed
was
in
effect
at
June
30,
2023.
7
Inflation
protected
security.
Principal
amount
reflects
original
security
face
amount.
8
Represents
the
current
yield
as
of
June
30,
2023.
*
Securities
with
a
call
or
reset
feature
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity.
**
Securities
backed
by
mortgage
or
consumer
loans
where
payment
is
periodically
made
will
have
an
effective
maturity
date
sooner
than
the
stated
maturity
date.
Note:
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
for
more
meaningful
presentation
for
investors.
(GMTN):
Global
Medium-Term
Note
(IO):
Interest
Only
(LIBOR):
London
InterBank
Offer
Rate
(MTN):
Medium-Term
Note
(REIT):
Real
Estate
Investment
Trust
(SOFR):
Secured
Overnight
Financing
Rate
(USD):
U.S.
Dollar
(WI):
When
Issued
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
8
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
FUTURES
CONTRACTS:
LONG
POSITIONS
U.S.
Treasury
Two-Year
Note
16
09/29/23
$
3,253,500
$
(48,186)
$
(48,186)
FUTURES
CONTRACTS:
SHORT
POSITIONS
U.S.
Treasury
Ten-Year
Ultra
Bond
5
09/20/23
(592,188)
6,011
6,011
U.S.
Treasury
Five-Year
Note
2
09/29/23
(214,188)
4,355
4,355
(806,376)
10,366
10,366
TOTAL
FUTURES
CONTRACTS
$
2,447,124
$
(37,820)
$
(37,820)
Received
by
the
Fund
Paid
by
the
Fund
Description
Maturity
Date
Rate
Frequency
Rate
Frequency
Notional
Amount
(000's)
Value
Premiums
Paid
Unrealized
Appreciation
SWAPS:
INTEREST
RATE
Interest
Rate
Swap
1
09/20/53
USD-SOFR-
COMPOUND
Annual
3.00%
Annual
$
76
$
2,007
$
—
$
2,007
TOTAL
SWAPS
CONTRACTS
$
76
$
2,007
$
—
$
2,007
1
Centrally
cleared.
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
9
/
June
2023
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
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
June
2023
/
10
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:
CORPORATE
BOND
FUND
LEVEL
1
LEVEL
2
LEVEL
3
TOTAL
Investments
in
Securities
Assets:
Short-Term
Investments:
Money
Market
Funds
$
58,532
$
—
$
—
$
58,532
Long-Term
Investments:
Asset-Backed
Securities
—
—
34,419
34,419
Corporates
—
5,265,073
—
5,265,073
Mortgage-Backed
Securities
—
29,841
4,025
33,866
Municipal
Bonds
—
135,478
—
135,478
U.S.
Treasury
Securities
590,537
67,486
—
658,023
Other
Financial
Instruments
*
Assets:
Interest
rate
contracts
10,366
2,007
—
12,373
Liabilities:
Interest
rate
contracts
(
48,186
)
—
—
(
48,186
)
Total
$
611,249
$
5,499,885
$
38,444
$
6,149,578
*Other
financial
instruments
include
futures
and
swaps.
Interest
rate
contracts
include
futures
and
swaps.
Corporate
Bond
Fund
Schedule
of
Portfolio
Investments
June
30,
2023
(Unaudited)
11
/
June
2023
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:
CORPORATE
BOND
FUND
ASSET-BACKED
SECURITIES
MORTGAGE-
BACKED
SECURITIES
TOTAL
Balance
as
of
April
1,
2023
$
35,886
$
5,168
$
41,054
Accrued
discounts/premiums
—
(
592
)
(
592
)
Realized
gain
(loss)
—
—
—
Change
in
unrealized
(depreciation)*
(
814
)
(
551
)
(
1,365
)
Purchases
—
—
—
Sales
(
653
)
—
(
653
)
Transfers
into
Level
3**
—
—
—
Transfers
out
of
Level
3**
—
—
—
Balance
as
of
June
30,
2023
$
34,419
$
4,025
$
38,444
*The
change
in
unrealized
appreciation
(depreciation)
on
securities
still
held
at
June
30,
2023
was
$(1,365)
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:
CORPORATE
BOND
FUND
FAIR
VALUE
AT
6/30/23
VALUATION
TECHNIQUE
*
UNOBSERVABLE
INPUT
RANGE
WEIGHTED
AVERAGE
INPUT
TO
VALUATION
IF
INPUT
INCREASES
Asset-Backed
Securities
$34,419
Broker
Quote
Offered
Quote
$88.03
$88.03
Increase
Mortgage-Backed
Securities-
Non-Agency
Commercial
$4,025
Third-Party
Vendor
Vendor
Prices
$0.05
-
$0.69
$0.67
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.