Tiaa Cref Life Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number File No. 811-08961

TIAA-CREF LIFE FUNDS

(Exact Name of Registrant as specified in charter)

730 Third Avenue, New York, New York 10017-3206

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

Registrant’s telephone number, including area code: 704-595-1000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Item 1. Reports to Stockholders.

Life

Funds

TIAA-CREF

Semi-annual

Report

TIAA-CREF

Life

Funds

June

30,

2023

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Ticker

22.1

TIAA-CREF

Life

Growth

Equity

Fund

TLGQX

22.2

TIAA-CREF

Life

Growth

&

Income

Fund

TLGWX

22.3

TIAA-CREF

Life

Large-Cap

Value

Fund

TLLVX

22.4

TIAA-CREF

Life

Real

Estate

Securities

Fund

TLRSX

22.5

TIAA-CREF

Life

Small-Cap

Equity

Fund

TLEQX

22.6

TIAA-CREF

Life

Social

Choice

Equity

Fund

TLCHX

22.7

TIAA-CREF

Life

Stock

Index

Fund

TLSTX

22.8

TIAA-CREF

Life

International

Equity

Fund

TLINX

22.9

TIAA-CREF

Life

Core

Bond

Fund

TLBDX

23.01

TIAA-CREF

Life

Money

Market

Fund

TLMXX

23.1

TIAA-CREF

Life

Balanced

Fund

TLBAX

Table

of

Contents

Market

Review

3

Important

Notices

5

About

the

Funds’

Benchmarks

6

Fund

Performance

8

Expense

Examples

19

Portfolios

of

Investments

23

Statement

of

Assets

and

Liabilities

133

Statement

of

Operations

135

Statement

of

Changes

in

Net

Assets

137

Financial

Highlights

141

Notes

to

Financial

Statements

147

Additional

Fund

Information

159

Approval

of

Investment

Management

Agreement

160

Liquidity

Risk

Management

Program

167

Additional

Information

About

Index

Providers

168

3

Market

Review

Brad

Finkle

Domestic

and

international

stock

markets

advanced

for

the

six-month

period

despite

pressure

from

global

inflation

and

rising

interest

rates.

Both

the

U.S.

economy

and

the

economy

of

the

19-nation

euro

area

expanded

in

the

first

quarter

of

2023;

however,

the

pace

of

growth

slowed.

China’s

economic

growth

accelerated

as

the

country’s

severe

COVID-19

restrictions

were

relaxed.

Central

banks

around

the

world

reacted

to

inflation

concerns

by

tightening

monetary

policies.

During

the

period,

the

U.S.

Federal

Reserve

increased

the

federal

funds

target

rate

three

times

to

5.00%–5.25%

before

pausing

in

June

2023.

The

European

Central

Bank

and

the

Bank

of

England

also

continued

to

raise

their

benchmark

interest

rates.

Returns

for

the

eight

TIAA-CREF

Life

Funds

that

invest

primarily

in

stocks

ranged

from

31.7%

for

the

Growth

Equity

Fund

to

3.5%

for

the

Real

Estate

Securities

Fund.

The

Balanced

Fund

rose

9.5%,

the

Core

Bond

Fund

gained

2.7%,

and

the

Money

Market

Fund

returned

2.3%.

Most

of

the

TIAA-CREF

Life

Funds

outperformed

their

respective

benchmarks

for

the

six-month

period.

TIAA-CREF

Life

Funds

performance

review

In

a

positive

period

for

financial

markets,

all

of

the

TIAA-CREF

Life

Funds

posted

gains.

Overall,

stocks

surpassed

bonds,

and

domestic

equities

outperformed

foreign

stocks.

The

Growth

Equity

Fund

posted

a

gain

of

31.7%

and

surpassed

the

Russell

1000®

Growth

Index.

The

Growth

&

Income

Fund

rose

23.1%

and

outpaced

the

S&P

500®

Index.

The

Stock

Index

Fund

advanced

16.1%.

The

Social

Choice

Equity

Fund,

which

does

not

invest

in

certain

stocks

because

of

environmental,

social

and

governance

criteria,

returned

12.5%.

Both

funds

trailed

the

Russell

3000®

Index.

The

International

Equity

Fund,

which

invests

in

developed

foreign

markets,

returned

12.0%

and

outperformed

the

MSCI

EAFE®

Index.

The

Small-Cap

Equity

Fund

returned

9.3%,

surpassing

the

Russell

2000®

Index.

The

Large-Cap

Value

Fund’s

return

of

6.4%

exceeded

the

performance

of

the

Russell

1000

Value

Index.

The

Real

Estate

Securities

Fund

returned

3.5%,

outpacing

the

FTSE

Nareit

All

Equity

REITs

Index.

The

Balanced

Fund,

which

invests

in

both

stock

and

bond

funds,

returned

9.5%,

surpassing

its

composite

benchmark.

The

Core

Bond

Fund’s

2.7%

return

outperformed

the

performance

of

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Money

Market

Fund

rose

2.3%

and

outperformed

the

iMoneyNet

Money

Fund

Averages™—All

Government.

Stocks

and

bonds

posted

gains

For

the

six-month

period,

domestic

equities,

as

measured

by

the

Russell

3000

Index,

returned

16.2%.

Foreign

stocks,

as

represented

by

the

MSCI

EAFE

Index,

returned

11.7%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

2.1%.

Yields

on

U.S.

fixed-

income

securities

rose

across

most

maturities,

resulting

in

lower

bond

prices

(bond

yields

move

in

the

opposite

direction

of

prices).

However,

spreads

tightened

as

the

U.S.

economy

remained

resilient,

enhancing

total

returns.

Keeping

long-term

goals

in

mind

The

strong

performance

of

the

financial

markets

in

the

first

half

of

2023

gave

most

investors

a

sigh

of

relief

after

enduring

substantial

losses

in

2022.

Yet,

despite

the

positive

trajectory

of

stocks

and

bonds,

we

remain

mindful

of

the

uncertainty

still

surrounding

the

future

direction

of

interest

rates,

as

well

as

potential

shifts

in

global

economic

data

and

ongoing

geopolitical

events.

Market

Review

(continued)

4

It

would

have

been

difficult

to

predict

such

a

turnaround

at

the

end

of

last

year.

Likewise,

no

one

knows

for

certain

where

markets

are

headed

for

the

remainder

of

2023

and

beyond.

Yet,

lessons

of

the

recent

past

reinforce

our

belief

that

a

well-

balanced

and

diversified

portfolio

of

stocks,

bonds

and

other

assets,

managed

by

professionals,

is

a

wise

course

of

action

for

all

market

conditions.

Please

keep

in

mind

that

past

performance

cannot

guarantee

future

results,

and

diversification

does

not

guarantee

against

market

losses.

If

you

have

any

questions

or

concerns

about

your

investments,

we

encourage

you

to

speak

with

your

financial

advisor

or

call

a

TIAA

financial

consultant.

To

learn

more,

visit

us

at

TIAA.org

or

call

800-842

2252.

We

would

be

happy

to

help

you.

Brad

Finkle

Principal

Executive

Officer

and

President

of

the

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds

Important

Notices

5

Portfolio

Manager

Commentaries

in

Semi-annual

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

December

31,

2022

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.tiaa.org.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Fund

Performance

section

within

this

report.

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

prepared

for

the

Funds

included

within

this

shareholder

report

will

be

for

the

reporting

period

ended

June

30,

2024.

About

the

Funds’

Benchmarks

6

Equity

indexes

Broad

market

indexes

Russell

3000®Index:

An

index

designed

to

measure

the

performance

of

the

stocks

of

the

3,000

largest

publicly

traded

U.S.

companies,

based

on

market

capitalization.

The

index

measures

the

performance

of

about

98%

of

the

total

market

capitalization

of

the

publicly

traded

U.S.

equity

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

EAFE®Index

:

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

U.S.

and

Canada.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Large-cap

indexes

S&P

500®Index:

An

index

generally

considered

representative

of

the

U.S.

equity

market.

The

index

includes

500

leading

companies

and

covers

approximately

80%

of

available

market

capitalization.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

1000®Growth

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

1000

Value

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Small-cap

index

Russell

2000®Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Specialty

equity

index

FTSE

Nareit

All

Equity

REITs

Index:

An

index

designed

to

measure

the

performance

of

certain

publicly

traded

real

estate

investment

trusts

in

the

United

States

that

own,

manage

and

lease

investment-grade

commercial

real

estate.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fixed-income

index

Bloomberg

U.S.

Aggregate

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

USD-denominated,

fixed-rate,

U.S.

investment

grade

taxable

bond

market.

The

index

includes

Treasuries,

government-related

and

corporate

securities,

mortgage-backed

securities

(MBS),

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS).

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Multi-asset

class

indexes

Composite

benchmark

The

Balanced

Fund

Composite

Index

is

a

composite

of

three

unmanaged

indexes,

each

of

which

represents

one

of

the

three

market

sectors

in

which

the

underlying

funds

invest:

domestic

equity

(Russell

3000

Index),

international

equity

(MSCI

EAFE

Index),

and

fixed

income

(Bloomberg

U.S.

Aggregate

Bond

Index).

The

Fund’s

composite

benchmark

combines

those

public

indexes

in

proportions

that

reflect

the

Fund’s

target

market

sector

allocations.

Broad

market

index

The

Morningstar

Moderately

Conservative

Target

Risk

Index

has

a

40%

global

equity

market

exposure

based

on

an

asset

allocation

methodology

from

Ibbotson

Associates,

a

Morningstar

company.

The

returns

of

the

Morningstar

Moderately

Conservative

Target

Risk

Index

reflect

a

multi-asset

class

exposure

and

similar

risk

profile

as

the

Balanced

Fund.

7

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses.

For

additional

details

about

the

benchmark

indexes,

please

read

the

funds’

latest

prospectus.

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

MSCI

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

This

report

is

not

approved,

reviewed

or

produced

by

MSCI.

S&P

500

is

a

registered

trademark

and

service

mark

of

Standard

&

Poor’s

Financial

Services,

LLC,

a

division

of

S&P

Global.

FTSE

International

Limited

(“FTSE”)

©

FTSE

2023.

FTSE®

is

a

trademark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

Nareit®

is

a

trademark

of

the

National

Association

of

Real

Estate

Investment

Trusts

(“Nareit”).

All

intellectual

property

rights

in

the

Index

vest

in

FTSE

and

Nareit.

Neither

FTSE

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

FTSE

indices

and/or

FTSE

ratings

or

underlying

data.

No

further

distribution

of

FTSE

Data

is

permitted

without

FTSE’s

express

written

consent.

Growth

Equity

Fund

8

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Growth

Equity

Fund

4/3/00

31

.67

%

28

.70

%

11

.69

%

14

.64

%

0

.56

%

0

.52

%

Russell

1000®

Growth

Index

–

29

.02

27

.11

15

.14

15

.74

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

146.77

million

Portfolio

turnover

rate

*

27%

Number

of

holdings

76

Weighted

median

market

capitalization

$362.43

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

45.5

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

36.8

Consumer

discretionary

18.1

Communication

services

10.9

Health

care

10.4

Financials

7.2

Industrials

7.0

Consumer

staples

5.1

Materials

1.2

Energy

1.2

Short-term

investments

3.6

Other

assets

&

liabilities,

net

-1.5

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

87.0

More

than

$15

billion-$50

billion

11.8

More

than

$2

billion-$15

billion

1.0

$2

billion

or

less

0.2

Total

100.0

Growth

&

Income

Fund

9

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Growth

&

Income

Fund

4/3/00

23

.05

%

24

.36

%

10

.80

%

12

.31

%

0

.54

%

0

.52

%

S&P

500®

Index

–

16

.89

19

.59

12

.31

12

.86

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

177.08

million

Portfolio

turnover

rate

*

36%

Number

of

holdings

54

Weighted

median

market

capitalization

$301.36

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

23.1

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

31.6

Financials

15.1

Health

care

13.8

Consumer

discretionary

10.3

Communication

services

7.8

Industrials

6.1

Energy

5.2

Materials

3.4

Utilities

2.8

Consumer

staples

2.2

Real

estate

1.7

Other

assets

&

liabilities,

net

0.0

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

75.5

More

than

$15

billion-$50

billion

21.6

More

than

$2

billion-$15

billion

2.9

Total

100.0

Large-Cap

Value

Fund

10

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Large-Cap

Value

Fund

10/28/02

6

.39

%

15

.90

%

7

.84

%

8

.71

%

0

.60

%

0

.52

%

Russell

1000®

Value

Index

–

5

.12

11

.54

8

.11

9

.22

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

77.57

million

Portfolio

turnover

rate

*

15%

Number

of

holdings

86

Weighted

median

market

capitalization

$129.43

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

16.5

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Financials

22.2

Health

care

17.1

Industrials

14.0

Information

technology

11.3

Energy

8.7

Consumer

staples

6.1

Materials

5.0

Consumer

discretionary

4.7

Communication

services

4.4

Utilities

3.4

Real

estate

1.3

Short-term

investments

2.5

Other

assets

&

liabilities,

net

-0.7

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

83.0

More

than

$15

billion-$50

billion

14.5

More

than

$2

billion-$15

billion

2.5

Total

100.0

Real

Estate

Securities

Fund

11

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Real

Estate

Securities

Fund

10/28/02

3

.51

%

-

3

.72

%

5

.27

%

7

.30

%

0

.63

%

0

.57

%

FTSE

Nareit

All

Equity

REITs

Index

–

2

.97

-

4

.39

4

.78

6

.81

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

67.87

million

Portfolio

turnover

rate

*

7%

Number

of

holdings

40

Weighted

median

market

capitalization

$26.48

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

34.4

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Retail

REITs

16.8

Industrial

REITs

14.7

Multi-family

residential

REITs

11.6

Telecom

tower

REITs

10.6

Data

center

REITs

9.6

Single-family

residential

REITs

9.2

Health

care

REITs

6.9

Other

specialized

REITs

5.1

Self

storage

REITs

4.6

Industrial

REITs

4.5

Timber

REITs

1.9

Office

REITs

1.8

Hotel

&

resort

REITs

1.5

Hotel

&

resort

REITs

1.0

Short-term

investments

0.6

Other

assets

&

liabilities,

net

-0.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

27.8

More

than

$15

billion-$50

billion

42.9

More

than

$2

billion-$15

billion

29.3

Total

100.0

Small-Cap

Equity

Fund

12

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Small-Cap

Equity

Fund

10/28/02

9

.25

%

17

.11

%

6

.19

%

9

.53

%

0

.66

%

0

.53

%

Russell

2000®

Index

–

8

.09

12

.31

4

.21

8

.26

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

62.64

million

Portfolio

turnover

rate

*

47%

Number

of

holdings

406

Weighted

median

market

capitalization

$2.68

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

24.5

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Industrials

17.6

Financials

14.5

Health

care

14.4

Information

technology

13.9

Consumer

discretionary

8.8

Energy

6.6

Real

estate

6.2

Materials

4.8

Consumer

staples

3.5

Communication

services

3.4

Utilities

3.1

Short-term

investments

3.2

Investments

purchased

with

collateral

from

securities

lending

0.4

Other

assets

&

liabilities,

net

-0.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$2

billion-$15

billion

63.9

$2

billion

or

less

36.1

Total

100.0

Social

Choice

Equity

Fund

13

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Social

Choice

Equity

Fund

4/3/00

12

.52

%

17

.85

%

11

.24

%

11

.57

%

0

.29

%

0

.22

%

Russell

3000®

Index

–

16

.17

18

.95

11

.39

12

.34

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

84.83

million

Portfolio

turnover

rate

*

15%

Number

of

holdings

459

Weighted

median

market

capitalization

$102.24

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

26.3

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

26.2

Health

care

13.3

Financials

13.2

Industrials

11.7

Consumer

discretionary

10.9

Consumer

staples

6.3

Communication

services

5.4

Energy

4.4

Materials

3.1

Real

estate

2.5

Utilities

2.4

Short-term

investments

0.7

Investments

purchased

with

collateral

from

securities

lending

0.2

Other

assets

&

liabilities,

net

-0.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

68.3

More

than

$15

billion-$50

billion

22.2

More

than

$2

billion-$15

billion

7.8

$2

billion

or

less

1.7

Total

100.0

Stock

Index

Fund

14

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Stock

Index

Fund

1/4/99

16

.12

%

18

.89

%

11

.33

%

12

.27

%

0

.09

%

0

.09

%

Russell

3000®

Index

–

16

.17

18

.95

11

.39

12

.34

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

732.62

million

Portfolio

turnover

rate

*

1%

Number

of

holdings

2,838

Weighted

median

market

capitalization

$131.89

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

26.3

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Information

technology

26.3

Health

care

13.3

Financials

12.8

Consumer

discretionary

10.9

Industrials

9.9

Communication

services

7.7

Consumer

staples

6.1

Energy

4.1

Real

estate

2.9

Materials

2.8

Utilities

2.5

Short-term

investments

0.7

Investments

purchased

with

collateral

from

securities

lending

0.2

Other

assets

&

liabilities,

net

-0.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

68.3

More

than

$15

billion-$50

billion

17.7

More

than

$2

billion-$15

billion

11.9

$2

billion

or

less

2.1

Total

100.0

International

Equity

Fund

15

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

International

Equity

Fund

4/3/00

11

.96

%

19

.65

%

3

.33

%

5

.14

%

0

.63

%

0

.60

%

MSCI

EAFE®

Index

–

11

.67

18

.77

4

.39

5

.41

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

135.21

million

Portfolio

turnover

rate

*

11%

Number

of

holdings

68

Weighted

median

market

capitalization

$72.14

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

14.0

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

†

Price/earnings

ratio

is

the

price

of

a

stock

divided

by

its

earnings

per

share

for

the

past

twelve-month

period.

%

of

net

assets

as

of

6/30/2023

Industrials

18.0

Health

care

17.2

Financials

15.1

Consumer

discretionary

10.7

Materials

9.9

Consumer

staples

8.7

Energy

8.2

Information

technology

5.4

Communication

services

3.1

Utilities

2.0

Short-term

investments

1.3

Other

assets

&

liabilities,

net

0.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

6/30/2023

More

than

$50

billion

73.4

More

than

$15

billion-$50

billion

24.4

More

than

$2

billion-$15

billion

2.2

Total

100.0

%

of

portfolio

investments

as

of

6/30/2023

Japan

21.3

France

13.3

Netherlands

10.6

United

Kingdom

9.2

Germany

8.3

Australia

6.1

Denmark

5.3

Switzerland

5.0

United

States

4.8

Italy

2.3

11

other

nations

12.5

Short-term

investments

1.3

Total

100.0

Core

Bond

Fund

16

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

and

30-day

SEC

yield

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Portfolio

composition

Holdings

by

maturity

Holdings

by

credit

quality

Credit

quality

ratings

are

based

on

the

Bloomberg

Barclays

methodology,

which

uses

the

median

rating

of

those

compiled

by

the

Moody's,

Standard

&

Poor's

and Fitch

ratings

agencies.

If

ratings

are

available

from

only

two

of

these

agencies,

the

lower

rating

is

used.

When

only

one

rating

is

available,

that

one

is

used.

These

ratings

are

subject

to

change

without

notice.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Core

Bond

Fund

7/8/03

2

.70

%

0

.34

%

1

.08

%

1

.92

%

0

.42

%

0

.35

%

Bloomberg

U.S.

Aggregate

Bond

Index

–

2

.09

-

0

.94

0

.77

1

.52

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

as

of

6/30/2023

Net

assets

$

193.70

million

Portfolio

turnover

rate

*

49%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

*

48%

Number

of

issues

1,056

Option-adjusted

duration

‡

6.16

years

Average

maturity

§

9.94

years

*

The

portfolio

turnover

rate

covers

the

six-month

period

from

January

1,

2023–June

30,

2023,

and

is

not

annualized.

‡

Option-adjusted

duration

estimates

how

much

the

value

of

a

bond

portfolio

would

be

affected

by

a

change

in

prevailing

interest

rates,

taking

into

account

the

options

embedded

in

the

individual

securities.

The

longer

a

portfolio’s

duration,

the

more

sensitive

it

is

to

changes

in

interest

rates.

§

Average

maturity

is

a

simple

average

of

the

maturities

of

all

the

bonds

in

a

fund's

portfolio.

The

maturity

of

a

bond

is

the

amount

of

time

until

the

bond’s

principal

becomes

due

or

payable.

%

of

net

assets

as

of

6/30/2023

Corporate

bonds

38.9

Government

bonds

35.8

Structured

assets

19.1

Bank

loan

obligations

4.0

Short-term

investments

2.0

Investments

purchased

with

collateral

from

securities

lending

1.7

Other

assets

&

liabilities,

net

-1.5

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2023

Less

than

1

year

4.7

1-3

years

12.5

3-5

years

13.3

5-10

years

41.1

Over

10

years

28.4

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

6/30/2023

U.S.

Treasury

&

U.S.

agency

securities*

32.3

Aaa/AAA

4.7

Aa/AA

8.5

A/A

15.1

Baa/BBB

26.7

Ba/BB

5.3

B/B

4.6

Below

B/B

0.1

Non-rated

2.7

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

Money

Market

Fund

17

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information,

including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

 Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

the

7-day

current

and

effective

annualized

yields

and

total

returns

would

have

been

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

could

lose

money

by

investing

in

this

Fund.

Although

the

Fund

seeks

to

preserve

the

value

of

your

investment

at

$1.00

per

share,

it

cannot

guarantee

it

will

do

so.

An

investment

in

the Fund

is

not

insured

or

guaranteed

by

the

Federal

Deposit

Insurance

Corporation

(FDIC)

or

any

other

government

agency.

The Fund's

sponsor

has

no

legal

obligation

to

provide

support

to

the

Fund,

and

you

should

not

expect

that

the

sponsor

will

provide

financial

support

to

the Fund

at

any

time.

For

a

detailed

discussion

of

risk,

please

see

the

prospectus.

The

current

yield

more

closely

reflects

current

earnings

than

does

the

total

return. 

Fund

profile

Portfolio

composition

Net

annualized

yield

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

6

months

1

year

5

years

10

years

gross

net

Money

Market

Fund

7/8/03

2

.33

%

3

.68

%

1

.45

%

0

.90

%

0

.21

%

0

.15

%

iMoneyNet

Money

Fund

Averages™—All

Government

§

–

2

.18

3

.43

1

.28

0

.76

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Beginning

September

9,

2020,

part

or

all

of

the

investment

management

fees

of

the

TIAA-CREF

Life

Money

Market

Fund

are

being

voluntarily

waived.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

§

The

iMoneyNet

Money

Fund

Averages—All

Government

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements

and

government-backed

variable-rate

notes.

You

cannot

invest

directly

in

it.

as

of

6/30/2023

Net

assets

$

135.04

million

Number

of

issues

76

%

of

net

assets

as

of

6/30/2023

U.S.

government

agency

securities*

37.0

Repurchase

agreements

35.1

Variable

rate

securities,

government

23.6

U.S.

Treasury

securities*

9.8

Other

assets

&

liabilities,

net

-5.5

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

June

27,

2023)

‡

Current

yield

Effective

yield

Money

Market

Fund

4

.98

%

5

.11

%

iMoneyNet

Money

Fund

Averages™—

All

Government

§

4

.75

4

.86

The

current

yield

more

closely

reflects

current

earnings

than

does

the

total

return.

‡

Typically,

iMoneyNet

reports

its

7-day

yields

as

of

Tuesday

of

each

week.

§

The

iMoneyNet

Money

Fund

Averages—All

Government

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

U.S.

Treasuries,

U.S.

Agencies,

repurchase

agreements

and

government-backed

variable-rate

notes.

You

cannot

invest

directly

in

it.

Balanced

Fund

18

Performance

as

of

June

30,

2023

The

returns

in

this

report

show

past

performance,

which

is

no

guarantee

of

future

results.

Returns

and

the

principal

value

of

your

investment

will

fluctuate.

Current

performance

may

be

higher

or

lower

than

that

shown,

and

you

may

have

a

gain

or

a

loss

when

you

redeem

your

shares.

For

current

performance

information, including

performance

to

the

most

recent

month-end,

please

visit

TIAA.org.

Performance

may

reflect

waivers

or

reimbursements

of

certain

expenses.

Absent

these

waivers

or

reimbursement

arrangements,

performance

would

be

lower.

Total

returns

for

the

shares

of

the

Fund

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Fund

would

have

been

lower.

You

cannot

invest

directly

in

any

index.

Index

returns

do

not

include

a

deduction

for

fees

or

expenses. 

Fund

profile

Asset

Allocation

Target

allocation

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Inception

date

6

months

1

year

5

years

since

inception

gross

net

Balanced

Fund

1/31/14

9

.54

%

10

.09

%

5

.11

%

5

.71

%

0

.62

%

0

.51

%

Balanced

Fund

Composite

Index

‡

–

8

.57

8

.89

5

.69

6

.00

§

–

–

Broad

market

index

Morningstar

Moderately

Conservative

Target

Risk

Index

–

5

.53

5

.66

4

.01

4

.30

§

–

–

*

The

gross

and

net

annual

operating

expenses

are

taken

from

the

Fund's

prospectus.

The

net

annual

operating

expenses

may

at

times

reflect

a

contractual

reimbursement

of

various

expenses.

The

expense

reimbursement

will

continue

through

at

least

April

30,

2024,

unless

changed

with

the

approval

of

the

Board

of

Trustees.

Without

these

reimbursements,

expenses

would

be

higher

and

returns

lower.

Refer

to

the

Financial

highlights

later

in

this

report

for

the

Fund's

expense

ratios

as

of

the

end

of

the

reporting

period.

#

These

expenses

include

underlying

fund

expenses.

‡

As

of

the

close

of

business

on

June

30,

2023,

the

Balanced

Fund

Composite

Index

consisted

of:

50.0%

Bloomberg

U.S.

Aggregate

Bond

Index;

40.0%

Russell

3000®

Index;

and

10.0%

MSCI

EAFE®

Index.

The

Fund’s

benchmark,

the

components

that

make

up

the

composite

benchmark

and

the

method

of

calculating

the

composite

benchmark’s

performance

may

vary

over

time.

§

Performance

is

calculated

from

the

inception

date

of

the

Fund.

as

of

6/30/2023

Net

assets

$

64.56

million

%

of

net

assets

as

of

6/30/2023

Equity

U.S.

equity

40.52

International

equity

10.05

Fixed

income

49.34

Short-term

investments

0.09

Other

assets

&

liabilities,

net

0.00

Total

100.00

19

Expense

Examples

All

shareholders

of

the

TIAA-CREF

Life

Funds

incur

ongoing

costs,

including

management

fees

and

other

fund

expenses.

The

TIAA-CREF

Life

Funds

are

the

underlying

investment

vehicles

for

certain

variable

life

insurance

and

variable

contracts

issued

by

TIAA-CREF

Life

Insurance

Company.

These

contracts

have

additional

administrative

expense

fees

and

mortality

and

expense

risk

charges.

Because

of

these

additional

deductions,

the

costs

to

investors

will

be

higher

than

the

figures

shown

in

the

expense

examples.

Information

about

these

additional

charges

can

be

found

in

the

product

prospectuses.

The

expense

examples

that

appear

in

this

report

are

intended

to

help

you

understand

your

ongoing

costs

only

(in

U.S.

dollars)

and

do

not

reflect

transactional

costs.

The

examples

are

designed

to

help

you

compare

these

ongoing

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Shareholders

of

the

TIAA-CREF

Life

Funds

do

not

incur

a

sales

charge

for

purchases,

reinvested

dividends

or

other

distributions.

The

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

six-month

period

and

held

for

the

entire

period

(

January

1,

2023

–

June

30,

2023

).

Actual

expenses

The

first

section

in

each

table

uses

the

Fund’s

actual

expenses

and

its

actual

rate

of

return.

You

may

use

the

information

in

this

section,

together

with

the

amount

you

invested,

to

estimate

the

expenses

that

you

paid

over

the

six-month

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

“Expenses

incurred

during

the

period”

to

estimate

the

expenses

you

paid

during

the

six-month

period.

Some

funds

have

a

contractual

fee

reimbursement.

Had

these

not

been

in

effect,

fund

expenses

would

have

been

higher.

Hypothetical

example

for

comparison

purposes

The

second

section

in

each

table

shows

hypothetical

account

values

and

expenses

based

on

the

Fund’s

actual

expense

ratio

for

each

share

class

for

the

six-month

period

and

an

assumed

5%-per-year

rate

of

return

before

expenses.

This

was

not

the

share

class’

actual

return.

This

hypothetical

example

cannot

be

used

to

estimate

the

actual

expenses

you

paid

for

the

period,

but

rather

allows

you

to

compare

the

ongoing

costs

of

investing

in

the

Fund

with

the

costs

of

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

other

mutual

funds.

Growth

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,316.73

Expenses

incurred

during

the

period*

$2.99

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.21

Expenses

incurred

during

the

period*

$2.61

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.52%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Growth

&

Income

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,230.46

Expenses

incurred

during

the

period*

$2.85

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.24

Expenses

incurred

during

the

period*

$2.58

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.52%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Expense

Examples

(continued)

20

Large-Cap

Value

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,063.86

Expenses

incurred

during

the

period*

$2.67

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.21

Expenses

incurred

during

the

period*

$2.61

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.52%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Real

Estate

Securities

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,035.09

Expenses

incurred

during

the

period*

$2.88

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.96

Expenses

incurred

during

the

period*

$2.86

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.57%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Small-Cap

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,092.51

Expenses

incurred

during

the

period*

$2.76

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.16

Expenses

incurred

during

the

period*

$2.66

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.53%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Social

Choice

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,125.16

Expenses

incurred

during

the

period*

$1.16

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.70

Expenses

incurred

during

the

period*

$1.10

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.22%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

21

Stock

Index

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,161.23

Expenses

incurred

during

the

period*

$0.45

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.38

Expenses

incurred

during

the

period*

$0.42

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.08%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

International

Equity

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,119.61

Expenses

incurred

during

the

period*

$3.15

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,021.82

Expenses

incurred

during

the

period*

$3.01

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.60%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Core

Bond

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,027.00

Expenses

incurred

during

the

period*

$1.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.05

Expenses

incurred

during

the

period*

$1.76

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.35%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Money

Market

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.28

Expenses

incurred

during

the

period*

$0.75

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.05

Expenses

incurred

during

the

period*

$0.75

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.15%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

Expense

Examples

(continued)

22

Balanced

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,095.37

Expenses

incurred

during

the

period*

$0.54

Effective

expenses

incurred

during

the

period

†

$2.67

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.28

Expenses

incurred

during

the

period*

$0.53

Effective

expenses

incurred

during

the

period

†

$2.58

*

"Expenses

incurred

during

the

period”

is

based

on

the

Fund's

actual

expense

ratio

for

the

most

recent

fiscal

half-year,

multiplied

by

the

average

account

value

over

the

six-

month

period,

multiplied

by

181/365.

There

were

181

days

in

the

six

months

ended

June

30,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.10%.

The

expense

charges

of

the

Fund

may

reflect

a

waiver

and/or

reimbursement.

Please

see

the

prospectus

for

an

explanation,

including

the

date

on

which

this

reimbursement

is

scheduled

to

end.

Without

such

waiver

and/or

reimbursement,

the

expenses

of

the

Fund

would

be

higher

and

its

performance

lower.

†

"Effective

expenses

incurred

during

the

period”

is

based

on

the

Fund's

total

expense

ratio

for

the

most

recent

fiscal

half-year,

which

includes

the

fund's

own

expense

ratio

plus

its

pro

rata

share

of

its

underlying

funds'

expenses

(which

the

fund

bears

through

its

investment

in

the

underlying

funds).

The

Fund's

total

annualized

weighted

average

six-month

expense

ratio

for

that

period

was

0.51%.

Portfolios

of

Investments

Growth

Equity

Fund

June

30,

2023

23

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

97.9%

COMMON

STOCKS

-

97.9%

AUTOMOBILES

&

COMPONENTS

-

1

.5

%

8,221

*

Tesla,

Inc

$

2,152,011‌

TOTAL

AUTOMOBILES

&

COMPONENTS

2,152,011‌

CAPITAL

GOODS

-

2

.8

%

12,503

*

Boeing

Co

2,640,133‌

1,938

Deere

&

Co

785,258‌

4,634

Safran

S.A.

726,193‌

TOTAL

CAPITAL

GOODS

4,151,584‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.8

%

19,648

Experian

Group

Ltd

754,109‌

2,995

Verisk

Analytics,

Inc

676,960‌

8,191

Waste

Connections,

Inc

1,170,740‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,601,809‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

10

.3

%

7,296

*

Alibaba

Group

Holding

Ltd

(ADR)

608,122‌

100,232

*

Amazon.com,

Inc

13,066,243‌

16,739

TJX

Companies,

Inc

1,419,300‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

15,093,665‌

CONSUMER

DURABLES

&

APPAREL

-

1

.0

%

1,539

Kering

849,834‌

90,000

Prada

S.p.A

605,542‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,455,376‌

CONSUMER

SERVICES

-

5

.3

%

1,354

*

Booking

Holdings,

Inc

3,656,247‌

28,594

*

Carnival

Corp

538,425‌

4,996

*

Flutter

Entertainment

plc

1,004,131‌

22,247

*

Las

Vegas

Sands

Corp

1,290,326‌

12,689

Starbucks

Corp

1,256,972‌

TOTAL

CONSUMER

SERVICES

7,746,101‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.6

%

4,250

Costco

Wholesale

Corp

2,288,115‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

2,288,115‌

ENERGY

-

1

.2

%

6,764

ConocoPhillips

700,818‌

3,389

Pioneer

Natural

Resources

Co

702,133‌

3,292

Valero

Energy

Corp

386,152‌

TOTAL

ENERGY

1,789,103‌

FINANCIAL

SERVICES

-

6

.8

%

418

*,g

Adyen

NV

723,837‌

2,660

American

Express

Co

463,372‌

77,546

*

Grab

Holdings

Ltd.

265,983‌

6,085

London

Stock

Exchange

Group

plc

647,647‌

32,500

*

PayPal

Holdings,

Inc

2,168,725‌

2,390

S&P

Global,

Inc

958,127‌

20,298

Visa,

Inc

(Class

A)

4,820,369‌

TOTAL

FINANCIAL

SERVICES

10,048,060‌

Growth

Equity

Fund

June

30,

2023

24

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO

-

2

.4

%

53,357

Davide

Campari-Milano

NV

$

739,486‌

28,072

*

Monster

Beverage

Corp

1,612,456‌

6,400

PepsiCo,

Inc

1,185,408‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

3,537,350‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.5

%

4,903

*

Align

Technology,

Inc

1,733,897‌

11,958

*

Dexcom,

Inc

1,536,723‌

4,041

Essilor

International

S.A.

762,012‌

6,502

*

Intuitive

Surgical,

Inc

2,223,294‌

4,837

UnitedHealth

Group,

Inc

2,324,856‌

4,621

*

Veeva

Systems,

Inc

913,710‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

9,494,492‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.1

%

5,463

Estee

Lauder

Cos

(Class

A)

1,072,824‌

22,913

*

Kenvue,

Inc

605,361‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,678,185‌

INSURANCE

-

0

.4

%

11,172

American

International

Group,

Inc

642,837‌

TOTAL

INSURANCE

642,837‌

MATERIALS

-

1

.2

%

8,305

Corteva,

Inc

475,877‌

3,350

Linde

plc

1,276,618‌

TOTAL

MATERIALS

1,752,495‌

MEDIA

&

ENTERTAINMENT

-

10

.9

%

57,037

*

Alphabet,

Inc

(Class

C)

6,899,766‌

22,527

*

Match

Group,

Inc

942,755‌

22,858

*

Meta

Platforms,

Inc

6,559,789‌

8,068

NetEase,

Inc

(ADR)

780,095‌

10,512

*

ROBLOX

Corp

423,633‌

4,083

*

Walt

Disney

Co

364,530‌

TOTAL

MEDIA

&

ENTERTAINMENT

15,970,568‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

3

.9

%

7,313

AbbVie,

Inc

985,280‌

3,594

Amgen,

Inc

797,940‌

13,530

*

Avantor,

Inc

277,906‌

9,081

Gilead

Sciences,

Inc

699,873‌

3,724

*

Illumina,

Inc

698,213‌

6,600

Novo

Nordisk

AS

1,066,162‌

6,556

Zoetis,

Inc

1,129,009‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,654,383‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

9

.4

%

6,711

*

Advanced

Micro

Devices,

Inc

764,450‌

18,708

Applied

Materials,

Inc

2,704,054‌

3,861

Broadcom,

Inc

3,349,147‌

5,608

Marvell

Technology,

Inc

335,246‌

15,773

NVIDIA

Corp

6,672,295‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

13,825,192‌

SOFTWARE

&

SERVICES

-

20

.7

%

1,653

Accenture

plc

510,083‌

3,843

*

Atlassian

Corp

644,894‌

3,819

*

DocuSign,

Inc

195,113‌

5,339

Intuit,

Inc

2,446,276‌

46,231

Microsoft

Corp

15,743,505‌

8,979

Oracle

Corp

1,069,309‌

4,742

*

Palo

Alto

Networks,

Inc

1,211,628‌

25

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

2,295

Roper

Technologies,

Inc

$

1,103,436‌

17,879

*

Salesforce,

Inc

3,777,118‌

2,601

*

ServiceNow,

Inc

1,461,684‌

2,679

*

Synopsys,

Inc

1,166,463‌

4,526

*

Workday,

Inc

1,022,378‌

TOTAL

SOFTWARE

&

SERVICES

30,351,887‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6

.7

%

50,763

Apple,

Inc

9,846,499‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

9,846,499‌

TRANSPORTATION

-

2

.4

%

61,693

*

Uber

Technologies,

Inc

2,663,287‌

4,268

Union

Pacific

Corp

873,318‌

TOTAL

TRANSPORTATION

3,536,605‌

TOTAL

COMMON

STOCKS

143,616,317‌

(Cost

$84,619,060)

TOTAL

LONG-TERM

INVESTMENTS

143,616,317‌

(Cost

$84,619,060)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

3.6%

REPURCHASE

AGREEMENT

-

3

.6

%

$

5,300,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

5,300,000‌

TOTAL

REPURCHASE

AGREEMENT

5,300,000‌

TOTAL

SHORT-TERM

INVESTMENTS

5,300,000‌

(Cost

$5,300,000)

TOTAL

INVESTMENTS

-

101.5%

148,916,317‌

(Cost

$89,919,060)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.5)%

(

2,149,435‌

)

NET

ASSETS

-

100.0%

$

146,766,882‌

ADR

American

Depositary

Receipt

*

Non-income

producing

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$5,300,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

7/31/27,

valued

at

$5,406,063.

Growth

&

Income

Fund

June

30,

2023

Portfolio

of

Investments

26

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

100.0%

COMMON

STOCKS

-

100.0%

AUTOMOBILES

&

COMPONENTS

-

3

.0

%

52,710

BorgWarner,

Inc

$

2,578,046‌

10,458

*

Tesla,

Inc

2,737,591‌

TOTAL

AUTOMOBILES

&

COMPONENTS

5,315,637‌

BANKS

-

1

.5

%

63,069

Wells

Fargo

&

Co

2,691,785‌

TOTAL

BANKS

2,691,785‌

CAPITAL

GOODS

-

6

.1

%

11,946

Dover

Corp

1,763,827‌

9,138

Honeywell

International,

Inc

1,896,135‌

9,330

Hubbell,

Inc

3,093,455‌

2,901

W.W.

Grainger,

Inc

2,287,700‌

15,087

Westinghouse

Air

Brake

Technologies

Corp

1,654,591‌

TOTAL

CAPITAL

GOODS

10,695,708‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

7

.3

%

53,087

*

Amazon.com,

Inc

6,920,422‌

9,477

Home

Depot,

Inc

2,943,935‌

13,459

Lowe's

Companies,

Inc

3,037,696‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

12,902,053‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.7

%

2,103

Costco

Wholesale

Corp

1,132,213‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,132,213‌

ENERGY

-

5

.2

%

15,187

Chevron

Corp

2,389,674‌

31,480

EOG

Resources,

Inc

3,602,571‌

30,134

Exxon

Mobil

Corp

3,231,872‌

TOTAL

ENERGY

9,224,117‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.7

%

26,221

Simon

Property

Group,

Inc

3,028,001‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,028,001‌

FINANCIAL

SERVICES

-

9

.7

%

9,911

American

Express

Co

1,726,496‌

10,845

Ameriprise

Financial,

Inc

3,602,275‌

22,157

Ares

Management

Corp

2,134,827‌

52,841

Bank

of

New

York

Mellon

Corp

2,352,482‌

9,140

Mastercard,

Inc

(Class

A)

3,594,762‌

15,919

Visa,

Inc

(Class

A)

3,780,444‌

TOTAL

FINANCIAL

SERVICES

17,191,286‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

9

.3

%

20,960

Abbott

Laboratories

2,285,059‌

31,182

*

Boston

Scientific

Corp

1,686,635‌

30,518

Cardinal

Health,

Inc

2,886,087‌

10,420

Cigna

Corp

2,923,852‌

13,729

Laboratory

Corp

of

America

Holdings

3,313,220‌

7,083

UnitedHealth

Group,

Inc

3,404,373‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

16,499,226‌

27

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.5

%

5,555

Estee

Lauder

Cos

(Class

A)

$

1,090,891‌

10,403

Procter

&

Gamble

Co

1,578,551‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

2,669,442‌

INSURANCE

-

3

.9

%

56,074

American

International

Group,

Inc

3,226,498‌

28,796

*

Arch

Capital

Group

Ltd

2,155,381‌

7,792

Chubb

Ltd

1,500,427‌

TOTAL

INSURANCE

6,882,306‌

MATERIALS

-

3

.4

%

49,190

Corteva,

Inc

2,818,587‌

5,847

Linde

plc

2,228,175‌

24,584

Sealed

Air

Corp

983,360‌

TOTAL

MATERIALS

6,030,122‌

MEDIA

&

ENTERTAINMENT

-

7

.8

%

35,818

*

Alphabet,

Inc

(Class

A)

4,287,415‌

32,383

*

Alphabet,

Inc

(Class

C)

3,917,371‌

19,698

*

Meta

Platforms,

Inc

5,652,932‌

TOTAL

MEDIA

&

ENTERTAINMENT

13,857,718‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4

.5

%

47,929

Bristol-Myers

Squibb

Co

3,065,060‌

42,891

Merck

&

Co,

Inc

4,949,192‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

8,014,252‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

8

.4

%

4,222

Broadcom,

Inc

3,662,289‌

3,945

Lam

Research

Corp

2,536,083‌

15,420

NVIDIA

Corp

6,522,968‌

17,691

QUALCOMM,

Inc

2,105,937‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

14,827,277‌

SOFTWARE

&

SERVICES

-

14

.1

%

42,439

Microsoft

Corp

14,452,177‌

47,302

Oracle

Corp

5,633,195‌

11,254

*

Palo

Alto

Networks,

Inc

2,875,510‌

4,691

*

Synopsys,

Inc

2,042,508‌

TOTAL

SOFTWARE

&

SERVICES

25,003,390‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

9

.1

%

75,074

Apple,

Inc

14,562,104‌

9,237

*

Arista

Networks,

Inc

1,496,948‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

16,059,052‌

UTILITIES

-

2

.8

%

28,899

Alliant

Energy

Corp

1,516,619‌

15,863

American

Electric

Power

Co,

Inc

1,335,665‌

28,546

NextEra

Energy,

Inc

2,118,113‌

TOTAL

UTILITIES

4,970,397‌

TOTAL

COMMON

STOCKS

176,993,982‌

(Cost

$125,615,603)

TOTAL

LONG-TERM

INVESTMENTS

176,993,982‌

(Cost

$125,615,603)

TOTAL

INVESTMENTS

-

100.0%

176,993,982‌

(Cost

$125,615,603)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.0%

87,142‌

NET

ASSETS

-

100.0%

$

177,081,124‌

Growth

&

Income

Fund

June

30,

2023

28

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

*

Non-income

producing

Portfolio

of

Investments

Large-Cap

Value

Fund

June

30,

2023

29

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

98.2%

COMMON

STOCKS

-

98.2%

BANKS

-

8

.7

%

47,421

Bank

of

America

Corp

$

1,360,508‌

18,206

JPMorgan

Chase

&

Co

2,647,882‌

5,776

PNC

Financial

Services

Group,

Inc

727,487‌

13,748

Truist

Financial

Corp

417,252‌

37,319

Wells

Fargo

&

Co

1,592,775‌

TOTAL

BANKS

6,745,904‌

CAPITAL

GOODS

-

11

.0

%

2,928

Allegion

plc

351,419‌

3,157

*

Boeing

Co

666,632‌

1,488

Deere

&

Co

602,923‌

5,588

Dover

Corp

825,068‌

5,603

Eaton

Corp

1,126,763‌

6,039

Honeywell

International,

Inc

1,253,092‌

7,490

Masco

Corp

429,776‌

2,943

Parker-Hannifin

Corp

1,147,888‌

17,041

Raytheon

Technologies

Corp

1,669,336‌

2,337

Trane

Technologies

plc

446,975‌

TOTAL

CAPITAL

GOODS

8,519,872‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0

.3

%

670

Home

Depot,

Inc

208,129‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

208,129‌

CONSUMER

DURABLES

&

APPAREL

-

1

.2

%

150

*

NVR,

Inc

952,593‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

952,593‌

CONSUMER

SERVICES

-

3

.2

%

200

*

Booking

Holdings,

Inc

540,066‌

7,305

Hilton

Worldwide

Holdings,

Inc

1,063,243‌

2,987

McDonald's

Corp

891,350‌

TOTAL

CONSUMER

SERVICES

2,494,659‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.8

%

8,814

Walmart,

Inc

1,385,385‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,385,385‌

ENERGY

-

8

.7

%

8,265

Chevron

Corp

1,300,498‌

13,967

ConocoPhillips

1,447,121‌

10,337

EOG

Resources,

Inc

1,182,966‌

17,267

Exxon

Mobil

Corp

1,851,886‌

8,020

Valero

Energy

Corp

940,746‌

TOTAL

ENERGY

6,723,217‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.3

%

8,483

Prologis,

Inc

1,040,270‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,040,270‌

FINANCIAL

SERVICES

-

8

.7

%

5,950

American

Express

Co

1,036,490‌

5,208

*

Berkshire

Hathaway,

Inc

(Class

B)

1,775,928‌

1,120

BlackRock,

Inc

774,077‌

12,140

Charles

Schwab

Corp

688,095‌

Large-Cap

Value

Fund

June

30,

2023

30

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

8,513

*

Fiserv,

Inc

$

1,073,915‌

3,150

Goldman

Sachs

Group,

Inc

1,016,001‌

3,179

Intercontinental

Exchange

Group,

Inc

359,481‌

TOTAL

FINANCIAL

SERVICES

6,723,987‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.7

%

9,882

Mondelez

International,

Inc

720,793‌

2,273

PepsiCo,

Inc

421,005‌

9,422

Philip

Morris

International,

Inc

919,776‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,061,574‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

8

.8

%

9,959

Abbott

Laboratories

1,085,730‌

4,031

Cigna

Corp

1,131,099‌

2,746

Elevance

Health,

Inc

1,220,020‌

3,535

HCA

Healthcare,

Inc

1,072,802‌

10,696

Medtronic

plc

942,318‌

2,143

UnitedHealth

Group,

Inc

1,030,011‌

2,335

Zimmer

Biomet

Holdings,

Inc

339,976‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

6,821,956‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.6

%

11,173

*

Kenvue,

Inc

295,191‌

6,235

Procter

&

Gamble

Co

946,099‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,241,290‌

INSURANCE

-

4

.8

%

18,511

American

International

Group,

Inc

1,065,123‌

6,210

Chubb

Ltd

1,195,798‌

4,637

Marsh

&

McLennan

Cos,

Inc

872,127‌

11,051

Metlife,

Inc

624,713‌

TOTAL

INSURANCE

3,757,761‌

MATERIALS

-

5

.0

%

3,534

Celanese

Corp

(Series

A)

409,237‌

8,536

Crown

Holdings,

Inc

741,523‌

12,288

DuPont

de

Nemours,

Inc

877,855‌

3,790

Linde

plc

1,444,293‌

1,575

Reliance

Steel

&

Aluminum

Co

427,754‌

TOTAL

MATERIALS

3,900,662‌

MEDIA

&

ENTERTAINMENT

-

3

.3

%

4,154

*

Alphabet,

Inc

(Class

C)

502,509‌

27,966

Comcast

Corp

(Class

A)

1,161,987‌

9,678

*

Walt

Disney

Co

864,052‌

TOTAL

MEDIA

&

ENTERTAINMENT

2,528,548‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.3

%

4,124

AbbVie,

Inc

555,626‌

16,869

Bristol-Myers

Squibb

Co

1,078,773‌

2,210

Danaher

Corp

530,400‌

14,973

Johnson

&

Johnson

2,478,331‌

11,198

Merck

&

Co,

Inc

1,292,137‌

14,251

Pfizer,

Inc

522,727‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,457,994‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

5

.3

%

4,164

Analog

Devices,

Inc

811,189‌

5,931

Applied

Materials,

Inc

857,267‌

608

Broadcom,

Inc

527,397‌

5,713

Intel

Corp

191,043‌

696

Lam

Research

Corp

447,430‌

8,796

Micron

Technology,

Inc

555,116‌

31

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

3,478

NXP

Semiconductors

NV

$

711,877‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

4,101,319‌

SOFTWARE

&

SERVICES

-

3

.5

%

1,988

Accenture

plc

613,457‌

2,452

Microsoft

Corp

835,004‌

10,511

Oracle

Corp

1,251,755‌

TOTAL

SOFTWARE

&

SERVICES

2,700,216‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2

.5

%

17,015

Cisco

Systems,

Inc

880,356‌

7,821

TE

Connectivity

Ltd

1,096,191‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,976,547‌

TELECOMMUNICATION

SERVICES

-

1

.1

%

6,358

*

T-Mobile

US,

Inc

883,126‌

TOTAL

TELECOMMUNICATION

SERVICES

883,126‌

TRANSPORTATION

-

3

.0

%

15,994

*,†,b

AMR

Corporation

160‌

18,080

CSX

Corp

616,528‌

5,069

Union

Pacific

Corp

1,037,219‌

3,843

United

Parcel

Service,

Inc

(Class

B)

688,857‌

TOTAL

TRANSPORTATION

2,342,764‌

UTILITIES

-

3

.4

%

8,129

Ameren

Corp

663,895‌

7,976

American

Electric

Power

Co,

Inc

671,579‌

11,407

Dominion

Energy,

Inc

590,769‌

9,474

NextEra

Energy,

Inc

702,971‌

TOTAL

UTILITIES

2,629,214‌

TOTAL

COMMON

STOCKS

76,196,987‌

(Cost

$51,913,351)

TOTAL

LONG-TERM

INVESTMENTS

76,196,987‌

(Cost

$51,913,351)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.5%

REPURCHASE

AGREEMENT

-

2

.5

%

$

1,935,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

1,935,000‌

TOTAL

REPURCHASE

AGREEMENT

1,935,000‌

TOTAL

SHORT-TERM

INVESTMENTS

1,935,000‌

(Cost

$1,935,000)

TOTAL

INVESTMENTS

-

100.7%

78,131,987‌

(Cost

$53,848,351)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.7)%

(

565,310‌

)

NET

ASSETS

-

100.0%

$

77,566,677‌

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

b

In

bankruptcy

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$1,935,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.000%

and

maturity

date

2/29/28,

valued

at

$1,973,753.

Real

Estate

Securities

Fund

June

30,

2023

Portfolio

of

Investments

32

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

DATA

CENTER

REITS

-

9

.6

%

21,800

Digital

Realty

Trust,

Inc

$

2,482,366‌

5,150

Equinix,

Inc

4,037,291‌

TOTAL

DATA

CENTER

REITS

6,519,657‌

HEALTH

CARE

REITS

-

6

.9

%

40,500

Healthpeak

Properties

Inc

814,050‌

26,600

Ventas,

Inc

1,257,382‌

32,200

Welltower,

Inc

2,604,658‌

TOTAL

HEALTH

CARE

REITS

4,676,090‌

HOTEL

&

RESORT

REITS

-

1

.5

%

59,500

Host

Hotels

and

Resorts,

Inc

1,001,385‌

TOTAL

HOTEL

&

RESORT

REITS

1,001,385‌

HOTEL

&

RESORT

REITS

-

1

.0

%

7,000

Ryman

Hospitality

Properties

650,440‌

TOTAL

HOTEL

&

RESORT

REITS

650,440‌

INDUSTRIAL

REITS

-

14

.7

%

69,000

Prologis,

Inc

8,461,470‌

25,400

Terreno

Realty

Corp

1,526,540‌

TOTAL

INDUSTRIAL

REITS

9,988,010‌

INDUSTRIAL

REITS

-

4

.5

%

4,600

EastGroup

Properties,

Inc

798,560‌

43,700

Rexford

Industrial

Realty,

Inc

2,282,014‌

TOTAL

INDUSTRIAL

REITS

3,080,574‌

MULTI-FAMILY

RESIDENTIAL

REITS

-

11

.6

%

16,100

AvalonBay

Communities,

Inc

3,047,247‌

20,700

Equity

Residential

1,365,579‌

4,600

Essex

Property

Trust,

Inc

1,077,780‌

39,700

Independence

Realty

Trust,

Inc

723,334‌

10,900

Mid-America

Apartment

Communities,

Inc

1,655,274‌

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

7,869,214‌

OFFICE

REITS

-

1

.8

%

8,000

Alexandria

Real

Estate

Equities,

Inc

907,920‌

5,200

Boston

Properties,

Inc

299,468‌

TOTAL

OFFICE

REITS

1,207,388‌

OTHER

SPECIALIZED

REITS

-

5

.1

%

23,000

Gaming

and

Leisure

Properties,

Inc

1,114,580‌

75,800

VICI

Properties,

Inc

2,382,394‌

TOTAL

OTHER

SPECIALIZED

REITS

3,496,974‌

RETAIL

REITS

-

16

.8

%

9,700

Agree

Realty

Corp

634,283‌

48,600

Brixmor

Property

Group,

Inc

1,069,200‌

69,400

Kimco

Realty

Corp

1,368,568‌

48,600

Kite

Realty

Group

Trust

1,085,724‌

31,100

Realty

Income

Corp

1,859,469‌

26,500

Regency

Centers

Corp

1,636,905‌

30,000

Simon

Property

Group,

Inc

3,464,400‌

33

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

RETAIL

REITS—continued

7,900

Spirit

Realty

Capital,

Inc

$

311,102‌

TOTAL

RETAIL

REITS

11,429,651‌

SELF

STORAGE

REITS

-

4

.6

%

3,500

Extra

Space

Storage,

Inc

520,975‌

4,700

Life

Storage,

Inc

624,912‌

6,700

Public

Storage,

Inc

1,955,596‌

TOTAL

SELF

STORAGE

REITS

3,101,483‌

SINGLE-FAMILY

RESIDENTIAL

REITS

-

9

.2

%

54,900

American

Homes

4

Rent

1,946,205‌

29,700

Equity

Lifestyle

Properties,

Inc

1,986,633‌

10,000

Invitation

Homes,

Inc

344,000‌

15,000

Sun

Communities,

Inc

1,956,900‌

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

6,233,738‌

TELECOM

TOWER

REITS

-

10

.6

%

22,400

American

Tower

Corp

4,344,256‌

15,500

Crown

Castle

International

Corp

1,766,070‌

4,600

SBA

Communications

Corp

1,066,096‌

TOTAL

TELECOM

TOWER

REITS

7,176,422‌

TIMBER

REITS

-

1

.9

%

38,200

Weyerhaeuser

Co

1,280,082‌

TOTAL

TIMBER

REITS

1,280,082‌

TOTAL

COMMON

STOCKS

67,711,108‌

(Cost

$46,837,974)

TOTAL

LONG-TERM

INVESTMENTS

67,711,108‌

(Cost

$46,837,974)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.6%

REPURCHASE

AGREEMENT

-

0

.6

%

$

415,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

415,000‌

TOTAL

REPURCHASE

AGREEMENT

415,000‌

TOTAL

SHORT-TERM

INVESTMENTS

415,000‌

(Cost

$415,000)

TOTAL

INVESTMENTS

-

100.4%

68,126,108‌

(Cost

$47,252,974)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(

260,483‌

)

NET

ASSETS

-

100.0%

$

67,865,625‌

REIT

Real

Estate

Investment

Trust

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$415,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.250%

and

maturity

date

9/30/28,

valued

at

$423,308.

Small-Cap

Equity

Fund

June

30,

2023

Portfolio

of

Investments

34

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

96.8%

COMMON

STOCKS

-

96.8%

AUTOMOBILES

&

COMPONENTS

-

1

.4

%

6,334

Dana

Inc

$

107,678‌

2,869

*

Fox

Factory

Holding

Corp

311,315‌

1,670

*

Gentherm,

Inc

94,372‌

14,617

*

Goodyear

Tire

&

Rubber

Co

199,961‌

5,561

*

Modine

Manufacturing

Co

183,624‌

TOTAL

AUTOMOBILES

&

COMPONENTS

896,950‌

BANKS

-

7

.0

%

4,206

Ameris

Bancorp

143,887‌

4,993

*

Axos

Financial,

Inc

196,924‌

6,227

Bank

of

NT

Butterfield

&

Son

Ltd

170,371‌

3,429

Banner

Corp

149,744‌

8,575

Brookline

Bancorp,

Inc

74,946‌

9,171

Cadence

BanCorp

180,119‌

5,146

Cathay

General

Bancorp

165,650‌

3,306

Central

Pacific

Financial

Corp

51,937‌

5,285

Columbia

Banking

System,

Inc

107,180‌

4,516

ConnectOne

Bancorp,

Inc

74,920‌

6,425

*

Customers

Bancorp,

Inc

194,421‌

9,972

CVB

Financial

Corp

132,428‌

3,701

Eagle

Bancorp,

Inc

78,313‌

3,328

Enterprise

Financial

Services

Corp

130,125‌

3,691

First

Busey

Corp

74,189‌

2,740

First

Financial

Bancorp

56,006‌

2,076

First

Financial

Corp

67,408‌

4,292

First

Merchants

Corp

121,163‌

5,619

Hancock

Whitney

Corp

215,657‌

3,416

Heartland

Financial

USA,

Inc

95,204‌

7,100

Heritage

Commerce

Corp

58,788‌

5,060

Horizon

Bancorp

52,675‌

1,704

Independent

Bank

Corp

28,900‌

4,603

Lakeland

Bancorp,

Inc

61,634‌

1,710

*,e

Metropolitan

Bank

Holding

Corp

59,388‌

3,467

National

Bank

Holdings

Corp

100,682‌

5,839

OceanFirst

Financial

Corp

91,205‌

9,640

OFG

Bancorp

251,411‌

4,641

Old

National

Bancorp

64,696‌

7,012

Pacific

Premier

Bancorp,

Inc

145,008‌

1,230

Peapack

Gladstone

Financial

Corp

33,308‌

1,254

QCR

Holdings,

Inc

51,452‌

4,826

Renasant

Corp

126,103‌

4,903

Towne

Bank

113,946‌

1,958

UMB

Financial

Corp

119,242‌

7,258

United

Community

Banks,

Inc

181,377‌

3,721

Washington

Federal,

Inc

98,681‌

3,966

WesBanco,

Inc

101,569‌

3,564

Westamerica

Bancorporation

136,501‌

TOTAL

BANKS

4,357,158‌

CAPITAL

GOODS

-

12

.3

%

930

Albany

International

Corp

(Class

A)

86,750‌

12,463

*

API

Group

Corp

339,741‌

2,262

Applied

Industrial

Technologies,

Inc

327,605‌

3,444

*

Atkore

International

Group,

Inc

537,057‌

3,394

Barnes

Group,

Inc

143,193‌

35

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

3,691

Comfort

Systems

USA,

Inc

$

606,062‌

1,252

CSW

Industrials,

Inc

208,070‌

347

EMCOR

Group,

Inc

64,119‌

3,696

Enerpac

Tool

Group

Corp

99,792‌

2,480

EnerSys

269,130‌

1,779

EnPro

Industries,

Inc

237,550‌

1,230

ESCO

Technologies,

Inc

127,465‌

4,007

Federal

Signal

Corp

256,568‌

7,621

*

Fluor

Corp

225,582‌

350

Franklin

Electric

Co,

Inc

36,015‌

5,440

FTAI

Aviation

Ltd

172,230‌

999

*

GMS,

Inc

69,131‌

4,032

H&E

Equipment

Services,

Inc

184,464‌

9,898

*

Janus

International

Group,

Inc

105,513‌

1,625

John

Bean

Technologies

Corp

197,112‌

2,047

McGrath

RentCorp

189,307‌

12,809

*

MRC

Global,

Inc

128,987‌

2,722

Mueller

Industries,

Inc

237,576‌

14,583

*

NOW,

Inc

151,080‌

4,317

*

Parsons

Corp

207,820‌

6,432

*

PGT

Innovations,

Inc

187,493‌

3,831

Rush

Enterprises,

Inc

(Class

A)

232,695‌

9,017

*

Shoals

Technologies

Group,

Inc

230,475‌

3,050

Shyft

Group,

Inc

67,283‌

1,371

Simpson

Manufacturing

Co,

Inc

189,883‌

2,849

*

SPX

Technologies,

Inc

242,080‌

754

Standex

International

Corp

106,668‌

2,937

*

Titan

Machinery,

Inc

86,642‌

12,160

*

Triumph

Group,

Inc

150,419‌

3,691

UFP

Industries,

Inc

358,212‌

6,128

Wabash

National

Corp

157,122‌

1,330

Watts

Water

Technologies,

Inc

(Class

A)

244,361‌

1,360

*

WillScot

Mobile

Mini

Holdings

Corp

64,994‌

5,499

Zurn

Water

Solutions

Corp

147,868‌

TOTAL

CAPITAL

GOODS

7,674,114‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.1

%

4,514

*

CBIZ,

Inc

240,506‌

2,115

*

ExlService

Holdings,

Inc

319,492‌

3,186

Exponent,

Inc

297,317‌

3,168

*

First

Advantage

Corp

48,819‌

1,661

*

Franklin

Covey

Co

72,552‌

7,255

Healthcare

Services

Group

108,317‌

1,530

Heidrick

&

Struggles

International,

Inc

40,499‌

2,223

*

Huron

Consulting

Group,

Inc

188,755‌

1,636

ICF

International,

Inc

203,502‌

2,215

KBR,

Inc

144,108‌

3,780

*

Montrose

Environmental

Group,

Inc

159,214‌

1,204

*

NV5

Global

Inc

133,367‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,956,448‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2

.0

%

5,600

*

Abercrombie

&

Fitch

Co

(Class

A)

211,008‌

7,607

American

Eagle

Outfitters,

Inc

89,763‌

2,750

Build-A-Bear

Workshop,

Inc

58,905‌

3,110

Camping

World

Holdings,

Inc

93,611‌

14,470

*

CarParts.com,

Inc

61,498‌

3,046

*

Destination

XL

Group,

Inc

14,925‌

6,021

*

National

Vision

Holdings,

Inc

146,250‌

4,034

*

Overstock.com,

Inc

131,387‌

3,110

Rent-A-Center,

Inc

96,814‌

2,008

Signet

Jewelers

Ltd

131,042‌

Small-Cap

Equity

Fund

June

30,

2023

36

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

6,390

*

Urban

Outfitters,

Inc

$

211,701‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,246,904‌

CONSUMER

DURABLES

&

APPAREL

-

1

.8

%

6,832

*

Callaway

Golf

Co

135,615‌

1,859

*

Crocs,

Inc

209,026‌

1,234

Installed

Building

Products,

Inc

172,957‌

1,867

*

M/I

Homes,

Inc

162,784‌

1,097

*

Malibu

Boats,

Inc

64,350‌

1,825

*

Skyline

Champion

Corp

119,446‌

5,127

*

Taylor

Morrison

Home

Corp

250,044‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,114,222‌

CONSUMER

SERVICES

-

3

.6

%

244

*

Biglari

Holdings,

Inc

(B

Shares)

48,102‌

1,020

Carriage

Services,

Inc

33,119‌

10,603

*

Coursera,

Inc

138,051‌

3,624

*

Dave

&

Buster's

Entertainment,

Inc

161,486‌

5,306

*

Denny's

Corp

65,370‌

1,772

*

Duolingo,

Inc

253,290‌

10,600

*

Everi

Holdings,

Inc

153,276‌

4,827

*

frontdoor,

Inc

153,981‌

9,371

International

Game

Technology

plc

298,841‌

5,267

e

Krispy

Kreme,

Inc

77,583‌

11,699

Laureate

Education,

Inc

141,441‌

660

Monarch

Casino

&

Resort,

Inc

46,497‌

3,620

*

OneSpaWorld

Holdings

Ltd

43,802‌

6,814

*

Portillo's,

Inc

153,520‌

3,857

*

Stride,

Inc

143,596‌

7,343

*,e

Target

Hospitality

Corp

98,543‌

1,582

Texas

Roadhouse,

Inc

(Class

A)

177,627‌

2,252

*

Xponential

Fitness,

Inc

38,847‌

TOTAL

CONSUMER

SERVICES

2,226,972‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.4

%

2,502

Andersons,

Inc

115,468‌

4,474

*

Chefs'

Warehouse

Holdings,

Inc

159,990‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

275,458‌

ENERGY

-

6

.6

%

3,540

Ardmore

Shipping

Corp

43,719‌

470

Bonanza

Creek

Energy,

Inc

32,604‌

7,460

California

Resources

Corp

337,863‌

7,430

ChampionX

Corp

230,627‌

2,208

Chesapeake

Energy

Corp

184,765‌

4,959

CVR

Energy,

Inc

148,572‌

6,247

Delek

US

Holdings,

Inc

149,616‌

2,087

*

Denbury,

Inc

180,025‌

9,477

*

Diamond

Offshore

Drilling,

Inc

134,952‌

7,733

Golar

LNG

Ltd

155,975‌

1,430

Helmerich

&

Payne,

Inc

50,693‌

13,873

Liberty

Oilfield

Services,

Inc

185,482‌

10,817

Murphy

Oil

Corp

414,291‌

33,590

Nordic

American

Tankers

Ltd

123,275‌

675

Oasis

Petroleum,

Inc

103,815‌

7,020

*

Oceaneering

International,

Inc

131,274‌

9,532

*

Par

Pacific

Holdings,

Inc

253,647‌

5,862

PBF

Energy,

Inc

239,990‌

16,477

RPC,

Inc

117,811‌

2,360

*

Seadrill

Ltd

97,397‌

7,600

Select

Energy

Services,

Inc

61,560‌

2,120

SM

Energy

Co

67,056‌

2,653

Teekay

Tankers

Ltd

101,424‌

37

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

26,960

*

Uranium

Energy

Corp

$

91,664‌

5,550

Vitesse

Energy,

Inc

124,320‌

5,747

*

Weatherford

International

Ltd

381,716‌

TOTAL

ENERGY

4,144,133‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

6

.2

%

7,040

American

Assets

Trust,

Inc

135,168‌

14,196

Apple

Hospitality

REIT,

Inc

214,502‌

12,686

Broadstone

Net

Lease,

Inc

195,872‌

18,817

DiamondRock

Hospitality

Co

150,724‌

32,160

Diversified

Healthcare

Trust

72,360‌

264

EastGroup

Properties,

Inc

45,830‌

18,440

Empire

State

Realty

Trust,

Inc

138,116‌

9,692

Essential

Properties

Realty

Trust,

Inc

228,150‌

6,403

Four

Corners

Property

Trust,

Inc

162,636‌

14,564

Independence

Realty

Trust,

Inc

265,356‌

1,770

InvenTrust

Properties

Corp

40,958‌

10,656

Kite

Realty

Group

Trust

238,055‌

10,310

Lexington

Realty

Trust

100,522‌

17,120

Macerich

Co

192,942‌

8,137

Phillips

Edison

&

Co,

Inc

277,309‌

14,744

Piedmont

Office

Realty

Trust,

Inc

107,189‌

2,401

PotlatchDeltic

Corp

126,893‌

15,939

RLJ

Lodging

Trust

163,694‌

3,250

d

Ryman

Hospitality

Properties

301,990‌

10,310

Service

Properties

Trust

89,594‌

15,164

Summit

Hotel

Properties,

Inc

98,718‌

17,770

Sunstone

Hotel

Investors,

Inc

179,832‌

10,993

Tanger

Factory

Outlet

Centers,

Inc

242,616‌

3,026

Whitestone

REIT

29,352‌

9,311

Xenia

Hotels

&

Resorts,

Inc

114,618‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,912,996‌

FINANCIAL

SERVICES

-

6

.0

%

3,103

A-Mark

Precious

Metals,

Inc

116,161‌

8,450

Apollo

Commercial

Real

Estate

Finance,

Inc

95,654‌

5,864

Artisan

Partners

Asset

Management,

Inc

230,514‌

11,014

*

AvidXchange

Holdings,

Inc

114,325‌

42,971

BGC

Partners,

Inc

(Class

A)

190,362‌

3,965

Enact

Holdings,

Inc

99,640‌

4,356

*

Enova

International,

Inc

231,391‌

6,493

Essent

Group

Ltd

303,872‌

5,453

*

Flywire

Corp

169,261‌

7,820

*

Green

Dot

Corp

146,547‌

12,141

*

LendingClub

Corp

118,375‌

14,574

MFA

Financial,

Inc

163,812‌

6,422

Navient

Corp

119,321‌

8,773

*

NMI

Holdings,

Inc

226,519‌

8,201

*

Open

Lending

Corp

86,192‌

28,879

*

Payoneer

Global,

Inc

138,908‌

842

Piper

Jaffray

Cos

108,837‌

8,536

Radian

Group,

Inc

215,790‌

7,656

*

Remitly

Global,

Inc

144,086‌

15,597

*

Repay

Holdings

Corp

122,124‌

21,123

*

StoneCo

Ltd

269,107‌

4,288

Victory

Capital

Holdings,

Inc

135,244‌

990

Virtus

Investment

Partners,

Inc

195,495‌

TOTAL

FINANCIAL

SERVICES

3,741,537‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.6

%

2,050

Calavo

Growers,

Inc

59,491‌

372

Coca-Cola

Consolidated

Inc

236,600‌

9,942

*

Hostess

Brands,

Inc

251,731‌

Small-Cap

Equity

Fund

June

30,

2023

38

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

630

Lancaster

Colony

Corp

$

126,687‌

13,981

Primo

Water

Corp

175,322‌

6,420

*

Sovos

Brands,

Inc

125,575‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

975,406‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

6

.3

%

6,133

*

Accolade,

Inc

82,612‌

12,424

*

Alphatec

Holdings

Inc

223,384‌

5,910

*

Angiodynamics,

Inc

61,641‌

3,848

*

AtriCure,

Inc

189,937‌

2,163

*

Castle

Biosciences,

Inc

29,676‌

3,475

*

Fulgent

Genetics,

Inc

128,679‌

5,110

*

Guardant

Health,

Inc

182,938‌

2,814

*

Health

Catalyst,

Inc

35,175‌

2,792

HealthStream,

Inc

68,572‌

15,988

*

Hims

&

Hers

Health,

Inc

150,287‌

3,310

*

Inari

Medical,

Inc

192,443‌

1,961

*

Integer

Holding

Corp

173,764‌

4,506

*

Lantheus

Holdings,

Inc

378,144‌

2,440

*

LivaNova

plc

125,489‌

3,300

*

Merit

Medical

Systems,

Inc

276,012‌

740

*

ModivCare,

Inc

33,455‌

3,005

*

Neogen

Corp

65,359‌

7,978

*

NextGen

Healthcare,

Inc

129,403‌

10,360

*

Option

Care

Health,

Inc

336,596‌

9,057

*

Owens

&

Minor,

Inc

172,445‌

6,187

*

Progyny,

Inc

243,397‌

1,102

*

Shockwave

Medical

Inc

314,522‌

5,258

*

Surgery

Partners,

Inc

236,558‌

382

*

UFP

Technologies,

Inc

74,051‌

4,960

*

Zimvie,

Inc

55,701‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,960,240‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.5

%

8,899

*

BellRing

Brands,

Inc

325,703‌

5,428

*

elf

Beauty,

Inc

620,041‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

945,744‌

INSURANCE

-

1

.5

%

3,241

American

Equity

Investment

Life

Holding

Co

168,889‌

6,568

*

BRP

Group,

Inc

162,755‌

2,252

Employers

Holdings,

Inc

84,247‌

1,360

F&G

Annuities

&

Life,

Inc

33,701‌

2,790

*

Goosehead

Insurance,

Inc

175,463‌

1,010

*

Palomar

Holdings,

Inc

58,620‌

2,515

Selective

Insurance

Group,

Inc

241,314‌

TOTAL

INSURANCE

924,989‌

MATERIALS

-

4

.8

%

2,791

AdvanSix,

Inc

97,629‌

5,911

*

Aspen

Aerogels,

Inc

46,638‌

2,860

Carpenter

Technology

Corp

160,532‌

5,990

Commercial

Metals

Co

315,433‌

10,118

*

Constellium

SE

174,030‌

1,697

Innospec,

Inc

170,447‌

1,032

Materion

Corp

117,854‌

2,663

Minerals

Technologies,

Inc

153,629‌

3,130

Myers

Industries,

Inc

60,816‌

14,803

*

O-I

Glass,

Inc

315,748‌

2,148

Olympic

Steel,

Inc

105,252‌

6,246

Orion

Engineered

Carbons

SA

132,540‌

13,553

*

PQ

Group

Holdings,

Inc

155,317‌

11,058

*

Rayonier

Advanced

Materials,

Inc

47,328‌

39

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

5,140

Ryerson

Holding

Corp

$

222,973‌

4,102

Schnitzer

Steel

Industries,

Inc

(Class

A)

123,019‌

1,453

Sensient

Technologies

Corp

103,352‌

7,766

*

Summit

Materials,

Inc

293,943‌

2,741

Worthington

Industries,

Inc

190,417‌

TOTAL

MATERIALS

2,986,897‌

MEDIA

&

ENTERTAINMENT

-

2

.4

%

4,974

*

Cars.com,

Inc

98,585‌

35,970

*

Clear

Channel

49,279‌

10,903

Entravision

Communications

Corp

(Class

A)

47,864‌

16,658

*

Eventbrite

Inc

159,084‌

7,519

*

Integral

Ad

Science

Holding

Corp

135,191‌

2,367

*

Liberty

Braves

Group

(Class

C)

93,780‌

9,660

*

Lions

Gate

Entertainment

Corp

(Class

B)

80,661‌

8,253

*

PubMatic,

Inc

150,865‌

2,506

Shutterstock,

Inc

121,967‌

14,125

TEGNA,

Inc

229,390‌

17,440

*

Vimeo,

Inc

71,853‌

6,728

*

WideOpenWest,

Inc

56,784‌

5,031

*

Yelp,

Inc

183,179‌

TOTAL

MEDIA

&

ENTERTAINMENT

1,478,482‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.1

%

39,543

*

ADMA

Biologics,

Inc

145,914‌

9,466

*

Alkermes

plc

296,286‌

4,759

*

Amphastar

Pharmaceuticals,

Inc

273,500‌

7,450

*

Arcus

Biosciences,

Inc

151,310‌

2,610

*

Arvinas,

Inc

64,780‌

17,333

*,e

Aurinia

Pharmaceuticals,

Inc

167,783‌

11,293

*

BioCryst

Pharmaceuticals,

Inc

79,503‌

3,886

*

Biohaven

Ltd

92,953‌

6,775

*

Bridgebio

Pharma,

Inc

116,530‌

6,452

*

Chinook

Therapeutics,

Inc

247,886‌

9,500

*

Codexis,

Inc

26,600‌

4,905

*

Day

One

Biopharmaceuticals,

Inc

58,566‌

9,389

*

Deciphera

Pharmaceuticals,

Inc

132,197‌

10,093

*

Editas

Medicine,

Inc

83,065‌

10,327

*

Evolus,

Inc

75,077‌

2,369

*

Halozyme

Therapeutics,

Inc

85,450‌

4,484

*

Harmony

Biosciences

Holdings,

Inc

157,792‌

6,345

*

Ideaya

Biosciences,

Inc

149,108‌

18,331

*

Immunogen,

Inc

345,906‌

5,952

*

Immunovant,

Inc

112,909‌

8,136

*

Intercept

Pharmaceuticals,

Inc

89,984‌

4,984

*

Intra-Cellular

Therapies,

Inc

315,587‌

20,677

*

Iovance

Biotherapeutics,

Inc

145,566‌

6,047

*

IVERIC

bio,

Inc

237,889‌

6,677

*

Kura

Oncology,

Inc

70,643‌

9,290

*

MacroGenics,

Inc

49,702‌

19,453

*

Mersana

Therapeutics,

Inc

64,000‌

1,692

*

Morphic

Holding,

Inc

97,002‌

7,150

*

NGM

Biopharmaceuticals

Inc

18,519‌

8,840

*

Nkarta,

Inc

19,360‌

7,783

*

Nurix

Therapeutics,

Inc

77,752‌

13,780

*

Ocular

Therapeutix,

Inc

71,105‌

3,025

Phibro

Animal

Health

Corp

41,443‌

7,707

*

Protagonist

Therapeutics,

Inc

212,867‌

13,217

*,e

Recursion

Pharmaceuticals,

Inc

98,731‌

1,770

*

Replimune

Group,

Inc

41,099‌

43,577

*

Rigel

Pharmaceuticals,

Inc

56,214‌

7,003

*

Travere

Therapeutics,

Inc

107,566‌

4,245

*

Vanda

Pharmaceuticals,

Inc

27,975‌

Small-Cap

Equity

Fund

June

30,

2023

40

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

6,971

*

Veracyte,

Inc

$

177,551‌

2,290

*

Vericel

Corp

86,035‌

5,131

*

Viridian

Therapeutics,

Inc

122,066‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,091,771‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

3

.6

%

1,743

*

Axcelis

Technologies,

Inc

319,544‌

1,899

*

Diodes,

Inc

175,638‌

9,076

*

indie

Semiconductor,

Inc

85,314‌

3,632

Kulicke

&

Soffa

Industries,

Inc

215,922‌

546

*

Lattice

Semiconductor

Corp

52,454‌

1,250

*

MACOM

Technology

Solutions

Holdings,

Inc

81,912‌

2,920

*

Maxeon

Solar

Technologies

Ltd

82,227‌

6,217

*

MaxLinear,

Inc

196,209‌

1,460

*

PDF

Solutions,

Inc

65,846‌

9,664

*

Photronics,

Inc

249,235‌

6,422

*

Rambus,

Inc

412,100‌

4,561

*

SMART

Global

Holdings,

Inc

132,315‌

6,520

*

Veeco

Instruments,

Inc

167,434‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

2,236,150‌

SOFTWARE

&

SERVICES

-

5

.7

%

4,787

*

Alkami

Technology,

Inc

78,459‌

1,900

*

Brightcove,

Inc

7,619‌

2,760

*

Commvault

Systems,

Inc

200,431‌

4,320

*

Domo,

Inc

63,331‌

7,167

*

EngageSmart,

Inc

136,818‌

4,109

*

Everbridge,

Inc

110,532‌

6,197

*

Fastly,

Inc

97,727‌

13,180

*

Freshworks,

Inc

231,704‌

1,860

*

Intapp,

Inc

77,953‌

5,091

*

LiveRamp

Holdings,

Inc

145,399‌

5,101

*

Model

N,

Inc

180,371‌

16,830

*

Olo,

Inc

108,722‌

3,152

*

Pagerduty,

Inc

70,857‌

6,092

*

PowerSchool

Holdings,

Inc

116,601‌

3,583

Progress

Software

Corp

208,172‌

5,946

*

Q2

Holdings,

Inc

183,731‌

2,281

*

Qualys,

Inc

294,637‌

2,741

*

Rapid7,

Inc

124,113‌

9,370

*

Sprinklr,

Inc

129,587‌

3,534

*

Sprout

Social,

Inc

163,129‌

891

*

SPS

Commerce,

Inc

171,125‌

4,357

*

Squarespace,

Inc

137,420‌

8,655

*

Varonis

Systems,

Inc

230,656‌

3,994

*

Verint

Systems,

Inc

140,030‌

5,870

*

Yext,

Inc

66,390‌

7,190

*

Zuora

Inc

78,874‌

TOTAL

SOFTWARE

&

SERVICES

3,554,388‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

4

.6

%

3,739

Belden

CDT,

Inc

357,635‌

22,185

*

CommScope

Holding

Co,

Inc

124,901‌

13,716

*

Extreme

Networks,

Inc

357,302‌

1,908

*

Fabrinet

247,811‌

1,066

*

OSI

Systems,

Inc

125,607‌

8,099

*

Sanmina

Corp

488,127‌

2,230

*

Scansource,

Inc

65,919‌

2,511

*

Super

Micro

Computer,

Inc

625,867‌

10,856

Vishay

Intertechnology,

Inc

319,166‌

886

*

Vishay

Precision

Group,

Inc

32,915‌

41

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

11,240

Xerox

Holdings

Corp

$

167,364‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,912,614‌

TELECOMMUNICATION

SERVICES

-

1

.0

%

6,690

*

Bandwidth

Inc

91,519‌

5,933

*

EchoStar

Corp

(Class

A)

102,878‌

80,819

*

Globalstar,

Inc

87,284‌

7,360

*

Gogo,

Inc

125,194‌

1,018

Iridium

Communications,

Inc

63,238‌

11,543

*

Radius

Global

Infrastructure,

Inc

171,991‌

TOTAL

TELECOMMUNICATION

SERVICES

642,104‌

TRANSPORTATION

-

2

.2

%

1,258

ArcBest

Corp

124,290‌

4,040

Costamare,

Inc

39,067‌

644

Forward

Air

Corp

68,335‌

12,470

*

Hawaiian

Holdings,

Inc

134,302‌

1,218

*

Hub

Group,

Inc

(Class

A)

97,830‌

24,981

*

Joby

Aviation,

Inc

256,305‌

7,860

*

RXO,

Inc

178,186‌

575

*

Saia,

Inc

196,885‌

5,358

*

Skywest,

Inc

218,178‌

4,110

*

Sun

Country

Airlines

Holdings,

Inc

92,393‌

TOTAL

TRANSPORTATION

1,405,771‌

UTILITIES

-

3

.1

%

3,848

Allete,

Inc

223,068‌

5,219

Avista

Corp

204,950‌

4,073

Black

Hills

Corp

245,439‌

5,940

Brookfield

Infrastructure

Corp

270,745‌

3,417

Northwest

Natural

Holding

Co

147,102‌

3,403

ONE

Gas,

Inc

261,384‌

3,408

Otter

Tail

Corp

269,096‌

5,242

Portland

General

Electric

Co

245,483‌

1,684

Unitil

Corp

85,396‌

TOTAL

UTILITIES

1,952,663‌

TOTAL

COMMON

STOCKS

60,614,111‌

(Cost

$51,271,508)

TOTAL

LONG-TERM

INVESTMENTS

60,614,111‌

(Cost

$51,271,508)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

3.2%

REPURCHASE

AGREEMENT

-

3

.2

%

$

2,035,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

2,035,000‌

TOTAL

REPURCHASE

AGREEMENT

2,035,000‌

TOTAL

SHORT-TERM

INVESTMENTS

2,035,000‌

(Cost

$2,035,000)

SHARES

EXP

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.4%

239,326

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

239,326‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

239,326‌

(Cost

$239,326)

Small-Cap

Equity

Fund

June

30,

2023

42

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

RATE

EXP

VALUE

TOTAL

INVESTMENTS

-

100.4%

$

62,888,437‌

(Cost

$53,545,834)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(

252,448‌

)

NET

ASSETS

-

100.0%

$

62,635,989‌

REIT

Real

Estate

Investment

Trust

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$230,242.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$2,035,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

6/30/27,

valued

at

$2,075,762.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Russell

2000

E

Mini

Index

19‌

09/15/23

 $

1,791,241‌

$

1,808,515‌

$

17,274‌

Portfolio

of

Investments

Social

Choice

Equity

Fund

June

30,

2023

43

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.4%

COMMON

STOCKS

-

99.4%

AUTOMOBILES

&

COMPONENTS

-

2

.2

%

2,638

*

American

Axle

&

Manufacturing

Holdings,

Inc

$

21,816‌

1,553

*

Aptiv

plc

158,546‌

104

*

Modine

Manufacturing

Co

3,434‌

6,351

*

Tesla,

Inc

1,662,501‌

TOTAL

AUTOMOBILES

&

COMPONENTS

1,846,297‌

BANKS

-

2

.2

%

626

Bank

OZK

25,140‌

46

Banner

Corp

2,009‌

618

Berkshire

Hills

Bancorp,

Inc

12,811‌

54

Camden

National

Corp

1,672‌

11,596

Citigroup,

Inc

533,880‌

6

Commerce

Bancshares,

Inc

292‌

22

Community

Trust

Bancorp,

Inc

783‌

136

First

Busey

Corp

2,734‌

16

FNB

Corp

183‌

17

Hancock

Whitney

Corp

653‌

108

Heritage

Financial

Corp

1,746‌

231

HomeStreet,

Inc

1,368‌

3,996

Huntington

Bancshares,

Inc

43,077‌

3,370

JPMorgan

Chase

&

Co

490,133‌

333

National

Bank

Holdings

Corp

9,670‌

5

NBT

Bancorp,

Inc

159‌

145

Old

National

Bancorp

2,021‌

2,871

PNC

Financial

Services

Group,

Inc

361,602‌

9,584

Regions

Financial

Corp

170,787‌

277

*

The

Bancorp,

Inc

9,044‌

49

Trico

Bancshares

1,627‌

5,255

Truist

Financial

Corp

159,489‌

29

UMB

Financial

Corp

1,766‌

182

Univest

Financial

Corp

3,291‌

49

Westamerica

Bancorporation

1,877‌

TOTAL

BANKS

1,837,814‌

CAPITAL

GOODS

-

6

.5

%

4,779

3M

Co

478,330‌

17

Acuity

Brands,

Inc

2,772‌

675

*

Axon

Enterprise,

Inc

131,706‌

66

*,e

Bloom

Energy

Corp

1,079‌

3,442

Carrier

Global

Corp

171,102‌

2,658

Caterpillar,

Inc

654,001‌

509

Cummins,

Inc

124,786‌

825

Curtiss-Wright

Corp

151,520‌

1,496

Deere

&

Co

606,164‌

2,532

Eaton

Corp

509,185‌

18

EMCOR

Group,

Inc

3,326‌

683

Emerson

Electric

Co

61,736‌

1,710

Fastenal

Co

100,873‌

1,435

Fortive

Corp

107,295‌

475

*

Generac

Holdings,

Inc

70,837‌

1,445

*

Great

Lakes

Dredge

&

Dock

Corp

11,791‌

1,798

Hexcel

Corp

136,684‌

27

IDEX

Corp

5,812‌

2,219

Illinois

Tool

Works,

Inc

555,105‌

3,975

Johnson

Controls

International

plc

270,857‌

Social

Choice

Equity

Fund

June

30,

2023

44

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

2,918

*

Kratos

Defense

&

Security

Solutions,

Inc

$

41,844‌

172

Luxfer

Holdings

plc

2,448‌

480

*

Manitowoc

Co,

Inc

9,038‌

2,420

Masco

Corp

138,860‌

1,060

*

Mercury

Systems,

Inc

36,665‌

95

Moog,

Inc

(Class

A)

10,301‌

147

*

MYR

Group,

Inc

20,336‌

75

Owens

Corning,

Inc

9,788‌

1,245

PACCAR,

Inc

104,144‌

583

*

Proto

Labs,

Inc

20,382‌

301

Quanta

Services,

Inc

59,131‌

529

Rockwell

Automation,

Inc

174,279‌

52

Rush

Enterprises,

Inc

(Class

A)

3,158‌

129

Snap-On,

Inc

37,177‌

962

Trane

Technologies

plc

183,992‌

1,538

*

Triumph

Group,

Inc

19,025‌

425

United

Rentals,

Inc

189,282‌

267

*

Vectrus,

Inc

13,233‌

188

W.W.

Grainger,

Inc

148,255‌

509

Woodward

Inc

60,525‌

500

Xylem,

Inc

56,310‌

TOTAL

CAPITAL

GOODS

5,493,134‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

2

.2

%

205

ACCO

Brands

Corp

1,068‌

27

*

ASGN

Inc

2,042‌

2,594

Automatic

Data

Processing,

Inc

570,135‌

5,275

*

Copart,

Inc

481,133‌

231

CSG

Systems

International,

Inc

12,183‌

394

*

ExlService

Holdings,

Inc

59,518‌

512

*

FTI

Consulting,

Inc

97,382‌

47

Heidrick

&

Struggles

International,

Inc

1,244‌

1,863

*

KAR

Auction

Services,

Inc

28,355‌

478

Kelly

Services,

Inc

(Class

A)

8,418‌

747

*

Liquidity

Services,

Inc

12,326‌

624

Robert

Half

International,

Inc

46,937‌

207

*

Sterling

Check

Corp

2,538‌

1,698

TransUnion

133,004‌

33

*

TriNet

Group,

Inc

3,134‌

190

Verisk

Analytics,

Inc

42,946‌

2,044

Waste

Management,

Inc

354,470‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,856,833‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5

.9

%

595

*

1-800-FLOWERS.COM,

Inc

(Class

A)

4,641‌

19

Aaron's

Co,

Inc

269‌

17,442

*

Amazon.com,

Inc

2,273,739‌

6

*

AutoZone,

Inc

14,960‌

21

*

CarMax,

Inc

1,758‌

5,576

eBay,

Inc

249,192‌

84

*

Five

Below,

Inc

16,509‌

316

*

Genesco,

Inc

7,913‌

3,306

Home

Depot,

Inc

1,026,976‌

1,064

LKQ

Corp

61,999‌

3,008

Lowe's

Companies,

Inc

678,906‌

431

*

MarineMax,

Inc

14,723‌

51

Pool

Corp

19,107‌

428

Shoe

Carnival,

Inc

10,049‌

6,541

TJX

Companies,

Inc

554,611‌

221

Tractor

Supply

Co

48,863‌

15

Winmark

Corp

4,987‌

45

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

234

*

Zumiez,

Inc

$

3,898‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,993,100‌

CONSUMER

DURABLES

&

APPAREL

-

0

.5

%

342

*

Crocs,

Inc

38,455‌

90

*

Deckers

Outdoor

Corp

47,489‌

739

*

GoPro,

Inc

3,059‌

571

*

Green

Brick

Partners,

Inc

32,433‌

13

Hasbro,

Inc

842‌

325

*

iRobot

Corp

14,706‌

264

*

Lovesac

Co

7,115‌

384

*

Lululemon

Athletica,

Inc

145,344‌

22

*

NVR,

Inc

139,714‌

1,910

*

Sonos,

Inc

31,190‌

680

*

Traeger,

Inc

2,890‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

463,237‌

CONSUMER

SERVICES

-

2

.3

%

259

ADT,

Inc

1,562‌

215

*

Booking

Holdings,

Inc

580,571‌

473

*

Bright

Horizons

Family

Solutions

43,729‌

356

Carriage

Services,

Inc

11,559‌

958

*

Dave

&

Buster's

Entertainment,

Inc

42,688‌

3,181

Hilton

Worldwide

Holdings,

Inc

462,995‌

384

*

Planet

Fitness,

Inc

25,897‌

35

*

Shake

Shack,

Inc

2,720‌

1,032

*

Six

Flags

Entertainment

Corp

26,811‌

5,699

Starbucks

Corp

564,543‌

269

Vail

Resorts,

Inc

67,723‌

260

Wingstop,

Inc

52,042‌

801

Yum!

Brands,

Inc

110,979‌

TOTAL

CONSUMER

SERVICES

1,993,819‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.1

%

2,404

*

BJ's

Wholesale

Club

Holdings,

Inc

151,476‌

1,150

*

Performance

Food

Group

Co

69,276‌

500

Pricesmart,

Inc

37,030‌

780

SpartanNash

Co

17,558‌

2,410

*

Sprouts

Farmers

Market,

Inc

88,519‌

3,056

Target

Corp

403,086‌

1,290

*

United

Natural

Foods,

Inc

25,220‌

3,501

*

US

Foods

Holding

Corp

154,044‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

946,209‌

ENERGY

-

4

.4

%

3,698

Antero

Midstream

Corp

42,897‌

1,904

APA

Corp

65,060‌

3,565

Baker

Hughes

Co

112,690‌

49

ChampionX

Corp

1,521‌

1,701

Cheniere

Energy,

Inc

259,164‌

2,849

Chevron

Corp

448,290‌

2,479

*

Clean

Energy

Fuels

Corp

12,296‌

5,824

ConocoPhillips

603,425‌

59

Delek

US

Holdings,

Inc

1,413‌

2,091

Devon

Energy

Corp

101,079‌

355

*

DMC

Global,

Inc

6,305‌

557

*

Dril-Quip,

Inc

12,961‌

2,534

EOG

Resources,

Inc

289,991‌

2,973

EQT

Corp

122,279‌

1,358

Hess

Corp

184,620‌

13,291

Kinder

Morgan,

Inc

228,871‌

9,612

*

Kosmos

Energy

Ltd

57,576‌

1,449

Marathon

Petroleum

Corp

168,953‌

Social

Choice

Equity

Fund

June

30,

2023

46

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

4,520

NOV,

Inc

$

72,501‌

155

*

Oceaneering

International,

Inc

2,898‌

277

ONEOK,

Inc

17,096‌

262

Ovintiv,

Inc

9,974‌

1,148

Pioneer

Natural

Resources

Co

237,843‌

6,358

Schlumberger

Ltd

312,305‌

6,092

*

Southwestern

Energy

Co

36,613‌

2,179

Valero

Energy

Corp

255,597‌

806

*

Weatherford

International

Ltd

53,535‌

TOTAL

ENERGY

3,717,753‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.4

%

2,651

American

Tower

Corp

514,135‌

705

Brixmor

Property

Group,

Inc

15,510‌

714

Crown

Castle

International

Corp

81,353‌

4,361

DiamondRock

Hospitality

Co

34,932‌

42

Douglas

Emmett,

Inc

528‌

505

Equinix,

Inc

395,890‌

456

First

Industrial

Realty

Trust,

Inc

24,004‌

2,841

Healthpeak

Properties

Inc

57,104‌

83

iStar,

Inc

1,970‌

63

Kilroy

Realty

Corp

1,896‌

2,249

Macerich

Co

25,346‌

3,599

Park

Hotels

&

Resorts,

Inc

46,139‌

99

PotlatchDeltic

Corp

5,232‌

4,489

d

Prologis,

Inc

550,486‌

2,490

Welltower,

Inc

201,416‌

3,357

Weyerhaeuser

Co

112,493‌

765

Xenia

Hotels

&

Resorts,

Inc

9,417‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,077,851‌

FINANCIAL

SERVICES

-

8

.9

%

3,500

American

Express

Co

609,700‌

847

Ameriprise

Financial,

Inc

281,340‌

7,068

Bank

of

New

York

Mellon

Corp

314,667‌

858

BlackRock,

Inc

592,998‌

2,519

Discover

Financial

Services

294,345‌

124

Factset

Research

Systems,

Inc

49,681‌

4,114

Fidelity

National

Information

Services,

Inc

225,036‌

1,814

Goldman

Sachs

Group,

Inc

585,088‌

105

*

Green

Dot

Corp

1,968‌

4,690

Intercontinental

Exchange

Group,

Inc

530,345‌

2,705

Mastercard,

Inc

(Class

A)

1,063,876‌

1,098

Moody's

Corp

381,797‌

6,811

Morgan

Stanley

581,659‌

180

*

Mr

Cooper

Group,

Inc

9,115‌

957

Nasdaq

Inc

47,706‌

647

Northern

Trust

Corp

47,969‌

5,290

*

PayPal

Holdings,

Inc

353,002‌

65

*

PRA

Group,

Inc

1,485‌

38

*

PROG

Holdings,

Inc

1,221‌

1,664

S&P

Global,

Inc

667,081‌

1,736

State

Street

Corp

127,040‌

911

T

Rowe

Price

Group,

Inc

102,050‌

2,374

Visa,

Inc

(Class

A)

563,778‌

357

Voya

Financial,

Inc

25,600‌

694

*

WEX,

Inc

126,357‌

TOTAL

FINANCIAL

SERVICES

7,584,904‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.4

%

981

Archer-Daniels-Midland

Co

74,124‌

678

Campbell

Soup

Co

30,991‌

13,656

Coca-Cola

Co

822,364‌

47

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

173

*

Darling

International,

Inc

$

11,036‌

491

Fresh

Del

Monte

Produce,

Inc

12,624‌

5,636

General

Mills,

Inc

432,281‌

2,943

Hormel

Foods

Corp

118,368‌

1,846

Kellogg

Co

124,420‌

2,694

Lamb

Weston

Holdings,

Inc

309,675‌

989

McCormick

&

Co,

Inc

86,271‌

4,760

PepsiCo,

Inc

881,647‌

79

*

TreeHouse

Foods,

Inc

3,980‌

215

*

Vital

Farms,

Inc

2,578‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,910,359‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.4

%

1,458

*

Accolade,

Inc

19,639‌

841

*

Allscripts

Healthcare

Solutions,

Inc

10,597‌

786

*

Angiodynamics,

Inc

8,198‌

100

*

AtriCure,

Inc

4,936‌

466

*

AxoGen,

Inc

4,255‌

4,125

*

Brookdale

Senior

Living,

Inc

17,407‌

487

*

Castle

Biosciences,

Inc

6,682‌

3,845

*

Cerus

Corp

9,459‌

1,169

Cigna

Corp

328,021‌

725

*

CryoLife,

Inc

12,463‌

2,549

*

Dexcom,

Inc

327,572‌

5,178

*

Edwards

Lifesciences

Corp

488,441‌

1,288

Elevance

Health,

Inc

572,246‌

1,090

*

Enhabit,

Inc

12,535‌

1,984

*

Envista

Holdings

Corp

67,139‌

487

*

Fulgent

Genetics,

Inc

18,034‌

154

*

Globus

Medical,

Inc

9,169‌

1,405

HCA

Healthcare,

Inc

426,389‌

1,215

*

Health

Catalyst,

Inc

15,187‌

231

*

Henry

Schein,

Inc

18,734‌

1,293

*

Hologic,

Inc

104,694‌

699

*

IDEXX

Laboratories,

Inc

351,059‌

540

Laboratory

Corp

of

America

Holdings

130,318‌

357

LeMaitre

Vascular,

Inc

24,019‌

85

*

LivaNova

plc

4,372‌

514

*

Merit

Medical

Systems,

Inc

42,991‌

1,812

*

NeoGenomics,

Inc

29,119‌

770

*

Nevro

Corp

19,573‌

1,305

*

NextGen

Healthcare,

Inc

21,167‌

948

*

Omnicell,

Inc

69,839‌

7,559

*

Opko

Health,

Inc

16,403‌

1,413

*

OraSure

Technologies,

Inc

7,079‌

707

*

Orthofix

Medical

Inc

12,768‌

1,073

*

Outset

Medical,

Inc

23,467‌

188

*

Pennant

Group,

Inc

2,309‌

183

*

Penumbra,

Inc

62,963‌

918

*

Pulmonx

Corp

12,035‌

316

Quest

Diagnostics,

Inc

44,417‌

955

Resmed,

Inc

208,668‌

17

*

Shockwave

Medical

Inc

4,852‌

534

*

SI-BONE,

Inc

14,407‌

269

*

Staar

Surgical

Co

14,141‌

375

STERIS

plc

84,367‌

460

*

Teladoc,

Inc

11,647‌

144

*

UFP

Technologies,

Inc

27,914‌

1,772

UnitedHealth

Group,

Inc

851,694‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,573,385‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.8

%

3,642

Colgate-Palmolive

Co

280,580‌

Social

Choice

Equity

Fund

June

30,

2023

48

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS—continued

774

Kimberly-Clark

Corp

$

106,858‌

7,258

Procter

&

Gamble

Co

1,101,329‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,488,767‌

INSURANCE

-

2

.1

%

10,128

*

Genworth

Financial,

Inc

(Class

A)

50,640‌

3,152

Marsh

&

McLennan

Cos,

Inc

592,828‌

3,432

Progressive

Corp

454,294‌

3,770

Prudential

Financial,

Inc

332,590‌

1,808

Travelers

Cos,

Inc

313,977‌

TOTAL

INSURANCE

1,744,329‌

MATERIALS

-

3

.1

%

330

*

Allegheny

Technologies,

Inc

14,596‌

223

Amcor

plc

2,226‌

140

Aptargroup,

Inc

16,220‌

4,908

Ball

Corp

285,695‌

539

*

Coeur

Mining,

Inc

1,531‌

506

*

Diversey

Holdings

Ltd

4,245‌

1,387

Dow,

Inc

73,872‌

2,718

Ecolab,

Inc

507,423‌

826

International

Flavors

&

Fragrances,

Inc

65,741‌

492

Koppers

Holdings,

Inc

16,777‌

2,028

Linde

plc

772,830‌

216

Martin

Marietta

Materials,

Inc

99,725‌

5,357

Newmont

Goldcorp

Corp

228,530‌

2,251

Nucor

Corp

369,119‌

269

PPG

Industries,

Inc

39,893‌

134

Royal

Gold,

Inc

15,380‌

2,033

*

Summit

Materials,

Inc

76,949‌

TOTAL

MATERIALS

2,590,752‌

MEDIA

&

ENTERTAINMENT

-

4

.4

%

2,461

*

Cinemark

Holdings,

Inc

40,606‌

8,361

*

Clear

Channel

11,455‌

14,887

Comcast

Corp

(Class

A)

618,555‌

1,769

Electronic

Arts,

Inc

229,439‌

1,165

Gray

Television,

Inc

9,180‌

122

*

Imax

Corp

2,073‌

1,450

Interpublic

Group

of

Cos,

Inc

55,941‌

176

John

Wiley

&

Sons,

Inc

(Class

A)

5,989‌

1,080

*

Liberty

Broadband

Corp

(Class

C)

86,519‌

533

*

MediaAlpha,

Inc

5,495‌

1,791

*

Netflix,

Inc

788,918‌

201

New

York

Times

Co

(Class

A)

7,915‌

2,690

Omnicom

Group,

Inc

255,953‌

7,311

*

Pinterest,

Inc

199,883‌

633

*

ROBLOX

Corp

25,510‌

60

*

Roku,

Inc

3,838‌

119

Scholastic

Corp

4,628‌

15,622

e

Sirius

XM

Holdings,

Inc

70,768‌

1,966

*

Take-Two

Interactive

Software,

Inc

289,317‌

103

TEGNA,

Inc

1,673‌

1,157

*

Trade

Desk,

Inc

89,343‌

3,172

*

Vimeo,

Inc

13,069‌

7,323

*

Walt

Disney

Co

653,797‌

3,989

*

Warner

Bros

Discovery,

Inc

50,022‌

1,418

*

Yelp,

Inc

51,629‌

1,541

*

ZipRecruiter,

Inc

27,368‌

5,879

*

ZoomInfo

Technologies,

Inc

149,268‌

TOTAL

MEDIA

&

ENTERTAINMENT

3,748,151‌

49

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7

.9

%

1,546

*

Adaptive

Biotechnologies

Corp

$

10,374‌

3,144

Agilent

Technologies,

Inc

378,066‌

1,286

*

Alector,

Inc

7,729‌

749

*

Allogene

Therapeutics,

Inc

3,723‌

2,449

Amgen,

Inc

543,727‌

549

*

Arcellx,

Inc

17,359‌

484

*

Arcturus

Therapeutics

Holdings,

Inc

13,881‌

33

*,e

Axsome

Therapeutics,

Inc

2,371‌

92

*

Biogen,

Inc

26,206‌

9,735

Bristol-Myers

Squibb

Co

622,553‌

455

*,e

Cassava

Sciences,

Inc

11,157‌

2,815

Danaher

Corp

675,600‌

564

*

DICE

Therapeutics,

Inc

26,204‌

2,535

Eli

Lilly

&

Co

1,188,864‌

1,431

*

Erasca,

Inc

3,950‌

4,626

Gilead

Sciences,

Inc

356,526‌

219

*,e

IGM

Biosciences,

Inc

2,021‌

743

*

Illumina,

Inc

139,305‌

950

*

Immunovant,

Inc

18,022‌

1,240

*

Intellia

Therapeutics,

Inc

50,567‌

209

*

Intra-Cellular

Therapies,

Inc

13,234‌

899

*

IQVIA

Holdings,

Inc

202,068‌

502

*

IVERIC

bio,

Inc

19,749‌

392

*

Jazz

Pharmaceuticals

plc

48,596‌

8,374

Merck

&

Co,

Inc

966,276‌

83

*

Mettler-Toledo

International,

Inc

108,866‌

613

*

Mirati

Therapeutics,

Inc

22,148‌

724

*

NGM

Biopharmaceuticals

Inc

1,875‌

1,002

*

Nurix

Therapeutics,

Inc

10,010‌

2,606

*

Nuvation

Bio,

Inc

4,691‌

438

*,e

Phathom

Pharmaceuticals,

Inc

6,272‌

425

Phibro

Animal

Health

Corp

5,823‌

1,716

*

Point

Biopharma

Global,

Inc

15,547‌

833

*

Prothena

Corp

plc

56,877‌

335

*

Regeneron

Pharmaceuticals,

Inc

240,711‌

472

*

Revance

Therapeutics,

Inc

11,946‌

1,981

*,e

Sana

Biotechnology,

Inc

11,807‌

1,325

*

Ultragenyx

Pharmaceutical,

Inc

61,122‌

258

*

Waters

Corp

68,767‌

524

West

Pharmaceutical

Services,

Inc

200,414‌

3,009

Zoetis,

Inc

518,180‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,693,184‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.1

%

1,185

*

CBRE

Group,

Inc

95,641‌

20

*

Howard

Hughes

Corp

1,579‌

79

*

Jones

Lang

LaSalle,

Inc

12,308‌

2,365

*

Realogy

Holdings

Corp

15,798‌

8

RMR

Group,

Inc

185‌

141

*

Tejon

Ranch

Co

2,427‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

127,938‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.8

%

4,467

Applied

Materials,

Inc

645,660‌

289

*

Cirrus

Logic,

Inc

23,412‌

935

*

First

Solar,

Inc

177,734‌

19,620

Intel

Corp

656,093‌

874

Lam

Research

Corp

561,860‌

5,558

Marvell

Technology,

Inc

332,257‌

331

*

Nanometrics,

Inc

38,552‌

5,585

NVIDIA

Corp

2,362,567‌

2,266

*

Rambus,

Inc

145,409‌

256

*

Silicon

Laboratories,

Inc

40,381‌

Social

Choice

Equity

Fund

June

30,

2023

50

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

3,899

Texas

Instruments,

Inc

$

701,898‌

1,694

*

Wolfspeed,

Inc

94,169‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,779,992‌

SOFTWARE

&

SERVICES

-

15

.1

%

2,483

Accenture

plc

766,204‌

1,733

*

Adobe,

Inc

847,420‌

764

*

Akamai

Technologies,

Inc

68,661‌

123

*

Ansys,

Inc

40,623‌

2,281

*

Autodesk,

Inc

466,715‌

366

*

Blackline,

Inc

19,698‌

1,866

*

Cadence

Design

Systems,

Inc

437,614‌

1,319

Dolby

Laboratories,

Inc

(Class

A)

110,374‌

4,924

*

DXC

Technology

Co

131,569‌

83

*

Fair

Isaac

Corp

67,164‌

45

*

HubSpot,

Inc

23,944‌

312

*

Intapp,

Inc

13,076‌

225

InterDigital,

Inc

21,724‌

4,675

International

Business

Machines

Corp

625,562‌

1,417

Intuit,

Inc

649,255‌

15,698

Microsoft

Corp

5,345,796‌

890

*

New

Relic,

Inc

58,242‌

1,727

*

Nutanix,

Inc

48,442‌

136

*

OneSpan,

Inc

2,018‌

406

*

Rapid7,

Inc

18,384‌

3,656

*

Salesforce,

Inc

772,367‌

1,116

*

ServiceNow,

Inc

627,159‌

774

*

SPS

Commerce,

Inc

148,654‌

1,129

*

Synopsys,

Inc

491,578‌

816

*

Teradata

Corp

43,583‌

2,941

*

VMware,

Inc

(Class

A)

422,592‌

2,215

*

Workday,

Inc

500,346‌

365

*

Xperi,

Inc

4,800‌

TOTAL

SOFTWARE

&

SERVICES

12,773,564‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

4

.3

%

2,016

Avnet,

Inc

101,707‌

626

Badger

Meter,

Inc

92,373‌

826

Benchmark

Electronics,

Inc

21,336‌

1,872

*

Ciena

Corp

79,541‌

15,892

Cisco

Systems,

Inc

822,252‌

691

CTS

Corp

29,457‌

587

*

ePlus,

Inc

33,048‌

827

*

Fabrinet

107,411‌

418

*

FARO

Technologies,

Inc

6,772‌

1,943

*,e

Harmonic,

Inc

31,418‌

23,518

Hewlett

Packard

Enterprise

Co

395,102‌

14,692

HP,

Inc

451,191‌

695

*

Insight

Enterprises,

Inc

101,706‌

362

*

Itron,

Inc

26,100‌

2,617

*

Keysight

Technologies,

Inc

438,217‌

483

*

Kimball

Electronics,

Inc

13,345‌

1,951

*

Knowles

Corp

35,235‌

189

*

Lumentum

Holdings,

Inc

10,722‌

91

Methode

Electronics,

Inc

3,050‌

4,024

*,e

Microvision,

Inc

18,430‌

3,023

*

Mirion

Technologies,

Inc

25,544‌

2,813

National

Instruments

Corp

161,466‌

624

*

Netgear,

Inc

8,836‌

196

*

Novanta,

Inc

36,084‌

337

*

OSI

Systems,

Inc

39,709‌

562

*,e

PAR

Technology

Corp

18,507‌

571

*

Plexus

Corp

56,095‌

51

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

633

*

Ribbon

Communications,

Inc

$

1,766‌

426

*

Rogers

Corp

68,982‌

5,340

*

Trimble

Inc

282,700‌

247

*

Vishay

Precision

Group,

Inc

9,176‌

3,505

Vontier

Corp

112,896‌

2,559

Xerox

Holdings

Corp

38,104‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

3,678,278‌

TELECOMMUNICATION

SERVICES

-

1

.0

%

514

*

Bandwidth

Inc

7,032‌

2,195

Iridium

Communications,

Inc

136,353‌

18,172

Verizon

Communications,

Inc

675,817‌

TOTAL

TELECOMMUNICATION

SERVICES

819,202‌

TRANSPORTATION

-

3

.0

%

550

ArcBest

Corp

54,340‌

763

CH

Robinson

Worldwide,

Inc

71,989‌

16,021

CSX

Corp

546,316‌

10,080

*

Delta

Air

Lines,

Inc

479,203‌

1,441

Expeditors

International

of

Washington,

Inc

174,548‌

1,469

Norfolk

Southern

Corp

333,110‌

709

Old

Dominion

Freight

Line

262,153‌

3,462

United

Parcel

Service,

Inc

(Class

B)

620,564‌

TOTAL

TRANSPORTATION

2,542,223‌

UTILITIES

-

2

.4

%

3,861

American

Electric

Power

Co,

Inc

325,096‌

1,977

Consolidated

Edison,

Inc

178,721‌

278

DTE

Energy

Co

30,586‌

1,027

Eversource

Energy

72,835‌

8,831

NextEra

Energy,

Inc

655,260‌

6,968

Southern

Co

489,502‌

389

UGI

Corp

10,491‌

1,592

WEC

Energy

Group,

Inc

140,478‌

2,555

Xcel

Energy,

Inc

158,844‌

TOTAL

UTILITIES

2,061,813‌

TOTAL

COMMON

STOCKS

84,342,888‌

(Cost

$52,170,608)

TOTAL

LONG-TERM

INVESTMENTS

84,342,888‌

(Cost

$52,170,608)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.7%

REPURCHASE

AGREEMENT

-

0

.7

%

$

580,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

580,000‌

TOTAL

REPURCHASE

AGREEMENT

580,000‌

TOTAL

SHORT-TERM

INVESTMENTS

580,000‌

(Cost

$580,000)

SHARES

EXP

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

169,697

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

169,697‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

169,697‌

(Cost

$169,697)

Social

Choice

Equity

Fund

June

30,

2023

52

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

RATE

EXP

VALUE

TOTAL

INVESTMENTS

-

100.3%

$

85,092,585‌

(Cost

$52,920,305)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

267,340‌

)

NET

ASSETS

-

100.0%

$

84,825,245‌

*

Non-income

producing

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$171,981.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$580,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

6/30/27,

valued

at

$591,673.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

S&P

500

E

Mini

Index

2‌

09/15/23

 $

434,904‌

$

448,825‌

$

13,921‌

Portfolios

of

Investments

Stock

Index

Fund

June

30,

2023

53

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.3%

COMMON

STOCKS

-

99.3%

AUTOMOBILES

&

COMPONENTS

-

2

.2

%

1,634

*

Adient

plc

$

62,615‌

1,752

*

American

Axle

&

Manufacturing

Holdings,

Inc

14,489‌

4,464

*

Aptiv

plc

455,730‌

4,087

BorgWarner,

Inc

199,895‌

271

*

Cooper-Standard

Holding,

Inc

3,864‌

2,264

Dana

Inc

38,488‌

476

*

Dorman

Products,

Inc

37,523‌

2,668

*,e

Fisker,

Inc

15,048‌

65,714

Ford

Motor

Co

994,253‌

713

*

Fox

Factory

Holding

Corp

77,368‌

23,059

General

Motors

Co

889,155‌

4,153

Gentex

Corp

121,517‌

573

*

Gentherm,

Inc

32,380‌

4,151

*

Goodyear

Tire

&

Rubber

Co

56,786‌

2,377

Harley-Davidson,

Inc

83,694‌

377

LCI

Industries,

Inc

47,638‌

1,037

Lear

Corp

148,861‌

11,997

*,e

Lucid

Group,

Inc

82,659‌

3,923

*,e

Luminar

Technologies,

Inc

26,990‌

772

*

Modine

Manufacturing

Co

25,491‌

381

Patrick

Industries,

Inc

30,480‌

4,728

*,e

QuantumScape

Corp

37,777‌

8,805

*

Rivian

Automotive,

Inc

146,691‌

2,129

*,e

Solid

Power,

Inc

5,408‌

330

Standard

Motor

Products,

Inc

12,382‌

449

*

Stoneridge,

Inc

8,464‌

46,138

*

Tesla,

Inc

12,077,544‌

900

Thor

Industries,

Inc

93,150‌

496

*

Visteon

Corp

71,231‌

486

Winnebago

Industries,

Inc

32,411‌

2,131

*,e

Workhorse

Group,

Inc

1,857‌

343

*

XPEL,

Inc

28,887‌

TOTAL

AUTOMOBILES

&

COMPONENTS

15,960,726‌

BANKS

-

3

.2

%

254

1st

Source

Corp

10,650‌

95

ACNB

Corp

3,151‌

197

Amalgamated

Financial

Corp

3,170‌

442

Amerant

Bancorp

Inc

7,598‌

127

American

National

Bankshares,

Inc

3,680‌

1,222

Ameris

Bancorp

41,805‌

199

Arrow

Financial

Corp

4,008‌

2,719

Associated

Banc-Corp

44,129‌

1,279

Atlantic

Union

Bankshares

Corp

33,190‌

945

*

Axos

Financial,

Inc

37,271‌

697

Banc

of

California,

Inc

8,071‌

446

Bancfirst

Corp

41,032‌

117

e

Bank

First

Corp

9,734‌

116,887

Bank

of

America

Corp

3,353,488‌

861

e

Bank

of

Hawaii

Corp

35,499‌

174

Bank

of

Marin

Bancorp

3,075‌

1,235

Bank

of

NT

Butterfield

&

Son

Ltd

33,790‌

2,233

Bank

OZK

89,677‌

1,737

BankUnited

37,432‌

511

Banner

Corp

22,315‌

Stock

Index

Fund

June

30,

2023

54

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

219

Bar

Harbor

Bankshares

$

5,396‌

148

Baycom

Corp

2,469‌

174

BCB

Bancorp,

Inc

2,043‌

641

Berkshire

Hills

Bancorp,

Inc

13,288‌

298

*

Blue

Foundry

Bancorp

3,013‌

235

Blue

Ridge

Bankshares,

Inc

2,080‌

717

BOK

Financial

Corp

57,919‌

385

*

Bridgewater

Bancshares,

Inc

3,792‌

1,258

Brookline

Bancorp,

Inc

10,995‌

115

Burke

&

Herbert

Financial

Services

Corp

7,383‌

324

Business

First

Bancshares,

Inc

4,883‌

231

Byline

Bancorp,

Inc

4,179‌

3,491

Cadence

BanCorp

68,563‌

59

Cambridge

Bancorp

3,204‌

238

Camden

National

Corp

7,371‌

693

Capital

Bancorp,

Inc

12,543‌

156

Capital

City

Bank

Group,

Inc

4,780‌

2,332

Capitol

Federal

Financial

14,388‌

292

Capstar

Financial

Holdings,

Inc

3,583‌

641

*

Carter

Bankshares,

Inc

9,480‌

1,220

Cathay

General

Bancorp

39,272‌

470

Central

Pacific

Financial

Corp

7,384‌

32,647

Citigroup,

Inc

1,503,068‌

167

Citizens

&

Northern

Corp

3,223‌

8,682

Citizens

Financial

Group,

Inc

226,427‌

63

e

Citizens

Financial

Services,

Inc

4,692‌

236

City

Holding

Co

21,238‌

157

Civista

Bancshares,

Inc

2,732‌

226

CNB

Financial

Corp

3,989‌

415

*

Coastal

Financial

Corp

15,625‌

163

Colony

Bankcorp

Inc

1,535‌

3,230

Columbia

Banking

System,

Inc

65,504‌

599

*

Columbia

Financial,

Inc

10,357‌

2,351

Comerica,

Inc

99,588‌

1,958

Commerce

Bancshares,

Inc

95,355‌

1,009

Community

Bank

System,

Inc

47,302‌

238

Community

Trust

Bancorp,

Inc

8,466‌

422

ConnectOne

Bancorp,

Inc

7,001‌

858

*

CrossFirst

Bankshares,

Inc

8,580‌

1,101

Cullen/Frost

Bankers,

Inc

118,390‌

438

*

Customers

Bancorp,

Inc

13,254‌

2,357

CVB

Financial

Corp

31,301‌

611

Dime

Community

Bancshares,

Inc

10,772‌

638

Eagle

Bancorp,

Inc

13,500‌

2,453

East

West

Bancorp,

Inc

129,494‌

2,652

Eastern

Bankshares,

Inc

32,540‌

147

Enterprise

Bancorp,

Inc

4,254‌

424

Enterprise

Financial

Services

Corp

16,578‌

161

Equity

Bancshares,

Inc

3,668‌

105

Esquire

Financial

Holdings,

Inc

4,803‌

227

ESSA

Bancorp,

Inc

3,394‌

193

e

Farmers

&

Merchants

Bancorp,

Inc

4,344‌

378

Farmers

National

Banc

Corp

4,676‌

560

FB

Financial

Corp

15,708‌

11,764

Fifth

Third

Bancorp

308,334‌

202

Financial

Institutions,

Inc

3,179‌

440

First

Bancorp

13,090‌

3,399

First

Bancorp

41,536‌

162

First

Bancorp,

Inc

3,943‌

201

First

Bancshares,

Inc

5,194‌

354

First

Bank

3,674‌

586

First

Busey

Corp

11,779‌

87

First

Business

Financial

Services,

Inc

2,566‌

55

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

183

First

Citizens

Bancshares,

Inc

(Class

A)

$

234,871‌

1,371

First

Commonwealth

Financial

Corp

17,343‌

242

First

Community

Bancshares,

Inc

7,195‌

1,705

First

Financial

Bancorp

34,850‌

2,288

First

Financial

Bankshares,

Inc

65,185‌

445

First

Foundation,

Inc

1,767‌

2,293

First

Hawaiian,

Inc

41,297‌

8,270

First

Horizon

National

Corp

93,203‌

1,459

First

Interstate

Bancsystem,

Inc

34,783‌

960

First

Merchants

Corp

27,101‌

93

First

Mid-Illinois

Bancshares,

Inc

2,245‌

321

First

of

Long

Island

Corp

3,858‌

170

*

First

Western

Financial,

Inc

3,162‌

177

Five

Star

Bancorp

3,959‌

358

Flushing

Financial

Corp

4,400‌

5,298

FNB

Corp

60,609‌

2,673

Fulton

Financial

Corp

31,862‌

158

*

FVCBankcorp,

Inc

1,702‌

325

German

American

Bancorp,

Inc

8,833‌

1,648

Glacier

Bancorp,

Inc

51,368‌

26

Great

Southern

Bancorp,

Inc

1,319‌

132

Greene

County

Bancorp,

Inc

3,934‌

28

Guaranty

Bancshares,

Inc

758‌

1,685

Hancock

Whitney

Corp

64,670‌

484

Hanmi

Financial

Corp

7,226‌

1,147

HarborOne

Northeast

Bancorp,

Inc

9,956‌

429

Heartland

Financial

USA,

Inc

11,956‌

1,217

Heritage

Commerce

Corp

10,077‌

460

Heritage

Financial

Corp

7,438‌

1,168

Hilltop

Holdings,

Inc

36,745‌

22

e

Hingham

Institution

for

Savings

4,690‌

89

Home

Bancorp,

Inc

2,956‌

2,960

Home

Bancshares,

Inc

67,488‌

314

HomeStreet,

Inc

1,859‌

265

HomeTrust

Bancshares,

Inc

5,536‌

1,956

Hope

Bancorp,

Inc

16,469‌

501

Horizon

Bancorp

5,215‌

25,248

Huntington

Bancshares,

Inc

272,173‌

726

Independent

Bank

Corp

32,314‌

308

Independent

Bank

Corp

5,224‌

488

Independent

Bank

Group,

Inc

16,851‌

843

International

Bancshares

Corp

37,261‌

164

John

Marshall

Bancorp,

Inc

3,295‌

48,992

JPMorgan

Chase

&

Co

7,125,396‌

2,079

Kearny

Financial

Corp

14,657‌

16,007

Keycorp

147,905‌

584

Lakeland

Bancorp,

Inc

7,820‌

525

Lakeland

Financial

Corp

25,473‌

485

Live

Oak

Bancshares,

Inc

12,760‌

341

Luther

Burbank

Corp

3,042‌

2,860

M&T

Bank

Corp

353,954‌

400

Macatawa

Bank

Corp

3,712‌

226

Mercantile

Bank

Corp

6,242‌

753

Meta

Financial

Group,

Inc

34,909‌

224

Metrocity

Bankshares,

Inc

4,007‌

101

*,e

Metropolitan

Bank

Holding

Corp

3,508‌

129

Mid

Penn

Bancorp,

Inc

2,848‌

324

Midland

States

Bancorp,

Inc

6,451‌

169

MidWestOne

Financial

Group,

Inc

3,611‌

142

MVB

Financial

Corp

2,993‌

535

National

Bank

Holdings

Corp

15,536‌

243

National

Bankshares,

Inc

7,093‌

669

NBT

Bancorp,

Inc

21,308‌

Stock

Index

Fund

June

30,

2023

56

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

10,780

New

York

Community

Bancorp,

Inc

$

121,167‌

140

Nicolet

Bankshares,

Inc

9,507‌

90

Northeast

Bank

3,750‌

643

Northfield

Bancorp,

Inc

7,060‌

2,189

Northwest

Bancshares,

Inc

23,203‌

37,976

*

NU

Holdings

Ltd

299,631‌

714

OceanFirst

Financial

Corp

11,153‌

596

OFG

Bancorp

15,544‌

4,862

Old

National

Bancorp

67,776‌

432

Old

Second

Bancorp,

Inc

5,642‌

249

Origin

Bancorp,

Inc

7,296‌

111

Orrstown

Financial

Services,

Inc

2,126‌

1,405

Pacific

Premier

Bancorp,

Inc

29,055‌

1,717

PacWest

Bancorp

13,994‌

205

Park

National

Corp

20,976‌

126

Parke

Bancorp,

Inc

2,141‌

144

PCB

Bancorp

2,118‌

259

Peapack

Gladstone

Financial

Corp

7,014‌

532

Peoples

Bancorp,

Inc

14,125‌

101

Peoples

Financial

Services

Corp

4,423‌

1,330

Pinnacle

Financial

Partners,

Inc

75,344‌

226

*

Pioneer

Bancorp,

Inc

2,023‌

6,656

PNC

Financial

Services

Group,

Inc

838,323‌

420

*

Ponce

Financial

Group,

Inc

3,650‌

1,252

Popular,

Inc

75,771‌

188

Preferred

Bank

10,338‌

586

Premier

Financial

Corp

9,388‌

169

Primis

Financial

Corp

1,423‌

1,690

Prosperity

Bancshares,

Inc

95,451‌

1,239

Provident

Financial

Services,

Inc

20,245‌

190

QCR

Holdings,

Inc

7,796‌

104

RBB

Bancorp

1,242‌

91

Red

River

Bancshares

Inc

4,472‌

16,640

Regions

Financial

Corp

296,525‌

769

Renasant

Corp

20,094‌

146

Republic

Bancorp,

Inc

(Class

A)

6,205‌

540

S&T

Bancorp,

Inc

14,683‌

495

Sandy

Spring

Bancorp,

Inc

11,227‌

977

Seacoast

Banking

Corp

of

Florida

21,592‌

726

ServisFirst

Bancshares,

Inc

29,708‌

130

Shore

Bancshares,

Inc

1,503‌

192

Sierra

Bancorp

3,258‌

1,550

Simmons

First

National

Corp

(Class

A)

26,737‌

116

SmartFinancial,

Inc

2,495‌

138

South

Plains

Financial

Inc

3,106‌

1,456

South

State

Corp

95,805‌

101

*

Southern

First

Bancshares,

Inc

2,500‌

86

Southern

Missouri

Bancorp,

Inc

3,307‌

432

Southside

Bancshares,

Inc

11,301‌

522

Stellar

Bancorp,

Inc

11,949‌

346

*

Sterling

Bancorp,

Inc

1,893‌

421

Stock

Yards

Bancorp,

Inc

19,101‌

164

Summit

Financial

Group,

Inc

3,388‌

2,625

Synovus

Financial

Corp

79,406‌

932

*

Texas

Capital

Bancshares,

Inc

47,998‌

814

*

The

Bancorp,

Inc

26,577‌

192

*

Third

Coast

Bancshares,

Inc

3,047‌

229

Tompkins

Financial

Corp

12,755‌

996

Towne

Bank

23,147‌

618

Trico

Bancshares

20,518‌

513

Triumph

Bancorp,

Inc

31,149‌

22,420

Truist

Financial

Corp

680,447‌

277

TrustCo

Bank

Corp

NY

7,925‌

57

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

1,035

Trustmark

Corp

$

21,859‌

685

UMB

Financial

Corp

41,716‌

1,802

United

Bankshares,

Inc

53,465‌

1,315

United

Community

Banks,

Inc

32,862‌

364

Univest

Financial

Corp

6,581‌

24,395

US

Bancorp

806,011‌

328

*

USCB

Financial

Holdings,

Inc

3,346‌

7,103

Valley

National

Bancorp

55,048‌

1,054

Veritex

Holdings,

Inc

18,898‌

1,098

Washington

Federal,

Inc

29,119‌

232

Washington

Trust

Bancorp,

Inc

6,220‌

3,310

Webster

Financial

Corp

124,952‌

63,423

Wells

Fargo

&

Co

2,706,894‌

875

WesBanco,

Inc

22,409‌

239

West

Bancorporation,

Inc

4,400‌

533

Westamerica

Bancorporation

20,414‌

1,585

Western

Alliance

Bancorp

57,805‌

886

Wintrust

Financial

Corp

64,341‌

1,054

WSFS

Financial

Corp

39,757‌

2,692

Zions

Bancorporation

72,307‌

TOTAL

BANKS

23,714,571‌

CAPITAL

GOODS

-

6

.5

%

2,107

*

3D

Systems

Corp

20,922‌

9,318

3M

Co

932,639‌

2,034

A.O.

Smith

Corp

148,034‌

724

Aaon,

Inc

68,642‌

511

*

AAR

Corp

29,515‌

470

Acuity

Brands,

Inc

76,648‌

1,058

Advanced

Drainage

Systems,

Inc

120,379‌

2,147

Aecom

Technology

Corp

181,829‌

1,067

*

Aerojet

Rocketdyne

Holdings,

Inc

58,546‌

407

*

Aerovironment,

Inc

41,628‌

149

*

AerSale

Corp

2,190‌

1,087

AGCO

Corp

142,854‌

1,327

Air

Lease

Corp

55,535‌

148

Alamo

Group,

Inc

27,219‌

620

Albany

International

Corp

(Class

A)

57,834‌

1,346

Allegion

plc

161,547‌

197

Allied

Motion

Technologies,

Inc

7,868‌

1,473

Allison

Transmission

Holdings,

Inc

83,166‌

330

Alta

Equipment

Group,

Inc

5,719‌

512

*

Ameresco,

Inc

24,899‌

254

*

American

Woodmark

Corp

19,398‌

3,942

Ametek,

Inc

638,131‌

2,835

*

API

Group

Corp

77,282‌

438

Apogee

Enterprises,

Inc

20,792‌

567

Applied

Industrial

Technologies,

Inc

82,119‌

2,056

*

Archer

Aviation,

Inc

8,471‌

909

Arcosa,

Inc

68,875‌

244

Argan,

Inc

9,616‌

564

Armstrong

World

Industries,

Inc

41,431‌

2,492

*

Array

Technologies,

Inc

56,319‌

334

Astec

Industries,

Inc

15,177‌

340

*

Astronics

Corp

6,752‌

587

*

Atkore

International

Group,

Inc

91,537‌

1,101

*

Axon

Enterprise,

Inc

214,827‌

1,731

*

AZEK

Co,

Inc

52,432‌

406

AZZ,

Inc

17,645‌

1,051

*

Babcock

&

Wilcox

Enterprises,

Inc

6,201‌

782

Barnes

Group,

Inc

32,993‌

1,000

*

Beacon

Roofing

Supply,

Inc

82,980‌

1,236

*,e

Berkshire

Grey,

Inc

1,743‌

Stock

Index

Fund

June

30,

2023

58

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

632

*,e

Blink

Charging

Co

$

3,786‌

2,944

*,e

Bloom

Energy

Corp

48,134‌

217

*

Blue

Bird

Corp

4,878‌

166

*

BlueLinx

Holdings,

Inc

15,567‌

9,343

*

Boeing

Co

1,972,868‌

597

Boise

Cascade

Co

53,939‌

145

*

Bowman

Consulting

Group

Ltd

4,623‌

287

Brookfield

Business

Corp

5,419‌

2,182

*

Builders

FirstSource,

Inc

296,752‌

1,363

BWX

Technologies,

Inc

97,550‌

228

Cadre

Holdings,

Inc

4,970‌

862

Carlisle

Cos,

Inc

221,129‌

13,812

Carrier

Global

Corp

686,594‌

8,606

Caterpillar,

Inc

2,117,506‌

4,222

*,e

ChargePoint

Holdings,

Inc

37,111‌

669

*

Chart

Industries,

Inc

106,899‌

337

*

CIRCOR

International,

Inc

19,024‌

14,332

CNH

Industrial

NV

206,381‌

413

Columbus

McKinnon

Corp

16,788‌

575

Comfort

Systems

USA,

Inc

94,415‌

597

*

Commercial

Vehicle

Group,

Inc

6,627‌

708

*

Concrete

Pumping

Holdings

Inc

5,685‌

531

*

Construction

Partners

Inc

16,668‌

1,040

*

Core

&

Main,

Inc

32,594‌

775

Crane

Co

69,068‌

775

Crane

Holdings

Co

43,741‌

225

CSW

Industrials,

Inc

37,393‌

2,401

Cummins,

Inc

588,629‌

722

Curtiss-Wright

Corp

132,602‌

688

*,e

Custom

Truck

One

Source,

Inc

4,637‌

4,561

Deere

&

Co

1,848,072‌

4,600

*

Desktop

Metal,

Inc

8,142‌

2,166

Donaldson

Co,

Inc

135,397‌

347

Douglas

Dynamics,

Inc

10,368‌

2,313

Dover

Corp

341,514‌

160

*

Ducommun,

Inc

6,971‌

240

*

DXP

Enterprises,

Inc

8,738‌

486

*

Dycom

Industries,

Inc

55,234‌

6,748

Eaton

Corp

1,357,023‌

916

EMCOR

Group,

Inc

169,258‌

9,430

Emerson

Electric

Co

852,378‌

318

Encore

Wire

Corp

59,126‌

738

*

Energy

Recovery,

Inc

20,627‌

1,905

*,e

Energy

Vault

Holdings,

Inc

5,201‌

917

Enerpac

Tool

Group

Corp

24,759‌

681

EnerSys

73,902‌

2,221

*,e

Enovix

Corp

40,067‌

330

EnPro

Industries,

Inc

44,065‌

1,688

*

Eos

Energy

Enterprises,

Inc

7,326‌

752

Esab

Corp

50,038‌

502

ESCO

Technologies,

Inc

52,022‌

1,410

*,e

ESS

Tech,

Inc

2,073‌

9,626

Fastenal

Co

567,838‌

1,130

Federal

Signal

Corp

72,354‌

3,268

Ferguson

plc

514,089‌

2,325

Flowserve

Corp

86,374‌

503

*,e

Fluence

Energy,

Inc

13,400‌

2,528

*

Fluor

Corp

74,829‌

5,820

Fortive

Corp

435,161‌

2,291

Fortune

Brands

Home

&

Security,

Inc

164,837‌

719

Franklin

Electric

Co,

Inc

73,985‌

1,383

FTAI

Aviation

Ltd

43,786‌

426

*,e

FTC

Solar,

Inc

1,372‌

59

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

6,671

*,e

FuelCell

Energy,

Inc

$

14,409‌

1,000

*

Gates

Industrial

Corp

plc

13,480‌

426

GATX

Corp

54,843‌

1,074

*

Generac

Holdings,

Inc

160,166‌

4,100

General

Dynamics

Corp

882,115‌

18,261

General

Electric

Co

2,005,971‌

567

*

Gibraltar

Industries,

Inc

35,676‌

187

Global

Industrial

Co

5,193‌

829

*

GMS,

Inc

57,367‌

368

Gorman-Rupp

Co

10,609‌

2,901

Graco,

Inc

250,501‌

2,996

GrafTech

International

Ltd

15,100‌

696

Granite

Construction,

Inc

27,687‌

890

*

Great

Lakes

Dredge

&

Dock

Corp

7,262‌

648

Greenbrier

Cos,

Inc

27,929‌

552

Griffon

Corp

22,246‌

627

H&E

Equipment

Services,

Inc

28,685‌

1,178

*

Hayward

Holdings,

Inc

15,137‌

760

HEICO

Corp

134,474‌

1,362

HEICO

Corp

(Class

A)

191,497‌

629

Helios

Technologies,

Inc

41,571‌

413

Herc

Holdings,

Inc

56,519‌

1,552

Hexcel

Corp

117,983‌

1,406

Hillenbrand,

Inc

72,100‌

1,910

*

Hillman

Solutions

Corp

17,209‌

11,012

Honeywell

International,

Inc

2,284,990‌

6,541

Howmet

Aerospace,

Inc

324,172‌

933

Hubbell,

Inc

309,345‌

699

*

Hudson

Technologies,

Inc

6,724‌

625

Huntington

Ingalls

142,250‌

1,987

*,e

Hyliion

Holdings

Corp

3,318‌

158

Hyster-Yale

Materials

Handling,

Inc

8,823‌

1,271

IDEX

Corp

273,595‌

137

*

IES

Holdings,

Inc

7,793‌

4,979

Illinois

Tool

Works,

Inc

1,245,547‌

6,510

Ingersoll

Rand,

Inc

425,494‌

289

Insteel

Industries,

Inc

8,994‌

1,554

ITT,

Inc

144,848‌

1,086

*

Janus

International

Group,

Inc

11,577‌

1,178

*

JELD-WEN

Holding,

Inc

20,662‌

486

John

Bean

Technologies

Corp

58,952‌

11,579

Johnson

Controls

International

plc

788,993‌

166

Kadant,

Inc

36,869‌

670

Kaman

Corp

16,301‌

172

Karat

Packaging,

Inc

3,139‌

1,307

Kennametal,

Inc

37,106‌

1,903

*

Kratos

Defense

&

Security

Solutions,

Inc

27,289‌

3,195

L3Harris

Technologies,

Inc

625,485‌

96

*

Lawson

Products,

Inc

4,998‌

580

Lennox

International,

Inc

189,121‌

543

*,e

Leonardo

DRS,

Inc

9,416‌

153

*

Limbach

Holdings,

Inc

3,784‌

954

Lincoln

Electric

Holdings,

Inc

189,493‌

165

Lindsay

Corp

19,691‌

3,799

Lockheed

Martin

Corp

1,748,984‌

385

LSI

Industries,

Inc

4,836‌

478

Luxfer

Holdings

plc

6,802‌

539

*

Manitowoc

Co,

Inc

10,149‌

3,600

Masco

Corp

206,568‌

464

*

Masonite

International

Corp

47,532‌

1,042

*

Mastec,

Inc

122,925‌

2,359

*

Masterbrand,

Inc

27,435‌

379

McGrath

RentCorp

35,050‌

Stock

Index

Fund

June

30,

2023

60

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

2,999

MDU

Resources

Group,

Inc

$

62,799‌

952

*

Mercury

Systems,

Inc

32,930‌

2,986

*,e

Microvast

Holdings,

Inc

4,778‌

820

*

Middleby

Corp

121,221‌

168

Miller

Industries,

Inc

5,959‌

629

Moog,

Inc

(Class

A)

68,202‌

1,441

*

MRC

Global,

Inc

14,511‌

779

MSC

Industrial

Direct

Co

(Class

A)

74,223‌

883

Mueller

Industries,

Inc

77,068‌

2,381

Mueller

Water

Products,

Inc

(Class

A)

38,644‌

301

*

MYR

Group,

Inc

41,640‌

76

National

Presto

Industries,

Inc

5,563‌

418

*

NEXTracker,

Inc

16,641‌

9,268

*,e

Nikola

Corp

12,790‌

995

Nordson

Corp

246,939‌

2,375

Northrop

Grumman

Corp

1,082,525‌

149

*

Northwest

Pipe

Co

4,506‌

1,637

*

NOW,

Inc

16,959‌

262

*

NuScale

Power

Corp

1,782‌

2,708

nVent

Electric

plc

139,922‌

44

Omega

Flex,

Inc

4,566‌

1,192

Oshkosh

Corp

103,215‌

6,945

Otis

Worldwide

Corp

618,174‌

1,508

Owens

Corning,

Inc

196,794‌

8,604

PACCAR,

Inc

719,725‌

291

Park

Aerospace

Corp

4,016‌

2,182

Parker-Hannifin

Corp

851,067‌

420

*

Parsons

Corp

20,219‌

2,996

Pentair

plc

193,542‌

763

*

PGT

Innovations,

Inc

22,241‌

8,759

*,e

Plug

Power,

Inc

91,006‌

263

Powell

Industries,

Inc

15,935‌

51

Preformed

Line

Products

Co

7,961‌

729

Primoris

Services

Corp

22,213‌

509

*

Proto

Labs,

Inc

17,795‌

492

Quanex

Building

Products

Corp

13,210‌

2,443

Quanta

Services,

Inc

479,927‌

24,613

Raytheon

Technologies

Corp

2,411,089‌

477

*

RBC

Bearings,

Inc

103,733‌

1,177

Regal-Beloit

Corp

181,140‌

2,451

*

Resideo

Technologies,

Inc

43,285‌

562

REV

Group,

Inc

7,452‌

4,108

*,e

Rocket

Lab

USA,

Inc

24,648‌

1,951

Rockwell

Automation,

Inc

642,757‌

691

Rush

Enterprises,

Inc

(Class

A)

41,971‌

144

Rush

Enterprises,

Inc

(Class

B)

9,801‌

2,324

Sensata

Technologies

Holding

plc

104,557‌

2,046

*

SES

AI

Corp

4,992‌

2,761

*

Shoals

Technologies

Group,

Inc

70,571‌

514

Shyft

Group,

Inc

11,339‌

842

Simpson

Manufacturing

Co,

Inc

116,617‌

727

*

SiteOne

Landscape

Supply,

Inc

121,671‌

878

Snap-On,

Inc

253,031‌

1,891

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

55,198‌

647

*

SPX

Technologies,

Inc

54,976‌

195

Standex

International

Corp

27,587‌

2,609

Stanley

Black

&

Decker,

Inc

244,489‌

2,463

*,e

Stem,

Inc

14,088‌

394

*

Sterling

Construction

Co,

Inc

21,985‌

1,332

*,e

SunPower

Corp

13,054‌

3,438

*

Sunrun,

Inc

61,403‌

268

Tennant

Co

21,737‌

939

Terex

Corp

56,180‌

61

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

550

Textainer

Group

Holdings

Ltd

$

21,659‌

3,365

Textron,

Inc

227,575‌

509

*

Thermon

Group

Holdings

13,539‌

1,188

Timken

Co

108,738‌

638

*

Titan

International,

Inc

7,324‌

282

*

Titan

Machinery,

Inc

8,319‌

1,833

Toro

Co

186,324‌

559

*

TPI

Composites,

Inc

5,797‌

3,874

Trane

Technologies

plc

740,941‌

121

*

Transcat

Inc

10,322‌

882

TransDigm

Group,

Inc

788,658‌

1,924

*

Trex

Co,

Inc

126,137‌

1,374

Trinity

Industries,

Inc

35,326‌

930

Triton

International

Ltd

77,432‌

1,063

*

Triumph

Group,

Inc

13,149‌

1,186

*

Tutor

Perini

Corp

8,480‌

901

UFP

Industries,

Inc

87,442‌

1,178

United

Rentals,

Inc

524,646‌

2,797

*

Univar

Solutions

Inc

100,244‌

345

Valmont

Industries,

Inc

100,412‌

156

*

Vectrus,

Inc

7,731‌

1,767

*,e

Velo3D,

Inc

3,817‌

251

Veritiv

Corp

31,528‌

5,197

Vertiv

Holdings

Co

128,730‌

339

*

Vicor

Corp

18,306‌

3,817

*

Virgin

Galactic

Holdings,

Inc

14,810‌

756

W.W.

Grainger,

Inc

596,174‌

918

Wabash

National

Corp

23,538‌

593

Watsco,

Inc

226,212‌

522

Watts

Water

Technologies,

Inc

(Class

A)

95,907‌

763

WESCO

International,

Inc

136,623‌

3,014

Westinghouse

Air

Brake

Technologies

Corp

330,545‌

3,600

*

WillScot

Mobile

Mini

Holdings

Corp

172,044‌

1,032

Woodward

Inc

122,715‌

576

*,e

Xometry,

Inc

12,200‌

4,061

Xylem,

Inc

457,350‌

2,011

Zurn

Water

Solutions

Corp

54,076‌

TOTAL

CAPITAL

GOODS

47,464,745‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.6

%

1,238

ABM

Industries,

Inc

52,801‌

1,696

ACCO

Brands

Corp

8,836‌

1,880

*

ACV

Auctions,

Inc

32,468‌

5,802

*

Alight,

Inc

53,610‌

271

Aris

Water

Solution,

Inc

2,797‌

918

*

ASGN

Inc

69,428‌

5,166

*,e

Aurora

Innovation,

Inc

15,188‌

6,970

Automatic

Data

Processing,

Inc

1,531,936‌

110

Barrett

Business

Services,

Inc

9,592‌

2,100

*

BlackSky

Technology,

Inc

4,662‌

2,259

Booz

Allen

Hamilton

Holding

Co

252,104‌

329

*

BrightView

Holdings,

Inc

2,362‌

834

Brink's

Co

56,570‌

1,981

Broadridge

Financial

Solutions,

Inc

328,113‌

409

*

CACI

International,

Inc

(Class

A)

139,404‌

801

*

Casella

Waste

Systems,

Inc

(Class

A)

72,450‌

778

*

CBIZ,

Inc

41,452‌

375

*

Ceco

Environmental

Corp

5,010‌

270

*

Cimpress

plc

16,060‌

1,450

Cintas

Corp

720,766‌

7,903

*

Clarivate

Analytics

plc

75,316‌

819

*

Clean

Harbors,

Inc

134,668‌

177

Compx

International,

Inc

3,859‌

Stock

Index

Fund

June

30,

2023

62

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

752

Concentrix

Corp

$

60,724‌

3,045

*

Conduent,

Inc

10,353‌

7,023

*

Copart,

Inc

640,568‌

2,056

*

CoreCivic,

Inc

19,347‌

6,753

*

CoStar

Group,

Inc

601,017‌

128

CRA

International,

Inc

13,056‌

520

CSG

Systems

International,

Inc

27,425‌

754

Deluxe

Corp

13,180‌

633

*

Driven

Brands

Holdings,

Inc

17,129‌

3,839

Dun

&

Bradstreet

Holdings,

Inc

44,417‌

394

Ennis,

Inc

8,030‌

2,072

Equifax,

Inc

487,542‌

511

*

ExlService

Holdings,

Inc

77,192‌

944

Exponent,

Inc

88,094‌

598

*

First

Advantage

Corp

9,215‌

1,154

*

FiscalNote

Holdings,

Inc

4,201‌

178

*

Forrester

Research,

Inc

5,178‌

148

*

Franklin

Covey

Co

6,465‌

524

*

FTI

Consulting,

Inc

99,665‌

2,727

Genpact

Ltd

102,453‌

2,553

*,e

Geo

Group,

Inc

18,279‌

1,393

*

Harsco

Corp

13,749‌

1,153

Healthcare

Services

Group

17,214‌

286

Heidrick

&

Struggles

International,

Inc

7,570‌

247

*

Heritage-Crystal

Clean,

Inc

9,334‌

1,168

Herman

Miller,

Inc

17,263‌

271

*

HireRight

Holdings

Corp

3,065‌

757

HNI

Corp

21,332‌

334

*

Huron

Consulting

Group,

Inc

28,360‌

282

ICF

International,

Inc

35,078‌

404

*

Innodata

Isogen,

Inc

4,577‌

674

Insperity,

Inc

80,179‌

961

Interface,

Inc

8,447‌

2,022

Jacobs

Solutions,

Inc

240,396‌

2,200

*

KAR

Auction

Services,

Inc

33,484‌

2,207

KBR,

Inc

143,587‌

654

Kelly

Services,

Inc

(Class

A)

11,517‌

366

Kforce,

Inc

22,934‌

1,048

Korn/Ferry

International

51,918‌

1,550

*

Legalzoom.com,

Inc

18,724‌

2,347

Leidos

Holdings,

Inc

207,663‌

2,072

*,e

Li-Cycle

Holdings

Corp

11,500‌

484

*

Liquidity

Services,

Inc

7,986‌

931

Manpower,

Inc

73,921‌

491

Matthews

International

Corp

(Class

A)

20,926‌

1,185

MAXIMUS,

Inc

100,144‌

361

*

Montrose

Environmental

Group,

Inc

15,205‌

663

MSA

Safety,

Inc

115,335‌

224

*

NV5

Global

Inc

24,812‌

5,432

Paychex,

Inc

607,678‌

1,227

*

Performant

Financial

Corp

3,313‌

2,896

Pitney

Bowes,

Inc

10,252‌

2,398

*,e

Planet

Labs

PBC

7,722‌

2,775

RB

Global,

Inc

166,500‌

175

*,e

Red

Violet,

Inc

3,600‌

3,337

Republic

Services,

Inc

511,128‌

514

Resources

Connection,

Inc

8,075‌

1,790

Robert

Half

International,

Inc

134,644‌

4,005

Rollins,

Inc

171,534‌

997

Science

Applications

International

Corp

112,143‌

269

*

SP

Plus

Corp

10,521‌

3,873

SS&C

Technologies

Holdings,

Inc

234,704‌

1,776

Steelcase,

Inc

(Class

A)

13,693‌

63

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

1,556

*

Stericycle,

Inc

$

72,261‌

321

*

Sterling

Check

Corp

3,935‌

940

Tetra

Tech,

Inc

153,916‌

3,332

TransUnion

260,996‌

686

*

TriNet

Group,

Inc

65,149‌

645

*

TrueBlue,

Inc

11,423‌

369

TTEC

Holdings,

Inc

12,487‌

237

Unifirst

Corp

36,737‌

1,953

*

Upwork,

Inc

18,241‌

2,445

Verisk

Analytics,

Inc

552,643‌

2,291

*

Verra

Mobility

Corp

45,179‌

440

*

Viad

Corp

11,827‌

134

VSE

Corp

7,328‌

6,798

Waste

Management,

Inc

1,178,909‌

116

*

Willdan

Group,

Inc

2,223‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

11,757,963‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5

.1

%

426

*

1-800-FLOWERS.COM,

Inc

(Class

A)

3,323‌

667

Aaron's

Co,

Inc

9,431‌

912

*

Abercrombie

&

Fitch

Co

(Class

A)

34,364‌

1,229

Academy

Sports

&

Outdoors,

Inc

66,427‌

887

Advance

Auto

Parts,

Inc

62,356‌

150,534

*

Amazon.com,

Inc

19,623,612‌

2,547

American

Eagle

Outfitters,

Inc

30,055‌

122

*

America's

Car-Mart,

Inc

12,173‌

1,783

Arko

Corp

14,175‌

346

*

Asbury

Automotive

Group,

Inc

83,185‌

565

*

Autonation,

Inc

93,005‌

311

*

AutoZone,

Inc

775,435‌

1,577

*,e

BARK,

Inc

2,097‌

3,569

Bath

&

Body

Works,

Inc

133,837‌

3,303

Best

Buy

Co,

Inc

270,681‌

365

Big

5

Sporting

Goods

Corp

3,343‌

455

*

Boot

Barn

Holdings,

Inc

38,534‌

526

Buckle,

Inc

18,200‌

200

Build-A-Bear

Workshop,

Inc

4,284‌

1,106

*

Burlington

Stores,

Inc

174,073‌

331

Caleres,

Inc

7,921‌

670

Camping

World

Holdings,

Inc

20,167‌

2,760

*

CarMax,

Inc

231,012‌

961

*

CarParts.com,

Inc

4,084‌

1,550

*

Carvana

Co

40,176‌

368

Cato

Corp

(Class

A)

2,955‌

2,088

*

Chico's

FAS,

Inc

11,171‌

479

*,e

ContextLogic,

Inc

3,152‌

18,054

*

Coupang,

Inc

314,140‌

892

Designer

Brands,

Inc

9,009‌

919

*

Destination

XL

Group,

Inc

4,503‌

954

Dick's

Sporting

Goods,

Inc

126,109‌

77

e

Dillard's,

Inc

(Class

A)

25,124‌

144

*

Duluth

Holdings,

Inc

904‌

9,027

eBay,

Inc

403,417‌

2,090

*

Etsy,

Inc

176,835‌

1,112

*,e

EVgo,

Inc

4,448‌

948

*

Five

Below,

Inc

186,320‌

1,672

*

Floor

&

Decor

Holdings,

Inc

173,821‌

1,404

e

Foot

Locker,

Inc

38,062‌

429

Franchise

Group,

Inc

12,287‌

389

*

Funko,

Inc

4,209‌

4,552

*

GameStop

Corp

(Class

A)

110,386‌

3,094

Gap,

Inc

27,629‌

127

*

Genesco,

Inc

3,180‌

Stock

Index

Fund

June

30,

2023

64

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

2,363

Genuine

Parts

Co

$

399,890‌

228

Group

1

Automotive,

Inc

58,847‌

934

*

GrowGeneration

Corp

3,176‌

194

Guess?,

Inc

3,773‌

286

Haverty

Furniture

Cos,

Inc

8,643‌

269

Hibbett

Sports,

Inc

9,762‌

16,863

Home

Depot,

Inc

5,238,322‌

1,622

Kohl's

Corp

37,387‌

221

*

Lands'

End,

Inc

1,715‌

2,409

*

Leslie's,

Inc

22,621‌

472

Lithia

Motors,

Inc

(Class

A)

143,540‌

3,983

LKQ

Corp

232,089‌

9,955

Lowe's

Companies,

Inc

2,246,844‌

3,646

Macy's,

Inc

58,518‌

389

*

MarineMax,

Inc

13,288‌

566

Monro

Muffler,

Inc

22,997‌

343

Murphy

USA,

Inc

106,711‌

1,406

*

National

Vision

Holdings,

Inc

34,152‌

1,826

Nordstrom,

Inc

37,378‌

740

*

ODP

Corp

34,647‌

1,041

*

Ollie's

Bargain

Outlet

Holdings,

Inc

60,305‌

180

*

OneWater

Marine,

Inc

6,523‌

1,035

*

O'Reilly

Automotive,

Inc

988,736‌

752

*

Overstock.com,

Inc

24,493‌

411

Penske

Auto

Group,

Inc

68,485‌

1,122

*

Petco

Health

&

Wellness

Co,

Inc

9,986‌

306

PetMed

Express,

Inc

4,220‌

656

Pool

Corp

245,764‌

1,063

*,e

Rent

the

Runway,

Inc

2,105‌

941

Rent-A-Center,

Inc

29,293‌

610

*,e

Revolve

Group,

Inc

10,004‌

290

*

RH

95,581‌

5,691

Ross

Stores,

Inc

638,132‌

2,062

*

Sally

Beauty

Holdings,

Inc

25,466‌

406

Shoe

Carnival,

Inc

9,533‌

819

Signet

Jewelers

Ltd

53,448‌

441

*

Sleep

Number

Corp

12,030‌

345

Sonic

Automotive,

Inc

(Class

A)

16,446‌

689

*

Sportsman's

Warehouse

Holdings,

Inc

3,927‌

1,508

*

Stitch

Fix

Inc

5,806‌

1,347

*,e

ThredUp,

Inc

3,287‌

297

*

Tilly's,

Inc

2,082‌

19,296

TJX

Companies,

Inc

1,636,108‌

1,804

Tractor

Supply

Co

398,864‌

847

*

Ulta

Beauty,

Inc

398,594‌

1,237

*

Urban

Outfitters,

Inc

40,982‌

1,365

*

Victoria's

Secret

&

Co

23,792‌

1,287

*

Warby

Parker,

Inc

15,045‌

1,297

*

Wayfair,

Inc

84,318‌

203

Weyco

Group,

Inc

5,418‌

1,141

Williams-Sonoma,

Inc

142,785‌

37

Winmark

Corp

12,301‌

314

*

Zumiez,

Inc

5,231‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

37,187,001‌

CONSUMER

DURABLES

&

APPAREL

-

1

.2

%

707

Acushnet

Holdings

Corp

38,659‌

1,510

*

Allbirds,

Inc

1,903‌

1,083

*,e

AMMO,

Inc

2,307‌

285

*

Beazer

Homes

USA,

Inc

8,063‌

1,301

Brunswick

Corp

112,719‌

2,097

*

Callaway

Golf

Co

41,625‌

2,137

*

Capri

Holdings

Ltd

76,697‌

65

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

450

Carter's,

Inc

$

32,670‌

132

*

Cavco

Industries,

Inc

38,940‌

608

Century

Communities,

Inc

46,585‌

307

Clarus

Corp

2,806‌

604

Columbia

Sportswear

Co

46,653‌

761

e

Cricut,

Inc

9,284‌

1,046

*

Crocs,

Inc

117,612‌

452

*

Deckers

Outdoor

Corp

238,502‌

5,387

DR

Horton,

Inc

655,544‌

197

*,e

Dream

Finders

Homes,

Inc

4,844‌

327

Ethan

Allen

Interiors,

Inc

9,248‌

2,447

*

Garmin

Ltd

255,198‌

682

*

G-III

Apparel

Group

Ltd

13,142‌

1,998

*

GoPro,

Inc

8,272‌

578

*

Green

Brick

Partners,

Inc

32,830‌

6,162

e

Hanesbrands,

Inc

27,975‌

2,241

Hasbro,

Inc

145,150‌

444

*

Helen

of

Troy

Ltd

47,961‌

81

*

Hovnanian

Enterprises,

Inc

8,036‌

379

Installed

Building

Products,

Inc

53,121‌

443

*

iRobot

Corp

20,046‌

75

Johnson

Outdoors,

Inc

4,609‌

943

KB

Home

48,763‌

811

Kontoor

Brands,

Inc

34,143‌

706

*

Latham

Group,

Inc

2,619‌

696

La-Z-Boy,

Inc

19,933‌

2,404

Leggett

&

Platt,

Inc

71,206‌

4,288

Lennar

Corp

(Class

A)

537,329‌

224

Lennar

Corp

(Class

B)

25,308‌

353

*

LGI

Homes,

Inc

47,616‌

223

*

Lovesac

Co

6,010‌

1,855

*

Lululemon

Athletica,

Inc

702,117‌

301

*

M/I

Homes,

Inc

26,244‌

287

*

Malibu

Boats,

Inc

16,835‌

156

Marine

Products

Corp

2,630‌

295

*

MasterCraft

Boat

Holdings,

Inc

9,042‌

6,094

*

Mattel,

Inc

119,077‌

1,086

MDC

Holdings,

Inc

50,792‌

529

Meritage

Homes

Corp

75,261‌

918

*

Mohawk

Industries,

Inc

94,701‌

227

Movado

Group,

Inc

6,090‌

6,518

Newell

Brands

Inc

56,707‌

19,903

Nike,

Inc

(Class

B)

2,196,694‌

48

*

NVR,

Inc

304,830‌

276

Oxford

Industries,

Inc

27,164‌

4,992

*

Peloton

Interactive,

Inc

38,388‌

792

Polaris

Inc

95,777‌

3,872

Pulte

Homes,

Inc

300,777‌

795

e

Purple

Innovation,

Inc

2,210‌

1,126

PVH

Corp

95,676‌

740

Ralph

Lauren

Corp

91,242‌

200

Rocky

Brands,

Inc

4,200‌

2,405

*

Skechers

U.S.A.,

Inc

(Class

A)

126,647‌

966

*

Skyline

Champion

Corp

63,225‌

840

Smith

&

Wesson

Brands,

Inc

10,954‌

235

*,e

Snap

One

Holdings

Corp

2,738‌

2,102

*

Sonos,

Inc

34,326‌

1,383

Steven

Madden

Ltd

45,210‌

272

Sturm

Ruger

&

Co,

Inc

14,405‌

3,931

Tapestry,

Inc

168,247‌

1,558

*

Taylor

Morrison

Home

Corp

75,984‌

2,986

Tempur

Sealy

International,

Inc

119,649‌

1,677

Toll

Brothers,

Inc

132,600‌

Stock

Index

Fund

June

30,

2023

66

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

563

*

TopBuild

Corp

$

149,769‌

194

*

Traeger,

Inc

824‌

1,429

*

TRI

Pointe

Homes,

Inc

46,957‌

3,425

*

Under

Armour,

Inc

(Class

A)

24,728‌

3,626

*

Under

Armour,

Inc

(Class

C)

24,330‌

5,645

VF

Corp

107,763‌

1,021

*

Vista

Outdoor,

Inc

28,251‌

1,116

*

Vizio

Holding

Corp

7,533‌

1,031

*,e

Vuzix

Corp

5,258‌

945

Whirlpool

Corp

140,607‌

1,465

Wolverine

World

Wide,

Inc

21,521‌

1,421

*

YETI

Holdings,

Inc

55,192‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

8,617,100‌

CONSUMER

SERVICES

-

2

.4

%

700

*

Accel

Entertainment,

Inc

7,392‌

2,833

ADT,

Inc

17,083‌

799

*

Adtalem

Global

Education,

Inc

27,438‌

6,641

*

Airbnb,

Inc

851,111‌

4,054

ARAMARK

Holdings

Corp

174,525‌

631

*

Bally's

Corp

9,818‌

17

*

Biglari

Holdings,

Inc

(B

Shares)

3,351‌

356

*

BJ's

Restaurants,

Inc

11,321‌

1,539

Bloomin'

Brands,

Inc

41,384‌

275

Bluegreen

Vacations

Holding

Corp

9,804‌

622

*

Booking

Holdings,

Inc

1,679,605‌

333

*

Bowlero

Corp

3,876‌

1,079

Boyd

Gaming

Corp

74,850‌

1,041

*

Bright

Horizons

Family

Solutions

96,240‌

763

*

Brinker

International,

Inc

27,926‌

3,464

*

Caesars

Entertainment,

Inc

176,560‌

16,161

*

Carnival

Corp

304,312‌

234

Carriage

Services,

Inc

7,598‌

625

*

Carrols

Restaurant

Group,

Inc

3,150‌

520

*

Century

Casinos,

Inc

3,692‌

702

Cheesecake

Factory

24,275‌

2,349

*

Chegg,

Inc

20,859‌

461

*

Chipotle

Mexican

Grill,

Inc

(Class

A)

986,079‌

632

Choice

Hotels

International,

Inc

74,273‌

1,260

Churchill

Downs,

Inc

175,354‌

247

*

Chuy's

Holdings,

Inc

10,083‌

1,836

*

Coursera,

Inc

23,905‌

463

Cracker

Barrel

Old

Country

Store,

Inc

43,142‌

2,007

Darden

Restaurants,

Inc

335,330‌

792

*

Dave

&

Buster's

Entertainment,

Inc

35,291‌

1,168

*

Denny's

Corp

14,390‌

266

Dine

Brands

Global

Inc.

15,436‌

604

Domino's

Pizza,

Inc

203,542‌

4,914

*

DoorDash,

Inc

375,528‌

6,847

*

DraftKings,

Inc

181,925‌

461

*

Duolingo,

Inc

65,895‌

302

El

Pollo

Loco

Holdings,

Inc

2,649‌

281

*

European

Wax

Center,

Inc

5,235‌

1,316

*

Everi

Holdings,

Inc

19,029‌

2,437

*

Expedia

Group,

Inc

266,583‌

1,596

*

frontdoor,

Inc

50,912‌

682

*

Full

House

Resorts,

Inc

4,569‌

443

*

Global

Business

Travel

Group

I

3,203‌

229

*

Golden

Entertainment,

Inc

9,572‌

58

Graham

Holdings

Co

33,146‌

572

*

Grand

Canyon

Education,

Inc

59,036‌

2,195

H&R

Block,

Inc

69,955‌

1,409

*

Hilton

Grand

Vacations,

Inc

64,025‌

67

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

4,351

Hilton

Worldwide

Holdings,

Inc

$

633,288‌

738

Hyatt

Hotels

Corp

84,560‌

357

*

Inspired

Entertainment,

Inc

5,251‌

1,684

International

Game

Technology

plc

53,703‌

431

Jack

in

the

Box,

Inc

42,035‌

1,311

Krispy

Kreme,

Inc

19,311‌

89

*,e

Kura

Sushi

USA,

Inc

8,273‌

5,593

*

Las

Vegas

Sands

Corp

324,394‌

1,806

Laureate

Education,

Inc

21,835‌

619

*

Life

Time

Group

Holdings,

Inc

12,176‌

464

*

Lindblad

Expeditions

Holdings,

Inc

5,048‌

4,266

Marriott

International,

Inc

(Class

A)

783,622‌

676

Marriott

Vacations

Worldwide

Corp

82,959‌

12,200

McDonald's

Corp

3,640,602‌

5,201

MGM

Resorts

International

228,428‌

844

*,e

Mister

Car

Wash,

Inc

8,145‌

173

Monarch

Casino

&

Resort,

Inc

12,188‌

805

*

Mondee

Holdings,

Inc

7,173‌

911

*

Nerdy,

Inc

3,799‌

621

*

Noodles

&

Co

2,099‌

6,767

*

Norwegian

Cruise

Line

Holdings

Ltd

147,318‌

353

*

ONE

Group

Hospitality,

Inc

2,584‌

1,026

*

OneSpaWorld

Holdings

Ltd

12,415‌

565

Papa

John's

International,

Inc

41,714‌

2,733

*

Penn

National

Gaming,

Inc

65,674‌

1,137

*

Perdoceo

Education

Corp

13,951‌

1,475

*

Planet

Fitness,

Inc

99,474‌

525

*

Portillo's,

Inc

11,828‌

592

*

Potbelly

Corp

5,198‌

142

RCI

Hospitality

Holdings,

Inc

10,791‌

297

*

Red

Robin

Gourmet

Burgers,

Inc

4,107‌

924

Red

Rock

Resorts,

Inc

43,225‌

1,530

*

Rover

Group,

Inc

7,512‌

3,783

*

Royal

Caribbean

Cruises

Ltd

392,448‌

822

*

Rush

Street

Interactive,

Inc

2,565‌

5,391

*,e

Sabre

Corp

17,197‌

1,620

*

Scientific

Games

Corp

(Class

A)

111,391‌

764

*

SeaWorld

Entertainment,

Inc

42,792‌

2,355

Service

Corp

International

152,109‌

596

*

Shake

Shack,

Inc

46,321‌

1,370

*

Six

Flags

Entertainment

Corp

35,593‌

18,896

Starbucks

Corp

1,871,838‌

403

Strategic

Education,

Inc

27,339‌

644

*

Stride,

Inc

23,976‌

1,928

*

Super

Group

SGHC

Ltd

5,591‌

1,443

*

Sweetgreen,

Inc

18,499‌

877

*,e

Target

Hospitality

Corp

11,769‌

1,209

Texas

Roadhouse,

Inc

(Class

A)

135,747‌

1,336

Travel

&

Leisure

Co

53,894‌

1,149

*

Udemy,

Inc

12,329‌

434

*

Universal

Technical

Institute,

Inc

2,999‌

707

Vail

Resorts,

Inc

177,994‌

2,954

Wendy's

64,249‌

513

Wingstop,

Inc

102,682‌

881

*

WW

International

Inc

5,920‌

1,610

Wyndham

Hotels

&

Resorts,

Inc

110,398‌

1,791

Wynn

Resorts

Ltd

189,147‌

268

*

Xponential

Fitness,

Inc

4,623‌

4,724

Yum!

Brands,

Inc

654,510‌

TOTAL

CONSUMER

SERVICES

17,422,857‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.7

%

6,241

Albertsons

Cos,

Inc

136,179‌

Stock

Index

Fund

June

30,

2023

68

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL—continued

418

Andersons,

Inc

$

19,291‌

2,336

*

BJ's

Wholesale

Club

Holdings,

Inc

147,191‌

618

Casey's

General

Stores,

Inc

150,718‌

515

*

Chefs'

Warehouse

Holdings,

Inc

18,416‌

7,432

Costco

Wholesale

Corp

4,001,240‌

3,715

Dollar

General

Corp

630,733‌

3,489

*

Dollar

Tree,

Inc

500,671‌

1,460

*

Grocery

Outlet

Holding

Corp

44,691‌

626

*

HF

Foods

Group

Inc

2,936‌

213

Ingles

Markets,

Inc

(Class

A)

17,604‌

10,796

Kroger

Co

507,412‌

286

Natural

Grocers

by

Vitamin

C

3,506‌

2,651

*

Performance

Food

Group

Co

159,696‌

385

Pricesmart,

Inc

28,513‌

584

SpartanNash

Co

13,146‌

2,100

*

Sprouts

Farmers

Market,

Inc

77,133‌

8,505

SYSCO

Corp

631,071‌

7,729

Target

Corp

1,019,455‌

943

*

United

Natural

Foods,

Inc

18,436‌

3,868

*

US

Foods

Holding

Corp

170,192‌

127

Village

Super

Market

(Class

A)

2,898‌

12,281

Walgreens

Boots

Alliance,

Inc

349,886‌

23,807

Walmart,

Inc

3,741,984‌

218

Weis

Markets,

Inc

13,998‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

12,406,996‌

ENERGY

-

4

.1

%

256

e

Altus

Midstream

Co

8,996‌

704

*

Amplify

Energy

Corp

4,766‌

5,480

Antero

Midstream

Corp

63,568‌

4,860

*

Antero

Resources

Corp

111,926‌

5,407

APA

Corp

184,757‌

243

Arch

Resources,

Inc

27,401‌

2,039

Archrock,

Inc

20,900‌

667

Ardmore

Shipping

Corp

8,237‌

16,148

Baker

Hughes

Co

510,438‌

1,892

Berry

Petroleum

Co

LLC

13,017‌

1,179

Bonanza

Creek

Energy,

Inc

81,787‌

3,755

*

Borr

Drilling

Ltd

28,275‌

351

*

Bristow

Group,

Inc

10,084‌

12,978

Cabot

Oil

&

Gas

Corp

328,343‌

845

Cactus,

Inc

35,760‌

912

California

Resources

Corp

41,304‌

691

*

Callon

Petroleum

Co

24,233‌

243

*

Centrus

Energy

Corp

7,912‌

3,416

ChampionX

Corp

106,033‌

4,125

Cheniere

Energy,

Inc

628,485‌

1,919

Chesapeake

Energy

Corp

160,582‌

28,977

Chevron

Corp

4,559,531‌

2,877

*

Clean

Energy

Fuels

Corp

14,270‌

2,191

*

CNX

Resources

Corp

38,825‌

1,500

e

Comstock

Resources

Inc

17,400‌

20,416

ConocoPhillips

2,115,302‌

621

CONSOL

Energy,

Inc

42,110‌

809

Core

Laboratories,

Inc

18,809‌

500

Crescent

Energy,

Inc

5,210‌

583

CVR

Energy,

Inc

17,467‌

1,373

Delek

US

Holdings,

Inc

32,883‌

850

*

Denbury,

Inc

73,321‌

10,744

Devon

Energy

Corp

519,365‌

2,136

DHT

Holdings,

Inc

18,220‌

1,800

*

Diamond

Offshore

Drilling,

Inc

25,632‌

3,040

Diamondback

Energy,

Inc

399,334‌

69

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

333

*

DMC

Global,

Inc

$

5,914‌

395

Dorian

LPG

Ltd

10,132‌

582

*

Dril-Quip,

Inc

13,543‌

1,673

DT

Midstream,

Inc

82,931‌

625

*

Earthstone

Energy,

Inc

8,931‌

156

*

Empire

Petroleum

Corp

1,420‌

2,241

*

Encore

Energy

Corp

5,401‌

2,496

*,e

Energy

Fuels,

Inc

15,575‌

279

e

Enviva,

Inc

3,027‌

9,773

EOG

Resources,

Inc

1,118,422‌

6,200

EQT

Corp

255,006‌

7,406

Equitrans

Midstream

Corp

70,801‌

275

Excelerate

Energy,

Inc

5,591‌

68,031

Exxon

Mobil

Corp

7,296,325‌

408

FLEX

LNG

Ltd

12,456‌

226

*

Forum

Energy

Technologies,

Inc

5,783‌

1,226

*

Frank's

International

NV

21,725‌

3,883

*,e

Gevo,

Inc

5,902‌

1,788

Golar

LNG

Ltd

36,064‌

842

*

Green

Plains

Inc

27,146‌

179

*

Gulfport

Energy

Operating

Corp

18,808‌

345

*

Hallador

Energy

Co

2,957‌

15,566

Halliburton

Co

513,522‌

2,743

*

Helix

Energy

Solutions

Group,

Inc

20,243‌

1,863

Helmerich

&

Payne,

Inc

66,043‌

4,747

Hess

Corp

645,355‌

2,191

HF

Sinclair

Corp

97,741‌

110

e

HighPeak

Energy,

Inc

1,197‌

685

International

Seaways,

Inc

26,194‌

33,654

Kinder

Morgan,

Inc

579,522‌

7,467

*

Kosmos

Energy

Ltd

44,727‌

279

*

Laredo

Petroleum,

Inc

12,597‌

2,207

Liberty

Oilfield

Services,

Inc

29,508‌

2,448

Magnolia

Oil

&

Gas

Corp

51,163‌

767

*

Mammoth

Energy

Services,

Inc

3,705‌

11,233

Marathon

Oil

Corp

258,584‌

7,501

Marathon

Petroleum

Corp

874,617‌

1,952

Matador

Resources

Co

102,129‌

2,520

Murphy

Oil

Corp

96,516‌

146

*

Nabors

Industries

Ltd

13,582‌

75

Nacco

Industries,

Inc

(Class

A)

2,600‌

790

New

Fortress

Energy,

Inc

21,156‌

2,497

*

Newpark

Resources,

Inc

13,059‌

555

*,e

NextDecade

Corp

4,557‌

2,774

*

NexTier

Oilfield

Solutions,

Inc

24,800‌

1,670

*

Noble

Corp

plc

68,988‌

3,490

Nordic

American

Tankers

Ltd

12,808‌

757

Northern

Oil

and

Gas,

Inc

25,980‌

6,945

NOV,

Inc

111,398‌

666

Oasis

Petroleum,

Inc

102,431‌

11,729

Occidental

Petroleum

Corp

689,665‌

1,532

*

Oceaneering

International,

Inc

28,648‌

1,209

*

Oil

States

International,

Inc

9,031‌

7,381

ONEOK,

Inc

455,555‌

854

*

Overseas

Shipholding

Group,

Inc

3,561‌

4,162

Ovintiv,

Inc

158,447‌

677

*

Par

Pacific

Holdings,

Inc

18,015‌

3,410

Patterson-UTI

Energy,

Inc

40,818‌

1,808

PBF

Energy,

Inc

74,020‌

1,550

PDC

Energy,

Inc

110,267‌

1,975

Peabody

Energy

Corp

42,779‌

3,118

Permian

Resources

Corp

34,173‌

7,816

Phillips

66

745,490‌

Stock

Index

Fund

June

30,

2023

70

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

3,939

Pioneer

Natural

Resources

Co

$

816,082‌

1,367

*

ProPetro

Holding

Corp

11,264‌

4,095

Range

Resources

Corp

120,393‌

475

*

Ranger

Energy

Services,

Inc

4,864‌

276

*

Rex

American

Resources

Corp

9,608‌

151

Riley

Exploration

Permian,

Inc

5,394‌

1,348

*,e

Ring

Energy,

Inc

2,305‌

1,202

RPC,

Inc

8,594‌

532

SandRidge

Energy,

Inc

8,113‌

24,044

Schlumberger

Ltd

1,181,041‌

828

Scorpio

Tankers,

Inc

39,106‌

649

*

SEACOR

Marine

Holdings,

Inc

7,418‌

739

*

Seadrill

Ltd

30,499‌

988

Select

Energy

Services,

Inc

8,003‌

1,567

SFL

Corp

Ltd

14,620‌

185

*,e

SilverBow

Resources,

Inc

5,387‌

1,209

Sitio

Royalties

Corp

31,760‌

1,884

SM

Energy

Co

59,591‌

678

Solaris

Oilfield

Infrastructure,

Inc

5,648‌

18,509

*

Southwestern

Energy

Co

111,239‌

1,711

*

Talos

Energy,

Inc

23,732‌

3,944

Targa

Resources

Investments,

Inc

300,138‌

6,806

*

TechnipFMC

plc

113,116‌

1,069

*

Teekay

Corp

6,457‌

376

Teekay

Tankers

Ltd

14,374‌

8,487

*,e

Tellurian,

Inc

11,967‌

2,062

*

Tetra

Technologies,

Inc

6,970‌

101

Texas

Pacific

Land

Corp

132,967‌

854

*

Tidewater,

Inc

47,346‌

4,698

*,e

Uranium

Energy

Corp

15,973‌

1,387

*

US

Silica

Holdings,

Inc

16,824‌

1,000

Vaalco

Energy,

Inc

3,760‌

993

*

Valaris

Ltd

62,489‌

6,080

Valero

Energy

Corp

713,184‌

916

*,e

Vertex

Energy,

Inc

5,725‌

433

Vitesse

Energy,

Inc

9,699‌

2,083

*

W&T

Offshore,

Inc

8,061‌

1,187

*

Weatherford

International

Ltd

78,841‌

20,367

Williams

Cos,

Inc

664,575‌

1,068

World

Fuel

Services

Corp

22,086‌

TOTAL

ENERGY

30,302,747‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.8

%

1,492

Acadia

Realty

Trust

21,470‌

1,175

Agree

Realty

Corp

76,833‌

1,192

Alexander

&

Baldwin,

Inc

22,147‌

57

Alexander's,

Inc

10,480‌

2,778

Alexandria

Real

Estate

Equities,

Inc

315,275‌

357

Alpine

Income

Property

Trust,

Inc

5,801‌

714

American

Assets

Trust,

Inc

13,709‌

1,878

American

Finance

Trust,

Inc

12,695‌

4,773

American

Homes

4

Rent

169,203‌

7,860

American

Tower

Corp

1,524,368‌

4,437

Americold

Realty

Trust

143,315‌

2,744

Apartment

Income

REIT

Corp

99,031‌

1,848

Apartment

Investment

and

Management

Co

15,745‌

4,063

Apple

Hospitality

REIT,

Inc

61,392‌

1,769

Armada

Hoffler

Properties,

Inc

20,662‌

2,397

AvalonBay

Communities,

Inc

453,680‌

2,732

Boston

Properties,

Inc

157,336‌

1,429

BraeMar

Hotels

&

Resorts,

Inc

5,745‌

2,649

Brandywine

Realty

Trust

12,318‌

5,352

Brixmor

Property

Group,

Inc

117,744‌

71

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

2,559

Broadstone

Net

Lease,

Inc

$

39,511‌

572

Brt

Realty

Trust

11,326‌

1,599

Camden

Property

Trust

174,083‌

1,679

CareTrust

REIT,

Inc

33,345‌

493

CBL

&

Associates

Properties,

Inc

10,866‌

275

Centerspace

16,874‌

919

Chatham

Lodging

Trust

8,602‌

707

City

Office

REIT,

Inc

3,938‌

588

Clipper

Realty,

Inc

3,334‌

544

Community

Healthcare

Trust,

Inc

17,963‌

2,132

Corporate

Office

Properties

Trust

50,635‌

2,578

Cousins

Properties,

Inc

58,778‌

7,361

Crown

Castle

International

Corp

838,712‌

273

CTO

Realty

Growth,

Inc

4,679‌

3,658

CubeSmart

163,366‌

3,453

DiamondRock

Hospitality

Co

27,658‌

4,847

Digital

Realty

Trust,

Inc

551,928‌

5,068

Diversified

Healthcare

Trust

11,403‌

2,632

Douglas

Emmett,

Inc

33,084‌

1,427

Easterly

Government

Properties,

Inc

20,691‌

673

EastGroup

Properties,

Inc

116,833‌

3,012

Empire

State

Realty

Trust,

Inc

22,560‌

1,375

EPR

Properties

64,350‌

1,553

Equinix,

Inc

1,217,459‌

1,868

Equity

Commonwealth

37,846‌

3,060

Equity

Lifestyle

Properties,

Inc

204,683‌

6,436

Equity

Residential

424,583‌

1,947

Essential

Properties

Realty

Trust,

Inc

45,832‌

1,143

Essex

Property

Trust,

Inc

267,805‌

2,226

Extra

Space

Storage,

Inc

331,340‌

729

Farmland

Partners,

Inc

8,901‌

1,347

Federal

Realty

Investment

Trust

130,349‌

1,998

First

Industrial

Realty

Trust,

Inc

105,175‌

1,235

Four

Corners

Property

Trust,

Inc

31,369‌

3,874

Gaming

and

Leisure

Properties,

Inc

187,734‌

763

Getty

Realty

Corp

25,805‌

475

Gladstone

Commercial

Corp

5,876‌

687

Gladstone

Land

Corp

11,177‌

1,151

Global

Medical

REIT,

Inc

10,509‌

1,848

Global

Net

Lease,

Inc

18,997‌

6,024

Healthcare

Realty

Trust,

Inc

113,613‌

9,296

Healthpeak

Properties

Inc

186,850‌

697

Hersha

Hospitality

Trust

4,245‌

1,796

Highwoods

Properties,

Inc

42,942‌

12,302

Host

Hotels

and

Resorts,

Inc

207,043‌

2,438

Hudson

Pacific

Properties

10,288‌

3,525

Independence

Realty

Trust,

Inc

64,225‌

439

Innovative

Industrial

Properties,

Inc

32,051‌

1,140

InvenTrust

Properties

Corp

26,380‌

10,054

Invitation

Homes,

Inc

345,858‌

4,939

Iron

Mountain,

Inc

280,634‌

571

iStar,

Inc

13,550‌

2,053

JBG

SMITH

Properties

30,877‌

1,970

Kilroy

Realty

Corp

59,277‌

10,503

Kimco

Realty

Corp

207,119‌

3,663

Kite

Realty

Group

Trust

81,831‌

1,519

Lamar

Advertising

Co

150,761‌

5,428

Lexington

Realty

Trust

52,923‌

1,362

Life

Storage,

Inc

181,091‌

917

LTC

Properties,

Inc

30,279‌

3,615

Macerich

Co

40,741‌

1,437

*

Mack-Cali

Realty

Corp

23,064‌

9,560

Medical

Properties

Trust,

Inc

88,526‌

Stock

Index

Fund

June

30,

2023

72

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

1,928

Mid-America

Apartment

Communities,

Inc

$

292,786‌

885

National

Health

Investors,

Inc

46,392‌

3,014

National

Retail

Properties,

Inc

128,969‌

1,216

National

Storage

Affiliates

Trust

42,353‌

1,149

NETSTREIT

Corp

20,533‌

967

NexPoint

Diversified

Real

Estate

Trust

12,107‌

478

NexPoint

Residential

Trust,

Inc

21,739‌

965

Office

Properties

Income

Trust

7,430‌

3,987

Omega

Healthcare

Investors,

Inc

122,361‌

254

One

Liberty

Properties,

Inc

5,161‌

1,512

Orion

Office

REIT,

Inc

9,994‌

2,712

Outfront

Media,

Inc

42,633‌

3,099

Paramount

Group,

Inc

13,729‌

4,260

Park

Hotels

&

Resorts,

Inc

54,613‌

554

Peakstone

Realty

Trust

15,468‌

2,135

Pebblebrook

Hotel

Trust

29,762‌

1,776

Phillips

Edison

&

Co,

Inc

60,526‌

3,336

Physicians

Realty

Trust

46,671‌

2,219

Piedmont

Office

Realty

Trust,

Inc

16,132‌

445

Plymouth

Industrial

REIT,

Inc

10,244‌

255

Postal

Realty

Trust,

Inc

3,751‌

1,459

PotlatchDeltic

Corp

77,108‌

15,617

Prologis,

Inc

1,915,113‌

2,624

Public

Storage,

Inc

765,893‌

2,525

Rayonier,

Inc

79,285‌

10,335

Realty

Income

Corp

617,930‌

2,945

Regency

Centers

Corp

181,913‌

2,533

Retail

Opportunities

Investment

Corp

34,221‌

2,780

Rexford

Industrial

Realty,

Inc

145,172‌

3,244

RLJ

Lodging

Trust

33,316‌

1,201

RPT

Realty

12,550‌

875

Ryman

Hospitality

Properties

81,305‌

3,697

Sabra

Healthcare

REIT,

Inc

43,514‌

370

Saul

Centers,

Inc

13,627‌

1,869

SBA

Communications

Corp

433,159‌

2,237

Service

Properties

Trust

19,440‌

5,468

Simon

Property

Group,

Inc

631,445‌

2,580

SITE

Centers

Corp

34,108‌

1,292

SL

Green

Realty

Corp

38,825‌

2,053

Spirit

Realty

Capital,

Inc

80,847‌

2,713

STAG

Industrial,

Inc

97,342‌

2,137

Summit

Hotel

Properties,

Inc

13,912‌

1,974

Sun

Communities,

Inc

257,528‌

4,344

Sunstone

Hotel

Investors,

Inc

43,961‌

1,735

Tanger

Factory

Outlet

Centers,

Inc

38,291‌

1,413

Terreno

Realty

Corp

84,921‌

5,209

UDR,

Inc

223,779‌

567

UMH

Properties,

Inc

9,061‌

3,661

Uniti

Group,

Inc

16,914‌

198

Universal

Health

Realty

Income

Trust

9,421‌

2,537

Urban

Edge

Properties

39,146‌

1,302

Urstadt

Biddle

Properties,

Inc

(Class

A)

27,680‌

6,969

Ventas,

Inc

329,425‌

16,059

VICI

Properties,

Inc

504,734‌

3,062

Vornado

Realty

Trust

55,545‌

1,848

Washington

REIT

30,381‌

8,069

d

Welltower,

Inc

652,701‌

12,145

d

Weyerhaeuser

Co

406,979‌

550

Whitestone

REIT

5,335‌

3,203

WP

Carey,

Inc

216,395‌

2,302

Xenia

Hotels

&

Resorts,

Inc

28,338‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

20,216,990‌

73

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES

-

7

.5

%

906

*

Acacia

Research

(Acacia

Technologies)

$

3,769‌

125

AFC

Gamma,

Inc

1,556‌

595

Affiliated

Managers

Group,

Inc

89,185‌

3,788

*

Affirm

Holdings,

Inc

58,070‌

8,788

AGNC

Investment

Corp

89,022‌

243

Alerus

Financial

Corp

4,369‌

4,886

Ally

Financial,

Inc

131,971‌

288

A-Mark

Precious

Metals,

Inc

10,781‌

9,917

American

Express

Co

1,727,541‌

1,768

Ameriprise

Financial,

Inc

587,259‌

253

Angel

Oak

Mortgage,

Inc

2,085‌

7,406

Annaly

Capital

Management,

Inc

148,194‌

2,943

Apollo

Commercial

Real

Estate

Finance,

Inc

33,315‌

8,457

Apollo

Global

Management,

Inc

649,582‌

2,387

Arbor

Realty

Trust,

Inc

35,375‌

645

Ares

Commercial

Real

Estate

Corp

6,547‌

2,484

Ares

Management

Corp

239,333‌

1,405

ARMOUR

Residential

REIT,

Inc

7,489‌

870

Artisan

Partners

Asset

Management,

Inc

34,200‌

253

*

Assetmark

Financial

Holdings,

Inc

7,504‌

123

*

Atlanticus

Holdings

Corp

5,167‌

2,445

*

AvidXchange

Holdings,

Inc

25,379‌

274

B.

Riley

Financial,

Inc

12,599‌

1,049

*,e

Bakkt

Holdings,

Inc

1,290‌

461

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

10,170‌

12,740

Bank

of

New

York

Mellon

Corp

567,185‌

30,453

*

Berkshire

Hathaway,

Inc

(Class

B)

10,384,473‌

5,076

BGC

Partners,

Inc

(Class

A)

22,487‌

2,485

BlackRock,

Inc

1,717,483‌

2,460

Blackstone

Mortgage

Trust,

Inc

51,193‌

11,884

Blackstone,

Inc

1,104,855‌

8,961

*

Block,

Inc

596,534‌

637

*

Blucora,

Inc

14,256‌

7,061

Blue

Owl

Capital,

Inc

82,261‌

829

Bread

Financial

Holdings,

Inc

26,022‌

642

Brightsphere

Investment

Group,

Inc

13,450‌

1,289

BrightSpire

Capital,

Inc

8,675‌

1,450

*

Cannae

Holdings,

Inc

29,305‌

923

*

Cantaloupe,

Inc

7,347‌

6,436

Capital

One

Financial

Corp

703,905‌

3,299

Carlyle

Group,

Inc

105,403‌

222

Cass

Information

Systems,

Inc

8,609‌

1,760

CBOE

Global

Markets,

Inc

242,898‌

24,896

Charles

Schwab

Corp

1,411,105‌

152

Chicago

Atlantic

Real

Estate

Finance,

Inc

2,303‌

3,066

Chimera

Investment

Corp

17,691‌

1,435

Claros

Mortgage

Trust,

Inc

16,273‌

6,023

CME

Group,

Inc

1,116,002‌

461

Cohen

&

Steers,

Inc

26,733‌

2,786

*,e

Coinbase

Global,

Inc

199,338‌

797

e

Compass

Diversified

Trust

17,287‌

326

*

Consumer

Portfolio

Services,

Inc

3,804‌

1,857

Corebridge

Financial,

Inc

32,795‌

125

*

Credit

Acceptance

Corp

63,491‌

49

Diamond

Hill

Investment

Group,

Inc

8,394‌

4,322

Discover

Financial

Services

505,026‌

461

*

Donnelley

Financial

Solutions,

Inc

20,989‌

258

Dynex

Capital,

Inc

3,248‌

718

Ellington

Financial

Inc

9,908‌

375

Enact

Holdings,

Inc

9,424‌

502

*

Encore

Capital

Group,

Inc

24,407‌

629

*

Enova

International,

Inc

33,412‌

6,316

Equitable

Holdings,

Inc

171,543‌

Stock

Index

Fund

June

30,

2023

74

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

1,785

Essent

Group

Ltd

$

83,538‌

849

*

Euronet

Worldwide,

Inc

99,647‌

638

Evercore

Inc

78,850‌

941

EVERTEC,

Inc

34,657‌

649

Factset

Research

Systems,

Inc

260,022‌

139

Federal

Agricultural

Mortgage

Corp

(FAMC)

19,980‌

10,055

Fidelity

National

Information

Services,

Inc

550,009‌

335

*

Finance

Of

America

Cos,

Inc

640‌

737

FirstCash

Holdings,

Inc

68,784‌

9,965

*

Fiserv,

Inc

1,257,085‌

1,210

*

FleetCor

Technologies,

Inc

303,807‌

1,440

*

Flywire

Corp

44,698‌

877

*

Focus

Financial

Partners,

Inc

46,051‌

2,063

*

Forge

Global

Holdings,

Inc

5,013‌

1,010

Franklin

BSP

Realty

Trust,

Inc

14,302‌

4,751

Franklin

Resources,

Inc

126,899‌

257

GCM

Grosvenor,

Inc

1,938‌

4,363

Global

Payments,

Inc

429,843‌

5,458

Goldman

Sachs

Group,

Inc

1,760,423‌

938

Granite

Point

Mortgage

Trust,

Inc

4,971‌

905

*

Green

Dot

Corp

16,960‌

562

Hamilton

Lane,

Inc

44,949‌

1,655

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

41,375‌

2,953

Home

Point

Capital,

Inc

6,851‌

796

Houlihan

Lokey,

Inc

78,255‌

280

*

I3

Verticals,

Inc

6,401‌

1,485

Interactive

Brokers

Group,

Inc

(Class

A)

123,359‌

9,280

Intercontinental

Exchange

Group,

Inc

1,049,382‌

339

*

International

Money

Express

Inc

8,316‌

6,004

Invesco

Ltd

100,927‌

366

Invesco

Mortgage

Capital,

Inc

4,198‌

1,263

Jack

Henry

&

Associates,

Inc

211,338‌

1,210

Jackson

Financial,

Inc

37,038‌

2,653

Janus

Henderson

Group

plc

72,294‌

3,680

Jefferies

Financial

Group,

Inc

122,066‌

10,266

KKR

&

Co,

Inc

574,896‌

648

KKR

Real

Estate

Finance

Trust,

Inc

7,886‌

1,766

Ladder

Capital

Corp

19,161‌

1,898

Lazard

Ltd

(Class

A)

60,736‌

1,618

*

LendingClub

Corp

15,776‌

196

*

LendingTree,

Inc

4,334‌

1,343

LPL

Financial

Holdings,

Inc

292,008‌

644

MarketAxess

Holdings,

Inc

168,354‌

7,301

*

Marqeta,

Inc

35,556‌

14,061

Mastercard,

Inc

(Class

A)

5,530,191‌

232

Merchants

Bancorp

5,935‌

2,131

MFA

Financial,

Inc

23,952‌

5,143

MGIC

Investment

Corp

81,208‌

877

Moelis

&

Co

39,763‌

2,637

Moody's

Corp

916,938‌

20,267

Morgan

Stanley

1,730,802‌

392

Morningstar,

Inc

76,859‌

1,135

*

Mr

Cooper

Group,

Inc

57,476‌

1,321

MSCI,

Inc

(Class

A)

619,932‌

6,030

Nasdaq

Inc

300,596‌

1,245

Navient

Corp

23,132‌

212

Nelnet,

Inc

(Class

A)

20,454‌

410

*

NerdWallet,

Inc

3,858‌

6,918

New

Residential

Investment

Corp

64,683‌

1,613

New

York

Mortgage

Trust,

Inc

16,001‌

298

*,e

NewtekOne,

Inc

4,738‌

131

Nexpoint

Real

Estate

Finance,

Inc

2,042‌

1,272

*

NMI

Holdings,

Inc

32,843‌

75

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

3,378

Northern

Trust

Corp

$

250,445‌

148

*

Ocwen

Financial

Corp

4,436‌

1,689

OneMain

Holdings,

Inc

73,792‌

1,687

*

Open

Lending

Corp

17,730‌

402

Orchid

Island

Capital,

Inc

4,161‌

600

P10,

Inc

6,780‌

3,227

*

Pagseguro

Digital

Ltd

30,463‌

245

Patria

Investments

Ltd

3,504‌

3,424

*

Payoneer

Global,

Inc

16,469‌

18,860

*

PayPal

Holdings,

Inc

1,258,528‌

652

*

Paysafe

Ltd

6,579‌

1,316

*

Paysign

Inc

3,224‌

399

PennyMac

Financial

Services,

Inc

28,054‌

1,723

PennyMac

Mortgage

Investment

Trust

23,226‌

904

Perella

Weinberg

Partners

7,530‌

273

Piper

Jaffray

Cos

35,288‌

397

PJT

Partners,

Inc

27,647‌

719

*

PRA

Group,

Inc

16,429‌

675

*

PROG

Holdings,

Inc

21,681‌

2,506

Radian

Group,

Inc

63,352‌

3,182

Raymond

James

Financial,

Inc

330,196‌

1,941

Ready

Capital

Corp

21,894‌

1,612

Redwood

Trust,

Inc

10,268‌

143

Regional

Management

Corp

4,362‌

1,393

*

Remitly

Global,

Inc

26,216‌

1,337

*

Repay

Holdings

Corp

10,469‌

10,926

*

Robinhood

Markets,

Inc

109,041‌

2,233

*

Rocket

Cos,

Inc

20,008‌

5,347

S&P

Global,

Inc

2,143,559‌

375

Sculptor

Capital

Management,

Inc

3,311‌

1,617

SEI

Investments

Co

96,406‌

854

*

Shift4

Payments,

Inc

57,995‌

184

Silvercrest

Asset

Management

Group,

Inc

3,726‌

4,701

SLM

Corp

76,720‌

15,128

*

SoFi

Technologies,

Inc

126,168‌

427

*

Star

Holdings

6,264‌

5,018

Starwood

Property

Trust,

Inc

97,349‌

5,797

State

Street

Corp

424,224‌

809

StepStone

Group,

Inc

20,071‌

1,929

Stifel

Financial

Corp

115,103‌

4,668

*

StoneCo

Ltd

59,470‌

241

*

StoneX

Group,

Inc

20,022‌

474

*,e

SWK

Holdings

Corp

7,935‌

7,436

Synchrony

Financial

252,229‌

3,710

T

Rowe

Price

Group,

Inc

415,594‌

143

TFS

Financial

Corp

1,798‌

5,745

*

Toast,

Inc

129,665‌

867

TPG

RE

Finance

Trust,

Inc

6,424‌

830

TPG,

Inc

24,286‌

1,734

Tradeweb

Markets,

Inc

118,744‌

1,156

Two

Harbors

Investment

Corp

16,045‌

1,255

*,e

Upstart

Holdings,

Inc

44,942‌

1,161

e

UWM

Holdings

Corp

6,502‌

208

*

Velocity

Financial,

Inc

2,398‌

84

Victory

Capital

Holdings,

Inc

2,649‌

1,409

Virtu

Financial,

Inc

24,080‌

115

Virtus

Investment

Partners,

Inc

22,709‌

27,153

Visa,

Inc

(Class

A)

6,448,294‌

1,567

Voya

Financial,

Inc

112,370‌

543

Walker

&

Dunlop,

Inc

42,946‌

384

Waterstone

Financial,

Inc

5,564‌

6,792

Western

Union

Co

79,670‌

739

*

WEX,

Inc

134,550‌

Stock

Index

Fund

June

30,

2023

76

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

1,867

WisdomTree

Investments,

Inc

$

12,808‌

90

*

World

Acceptance

Corp

12,061‌

5,393

*

XP,

Inc

126,520‌

TOTAL

FINANCIAL

SERVICES

54,879,185‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.0

%

176

Alico,

Inc

4,481‌

30,135

Altria

Group,

Inc

1,365,116‌

9,223

Archer-Daniels-Midland

Co

696,890‌

1,190

B&G

Foods,

Inc

(Class

A)

16,565‌

2,859

*,e

Benson

Hill,

Inc

3,717‌

980

*,e

Beyond

Meat,

Inc

12,720‌

157

*

Boston

Beer

Co,

Inc

(Class

A)

48,425‌

349

*,e

BRC,

Inc

1,801‌

711

Brown-Forman

Corp

(Class

A)

48,398‌

3,077

Brown-Forman

Corp

(Class

B)

205,482‌

2,310

Bunge

Ltd

217,948‌

345

Calavo

Growers,

Inc

10,012‌

486

Cal-Maine

Foods,

Inc

21,870‌

3,182

Campbell

Soup

Co

145,449‌

918

*

Celsius

Holdings,

Inc

136,956‌

65,187

Coca-Cola

Co

3,925,561‌

72

Coca-Cola

Consolidated

Inc

45,793‌

7,729

ConAgra

Brands,

Inc

260,622‌

2,607

Constellation

Brands,

Inc

(Class

A)

641,661‌

2,764

*

Darling

International,

Inc

176,316‌

751

Dole

plc

10,154‌

454

*

Duckhorn

Portfolio,

Inc

5,888‌

2,984

Flowers

Foods,

Inc

74,242‌

499

Fresh

Del

Monte

Produce,

Inc

12,829‌

752

*

Freshpet,

Inc

49,489‌

9,672

General

Mills,

Inc

741,842‌

1,593

*

Hain

Celestial

Group,

Inc

19,928‌

2,439

Hershey

Co

609,018‌

4,724

Hormel

Foods

Corp

189,999‌

2,702

*

Hostess

Brands,

Inc

68,415‌

1,093

Ingredion,

Inc

115,803‌

277

J&J

Snack

Foods

Corp

43,866‌

1,711

J.M.

Smucker

Co

252,663‌

199

John

B.

Sanfilippo

&

Son,

Inc

23,337‌

4,228

Kellogg

Co

284,967‌

14,212

Keurig

Dr

Pepper,

Inc

444,409‌

11,932

Kraft

Heinz

Co

423,586‌

2,489

Lamb

Weston

Holdings,

Inc

286,111‌

364

Lancaster

Colony

Corp

73,197‌

302

*

Limoneira

Co

4,699‌

4,238

McCormick

&

Co,

Inc

369,681‌

203

MGP

Ingredients,

Inc

21,575‌

926

*

Mission

Produce,

Inc

11,223‌

3,002

Molson

Coors

Brewing

Co

(Class

B)

197,652‌

22,993

Mondelez

International,

Inc

1,677,109‌

12,214

*

Monster

Beverage

Corp

701,572‌

366

*

National

Beverage

Corp

17,696‌

23,141

PepsiCo,

Inc

4,286,176‌

26,081

Philip

Morris

International,

Inc

2,546,027‌

908

*

Pilgrim's

Pride

Corp

19,513‌

1,006

*

Post

Holdings,

Inc

87,170‌

2,638

Primo

Water

Corp

33,081‌

4

Seaboard

Corp

14,243‌

134

*

Seneca

Foods

Corp

4,379‌

1,484

*

Simply

Good

Foods

Co

54,300‌

626

*

Sovos

Brands,

Inc

12,245‌

1,555

*

SunOpta,

Inc

10,403‌

77

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

964

*

TreeHouse

Foods,

Inc

$

48,566‌

190

Turning

Point

Brands,

Inc

4,562‌

4,889

Tyson

Foods,

Inc

(Class

A)

249,535‌

619

Universal

Corp

30,913‌

803

Utz

Brands,

Inc

13,137‌

2,682

Vector

Group

Ltd

34,356‌

454

*

Vita

Coco

Co,

Inc

12,199‌

420

*

Vital

Farms,

Inc

5,036‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

22,182,574‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.6

%

28,682

Abbott

Laboratories

3,126,912‌

1,593

*

Acadia

Healthcare

Co,

Inc

126,867‌

1,237

*

Accolade,

Inc

16,662‌

1,473

*

Accuray,

Inc

5,701‌

1,314

*

AdaptHealth

Corp

15,991‌

230

*

Addus

HomeCare

Corp

21,321‌

317

*,e

Agiliti,

Inc

5,230‌

4,406

*,e

agilon

health,

Inc

76,400‌

1,294

*

Align

Technology,

Inc

457,610‌

1,430

*

Alignment

Healthcare,

Inc

8,222‌

1,508

*

Allscripts

Healthcare

Solutions,

Inc

19,001‌

996

*

Alphatec

Holdings

Inc

17,908‌

577

*

Amedisys,

Inc

52,761‌

3,954

*

American

Well

Corp

8,303‌

2,642

AmerisourceBergen

Corp

508,400‌

740

*

AMN

Healthcare

Services,

Inc

80,749‌

563

*

Angiodynamics,

Inc

5,872‌

640

*

Apollo

Medical

Holdings,

Inc

20,224‌

673

*

AtriCure,

Inc

33,219‌

27

Atrion

Corp

15,274‌

725

*

Avanos

Medical,

Inc

18,531‌

2,914

*

Aveanna

Healthcare

Holdings,

Inc

4,925‌

560

*

AxoGen,

Inc

5,113‌

738

*

Axonics

Modulation

Technologies,

Inc

37,247‌

8,643

Baxter

International,

Inc

393,775‌

4,779

Becton

Dickinson

&

Co

1,261,704‌

497

*,e

Beyond

Air,

Inc

2,117‌

24,123

*

Boston

Scientific

Corp

1,304,813‌

2,873

*

Brookdale

Senior

Living,

Inc

12,124‌

4,314

*,e

Butterfly

Network,

Inc

9,922‌

4,387

Cardinal

Health,

Inc

414,879‌

373

*

Castle

Biosciences,

Inc

5,118‌

9,319

*

Centene

Corp

628,567‌

1,866

*

Certara,

Inc

33,980‌

2,819

*

Cerus

Corp

6,935‌

223

Chemed

Corp

120,792‌

4,924

Cigna

Corp

1,381,674‌

458

*

ClearPoint

Neuro,

Inc

3,316‌

168

*

Computer

Programs

&

Systems,

Inc

4,148‌

422

Conmed

Corp

57,346‌

852

Cooper

Cos,

Inc

326,682‌

163

*

Corvel

Corp

31,540‌

544

*

Cross

Country

Healthcare,

Inc

15,276‌

480

*

CryoLife,

Inc

8,251‌

279

*,e

Cutera,

Inc

4,221‌

210

*

CVRx,

Inc

3,242‌

21,577

CVS

Health

Corp

1,491,618‌

1,050

*

DaVita,

Inc

105,493‌

485

*,e

Definitive

Healthcare

Corp

5,335‌

3,750

Dentsply

Sirona,

Inc

150,075‌

6,477

*

Dexcom,

Inc

832,359‌

1,250

*

DocGo,

Inc

11,712‌

Stock

Index

Fund

June

30,

2023

78

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

1,826

*

Doximity,

Inc

$

62,121‌

10,270

*

Edwards

Lifesciences

Corp

968,769‌

3,949

Elevance

Health,

Inc

1,754,501‌

985

Embecta

Corp

21,276‌

1,608

Encompass

Health

Corp

108,878‌

804

*

Enhabit,

Inc

9,246‌

653

*

Enovis

Corp

41,870‌

981

Ensign

Group,

Inc

93,646‌

2,830

*

Envista

Holdings

Corp

95,767‌

1,677

*

Evolent

Health,

Inc

50,813‌

2,133

*

Figs,

Inc

17,640‌

350

*

Fulgent

Genetics,

Inc

12,960‌

6,283

GE

HealthCare

Technologies,

Inc

510,431‌

1

*

GeneDx

Holdings

Corp

6‌

710

*

Glaukos

Corp

50,559‌

1,419

*

Globus

Medical,

Inc

84,487‌

1,770

*

Guardant

Health,

Inc

63,366‌

886

*

Haemonetics

Corp

75,434‌

3,454

HCA

Healthcare,

Inc

1,048,220‌

737

*

Health

Catalyst,

Inc

9,212‌

1,338

*

HealthEquity,

Inc

84,481‌

399

HealthStream,

Inc

9,799‌

2,395

*

Henry

Schein,

Inc

194,235‌

2,089

*

Hims

&

Hers

Health,

Inc

19,637‌

3,942

*

Hologic,

Inc

319,184‌

2,105

Humana,

Inc

941,209‌

362

*

ICU

Medical,

Inc

64,505‌

1,400

*

IDEXX

Laboratories,

Inc

703,122‌

779

*

Inari

Medical,

Inc

45,291‌

338

*

InfuSystem

Holdings,

Inc

3,255‌

1,218

*

Inmode

Ltd

45,492‌

200

*

Innovage

Holding

Corp

1,500‌

655

*

Inogen,

Inc

7,565‌

465

*

Inspire

Medical

Systems,

Inc

150,958‌

1,159

*

Insulet

Corp

334,186‌

572

*

Integer

Holding

Corp

50,685‌

1,378

*

Integra

LifeSciences

Holdings

Corp

56,677‌

5,875

*

Intuitive

Surgical,

Inc

2,008,897‌

96

iRadimed

Corp

4,583‌

477

*

iRhythm

Technologies,

Inc

49,761‌

229

*

Joint

Corp

3,092‌

1,498

Laboratory

Corp

of

America

Holdings

361,512‌

1,098

*

Lantheus

Holdings,

Inc

92,144‌

236

LeMaitre

Vascular,

Inc

15,878‌

1,584

*

LifeStance

Health

Group,

Inc

14,462‌

892

*

LivaNova

plc

45,876‌

849

*

Masimo

Corp

139,703‌

2,281

McKesson

Corp

974,694‌

1,431

*

MEDNAX,

Inc

20,335‌

22,363

Medtronic

plc

1,970,180‌

985

*

Merit

Medical

Systems,

Inc

82,385‌

49

Mesa

Laboratories,

Inc

6,297‌

199

*

ModivCare,

Inc

8,997‌

1,000

*

Molina

Healthcare,

Inc

301,240‌

734

*,e

Nano-X

Imaging

Ltd

11,370‌

173

National

Healthcare

Corp

10,695‌

208

National

Research

Corp

9,050‌

3,187

*

Neogen

Corp

69,317‌

2,015

*

NeoGenomics,

Inc

32,381‌

613

*

Nevro

Corp

15,582‌

818

*

NextGen

Healthcare,

Inc

13,268‌

1,767

*

Novocure

Ltd

73,330‌

959

*

NuVasive,

Inc

39,885‌

79

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

758

*

Omnicell,

Inc

$

55,842‌

8,804

*

Opko

Health,

Inc

19,105‌

366

*

OptimizeRx

Corp

5,230‌

2,503

*

Option

Care

Health,

Inc

81,322‌

1,144

*

OraSure

Technologies,

Inc

5,731‌

473

*

Orthofix

Medical

Inc

8,542‌

333

*

OrthoPediatrics

Corp

14,602‌

742

*

Outset

Medical,

Inc

16,228‌

1,223

*

Owens

&

Minor,

Inc

23,286‌

525

*

P3

Health

Partners,

Inc

1,570‌

724

*

Paragon

28,

Inc

12,844‌

1,530

Patterson

Cos,

Inc

50,888‌

524

*

Pennant

Group,

Inc

6,435‌

597

*

Penumbra,

Inc

205,404‌

419

*

PetIQ,

Inc

6,356‌

771

*

Phreesia,

Inc

23,909‌

1,445

Premier,

Inc

39,969‌

961

*

Privia

Health

Group,

Inc

25,092‌

555

*

PROCEPT

BioRobotics

Corp

19,619‌

1,198

*

Progyny,

Inc

47,129‌

2,372

*

Project

Roadrunner

Parent,

Inc

43,763‌

1,215

*

Pulmonx

Corp

15,929‌

1,909

Quest

Diagnostics,

Inc

268,329‌

828

*

QuidelOrtho

Corp

68,608‌

727

*

Quipt

Home

Medical

Corp

3,882‌

689

*

RadNet,

Inc

22,475‌

1,441

*

Repro-Med

Systems,

Inc

4,971‌

2,381

Resmed,

Inc

520,249‌

375

*

RxSight,

Inc

10,800‌

896

*

Schrodinger,

Inc

44,728‌

1,678

Select

Medical

Holdings

Corp

53,461‌

5,090

*,e

Sharecare,

Inc

8,908‌

594

*

Shockwave

Medical

Inc

169,534‌

442

*

SI-BONE,

Inc

11,925‌

421

*

Sight

Sciences,

Inc

3,486‌

548

*

Silk

Road

Medical

Inc

17,805‌

227

Simulations

Plus,

Inc

9,836‌

793

*

Staar

Surgical

Co

41,688‌

1,629

STERIS

plc

366,492‌

5,937

Stryker

Corp

1,811,319‌

987

*

Surgery

Partners,

Inc

44,405‌

300

*

SurModics,

Inc

9,393‌

280

*

Tactile

Systems

Technology,

Inc

6,980‌

1,069

*

Tandem

Diabetes

Care,

Inc

26,233‌

495

*

Tela

Bio,

Inc

5,014‌

2,648

*

Teladoc,

Inc

67,047‌

818

Teleflex,

Inc

197,981‌

1,754

*

Tenet

Healthcare

Corp

142,741‌

495

*

Transmedics

Group,

Inc

41,570‌

533

*

Treace

Medical

Concepts,

Inc

13,634‌

159

*

UFP

Technologies,

Inc

30,822‌

15,558

UnitedHealth

Group,

Inc

7,477,797‌

1,068

Universal

Health

Services,

Inc

(Class

B)

168,498‌

187

US

Physical

Therapy,

Inc

22,700‌

80

Utah

Medical

Products,

Inc

7,456‌

587

*

Varex

Imaging

Corp

13,836‌

2,386

*

Veeva

Systems,

Inc

471,784‌

4,258

*

VG

Acquisition

Corp

7,452‌

908

*

Vicarious

Surgical,

Inc

1,662‌

611

*

Viemed

Healthcare,

Inc

5,976‌

3,486

Zimmer

Biomet

Holdings,

Inc

507,562‌

516

*

Zimvie,

Inc

5,795‌

Stock

Index

Fund

June

30,

2023

80

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

374

*,e

Zynex

Inc

$

3,587‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

41,248,570‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.4

%

1,630

*,e

Beauty

Health

Co

13,643‌

2,141

*

BellRing

Brands,

Inc

78,361‌

160

*

Central

Garden

&

Pet

Co

6,203‌

580

*

Central

Garden

and

Pet

Co

(Class

A)

21,147‌

4,218

Church

&

Dwight

Co,

Inc

422,770‌

2,121

Clorox

Co

337,324‌

13,875

Colgate-Palmolive

Co

1,068,930‌

5,109

*

Coty,

Inc

62,790‌

893

Edgewell

Personal

Care

Co

36,890‌

785

*

elf

Beauty,

Inc

89,671‌

1,154

Energizer

Holdings,

Inc

38,751‌

3,871

Estee

Lauder

Cos

(Class

A)

760,187‌

1,810

*

Herbalife

Nutrition

Ltd

23,964‌

253

Inter

Parfums,

Inc

34,213‌

5,595

Kimberly-Clark

Corp

772,446‌

188

Medifast,

Inc

17,326‌

140

*

Nature's

Sunshine

Products,

Inc

1,911‌

938

Nu

Skin

Enterprises,

Inc

(Class

A)

31,142‌

61

*

Oil-Dri

Corp

of

America

3,598‌

1,877

*

Olaplex

Holdings,

Inc

6,982‌

39,481

Procter

&

Gamble

Co

5,990,847‌

871

Reynolds

Consumer

Products,

Inc

24,606‌

741

Spectrum

Brands

Holdings,

Inc

57,835‌

180

*

USANA

Health

Sciences,

Inc

11,347‌

266

WD-40

Co

50,181‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

9,963,065‌

INSURANCE

-

2

.1

%

10,267

Aflac,

Inc

716,637‌

4,494

Allstate

Corp

490,026‌

699

*

AMBAC

Financial

Group,

Inc

9,954‌

1,426

American

Equity

Investment

Life

Holding

Co

74,309‌

1,177

American

Financial

Group,

Inc

139,769‌

12,585

American

International

Group,

Inc

724,141‌

299

Amerisafe,

Inc

15,943‌

3,391

Aon

plc

1,170,573‌

5,924

*

Arch

Capital

Group

Ltd

443,411‌

509

Argo

Group

International

Holdings

Ltd

15,071‌

3,438

Arthur

J.

Gallagher

&

Co

754,882‌

937

Assurant,

Inc

117,800‌

1,117

Assured

Guaranty

Ltd

62,329‌

1,411

Axis

Capital

Holdings

Ltd

75,954‌

1,215

*

Brighthouse

Financial,

Inc

57,530‌

4,079

Brown

&

Brown,

Inc

280,798‌

891

*

BRP

Group,

Inc

22,079‌

6,812

Chubb

Ltd

1,311,719‌

2,630

Cincinnati

Financial

Corp

255,952‌

261

CNA

Financial

Corp

10,080‌

1,716

Conseco,

Inc

40,618‌

428

Donegal

Group,

Inc

(Class

A)

6,176‌

494

*

eHealth,

Inc

3,972‌

488

Employers

Holdings,

Inc

18,256‌

136

*

Enstar

Group

Ltd

33,217‌

638

Everest

Re

Group

Ltd

218,107‌

311

F&G

Annuities

&

Life,

Inc

7,707‌

4,587

Fidelity

National

Financial

Inc

165,132‌

1,838

First

American

Financial

Corp

104,803‌

8,098

*

Genworth

Financial,

Inc

(Class

A)

40,490‌

1,450

Globe

Life,

Inc

158,949‌

81

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

286

*

Goosehead

Insurance,

Inc

$

17,986‌

928

*

Greenlight

Capital

Re

Ltd

(Class

A)

9,776‌

667

Hanover

Insurance

Group,

Inc

75,391‌

5,206

Hartford

Financial

Services

Group,

Inc

374,936‌

121

e

HCI

Group,

Inc

7,475‌

370

*,e

Hippo

Holdings,

Inc

6,116‌

637

Horace

Mann

Educators

Corp

18,893‌

23

Investors

Title

Co

3,358‌

648

James

River

Group

Holdings

Ltd

11,832‌

1,193

Kemper

Corp

57,574‌

347

Kinsale

Capital

Group,

Inc

129,847‌

657

*,e

Lemonade,

Inc

11,070‌

2,242

Lincoln

National

Corp

57,754‌

3,399

Loews

Corp

201,833‌

235

*

Markel

Corp

325,047‌

8,170

Marsh

&

McLennan

Cos,

Inc

1,536,614‌

1,028

*

MBIA,

Inc

8,882‌

429

Mercury

General

Corp

12,986‌

10,526

Metlife,

Inc

595,035‌

35

National

Western

Life

Group,

Inc

14,545‌

579

*

NI

Holdings,

Inc

8,598‌

5,018

Old

Republic

International

Corp

126,303‌

2,430

*

Oscar

Health,

Inc

19,586‌

391

*

Palomar

Holdings,

Inc

22,694‌

614

Primerica,

Inc

121,425‌

4,172

Principal

Financial

Group

316,404‌

820

ProAssurance

Corp

12,374‌

9,799

Progressive

Corp

1,297,094‌

6,235

Prudential

Financial,

Inc

550,052‌

1,153

Reinsurance

Group

of

America,

Inc

(Class

A)

159,909‌

759

RenaissanceRe

Holdings

Ltd

141,569‌

600

RLI

Corp

81,882‌

1,227

*

Ryan

Specialty

Group

Holdings,

Inc

55,080‌

227

Safety

Insurance

Group,

Inc

16,280‌

1,030

Selective

Insurance

Group,

Inc

98,828‌

1,153

*

SiriusPoint

Ltd

10,412‌

351

Stewart

Information

Services

Corp

14,440‌

433

Tiptree

Inc

6,499‌

3,975

Travelers

Cos,

Inc

690,298‌

628

*,e

Trupanion,

Inc

12,359‌

338

United

Fire

Group

Inc

7,659‌

503

Universal

Insurance

Holdings,

Inc

7,761‌

3,600

Unum

Group

171,720‌

3,558

W.R.

Berkley

Corp

211,914‌

41

White

Mountains

Insurance

Group

Ltd

56,945‌

1,814

Willis

Towers

Watson

plc

427,197‌

TOTAL

INSURANCE

15,668,616‌

MATERIALS

-

2

.8

%

350

*

5E

Advanced

Materials,

Inc

1,148‌

461

AdvanSix,

Inc

16,126‌

3,702

Air

Products

&

Chemicals,

Inc

1,108,860‌

1,968

Albemarle

Corp

439,041‌

3,014

Alcoa

Corp

102,265‌

2,222

*

Allegheny

Technologies,

Inc

98,279‌

188

Alpha

Metallurgical

Resources,

Inc

30,900‌

24,122

Amcor

plc

240,738‌

429

American

Vanguard

Corp

7,666‌

1,121

Aptargroup,

Inc

129,879‌

1,763

*

Arconic

Corp

52,150‌

271

*,†

Ardagh

Group

S.A.

1,593‌

1,615

e

Ardagh

Metal

Packaging

S.A.

6,072‌

912

Ashland

Global

Holdings,

Inc

79,262‌

Stock

Index

Fund

June

30,

2023

82

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

821

*

Aspen

Aerogels,

Inc

$

6,478‌

1,410

Avery

Dennison

Corp

242,238‌

1,490

Avient

Corp

60,941‌

3,718

*

Axalta

Coating

Systems

Ltd

121,988‌

605

Balchem

Corp

81,560‌

5,069

Ball

Corp

295,066‌

2,133

Berry

Global

Group,

Inc

137,237‌

953

Cabot

Corp

63,746‌

235

Caledonia

Mining

Corp

plc

2,731‌

799

Carpenter

Technology

Corp

44,848‌

1,711

Celanese

Corp

(Series

A)

198,134‌

831

*

Century

Aluminum

Co

7,246‌

3,308

CF

Industries

Holdings,

Inc

229,641‌

111

Chase

Corp

13,455‌

2,584

Chemours

Co

95,324‌

261

*

Clearwater

Paper

Corp

8,175‌

8,514

*

Cleveland-Cliffs,

Inc

142,695‌

4,597

*

Coeur

Mining,

Inc

13,055‌

1,719

Commercial

Metals

Co

90,523‌

532

Compass

Minerals

International,

Inc

18,088‌

1,802

*

Constellium

SE

30,994‌

12,062

Corteva,

Inc

691,153‌

1,750

Crown

Holdings,

Inc

152,022‌

1,053

*

Dakota

Gold

Corp

3,075‌

1,647

*,e

Danimer

Scientific,

Inc

3,920‌

987

*

Diversey

Holdings

Ltd

8,281‌

11,965

Dow,

Inc

637,256‌

7,613

DuPont

de

Nemours,

Inc

543,873‌

709

Eagle

Materials,

Inc

132,172‌

2,121

Eastman

Chemical

Co

177,570‌

4,128

Ecolab,

Inc

770,656‌

3,499

Element

Solutions,

Inc

67,181‌

2,023

FMC

Corp

211,080‌

24,029

Freeport-McMoRan,

Inc

(Class

B)

961,160‌

400

FutureFuel

Corp

3,540‌

25,588

*,e

Ginkgo

Bioworks

Holdings,

Inc

47,594‌

658

Glatfelter

Corp

1,987‌

4,828

Graphic

Packaging

Holding

Co

116,017‌

395

Greif,

Inc

(Class

A)

27,212‌

87

Greif,

Inc

(Class

B)

6,721‌

784

H.B.

Fuller

Co

56,064‌

284

Hawkins,

Inc

13,544‌

193

Haynes

International,

Inc

9,808‌

9,435

Hecla

Mining

Co

48,590‌

3,269

Huntsman

Corp

88,328‌

2,702

*,e

i-80

Gold

Corp

6,079‌

749

*

Ingevity

Corp

43,562‌

373

Innospec,

Inc

37,464‌

4,277

International

Flavors

&

Fragrances,

Inc

340,406‌

5,992

International

Paper

Co

190,606‌

149

*

Intrepid

Potash,

Inc

3,381‌

806

*

Ivanhoe

Electric,

Inc

10,510‌

261

Kaiser

Aluminum

Corp

18,698‌

749

*

Knife

River

Corp

32,581‌

315

Koppers

Holdings,

Inc

10,741‌

357

Kronos

Worldwide,

Inc

3,117‌

8,219

Linde

plc

3,132,096‌

2,677

*

Livent

Corp

73,430‌

1,222

Louisiana-Pacific

Corp

91,626‌

542

*

LSB

Industries,

Inc

5,339‌

4,182

LyondellBasell

Industries

NV

384,033‌

1,026

Martin

Marietta

Materials,

Inc

473,694‌

300

Materion

Corp

34,260‌

83

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

741

Minerals

Technologies,

Inc

$

42,748‌

5,590

Mosaic

Co

195,650‌

1,500

*

MP

Materials

Corp

34,320‌

371

Myers

Industries,

Inc

7,209‌

95

NewMarket

Corp

38,201‌

13,472

Newmont

Goldcorp

Corp

574,716‌

3,868

*

Novagold

Resources

Inc

15,433‌

4,265

Nucor

Corp

699,375‌

2,868

*

O-I

Glass,

Inc

61,174‌

2,013

Olin

Corp

103,448‌

163

Olympic

Steel,

Inc

7,987‌

1,636

*,e

Origin

Materials,

Inc

6,969‌

1,050

Orion

Engineered

Carbons

SA

22,281‌

1,523

Packaging

Corp

of

America

201,280‌

499

Pactiv

Evergreen,

Inc

3,777‌

2,514

*

Perimeter

Solutions

S.A.

15,461‌

282

*

Piedmont

Lithium,

Inc

16,274‌

632

*

PolyMet

Mining

Corp

499‌

3,891

PPG

Industries,

Inc

577,035‌

868

*

PQ

Group

Holdings,

Inc

9,947‌

1,820

*,e

PureCycle

Technologies,

Inc

19,456‌

201

Quaker

Chemical

Corp

39,175‌

74

*

Ramaco

Resources,

Inc

787‌

376

Ramaco

Resources,

Inc

3,173‌

564

*

Ranpak

Holdings

Corp

2,549‌

877

*

Rayonier

Advanced

Materials,

Inc

3,754‌

938

Reliance

Steel

&

Aluminum

Co

254,751‌

1,158

Royal

Gold,

Inc

132,915‌

2,211

RPM

International,

Inc

198,393‌

272

Ryerson

Holding

Corp

11,799‌

421

Schnitzer

Steel

Industries,

Inc

(Class

A)

12,626‌

1,019

Schweitzer-Mauduit

International,

Inc

15,407‌

716

Scotts

Miracle-Gro

Co

(Class

A)

44,886‌

2,582

Sealed

Air

Corp

103,280‌

804

Sensient

Technologies

Corp

57,189‌

3,936

Sherwin-Williams

Co

1,045,087‌

1,204

Silgan

Holdings,

Inc

56,456‌

1,617

Sonoco

Products

Co

95,435‌

1,339

Southern

Copper

Corp

96,060‌

3,317

e

SSR

Mining,

Inc

47,035‌

2,783

Steel

Dynamics,

Inc

303,152‌

410

Stepan

Co

39,180‌

2,029

*

Summit

Materials,

Inc

76,798‌

1,010

SunCoke

Energy,

Inc

7,949‌

619

Sylvamo

Corp

25,039‌

717

*

TimkenSteel

Corp

15,466‌

394

Tredegar

Corp

2,628‌

716

Trimas

Corp

19,683‌

733

Trinseo

plc

9,287‌

1,767

Tronox

Holdings

plc

22,459‌

30

United

States

Lime

&

Minerals,

Inc

6,267‌

4,076

United

States

Steel

Corp

101,941‌

3,271

Valvoline,

Inc

122,695‌

2,163

Vulcan

Materials

Co

487,627‌

816

Warrior

Met

Coal,

Inc

31,783‌

559

Westlake

Chemical

Corp

66,784‌

4,393

WestRock

Co

127,704‌

702

Worthington

Industries,

Inc

48,768‌

TOTAL

MATERIALS

20,277,776‌

MEDIA

&

ENTERTAINMENT

-

6

.9

%

12,980

Activision

Blizzard,

Inc

1,094,214‌

988

*

Advantage

Solutions,

Inc

2,312‌

Stock

Index

Fund

June

30,

2023

84

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

99,474

*

Alphabet,

Inc

(Class

A)

$

11,907,038‌

86,212

*

Alphabet,

Inc

(Class

C)

10,429,066‌

8,836

*,e

AMC

Entertainment

Holdings,

Inc

38,878‌

543

*

AMC

Networks,

Inc

6,489‌

380

*

Boston

Omaha

Corp

7,152‌

1,441

*

Bumble,

Inc

24,180‌

92

Cable

One,

Inc

60,451‌

1,657

*

Cargurus,

Inc

37,498‌

1,131

*

Cars.com,

Inc

22,416‌

1,719

*

Charter

Communications,

Inc

631,509‌

2,021

*

Cinemark

Holdings,

Inc

33,346‌

6,287

*

Clear

Channel

8,613‌

69,179

Comcast

Corp

(Class

A)

2,874,387‌

17

*

Daily

Journal

Corp

4,918‌

632

*

DHI

Group,

Inc

2,421‌

4,043

*

DISH

Network

Corp

(Class

A)

26,643‌

4,486

Electronic

Arts,

Inc

581,834‌

1,005

Entravision

Communications

Corp

(Class

A)

4,412‌

1,205

*

Eventbrite

Inc

11,508‌

249

*

EverQuote

Inc

1,618‌

916

*

EW

Scripps

Co

(Class

A)

8,381‌

4,745

Fox

Corp

(Class

A)

161,330‌

2,613

Fox

Corp

(Class

B)

83,329‌

2,328

*

Gannett

Co,

Inc

5,238‌

1,547

Gray

Television,

Inc

12,190‌

1,354

*

IAC

85,031‌

902

*

Imax

Corp

15,325‌

556

*

Integral

Ad

Science

Holding

Corp

9,997‌

6,397

Interpublic

Group

of

Cos,

Inc

246,796‌

693

John

Wiley

&

Sons,

Inc

(Class

A)

23,583‌

170

*

Liberty

Braves

Group

(Class

A)

6,956‌

525

*

Liberty

Braves

Group

(Class

C)

20,800‌

365

*

Liberty

Broadband

Corp

(Class

A)

29,101‌

2,046

*

Liberty

Broadband

Corp

(Class

C)

163,905‌

398

*

Liberty

Media

Group

(Class

A)

26,913‌

3,335

*

Liberty

Media

Group

(Class

C)

251,059‌

1,463

*

Liberty

SiriusXM

Group

(Class

A)

48,001‌

2,909

*

Liberty

SiriusXM

Group

(Class

C)

95,212‌

786

*

Lions

Gate

Entertainment

Corp

(Class

A)

6,940‌

1,776

*

Lions

Gate

Entertainment

Corp

(Class

B)

14,830‌

2,523

*

Live

Nation,

Inc

229,871‌

336

Madison

Square

Garden

Co

63,185‌

496

*

Madison

Square

Garden

Entertainment

Corp

13,585‌

585

*

Madison

Square

Garden

Entertainment

Corp

19,668‌

2,210

*

Magnite,

Inc

30,166‌

294

e

Marcus

Corp

4,360‌

4,748

*

Match

Group,

Inc

198,704‌

329

*

MediaAlpha,

Inc

3,392‌

37,020

*

Meta

Platforms,

Inc

10,624,000‌

7,338

*

Netflix,

Inc

3,232,316‌

2,867

New

York

Times

Co

(Class

A)

112,902‌

6,379

News

Corp

(Class

A)

124,391‌

1,884

News

Corp

(Class

B)

37,152‌

582

Nexstar

Media

Group

Inc

96,932‌

1,900

*

Nextdoor

Holdings,

Inc

6,194‌

3,273

Omnicom

Group,

Inc

311,426‌

692

*

Outbrain,

Inc

3,405‌

89

Paramount

Global

(Class

A)

1,652‌

9,969

Paramount

Global

(Class

B)

158,607‌

9,845

*

Pinterest,

Inc

269,162‌

1,390

*

Playstudios,

Inc

6,825‌

896

*

Playtika

Holding

Corp

10,394‌

683

*

PubMatic,

Inc

12,485‌

85

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

1,085

*

QuinStreet,

Inc

$

9,581‌

1,517

*

Quotient

Technology,

Inc

5,825‌

378

*

Reservoir

Media,

Inc

2,276‌

7,676

*

ROBLOX

Corp

309,343‌

2,026

*

Roku,

Inc

129,583‌

438

Scholastic

Corp

17,034‌

366

Shutterstock,

Inc

17,813‌

862

Sinclair,

Inc

11,913‌

12,646

e

Sirius

XM

Holdings,

Inc

57,286‌

2,335

*

Spotify

Technology

S.A.

374,884‌

1,314

*

Stagwell,

Inc

9,474‌

2,757

*

Take-Two

Interactive

Software,

Inc

405,720‌

378

*

TechTarget,

Inc

11,767‌

3,517

TEGNA,

Inc

57,116‌

380

*

Thryv

Holdings,

Inc

9,348‌

7,448

*

Trade

Desk,

Inc

575,135‌

1,758

*

TripAdvisor,

Inc

28,989‌

1,632

*

TrueCar,

Inc

3,688‌

2,350

*

Vimeo,

Inc

9,682‌

448

*

Vivid

Seats,

Inc

3,548‌

30,610

*

Walt

Disney

Co

2,732,861‌

37,145

*

Warner

Bros

Discovery,

Inc

465,798‌

736

*

WideOpenWest,

Inc

6,212‌

749

World

Wrestling

Entertainment,

Inc

(Class

A)

81,244‌

1,209

*

Yelp,

Inc

44,020‌

795

*

Ziff

Davis

Inc

55,698‌

1,228

*

ZipRecruiter,

Inc

21,809‌

4,927

*

ZoomInfo

Technologies,

Inc

125,097‌

TOTAL

MEDIA

&

ENTERTAINMENT

50,279,338‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7

.7

%

1,510

*

10X

Genomics,

Inc

84,318‌

646

*

2seventy

bio,

Inc

6,538‌

684

*

4D

Molecular

Therapeutics,

Inc

12,360‌

1,031

*

89bio,

Inc

19,537‌

306

*

Aadi

Bioscience,

Inc

2,093‌

29,569

AbbVie,

Inc

3,983,831‌

2,077

*

Acadia

Pharmaceuticals,

Inc

49,744‌

997

*

Aclaris

Therapeutics,

Inc

10,339‌

488

*

Actinium

Pharmaceuticals,

Inc

3,621‌

2,888

*

Adaptive

Biotechnologies

Corp

19,378‌

441

*

Adicet

Bio,

Inc

1,072‌

3,230

*

ADMA

Biologics,

Inc

11,919‌

190

*

Aerovate

Therapeutics,

Inc

3,258‌

6,443

*

Agenus,

Inc

10,309‌

4,920

Agilent

Technologies,

Inc

591,630‌

1,081

*

Agios

Pharmaceuticals,

Inc

30,614‌

706

*

Akero

Therapeutics,

Inc

32,963‌

144

*

Akoya

Biosciences,

Inc

1,064‌

717

*

Aldeyra

Therapeutics,

Inc

6,016‌

1,021

*

Alector,

Inc

6,136‌

2,871

*

Alkermes

plc

89,862‌

1,128

*

Allakos,

Inc

4,918‌

1,319

*

Allogene

Therapeutics,

Inc

6,555‌

1,033

*,e

Allovir,

Inc

3,512‌

2,045

*

Alnylam

Pharmaceuticals,

Inc

388,427‌

725

*

Alpine

Immune

Sciences,

Inc

7,453‌

827

*

Altimmune,

Inc

2,919‌

1,052

*

ALX

Oncology

Holdings,

Inc

7,901‌

8,934

Amgen,

Inc

1,983,527‌

4,499

*

Amicus

Therapeutics,

Inc

56,507‌

2,013

*

Amneal

Pharmaceuticals,

Inc

6,240‌

552

*

Amphastar

Pharmaceuticals,

Inc

31,723‌

Stock

Index

Fund

June

30,

2023

86

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

760

*

Amylyx

Pharmaceuticals,

Inc

$

16,393‌

305

*

AnaptysBio,

Inc

6,204‌

1,126

*,e

Anavex

Life

Sciences

Corp

9,154‌

121

*

ANI

Pharmaceuticals,

Inc

6,513‌

216

*

Anika

Therapeutics,

Inc

5,612‌

1,130

*

Annexon,

Inc

3,978‌

1,622

*

Apellis

Pharmaceuticals,

Inc

147,764‌

1,513

*,e

Arbutus

Biopharma

Corp

3,480‌

630

*

Arcellx,

Inc

19,921‌

607

*

Arcturus

Therapeutics

Holdings,

Inc

17,409‌

799

*

Arcus

Biosciences,

Inc

16,228‌

576

*

Arcutis

Biotherapeutics,

Inc

5,489‌

3,415

*

Ardelyx,

Inc

11,577‌

1,723

*

Arrowhead

Pharmaceuticals

Inc

61,442‌

937

*

Arvinas,

Inc

23,256‌

822

*,e

Assertio

Holdings,

Inc

4,455‌

425

*

Astria

Therapeutics,

Inc

3,540‌

1,067

*

Atea

Pharmaceuticals,

Inc

3,991‌

338

*

Aura

Biosciences,

Inc

4,174‌

2,219

*,e

Aurinia

Pharmaceuticals,

Inc

21,480‌

10,369

*

Avantor,

Inc

212,979‌

989

*

Avid

Bioservices,

Inc

13,816‌

1,080

*

Avidity

Biosciences,

Inc

11,977‌

414

*

Avita

Medical,

Inc

7,042‌

533

*,e

Axsome

Therapeutics,

Inc

38,301‌

1,068

*

Beam

Therapeutics,

Inc

34,101‌

824

*

BioAtla,

Inc

2,472‌

2,996

*

BioCryst

Pharmaceuticals,

Inc

21,092‌

2,430

*

Biogen,

Inc

692,185‌

958

*

Biohaven

Ltd

22,915‌

571

*

BioLife

Solutions

Inc

12,619‌

3,188

*

BioMarin

Pharmaceutical,

Inc

276,336‌

334

*

Biomea

Fusion,

Inc

7,331‌

379

*

Bio-Rad

Laboratories,

Inc

(Class

A)

143,686‌

2,628

Bio-Techne

Corp

214,524‌

1,786

*,e

Bluebird

Bio,

Inc

5,876‌

1,085

*

Blueprint

Medicines

Corp

68,572‌

2,146

*

Bridgebio

Pharma,

Inc

36,911‌

35,135

Bristol-Myers

Squibb

Co

2,246,883‌

1,252

*

Brooks

Automation,

Inc

58,443‌

1,736

Bruker

BioSciences

Corp

128,325‌

427

*

Cabaletta

Bio,

Inc

5,513‌

679

*

Cara

Therapeutics,

Inc

1,922‌

831

*

CareDx,

Inc

7,063‌

983

*

Caribou

Biosciences,

Inc

4,178‌

525

Carisma

Therapeutics,

Inc

4,604‌

656

*,e

Cassava

Sciences,

Inc

16,085‌

2,958

*

Catalent,

Inc

128,259‌

2,132

*

Catalyst

Pharmaceuticals,

Inc

28,654‌

422

*

Celcuity,

Inc

4,634‌

777

*

Celldex

Therapeutics,

Inc

26,364‌

397

*

Century

Therapeutics,

Inc

1,255‌

982

*

Cerevel

Therapeutics

Holdings,

Inc

31,218‌

837

*

Charles

River

Laboratories

International,

Inc

175,979‌

854

*

Chinook

Therapeutics,

Inc

32,811‌

970

*

Codexis,

Inc

2,716‌

1,087

*

Cogent

Biosciences,

Inc

12,870‌

1,104

*,e

Coherus

Biosciences,

Inc

4,714‌

773

*

Collegium

Pharmaceutical,

Inc

16,612‌

1,591

*

Compass

Therapeutics,

Inc

5,059‌

1,611

*

Corcept

Therapeutics,

Inc

35,845‌

889

*

CorMedix

Inc

3,525‌

899

*

Crinetics

Pharmaceuticals,

Inc

16,200‌

87

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

670

*

CryoPort,

Inc

$

11,557‌

427

*

Cullinan

Oncology,

Inc

4,595‌

1,438

*

Cymabay

Therapeutics,

Inc

15,746‌

1,861

*

Cytek

Biosciences,

Inc

15,893‌

1,451

*

Cytokinetics,

Inc

47,332‌

10,904

Danaher

Corp

2,616,960‌

722

*

Day

One

Biopharmaceuticals,

Inc

8,621‌

610

*

Deciphera

Pharmaceuticals,

Inc

8,589‌

1,799

*

Denali

Therapeutics,

Inc

53,088‌

578

*,e

Design

Therapeutics,

Inc

3,641‌

601

*

DICE

Therapeutics,

Inc

27,922‌

139

*,e

Disc

Medicine,

Inc

6,172‌

1,903

*

Dynavax

Technologies

Corp

24,587‌

549

*

Dyne

Therapeutics,

Inc

6,176‌

122

*

Eagle

Pharmaceuticals,

Inc

2,372‌

648

*

Edgewise

Therapeutics,

Inc

5,022‌

1,580

*

Editas

Medicine,

Inc

13,003‌

7,744

*

Elanco

Animal

Health,

Inc

77,905‌

14,167

Eli

Lilly

&

Co

6,644,040‌

301

*

Enanta

Pharmaceuticals,

Inc

6,441‌

352

*

Enliven

Therapeutics,

Inc

7,184‌

380

*,e

Entrada

Therapeutics,

Inc

5,753‌

5,748

*,e

EQRx,

Inc

10,691‌

1,213

*

Erasca,

Inc

3,348‌

533

*

Evolus,

Inc

3,875‌

2,917

*

Exact

Sciences

Corp

273,906‌

5,221

*

Exelixis,

Inc

99,773‌

35

*,e

EyePoint

Pharmaceuticals,

Inc

304‌

1,343

*

Fate

Therapeutics,

Inc

6,393‌

410

*

Foghorn

Therapeutics,

Inc

2,886‌

744

*

Generation

Bio

Co

4,092‌

7,738

*

Geron

Corp

24,839‌

21,041

Gilead

Sciences,

Inc

1,621,630‌

1,149

*

Graphite

Bio,

Inc

2,987‌

1,676

*

Gritstone

Oncology,

Inc

3,268‌

2,341

*

Halozyme

Therapeutics,

Inc

84,440‌

405

*

Harmony

Biosciences

Holdings,

Inc

14,252‌

367

*

Harrow

Health,

Inc

6,988‌

674

*

Harvard

Bioscience,

Inc

3,700‌

256

*

HilleVax,

Inc

4,401‌

3,709

*

Horizon

Therapeutics

Plc

381,471‌

1,440

*

Humacyte,

Inc

4,118‌

1,296

*

ICON

plc

324,259‌

735

*

Icosavax,

Inc

7,299‌

825

*

Ideaya

Biosciences,

Inc

19,387‌

344

*,e

IGM

Biosciences,

Inc

3,175‌

2,643

*

Illumina,

Inc

495,536‌

362

*

Immuneering

Corp

3,671‌

2,150

*

ImmunityBio,

Inc

5,977‌

3,879

*

Immunogen,

Inc

73,197‌

892

*

Immunovant,

Inc

16,921‌

3,159

*

Incyte

Corp

196,648‌

477

*

Inhibrx,

Inc

12,383‌

1,186

*

Innoviva,

Inc

15,098‌

608

*

Inozyme

Pharma,

Inc

3,387‌

1,917

*

Insmed,

Inc

40,449‌

1,443

*

Intellia

Therapeutics,

Inc

58,846‌

554

*

Intercept

Pharmaceuticals,

Inc

6,127‌

1,517

*

Intra-Cellular

Therapies,

Inc

96,056‌

2,335

*

Ionis

Pharmaceuticals,

Inc

95,805‌

3,244

*

Iovance

Biotherapeutics,

Inc

22,838‌

3,128

*

IQVIA

Holdings,

Inc

703,081‌

2,421

*

Ironwood

Pharmaceuticals,

Inc

25,759‌

Stock

Index

Fund

June

30,

2023

88

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

343

*

iTeos

Therapeutics,

Inc

$

4,541‌

2,273

*

IVERIC

bio,

Inc

89,420‌

205

*,e

Janux

Therapeutics,

Inc

2,433‌

1,000

*

Jazz

Pharmaceuticals

plc

123,970‌

43,536

Johnson

&

Johnson

7,206,079‌

390

*

KalVista

Pharmaceuticals

Inc

3,510‌

568

*

Karuna

Therapeutics,

Inc

123,171‌

1,306

*

Karyopharm

Therapeutics,

Inc

2,338‌

597

*

KemPharm,

Inc

3,045‌

337

*

Keros

Therapeutics,

Inc

13,541‌

1,049

*

Kezar

Life

Sciences,

Inc

2,570‌

561

*

Kiniksa

Pharmaceuticals

Ltd

7,899‌

557

*

Kodiak

Sciences,

Inc

3,843‌

313

*

Krystal

Biotech

Inc

36,746‌

1,038

*

Kura

Oncology,

Inc

10,982‌

584

*

Kymera

Therapeutics,

Inc

13,426‌

1,227

*,e

Lexicon

Pharmaceuticals,

Inc

2,810‌

305

*

Ligand

Pharmaceuticals,

Inc

(Class

B)

21,990‌

2,773

*

Lineage

Cell

Therapeutics,

Inc

3,910‌

933

*

Liquidia

Corp

7,324‌

349

*

Longboard

Pharmaceuticals,

Inc

2,562‌

4,483

*,e

Lyell

Immunopharma,

Inc

14,256‌

1,468

*

MacroGenics,

Inc

7,854‌

221

*

Madrigal

Pharmaceuticals,

Inc

51,051‌

4,140

*

MannKind

Corp

16,850‌

1,760

*

Maravai

LifeSciences

Holdings,

Inc

21,877‌

764

*

Marinus

Pharmaceuticals,

Inc

8,297‌

1,600

*

MaxCyte,

Inc

7,344‌

396

*

Medpace

Holdings,

Inc

95,107‌

1,264

*

MeiraGTx

Holdings

plc

8,494‌

42,528

Merck

&

Co,

Inc

4,907,306‌

1,159

*

Mersana

Therapeutics,

Inc

3,813‌

371

*

Mettler-Toledo

International,

Inc

486,618‌

1,942

*

MiMedx

Group,

Inc

12,837‌

215

*

Mineralys

Therapeutics,

Inc

3,666‌

707

*

Mirati

Therapeutics,

Inc

25,544‌

461

*

Mirum

Pharmaceuticals,

Inc

11,926‌

5,621

*

Moderna,

Inc

682,952‌

579

*,e

Monte

Rosa

Therapeutics,

Inc

3,966‌

456

*

Morphic

Holding,

Inc

26,142‌

1,296

*

Myriad

Genetics,

Inc

30,041‌

1,492

*

NanoString

Technologies,

Inc

6,043‌

1,592

*

Natera,

Inc

77,467‌

1,816

*

Nautilus

Biotechnology,

Inc

7,028‌

1,620

*

Neurocrine

Biosciences,

Inc

152,766‌

653

*

NGM

Biopharmaceuticals

Inc

1,691‌

1,017

*

Nkarta,

Inc

2,227‌

1,714

*,e

Novavax,

Inc

12,735‌

774

*

Nurix

Therapeutics,

Inc

7,732‌

392

*

Nuvalent,

Inc

16,531‌

4,693

*

Nuvation

Bio,

Inc

8,447‌

1,191

*

Ocular

Therapeutix,

Inc

6,146‌

486

*

Olema

Pharmaceuticals,

Inc

4,389‌

511

*

Omega

Therapeutics,

Inc

2,862‌

970

*

Omeros

Corp

5,277‌

115

*,†

OmniAb,

Inc

0‌

1,494

*

OmniAb,

Inc

7,515‌

115

*,†

OmniAb,

Inc

0‌

1,082

*

Organogenesis

Holdings

Inc

3,592‌

4,364

Organon

&

Co

90,815‌

684

*

ORIC

Pharmaceuticals,

Inc

5,308‌

1,649

*,e

Outlook

Therapeutics,

Inc

2,869‌

1,735

*

Ovid

therapeutics,

Inc

5,691‌

89

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

4,140

*

Pacific

Biosciences

of

California,

Inc

$

55,062‌

686

*

Pacira

BioSciences

Inc

27,488‌

205

*

PepGen,

Inc

1,833‌

2,112

PerkinElmer,

Inc

250,884‌

2,396

Perrigo

Co

plc

81,344‌

94,504

Pfizer,

Inc

3,466,407‌

326

*,e

Phathom

Pharmaceuticals,

Inc

4,668‌

293

Phibro

Animal

Health

Corp

4,014‌

845

*

Pliant

Therapeutics,

Inc

15,311‌

437

*

PMV

Pharmaceuticals,

Inc

2,736‌

1,279

*

Point

Biopharma

Global,

Inc

11,588‌

1,693

*

Poseida

Therapeutics,

Inc

2,980‌

4,045

*,e

Precigen,

Inc

4,652‌

817

*

Prestige

Consumer

Healthcare,

Inc.

48,554‌

667

*

Prime

Medicine,

Inc

9,772‌

1,100

*

ProKidney

Corp

12,309‌

892

*

Protagonist

Therapeutics,

Inc

24,637‌

672

*

Prothena

Corp

plc

45,884‌

1,091

*

PTC

Therapeutics,

Inc

44,371‌

3,510

*

QIAGEN

NV

158,055‌

537

*

Quanterix

Corp

12,109‌

4,583

*

Quantum-Si,

Inc

8,204‌

734

*

Rallybio

Corp

4,154‌

468

*

RAPT

Therapeutics,

Inc

8,752‌

487

*

Reata

Pharmaceuticals,

Inc

49,655‌

2,378

*,e

Recursion

Pharmaceuticals,

Inc

17,764‌

1,731

*

Regeneron

Pharmaceuticals,

Inc

1,243,793‌

696

*

REGENXBIO,

Inc

13,913‌

1,583

*

Relay

Therapeutics,

Inc

19,882‌

918

*

Repligen

Corp

129,860‌

560

*

Replimune

Group,

Inc

13,003‌

1,255

*

Revance

Therapeutics,

Inc

31,764‌

1,541

*

REVOLUTION

Medicines,

Inc

41,222‌

818

*

Rhythm

Pharmaceuticals,

Inc

13,489‌

5,399

*

Rigel

Pharmaceuticals,

Inc

6,965‌

870

*

Rocket

Pharmaceuticals,

Inc

17,287‌

4,043

*

Roivant

Sciences

Ltd

40,753‌

6,056

Royalty

Pharma

plc

186,161‌

944

*

Sage

Therapeutics,

Inc

44,387‌

2,069

*,e

Sana

Biotechnology,

Inc

12,331‌

3,885

*

Sangamo

Therapeutics

Inc

5,051‌

1,450

*

Sarepta

Therapeutics,

Inc

166,054‌

1,798

*

Savara,

Inc

5,745‌

487

*

Scholar

Rock

Holding

Corp

3,672‌

424

*,e

scPharmaceuticals,

Inc

4,321‌

2,306

*

Seagen,

Inc

443,813‌

1,737

*

Seer,

Inc

7,417‌

1,730

*,e

Seres

Therapeutics,

Inc

8,287‌

842

SIGA

Technologies,

Inc

4,252‌

552

*

Silverback

Therapeutics,

Inc

3,698‌

5,548

*

SomaLogic,

Inc

12,816‌

1,974

*,†

Sorrento

Therapeutics,

Inc

10,267‌

1,436

*

Sotera

Health

Co

27,054‌

896

*

SpringWorks

Therapeutics,

Inc

23,493‌

622

*

Stoke

Therapeutics,

Inc

6,612‌

1,773

*

Summit

Therapeutics,

Inc

4,450‌

725

*

Supernus

Pharmaceuticals,

Inc

21,794‌

730

*

Sutro

Biopharma,

Inc

3,395‌

1,070

*

Syndax

Pharmaceuticals,

Inc

22,395‌

1,682

*

Syneos

Health,

Inc

70,879‌

905

*

Tango

Therapeutics,

Inc

3,005‌

356

*

Tarsus

Pharmaceuticals,

Inc

6,433‌

1,087

*,e

Tenaya

Therapeutics,

Inc

6,381‌

Stock

Index

Fund

June

30,

2023

90

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

693

*

Terns

Pharmaceuticals,

Inc

$

6,064‌

2,359

*

TG

Therapeutics,

Inc

58,598‌

1,031

*,e

Theravance

Biopharma,

Inc

10,671‌

6,473

Thermo

Fisher

Scientific,

Inc

3,377,288‌

825

*

Theseus

Pharmaceuticals,

Inc

7,697‌

940

*

Travere

Therapeutics,

Inc

14,438‌

941

*

Twist

Bioscience

Corp

19,253‌

356

*

Tyra

Biosciences,

Inc

6,063‌

1,092

*

Ultragenyx

Pharmaceutical,

Inc

50,374‌

751

*

United

Therapeutics

Corp

165,783‌

424

*,e

UroGen

Pharma

Ltd

4,388‌

819

*

Vanda

Pharmaceuticals,

Inc

5,397‌

1,457

*

Vaxcyte,

Inc

72,763‌

732

*

Ventyx

Biosciences,

Inc

24,010‌

550

*

Vera

Therapeutics,

Inc

8,828‌

1,155

*

Veracyte,

Inc

29,418‌

796

*

Vericel

Corp

29,906‌

4,278

*

Vertex

Pharmaceuticals,

Inc

1,505,471‌

855

*

Verve

Therapeutics,

Inc

16,031‌

18,237

Viatris,

Inc

182,005‌

311

*

Vigil

Neuroscience,

Inc

2,923‌

1,580

*

Viking

Therapeutics,

Inc

25,612‌

1,193

*

Vir

Biotechnology,

Inc

29,264‌

609

*

Viridian

Therapeutics,

Inc

14,488‌

908

*

Vor

BioPharma,

Inc

2,806‌

496

*

Voyager

Therapeutics,

Inc

5,679‌

1,029

*

Waters

Corp

274,270‌

909

*

WaVe

Life

Sciences

Ltd

3,309‌

1,264

West

Pharmaceutical

Services,

Inc

483,442‌

2,079

*

X4

Pharmaceuticals,

Inc

4,033‌

962

*

Xencor,

Inc

24,021‌

3,180

*

Xeris

Biopharma

Holdings,

Inc

8,332‌

616

*

Y-mAbs

Therapeutics,

Inc

4,183‌

788

*

Zentalis

Pharmaceuticals,

Inc

22,229‌

7,761

Zoetis,

Inc

1,336,522‌

888

*

Zymeworks,

Inc

7,672‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

56,528,364‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.1

%

5,065

*

CBRE

Group,

Inc

408,796‌

5,041

*

Compass,

Inc

17,644‌

2,415

*

Cushman

&

Wakefield

plc

19,755‌

2,419

e

DigitalBridge

Group,

Inc

35,584‌

1,408

Douglas

Elliman,

Inc

3,126‌

1,235

e

eXp

World

Holdings

Inc

25,046‌

240

*

Forestar

Group,

Inc

5,412‌

102

*

FRP

Holdings,

Inc

5,872‌

692

*

Howard

Hughes

Corp

54,613‌

843

*

Jones

Lang

LaSalle,

Inc

131,339‌

2,137

Kennedy-Wilson

Holdings,

Inc

34,897‌

406

Marcus

&

Millichap,

Inc

12,793‌

252

*

Maui

Land

&

Pineapple

Co,

Inc

3,588‌

2,520

Newmark

Group,

Inc

15,674‌

8,902

*,e

Opendoor

Technologies,

Inc

35,786‌

349

Re/Max

Holdings,

Inc

6,722‌

2,208

*

Realogy

Holdings

Corp

14,749‌

1,711

*,e

Redfin

Corp

21,251‌

497

RMR

Group,

Inc

11,516‌

747

St.

Joe

Co

36,110‌

152

Stratus

Properties,

Inc

3,990‌

268

*

Tejon

Ranch

Co

4,612‌

181

*

Transcontinental

Realty

Investors,

Inc

6,630‌

1,056

*

Zillow

Group,

Inc

(Class

A)

51,955‌

91

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT—continued

2,670

*

Zillow

Group,

Inc

(Class

C)

$

134,194‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,101,654‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.4

%

759

*

ACM

Research,

Inc

9,928‌

26,861

*

Advanced

Micro

Devices,

Inc

3,059,737‌

407

*

Aehr

Test

Systems

16,789‌

932

*

Allegro

MicroSystems,

Inc

42,071‌

441

*

Alpha

&

Omega

Semiconductor

Ltd

14,465‌

567

*

Ambarella,

Inc

47,441‌

1,455

Amkor

Technology,

Inc

43,286‌

8,504

Analog

Devices,

Inc

1,656,664‌

14,039

Applied

Materials,

Inc

2,029,197‌

320

*,e

Atomera,

Inc

2,806‌

510

*

Axcelis

Technologies,

Inc

93,498‌

6,798

Broadcom,

Inc

5,896,789‌

333

*

Ceva,

Inc

8,508‌

1,003

*

Cirrus

Logic,

Inc

81,253‌

772

*

Cohu,

Inc

32,084‌

1,608

*

Credo

Technology

Group

Holding

Ltd

27,883‌

836

*

Diodes,

Inc

77,322‌

2,193

*

Enphase

Energy,

Inc

367,284‌

2,553

Entegris,

Inc

282,923‌

1,763

*

First

Solar,

Inc

335,129‌

1,150

*

Formfactor,

Inc

39,353‌

1,173

*,e

GLOBALFOUNDRIES,

Inc

75,752‌

434

*

Ichor

Holdings

Ltd

16,275‌

346

*

Impinj,

Inc

31,019‌

2,044

*

indie

Semiconductor,

Inc

19,214‌

69,935

Intel

Corp

2,338,626‌

173

*

inTEST

Corp

4,543‌

2,328

KLA

Corp

1,129,127‌

970

Kulicke

&

Soffa

Industries,

Inc

57,667‌

2,267

Lam

Research

Corp

1,457,364‌

2,413

*

Lattice

Semiconductor

Corp

231,817‌

799

*

MACOM

Technology

Solutions

Holdings,

Inc

52,358‌

14,438

Marvell

Technology,

Inc

863,104‌

384

*

Maxeon

Solar

Technologies

Ltd

10,813‌

1,137

*

MaxLinear,

Inc

35,884‌

8,819

Microchip

Technology,

Inc

790,094‌

18,203

Micron

Technology,

Inc

1,148,791‌

1,013

MKS

Instruments,

Inc

109,505‌

776

Monolithic

Power

Systems,

Inc

419,218‌

943

*

Nanometrics,

Inc

109,831‌

1,749

*

Navitas

Semiconductor

Corp

18,434‌

85

NVE

Corp

8,282‌

39,778

NVIDIA

Corp

16,826,890‌

7,238

*

ON

Semiconductor

Corp

684,570‌

409

*

PDF

Solutions,

Inc

18,446‌

1,020

*

Photronics,

Inc

26,306‌

990

Power

Integrations,

Inc

93,723‌

1,660

*

Qorvo,

Inc

169,370‌

18,711

QUALCOMM,

Inc

2,227,357‌

1,794

*

Rambus,

Inc

115,121‌

1,200

*

Semtech

Corp

30,552‌

591

*

Silicon

Laboratories,

Inc

93,224‌

272

*

SiTime

Corp

32,088‌

106

*

SkyWater

Technology,

Inc

999‌

2,569

Skyworks

Solutions,

Inc

284,363‌

592

*

SMART

Global

Holdings,

Inc

17,174‌

653

*

Synaptics,

Inc

55,753‌

2,512

Teradyne,

Inc

279,661‌

15,123

Texas

Instruments,

Inc

2,722,442‌

Stock

Index

Fund

June

30,

2023

92

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

398

*

Transphorm,

Inc

$

1,353‌

789

*

Ultra

Clean

Holdings

30,345‌

754

Universal

Display

Corp

108,674‌

729

*

Veeco

Instruments,

Inc

18,721‌

1,949

*

Wolfspeed,

Inc

108,345‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

47,037,605‌

SOFTWARE

&

SERVICES

-

11

.5

%

1,702

*

8x8,

Inc

7,200‌

978

A10

Networks,

Inc

14,269‌

10,592

Accenture

plc

3,268,479‌

2,058

*

ACI

Worldwide,

Inc

47,684‌

1,587

Adeia,

Inc

17,473‌

7,679

*

Adobe,

Inc

3,754,954‌

400

*

Agilysys,

Inc

27,456‌

2,729

*

Akamai

Technologies,

Inc

245,255‌

790

*

Alarm.com

Holdings,

Inc

40,827‌

641

*

Alkami

Technology,

Inc

10,506‌

708

*

Altair

Engineering,

Inc

53,695‌

994

*

Alteryx,

Inc

45,128‌

1,940

Amdocs

Ltd

191,769‌

370

American

Software,

Inc

(Class

A)

3,889‌

894

*

Amplitude,

Inc

9,834‌

1,455

*

Ansys,

Inc

480,543‌

306

*

Appfolio,

Inc

52,675‌

674

*

Appian

Corp

32,082‌

1,093

*

Applied

Blockchain,

Inc

10,220‌

3,826

*

AppLovin

Corp

98,443‌

1,411

*

Asana,

Inc

31,098‌

492

*

Aspen

Technology,

Inc

82,464‌

343

*

Asure

Software,

Inc

4,171‌

2,456

*

Atlassian

Corp

412,141‌

3,638

*

Autodesk,

Inc

744,371‌

2,036

*,e

AvePoint,

Inc

11,727‌

2,852

Bentley

Systems,

Inc

154,664‌

1,087

*

BigCommerce

Holdings,

Inc

10,816‌

1,698

*

Bill.Com

Holdings,

Inc

198,411‌

1,290

*

Bit

Digital,

Inc

5,237‌

2,568

*

Black

Knight,

Inc

153,387‌

860

*

Blackbaud,

Inc

61,215‌

875

*

Blackline,

Inc

47,093‌

2,369

*

Box,

Inc

69,601‌

503

*

Braze,

Inc

22,026‌

653

*

Brightcove,

Inc

2,619‌

1,024

*,e

C3.ai,

Inc

37,304‌

4,576

*

Cadence

Design

Systems,

Inc

1,073,164‌

2,611

*

CCC

Intelligent

Solutions

Holdings,

Inc

29,269‌

664

*

Cerence

Inc

19,409‌

2,239

*

Ceridian

HCM

Holding,

Inc

149,946‌

115

*,e

Cipher

Mining,

Inc

329‌

2,269

*

Cleanspark,

Inc

9,734‌

1,277

Clear

Secure,

Inc

29,588‌

4,773

*

Cloudflare,

Inc

312,011‌

8,568

Cognizant

Technology

Solutions

Corp

(Class

A)

559,319‌

679

*

Commvault

Systems,

Inc

49,309‌

3,055

*

Confluent,

Inc

107,872‌

265

*

Consensus

Cloud

Solutions,

Inc

8,215‌

485

*

Couchbase,

Inc

7,673‌

3,559

*

Crowdstrike

Holdings,

Inc

522,710‌

430

*

CS

Disco,

Inc

3,535‌

4,505

*

Datadog,

Inc

443,202‌

348

*,e

Digimarc

Corp

10,245‌

1,549

*

Digital

Turbine,

Inc

14,375‌

93

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

1,139

*,e

DigitalOcean

Holdings,

Inc

$

45,720‌

3,281

*

DocuSign,

Inc

167,626‌

895

Dolby

Laboratories,

Inc

(Class

A)

74,894‌

549

*

Domo,

Inc

8,048‌

1,815

*

DoubleVerify

Holdings,

Inc

70,640‌

4,214

*

Dropbox,

Inc

112,387‌

3,442

*

DXC

Technology

Co

91,970‌

3,404

*

Dynatrace,

Inc

175,204‌

3,144

*

E2open

Parent

Holdings,

Inc

17,606‌

387

Ebix,

Inc

9,752‌

543

*

eGain

Corp

4,067‌

1,268

*

Elastic

NV

81,304‌

349

*

Enfusion,

Inc

3,916‌

760

*

EngageSmart,

Inc

14,508‌

884

*

Envestnet,

Inc

52,465‌

940

*

EPAM

Systems,

Inc

211,265‌

638

*

Everbridge,

Inc

17,162‌

472

*

EverCommerce,

Inc

5,589‌

808

*

Expensify,

Inc

6,448‌

410

*

Fair

Isaac

Corp

331,776‌

1,817

*

Fastly,

Inc

28,654‌

1,139

*

Five9,

Inc

93,911‌

741

*,e

ForgeRock,

Inc

15,220‌

10,750

*

Fortinet,

Inc

812,593‌

2,409

*

Freshworks,

Inc

42,350‌

1,279

*

Gartner,

Inc

448,047‌

9,648

Gen

Digital,

Inc

178,970‌

801

*

Gitlab,

Inc

40,939‌

671

*

Globant

S.A.

120,592‌

2,724

*

GoDaddy,

Inc

204,654‌

699

*

Grid

Dynamics

Holdings,

Inc

6,466‌

1,428

*

Guidewire

Software,

Inc

108,642‌

450

Hackett

Group,

Inc

10,058‌

1,459

*

HashiCorp,

Inc

38,197‌

770

*

HubSpot,

Inc

409,709‌

112

*

IBEX

Ltd

2,378‌

477

*

Informatica,

Inc

8,825‌

412

Information

Services

Group,

Inc

2,208‌

227

*

Instructure

Holdings,

Inc

5,711‌

291

*

Intapp,

Inc

12,196‌

164

*

Intelligent

Systems

Corp

4,159‌

539

InterDigital,

Inc

52,040‌

15,130

International

Business

Machines

Corp

2,024,545‌

4,593

Intuit,

Inc

2,104,467‌

1,086

*

Jamf

Holding

Corp

21,199‌

1,692

*

Kaltura,

Inc

3,587‌

3,355

*

Kyndryl

Holdings,

Inc

44,554‌

1,208

*

LiveRamp

Holdings,

Inc

34,501‌

2,676

*

LiveVox

Holdings,

Inc

7,359‌

1,102

*

Manhattan

Associates,

Inc

220,268‌

2,740

*,e

Marathon

Digital

Holdings,

Inc

37,976‌

5,907

*

Matterport,

Inc

18,607‌

365

*

MeridianLink,

Inc

7,592‌

124,577

Microsoft

Corp

42,423,452‌

178

*

MicroStrategy,

Inc

(Class

A)

60,951‌

781

*

Mitek

Systems,

Inc

8,466‌

704

*

Model

N,

Inc

24,893‌

1,116

*

MongoDB,

Inc

458,665‌

1,055

*

N-Able,

Inc

15,203‌

1,156

*

nCino

OpCo,

Inc

34,819‌

2,313

*

NCR

Corp

58,288‌

885

*

New

Relic,

Inc

57,914‌

1,978

*

NextNav,

Inc

5,815‌

Stock

Index

Fund

June

30,

2023

94

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

3,547

*

Nutanix,

Inc

$

99,493‌

2,511

*

Okta,

Inc

174,138‌

1,468

*

Olo,

Inc

9,483‌

710

ON24,

Inc

5,765‌

634

*

OneSpan,

Inc

9,409‌

25,507

Oracle

Corp

3,037,629‌

1,327

*

Pagerduty,

Inc

29,831‌

30,894

*

Palantir

Technologies,

Inc

473,605‌

4,989

*

Palo

Alto

Networks,

Inc

1,274,739‌

896

Paycom

Software,

Inc

287,831‌

779

*

Paycor

HCM,

Inc

18,439‌

665

*

Paylocity

Holding

Corp

122,712‌

748

Pegasystems,

Inc

36,876‌

509

*

Perficient,

Inc

42,415‌

682

*

PowerSchool

Holdings,

Inc

13,054‌

1,155

*

Procore

Technologies,

Inc

75,156‌

766

Progress

Software

Corp

44,505‌

671

*

PROS

Holdings,

Inc

20,667‌

1,686

*

PTC,

Inc

239,918‌

877

*

Q2

Holdings,

Inc

27,099‌

667

*

Qualys,

Inc

86,156‌

930

*

Rapid7,

Inc

42,110‌

1,545

*

Rimini

Street,

Inc

7,401‌

1,417

*

RingCentral,

Inc

46,378‌

2,728

*

Riot

Blockchain,

Inc

32,245‌

1,774

Roper

Technologies,

Inc

852,939‌

15,874

*

Salesforce,

Inc

3,353,541‌

433

Sapiens

International

Corp

NV

11,518‌

348

*

SEMrush

Holdings,

Inc

3,330‌

3,422

*

SentinelOne,

Inc

51,672‌

3,429

*

ServiceNow,

Inc

1,926,995‌

307

*

ShotSpotter,

Inc

6,711‌

2,057

*

Smartsheet,

Inc

78,701‌

5,219

*

Snowflake,

Inc

918,440‌

668

*

SolarWinds

Corp

6,854‌

2,307

*

SoundHound

AI,

Inc

10,497‌

2,765

*

Splunk,

Inc

293,339‌

1,168

*

Sprinklr,

Inc

16,153‌

904

*

Sprout

Social,

Inc

41,729‌

599

*

SPS

Commerce,

Inc

115,044‌

519

*

Squarespace,

Inc

16,369‌

2,569

*

Synopsys,

Inc

1,118,568‌

1,778

*

Tenable

Holdings,

Inc

77,432‌

1,844

*

Teradata

Corp

98,488‌

143

*,e

Tucows,

Inc

3,967‌

1,255

*

Turing

Holding

Corp

9,475‌

2,852

*

Twilio,

Inc

181,444‌

718

*

Tyler

Technologies,

Inc

299,025‌

6,303

*

UiPath,

Inc

104,441‌

1,098

*

Unisys

Corp

4,370‌

4,707

*

Unity

Software,

Inc

204,378‌

1,710

*

Varonis

Systems,

Inc

45,572‌

1,154

*

Verint

Systems,

Inc

40,459‌

1,489

*

VeriSign,

Inc

336,469‌

988

*

Veritone,

Inc

3,873‌

945

*

Viant

Technology,

Inc

4,356‌

3,584

*

VMware,

Inc

(Class

A)

514,985‌

514

*

Weave

Communications,

Inc

5,711‌

3,317

*

Workday,

Inc

749,277‌

767

*

Workiva,

Inc

77,973‌

634

*

Xperi,

Inc

8,337‌

1,753

*

Yext,

Inc

19,826‌

1,875

*

Zeta

Global

Holdings

Corp

16,013‌

95

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

4,218

*

Zoom

Video

Communications,

Inc

$

286,318‌

1,411

*

Zscaler,

Inc

206,429‌

1,687

*

Zuora

Inc

18,506‌

TOTAL

SOFTWARE

&

SERVICES

84,029,196‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8

.4

%

380

*

908

Devices,

Inc

2,607‌

806

ADTRAN

Holdings,

Inc

8,487‌

617

Advanced

Energy

Industries,

Inc

68,765‌

1,957

*

Aeva

Technologies,

Inc

2,446‌

1,341

*,e

Akoustis

Technologies,

Inc

4,264‌

9,470

Amphenol

Corp

(Class

A)

804,476‌

249,740

Apple,

Inc

48,442,068‌

4,063

*

Arista

Networks,

Inc

658,450‌

1,538

*

Arlo

Technologies,

Inc

16,780‌

1,021

*

Arrow

Electronics,

Inc

146,238‌

170

*

Aviat

Networks,

Inc

5,673‌

612

*

Avid

Technology,

Inc

15,606‌

1,668

Avnet,

Inc

84,151‌

438

Badger

Meter,

Inc

64,631‌

126

*

Bel

Fuse,

Inc

(Class

B)

7,234‌

636

Belden

CDT,

Inc

60,833‌

773

Benchmark

Electronics,

Inc

19,967‌

909

*

Calix,

Inc

45,368‌

141

*

Cambium

Networks

Corp

2,146‌

2,317

CDW

Corp

425,169‌

2,665

*

Ciena

Corp

113,236‌

68,653

Cisco

Systems,

Inc

3,552,106‌

153

*,e

Clearfield,

Inc

7,245‌

2,887

Cognex

Corp

161,730‌

2,063

*

Coherent

Corp

105,172‌

3,317

*

CommScope

Holding

Co,

Inc

18,675‌

356

Comtech

Telecommunications

Corp

3,254‌

12,431

Corning,

Inc

435,582‌

426

*

Corsair

Gaming,

Inc

7,557‌

485

CTS

Corp

20,675‌

610

*

Daktronics,

Inc

3,904‌

400

*

Digi

International,

Inc

15,756‌

284

*

DZS,

Inc

1,127‌

830

*

Eastman

Kodak

Co

3,835‌

404

*

ePlus,

Inc

22,745‌

1,500

*

Evolv

Technologies

Holdings,

Inc

9,000‌

1,698

*

Extreme

Networks,

Inc

44,233‌

1,062

*

F5

Networks,

Inc

155,328‌

653

*

Fabrinet

84,812‌

288

*

FARO

Technologies,

Inc

4,666‌

1,454

*,e

Harmonic,

Inc

23,511‌

22,072

Hewlett

Packard

Enterprise

Co

370,810‌

14,519

HP,

Inc

445,878‌

2,966

*,e

Infinera

Corp

14,326‌

594

*

Insight

Enterprises,

Inc

86,926‌

2,518

*

IonQ,

Inc

34,068‌

549

*

IPG

Photonics

Corp

74,565‌

693

*

Iteris,

Inc

2,744‌

678

*

Itron,

Inc

48,884‌

2,262

Jabil

Inc

244,138‌

5,587

Juniper

Networks,

Inc

175,041‌

3,013

*

Keysight

Technologies,

Inc

504,527‌

548

*

Kimball

Electronics,

Inc

15,141‌

1,352

*

Knowles

Corp

24,417‌

1,886

*,e

Lightwave

Logic,

Inc

13,145‌

375

Littelfuse,

Inc

109,241‌

1,153

*,e

Lumentum

Holdings,

Inc

65,410‌

Stock

Index

Fund

June

30,

2023

96

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

472

*

Luna

Innovations,

Inc

$

4,305‌

569

Methode

Electronics,

Inc

19,073‌

2,725

*,e

Microvision,

Inc

12,480‌

2,874

*

Mirion

Technologies,

Inc

24,285‌

2,750

Motorola

Solutions,

Inc

806,520‌

342

Napco

Security

Technologies,

Inc

11,850‌

2,304

National

Instruments

Corp

132,250‌

3,663

NetApp,

Inc

279,853‌

505

*

Netgear,

Inc

7,151‌

1,389

*

Netscout

Systems,

Inc

42,990‌

829

*

nLight,

Inc

12,783‌

592

*

Novanta,

Inc

108,987‌

280

*

OSI

Systems,

Inc

32,992‌

404

*,e

PAR

Technology

Corp

13,304‌

196

PC

Connection,

Inc

8,840‌

521

*

Plexus

Corp

51,183‌

4,619

*

Pure

Storage,

Inc

170,072‌

1,053

*

Ribbon

Communications,

Inc

2,938‌

262

*

Rogers

Corp

42,426‌

1,157

*

Sanmina

Corp

69,732‌

463

*

Scansource,

Inc

13,686‌

2,874

*

SmartRent,

Inc

11,007‌

764

*

Super

Micro

Computer,

Inc

190,427‌

765

SYNNEX

Corp

71,910‌

743

*

Teledyne

Technologies,

Inc

305,455‌

4,356

*

Trimble

Inc

230,607‌

1,439

*

TTM

Technologies,

Inc

20,002‌

301

*

Turtle

Beach

Corp

3,507‌

96

e

Ubiquiti,

Inc

16,872‌

1,095

*

Viasat,

Inc

45,180‌

4,189

*

Viavi

Solutions,

Inc

47,461‌

2,099

Vishay

Intertechnology,

Inc

61,711‌

301

*

Vishay

Precision

Group,

Inc

11,182‌

2,801

Vontier

Corp

90,220‌

5,297

*

Western

Digital

Corp

200,915‌

2,215

Xerox

Holdings

Corp

32,981‌

882

*

Zebra

Technologies

Corp

(Class

A)

260,922‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

61,376,828‌

TELECOMMUNICATION

SERVICES

-

0

.8

%

422

*

Anterix,

Inc

13,373‌

895

*

AST

SpaceMobile,

Inc

4,206‌

119,871

AT&T,

Inc

1,911,942‌

251

ATN

International,

Inc

9,187‌

378

*

Bandwidth

Inc

5,171‌

4,266

*

Charge

Enterprises,

Inc

4,181‌

772

Cogent

Communications

Group,

Inc

51,948‌

1,064

*

Consolidated

Communications

Holdings,

Inc

4,075‌

740

*

EchoStar

Corp

(Class

A)

12,832‌

3,950

*

Frontier

Communications

Parent,

Inc

73,628‌

1,815

*,†

GCI

Liberty,

Inc

0‌

10,525

*

Globalstar,

Inc

11,367‌

987

*

Gogo,

Inc

16,789‌

350

*

IDT

Corp

(Class

B)

9,048‌

2,020

Iridium

Communications,

Inc

125,482‌

681

*

Liberty

Latin

America

Ltd

(Class

A)

5,959‌

2,483

*

Liberty

Latin

America

Ltd

(Class

C)

21,403‌

17,584

e

Lumen

Technologies,

Inc

39,740‌

365

*

Ooma,

Inc

5,464‌

1,168

*

Radius

Global

Infrastructure,

Inc

17,403‌

869

Shenandoah

Telecom

Co

16,885‌

319

Spok

Holdings,

Inc

4,240‌

1,775

Telephone

&

Data

Systems,

Inc

14,608‌

97

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TELECOMMUNICATION

SERVICES—continued

9,147

*

T-Mobile

US,

Inc

$

1,270,518‌

70,300

Verizon

Communications,

Inc

2,614,457‌

TOTAL

TELECOMMUNICATION

SERVICES

6,263,906‌

TRANSPORTATION

-

1

.8

%

1,148

*

Air

Transport

Services

Group,

Inc

21,663‌

1,656

*

Alaska

Air

Group,

Inc

88,066‌

268

*

Allegiant

Travel

Co

33,843‌

1,269

AMERCO

64,300‌

141

e

Amerco,

Inc

7,800‌

10,876

*

American

Airlines

Group,

Inc

195,115‌

424

ArcBest

Corp

41,891‌

350

*

Avis

Budget

Group,

Inc

80,034‌

969

*,e

Blade

Air

Mobility,

Inc

3,818‌

1,985

CH

Robinson

Worldwide,

Inc

187,285‌

767

Costamare,

Inc

7,417‌

185

Covenant

Transportation

Group,

Inc

8,109‌

33,502

CSX

Corp

1,142,418‌

828

*

Daseke,

Inc

5,904‌

10,897

*

Delta

Air

Lines,

Inc

518,043‌

220

e

Eagle

Bulk

Shipping,

Inc

10,569‌

556

Eneti,

Inc

6,733‌

2,577

Expeditors

International

of

Washington,

Inc

312,152‌

3,845

FedEx

Corp

953,176‌

480

Forward

Air

Corp

50,933‌

438

*

Frontier

Group

Holdings,

Inc

4,235‌

2,042

FTAI

Infrastructure,

Inc

7,535‌

497

Genco

Shipping

&

Trading

Ltd

6,973‌

1,990

Golden

Ocean

Group

Ltd

15,024‌

1,764

*

GXO

Logistics,

Inc

110,814‌

905

*

Hawaiian

Holdings,

Inc

9,747‌

728

Heartland

Express,

Inc

11,946‌

2,161

*

Hertz

Global

Holdings,

Inc

39,741‌

505

*

Hub

Group,

Inc

(Class

A)

40,562‌

1,447

JB

Hunt

Transport

Services,

Inc

261,950‌

5,315

*

JetBlue

Airways

Corp

47,091‌

4,016

*

Joby

Aviation,

Inc

41,204‌

1,157

*

Kirby

Corp

89,031‌

2,433

Knight-Swift

Transportation

Holdings,

Inc

135,177‌

666

Landstar

System,

Inc

128,232‌

5,019

*

Lyft,

Inc

(Class

A)

48,132‌

796

Marten

Transport

Ltd

17,114‌

668

Matson,

Inc

51,924‌

3,848

Norfolk

Southern

Corp

872,572‌

1,667

Old

Dominion

Freight

Line

616,373‌

136

*

PAM

Transportation

Services,

Inc

3,641‌

580

*

Radiant

Logistics,

Inc

3,898‌

1,622

*

RXO,

Inc

36,771‌

775

Ryder

System,

Inc

65,712‌

1,291

e

Safe

Bulkers,

Inc

4,209‌

468

*

Saia,

Inc

160,248‌

932

Schneider

National,

Inc

26,767‌

802

*

Skywest,

Inc

32,657‌

10,244

Southwest

Airlines

Co

370,935‌

1,623

Spirit

Airlines,

Inc

27,851‌

383

*

Sun

Country

Airlines

Holdings,

Inc

8,610‌

2,215

*

TuSimple

Holdings,

Inc

3,677‌

32,121

*

Uber

Technologies,

Inc

1,386,664‌

10,231

Union

Pacific

Corp

2,093,467‌

5,488

*

United

Airlines

Holdings

Inc

301,127‌

12,130

United

Parcel

Service,

Inc

(Class

B)

2,174,303‌

122

Universal

Logistics

Holdings

Inc

3,515‌

1,147

Werner

Enterprises,

Inc

50,674‌

Stock

Index

Fund

June

30,

2023

98

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

1,710

*

XPO

Logistics,

Inc

$

100,890‌

TOTAL

TRANSPORTATION

13,150,262‌

UTILITIES

-

2

.5

%

11,476

AES

Corp

237,897‌

1,097

Allete,

Inc

63,593‌

4,194

Alliant

Energy

Corp

220,101‌

1,833

*

Altus

Power,

Inc

9,898‌

4,249

Ameren

Corp

347,016‌

8,719

American

Electric

Power

Co,

Inc

734,140‌

745

American

States

Water

Co

64,815‌

3,189

American

Water

Works

Co,

Inc

455,230‌

111

Artesian

Resources

Corp

5,241‌

2,236

Atmos

Energy

Corp

260,136‌

1,522

Avangrid,

Inc

57,349‌

1,326

Avista

Corp

52,072‌

1,043

Black

Hills

Corp

62,851‌

1,362

Brookfield

Infrastructure

Corp

62,080‌

2,251

Brookfield

Renewable

Corp

70,952‌

829

*

Cadiz,

Inc

3,366‌

934

California

Water

Service

Group

48,222‌

10,119

Centerpoint

Energy,

Inc

294,969‌

358

Chesapeake

Utilities

Corp

42,602‌

545

Clearway

Energy,

Inc

(Class

A)

14,715‌

1,281

Clearway

Energy,

Inc

(Class

C)

36,585‌

4,975

CMS

Energy

Corp

292,281‌

5,807

Consolidated

Edison,

Inc

524,953‌

268

Consolidated

Water

Co,

Inc

6,494‌

5,398

Constellation

Energy

Corp

494,187‌

14,257

Dominion

Energy,

Inc

738,370‌

3,346

DTE

Energy

Co

368,127‌

12,992

Duke

Energy

Corp

1,165,902‌

6,251

Edison

International

434,132‌

3,424

Entergy

Corp

333,395‌

3,872

Essential

Utilities

Inc

154,532‌

3,619

Evergy,

Inc

211,422‌

5,967

Eversource

Energy

423,180‌

16,521

Exelon

Corp

673,066‌

9,412

FirstEnergy

Corp

365,939‌

572

Genie

Energy

Ltd

8,088‌

765

Global

Water

Resources,

Inc

9,700‌

2,117

Hawaiian

Electric

Industries,

Inc

76,635‌

772

Idacorp,

Inc

79,207‌

685

MGE

Energy,

Inc

54,190‌

240

Middlesex

Water

Co

19,358‌

1,443

*

Montauk

Renewables,

Inc

10,736‌

1,427

National

Fuel

Gas

Co

73,291‌

1,561

New

Jersey

Resources

Corp

73,679‌

33,276

NextEra

Energy,

Inc

2,469,079‌

6,737

NiSource,

Inc

184,257‌

666

Northwest

Natural

Holding

Co

28,671‌

812

NorthWestern

Corp

46,089‌

3,514

NRG

Energy,

Inc

131,388‌

3,276

OGE

Energy

Corp

117,641‌

919

ONE

Gas,

Inc

70,588‌

846

Ormat

Technologies,

Inc

68,069‌

743

Otter

Tail

Corp

58,667‌

29,665

*

PG&E

Corp

512,611‌

1,897

Pinnacle

West

Capital

Corp

154,530‌

1,358

PNM

Resources,

Inc

61,246‌

1,712

Portland

General

Electric

Co

80,173‌

12,260

PPL

Corp

324,400‌

8,110

Public

Service

Enterprise

Group,

Inc

507,767‌

99

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

250

*

Pure

Cycle

Corp

$

2,750‌

191

*

RGC

Resources,

Inc

3,826‌

5,295

Sempra

Energy

770,899‌

505

SJW

Corp

35,406‌

18,219

Southern

Co

1,279,885‌

1,078

Southwest

Gas

Holdings

Inc

68,615‌

880

Spire,

Inc

55,827‌

1,678

*,e

Sunnova

Energy

International,

Inc

30,724‌

3,513

UGI

Corp

94,746‌

537

Unitil

Corp

27,231‌

1

Via

Renewables,

Inc

7‌

6,576

Vistra

Energy

Corp

172,620‌

5,438

WEC

Energy

Group,

Inc

479,849‌

9,168

Xcel

Energy,

Inc

569,975‌

203

York

Water

Co

8,378‌

TOTAL

UTILITIES

18,150,608‌

TOTAL

COMMON

STOCKS

727,189,243‌

(Cost

$244,672,577)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

854

†

Chinook

Therapeutics,

Inc

0‌

145

†

Tobira

Therapeutics,

Inc

9‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

9‌

TOTAL

RIGHTS/WARRANTS

9‌

(Cost

$9)

TOTAL

LONG-TERM

INVESTMENTS

727,189,252‌

(Cost

$244,672,586)

PRINCIPAL

DESCRIPTION

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

0.7%

REPURCHASE

AGREEMENT

-

0

.7

%

$

5,510,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

5,510,000‌

TOTAL

REPURCHASE

AGREEMENT

5,510,000‌

TOTAL

SHORT-TERM

INVESTMENTS

5,510,000‌

(Cost

$5,510,000)

SHARES

EXP

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

1,679,637

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

1,679,637‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

1,679,637‌

(Cost

$1,679,637)

TOTAL

INVESTMENTS

-

100.2%

734,378,889‌

(Cost

$251,862,223)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

1,756,867‌

)

NET

ASSETS

-

100.0%

$

732,622,022‌

REIT

Real

Estate

Investment

Trust

Stock

Index

Fund

June

30,

2023

100

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

*

Non-income

producing

†

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

d

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$2,292,563.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$5,510,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.750%

and

maturity

date

7/31/27,

valued

at

$5,620,216.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

S&P

500

E

Mini

Index

23‌

09/15/23

 $

5,078,294‌

$

5,161,487‌

$

83,193‌

Portfolio

of

Investments

International

Equity

Fund

June

30,

2023

101

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

98.3%

COMMON

STOCKS

-

98.3%

AUSTRALIA

-

6

.1

%

88,423

BHP

Billiton

Ltd

$

2,658,168‌

32,376

Commonwealth

Bank

of

Australia

2,167,468‌

438,705

Glencore

Xstrata

plc

2,487,404‌

39,413

Woodside

Energy

Group

Ltd

911,685‌

TOTAL

AUSTRALIA

8,224,725‌

BRAZIL

-

1

.4

%

256,751

Banco

Bradesco

S.A.

(Preference)

882,076‌

177,200

Itau

Unibanco

Holding

S.A.

1,051,757‌

TOTAL

BRAZIL

1,933,833‌

CHINA

-

0

.6

%

9,113

*

Alibaba

Group

Holding

Ltd

(ADR)

759,569‌

TOTAL

CHINA

759,569‌

DENMARK

-

5

.2

%

11,268

DSV

AS

2,366,747‌

29,180

Novo

Nordisk

AS

4,713,729‌

TOTAL

DENMARK

7,080,476‌

FINLAND

-

1

.2

%

150,632

Nordea

Bank

Abp

1,640,826‌

TOTAL

FINLAND

1,640,826‌

FRANCE

-

13

.3

%

24,319

Airbus

SE

3,516,084‌

14,845

BNP

Paribas

S.A.

936,808‌

38,530

Compagnie

de

Saint-Gobain

2,345,951‌

12,629

Essilor

International

S.A.

2,381,453‌

3,684

Kering

2,034,302‌

2,285

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

2,154,554‌

41,802

Total

S.A.

2,399,628‌

15,192

Vinci

S.A.

1,765,241‌

45,695

Vivendi

Universal

S.A.

419,502‌

TOTAL

FRANCE

17,953,523‌

GERMANY

-

8

.2

%

49,712

Bayer

AG.

2,751,810‌

29,081

Deutsche

Post

AG.

1,420,963‌

3,335

Dr

ING

hc

F

Porsche

AG.

414,303‌

18,713

HeidelbergCement

AG.

1,538,931‌

38,098

RWE

AG.

1,660,169‌

20,112

Siemens

AG.

3,352,688‌

TOTAL

GERMANY

11,138,864‌

HONG

KONG

-

0

.5

%

16,199

Hong

Kong

Exchanges

and

Clearing

Ltd

613,764‌

TOTAL

HONG

KONG

613,764‌

INDONESIA

-

0

.5

%

1,755,400

Bank

Rakyat

Indonesia

640,882‌

TOTAL

INDONESIA

640,882‌

IRELAND

-

2

.0

%

48,595

CRH

plc

2,680,857‌

TOTAL

IRELAND

2,680,857‌

International

Equity

Fund

June

30,

2023

102

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ITALY

-

2

.3

%

151,595

Enel

S.p.A.

$

1,022,117‌

29,799

Moncler

S.p.A

2,061,726‌

TOTAL

ITALY

3,083,843‌

JAPAN

-

21

.2

%

102,800

Daiichi

Sankyo

Co

Ltd

3,266,394‌

8,884

Daikin

Industries

Ltd

1,820,379‌

62,251

*

Hitachi

Ltd

3,870,549‌

3,200

Keyence

Corp

1,520,501‌

215,200

Mitsubishi

UFJ

Financial

Group,

Inc

1,586,255‌

42,740

Nintendo

Co

Ltd

1,948,444‌

66,300

ORIX

Corp

1,209,059‌

52,700

Recruit

Holdings

Co

Ltd

1,681,938‌

49,900

SBI

Holdings,

Inc

962,369‌

27,900

Shiseido

Co

Ltd

1,264,699‌

40,492

Sony

Corp

3,655,220‌

60,000

Sumitomo

Mitsui

Financial

Group,

Inc

2,571,565‌

208,315

*

Toyota

Motor

Corp

3,348,056‌

TOTAL

JAPAN

28,705,428‌

KOREA,

REPUBLIC

OF

-

1

.5

%

1,833

LG

Chem

Ltd

933,110‌

19,824

Samsung

Electronics

Co

Ltd

1,091,574‌

TOTAL

KOREA,

REPUBLIC

OF

2,024,684‌

MEXICO

-

0

.6

%

6,749

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

748,059‌

TOTAL

MEXICO

748,059‌

NETHERLANDS

-

10

.5

%

4,209

ASML

Holding

NV

3,052,909‌

22,140

Heineken

NV

2,276,801‌

158,997

ING

Groep

NV

2,143,533‌

443,844

Koninklijke

KPN

NV

1,584,511‌

162,540

Shell

plc

4,848,839‌

15,853

Universal

Music

Group

NV

352,171‌

TOTAL

NETHERLANDS

14,258,764‌

NORWAY

-

1

.4

%

63,531

Equinor

ASA

1,849,949‌

TOTAL

NORWAY

1,849,949‌

SPAIN

-

1

.6

%

282,350

Banco

Bilbao

Vizcaya

Argentaria

S.A.

2,169,212‌

TOTAL

SPAIN

2,169,212‌

SWITZERLAND

-

5

.0

%

2,732

Lonza

Group

AG.

1,632,951‌

33,006

Novartis

AG.

3,327,645‌

3,868

Zurich

Insurance

Group

AG

1,839,964‌

TOTAL

SWITZERLAND

6,800,560‌

TAIWAN

-

1

.3

%

16,872

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

1,702,722‌

TOTAL

TAIWAN

1,702,722‌

UNITED

KINGDOM

-

9

.2

%

31,698

Ashtead

Group

plc

2,197,649‌

36,013

AstraZeneca

plc

5,162,615‌

170,300

BP

plc

991,550‌

18,946

Diageo

plc

814,506‌

28,117

Reckitt

Benckiser

Group

plc

2,113,014‌

103

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

UNITED

KINGDOM—continued

22,596

Unilever

plc

$

1,176,668‌

TOTAL

UNITED

KINGDOM

12,456,002‌

UNITED

STATES

-

4

.7

%

477,913

Haleon

plc

1,961,577‌

8,234

Linde

plc

3,140,363‌

10,959

Nestle

S.A.

1,318,275‌

TOTAL

UNITED

STATES

6,420,215‌

TOTAL

COMMON

STOCKS

132,886,757‌

(Cost

$111,668,557)

TOTAL

LONG-TERM

INVESTMENTS

132,886,757‌

(Cost

$111,668,557)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.3%

REPURCHASE

AGREEMENT

-

1

.3

%

$

1,780,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

1,780,000‌

TOTAL

REPURCHASE

AGREEMENT

1,780,000‌

TOTAL

SHORT-TERM

INVESTMENTS

1,780,000‌

(Cost

$1,780,000)

TOTAL

INVESTMENTS

-

99.6%

134,666,757‌

(Cost

$113,448,557)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.4%

543,093‌

NET

ASSETS

-

100.0%

$

135,209,850‌

ADR

American

Depositary

Receipt

*

Non-income

producing

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$1,780,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.250%

and

maturity

date

6/30/27,

valued

at

$1,815,606.

Core

Bond

Fund

June

30,

2023

Portfolios

of

Investments

104

See

Notes

to

Financial

Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

LONG-TERM

INVESTMENTS

-

97.8%

BANK

LOAN

OBLIGATIONS

-

4.0%

CAPITAL

GOODS

-

0

.1

%

$

95,784

i

TransDigm,

Inc

LIBOR

3

M

+

2.250%

5

.924

%

08/22/24

$

95,928‌

TOTAL

CAPITAL

GOODS

95,928‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.2

%

70,591

i

Dun

&

Bradstreet

Corp

SOFR

12

M

+

3.250%

8

.434

02/06/26

70,741‌

36,813

i

EAB

Global,

Inc

LIBOR

4

M

+

3.500%

8

.872

08/16/28

36,451‌

5,070

i

GFL

Environmental,

Inc

LIBOR

3

M

+

3.000%

3

.000

05/31/25

5,080‌

38,404

i

Sedgwick

Claims

Management

Services,

Inc

SOFR

12

M

+

3.750%

8

.852

02/24/28

38,233‌

73,313

i

Spin

Holdco,

Inc

LIBOR

4

M

+

4.000%

9

.230

03/04/28

63,284‌

87,089

i

Trans

Union

LLC

SOFR

12

M

+

1.750%

6

.952

11/16/26

86,974‌

48,299

i

Trans

Union

LLC

SOFR

12

M

+

2.250%

7

.467

12/01/28

48,241‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

349,004‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0

.3

%

500,000

h,i

Emerson

Climate

Technologies,

Inc

SOFR

1

M

+

3.000%

3

.000

05/31/30

500,625‌

18,904

i

PetSmart,

Inc

SOFR

12

M

+

3.750%

8

.952

02/11/28

18,900‌

43,010

i

Woof

Holdings,

Inc

SOFR

12

M

+

3.750%

8

.954

12/21/27

42,257‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

561,782‌

CONSUMER

SERVICES

-

0

.2

%

74,613

i

1011778

BC

ULC

LIBOR

12

M

+

1.750%

6

.943

11/19/26

74,209‌

99,750

i

Caesars

Entertainment,

Inc

SOFR

12

M

+

3.250%

8

.452

02/06/30

99,880‌

38,306

i

Fertitta

Entertainment

LLC

SOFR

12

M

+

4.000%

9

.102

01/27/29

37,879‌

98,003

i

IRB

Holding

Corp

SOFR

12

M

+

3.000%

8

.202

12/15/27

97,451‌

63,660

h,i

Motion

Finco

LLC

LIBOR

1

M

+

3.250%

0

.000

11/04/26

63,203‌

68,860

i

Stars

Group

Holdings

BV

SOFR

4

M

+

2.250%

7

.753

07/21/26

68,938‌

TOTAL

CONSUMER

SERVICES

441,560‌

ENERGY

-

0

.1

%

72,577

i

Buckeye

Partners

LP

LIBOR

12

M

+

2.250%

7

.452

11/01/26

72,176‌

19,905

i

Oryx

Midstream

Services

Permian

Basin

LLC

SOFR

12

M

+

3.250%

8

.539

10/05/28

19,901‌

TOTAL

ENERGY

92,077‌

FINANCIAL

SERVICES

-

0

.2

%

33,237

i

Lions

Gate

Capital

Holdings

LLC

SOFR

12

M

+

2.250%

7

.452

03/24/25

33,175‌

446,544

h,i

Motion

Finco

LLC

LIBOR

3

M

+

3.250%

3

.250

11/12/26

443,335‌

TOTAL

FINANCIAL

SERVICES

476,510‌

FOOD,

BEVERAGE

&

TOBACCO

-

0

.2

%

145,500

i

Froneri

US,

Inc

SOFR

12

M

+

2.250%

7

.452

01/29/27

144,936‌

98,000

i

Hayward

Industries,

Inc

SOFR

12

M

+

2.750%

7

.967

05/30/28

97,204‌

113,829

i

Hostess

Brands

LLC

LIBOR

4

M

+

2.250%

7

.523

08/03/25

113,983‌

115,378

i

Triton

Water

Holdings,

Inc

LIBOR

4

M

+

3.500%

8

.659

03/31/28

111,827‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

467,950‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0

.7

%

527,007

i

Bausch

&

Lomb

Corp

SOFR

4

M

+

3.250%

8

.592

05/10/27

512,514‌

97,500

i

Global

Medical

Response,

Inc

LIBOR

12

M

+

4.250%

9

.439

10/02/25

55,331‌

3,641

i

Grifols

Worldwide

Operations

USA,

Inc

SOFR

4

M

+

2.000%

7

.364

11/15/27

3,589‌

38,306

i

ICU

Medical,

Inc

SOFR

4

M

+

2.500%

7

.892

01/08/29

37,971‌

39,534

i

NMN

Holdings

III

Corp

SOFR

12

M

+

3.750%

8

.967

11/13/25

34,461‌

8,484

i

NMN

Holdings

III

Corp

SOFR

12

M

+

3.750%

8

.967

11/13/25

7,395‌

105

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

$

625,000

h,i

Surgery

Center

Holdings,

Inc

LIBOR

12

M

+

3.750%

8

.896

%

08/31/26

$

624,928‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,276,189‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.3

%

29,400

i

Energizer

Holdings,

Inc

SOFR

12

M

+

2.250%

7

.442

12/22/27

29,290‌

500,000

h,i

Kronos

Acquisition

Holdings,

Inc

LIBOR

12

M

+

3.750%

9

.253

12/22/26

488,320‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

517,610‌

INSURANCE

-

0

.1

%

95,299

i

Acrisure

LLC

LIBOR

12

M

+

3.500%

8

.693

02/15/27

92,755‌

55,000

h,i

HUB

International

Ltd

LIBOR

6

M

+

3.250%

8

.414

04/25/25

54,971‌

96,750

i

NFP

Corp

SOFR

12

M

+

3.250%

8

.467

02/15/27

94,988‌

38,307

i

USI,

Inc

SOFR

4

M

+

3.750%

8

.992

11/22/29

38,303‌

TOTAL

INSURANCE

281,017‌

MATERIALS

-

0

.1

%

48,256

i

Clydesdale

Acquisition

Holdings,

Inc

SOFR

12

M

+

4.175%

9

.377

04/13/29

47,578‌

98,000

i

Eco

Services

Operations

Corp

SOFR

4

M

+

2.500%

7

.645

06/09/28

97,717‌

15,636

i

Messer

Industries

USA,

Inc

SOFR

4

M

+

2.500%

8

.003

03/02/26

15,647‌

14,924

i

TricorBraun

Holdings,

Inc

SOFR

12

M

+

3.250%

8

.467

03/03/28

14,560‌

TOTAL

MATERIALS

175,502‌

MEDIA

&

ENTERTAINMENT

-

0

.4

%

75,000

h,i

Centuri

Group,

Inc

LIBOR

3

M

+

2.500%

2

.500

08/27/28

74,743‌

62,742

i

CNT

Holdings

I

Corp

SOFR

4

M

+

3.500%

8

.459

11/08/27

62,577‌

58,975

i

DIRECTV

Financing

LLC

SOFR

12

M

+

5.000%

10

.217

08/02/27

57,787‌

98,000

i

INEOS

US

Petrochem

LLC

SOFR

12

M

+

2.750%

7

.967

01/29/26

97,914‌

38,306

i

Mozart

Borrower

LP

SOFR

12

M

+

3.250%

8

.352

10/23/28

37,911‌

48,820

i

Nascar

Holdings,

Inc

SOFR

12

M

+

2.500%

7

.717

10/19/26

48,946‌

88,027

i

Phoenix

Newco,

Inc

LIBOR

12

M

+

3.250%

8

.404

11/15/28

87,455‌

97,750

i

Rackspace

Technology

Global,

Inc

SOFR

12

M

+

2.750%

7

.996

02/15/28

45,367‌

140,391

i

Ryan

Specialty

Group

LLC

SOFR

12

M

+

3.000%

8

.202

09/01/27

140,545‌

50,000

i

Virgin

Media

Bristol

LLC

LIBOR

12

M

+

2.500%

7

.693

01/31/28

49,647‌

TOTAL

MEDIA

&

ENTERTAINMENT

702,892‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.2

%

74,587

i

Elanco

Animal

Health

Inc

LIBOR

1

M

+

1.750%

6

.653

08/01/27

73,328‌

277,000

h,i

Organon

&

Co

LIBOR

12

M

+

3.000%

8

.250

06/02/28

277,304‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

350,632‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.0

%

91,297

i

Cushman

&

Wakefield

plc

SOFR

12

M

+

2.750%

7

.967

08/21/25

90,669‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

90,669‌

SOFTWARE

&

SERVICES

-

0

.1

%

34,795

i

Boxer

Parent

Co,

Inc

SOFR

12

M

+

3.750%

8

.967

10/02/25

34,559‌

20,619

i

Camelot

Finance

S.A.

SOFR

12

M

+

3.000%

8

.217

10/30/26

20,614‌

38,303

i

Epicor

Software

Corp

SOFR

12

M

+

3.250%

8

.467

07/30/27

37,880‌

38,403

i

Instructure

Holdings,

Inc

LIBOR

4

M

+

2.750%

7

.852

10/30/28

38,475‌

72,544

i

Rocket

Software,

Inc

SOFR

12

M

+

4.250%

9

.467

11/28/25

71,930‌

74,621

i

UKG,

Inc

SOFR

4

M

+

3.250%

8

.271

05/04/26

73,346‌

TOTAL

SOFTWARE

&

SERVICES

276,804‌

TRANSPORTATION

-

0

.4

%

29,775

i

Air

Canada

LIBOR

4

M

+

3.500%

8

.839

08/11/28

29,815‌

625,000

h,i

Kestrel

Bidco,

Inc

SOFR

4

M

+

3.000%

8

.251

12/11/26

607,856‌

20,000

i

Mileage

Plus

Holdings

LLC

LIBOR

4

M

+

5.250%

10

.764

06/21/27

20,813‌

112,500

i

SkyMiles

IP

Ltd

SOFR

4

M

+

3.750%

8

.798

10/20/27

117,000‌

TOTAL

TRANSPORTATION

775,484‌

Core

Bond

Fund

June

30,

2023

106

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

UTILITIES

-

0

.4

%

$

36,936

h,i

BroadStreet

Partners,

Inc

SOFR

12

M

+

2.750%

7

.967

%

01/27/27

$

36,534‌

11,939

i

BroadStreet

Partners,

Inc

SOFR

12

M

+

2.750%

7

.967

01/27/27

11,850‌

500,000

i

BroadStreet

Partners,

Inc

SOFR

12

M

+

4.000%

9

.160

01/27/29

498,125‌

93,778

h,i

Talen

Energy

Supply

LLC

SOFR

1

M

+

4.500%

4

.500

05/17/30

93,641‌

115,803

h,i

Talen

Energy

Supply

LLC

SOFR

1

M

+

4.500%

9

.590

05/17/30

115,635‌

TOTAL

UTILITIES

755,785‌

TOTAL

BANK

LOAN

OBLIGATIONS

7,687,395‌

(Cost

$7,782,827)

CORPORATE

BONDS

-

38

.9

%

AUTOMOBILES

&

COMPONENTS

-

1

.1

%

70,000

e,g

Clarios

Global

LP

6

.750

05/15/28

69,755‌

5,000

Dana,

Inc

5

.375

11/15/27

4,736‌

25,000

Dana,

Inc

4

.250

09/01/30

20,813‌

110,000

e

Ford

Motor

Co

6

.100

08/19/32

106,607‌

200,000

Ford

Motor

Credit

Co

LLC

6

.950

03/06/26

201,060‌

200,000

Ford

Motor

Credit

Co

LLC

7

.350

03/06/30

204,248‌

100,000

e,g

Gates

Global

LLC

6

.250

01/15/26

98,400‌

100,000

General

Motors

Co

6

.125

10/01/25

100,683‌

50,000

General

Motors

Co

5

.400

10/15/29

48,753‌

125,000

General

Motors

Co

5

.200

04/01/45

106,628‌

350,000

General

Motors

Financial

Co,

Inc

2

.750

06/20/25

329,708‌

50,000

General

Motors

Financial

Co,

Inc

6

.050

10/10/25

50,088‌

275,000

General

Motors

Financial

Co,

Inc

5

.000

04/09/27

267,608‌

75,000

General

Motors

Financial

Co,

Inc

5

.850

04/06/30

74,345‌

100,000

Goodyear

Tire

&

Rubber

Co

5

.250

04/30/31

87,834‌

200,000

g

Hyundai

Capital

Services,

Inc

2

.125

04/24/25

187,315‌

150,000

g

ZF

North

America

Capital,

Inc

6

.875

04/14/28

151,903‌

TOTAL

AUTOMOBILES

&

COMPONENTS

2,110,484‌

BANKS

-

8

.9

%

200,000

g

Banco

de

Credito

e

Inversiones

S.A.

2

.875

10/14/31

165,686‌

200,000

Banco

Santander

S.A.

5

.294

08/18/27

196,077‌

200,000

Banco

Santander

S.A.

4

.750

N/A‡

153,046‌

200,000

g

Bank

Hapoalim

BM

3

.255

01/21/32

171,130‌

200,000

g

Bank

Leumi

Le-Israel

BM

3

.275

01/29/31

178,688‌

950,000

Bank

of

America

Corp

0

.810

10/24/24

934,201‌

500,000

Bank

of

America

Corp

5

.202

04/25/29

494,536‌

1,000,000

Bank

of

America

Corp

2

.592

04/29/31

839,537‌

275,000

Bank

of

America

Corp

2

.572

10/20/32

223,988‌

200,000

Bank

of

America

Corp

2

.972

02/04/33

166,725‌

500,000

Bank

of

America

Corp

5

.288

04/25/34

495,353‌

200,000

Bank

of

America

Corp

3

.846

03/08/37

171,025‌

350,000

Bank

of

America

Corp

2

.676

06/19/41

245,750‌

400,000

e

Bank

of

America

Corp

6

.100

N/A‡

396,600‌

55,000

Bank

of

Montreal

3

.803

12/15/32

48,482‌

100,000

Barclays

plc

2

.279

11/24/27

87,966‌

300,000

Barclays

plc

3

.330

11/24/42

210,595‌

200,000

Barclays

plc

6

.125

N/A‡

175,300‌

150,000

g

BNP

Paribas

S.A.

2

.819

11/19/25

143,024‌

300,000

g

BNP

Paribas

S.A.

1

.904

09/30/28

255,511‌

200,000

g

BNP

Paribas

S.A.

7

.750

N/A‡

193,580‌

200,000

e,g

BNP

Paribas

S.A.

7

.375

N/A‡

193,915‌

500,000

Citigroup,

Inc

3

.200

10/21/26

468,021‌

175,000

Citigroup,

Inc

4

.300

11/20/26

167,487‌

95,000

Citigroup,

Inc

4

.450

09/29/27

90,709‌

140,000

Citigroup,

Inc

2

.572

06/03/31

116,804‌

107

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANKS—continued

$

300,000

Citigroup,

Inc

4

.910

%

05/24/33

$

290,297‌

1,475,000

Citigroup,

Inc

6

.270

11/17/33

1,565,590‌

100,000

Citigroup,

Inc

4

.000

N/A‡

85,375‌

325,000

g

Cooperatieve

Rabobank

UA

1

.339

06/24/26

297,195‌

150,000

g

Credit

Agricole

S.A.

3

.250

10/04/24

144,474‌

200,000

g

Credit

Agricole

S.A.

8

.125

N/A‡

200,299‌

200,000

g

Development

Bank

of

Kazakhstan

JSC

5

.750

05/12/25

201,352‌

150,000

Discover

Bank

2

.450

09/12/24

142,053‌

150,000

Discover

Bank

3

.450

07/27/26

138,062‌

250,000

Discover

Bank

2

.700

02/06/30

201,696‌

385,000

HSBC

Holdings

plc

4

.292

09/12/26

370,258‌

500,000

HSBC

Holdings

plc

2

.251

11/22/27

443,655‌

50,000

HSBC

Holdings

plc

2

.013

09/22/28

42,845‌

475,000

HSBC

Holdings

plc

7

.390

11/03/28

501,307‌

200,000

e

HSBC

Holdings

plc

8

.000

N/A‡

198,551‌

550,000

HSBC

Holdings

plc

6

.000

N/A‡

491,563‌

200,000

JPMorgan

Chase

&

Co

2

.301

10/15/25

190,582‌

250,000

JPMorgan

Chase

&

Co

3

.200

06/15/26

238,215‌

125,000

JPMorgan

Chase

&

Co

4

.323

04/26/28

120,654‌

275,000

JPMorgan

Chase

&

Co

3

.702

05/06/30

252,018‌

400,000

JPMorgan

Chase

&

Co

1

.953

02/04/32

318,716‌

125,000

e

JPMorgan

Chase

&

Co

4

.912

07/25/33

122,147‌

50,000

JPMorgan

Chase

&

Co

2

.525

11/19/41

34,393‌

250,000

JPMorgan

Chase

&

Co

3

.157

04/22/42

188,725‌

160,000

JPMorgan

Chase

&

Co

3

.650

N/A‡

140,824‌

100,000

JPMorgan

Chase

&

Co

5

.000

N/A‡

97,688‌

363,000

JPMorgan

Chase

&

Co

6

.100

N/A‡

362,165‌

300,000

Lloyds

Banking

Group

plc

6

.750

N/A‡

274,564‌

200,000

Lloyds

Banking

Group

plc

7

.500

N/A‡

187,030‌

250,000

M&T

Bank

Corp

3

.500

N/A‡

166,751‌

200,000

NatWest

Group

plc

5

.516

09/30/28

196,048‌

250,000

g

NBK

SPC

Ltd

1

.625

09/15/27

222,540‌

125,000

PNC

Financial

Services

Group,

Inc

6

.200

N/A‡

116,519‌

200,000

g

Societe

Generale

S.A.

4

.027

01/21/43

133,413‌

200,000

Toronto-Dominion

Bank

4

.285

09/13/24

196,432‌

100,000

Toronto-Dominion

Bank

3

.625

09/15/31

92,263‌

200,000

Truist

Financial

Corp

4

.950

N/A‡

185,000‌

200,000

UniCredit

SpA

8

.000

N/A‡

195,512‌

100,000

e

US

Bancorp

4

.839

02/01/34

93,403‌

50,000

Wells

Fargo

&

Co

3

.750

01/24/24

49,423‌

100,000

Wells

Fargo

&

Co

3

.550

09/29/25

95,845‌

100,000

Wells

Fargo

&

Co

3

.526

03/24/28

93,335‌

375,000

Wells

Fargo

&

Co

2

.393

06/02/28

334,174‌

250,000

Wells

Fargo

&

Co

3

.900

N/A‡

220,100‌

TOTAL

BANKS

17,216,787‌

CAPITAL

GOODS

-

1

.0

%

450,000

Boeing

Co

2

.196

02/04/26

413,014‌

200,000

Boeing

Co

2

.950

02/01/30

173,833‌

25,000

Boeing

Co

3

.250

02/01/35

20,271‌

75,000

Boeing

Co

5

.705

05/01/40

74,813‌

150,000

Boeing

Co

5

.805

05/01/50

149,452‌

50,000

g

Chart

Industries,

Inc

7

.500

01/01/30

51,013‌

50,000

g

Chart

Industries,

Inc

9

.500

01/01/31

53,051‌

62,000

g

H&E

Equipment

Services,

Inc

3

.875

12/15/28

53,678‌

50,000

Lockheed

Martin

Corp

1

.850

06/15/30

41,600‌

175,000

Northrop

Grumman

Corp

3

.250

01/15/28

163,201‌

175,000

Raytheon

Technologies

Corp

4

.125

11/16/28

168,549‌

50,000

Raytheon

Technologies

Corp

2

.250

07/01/30

42,174‌

350,000

Raytheon

Technologies

Corp

5

.150

02/27/33

354,784‌

200,000

g

TSMC

Global

Ltd

1

.000

09/28/27

169,524‌

Core

Bond

Fund

June

30,

2023

108

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

CAPITAL

GOODS—continued

$

15,000

g

WESCO

Distribution,

Inc

7

.250

%

06/15/28

$

15,301‌

TOTAL

CAPITAL

GOODS

1,944,258‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.4

%

40,000

g

ADT

Corp

4

.875

07/15/32

34,200‌

15,000

g

ASGN,

Inc

4

.625

05/15/28

13,570‌

13,000

g

Booz

Allen

Hamilton,

Inc

3

.875

09/01/28

11,758‌

25,000

g

Booz

Allen

Hamilton,

Inc

4

.000

07/01/29

22,394‌

35,000

g

Garda

World

Security

Corp

7

.750

02/15/28

34,742‌

10,000

g

GFL

Environmental,

Inc

4

.250

06/01/25

9,650‌

65,000

g

GFL

Environmental,

Inc

5

.125

12/15/26

62,711‌

31,000

g

GFL

Environmental,

Inc

3

.500

09/01/28

27,589‌

155,000

g

Iron

Mountain,

Inc

7

.000

02/15/29

155,261‌

50,000

g

Prime

Security

Services

Borrower

LLC

5

.750

04/15/26

49,081‌

26,000

g

Prime

Security

Services

Borrower

LLC

3

.375

08/31/27

22,931‌

70,000

g

Prime

Security

Services

Borrower

LLC

6

.250

01/15/28

65,576‌

20,000

g

Ritchie

Bros

Auctioneers,

Inc

6

.750

03/15/28

20,158‌

30,000

g

Ritchie

Bros

Auctioneers,

Inc

7

.750

03/15/31

31,123‌

75,000

Verisk

Analytics,

Inc

3

.625

05/15/50

55,149‌

100,000

Waste

Management,

Inc

2

.500

11/15/50

63,895‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

679,788‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0

.6

%

25,000

e,g

Asbury

Automotive

Group,

Inc

4

.625

11/15/29

22,191‌

50,000

g

Asbury

Automotive

Group,

Inc

5

.000

02/15/32

43,535‌

100,000

AutoZone,

Inc

1

.650

01/15/31

78,035‌

100,000

Genuine

Parts

Co

2

.750

02/01/32

82,056‌

20,000

e,g

Hanesbrands,

Inc

9

.000

02/15/31

20,157‌

50,000

Kohl's

Corp

4

.625

05/01/31

34,789‌

80,000

g

LCM

Investments

Holdings

II

LLC

4

.875

05/01/29

68,459‌

45,000

g

Lithia

Motors,

Inc

4

.625

12/15/27

42,034‌

100,000

e,g

Macy's

Retail

Holdings

LLC

5

.875

04/01/29

91,250‌

50,000

e,g

Macy's

Retail

Holdings

LLC

6

.125

03/15/32

43,743‌

38,000

e,g

Magic

Mergeco,

Inc

5

.250

05/01/28

30,702‌

125,000

O'Reilly

Automotive,

Inc

3

.600

09/01/27

118,282‌

100,000

O'Reilly

Automotive,

Inc

4

.200

04/01/30

94,417‌

250,000

O'Reilly

Automotive,

Inc

1

.750

03/15/31

196,727‌

200,000

g

Prosus

NV

4

.193

01/19/32

168,419‌

50,000

g

Staples,

Inc

7

.500

04/15/26

41,296‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,176,092‌

CONSUMER

DURABLES

&

APPAREL

-

0

.0

%

8,000

Newell

Brands,

Inc

4

.875

06/01/25

7,717‌

50,000

e

Newell

Brands,

Inc

6

.375

09/15/27

47,880‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

55,597‌

CONSUMER

SERVICES

-

0

.3

%

150,000

g

Churchill

Downs,

Inc

6

.750

05/01/31

148,312‌

6,000

g

Hilton

Domestic

Operating

Co,

Inc

5

.750

05/01/28

5,908‌

74,000

g

Hilton

Domestic

Operating

Co,

Inc

3

.625

02/15/32

61,697‌

20,000

g

International

Game

Technology

plc

4

.125

04/15/26

18,993‌

60,000

g

International

Game

Technology

plc

6

.250

01/15/27

59,775‌

25,000

e,g

Marriott

Ownership

Resorts,

Inc

4

.500

06/15/29

21,577‌

125,000

e

McDonald's

Corp

4

.600

09/09/32

123,812‌

50,000

g

NCL

Corp

Ltd

5

.875

03/15/26

46,778‌

50,000

g

NCL

Corp

Ltd

8

.375

02/01/28

52,247‌

TOTAL

CONSUMER

SERVICES

539,099‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.4

%

70,000

g

Albertsons

Cos,

Inc

6

.500

02/15/28

70,116‌

60,000

Kroger

Co

3

.875

10/15/46

46,085‌

109

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL—continued

$

100,000

SYSCO

Corp

3

.150

%

12/14/51

$

69,279‌

50,000

e

Target

Corp

4

.400

01/15/33

48,611‌

100,000

Walmart,

Inc

1

.050

09/17/26

89,283‌

200,000

Walmart,

Inc

1

.800

09/22/31

166,058‌

275,000

Walmart,

Inc

4

.500

04/15/53

268,200‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

757,632‌

ENERGY

-

3

.3

%

19,000

g

Archrock

Partners

LP

6

.250

04/01/28

17,838‌

100,000

Cenovus

Energy,

Inc

2

.650

01/15/32

80,722‌

150,000

Cheniere

Energy

Partners

LP

3

.250

01/31/32

123,397‌

35,000

g

Civitas

Resources,

Inc

8

.375

07/01/28

35,396‌

20,000

g

Civitas

Resources,

Inc

8

.750

07/01/31

20,276‌

100,000

Diamondback

Energy,

Inc

3

.125

03/24/31

85,658‌

100,000

Diamondback

Energy,

Inc

4

.250

03/15/52

76,700‌

35,000

g

DT

Midstream,

Inc

4

.125

06/15/29

30,715‌

30,000

g

DT

Midstream,

Inc

4

.375

06/15/31

25,838‌

45,000

Ecopetrol

S.A.

6

.875

04/29/30

41,052‌

200,000

Ecopetrol

S.A.

4

.625

11/02/31

154,386���

250,000

Enbridge,

Inc

5

.700

03/08/33

253,433‌

150,000

Enbridge,

Inc

5

.750

07/15/80

135,469‌

33,000

g

Energean

Israel

Finance

Ltd

4

.875

03/30/26

30,623‌

100,000

Energy

Transfer

Operating

LP

2

.900

05/15/25

94,748‌

50,000

Energy

Transfer

Operating

LP

4

.750

01/15/26

48,878‌

100,000

Energy

Transfer

Operating

LP

5

.500

06/01/27

99,458‌

150,000

Energy

Transfer

Operating

LP

4

.950

06/15/28

145,496‌

100,000

Energy

Transfer

Operating

LP

6

.250

04/15/49

97,668‌

175,000

Energy

Transfer

Operating

LP

5

.000

05/15/50

147,799‌

6,000

g

EnLink

Midstream

LLC

5

.625

01/15/28

5,806‌

80,000

g

EnLink

Midstream

LLC

6

.500

09/01/30

79,903‌

100,000

Enterprise

Products

Operating

LLC

3

.700

02/15/26

96,414‌

100,000

Enterprise

Products

Operating

LLC

3

.125

07/31/29

89,604‌

100,000

Enterprise

Products

Operating

LLC

4

.250

02/15/48

84,708‌

100,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

83,577‌

100,000

Enterprise

Products

Operating

LLC

3

.200

02/15/52

70,236‌

25,000

Enterprise

Products

Operating

LLC

3

.300

02/15/53

17,839‌

100,000

g

EQM

Midstream

Partners

LP

4

.500

01/15/29

89,189‌

25,000

g

EQT

Corp

3

.125

05/15/26

22,985‌

200,000

g

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

03/31/36

161,375‌

50,000

Genesis

Energy

LP

8

.000

01/15/27

48,755‌

10,000

g

Hilcorp

Energy

I

LP

5

.750

02/01/29

9,055‌

25,000

g

Hilcorp

Energy

I

LP

6

.000

04/15/30

22,764‌

9,000

g

Hilcorp

Energy

I

LP

6

.000

02/01/31

8,022‌

50,000

g

Holly

Energy

Partners

LP

6

.375

04/15/27

49,391‌

75,000

Marathon

Petroleum

Corp

3

.800

04/01/28

69,813‌

100,000

Marathon

Petroleum

Corp

5

.000

09/15/54

82,463‌

150,000

MPLX

LP

1

.750

03/01/26

136,158‌

450,000

MPLX

LP

2

.650

08/15/30

376,493‌

125,000

MPLX

LP

4

.700

04/15/48

102,596‌

34,000

e

Murphy

Oil

Corp

5

.875

12/01/27

33,030‌

33,000

Occidental

Petroleum

Corp

5

.500

12/01/25

32,580‌

200,000

g

Oleoducto

Central

S.A.

4

.000

07/14/27

175,208‌

75,000

ONEOK,

Inc

4

.350

03/15/29

69,739‌

100,000

ONEOK,

Inc

4

.500

03/15/50

76,345‌

67,000

g

Parkland

Corp

4

.500

10/01/29

58,123‌

200,000

g

Pertamina

Persero

PT

1

.400

02/09/26

180,583‌

100,000

Petroleos

Mexicanos

5

.950

01/28/31

73,055‌

67,000

Petroleos

Mexicanos

6

.700

02/16/32

50,944‌

200,000

g

Petronas

Energy

Canada

Ltd

2

.112

03/23/28

177,644‌

200,000

Phillips

66

2

.150

12/15/30

163,198‌

100,000

Phillips

66

3

.300

03/15/52

68,552‌

Core

Bond

Fund

June

30,

2023

110

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ENERGY—continued

$

200,000

g

Qatar

Petroleum

2

.250

%

07/12/31

$

167,594‌

200,000

g

S.A.

Global

Sukuk

Ltd

0

.946

06/17/24

190,313‌

175,000

Sabine

Pass

Liquefaction

LLC

5

.875

06/30/26

176,433‌

50,000

g

Santos

Finance

Ltd

3

.649

04/29/31

41,509‌

200,000

g

Saudi

Arabian

Oil

Co

2

.250

11/24/30

166,378‌

125,000

Sunoco

Logistics

Partners

Operations

LP

4

.000

10/01/27

117,050‌

25,000

Sunoco

Logistics

Partners

Operations

LP

5

.400

10/01/47

22,034‌

23,000

Sunoco

LP

4

.500

05/15/29

20,405‌

100,000

Targa

Resources

Corp

4

.200

02/01/33

88,514‌

25,000

Targa

Resources

Partners

LP

6

.500

07/15/27

24,819‌

150,000

Total

Capital

International

S.A.

3

.127

05/29/50

108,932‌

200,000

TransCanada

Trust

5

.500

09/15/79

171,550‌

20,000

g

Transocean,

Inc

8

.750

02/15/30

20,300‌

40,000

USA

Compression

Partners

LP

6

.875

04/01/26

39,184‌

25,000

USA

Compression

Partners

LP

6

.875

09/01/27

23,872‌

90,000

g

Venture

Global

LNG,

Inc

8

.125

06/01/28

91,407‌

300,000

Williams

Cos,

Inc

5

.650

03/15/33

303,975‌

TOTAL

ENERGY

6,385,966‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.0

%

150,000

Agree

LP

2

.000

06/15/28

124,816‌

100,000

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/27

94,768‌

100,000

Alexandria

Real

Estate

Equities,

Inc

3

.950

01/15/28

93,179‌

100,000

Alexandria

Real

Estate

Equities,

Inc

4

.900

12/15/30

96,786‌

100,000

Alexandria

Real

Estate

Equities,

Inc

1

.875

02/01/33

73,078‌

100,000

American

Tower

Corp

2

.950

01/15/25

95,635‌

50,000

American

Tower

Corp

3

.375

10/15/26

46,657‌

150,000

American

Tower

Corp

3

.800

08/15/29

136,843‌

175,000

American

Tower

Corp

2

.900

01/15/30

150,938‌

50,000

American

Tower

Corp

2

.100

06/15/30

40,376‌

50,000

American

Tower

Corp

1

.875

10/15/30

39,452‌

150,000

Brandywine

Operating

Partnership

LP

4

.100

10/01/24

143,932‌

200,000

Brixmor

Operating

Partnership

LP

3

.850

02/01/25

191,277‌

100,000

Brixmor

Operating

Partnership

LP

2

.250

04/01/28

84,002‌

50,000

Corporate

Office

Properties

LP

2

.750

04/15/31

37,992‌

245,000

Crown

Castle

International

Corp

2

.250

01/15/31

199,685‌

50,000

CubeSmart

LP

2

.250

12/15/28

42,133‌

50,000

Equinix,

Inc

2

.150

07/15/30

40,408‌

150,000

Essential

Properties

LP

2

.950

07/15/31

112,411‌

50,000

Essex

Portfolio

LP

3

.000

01/15/30

42,740‌

125,000

Federal

Realty

Investment

Trust

1

.250

02/15/26

111,601‌

175,000

Healthcare

Realty

Holdings

LP

3

.875

05/01/25

166,015‌

100,000

Healthcare

Realty

Holdings

LP

2

.400

03/15/30

79,137‌

100,000

Healthcare

Realty

Holdings

LP

2

.050

03/15/31

74,951‌

125,000

Healthcare

Trust

of

America

Holdings

LP

3

.500

08/01/26

115,003‌

50,000

Healthcare

Trust

of

America

Holdings

LP

3

.100

02/15/30

42,829‌

100,000

Highwoods

Realty

LP

3

.875

03/01/27

89,823‌

50,000

Highwoods

Realty

LP

2

.600

02/01/31

36,642‌

110,000

Life

Storage

LP

2

.400

10/15/31

87,143‌

100,000

Mid-America

Apartments

LP

4

.300

10/15/23

99,451‌

125,000

Mid-America

Apartments

LP

3

.750

06/15/24

122,550‌

200,000

Mid-America

Apartments

LP

2

.750

03/15/30

173,265‌

100,000

Mid-America

Apartments

LP

1

.700

02/15/31

78,934‌

100,000

Mid-America

Apartments

LP

2

.875

09/15/51

64,306‌

150,000

Regency

Centers

LP

3

.900

11/01/25

141,402‌

100,000

Regency

Centers

LP

3

.600

02/01/27

93,994‌

100,000

Regency

Centers

LP

2

.950

09/15/29

85,709‌

100,000

Retail

Properties

of

America,

Inc

4

.750

09/15/30

89,884‌

87,000

SITE

Centers

Corp

3

.625

02/01/25

81,871‌

100,000

Weingarten

Realty

Investors

3

.250

08/15/26

92,506‌

111

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

$

100,000

Weyerhaeuser

Co

4

.000

%

03/09/52

$

79,802‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3,893,926‌

FINANCIAL

SERVICES

-

3

.0

%

150,000

AerCap

Ireland

Capital

DAC

1

.750

01/30/26

134,641‌

275,000

AerCap

Ireland

Capital

DAC

3

.000

10/29/28

237,779‌

150,000

AerCap

Ireland

Capital

DAC

3

.300

01/30/32

122,715‌

150,000

AerCap

Ireland

Capital

DAC

3

.850

10/29/41

113,942‌

200,000

g

Bangkok

Bank

PCL

3

.466

09/23/36

162,774‌

225,000

Bank

of

New

York

Mellon

Corp

4

.700

N/A‡

218,531‌

200,000

g

BBVA

Bancomer

S.A.

8

.450

06/29/38

200,200‌

185,000

Capital

One

Financial

Corp

3

.950

N/A‡

137,363‌

200,000

e

Charles

Schwab

Corp

5

.375

N/A‡

191,144‌

30,000

g

Compass

Group

Diversified

Holdings

LLC

5

.250

04/15/29

26,296‌

125,000

g

Credit

Suisse

Group

AG.

1

.305

02/02/27

109,235‌

250,000

g

Credit

Suisse

Group

AG.

6

.442

08/11/28

250,925‌

150,000

Deutsche

Bank

AG.

5

.371

09/09/27

147,494‌

100,000

Deutsche

Bank

AG.

2

.311

11/16/27

85,934‌

200,000

Deutsche

Bank

AG.

6

.000

N/A‡

159,580‌

80,000

Fiserv,

Inc

3

.500

07/01/29

73,019‌

300,000

Goldman

Sachs

Group,

Inc

3

.500

04/01/25

288,177‌

300,000

Goldman

Sachs

Group,

Inc

4

.482

08/23/28

290,045‌

280,000

Goldman

Sachs

Group,

Inc

2

.615

04/22/32

229,633‌

50,000

Goldman

Sachs

Group,

Inc

4

.411

04/23/39

43,631‌

100,000

Goldman

Sachs

Group,

Inc

3

.436

02/24/43

76,066‌

50,000

Icahn

Enterprises

LP

5

.250

05/15/27

43,120‌

38,000

Icahn

Enterprises

LP

4

.375

02/01/29

29,857‌

200,000

g

Indian

Railway

Finance

Corp

Ltd

3

.249

02/13/30

175,070‌

200,000

ING

GROEP

NV

6

.500

N/A‡

186,640‌

68,000

g

LPL

Holdings,

Inc

4

.000

03/15/29

59,658‌

150,000

Morgan

Stanley

2

.720

07/22/25

144,643‌

125,000

Morgan

Stanley

2

.188

04/28/26

117,338‌

575,000

Morgan

Stanley

3

.125

07/27/26

538,455‌

250,000

Morgan

Stanley

1

.512

07/20/27

221,492‌

250,000

Morgan

Stanley

5

.250

04/21/34

246,862‌

50,000

Navient

Corp

5

.500

03/15/29

42,629‌

60,000

Northern

Trust

Corp

4

.600

N/A‡

52,876‌

200,000

g

Power

Finance

Corp

Ltd

3

.950

04/23/30

178,107‌

15,000

Springleaf

Finance

Corp

5

.375

11/15/29

12,752‌

150,000

UBS

Group

AG.

3

.750

03/26/25

143,535‌

200,000

g

UBS

Group

AG.

1

.494

08/10/27

171,766‌

200,000

g

UBS

Group

AG.

3

.179

02/11/43

138,820‌

50,000

Visa,

Inc

2

.700

04/15/40

38,409‌

TOTAL

FINANCIAL

SERVICES

5,841,153‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.2

%

500,000

e

Anheuser-Busch

Cos

LLC

3

.650

02/01/26

484,284‌

75,000

Anheuser-Busch

Cos

LLC

4

.700

02/01/36

72,946‌

380,000

Anheuser-Busch

InBev

Worldwide,

Inc

4

.750

01/23/29

378,349‌

200,000

BAT

Capital

Corp

2

.259

03/25/28

171,403‌

100,000

BAT

Capital

Corp

4

.906

04/02/30

94,527‌

200,000

BAT

International

Finance

plc

4

.448

03/16/28

188,782‌

175,000

g

Cia

Cervecerias

Unidas

S.A.

3

.350

01/19/32

149,189‌

100,000

Constellation

Brands,

Inc

4

.400

11/15/25

97,928‌

100,000

Constellation

Brands,

Inc

3

.700

12/06/26

95,127‌

100,000

Constellation

Brands,

Inc

3

.150

08/01/29

90,137‌

100,000

Constellation

Brands,

Inc

2

.875

05/01/30

86,747‌

100,000

Constellation

Brands,

Inc

2

.250

08/01/31

81,718‌

100,000

Diageo

Capital

plc

2

.125

10/24/24

95,642‌

100,000

Diageo

Capital

plc

2

.375

10/24/29

86,673‌

200,000

Diageo

Capital

plc

2

.000

04/29/30

168,542‌

Core

Bond

Fund

June

30,

2023

112

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

$

75,000

g

Primo

Water

Holdings,

Inc

4

.375

%

04/30/29

$

64,264‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,406,258‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1

.5

%

60,000

Abbott

Laboratories

5

.300

05/27/40

62,808‌

100,000

Anthem,

Inc

2

.250

05/15/30

83,767‌

55,000

Becton

Dickinson

&

Co

2

.823

05/20/30

48,103‌

100,000

Boston

Scientific

Corp

2

.650

06/01/30

87,127‌

35,000

Centene

Corp

2

.450

07/15/28

29,916‌

180,000

Centene

Corp

3

.000

10/15/30

149,993‌

40,000

g

CHS/Community

Health

Systems,

Inc

5

.250

05/15/30

31,509‌

55,000

Cigna

Corp

3

.200

03/15/40

42,280‌

225,000

CVS

Health

Corp

3

.750

04/01/30

206,387‌

400,000

CVS

Health

Corp

1

.750

08/21/30

319,174‌

400,000

CVS

Health

Corp

4

.780

03/25/38

369,149‌

200,000

CVS

Health

Corp

5

.050

03/25/48

184,349‌

50,000

g

DaVita,

Inc

4

.625

06/01/30

42,924‌

100,000

Elevance

Health,

Inc

5

.125

02/15/53

96,973‌

160,000

HCA,

Inc

5

.625

09/01/28

160,122‌

100,000

g

HCA,

Inc

3

.625

03/15/32

86,801‌

100,000

HCA,

Inc

5

.500

06/15/47

94,189‌

100,000

Humana,

Inc

3

.950

03/15/27

95,560‌

300,000

Humana,

Inc

2

.150

02/03/32

236,328‌

100,000

McKesson

Corp

5

.100

07/15/33

100,354‌

67,000

MPT

Operating

Partnership

LP

3

.500

03/15/31

46,164‌

10,000

Tenet

Healthcare

Corp

4

.625

06/15/28

9,340‌

80,000

Tenet

Healthcare

Corp

4

.375

01/15/30

72,192‌

240,000

UnitedHealth

Group,

Inc

2

.300

05/15/31

202,932‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,858,441‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0

.0

%

100,000

Church

&

Dwight

Co,

Inc

2

.300

12/15/31

82,473‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

82,473‌

INSURANCE

-

1

.5

%

62,000

g

Acrisure

LLC

4

.250

02/15/29

53,518‌

85,000

g

Alliant

Holdings

Intermediate

LLC

6

.750

04/15/28

84,298‌

25,000

g

AmWINS

Group,

Inc

4

.875

06/30/29

22,575‌

250,000

Aon

Corp

5

.350

02/28/33

251,821‌

175,000

Aon

plc

3

.500

06/14/24

171,183‌

75,000

Berkshire

Hathaway

Finance

Corp

2

.875

03/15/32

66,001‌

75,000

Berkshire

Hathaway

Finance

Corp

3

.850

03/15/52

62,000‌

100,000

CNA

Financial

Corp

3

.950

05/15/24

98,301‌

100,000

g

Equitable

Financial

Life

Global

Funding

1

.400

07/07/25

90,973‌

500,000

Hartford

Financial

Services

Group,

Inc

2

.800

08/19/29

430,427‌

100,000

Hartford

Financial

Services

Group,

Inc

4

.300

04/15/43

81,479‌

100,000

Hartford

Financial

Services

Group,

Inc

2

.900

09/15/51

64,900‌

100,000

g

Liberty

Mutual

Group,

Inc

3

.951

10/15/50

73,134‌

100,000

g

Liberty

Mutual

Group,

Inc

5

.500

06/15/52

94,178‌

250,000

MetLife,

Inc

3

.600

04/10/24

246,244‌

100,000

MetLife,

Inc

5

.000

07/15/52

93,902‌

115,000

e

MetLife,

Inc

3

.850

N/A‡

106,258‌

150,000

PartnerRe

Finance

B

LLC

4

.500

10/01/50

125,250‌

180,000

Prudential

Financial,

Inc

5

.200

03/15/44

177,871‌

300,000

Prudential

Financial,

Inc

5

.125

03/01/52

270,861‌

100,000

Reinsurance

Group

of

America,

Inc

3

.900

05/15/29

90,730‌

200,000

g

Swiss

Re

Finance

Luxembourg

SA

5

.000

04/02/49

191,000‌

TOTAL

INSURANCE

2,946,904‌

MATERIALS

-

1

.9

%

100,000

Albemarle

Corp

4

.650

06/01/27

97,383‌

113

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MATERIALS—continued

$

200,000

g

Alpek

SAB

de

C.V.

3

.250

%

02/25/31

$

161,620‌

200,000

Amcor

Flexibles

North

America,

Inc

2

.690

05/25/31

163,820‌

100,000

g

Anglo

American

Capital

plc

3

.875

03/16/29

90,875‌

200,000

g

Anglo

American

Capital

plc

2

.625

09/10/30

164,976‌

200,000

AngloGold

Ashanti

Holdings

plc

3

.750

10/01/30

171,673‌

38,000

Ball

Corp

2

.875

08/15/30

31,545‌

150,000

Bemis

Co,

Inc

2

.630

06/19/30

124,748‌

225,000

Berry

Global,

Inc

1

.570

01/15/26

202,890‌

150,000

Berry

Global,

Inc

1

.650

01/15/27

129,391‌

200,000

g

Celulosa

Arauco

y

Constitucion

S.A.

4

.250

04/30/29

180,949‌

200,000

g

Cemex

SAB

de

C.V.

5

.450

11/19/29

192,850‌

200,000

g

Corp

Nacional

del

Cobre

de

Chile

3

.150

01/14/30

177,113‌

200,000

g

FMG

Resources

August

2006

Pty

Ltd

5

.875

04/15/30

190,451‌

200,000

g

Freeport

Indonesia

PT

5

.315

04/14/32

188,617‌

35,000

g

Mauser

Packaging

Solutions

Holding

Co

7

.875

08/15/26

34,773‌

70,000

Newmont

Corp

2

.250

10/01/30

57,350‌

65,000

Newmont

Corp

2

.600

07/15/32

53,109‌

100,000

g

Nova

Chemicals

Corp

4

.875

06/01/24

97,698‌

100,000

Nutrien

Ltd

2

.950

05/13/30

86,806‌

200,000

g

OCP

S.A.

3

.750

06/23/31

165,176‌

200,000

g

Orbia

Advance

Corp

SAB

de

C.V.

1

.875

05/11/26

179,250‌

19,000

g

PolyOne

Corp

5

.750

05/15/25

18,769‌

200,000

g

POSCO

4

.500

08/04/27

193,825‌

50,000

g

SunCoke

Energy,

Inc

4

.875

06/30/29

41,993‌

200,000

e

Suzano

Austria

GmbH

3

.750

01/15/31

170,685‌

200,000

g

UltraTech

Cement

Ltd

2

.800

02/16/31

164,229‌

55,000

g,h

Windsor

Holdings

III

LLC

8

.500

06/15/30

54,743‌

100,000

e

WRKCo,

Inc

3

.000

06/15/33

81,322‌

TOTAL

MATERIALS

3,668,629‌

MEDIA

&

ENTERTAINMENT

-

2

.2

%

100,000

Activision

Blizzard,

Inc

1

.350

09/15/30

79,994‌

100,000

g

Arches

Buyer,

Inc

4

.250

06/01/28

87,019‌

200,000

g

Cable

Onda

S.A.

4

.500

01/30/30

169,986‌

100,000

g

CCO

Holdings

LLC

5

.125

05/01/27

93,124‌

100,000

e

Charter

Communications

Operating

LLC

4

.400

04/01/33

87,776‌

50,000

Charter

Communications

Operating

LLC

5

.125

07/01/49

39,336‌

600,000

Charter

Communications

Operating

LLC

4

.800

03/01/50

452,699‌

150,000

Comcast

Corp

4

.150

10/15/28

145,332‌

400,000

e

Comcast

Corp

1

.500

02/15/31

318,177‌

300,000

Comcast

Corp

3

.200

07/15/36

246,110‌

500,000

Comcast

Corp

2

.887

11/01/51

335,228‌

200,000

e,g

CSC

Holdings

LLC

11

.250

05/15/28

193,946‌

40,000

g

DIRECTV

Holdings

LLC

5

.875

08/15/27

36,225‌

250,000

GSK

Consumer

Healthcare

Capital

US

LLC

3

.375

03/24/27

233,946‌

250,000

GSK

Consumer

Healthcare

Capital

US

LLC

3

.625

03/24/32

224,110‌

15,000

Lamar

Media

Corp

3

.625

01/15/31

12,638‌

33,000

g

News

Corp

3

.875

05/15/29

28,968‌

100,000

S&P

Global,

Inc

4

.250

05/01/29

97,185‌

110,000

g

Sirius

XM

Radio,

Inc

4

.000

07/15/28

95,576‌

50,000

g

Sirius

XM

Radio,

Inc

4

.125

07/01/30

40,828‌

50,000

Time

Warner

Cable

LLC

5

.875

11/15/40

44,107‌

100,000

g

Venture

Global

Calcasieu

Pass

LLC

4

.125

08/15/31

85,997‌

300,000

g,i

Vitality

Re

XIV

Ltd

U.S.

Treasury

Bill

3

M

+

3.500%

8

.768

01/05/27

307,170‌

200,000

Warnermedia

Holdings,

Inc

3

.755

03/15/27

186,553‌

100,000

Warnermedia

Holdings,

Inc

4

.054

03/15/29

91,412‌

325,000

Warnermedia

Holdings,

Inc

5

.050

03/15/42

273,932‌

25,000

Warnermedia

Holdings,

Inc

5

.141

03/15/52

20,356‌

200,000

Weibo

Corp

3

.375

07/08/30

159,228‌

TOTAL

MEDIA

&

ENTERTAINMENT

4,186,958‌

Core

Bond

Fund

June

30,

2023

114

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1

.5

%

$

275,000

AbbVie,

Inc

4

.050

%

11/21/39

$

239,432‌

450,000

Amgen,

Inc

5

.250

03/02/33

450,574‌

350,000

Amgen,

Inc

5

.650

03/02/53

354,447‌

125,000

AstraZeneca

Finance

LLC

1

.200

05/28/26

112,793‌

250,000

AstraZeneca

plc

1

.375

08/06/30

201,150‌

30,000

g

Avantor

Funding,

Inc

4

.625

07/15/28

27,808‌

155,000

Bristol-Myers

Squibb

Co

2

.350

11/13/40

108,914‌

100,000

Bristol-Myers

Squibb

Co

2

.550

11/13/50

65,019‌

75,000

Danaher

Corp

2

.800

12/10/51

51,739‌

100,000

Merck

&

Co,

Inc

2

.750

12/10/51

68,973‌

200,000

g

Organon

Finance   LLC

5

.125

04/30/31

165,005‌

100,000

Pfizer

Investment

Enterprises

Pte

Ltd

4

.750

05/19/33

99,623‌

350,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.300

05/19/53

363,888‌

225,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.340

05/19/63

227,688‌

175,000

Takeda

Pharmaceutical

Co

Ltd

2

.050

03/31/30

145,434‌

150,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3

.150

10/01/26

134,407‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,816,894‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.0

%

28,000

Kennedy-Wilson,

Inc

4

.750

03/01/29

22,138‌

29,000

Kennedy-Wilson,

Inc

5

.000

03/01/31

21,704‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

43,842‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0

.6

%

18,000

g

Broadcom,

Inc

3

.187

11/15/36

13,603‌

465,000

g

Broadcom,

Inc

4

.926

05/15/37

420,827‌

115,000

NVIDIA

Corp

2

.000

06/15/31

96,314‌

100,000

NXP

BV

3

.875

06/18/26

96,055‌

100,000

NXP

BV

4

.400

06/01/27

96,669‌

100,000

NXP

BV

3

.400

05/01/30

88,477‌

125,000

NXP

BV

3

.125

02/15/42

87,446‌

250,000

Texas

Instruments,

Inc

5

.000

03/14/53

253,272‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,152,663‌

SOFTWARE

&

SERVICES

-

0

.6

%

105,000

Adobe,

Inc

2

.300

02/01/30

92,107‌

200,000

g

CA

Magnum

Holdings

5

.375

10/31/26

179,073‌

147,000

Microsoft

Corp

2

.525

06/01/50

101,687‌

90,000

g

NortonLifeLock,

Inc

6

.750

09/30/27

89,747‌

55,000

g

Open

Text

Corp

3

.875

12/01/29

45,972‌

15,000

g

Open

Text

Holdings,

Inc

4

.125

02/15/30

12,702‌

250,000

Oracle

Corp

4

.900

02/06/33

242,676‌

125,000

Oracle

Corp

5

.550

02/06/53

121,043‌

125,000

Roper

Technologies,

Inc

1

.400

09/15/27

107,760‌

75,000

Roper

Technologies,

Inc

2

.000

06/30/30

61,297‌

200,000

salesforce.com,

Inc

2

.700

07/15/41

146,941‌

TOTAL

SOFTWARE

&

SERVICES

1,201,005‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0

.5

%

165,000

Amphenol

Corp

2

.800

02/15/30

144,486‌

175,000

Apple,

Inc

2

.450

08/04/26

163,818‌

575,000

Apple,

Inc

2

.050

09/11/26

529,855‌

60,000

Apple,

Inc

2

.650

02/08/51

41,445‌

65,000

Dell

International

LLC

5

.300

10/01/29

64,526‌

80,000

g

Imola

Merger

Corp

4

.750

05/15/29

69,576‌

50,000

g

Sensata

Technologies

BV

4

.000

04/15/29

44,514‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,058,220‌

TELECOMMUNICATION

SERVICES

-

2

.3

%

200,000

America

Movil

SAB

de

C.V.

4

.700

07/21/32

192,880‌

564,000

AT&T,

Inc

2

.550

12/01/33

443,008‌

115

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

TELECOMMUNICATION

SERVICES—continued

$

150,000

AT&T,

Inc

4

.500

%

05/15/35

$

137,895‌

150,000

AT&T,

Inc

3

.500

06/01/41

115,153‌

730,000

AT&T,

Inc

3

.550

09/15/55

511,048‌

250,000

g

Bharti

Airtel

Ltd

3

.250

06/03/31

215,899‌

200,000

g

Empresa

Nacional

de

Telecomunicaciones

S.A.

3

.050

09/14/32

158,400‌

200,000

g

Millicom

International

Cellular

S.A.

4

.500

04/27/31

153,720‌

100,000

Telefonica

Emisiones

SAU

4

.895

03/06/48

83,461‌

20,000

T-Mobile

USA,

Inc

2

.250

02/15/26

18,377‌

455,000

T-Mobile

USA,

Inc

2

.625

02/15/29

395,180‌

225,000

T-Mobile

USA,

Inc

3

.875

04/15/30

207,285‌

575,000

T-Mobile

USA,

Inc

5

.050

07/15/33

564,592‌

100,000

T-Mobile

USA,

Inc

3

.000

02/15/41

73,111‌

125,000

T-Mobile

USA,

Inc

3

.300

02/15/51

87,686‌

75,000

Verizon

Communications,

Inc

1

.750

01/20/31

59,170‌

200,000

Verizon

Communications,

Inc

2

.550

03/21/31

166,987‌

575,000

Verizon

Communications,

Inc

2

.355

03/15/32

462,463‌

200,000

g

Vmed

O2

UK

Financing

I

plc

4

.750

07/15/31

166,300‌

110,000

Vodafone

Group

plc

4

.375

02/19/43

92,376‌

150,000

Vodafone

Group

plc

4

.250

09/17/50

120,266‌

TOTAL

TELECOMMUNICATION

SERVICES

4,425,257‌

TRANSPORTATION

-

0

.6

%

200,000

g

Aeropuerto

Internacional

de

Tocumen

S.A.

4

.000

08/11/41

160,123‌

65,000

Burlington

Northern

Santa

Fe

LLC

3

.050

02/15/51

46,046‌

275,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

230,681‌

100,000

CSX

Corp

3

.800

03/01/28

95,185‌

75,000

CSX

Corp

4

.250

03/15/29

72,601‌

225,000

g

Misc

Capital

Two

Labuan

Ltd

3

.625

04/06/25

216,271‌

50,000

Union

Pacific

Corp

2

.891

04/06/36

39,864‌

100,000

Union

Pacific

Corp

3

.839

03/20/60

79,546‌

160,000

g

XPO,

Inc

6

.250

06/01/28

157,316‌

TOTAL

TRANSPORTATION

1,097,633‌

UTILITIES

-

3

.5

%

100,000

AEP

Transmission

Co

LLC

3

.100

12/01/26

93,693‌

75,000

AEP

Transmission

Co

LLC

4

.000

12/01/46

62,864‌

100,000

AEP

Transmission

Co

LLC

2

.750

08/15/51

64,455‌

150,000

AEP

Transmission

Co

LLC

5

.400

03/15/53

154,154‌

650,000

Ameren

Illinois

Co

5

.900

12/01/52

707,826‌

100,000

American

Water

Capital

Corp

3

.000

12/01/26

92,656‌

250,000

American

Water

Capital

Corp

2

.800

05/01/30

218,522‌

60,000

American

Water

Capital

Corp

4

.000

12/01/46

48,403‌

50,000

American

Water

Capital

Corp

3

.750

09/01/47

39,563‌

100,000

American

Water

Capital

Corp

3

.450

05/01/50

74,504‌

100,000

Atmos

Energy

Corp

1

.500

01/15/31

78,570‌

125,000

Baltimore

Gas

&

Electric

Co

3

.750

08/15/47

97,598‌

200,000

g

Becle

SAB

de

C.V.

2

.500

10/14/31

161,370‌

50,000

Berkshire

Hathaway

Energy

Co

3

.250

04/15/28

46,019‌

200,000

Black

Hills

Corp

4

.250

11/30/23

198,604‌

100,000

Black

Hills

Corp

3

.150

01/15/27

92,662‌

100,000

CenterPoint

Energy

Houston

Electric

LLC

3

.000

03/01/32

86,480‌

100,000

Commonwealth

Edison

Co

2

.750

09/01/51

64,619‌

58,000

Consumers

Energy

Co

2

.650

08/15/52

37,164‌

60,000

Dominion

Energy,

Inc

2

.250

08/15/31

48,339‌

190,000

Dominion

Energy,

Inc

3

.300

04/15/41

141,070‌

125,000

DTE

Electric

Co

5

.400

04/01/53

129,007‌

405,000

Duke

Energy

Corp

3

.300

06/15/41

298,326‌

50,000

Duke

Energy

Progress

LLC

2

.500

08/15/50

31,029‌

100,000

Edison

International

5

.375

N/A‡

87,390‌

200,000

g

ENN

Energy

Holdings

Ltd

2

.625

09/17/30

167,135‌

195,000

Eversource

Energy

1

.650

08/15/30

154,616‌

Core

Bond

Fund

June

30,

2023

116

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

UTILITIES—continued

$

40,000

g

Ferrellgas

Escrow

LLC

5

.375

%

04/01/26

$

37,204‌

44,000

g

Ferrellgas

Escrow

LLC

5

.875

04/01/29

36,863‌

250,000

Florida

Power

&

Light

Co

4

.800

05/15/33

248,199‌

100,000

Florida

Power

&

Light

Co

3

.990

03/01/49

84,291‌

75,000

Indiana

Michigan

Power

Co

3

.750

07/01/47

58,574‌

200,000

g

Israel

Electric

Corp

Ltd

3

.750

02/22/32

170,600‌

125,000

Medtronic

Global

Holdings

S.C.A

4

.250

03/30/28

122,003‌

150,000

MidAmerican

Energy

Co

3

.650

04/15/29

139,299‌

95,000

MidAmerican

Energy

Co

3

.650

08/01/48

73,139‌

130,000

NextEra

Energy

Capital

Holdings,

Inc

2

.250

06/01/30

108,124‌

310,000

NiSource,

Inc

1

.700

02/15/31

242,380‌

85,000

g

NRG

Energy,

Inc

2

.450

12/02/27

71,630‌

50,000

NRG

Energy,

Inc

5

.750

01/15/28

47,383‌

65,000

g

NRG

Energy,

Inc

7

.000

03/15/33

65,539‌

100,000

NSTAR

Electric

Co

3

.950

04/01/30

94,376‌

100,000

Ohio

Power

Co

4

.150

04/01/48

81,752‌

100,000

Ohio

Power

Co

4

.000

06/01/49

80,954‌

50,000

ONE

Gas,

Inc

3

.610

02/01/24

49,282‌

12,000

g

Pattern

Energy

Operations

LP

4

.500

08/15/28

10,960‌

100,000

PECO

Energy

Co

3

.000

09/15/49

69,498‌

200,000

PECO

Energy

Co

2

.800

06/15/50

131,841‌

200,000

g

Perusahaan

Listrik

Negara

PT

3

.875

07/17/29

183,680‌

125,000

Public

Service

Co

of

Colorado

1

.875

06/15/31

99,675‌

125,000

Public

Service

Co

of

Colorado

3

.200

03/01/50

88,220‌

100,000

Public

Service

Electric

and

Gas

Co

4

.900

12/15/32

99,861‌

200,000

g

Saka

Energi

Indonesia

PT

4

.450

05/05/24

195,000‌

28,000

g

Superior

Plus

LP

4

.500

03/15/29

24,545‌

190,000

g

Talen

Energy

Supply

LLC

8

.625

06/01/30

196,650‌

75,000

Virginia

Electric

&

Power

Co

2

.950

11/15/26

69,479‌

50,000

Virginia

Electric

&

Power

Co

3

.500

03/15/27

47,319‌

250,000

Wisconsin

Power

and

Light

Co

4

.950

04/01/33

247,254‌

TOTAL

UTILITIES

6,752,212‌

TOTAL

CORPORATE

BONDS

75,298,171‌

(Cost

$83,825,254)

GOVERNMENT

BONDS

-

35

.8

%

FOREIGN

GOVERNMENT

BONDS

-

2

.8

%

200,000

g

Angolan

Government

International

Bond

8

.750

04/14/32

167,856‌

EUR

100,000

g

Banque

Ouest

Africaine

de

Developpement

2

.750

01/22/33

79,385‌

50,000

g

Bermuda

Government

International

Bond

4

.750

02/15/29

48,850‌

200,000

g

BNG

Bank

NV

2

.625

02/27/24

196,072‌

225,000

Brazilian

Government

International

Bond

6

.000

10/20/33

222,419‌

400,000

Colombia

Government

International

Bond

3

.250

04/22/32

295,624‌

200,000

g

Costa

Rica

Government

International

Bond

5

.625

04/30/43

171,464‌

200,000

g

Dominican

Republic

Government

International

Bond

4

.875

09/23/32

169,979‌

13,286

g

Ecuador

Government

International

Bond

0

.000

07/31/30

3,825‌

79,525

g

Ecuador

Government

International

Bond

(Step

Bond)

5

.000

07/31/30

38,238‌

56,442

g

Ecuador

Government

International

Bond

(Step

Bond)

1

.000

07/31/35

19,446‌

200,000

g

Egypt

Government

International

Bond

7

.053

01/15/32

112,968‌

100,000

European

Investment

Bank

4

.875

02/15/36

107,254‌

200,000

g

Export-Import

Bank

of

India

2

.250

01/13/31

161,513‌

200,000

g

Guatemala

Government

Bond

3

.700

10/07/33

161,001‌

285,000

g

Hong

Kong

Government

International

Bond

4

.625

01/11/33

294,159‌

200,000

g

Hungary

Government

International

Bond

6

.125

05/22/28

202,830‌

156,250

g

Iraq

Government

International

Bond

5

.800

01/15/28

143,359‌

200,000

Japan

Bank

for

International

Cooperation

2

.375

04/20/26

186,678‌

100,000

g

Japan

Finance

Organization

for

Municipalities

3

.000

03/12/24

98,163‌

300,000

g

Jordan

Government

International

Bond

4

.950

07/07/25

290,298‌

200,000

g

Korea

Electric

Power

Corp

1

.125

06/15/25

184,031‌

200,000

g

Korea

Hydro

&

Nuclear

Power

Co

Ltd

1

.250

04/27/26

177,498‌

117

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

FOREIGN

GOVERNMENT

BONDS—continued

$

200,000

Mexico

Government

International

Bond

5

.400

%

02/09/28

$

203,358‌

25,000

Mexico

Government

International

Bond

3

.250

04/16/30

22,247‌

32,000

Mexico

Government

International

Bond

6

.050

01/11/40

32,353‌

275,000

Mexico

Government

International

Bond

4

.280

08/14/41

226,233‌

160,000

Panama

Notas

del

Tesoro

3

.750

04/17/26

156,733‌

130,000

Peruvian

Government

International

Bond

3

.000

01/15/34

107,900‌

140,000

Poland

Government

International

Bond

5

.500

04/04/53

140,785‌

300,000

g

Republic

of

Uzbekistan

International

Bond

4

.750

02/20/24

296,640‌

275,000

g

Rwanda

International

Government

Bond

5

.500

08/09/31

206,551‌

500,000

g

Saudi

Government

International

Bond

3

.750

01/21/55

377,320‌

200,000

g

Serbia

International

Bond

2

.125

12/01/30

153,427‌

TOTAL

FOREIGN

GOVERNMENT

BONDS

5,456,457‌

MORTGAGE

BACKED

-

19

.0

%

1,599,967

g,i

Citigroup

Mortgage

Loan

Trust

0

.156

02/25/52

12,500‌

250,494

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

4

.500

11/01/37

245,690‌

51,131

i

FHLMC

LIBOR

1

M

+

5.920%

0

.727

03/15/44

4,265‌

159,398

FHLMC

3

.500

01/15/47

140,829‌

89,907

i

FHLMC

LIBOR

1

M

+

9.920%

1

.611

06/15/48

84,150‌

119,254

i

FHLMC

LIBOR

1

M

+

9.840%

1

.531

10/15/48

108,654‌

852,842

FHLMC

3

.000

11/01/49

760,705‌

226,812

FHLMC

2

.000

09/25/50

27,226‌

124,788

FHLMC

3

.000

10/25/50

88,472‌

467,200

FHLMC

2

.500

02/25/51

71,289‌

158,340

FHLMC

2

.500

05/25/51

100,276‌

224,435

FHLMC

3

.000

11/01/51

200,180‌

196,452

FHLMC

3

.000

11/01/51

174,663‌

35,570

FHLMC

3

.000

11/01/51

31,862‌

57,266

FHLMC

3

.000

11/01/51

51,077‌

221,622

FHLMC

2

.000

02/01/52

181,885‌

670,630

FHLMC

2

.500

02/01/52

573,310‌

330,816

FHLMC

2

.500

03/01/52

282,745‌

567,234

FHLMC

4

.000

04/01/52

532,743‌

413,049

FHLMC

4

.500

06/01/52

397,170‌

392,312

FHLMC

4

.500

07/01/52

377,248‌

62,237

FHLMC

4

.000

08/25/52

52,784‌

133,589

FHLMC

6

.000

11/01/52

135,020‌

71,292

FHLMC

5

.500

02/25/53

71,489‌

14,815

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

5

.000

06/01/36

14,938‌

4,668

FGLMC

5

.000

07/01/39

4,707‌

135,786

FGLMC

3

.500

04/01/45

126,543‌

377,380

FGLMC

3

.500

08/01/45

352,079‌

9,969

FGLMC

4

.500

06/01/47

9,869‌

236,428

FGLMC

4

.000

09/01/47

226,385‌

86,177

FGLMC

3

.500

12/01/47

79,829‌

77,513

FGLMC

4

.500

08/01/48

76,174‌

86,137

Federal

National

Mortgage

Association

(FNMA)

3

.500

06/01/32

82,794‌

114,390

FNMA

3

.000

10/01/32

107,668‌

65,064

FNMA

5

.000

05/01/35

65,528‌

6,132

FNMA

7

.500

07/01/35

6,112‌

74,228

FNMA

5

.000

02/01/36

74,758‌

519,999

FNMA

4

.000

11/01/37

501,887‌

74,384

FNMA

3

.000

10/01/39

67,894‌

58,007

FNMA

3

.000

05/01/40

52,792‌

112,719

FNMA

5

.000

09/01/40

113,526‌

513,490

FNMA

2

.000

03/01/42

434,568‌

56,917

FNMA

4

.000

09/01/42

54,560‌

71,064

i

FNMA

LIBOR

1

M

+

5.950%

0

.800

09/25/43

7,025‌

37,735

FNMA

4

.500

03/01/44

37,264‌

336,399

FNMA

4

.000

05/01/44

322,076‌

138,877

FNMA

4

.500

10/01/44

136,150‌

Core

Bond

Fund

June

30,

2023

118

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

260,572

FNMA

4

.500

%

11/01/44

$

255,436‌

61,331

FNMA

5

.000

11/01/44

61,769‌

21,727

FNMA

4

.000

01/01/45

20,826‌

297,308

FNMA

3

.500

01/01/46

276,500‌

17,111

FNMA

4

.000

04/01/46

16,361‌

120,028

FNMA

3

.500

07/01/46

111,627‌

299,996

FNMA

3

.500

07/01/46

280,532‌

52,450

FNMA

3

.000

10/01/46

46,375‌

6,353

FNMA

3

.000

11/01/47

5,618‌

141,391

FNMA

3

.500

11/01/47

131,840‌

179,410

FNMA

3

.500

01/01/48

165,858‌

79,476

FNMA

4

.500

01/01/48

78,011‌

75,868

FNMA

4

.500

02/01/48

74,470‌

43,538

FNMA

4

.500

05/01/48

42,711‌

59,969

FNMA

4

.500

05/01/48

58,850‌

84,616

FNMA

5

.000

08/01/48

84,252‌

242,117

FNMA

3

.000

07/01/50

215,961‌

162,837

FNMA

2

.000

08/25/50

22,378‌

170,283

FNMA

2

.000

10/25/50

114,951‌

491,062

FNMA

2

.500

11/25/50

69,868‌

88,860

FNMA

3

.000

02/25/51

16,001‌

1,383,155

FNMA

2

.000

04/01/51

1,132,493‌

156,718

FNMA

3

.000

09/01/51

139,404‌

208,446

FNMA

2

.500

11/25/51

26,063‌

450,487

FNMA

2

.000

12/01/51

369,359‌

154,569

FNMA

2

.000

01/01/52

127,477‌

369,703

FNMA

2

.000

02/01/52

303,355‌

467,134

FNMA

2

.500

02/01/52

399,254‌

90,421

FNMA

2

.500

02/01/52

77,187‌

335,338

FNMA

2

.500

02/01/52

286,674‌

282,431

FNMA

3

.500

02/01/52

259,547‌

330,035

FNMA

2

.000

03/01/52

270,469‌

590,219

FNMA

3

.000

04/01/52

522,578‌

27,548

FNMA

3

.500

04/01/52

25,109‌

434,116

FNMA

3

.500

05/01/52

395,679‌

965,331

FNMA

3

.500

05/01/52

879,852‌

542,307

FNMA

4

.000

05/01/52

509,218‌

165,810

FNMA

3

.500

06/01/52

151,435‌

873,060

FNMA

4

.000

06/01/52

819,788‌

202,257

FNMA

4

.500

06/01/52

194,491‌

1,626,399

FNMA

4

.000

07/01/52

1,527,158‌

2,097,496

FNMA

4

.000

07/01/52

1,968,859‌

182,669

FNMA

4

.500

07/01/52

175,671‌

113,299

FNMA

4

.500

07/01/52

108,940‌

777,792

FNMA

4

.500

07/01/52

747,931‌

167,654

FNMA

4

.500

07/25/52

154,113‌

1,655,168

FNMA

5

.000

08/01/52

1,623,523‌

104,203

FNMA

4

.500

08/25/52

91,023‌

825,823

FNMA

4

.000

09/01/52

775,090‌

2,008,077

FNMA

4

.500

09/01/52

1,930,933‌

76,504

FNMA

4

.000

09/25/52

64,238‌

93,045

FNMA

4

.000

09/25/52

83,498‌

3,901,196

FNMA

4

.000

10/01/52

3,661,938‌

260,425

FNMA

5

.000

10/01/52

255,301‌

77,570

FNMA

4

.500

10/25/52

74,283‌

82,741

FNMA

4

.500

10/25/52

79,576‌

549,497

FNMA

4

.500

11/01/52

528,359‌

119,285

FNMA

5

.500

11/25/52

119,820‌

414,214

FNMA

5

.500

02/01/53

412,235‌

425,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

2.400%

7

.467

02/25/42

420,408‌

530,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.500%

9

.567

06/25/42

557,152‌

119

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

205,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.000%

9

.067

%

07/25/42

$

211,422‌

3,637

Government

National

Mortgage

Association

(GNMA)

5

.000

03/15/34

3,623‌

18,620

GNMA

5

.000

06/15/34

18,572‌

1,813

GNMA

5

.000

04/15/38

1,818‌

145,826

GNMA

5

.000

01/20/40

28,752‌

3,364

GNMA

4

.500

04/15/40

3,300‌

62,365

GNMA

2

.500

12/20/43

55,164‌

64,021

GNMA

3

.000

03/20/45

56,163‌

86,791

GNMA

4

.000

06/20/46

11,104‌

139,372

i

GNMA

LIBOR

1

M

+

6.100%

0

.943

03/20/50

15,704‌

234,683

GNMA

3

.000

11/20/51

172,442‌

249,395

GNMA

3

.000

01/20/52

186,255‌

37,486

GNMA

2

.500

02/20/52

31,156‌

1,370,721

GNMA

3

.000

05/20/52

1,225,755‌

958,778

GNMA

3

.500

07/20/52

884,795‌

103,728

GNMA

4

.000

07/20/52

85,963‌

570,189

GNMA

4

.000

08/20/52

539,484‌

386,268

GNMA

4

.500

08/20/52

373,142‌

144,256

GNMA

4

.500

09/20/52

132,557‌

149,968

GNMA

4

.500

09/20/52

141,868‌

220,505

GNMA

5

.000

11/20/52

216,876‌

101,508

GNMA

4

.500

02/20/53

92,455‌

81,477

GNMA

5

.500

02/20/53

81,012‌

259,521

GNMA

1

.884

05/20/53

16,560‌

109,643

g,i

OBX

3

.000

01/25/52

88,957‌

TOTAL

MORTGAGE

BACKED

36,735,933‌

MUNICIPAL

BONDS

-

0

.4

%

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3

.264

09/01/25

191,322‌

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4

.038

09/01/34

184,270‌

170,000

New

York

State

Dormitory

Authority

4

.294

07/01/44

158,500‌

300,000

State

of

Oregon

Department

of

Administrative

Services

4

.103

05/01/39

267,170‌

TOTAL

MUNICIPAL

BONDS

801,262‌

U.S.

TREASURY

SECURITIES

-

13

.6

%

1,100,000

United

States

Treasury

Bond

3

.125

11/15/41

968,644‌

1,535,700

United

States

Treasury

Bond

3

.000

11/15/45

1,295,087‌

1,615,000

United

States

Treasury

Bond

2

.875

11/15/46

1,331,050‌

765,000

United

States

Treasury

Bond

3

.000

05/15/47

644,184‌

176,000

United

States

Treasury

Bond

3

.375

11/15/48

159,053‌

1,202,620

k

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

04/15/24

1,173,517‌

287,000

United

States

Treasury

Note

3

.625

05/15/26

280,004‌

65,000

United

States

Treasury

Note

0

.500

10/31/27

55,478‌

286,000

United

States

Treasury

Note

3

.500

04/30/28

277,912‌

125,000

United

States

Treasury

Note

3

.625

05/31/28

122,266‌

122,000

United

States

Treasury

Note

4

.000

06/30/28

121,333‌

255,000

United

States

Treasury

Note

1

.375

10/31/28

221,850‌

994,000

United

States

Treasury

Note

3

.500

04/30/30

965,112‌

2,286,000

United

States

Treasury

Note

3

.375

05/15/33

2,204,561‌

300,000

United

States

Treasury

Note

2

.250

05/15/41

231,047‌

500,000

United

States

Treasury

Note

2

.000

11/15/41

365,996‌

5,111,800

United

States

Treasury

Note

2

.375

02/15/42

3,979,816‌

200,000

United

States

Treasury

Note

4

.000

11/15/42

198,719‌

5,005,000

United

States

Treasury

Note

3

.875

02/15/43

4,879,875‌

500,000

e

United

States

Treasury

Note

3

.875

05/15/43

487,891‌

5,657,000

United

States

Treasury

Note

3

.625

02/15/53

5,428,952‌

Core

Bond

Fund

June

30,

2023

120

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

U.S.

TREASURY

SECURITIES—continued

$

1,000,000

United

States

Treasury

Note

3

.625

%

05/15/53

$

961,094‌

TOTAL

U.S.

TREASURY

SECURITIES

26,353,441‌

TOTAL

GOVERNMENT

BONDS

69,347,093‌

(Cost

$74,307,978)

STRUCTURED

ASSETS

-

19

.1

%

ASSET

BACKED

-

6

.4

%

250,000

g,i

AIMCO

CLO

16

Ltd

LIBOR

3

M

+

1.650%

6

.910

01/17/35

244,771‌

Series

-

2021

16A

(Class

B)

250,000

AmeriCredit

Automobile

Receivables

Trust

2

.130

03/18/26

236,757‌

Series

-

2020

2

(Class

D)

250,000

AmeriCredit

Automobile

Receivables

Trust

1

.490

09/18/26

231,247‌

Series

-

2020

3

(Class

D)

250,000

AmeriCredit

Automobile

Receivables

Trust

1

.210

12/18/26

228,071‌

Series

-

2021

1

(Class

D)

100,000

g

AMSR

Trust

3

.148

01/19/39

90,662‌

Series

-

2019

SFR1

(Class

C)

100,000

g

AMSR

Trust

3

.247

01/19/39

90,120‌

Series

-

2019

SFR1

(Class

D)

109,226

g

Apollo

aviation

securitization

2

.798

01/15/47

92,678‌

Series

-

2021

2A

(Class

A)

140,337

g

BRE

Grand

Islander

Timeshare

Issuer

LLC

3

.280

09/26/33

131,828‌

Series

-

2019

A

(Class

A)

93,633

g

Capital

Automotive

REIT

1

.440

08/15/51

80,861‌

Series

-

2021

1A

(Class

A1)

99,729

g

Capital

Automotive

REIT

1

.920

08/15/51

85,376‌

Series

-

2021

1A

(Class

A3)

1,250,000

CarMax

Auto

Owner

Trust

1

.280

07/15/27

1,142,086‌

Series

-

2021

1

(Class

D)

97,750

g

Cars

Net

Lease

Mortgage

Notes

Series

2

.010

12/15/50

82,497‌

Series

-

2020

1A

(Class

A1)

98,750

g

Cars

Net

Lease

Mortgage

Notes

Series

3

.100

12/15/50

83,672‌

Series

-

2020

1A

(Class

A3)

100,000

g

Cars

Net

Lease

Mortgage

Notes

Series

4

.690

12/15/50

85,333‌

Series

-

2020

1A

(Class

B1)

63,386

Carvana

Auto

Receivables

Trust

1

.720

09/11/28

60,817‌

Series

-

2021

N4

(Class

C)

345,000

g

Carvana

Auto

Receivables

Trust

4

.130

12/11/28

321,693‌

Series

-

2022

N1

(Class

D)

250,000

g,i

Cayuga

Park

CLO

Ltd

LIBOR

3

M

+

1.650%

1

.000

07/17/34

243,151‌

Series

-

2020

1A

(Class

B1R)

144,702

g,i

CBRE

Realty

Finance

LIBOR

3

M

+

0.300%

5

.200

04/07/52

362‌

Series

-

2007

1A

(Class

A2)

2,679

Centex

Home

Equity

5

.540

01/25/32

2,584‌

Series

-

2002

A

(Class

AF6)

449,726

g

CF

Hippolyta

LLC

1

.690

07/15/60

403,580‌

Series

-

2020

1

(Class

A1)

219,383

g

CF

Hippolyta

LLC

1

.990

07/15/60

183,235‌

Series

-

2020

1

(Class

A2)

89,945

g

CF

Hippolyta

LLC

2

.280

07/15/60

80,333‌

Series

-

2020

1

(Class

B1)

235,612

g

CF

Hippolyta

LLC

1

.530

03/15/61

204,125‌

Series

-

2021

1A

(Class

A1)

235,612

g

CF

Hippolyta

LLC

1

.980

03/15/61

199,374‌

Series

-

2021

1A

(Class

B1)

230,000

g

Cologix

Data

Centers

US

Issuer

LLC

3

.300

12/26/51

203,676‌

Series

-

2021

1A

(Class

A2)

120,313

g

DB

Master

Finance

LLC

4

.352

05/20/49

109,814‌

Series

-

2019

1A

(Class

A23)

121

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

197,000

g

DB

Master

Finance

LLC

2

.045

%

11/20/51

$

171,440‌

Series

-

2021

1A

(Class

A2I)

98,500

g

DB

Master

Finance

LLC

2

.493

11/20/51

83,273‌

Series

-

2021

1A

(Class

A2II)

40,704

g

Diamond

Resorts

Owner

Trust

2

.890

02/20/32

38,553‌

Series

-

2019

1A

(Class

A)

33,615

g

Diamond

Resorts

Owner

Trust

2

.050

11/21/33

30,511‌

Series

-

2021

1A

(Class

B)

327,250

g

Domino's

Pizza

Master

Issuer

LLC

4

.474

10/25/45

312,001‌

Series

-

2015

1A

(Class

A2II)

214,875

g

Domino's

Pizza

Master

Issuer

LLC

4

.116

07/25/48

203,495‌

Series

-

2018

1A

(Class

A2I)

147,000

g

Domino's

Pizza

Master

Issuer

LLC

2

.662

04/25/51

124,614‌

Series

-

2021

1A

(Class

A2I)

24,449

g,i

Ellington

Loan

Acquisition

Trust

LIBOR

1

M

+

1.100%

6

.250

05/25/37

24,152‌

Series

-

2007

2

(Class

A2C)

131,778

g

FNA

VI

LLC

1

.350

01/10/32

119,083‌

Series

-

2021

1A

(Class

A)

250,000

g,i

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

3.350%

8

.415

07/01/24

250,167‌

Series

-

2022

2A

(Class

B)

446,000

g,i

GRACIE

POINT

INTERNATIONAL

FUNDING

30

D

AVG

SOFR

+

2.750%

7

.782

04/01/24

446,260‌

Series

-

2022

1A

(Class

B)

67,554

g

HERO

Funding

Trust

3

.190

09/20/48

57,823‌

Series

-

2017

3A

(Class

A1)

67,554

g

HERO

Funding

Trust

3

.950

09/20/48

59,168‌

Series

-

2017

3A

(Class

A2)

150,000

g

Hertz

Vehicle

Financing

LLC

1

.560

12/26/25

140,257‌

Series

-

2021

1A

(Class

B)

76,789

g

Hilton

Grand

Vacations

Trust

2

.960

12/26/28

75,595‌

Series

-

2017

AA

(Class

B)

70,374

g

Hilton

Grand

Vacations

Trust

2

.340

07/25/33

65,599‌

Series

-

2019

AA

(Class

A)

3,994

i

Home

Equity

Asset

Trust

LIBOR

1

M

+

1.500%

3

.986

06/25/33

3,892‌

Series

-

2003

1

(Class

M1)

378,155

g

Horizon

Aircraft

Finance

II

Ltd

3

.721

07/15/39

322,939‌

Series

-

2019

1

(Class

A)

221,222

g

Horizon

Aircraft

Finance

III

Ltd

3

.425

11/15/39

174,765‌

Series

-

2019

2

(Class

A)

100,000

g

Hpefs

Equipment

Trust

4

.430

09/20/29

96,682‌

Series

-

2022

2A

(Class

C)

99,995

g,i

Invitation

Homes

Trust

LIBOR

1

M

+

1.250%

6

.396

01/17/38

99,476‌

Series

-

2018

SFR4

(Class

B)

250,000

g,i

La

Vie

Re

Ltd

LIBOR

3

M

+

2.850%

8

.000

10/06/23

242,500‌

Series

-

2020

A

(Class

A)

250,000

g,i

Madison

Park

Funding

LIX

Ltd

LIBOR

3

M

+

2.100%

7

.362

01/18/34

243,371‌

Series

-

2021

59A

(Class

C)

250,000

g,i

Massachusetts

St

LIBOR

3

M

+

1.650%

6

.910

01/15/35

243,935‌

Series

-

2021

3A

(Class

B)

91,503

g

MVW

LLC

1

.830

05/20/39

80,708‌

Series

-

2021

2A

(Class

B)

104,323

g

MVW

Owner

Trust

2

.420

12/20/34

103,682‌

Series

-

2017

1A

(Class

A)

73,765

g

MVW

Owner

Trust

3

.450

01/21/36

71,748‌

Series

-

2018

1A

(Class

A)

63,494

g

MVW

Owner

Trust

3

.000

11/20/36

59,914‌

Series

-

2019

1A

(Class

B)

32,034

g

Navient

Private

Education

Refi

Loan

Trust

1

.310

01/15/69

28,942‌

Series

-

2020

HA

(Class

A)

132,644

g

Navient

Student

Loan

Trust

3

.390

12/15/59

125,293‌

Series

-

2019

BA

(Class

A2A)

Core

Bond

Fund

June

30,

2023

122

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

250,000

g,i

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

30

D

AVG

SOFR

+

1.800%

6

.867

%

05/25/27

$

250,715‌

Series

-

2022

1

(Class

B)

250,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

LIBOR

3

M

+

1.060%

6

.320

04/16/33

247,750‌

Series

-

2021

40A

(Class

A)

250,000

g,i

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

LIBOR

3

M

+

1.400%

6

.660

04/16/33

243,728‌

Series

-

2021

40A

(Class

B)

235,118

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

1

.480

01/20/51

205,965‌

Series

-

2021

1A

(Class

A1)

97,288

g

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2

.380

11/20/51

84,491‌

Series

-

2021

2A

(Class

A1)

250,000

g,i

OHA

Credit

Funding

10

Ltd

LIBOR

3

M

+

1.650%

6

.912

01/18/36

245,410‌

Series

-

2021

10A

(Class

B)

150,000

g

OneMain

Financial

Issuance

Trust

1

.750

09/14/35

133,840‌

Series

-

2020

2A

(Class

A)

203,803

g

Oportun

Funding

XIV

LLC

1

.210

03/08/28

194,192‌

Series

-

2021

A

(Class

A)

233,336

g

Settlement

Fee

Finance

LLC

3

.840

11/01/49

227,670‌

Series

-

2019

1A

(Class

A)

32,522

g

Sierra

Timeshare

Receivables

Funding

LLC

3

.200

01/20/36

31,173‌

Series

-

2019

1A

(Class

A)

29,744

g

Sierra

Timeshare

Receivables

Funding

LLC

0

.990

11/20/37

27,550‌

Series

-

2021

1A

(Class

A)

29,744

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.340

11/20/37

27,380‌

Series

-

2021

1A

(Class

B)

29,744

g

Sierra

Timeshare

Receivables

Funding

LLC

1

.790

11/20/37

27,265‌

Series

-

2021

1A

(Class

C)

84,098

g

SoFi

Professional

Loan

Program

LLC

2

.840

01/25/41

80,627‌

Series

-

2017

F

(Class

A2FX)

175,000

g

Stack

Infrastructure

Issuer

LLC

1

.893

08/25/45

157,668‌

Series

-

2020

1A

(Class

A2)

250,000

g

Stack

Infrastructure

Issuer

LLC

1

.877

03/26/46

218,751‌

Series

-

2021

1A

(Class

A2)

4,557

i

Structured

Asset

Investment

Loan

Trust

LIBOR

1

M

+

0.900%

6

.050

09/25/34

4,478‌

Series

-

2004

8

(Class

M1)

94,000

g

Taco

Bell

Funding

LLC

4

.970

05/25/46

90,312‌

Series

-

2016

1A

(Class

A23)

128,050

g

Taco

Bell

Funding

LLC

1

.946

08/25/51

110,087‌

Series

-

2021

1A

(Class

A2I)

98,500

g

Taco

Bell

Funding

LLC

2

.294

08/25/51

80,869‌

Series

-

2021

1A

(Class

A2II)

250,000

g,i

TICP

CLO

VIII

Ltd

LIBOR

3

M

+

1.700%

6

.950

10/20/34

243,778‌

Series

-

2017

8A

(Class

A2R)

250,000

g,i

Ursa

Re

II

Ltd

U.S.

Treasury

Bill

3

M

+

3.940%

9

.208

12/07/23

248,225‌

Series

-

2020

A

(Class

AA)

284,200

g

Wendy's

Funding

LLC

2

.370

06/15/51

235,015‌

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

12,435,480‌

OTHER

MORTGAGE

BACKED

-

12

.7

%

110,356

g,i

Agate

Bay

Mortgage

Trust

3

.500

09/25/45

98,462‌

Series

-

2015

6

(Class

A9)

100,000

g,i

Angel

Oak

Mortgage

Trust

2

.837

11/25/66

67,266‌

Series

-

2021

8

(Class

A3)

500,000

g

BANK

2

.500

10/17/52

282,917‌

Series

-

2019

BN21

(Class

D)

90,155

g,i

Bayview

MSR

Opportunity

Master

Fund

Trust

3

.000

10/25/51

72,977‌

Series

-

2021

6

(Class

A19)

200,000

g

BBCMS

Trust

4

.197

08/10/35

177,628‌

Series

-

2015

SRCH

(Class

A2)

400,000

Benchmark

Mortgage

Trust

4

.267

03/15/52

357,277‌

Series

-

2019

B9

(Class

AS)

123

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

800,000

Benchmark

Mortgage

Trust

2

.224

%

08/15/54

$

635,363‌

Series

-

2021

B28

(Class

A5)

500,000

i

Benchmark

Mortgage

Trust

2

.244

08/15/54

354,289‌

Series

-

2021

B28

(Class

B)

500,000

Benchmark

Mortgage

Trust

2

.429

08/15/54

386,471‌

Series

-

2021

B28

(Class

AS)

250,000

g,i

CF

Mortgage

Trust

3

.603

04/15/52

225,789‌

Series

-

2020

P1

(Class

A2)

331,446

CFCRE

Commercial

Mortgage

Trust

3

.644

12/10/54

317,902‌

Series

-

2016

C7

(Class

ASB)

6,363

i

CHL

Mortgage

Pass-Through

Trust

3

.864

02/20/35

6,346‌

Series

-

2004

HYB9

(Class

1A1)

250,000

g,i

Citigroup

Commercial

Mortgage

Trust

3

.635

05/10/35

227,555‌

Series

-

2013

375P

(Class

B)

100,000

g,i

Citigroup

Commercial

Mortgage

Trust

4

.629

07/10/47

84,442‌

Series

-

2014

GC23

(Class

D)

276,000

Citigroup

Commercial

Mortgage

Trust

3

.199

08/10/56

216,503‌

Series

-

2019

GC41

(Class

B)

24,723

COMM

Mortgage

Trust

2

.853

10/15/45

23,098‌

Series

-

2012

CR4

(Class

A3)

996,097

g,i

COMM

Mortgage

Trust

3

.842

06/10/46

933,743‌

Series

-

2013

CR8

(Class

B)

500,000

COMM

Mortgage

Trust

4

.377

05/10/47

451,256‌

Series

-

2014

CR17

(Class

B)

500,000

g,i

COMM

Mortgage

Trust

4

.767

06/10/47

341,978‌

Series

-

2014

UBS3

(Class

D)

650,000

COMM

Mortgage

Trust

4

.080

08/10/47

624,198‌

Series

-

2014

CR19

(Class

AM)

300,000

i

COMM

Mortgage

Trust

3

.603

03/10/48

282,129‌

Series

-

2015

CR22

(Class

AM)

200,000

g,i

COMM

Mortgage

Trust

4

.204

03/10/48

159,306‌

Series

-

2015

CR22

(Class

D)

550,000

i

COMM

Mortgage

Trust

4

.183

05/10/48

510,507‌

Series

-

2015

CR23

(Class

B)

200,000

i

COMM

Mortgage

Trust

4

.443

05/10/48

173,406‌

Series

-

2015

CR23

(Class

C)

500,000

COMM

Mortgage

Trust

3

.696

08/10/48

474,561‌

Series

-

2015

CR24

(Class

A5)

250,000

COMM

Mortgage

Trust

3

.984

10/10/48

234,065‌

Series

-

2015

CR27

(Class

AM)

600,000

i

COMM

Mortgage

Trust

4

.158

10/10/48

563,296‌

Series

-

2015

LC23

(Class

AM)

100,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.500%

9

.567

01/25/42

100,593‌

Series

-

2022

R02

(Class

2B1)

310,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8

.167

03/25/42

313,418‌

Series

-

2022

R04

(Class

1M2)

280,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8

.567

03/25/42

286,091‌

Series

-

2022

R03

(Class

1M2)

105,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8

.067

04/25/42

104,716‌

Series

-

2022

R05

(Class

2M2)

460,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

8

.917

05/25/42

474,359‌

Series

-

2022

R06

(Class

1M2)

530,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9

.717

06/25/42

561,075‌

Series

-

2022

R07

(Class

1M2)

183,000

g,i

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8

.667

07/25/42

187,124‌

Series

-

2022

R08

(Class

1M2)

465,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

9

.817

09/25/42

490,533‌

Series

-

2022

R09

(Class

2M2)

270,000

g,i

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

8

.817

12/25/42

277,129‌

Series

-

2023

R01

(Class

1M2)

Core

Bond

Fund

June

30,

2023

124

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

108,029

g,i

Credit

Suisse

Mortgage

Capital

Certificates

2

.405

%

10/25/66

$

87,363‌

Series

-

2021

NQM8

(Class

A3)

200,000

DBJPM

Mortgage

Trust

2

.340

08/15/53

153,991‌

Series

-

2020

C9

(Class

AM)

86,653

g,i

Flagstar

Mortgage

Trust

4

.013

10/25/47

76,241‌

Series

-

2017

2

(Class

B3)

2,958

g,i

Flagstar

Mortgage

Trust

4

.000

09/25/48

2,733‌

Series

-

2018

5

(Class

A11)

173,726

g,i

Flagstar

Mortgage

Trust

2

.500

06/01/51

134,663‌

Series

-

2021

4

(Class

A21)

57,803

Freddie

Mac

REMICS

3

.000

09/25/50

40,951‌

Series

-

2021

5160

(Class

ZG)

75,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.500%

7

.567

01/25/42

72,680‌

Series

-

2022

DNA1

(Class

M2)

365,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

2.900%

7

.967

04/25/42

364,854‌

Series

-

2022

DNA3

(Class

M1B)

95,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

5.650%

8

.647

04/25/42

97,640‌

Series

-

2022

DNA3

(Class

B1)

120,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

4.350%

9

.417

04/25/42

123,788‌

Series

-

2022

DNA3

(Class

M2)

435,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.350%

8

.417

05/25/42

440,411‌

Series

-

2022

DNA4

(Class

M1B)

50,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.550%

8

.617

08/25/42

50,758‌

Series

-

2022

HQA3

(Class

M1B)

290,000

g,i

Freddie

Mac

STACR

REMIC

Trust

30

D

AVG

SOFR

+

3.700%

8

.767

09/25/42

299,390‌

Series

-

2022

DNA6

(Class

M1B)

25,000

g,i

Freddie

Mac

Structured

Agency

Credit

Risk

Debt

Notes

30

D

AVG

SOFR

+

4.750%

9

.817

02/25/42

24,943‌

Series

-

2022

DNA2

(Class

B1)

3,983

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

4

.000

11/25/49

3,702‌

Series

-

2019

PJ2

(Class

A4)

31,782

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

01/25/51

26,717‌

Series

-

2020

PJ4

(Class

A4)

105,744

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

03/27/51

88,041‌

Series

-

2020

PJ5

(Class

A4)

64,849

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

05/25/51

50,267‌

Series

-

2020

PJ6

(Class

A4)

1,760,773

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

0

.150

08/25/51

12,316‌

Series

-

2021

PJ3

(Class

AX1)

168,253

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

2

.500

10/25/51

130,630‌

Series

-

2021

PJ5

(Class

A4)

180,144

g,i

GS

Mortgage-Backed

Securities

Corp

Trust

3

.000

06/25/52

145,371‌

Series

-

2022

PJ2

(Class

A36)

78,718

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

07/25/51

61,018‌

Series

-

2021

PJ2

(Class

A4)

242,392

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

11/25/51

189,398‌

Series

-

2021

PJ6

(Class

A4)

321,104

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

248,902‌

Series

-

2021

PJ7

(Class

A4)

156,063

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

01/25/52

120,971‌

Series

-

2021

PJ8

(Class

A4)

95,328

g,i

GS

Mortgage-Backed

Securities

Trust

2

.713

01/25/52

70,289‌

Series

-

2021

PJ7

(Class

B2)

176,683

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

03/25/52

136,955‌

Series

-

2021

PJ10

(Class

A4)

133,096

g,i

GS

Mortgage-Backed

Securities

Trust

2

.500

05/01/52

113,523‌

Series

-

2022

PJ1

(Class

A8)

95,913

g,i

GS

Mortgage-Backed

Securities

Trust

2

.823

05/28/52

73,255‌

Series

-

2022

PJ1

(Class

B2)

111,812

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

07/25/52

90,508‌

Series

-

2022

INV1

(Class

A4)

125

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

202,218

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

%

08/26/52

$

163,688‌

Series

-

2022

GR2

(Class

A4)

174,772

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

09/25/52

141,471‌

Series

-

2022

HP1

(Class

A4)

132,010

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

10/25/52

106,528‌

Series

-

2022

PJ5

(Class

A36)

115,507

g,i

GS

Mortgage-Backed

Securities

Trust

3

.000

01/25/53

93,499‌

Series

-

2022

PJ6

(Class

A24)

147,067

g,i

GS

Mortgage-Backed

Securities

Trust

3

.500

02/25/53

124,539‌

Series

-

2023

PJ1

(Class

A24)

26,461

i

HarborView

Mortgage

Loan

Trust

LIBOR

1

M

+

0.620%

5

.777

08/19/45

24,284‌

Series

-

2005

11

(Class

2A1A)

400,000

g

Hudson

Yards

Mortgage

Trust

2

.835

08/10/38

359,741‌

Series

-

2016

10HY

(Class

A)

34,997

g,i

Imperial

Fund

Mortgage

Trust

2

.051

10/25/55

30,985‌

Series

-

2020

NQM1

(Class

A3)

45,905

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6

.191

12/25/44

43,613‌

Series

-

2015

1

(Class

B1)

8,257

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/46

7,307‌

Series

-

2016

1

(Class

A13)

21,134

g,i

JP

Morgan

Mortgage

Trust

3

.500

05/25/47

18,655‌

Series

-

2017

2

(Class

A13)

22,203

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/48

19,218‌

Series

-

2018

3

(Class

A13)

58,332

g,i

JP

Morgan

Mortgage

Trust

3

.500

10/25/48

50,156‌

Series

-

2018

5

(Class

A13)

44,855

g,i

JP

Morgan

Mortgage

Trust

3

.356

10/26/48

42,963‌

Series

-

2017

5

(Class

A2)

2,448

g,i

JP

Morgan

Mortgage

Trust

4

.000

01/25/49

2,252‌

Series

-

2018

8

(Class

A13)

2,160

g,i

JP

Morgan

Mortgage

Trust

4

.000

02/25/49

1,978‌

Series

-

2018

9

(Class

A13)

2,247

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

2,078‌

Series

-

2019

1

(Class

A3)

8,016

g,i

JP

Morgan

Mortgage

Trust

4

.000

05/25/49

7,378‌

Series

-

2019

1

(Class

A15)

16,965

g,i

JP

Morgan

Mortgage

Trust

LIBOR

1

M

+

0.950%

6

.088

10/25/49

16,405‌

Series

-

2019

INV1

(Class

A11)

97,420

g,i

JP

Morgan

Mortgage

Trust

3

.833

06/25/50

82,334‌

Series

-

2020

1

(Class

B2)

583,302

g,i

JP

Morgan

Mortgage

Trust

0

.143

07/25/51

3,962‌

Series

-

2021

3

(Class

AX1)

404,826

g,i

JP

Morgan

Mortgage

Trust

0

.132

08/25/51

2,551‌

Series

-

2021

4

(Class

AX1)

647,240

g,i

JP

Morgan

Mortgage

Trust

0

.137

10/25/51

4,198‌

Series

-

2021

6

(Class

AX1)

109,222

g,i

JP

Morgan

Mortgage

Trust

2

.500

10/25/51

84,799‌

Series

-

2021

6

(Class

A15)

70,533

g,i

JP

Morgan

Mortgage

Trust

2

.500

11/25/51

54,761‌

Series

-

2021

7

(Class

A15)

211,258

g,i

JP

Morgan

Mortgage

Trust

0

.400

12/25/51

4,586‌

Series

-

2021

INV2

(Class

AX4)

97,108

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

75,394‌

Series

-

2021

8

(Class

A15)

86,276

g,i

JP

Morgan

Mortgage

Trust

2

.500

12/25/51

66,877‌

Series

-

2021

10

(Class

A15)

146,858

g,i

JP

Morgan

Mortgage

Trust

2

.500

01/25/52

113,836‌

Series

-

2021

11

(Class

A15)

82,296

g,i

JP

Morgan

Mortgage

Trust

2

.500

02/25/52

63,791‌

Series

-

2021

12

(Class

A15)

Core

Bond

Fund

June

30,

2023

126

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

206,568

g,i

JP

Morgan

Mortgage

Trust

0

.500

%

04/25/52

$

5,541‌

Series

-

2021

INV6

(Class

A5X)

120,097

g,i

JP

Morgan

Mortgage

Trust

3

.347

04/25/52

96,165‌

Series

-

2021

INV6

(Class

B1)

72,058

g,i

JP

Morgan

Mortgage

Trust

3

.347

04/25/52

56,279‌

Series

-

2021

INV6

(Class

B2)

60,931

g,i

JP

Morgan

Mortgage

Trust

2

.500

05/25/52

47,230‌

Series

-

2021

14

(Class

A15)

51,335

g,i

JP

Morgan

Mortgage

Trust

2

.927

05/25/52

38,983‌

Series

-

2021

LTV2

(Class

A3)

218,833

g,i

JP

Morgan

Mortgage

Trust

2

.500

06/25/52

169,627‌

Series

-

2021

15

(Class

A15)

227,604

g,i

JP

Morgan

Mortgage

Trust

2

.500

07/25/52

176,426‌

Series

-

2022

1

(Class

A15)

324,350

g,i

JP

Morgan

Mortgage

Trust

3

.250

07/25/52

271,580‌

Series

-

2022

LTV1

(Class

A1)

228,386

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

184,870‌

Series

-

2022

2

(Class

A25)

349,797

g,i

JP

Morgan

Mortgage

Trust

3

.000

08/25/52

282,277‌

Series

-

2022

3

(Class

A25)

116,823

g,i

JP

Morgan

Mortgage

Trust

3

.000

09/25/52

94,944‌

Series

-

2022

INV3

(Class

A6)

356,985

g,i

JP

Morgan

Mortgage

Trust

3

.500

09/25/52

300,911‌

Series

-

2022

LTV2

(Class

A6)

185,451

g,i

JP

Morgan

Mortgage

Trust

3

.000

10/25/52

150,116‌

Series

-

2022

4

(Class

A17A)

116,009

g,i

JP

Morgan

Mortgage

Trust

3

.000

11/25/52

93,905‌

Series

-

2022

6

(Class

A17A)

123,211

g,i

JP

Morgan

Mortgage

Trust

3

.000

12/25/52

99,735‌

Series

-

2022

7

(Class

1A17)

95,247

g,i

JP

Morgan

Mortgage

Trust

5

.000

06/25/53

88,873‌

Series

-

2023

1

(Class

A15A)

95,247

g,i

JP

Morgan

Mortgage

Trust

5

.500

06/25/53

90,827‌

Series

-

2023

1

(Class

A15B)

500,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

3

.917

05/15/48

469,838‌

Series

-

2015

C29

(Class

AS)

400,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.118

05/15/48

365,104‌

Series

-

2015

C29

(Class

B)

500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4

.106

08/15/48

465,934‌

Series

-

2015

C31

(Class

AS)

450,000

i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.776

08/15/48

370,661‌

Series

-

2015

C31

(Class

B)

500,000

g,i

JPMBB

Commercial

Mortgage

Securities

Trust

4

.359

03/17/49

405,244‌

Series

-

2016

C1

(Class

D1)

115,000

i

JPMDB

Commercial

Mortgage

Securities

Trust

3

.858

03/15/50

94,395‌

Series

-

2017

C5

(Class

AS)

500,000

g,i

Manhattan

West

2

.413

09/10/39

422,908‌

Series

-

2020

1MW

(Class

B)

47,082

i

Merrill

Lynch

Mortgage

Investors

Trust

LIBOR

1

M

+

0.520%

2

.278

01/25/37

43,788‌

Series

-

2006

WMC1

(Class

A1B)

328,128

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4

.384

02/15/47

322,712‌

Series

-

2014

C14

(Class

AS)

125,151

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

08/25/51

97,010‌

Series

-

2021

5

(Class

A9)

106,156

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

82,286‌

Series

-

2021

6

(Class

A9)

131,835

g,i

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2

.500

09/25/51

113,141‌

Series

-

2021

6

(Class

A4)

500,000

g,i

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5

.915

07/15/36

470,924‌

Series

-

2019

MILE

(Class

A)

127

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

100,000

g,i

New

Residential

Mortgage

Loan

Trust

2

.986

%

09/25/59

$

79,298‌

Series

-

2019

NQM4

(Class

M1)

100,000

g,i

NLT

Trust

2

.569

08/25/56

65,130‌

Series

-

2021

INV2

(Class

M1)

214,054

g,i

OBX

Trust

2

.500

07/25/51

165,923‌

Series

-

2021

J2

(Class

A19)

184,940

g,i

OBX

Trust

4

.000

10/25/52

160,467‌

Series

-

2022

INV5

(Class

A13)

14,133

g,i

OBX

Trust

LIBOR

1

M

+

0.650%

5

.800

06/25/57

13,406‌

Series

-

2018

1

(Class

A2)

86,434

g,i

Oceanview

Mortgage

Trust

2

.500

05/25/51

67,106‌

Series

-

2021

1

(Class

A19)

227,217

g,i

RCKT

Mortgage

Trust

2

.500

02/25/52

176,913‌

Series

-

2022

2

(Class

A22)

93,432

g,i

RCKT

Mortgage

Trust

3

.500

06/25/52

78,538‌

Series

-

2022

4

(Class

A22)

9,670

g,i

Sequoia

Mortgage

Trust

3

.500

05/25/45

8,670‌

Series

-

2015

2

(Class

A1)

15,764

g,i

Sequoia

Mortgage

Trust

3

.500

02/25/47

13,954‌

Series

-

2017

2

(Class

A19)

28,938

g,i

Sequoia

Mortgage

Trust

3

.500

03/25/48

25,641‌

Series

-

2018

3

(Class

A1)

7,323

g,i

Sequoia

Mortgage

Trust

4

.000

06/25/49

6,708‌

Series

-

2019

2

(Class

A19)

34,566

g,i

Sequoia

Mortgage

Trust

3

.500

12/25/49

30,616‌

Series

-

2019

5

(Class

A19)

45,875

g,i

Sequoia

Mortgage

Trust

3

.000

04/25/50

38,119‌

Series

-

2020

3

(Class

A19)

87,150

g,i

Sequoia

Mortgage

Trust

2

.500

06/25/51

67,662‌

Series

-

2021

4

(Class

A19)

13,342

g,i

Shellpoint

Co-Originator

Trust

3

.500

04/25/47

11,781‌

Series

-

2017

1

(Class

A19)

1,573

g,i

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

3

.783

02/25/48

1,457‌

Series

-

2018

SPI1

(Class

M2)

2,721

g,i

STACR

3

.833

05/25/48

2,586‌

Series

-

2018

SPI2

(Class

M2)

100,000

g,i

Verus

Securitization

Trust

3

.207

11/25/59

87,285‌

Series

-

2019

4

(Class

M1)

29,173

g

Verus

Securitization

Trust

1

.733

05/25/65

26,399‌

Series

-

2020

5

(Class

A3)

116,316

g,i

Verus

Securitization

Trust

2

.240

10/25/66

94,947‌

Series

-

2021

7

(Class

A3)

295,000

g

Wells

Fargo

Commercial

Mortgage

Trust

3

.153

09/15/57

243,679‌

Series

-

2015

NXS3

(Class

D)

2,128

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

4

.000

04/25/49

1,992‌

Series

-

2019

2

(Class

A17)

13,546

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

09/25/49

11,882‌

Series

-

2019

4

(Class

A1)

86,784

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

07/25/50

72,476‌

Series

-

2020

4

(Class

A17)

198,260

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

2

.500

06/25/51

153,680‌

Series

-

2021

2

(Class

A17)

84,883

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

08/25/51

68,710‌

Series

-

2021

INV1

(Class

A17)

96,674

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.316

08/25/51

79,125‌

Series

-

2021

INV1

(Class

B1)

92,388

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.000

03/25/52

74,785‌

Series

-

2022

INV1

(Class

A18)

115,485

g,i

Wells

Fargo

Mortgage

Backed

Securities

Trust

3

.500

03/25/52

97,076‌

Series

-

2022

INV1

(Class

A17)

Core

Bond

Fund

June

30,

2023

128

See

Notes

to

Financial

Statements

Portfolios

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

208,458

g,i

Woodward

Capital

Management

3

.000

%

05/25/52

$

168,739‌

Series

-

2022

3

(Class

A21)

TOTAL

OTHER

MORTGAGE

BACKED

24,590,848‌

TOTAL

STRUCTURED

ASSETS

37,026,328‌

(Cost

$41,300,700)

SHARES

REFERENCERATE

&

SPREAD

PREFERRED

STOCKS

-

0.0%

FINANCIAL

SERVICES

-

0

.0

%

2,600

e

Morgan

Stanley

67,496‌

TOTAL

FINANCIAL

SERVICES

67,496‌

TOTAL

PREFERRED

STOCKS

67,496‌

(Cost

$65,000)

TOTAL

LONG-TERM

INVESTMENTS

189,426,483‌

(Cost

$207,281,759)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.0%

REPURCHASE

AGREEMENT

-

2

.0

%

$

3,775,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

3,775,000‌

TOTAL

REPURCHASE

AGREEMENT

3,775,000‌

TOTAL

SHORT-TERM

INVESTMENTS

3,775,000‌

(Cost

$3,775,000)

SHARES

EXP

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.7%

3,347,174

c

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.110

3,347,174‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

3,347,174‌

(Cost

$3,347,174)

TOTAL

INVESTMENTS

-

101.5%

196,548,657‌

(Cost

$214,403,933)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.5)%

(

2,848,694‌

)

NET

ASSETS

-

100.0%

$

193,699,963‌

AVG

Average

D

Day

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secure

Overnight

Financing

Rate

129

See

Notes

to

Financial

Statements

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

‡

Perpetual

security

c

Investments

made

with

cash

collateral

received

from

securities

on

loan.

e

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$3,268,453.

g

Security

is

exempt

from

registration

under

Rule

144(A)

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

h

All

or

a

portion

of

these

securities

were

purchased

on

a

delayed

delivery

basis.

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

k

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$3,775,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.250%

and

maturity

date

9/30/28,

valued

at

$3,850,579.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

Currency

Sold

Deliver

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

81,763

EUR

74,216

Citibank

N.A.

07/14/23

  $

696‌

EUR

Euro

Credit

Default

Swaps

-

Centrally

Cleared

PURCHASED

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX-NAHYS40V1-5

Year

Index

5.000%

Credit

event

as

specified

in

contract

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

$

1,000,000‌

$

29,458‌

$

21,675‌

$

7,783‌

*  

The

maximum

potential

amount

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

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

SOLD

Reference

Entity

Terms

of

Payments

to

be

Paid

Terms

of

Payments

to

be

Received

Counterparty

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Premiums

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

CDX-NAHYS40V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

$

2,000,000‌

$

(

58,917‌

)

$

(

28,175‌

)

$

(

30,742‌

)

CDX-NAHYS40V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

1,000,000‌

(

29,458‌

)

(

8,877‌

)

(

20,581‌

)

CDX-NAHYS40V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

3,000,000‌

(

88,374‌

)

(

21,252‌

)

(

67,122‌

)

CDX-NAHYS40V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

3,000,000‌

(

88,374‌

)

(

49,265‌

)

(

39,109‌

)

CDX-NAHYS40V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

1,000,000‌

(

29,458‌

)

(

10,771‌

)

(

18,687‌

)

CDX-NAHYS40V1-5

Year

Index

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

06/20/28

1,000,000‌

(

29,458‌

)

(

14,088‌

)

(

15,370‌

)

Total

$

(

324,039‌

)

$

(

132,428‌

)

$

(

191,611‌

)

*  

The

maximum

potential

amount

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

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

Money

Market

Fund

June

30,

2023

Portfolio

of

Investments

130

See

Notes

to

Financial

Statements

(Unaudited)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

105.5%

GOVERNMENT

AGENCY

DEBT

-

37

.0

%

$

125,000‌

Federal

Agricultural

Mortgage

Corp

(FAMC)

2

.060

%

07/12/23

$

124,892‌

750,000‌

Federal

Farm

Credit

Discount

Note

0

.000

10/16/23

739,077‌

2,500,000‌

Federal

Home

Loan

Bank

(FHLB)

0

.000

07/07/23

2,498,001‌

105,000‌

FHLB

0

.000

07/14/23

104,808‌

615,000‌

FHLB

0

.000

07/21/23

613,264‌

100,000‌

FHLB

0

.000

07/26/23

99,649‌

100,000‌

FHLB

0

.000

08/15/23

99,356‌

1,000,000‌

FHLB

0

.000

08/16/23

993,892‌

1,250,000‌

FHLB

0

.000

08/18/23

1,241,667‌

375,000‌

FHLB

0

.000

08/30/23

371,884‌

4,250,000‌

FHLB

0

.000

09/01/23

4,213,504‌

3,050,000‌

FHLB

0

.000

09/08/23

3,020,771‌

5,250,000‌

FHLB

0

.000

09/13/23

5,195,211‌

770,000‌

FHLB

0

.000

09/15/23

761,572‌

750,000‌

FHLB

0

.000

09/20/23

741,233‌

100,000‌

FHLB

0

.000

09/21/23

98,816‌

4,000,000‌

FHLB

0

.000

09/28/23

3,950,358‌

2,750,000‌

FHLB

0

.000

10/11/23

2,711,387‌

3,300,000‌

FHLB

0

.000

10/13/23

3,253,824‌

3,750,000‌

FHLB

0

.000

10/18/23

3,694,304‌

6,850,000‌

FHLB

0

.000

10/20/23

6,746,460‌

2,125,000‌

FHLB

0

.000

10/25/23

2,091,277‌

2,625,000‌

FHLB

0

.000

10/27/23

2,582,495‌

125,000‌

FHLB

0

.530

11/24/23

122,789‌

525,000‌

FHLB

0

.000

02/08/24

509,525‌

625,000‌

FHLB

0

.000

02/09/24

606,494‌

600,000‌

FHLB

0

.000

02/15/24

580,783‌

500,000‌

FHLB

0

.000

03/06/24

482,466‌

25,000‌

Federal

National

Mortgage

Association

(FNMA)

0

.250

07/10/23

24,972‌

1,655,000‌

Tennessee

Valley

Authority

(TVA)

0

.000

07/12/23

1,652,442‌

TOTAL

GOVERNMENT

AGENCY

DEBT

49,927,173‌

REPURCHASE

AGREEMENT

-

35

.1

%

47,463,000‌

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

07/03/23

47,463,000‌

TOTAL

REPURCHASE

AGREEMENT

47,463,000‌

TREASURY

DEBT

-

9

.8

%

2,425,000‌

United

States

Treasury

Bill

0

.000

07/06/23

2,423,296‌

1,250,000‌

United

States

Treasury

Bill

0

.000

07/20/23

1,246,603‌

2,500,000‌

United

States

Treasury

Bill

0

.000

08/03/23

2,488,393‌

2,375,000‌

United

States

Treasury

Bill

0

.000

08/08/23

2,362,158‌

1,050,000‌

United

States

Treasury

Bill

0

.000

08/22/23

1,042,219‌

2,500,000‌

United

States

Treasury

Bill

0

.000

08/29/23

2,480,182‌

1,150,000‌

United

States

Treasury

Bill

0

.000

09/28/23

1,135,255‌

TOTAL

TREASURY

DEBT

13,178,106‌

VARIABLE

RATE

SECURITIES

-

23

.6

%

290,000‌

i

Federal

Agricultural

Mortgage

Corp

(FAMC)

SOFR

+

0.060%

5

.120

09/15/23

290,000‌

225,000‌

i

FAMC

SOFR

+

0.100%

5

.160

02/12/24

225,028‌

250,000‌

i

Federal

Farm

Credit

Bank

(FFCB)

SOFR

+

0.035%

5

.095

07/12/23

250,000‌

1,825,000‌

i

FFCB

SOFR

+

0.018%

5

.078

07/13/23

1,824,993‌

650,000‌

i

FFCB

SOFR

+

0.040%

5

.100

08/17/23

650,000‌

450,000‌

i

FFCB

SOFR

+

0.030%

5

.090

08/28/23

450,000‌

325,000‌

i

FFCB

SOFR

+

0.050%

5

.110

09/15/23

325,000‌

100,000‌

i

FFCB

SOFR

+

0.040%

5

.100

09/20/23

100,000‌

150,000‌

i

FFCB

SOFR

+

0.025%

5

.085

09/27/23

150,000‌

200,000‌

i

FFCB

SOFR

+

0.045%

5

.105

10/16/23

200,000‌

150,000‌

i

FFCB

SOFR

+

0.025%

5

.085

10/27/23

150,000‌

131

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

VARIABLE

RATE

SECURITIES—continued

$

50,000‌

i

FFCB

SOFR

+

0.025%

5

.085

%

11/30/23

$

49,994‌

146,000‌

i

FFCB

SOFR

+

0.120%

5

.180

01/22/24

146,052‌

550,000‌

i

FFCB

SOFR

+

0.040%

5

.100

02/09/24

549,984‌

125,000‌

i

FFCB

SOFR

+

0.045%

5

.105

02/20/24

125,000‌

100,000‌

i

FFCB

SOFR

+

0.040%

5

.100

03/04/24

100,000‌

225,000‌

i

FFCB

SOFR

+

0.050%

5

.110

04/12/24

225,000‌

650,000‌

i

Federal

Home

Loan

Bank

(FHLB)

SOFR

+

0.060%

5

.120

07/03/23

650,000‌

1,170,000‌

i

FHLB

SOFR

+

0.085%

5

.145

07/03/23

1,170,000‌

2,000,000‌

i

FHLB

SOFR

+

0.050%

5

.110

08/01/23

2,000,000‌

1,250,000‌

i

FHLB

SOFR

+

0.060%

5

.120

08/01/23

1,250,000‌

500,000‌

i

FHLB

SOFR

+

0.030%

5

.090

08/11/23

500,000‌

500,000‌

i

FHLB

SOFR

+

0.090%

5

.150

08/15/23

500,000‌

1,400,000‌

i

FHLB

SOFR

+

0.050%

5

.110

08/29/23

1,400,000‌

1,400,000‌

i

FHLB

SOFR

+

0.060%

5

.120

09/05/23

1,400,000‌

1,500,000‌

i

FHLB

SOFR

+

0.025%

5

.085

09/11/23

1,500,000‌

1,500,000‌

i

FHLB

SOFR

+

0.030%

5

.090

09/20/23

1,500,000‌

2,000,000‌

i

FHLB

SOFR

+

0.030%

5

.090

09/25/23

2,000,000‌

1,000,000‌

i

FHLB

SOFR

+

0.030%

5

.090

09/25/23

1,000,000‌

750,000‌

i

FHLB

SOFR

+

0.040%

5

.100

09/26/23

750,000‌

2,750,000‌

i

FHLB

SOFR

+

0.020%

5

.080

10/03/23

2,750,000‌

1,250,000‌

i

FHLB

SOFR

+

0.025%

5

.085

10/03/23

1,250,000‌

1,250,000‌

i

FHLB

SOFR

+

0.025%

5

.085

10/27/23

1,250,000‌

500,000‌

i

FHLB

SOFR

+

0.025%

5

.085

11/01/23

500,000‌

2,000,000‌

i

FHLB

SOFR

+

0.040%

5

.100

11/17/23

2,000,000‌

535,000‌

i

FHLB

SOFR

+

0.080%

5

.140

11/29/23

535,000‌

800,000‌

i

FHLB

SOFR

+

0.090%

5

.150

12/05/23

800,000‌

375,000‌

i

FHLB

SOFR

+

0.070%

5

.130

12/14/23

374,944‌

1,050,000‌

i

United

States

Treasury

Floating

Rate

Note

US

Treasury

Bill

3

M

+

0.035%

5

.284

10/31/23

1,049,894‌

TOTAL

VARIABLE

RATE

SECURITIES

31,940,889‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$142,509,168)

142,509,168‌

TOTAL

INVESTMENTS

-

105.5%

142,509,168‌

(Cost

$142,509,168)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(5.5)%

(

7,466,423‌

)

NET

ASSETS

-

100.0%

$

135,042,745‌

M

Month

SOFR

Secure

Overnight

Financing

Rate

i

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$47,463,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

0.375%

and

maturity

date

7/31/27,

valued

at

$48,412,281.

Balanced

Fund

June

30,

2023

Portfolio

of

Investments

132

See

Notes

to

Financial

Statements

(Unaudited)

SHARES

DESCRIPTION

VALUE

TIAA-CREF

LIFE

FUNDS—99.9%a

FIXED

INCOME—49.3%

3,488,715

TIAA-CREF

Life

Core

Bond

Fund

$

31,851,965‌

TOTAL

FIXED

INCOME

31,851,965‌

INTERNATIONAL

EQUITY—10.1%

714,504

TIAA-CREF

Life

International

Equity

Fund

6,487,699‌

TOTAL

INTERNATIONAL

EQUITY

6,487,699‌

U.S.

EQUITY—40.5%

385,416

TIAA-CREF

Life

Growth

Equity

Fund

6,216,758‌

304,197

TIAA-CREF

Life

Growth

&

Income

Fund

6,561,535‌

313,748

TIAA-CREF

Life

Large-Cap

Value

Fund

5,540,796‌

100,221

TIAA-CREF

Life

Real

Estate

Securities

Fund

1,300,870‌

100,097

TIAA-CREF

Life

Small-Cap

Equity

Fund

1,300,264‌

141,407

TIAA-CREF

Life

Stock

Index

Fund

5,234,904‌

TOTAL

U.S.

EQUITY

26,155,127‌

TOTAL

TIAA-CREF

LIFE

FUNDS

64,494,791‌

(Cost

$56,836,450)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS—0.1%

REPURCHASE

AGREEMENT—0.1%

$60,000

r

Fixed

Income

Clearing

Corp

(FICC)

5

.050

%

07/03/23

60,000‌

TOTAL

REPURCHASE

AGREEMENT

60,000‌

TOTAL

SHORT-TERM

INVESTMENTS

60,000‌

(Cost

$60,000)

TOTAL

INVESTMENTS—100.0%

64,554,791‌

(Cost

$56,896,450)

OTHER

ASSETS

&

LIABILITIES,

NET—0.0%

2,454‌

NET

ASSETS—100.0%

$

64,557,245‌

a

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Life

Funds.

r

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.050%

dated

6/30/23

to

be

repurchased

at

$60,000

on

7/3/23,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.625%

and

maturity

date

5/31/27,

valued

at

$61,207.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

133

June

30,

2023

(Unaudited)

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

ASSETS

Long-term

investments,

at

value

*†

$

143,616,317‌

$

176,993,982‌

$

76,196,987‌

$

67,711,108‌

Affiliated

investments,

at

value

‡

–‌

–‌

–‌

–‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

–‌

–‌

Short-term

investments,

at

value

#

5,300,000‌

–‌

1,935,000‌

415,000‌

Cash

4,200‌

–‌

3,591‌

27‌

Cash

-

foreign

^

–‌

–‌

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

futures

contracts

–‌

–‌

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

mortgage

dollar

rolls

–‌

–‌

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

swaps

contracts

–‌

–‌

–‌

–‌

Due

from

affiliates

163‌

2,693‌

4,929‌

4,329‌

Receivables:

Dividends

and

interest

19,685‌

66,567‌

51,181‌

252,214‌

Fund

shares

sold

504‌

240‌

35‌

146,086‌

Investments

sold

92,067‌

2,253,469‌

–‌

–‌

Variation

margin

on

open

centrally

cleared

swap

contracts

–‌

–‌

–‌

–‌

Variation

margin

on

open

futures

contracts

–‌

–‌

–‌

–‌

Unrealized

appreciation

on

forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

Other

10,636‌

15,621‌

9,353‌

9,894‌

Total

assets

149,043,572‌

179,332,572‌

78,201,076‌

68,538,658‌

LIABILITIES

Management

fees

payable

53,278‌

64,117‌

28,253‌

27,659‌

Due

to

affiliates

980‌

1,010‌

986‌

991‌

Swap

premiums

received

–‌

–‌

–‌

–‌

Overdraft

payable

–‌

1,523,464‌

–‌

–‌

Payables:

Collateral

for

securities

loaned

–‌

–‌

–‌

–‌

Fund

shares

redeemed

380,044‌

631,243‌

582,497‌

622,019‌

Investments

purchased

-

regular

settlement

1,818,503‌

34‌

–‌

–‌

Investments

purchased

-

delayed

delivery

–‌

–‌

–‌

–‌

Trustee

compensation

5,188‌

8,422‌

5,655‌

6,655‌

Variation

margin

on

open

centrally

cleared

swap

contracts

–‌

–‌

–‌

–‌

Accrued

expenses

and

other

payables

18,697‌

23,158‌

17,008‌

15,709‌

Total

liabilities

2,276,690‌

2,251,448‌

634,399‌

673,033‌

Net

assets

$

146,766,882‌

$

177,081,124‌

$

77,566,677‌

$

67,865,625‌

NET

ASSETS

CONSIST

OF:

Paid-in-capital

$

94,204,652‌

$

83,236,554‌

$

47,073,310‌

$

45,965,389‌

Total

distributable

earnings

(loss)

52,562,230‌

93,844,570‌

30,493,367‌

21,900,236‌

Net

assets

$

146,766,882‌

$

177,081,124‌

$

77,566,677‌

$

67,865,625‌

Shares

outstanding

9,096,364

8,210,559

4,392,755

5,227,745

Net

asset

value

per

share

$16.13

$21.57

$17.66

$12.98

*

Includes

securities

loaned

of

$

–‌

$

–‌

$

–‌

$

–‌

†

Long-term

investments,

cost

$

84,619,060‌

$

125,615,603‌

$

51,913,351‌

$

46,837,974‌

‡

Affiliated

investments,

cost

$

–‌

$

–‌

$

–‌

$

–‌

#

Short-term

investments,

cost

$

5,300,000‌

$

–‌

$

1,935,000‌

$

415,000‌

^

Foreign

cash,

cost

$

–‌

$

–‌

$

–‌

$

–‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

See

Notes

to

Financial

Statements

134

22.5

Small-Cap

Equity

Fund

22.6

Social

Choice

Equity

Fund

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

$

60,614,111‌

$

84,342,888‌

$

727,189,252‌

$

132,886,757‌

$

189,426,483‌

$

–‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

64,494,791‌

239,326‌

169,697‌

1,679,637‌

–‌

3,347,174‌

–‌

–‌

2,035,000‌

580,000‌

5,510,000‌

1,780,000‌

3,775,000‌

142,509,168‌

60,000‌

229‌

3,593‌

5,681‌

1,958‌

–‌

457‌

3,896‌

–‌

–‌

–‌

71,801‌

–‌

–‌

–‌

294‌

–‌

9,257‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

1,960,000‌

–‌

–‌

–‌

–‌

–‌

–‌

14,576‌

–‌

–‌

5,769‌

4,779‌

–‌

840‌

10,419‌

5,255‌

5,928‌

56,836‌

58,205‌

502,882‌

461,052‌

1,480,760‌

200,706‌

9‌

148,224‌

–‌

107,573‌

178,716‌

610,274‌

–‌

4,477‌

507,730‌

35,515‌

5,350‌

–‌

660,531‌

–‌

610,661‌

–‌

–‌

–‌

–‌

1,677‌

–‌

–‌

5,320‌

5,250‌

60,375‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

696‌

–‌

–‌

4,173‌

3,834‌

23,216‌

13,310‌

12,198‌

–‌

1,797‌

63,617,012‌

85,203,761‌

735,093,223‌

135,394,434‌

201,299,788‌

142,715,586‌

65,181,559‌

22,725‌

10,226‌

35,323‌

55,133‌

47,760‌

11,183‌

5,265‌

978‌

979‌

1,298‌

997‌

1,043‌

995‌

968‌

–‌

–‌

–‌

–‌

110,753‌

–‌

–‌

–‌

–‌

–‌

–‌

18,429‌

–‌

–‌

239,326‌

169,697‌

1,679,637‌

–‌

3,347,174‌

–‌

–‌

116,790‌

168,314‌

689,557‌

97,809‌

101,123‌

5,155,906‌

1,063‌

581,288‌

–‌

–‌

–‌

131,604‌

2,480,182‌

609,576‌

–‌

–‌

–‌

–‌

3,759,067‌

–‌

–‌

4,248‌

3,941‌

24,067‌

7,940‌

12,436‌

129‌

1,860‌

–‌

–‌

–‌

–‌

18,682‌

–‌

–‌

15,668‌

25,359‌

41,319‌

22,705‌

51,754‌

24,446‌

5,582‌

981,023‌

378,516‌

2,471,201‌

184,584‌

7,599,825‌

7,672,841‌

624,314‌

$

62,635,989‌

$

84,825,245‌

$

732,622,022‌

$

135,209,850‌

$

193,699,963‌

$

135,042,745‌

$

64,557,245‌

$

52,051,631‌

$

47,318,155‌

$

229,709,928‌

$

119,068,759‌

$

214,935,616‌

$

135,040,313‌

$

56,090,129‌

10,584,358‌

37,507,090‌

502,912,094‌

16,141,091‌

(21,235,653‌)

2,432‌

8,467,116‌

$

62,635,989‌

$

84,825,245‌

$

732,622,022‌

$

135,209,850‌

$

193,699,963‌

$

135,042,745‌

$

64,557,245‌

4,821,664

4,718,269

19,791,298

14,898,812

21,226,229

135,024,257

5,352,274

$12.99

$17.98

$37.02

$9.08

$9.13

$1.00

$12.06

$

230,242‌

$

171,981‌

$

2,292,563‌

$

–‌

$

3,268,453‌

$

–‌

$

–‌

$

51,271,508‌

$

52,170,608‌

$

244,672,586‌

$

111,668,557‌

$

207,281,759‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

56,836,450‌

$

2,035,000‌

$

580,000‌

$

5,510,000‌

$

1,780,000‌

$

3,775,000‌

$

142,509,168‌

$

60,000‌

$

–‌

$

–‌

$

–‌

$

71,534‌

$

–‌

$

–‌

$

–‌

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

$

0.0001‌

Statement

of

Operations

See

Notes

to

Financial

Statements

135

Six

Months

Ended

June

30,

2023

(Unaudited)

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

INVESTMENT

INCOME

Dividends

from

unaffiliated

investments

$

535,822‌

$

1,171,940‌

$

806,844‌

$

1,289,608‌

$

406,191‌

Dividends

from

affiliated

investments

–‌

–‌

–‌

–‌

–‌

Interest

59,330‌

18,505‌

15,358‌

14,393‌

25,529‌

Securities

lending

income,

net

–‌

24‌

–‌

–‌

899‌

Other

income

11,458‌

15,070‌

7,341‌

6,430‌

–‌

Tax

withheld

(

10,670‌

)

–‌

(

1,085‌

)

–‌

(

817‌

)

Total

investment

income

595,940‌

1,205,539‌

828,458‌

1,310,431‌

431,802‌

EXPENSES

Management

fees

291,244‌

358,359‌

171,328‌

174,611‌

134,697‌

Shareholder

servicing

agent

fees

1,061‌

1,267‌

928‌

906‌

775‌

Administrative

service

fees

4,660‌

4,734‌

4,591‌

4,546‌

4,550‌

Trustees

fees

1,210‌

1,495‌

734‌

662‌

573‌

Custodian

fees

14,206‌

5,880‌

15,381‌

7,486‌

13,454‌

Overdraft

expense

170‌

430‌

365‌

277‌

370‌

Professional

fees

15,259‌

15,713‌

15,126‌

15,677‌

13,704‌

Shareholder

reporting

expenses

551‌

25,757‌

5,156‌

5,141‌

4,742‌

Other

8,550‌

8,827‌

6,176‌

10,806‌

8,650‌

Total

expenses

336,911‌

422,462‌

219,785‌

220,112‌

181,515‌

Expenses

reimbursed

by

the

investment

adviser

(

163‌

)

(

12,104‌

)

(

21,410‌

)

(

20,749‌

)

(

25,924‌

)

Net

expenses

336,748‌

410,358‌

198,375‌

199,363‌

155,591‌

Net

investment

income

(loss)

259,192‌

795,181‌

630,083‌

1,111,068‌

276,211‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Portfolio

investments

(

351,145‌

)

4,856,841‌

4,172,916‌

(

1,415,291‌

)

(

810,867‌

)

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

90,145‌

Forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

–‌

Swap

contracts

–‌

–‌

–‌

–‌

–‌

Foreign

currency

transactions

1,555‌

–‌

(

25‌

)

–‌

–‌

Net

realized

gain

(loss)

(

349,590‌

)

4,856,841‌

4,172,891‌

(

1,415,291‌

)

(

720,722‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Portfolio

investments

35,967,619‌

28,059,890‌

(

43,062‌

)

2,718,738‌

5,605,266‌

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

57,842‌

Forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

–‌

Swap

contracts

–‌

–‌

–‌

–‌

–‌

Translation

of

assets

(other

than

portfolio

investments)

and

liabilities

denominated

in

foreign

currencies

34‌

199‌

38‌

–‌

–‌

Net

change

in

unrealized

appreciation

(depreciation)

35,967,653‌

28,060,089‌

(

43,024‌

)

2,718,738‌

5,663,108‌

Net

realized

and

unrealized

gain

(loss)

35,618,063‌

32,916,930‌

4,129,867‌

1,303,447‌

4,942,386‌

Net

increase

(decrease)

in

net

assets

from

operations

$

35,877,255‌

$

33,712,111‌

$

4,759,950‌

$

2,414,515‌

$

5,218,597‌

See

Notes

to

Financial

Statements

136

22.6

Social

Choice

Equity

Fund

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

$

706,278‌

$

5,747,983‌

$

2,814,972‌

$

2,112‌

$

–‌

$

–‌

–‌

–‌

–‌

–‌

–‌

908‌

18,113‌

106,017‌

59,463‌

4,085,672‌

3,090,744‌

–‌

12,370‌

71,883‌

14,325‌

10,566‌

–‌

–‌

–‌

–‌

13,972‌

–‌

–‌

–‌

–‌

(

707‌

)

(

318,973‌

)

–‌

–‌

–‌

736,761‌

5,925,176‌

2,583,759‌

4,098,350‌

3,090,744‌

908‌

60,053‌

205,025‌

323,959‌

289,859‌

64,349‌

31,608‌

1,030‌

2,862‌

1,086‌

1,204‌

899‌

878‌

4,588‌

5,972‌

4,743‌

4,845‌

4,719‌

5,099‌

716‌

6,525‌

1,243‌

1,897‌

1,209‌

573‌

11,191‌

13,424‌

22,409‌

51,757‌

26,997‌

3,715‌

–‌

–‌

–‌

606‌

–‌

1,454‌

11,782‌

25,454‌

18,855‌

26,175‌

12,046‌

7,653‌

5,000‌

11,747‌

6,134‌

7,322‌

6,969‌

5,952‌

18,026‌

12,964‌

11,244‌

11,106‌

5,905‌

7,450‌

112,386‌

283,973‌

389,673‌

394,771‌

123,093‌

64,382‌

(

24,280‌

)

–‌

(

892‌

)

(

55,427‌

)

(

26,323‌

)

(

31,291‌

)

88,106‌

283,973‌

388,781‌

339,344‌

96,770‌

33,091‌

648,655‌

5,641,203‌

2,194,978‌

3,759,006‌

2,993,974‌

(

32,183‌

)

1,772,754‌

6,203,757‌

(

3,023,084‌

)

(

2,309,847‌

)

1,788‌

–‌

–‌

–‌

–‌

–‌

–‌

(

15,141‌

)

8,348‌

365,871‌

–‌

(

1,107‌

)

–‌

–‌

–‌

–‌

–‌

(

7‌

)

–‌

–‌

–‌

–‌

–‌

(

93,415‌

)

–‌

–‌

–‌

–‌

(

11,960‌

)

(

89‌

)

–‌

–‌

1,781,102‌

6,569,628‌

(

3,035,044‌

)

(

2,404,465‌

)

1,788‌

(

15,141‌

)

7,047,172‌

90,917,965‌

15,287,776‌

3,826,668‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

5,827,262‌

44,351‌

298,404‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

696‌

–‌

–‌

–‌

–‌

–‌

(

183,828‌

)

–‌

–‌

–‌

–‌

6,441‌

(

45‌

)

–‌

–‌

7,091,523‌

91,216,369‌

15,294,217‌

3,643,491‌

–‌

5,827,262‌

8,872,625‌

97,785,997‌

12,259,173‌

1,239,026‌

1,788‌

5,812,121‌

$

9,521,280‌

$

103,427,200‌

$

14,454,151‌

$

4,998,032‌

$

2,995,762‌

$

5,779,938‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

137

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

259,192‌

$

368,762‌

$

795,181‌

$

1,821,882‌

Net

realized

gain

(loss)

(349,590‌)

(5,610,376‌)

4,856,841‌

36,337,909‌

Net

change

in

unrealized

appreciation

(depreciation)

35,967,653‌

(52,508,367‌)

28,060,089‌

(83,736,637‌)

Net

increase

(decrease)

in

net

assets

from

operations

35,877,255‌

(57,749,981‌)

33,712,111‌

(45,576,846‌)

Distributions

to

shareholders

–‌

(14,545,536‌)

–‌

(20,074,112‌)

Total

distributions

–‌

(14,545,536‌)

–‌

(20,074,112‌)

SHAREHOLDER

TRANSACTIONS

Subscriptions

8,026,931‌

13,497,330‌

6,290,938‌

8,801,985‌

Reinvestments

of

distributions

–‌

14,545,536‌

–‌

20,072,458‌

Redemptions

(11,506,330‌)

(18,444,433‌)

(10,802,626‌)

(25,992,130‌)

Net

increase

(decrease)

from

shareholder

transactions

(3,479,399‌)

9,598,433‌

(4,511,688‌)

2,882,313‌

Net

increase

(decrease)

in

net

assets

32,397,856‌

(62,697,084‌)

29,200,423‌

(62,768,645‌)

NET

ASSETS

Beginning

of

period

114,369,026‌

177,066,110‌

147,880,701‌

210,649,346‌

End

of

period

$

146,766,882‌

$

114,369,026‌

$

177,081,124‌

$

147,880,701‌

See

Notes

to

Financial

Statements

138

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

22.6

Social

Choice

Equity

Fund

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

$

630,083‌

$

1,268,619‌

$

1,111,068‌

$

1,782,031‌

$

276,211‌

$

482,076‌

$

648,655‌

$

1,148,422‌

4,172,891‌

1,354,181‌

(1,415,291‌)

127,005‌

(720,722‌)

1,367,274‌

1,781,102‌

1,876,807‌

(43,024‌)

(9,308,478‌)

2,718,738‌

(32,413,933‌)

5,663,108‌

(13,169,501‌)

7,091,523‌

(20,876,963‌)

4,759,950‌

(6,685,678‌)

2,414,515‌

(30,504,897‌)

5,218,597‌

(11,320,151‌)

9,521,280‌

(17,851,734‌)

–‌

(4,324,001‌)

–‌

(8,606,411‌)

–‌

(10,453,350‌)

–‌

(10,671,504‌)

–‌

(4,324,001‌)

–‌

(8,606,411‌)

–‌

(10,453,350‌)

–‌

(10,671,504‌)

4,895,799‌

13,504,373‌

3,204,355‌

11,971,425‌

5,067,237‌

4,497,527‌

2,564,170‌

4,840,920‌

–‌

4,323,403‌

–‌

8,605,728‌

–‌

10,453,350‌

–‌

10,669,929‌

(9,604,766‌)

(21,091,640‌)

(8,876,159‌)

(18,511,394‌)

(5,316,590‌)

(10,474,872‌)

(4,297,784‌)

(12,080,172‌)

(4,708,967‌)

(3,263,864‌)

(5,671,804‌)

2,065,759‌

(249,353‌)

4,476,005‌

(1,733,614‌)

3,430,677‌

50,983‌

(14,273,543‌)

(3,257,289‌)

(37,045,549‌)

4,969,244‌

(17,297,496‌)

7,787,666‌

(25,092,561‌)

77,515,694‌

91,789,237‌

71,122,914‌

108,168,463‌

57,666,745‌

74,964,241‌

77,037,579‌

102,130,140‌

$

77,566,677‌

$

77,515,694‌

$

67,865,625‌

$

71,122,914‌

$

62,635,989‌

$

57,666,745‌

$

84,825,245‌

$

77,037,579‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

139

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

5,641,203‌

$

10,453,671‌

$

2,194,978‌

$

3,045,092‌

Net

realized

gain

(loss)

6,569,628‌

7,097,834‌

(3,035,044‌)

(895,148‌)

Net

change

in

unrealized

appreciation

(depreciation)

91,216,369‌

(175,936,951‌)

15,294,217‌

(26,121,984‌)

Net

increase

(decrease)

in

net

assets

from

operations

103,427,200‌

(158,385,446‌)

14,454,151‌

(23,972,040‌)

Distributions

to

shareholders

–‌

(24,312,393‌)

–‌

(3,886,951‌)

Total

distributions

–‌

(24,312,393‌)

–‌

(3,886,951‌)

SHAREHOLDER

TRANSACTIONS

Subscriptions

13,158,236‌

40,540,458‌

7,985,328‌

14,531,024‌

Reinvestments

of

distributions

–‌

24,312,393‌

–‌

3,886,951‌

Redemptions

(37,182,949‌)

(62,363,160‌)

(8,769,345‌)

(12,509,383‌)

Net

increase

(decrease)

from

shareholder

transactions

(24,024,713‌)

2,489,691‌

(784,017‌)

5,908,592‌

Net

increase

(decrease)

in

net

assets

79,402,487‌

(180,208,148‌)

13,670,134‌

(21,950,399‌)

NET

ASSETS

Beginning

of

period

653,219,535‌

833,427,683‌

121,539,716‌

143,490,115‌

End

of

period

$

732,622,022‌

$

653,219,535‌

$

135,209,850‌

$

121,539,716‌

See

Notes

to

Financial

Statements

140

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

Unaudited

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

$

3,759,006‌

$

5,940,912‌

$

2,993,974‌

$

1,861,705‌

$

(32,183‌)

$

1,114,797‌

(2,404,465‌)

(10,385,059‌)

1,788‌

229‌

(15,141‌)

1,087,805‌

3,643,491‌

(25,629,060‌)

–‌

–‌

5,827,262‌

(15,407,493‌)

4,998,032‌

(30,073,207‌)

2,995,762‌

1,861,934‌

5,779,938‌

(13,204,891‌)

–‌

(5,792,529‌)

(2,994,191‌)

(1,861,487‌)

–‌

(4,713,148‌)

–‌

(5,792,529‌)

(2,994,191‌)

(1,861,487‌)

–‌

(4,713,148‌)

6,512,378‌

16,049,062‌

42,240,697‌

112,643,972‌

707,712‌

1,776,403‌

–‌

5,792,357‌

2,994,191‌

1,861,487‌

–‌

4,712,273‌

(9,065,004‌)

(24,734,667‌)

(44,119,687‌)

(77,509,585‌)

(3,943,882‌)

(7,632,364‌)

(2,552,626‌)

(2,893,248‌)

1,115,201‌

36,995,874‌

(3,236,170‌)

(1,143,688‌)

2,445,406‌

(38,758,984‌)

1,116,772‌

36,996,321‌

2,543,768‌

(19,061,727‌)

191,254,557‌

230,013,541‌

133,925,973‌

96,929,652‌

62,013,477‌

81,075,204‌

$

193,699,963‌

$

191,254,557‌

$

135,042,745‌

$

133,925,973‌

$

64,557,245‌

$

62,013,477‌

Financial

Highlights

See

Notes

to

Financial

Statements

141

The

following

data

is

for

a

shareoutstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

22.1

GROWTH

EQUITY

FUND

6/30/23

#

$

12

.25‌

$

0

.03‌

$

3

.85‌

$

3

.88‌

$

—‌

$

—‌

$

—‌

$

16

.13‌

12/31/22

20

.88‌

0

.04‌

(

6

.92‌

)

(

6

.88‌

)

—‌

(

1

.75‌

)

(

1

.75‌

)

12

.25‌

12/31/21

21

.88‌

(

0

.02‌

)

3

.55‌

3

.53‌

(

0

.06‌

)

(

4

.47‌

)

(

4

.53‌

)

20

.88‌

12/31/20

16

.38‌

0

.04‌

6

.92‌

6

.96‌

(

0

.06‌

)

(

1

.40‌

)

(

1

.46‌

)

21

.88‌

12/31/19

13

.73‌

0

.06‌

4

.05‌

4

.11‌

(

0

.07‌

)

(

1

.39‌

)

(

1

.46‌

)

16

.38‌

12/31/18

14

.65‌

0

.07‌

0

.07‌

0

.14‌

(

0

.06‌

)

(

1

.00‌

)

(

1

.06‌

)

13

.73‌

22.2

GROWTH

&

INCOME

FUND

6/30/23

#

17

.53‌

0

.10‌

3

.94‌

4

.04‌

—‌

—‌

—‌

21

.57‌

12/31/22

26

.06‌

0

.23‌

(

6

.11‌

)

(

5

.88‌

)

(

0

.17‌

)

(

2

.48‌

)

(

2

.65‌

)

17

.53‌

12/31/21

21

.40‌

0

.15‌

5

.19‌

5

.34‌

(

0

.19‌

)

(

0

.49‌

)

(

0

.68‌

)

26

.06‌

12/31/20

18

.82‌

0

.18‌

3

.49‌

3

.67‌

(

0

.25‌

)

(

0

.84‌

)

(

1

.09‌

)

21

.40‌

12/31/19

15

.54‌

0

.24‌

4

.35‌

4

.59‌

(

0

.19‌

)

(

1

.12‌

)

(

1

.31‌

)

18

.82‌

12/31/18

17

.96‌

0

.19‌

(

1

.26‌

)

(

1

.07‌

)

(

0

.17‌

)

(

1

.18‌

)

(

1

.35‌

)

15

.54‌

22.3

LARGE-CAP

VALUE

FUND

6/30/23

#

16

.60‌

0

.14‌

0

.92‌

1

.06‌

—‌

—‌

—‌

17

.66‌

12/31/22

19

.02‌

0

.27‌

(

1

.73‌

)

(

1

.46‌

)

(

0

.23‌

)

(

0

.73‌

)

(

0

.96‌

)

16

.60‌

12/31/21

15

.20‌

0

.21‌

3

.85‌

4

.06‌

(

0

.24‌

)

—‌

(

0

.24‌

)

19

.02‌

12/31/20

14

.92‌

0

.25‌

0

.30‌

0

.55‌

(

0

.27‌

)

—‌

(

0

.27‌

)

15

.20‌

12/31/19

12

.40‌

0

.26‌

3

.21‌

3

.47‌

(

0

.26‌

)

(

0

.69‌

)

(

0

.95‌

)

14

.92‌

12/31/18

15

.75‌

0

.25‌

(

2

.23‌

)

(

1

.98‌

)

(

0

.22‌

)

(

1

.15‌

)

(

1

.37‌

)

12

.40‌

22.4

REAL

ESTATE

SECURITIES

FUND

6/30/23

#

12

.54‌

0

.22‌

0

.22‌

0

.44‌

—‌

—‌

—‌

12

.98‌

12/31/22

19

.94‌

0

.33‌

(

6

.04‌

)

(

5

.71‌

)

(

0

.25‌

)

(

1

.44‌

)

(

1

.69‌

)

12

.54‌

12/31/21

14

.53‌

0

.23‌

5

.48‌

5

.71‌

(

0

.26‌

)

(

0

.04‌

)

(

0

.30‌

)

19

.94‌

12/31/20

15

.60‌

0

.27‌

(

0

.17‌

)

0

.10‌

(

0

.34‌

)

(

0

.83‌

)

(

1

.17‌

)

14

.53‌

12/31/19

12

.31‌

0

.27‌

3

.58‌

3

.85‌

(

0

.29‌

)

(

0

.27‌

)

(

0

.56‌

)

15

.60‌

12/31/18

13

.58‌

0

.30‌

(

0

.82‌

)

(

0

.52‌

)

(

0

.27‌

)

(

0

.48‌

)

(

0

.75‌

)

12

.31‌

#

Unaudited

††

Total

returns

for

the

shares

of

the

Funds

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Funds

would

have

been

lower.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

142

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

††,b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

31

.67‌

%

$

146,767‌

0

.52‌

%

c

0

.52‌

%

c

0

.40‌

%

c

27‌

%

(

32

.92‌

)

114,369‌

0

.56‌

0

.52‌

0

.27‌

52‌

16

.16‌

177,066‌

0

.52‌

0

.52‌

(

0

.09‌

)

56‌

43

.97‌

166,435‌

0

.54‌

0

.52‌

0

.22‌

120‌

30

.73‌

117,939‌

0

.57‌

0

.52‌

0

.39‌

108‌

(

0

.21‌

)

98,216‌

0

.56‌

0

.52‌

0

.43‌

90‌

23

.05‌

177,081‌

0

.53‌

c

0

.52‌

c

1

.00‌

c

36‌

(

22

.24‌

)

147,881‌

0

.54‌

0

.52‌

1

.07‌

123‌

25

.17‌

210,649‌

0

.52‌

0

.52‌

0

.63‌

63‌

20

.44‌

177,154‌

0

.54‌

0

.52‌

0

.95‌

64‌

30

.10‌

160,225‌

0

.55‌

0

.52‌

1

.35‌

63‌

(

7

.25‌

)

129,668‌

0

.56‌

0

.52‌

1

.03‌

61‌

6

.39‌

77,567‌

0

.58‌

c

0

.52‌

c

1

.65‌

c

15‌

(

7

.10‌

)

77,516‌

0

.60‌

0

.52‌

1

.55‌

23‌

26

.85‌

91,789‌

0

.58‌

0

.52‌

1

.19‌

27‌

4

.01‌

73,829‌

0

.61‌

0

.52‌

1

.85‌

30‌

28

.66‌

75,101‌

0

.62‌

0

.52‌

1

.87‌

19‌

(

14

.13‌

)

62,956‌

0

.63‌

0

.52‌

1

.67‌

107‌

3

.51‌

67,866‌

0

.63‌

c

0

.57‌

c

3

.48‌

c

7‌

(

28

.62‌

)

71,123‌

0

.63‌

0

.57‌

2

.09‌

33‌

39

.53‌

108,168‌

0

.61‌

0

.57‌

1

.37‌

38‌

1

.27‌

80,816‌

0

.62‌

0

.57‌

1

.86‌

44‌

31

.33‌

84,977‌

0

.63‌

0

.57‌

1

.83‌

35‌

(

4

.23‌

)

67,142‌

0

.65‌

0

.57‌

2

.29‌

34‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

143

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

22.5

SMALL-CAP

EQUITY

FUND

6/30/23

#

$

11

.89‌

$

0

.06‌

$

1

.04‌

$

1

.10‌

$

—‌

$

—‌

$

—‌

$

12

.99‌

12/31/22

17

.52‌

0

.11‌

(

3

.05‌

)

(

2

.94‌

)

(

0

.08‌

)

(

2

.61‌

)

(

2

.69‌

)

11

.89‌

12/31/21

14

.11‌

0

.07‌

3

.42‌

3

.49‌

(

0

.08‌

)

—‌

(

0

.08‌

)

17

.52‌

12/31/20

13

.13‌

0

.06‌

1

.46‌

1

.52‌

(

0

.10‌

)

(

0

.44‌

)

(

0

.54‌

)

14

.11‌

12/31/19

12

.41‌

0

.12‌

2

.71‌

2

.83‌

(

0

.08‌

)

(

2

.03‌

)

(

2

.11‌

)

13

.13‌

12/31/18

15

.81‌

0

.08‌

(

1

.61‌

)

(

1

.53‌

)

(

0

.10‌

)

(

1

.77‌

)

(

1

.87‌

)

12

.41‌

22.6

SOCIAL

CHOICE

EQUITY

FUND

6/30/23

#

15

.98‌

0

.14‌

1

.86‌

2

.00‌

—‌

—‌

—‌

17

.98‌

12/31/22

22

.74‌

0

.26‌

(

4

.50‌

)

(

4

.24‌

)

(

0

.24‌

)

(

2

.28‌

)

(

2

.52‌

)

15

.98‌

12/31/21

18

.67‌

0

.23‌

4

.64‌

4

.87‌

(

0

.23‌

)

(

0

.57‌

)

(

0

.80‌

)

22

.74‌

12/31/20

16

.75‌

0

.23‌

3

.00‌

3

.23‌

(

0

.27‌

)

(

1

.04‌

)

(

1

.31‌

)

18

.67‌

12/31/19

14

.98‌

0

.29‌

4

.18‌

4

.47‌

(

0

.28‌

)

(

2

.42‌

)

(

2

.70‌

)

16

.75‌

12/31/18

16

.90‌

0

.29‌

(

1

.06‌

)

(

0

.77‌

)

(

0

.29‌

)

(

0

.86‌

)

(

1

.15‌

)

14

.98‌

22.7

STOCK

INDEX

FUND

6/30/23

#

31

.88‌

0

.28‌

4

.86‌

5

.14‌

—‌

—‌

—‌

37

.02‌

12/31/22

41

.02‌

0

.52‌

(

8

.44‌

)

(

7

.92‌

)

(

0

.47‌

)

(

0

.75‌

)

(

1

.22‌

)

31

.88‌

12/31/21

33

.13‌

0

.46‌

8

.00‌

8

.46‌

(

0

.47‌

)

(

0

.10‌

)

(

0

.57‌

)

41

.02‌

12/31/20

28

.02‌

0

.44‌

5

.28‌

5

.72‌

(

0

.48‌

)

(

0

.13‌

)

(

0

.61‌

)

33

.13‌

12/31/19

21

.94‌

0

.50‌

6

.21‌

6

.71‌

(

0

.43‌

)

(

0

.20‌

)

(

0

.63‌

)

28

.02‌

12/31/18

23

.68‌

0

.46‌

(

1

.62‌

)

(

1

.16‌

)

(

0

.40‌

)

(

0

.18‌

)

(

0

.58‌

)

21

.94‌

22.8

INTERNATIONAL

EQUITY

FUND

6/30/23

#

8

.11‌

0

.15‌

0

.82‌

0

.97‌

—‌

—‌

—‌

9

.08‌

12/31/22

10

.11‌

0

.21‌

(

1

.94‌

)

(

1

.73‌

)

(

0

.27‌

)

—‌

(

0

.27‌

)

8

.11‌

12/31/21

9

.22‌

0

.27‌

0

.73‌

1

.00‌

(

0

.11‌

)

—‌

(

0

.11‌

)

10

.11‌

12/31/20

8

.12‌

0

.12‌

1

.11‌

1

.23‌

(

0

.13‌

)

—‌

(

0

.13‌

)

9

.22‌

12/31/19

7

.07‌

0

.14‌

1

.45‌

1

.59‌

(

0

.17‌

)

(

0

.37‌

)

(

0

.54‌

)

8

.12‌

12/31/18

9

.35‌

0

.17‌

(

2

.36‌

)

(

2

.19‌

)

(

0

.09‌

)

—‌

(

0

.09‌

)

7

.07‌

#

Unaudited

††

Total

returns

for

the

shares

of

the

Funds

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Funds

would

have

been

lower.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

e

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

investment

adviser

and

other

transactions

with

affiliates

note

in

the

Notes

to

Financial

Statements,

when

applicable.

See

Notes

to

Financial

Statements

144

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

††,b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses

Net

Investment

Income

(Loss)

e

Portfolio

Turnover

Rate

9

.25‌

%

$

62,636‌

0

.62‌

%

c

0

.53‌

%

c

0

.94‌

%

c

47‌

%

(

15

.63‌

)

57,667‌

0

.66‌

0

.53‌

0

.78‌

73‌

24

.76‌

74,964‌

0

.62‌

0

.53‌

0

.44‌

78‌

12

.80‌

60,254‌

0

.69‌

0

.53‌

0

.55‌

97‌

23

.72‌

53,609‌

0

.72‌

0

.53‌

0

.88‌

124‌

(

12

.05‌

)

46,425‌

0

.66‌

0

.53‌

0

.52‌

86‌

12

.52‌

84,825‌

0

.28‌

c

0

.22‌

c

1

.62‌

c

15‌

(

17

.83‌

)

77,038‌

0

.29‌

0

.22‌

1

.37‌

20‌

26

.35‌

102,130‌

0

.26‌

0

.22‌

1

.09‌

31‌

20

.47‌

81,812‌

0

.30‌

0

.22‌

1

.38‌

29‌

31

.38‌

70,890‌

0

.31‌

0

.22‌

1

.75‌

27‌

(

5

.55‌

)

55,841‌

0

.32‌

0

.22‌

1

.68‌

38‌

16

.12‌

732,622‌

0

.08‌

c

0

.08‌

c

1

.65‌

c

1‌

(

19

.18‌

)

653,220‌

0

.09‌

0

.09‌

1

.48‌

2‌

25

.63‌

833,428‌

0

.08‌

0

.08‌

1

.22‌

3‌

20

.76‌

678,732‌

0

.09‌

0

.09‌

1

.58‌

3‌

30

.81‌

584,156‌

0

.10‌

0

.09‌

1

.94‌

3‌

(

5

.28‌

)

429,527‌

0

.10‌

0

.09‌

1

.89‌

4‌

11

.96‌

135,210‌

0

.60‌

c

0

.60‌

c

3

.39‌

c

11‌

(

16

.70‌

)

121,540‌

0

.63‌

0

.60‌

2

.50‌

23‌

10

.84‌

143,490‌

0

.61‌

0

.60‌

2

.71‌

22‌

15

.34‌

122,446‌

0

.64‌

0

.60‌

1

.52‌

88‌

23

.07‌

107,619‌

0

.71‌

0

.60‌

1

.75‌

108‌

(

23

.58‌

)

86,051‌

0

.71‌

0

.60‌

1

.96‌

67‌

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

145

Financial

Highlights

(continued)

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

a

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

22.9

CORE

BOND

FUND

6/30/23

#

$

8

.89‌

$

0

.18‌

$

0

.06‌

$

0

.24‌

$

—‌

$

—‌

$

—‌

$

9

.13‌

12/31/22

10

.56‌

0

.27‌

(

1

.67‌

)

(

1

.40‌

)

(

0

.21‌

)

(

0

.06‌

)

(

0

.27‌

)

8

.89‌

12/31/21

11

.10‌

0

.22‌

(

0

.33‌

)

(

0

.11‌

)

(

0

.25‌

)

(

0

.18‌

)

(

0

.43‌

)

10

.56‌

12/31/20

10

.59‌

0

.27‌

0

.56‌

0

.83‌

(

0

.32‌

)

—‌

(

0

.32‌

)

11

.10‌

12/31/19

9

.96‌

0

.32‌

0

.62‌

0

.94‌

(

0

.31‌

)

—‌

(

0

.31‌

)

10

.59‌

12/31/18

10

.31‌

0

.30‌

(

0

.38‌

)

(

0

.08‌

)

(

0

.27‌

)

—‌

(

0

.27‌

)

9

.96‌

23.01

MONEY

MARKET

FUND

6/30/23

#

1

.00‌

0

.02‌

0

.00‌

d

0

.02‌

(

0

.02‌

)

—‌

(

0

.02‌

)

1

.00‌

12/31/22

1

.00‌

0

.02‌

(

0

.01‌

)

0

.01‌

(

0

.01‌

)

—‌

(

0

.01‌

)

1

.00‌

12/31/21

1

.00‌

—‌

—‌

—‌

—‌

—‌

—‌

1

.00‌

12/31/20

1

.00‌

0

.00‌

d

—‌

0

.00‌

d

0

.00‌

d

—‌

0

.00‌

d

1

.00‌

12/31/19

1

.00‌

0

.02‌

—‌

0

.02‌

(

0

.02‌

)

—‌

(

0

.02‌

)

1

.00‌

12/31/18

1

.00‌

0

.02‌

—‌

0

.02‌

(

0

.02‌

)

—‌

(

0

.02‌

)

1

.00‌

23.1

BALANCED

FUND

6/30/23

#

11

.01‌

(

0

.01‌

)

1

.06‌

1

.05‌

—‌

—‌

—‌

12

.06‌

12/31/22

14

.29‌

0

.20‌

(

2

.60‌

)

(

2

.40‌

)

(

0

.33‌

)

(

0

.55‌

)

(

0

.88‌

)

11

.01‌

12/31/21

13

.57‌

0

.22‌

1

.10‌

1

.32‌

(

0

.26‌

)

(

0

.34‌

)

(

0

.60‌

)

14

.29‌

12/31/20

12

.45‌

0

.26‌

1

.45‌

1

.71‌

(

0

.26‌

)

(

0

.33‌

)

(

0

.59‌

)

13

.57‌

12/31/19

10

.94‌

0

.25‌

1

.79‌

2

.04‌

(

0

.26‌

)

(

0

.27‌

)

(

0

.53‌

)

12

.45‌

12/31/18

11

.63‌

0

.21‌

(

0

.84‌

)

(

0

.63‌

)

(

0

.00‌

)

d

(

0

.06‌

)

(

0

.06‌

)

10

.94‌

#

Unaudited

††

Total

returns

for

the

shares

of

the

Funds

do

not

include

the

effect

of

expenses

attributable

to

the

variable

annuity

or

variable

life

insurance

product;

if

they

did,

returns

for

the

shares

of

the

Funds

would

have

been

lower.

a

Based

on

average

shares

outstanding.

b

Percentage

is

not

annualized.

c

Percentage

is

annualized.

d

Value

rounded

to

zero.

e

The

Fund’s

expenses

do

not

include

the

expenses

of

the

Underlying

Funds

related

to

the

Balanced

Fund.

See

Notes

to

Financial

Statements

146

Ratios

and

Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return

††,b

Net

Assets,

End

of

Period

(000)

Gross

Expenses

e

Net

Expenses

e

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

Portfolio

Turnover

Rate

Excluding

Mortgage

Dollar

Rolls

2

.70‌

%

$

193,700‌

0

.41‌

%

c

0

.35‌

%

c

3

.89‌

%

c

49‌

%

48‌

%

(

13

.21‌

)

191,255‌

0

.42‌

0

.35‌

2

.90‌

181‌

104‌

(

0

.99‌

)

230,014‌

0

.42‌

0

.35‌

2

.03‌

258‌

89‌

7

.86‌

217,823‌

0

.37‌

0

.35‌

2

.52‌

154‌

91‌

9

.48‌

203,001‌

0

.37‌

0

.35‌

3

.04‌

117‌

111‌

(

0

.79‌

)

189,285‌

0

.38‌

0

.35‌

3

.01‌

147‌

139‌

2

.33‌

135,043‌

0

.19‌

c

0

.15‌

c

4

.65‌

c

—‌

—‌

1

.46‌

133,926‌

0

.21‌

0

.15‌

1

.55‌

—‌

—‌

0

.00‌

96,930‌

0

.22‌

0

.06‌

0

.00‌

—‌

—‌

0

.41‌

115,039‌

0

.20‌

0

.14‌

0

.37‌

—‌

—‌

2

.09‌

105,806‌

0

.23‌

0

.15‌

2

.06‌

—‌

—‌

1

.71‌

104,670‌

0

.24‌

0

.15‌

1

.73‌

—‌

—‌

9

.54‌

64,557‌

0

.20‌

c

0

.10‌

c

(

0

.10‌

)

c

4‌

4‌

(

16

.59‌

)

62,013‌

0

.21‌

0

.10‌

1

.63‌

18‌

18‌

9

.78‌

81,075‌

0

.18‌

0

.10‌

1

.52‌

16‌

16‌

14

.16‌

74,157‌

0

.18‌

0

.10‌

2

.06‌

28‌

28‌

18

.81‌

68,825‌

0

.20‌

0

.10‌

2

.07‌

19‌

19‌

(

5

.47‌

)

56,516‌

0

.21‌

0

.10‌

1

.77‌

17‌

17‌

Notes

to

Financial

Statements

(Unaudited)

147

1.

Organization

TIAA-CREF

Life

Funds

(the

“Trust”)

is

a

Delaware

statutory

trust

that

is

registered

with

the

U.S.

Securities

and

Exchange

Commission

("SEC") under

the

Investment

Company

Act

of

1940,

as

amended

(“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

consists

of

the

following

funds:

Growth

Equity

Fund,

Growth

&

Income

Fund,

Large-Cap

Value

Fund,

Real

Estate

Securities

Fund,

Small-Cap

Equity

Fund,

Social

Choice

Equity

Fund,

Stock

Index

Fund,

International

Equity

Fund,

Core

Bond

Fund,

Money

Market

Fund

and

Balanced

Fund (collectively

the

“Funds”

or

individually,

the

“Fund”).

The

Funds

are

currently

available

only

through

the

purchase

of

variable

annuity

contracts

or

variable

life

insurance

policies

issued

by

TIAA-CREF

Life

Insurance

Company

(“TIAA-CREF

Life”).

Current

Fiscal

Period:

 The

end

of

the

reporting

period

for

the Funds

is

June

30,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

June

30,

2023

(the

"current

fiscal

period").

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

The Funds

are

investment

companies

and

follow

the

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies

. The net

asset

value (“NAV”)

for

financial

reporting

purposes

may

differ

from

the NAV

for

processing

transactions.

The NAV

for

financial

reporting

purposes

includes

security

and shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the NAV

used

for

processing

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Interest

income

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Foreign

dividend

income

is

recorded

on

the

ex-dividend

date

or

as

soon

as

possible

after

the Funds

determine

the

existence

of

a

dividend

declaration.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned on

cash

collateral

investments. Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Distributions

received

on

securities

that

represent

a

return

of

capital

or

capital

gains

are

recorded

as

a

reduction

of

cost

of

investments

and/or

as

a

realized

gain.

The

Funds estimate

the

components

of

distributions

received

that

may

be

considered

return

of

capital

distributions

or

capital

gain

distributions.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

and

are

recognized

as

a

component

of

“Net

realized

gain

(loss)”

on

the

Statement

of

Operations,

when

applicable. 

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Net

change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related “Net

change

in

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable. 

Foreign

Taxes:

The Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the Funds

invest.

Compensation:

The

Funds pay

the

members

of

the

Board

of

Trustees

(“Board”),

all

of

whom

are

independent,

certain

remuneration

for

their

services,

plus

travel

and

other

expenses.

Trustees

may

elect

to

participate

in

a

deferred

compensation

plan

and

defer

all

or

a

portion

of

their

compensation.

In

addition,

trustees

participate

in

a

long-term

compensation

plan.

Amounts

deferred

are

retained

by

the

Funds

until

paid.

Amounts

payable

to

the

trustees

for

compensation

are

included

separately

in the

accompanying

Statement

of

Assets

and

Liabilities.

Trustees’

fees,

including

any

deferred

and

long-term

compensation

incurred,

are

reflected

in

the

Statement

of

Operations.

Notes

to

Financial

Statements

(Unaudited)

(continued)

148

Indemnification:

 Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

New

Accounting

Pronouncement:

 In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

(“Topic

820”).

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

an

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds' financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

Teachers

Advisors,

LLC

(the

"Adviser"),

subject

to

the

oversight

of

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

that

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level 1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the Funds'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser and

oversight

of

the Board.

Pricing

services establish

a

security’s

fair

value

using

methods

that

may

include consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2. 

Investments

in

investment

companies

are

valued

at

their

respective NAVs

or

share

price

on

the

valuation

date

and

are

generally

classified

as Level

1.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

149

The

Money

Market

Fund’s

portfolio

securities

are

valued

on

an

amortized

cost

basis.

Money

Market

investments

are

generally

classified

as

Level

2.

Purchased

and

written

options

traded and

listed on

a

national

market

or

exchange

are

valued

at

the

last

sale

price

as

of

the

close

of

such

exchange

or

at

the

mean

of

the

closing

bid

and

asked

prices

if

no

sale

is

reported and

are

generally

classified

as

Level

1.

Over-

the-counter

(“OTC”)

options

are

marked-to-market

daily

based

upon

a

price

supplied

by

a

pricing

service.

OTC

options

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price and

are

generally

classified

as

Level

1.

Forward

foreign

currency

contracts

are

valued

using

the

prevailing

forward

exchange

rate

which

is

derived

from

quotes

provided

by

the

pricing

service

using

the

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board,

and

are

classified

as

Level

2.

Swap

contracts are

marked-to-market

daily

based

upon

a

price

supplied

by

pricing

services.

Swaps

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as Level

2;

otherwise

they

would

be

classified

as

Level

3. 

The

following

table

summarizes

the

market

value

of

the Funds’

investments

as

of

the

end

of

the

current

fiscal

period, based

on

the

inputs

used

to

value

them:

Fund

Level

1

Level

2

Level

3

Total

Growth

Equity

Long-Term

Investments

:

Common

stocks

$135,737,364

$7,878,953

$—

$143,616,317

Short-Term

Investments

:

Repurchase

agreement

—

5,300,000

—

5,300,000

Total

$135,737,364

$13,178,953

$—

$148,916,317

1

1

1

1

1

Growth

&

Income

Long-Term

Investments

:

Common

stocks

$176,993,982

$—

$—

$176,993,982

Total

$176,993,982

$—

$—

$176,993,982

1

1

1

1

1

Large-Cap

Value

Long-Term

Investments

:

Common

stocks

$76,196,827

$—

$160

$76,196,987

Short-Term

Investments

:

Repurchase

agreement

—

1,935,000

—

1,935,000

Total

$76,196,827

$1,935,000

$160

$78,131,987

1

1

1

1

1

Real

Estate

Securities

Long-Term

Investments

:

Common

stocks

$67,711,108

$—

$—

$67,711,108

Short-Term

Investments

:

Repurchase

agreement

—

415,000

—

415,000

Total

$67,711,108

$415,000

$—

$68,126,108

1

1

1

1

1

Small-Cap

Equity

Long-Term

Investments

:

Common

stocks

$60,614,111

$—

$—

$60,614,111

Short-Term

Investments

:

Repurchase

agreement

—

2,035,000

—

2,035,000

Investments

purchased

with

collateral

from

securities

lending

239,326

—

—

239,326

Investments

in

Derivatives

:

Futures

contracts*

17,274

—

—

17,274

Total

$60,870,711

$2,035,000

$—

$62,905,711

1

1

1

1

1

Notes

to

Financial

Statements

(Unaudited)

(continued)

150

4.

Investments

Mortgage

Dollar

Roll

Transactions:

Some

of

the Funds may

enter

into

mortgage

dollar

rolls

in

which a

Fund

sells

mortgage

securities

for

delivery

in

the

current

month,

realizing

a

gain

(loss),

and

simultaneously

contracts

to

repurchase

similar

securities

on

a

specified

future

date.

During

the

roll

period,

a

Fund forgoes

principal

and

interest

paid

on

the

securities.

The Fund is

compensated

by

the

interest

earned

on

the

cash

proceeds

of

the

initial

sale

and

by

the

lower

repurchase

price

at

the

future

date.

The

difference

between

the

sales

proceeds

and

the

repurchase

price

is

recorded

as

a

realized

gain

or

loss.

Fund

Level

1

Level

2

Level

3

Total

Social

Choice

Equity

Long-Term

Investments

:

Common

stocks

$84,342,888

$—

$—

$84,342,888

Short-Term

Investments

:

Repurchase

agreement

—

580,000

—

580,000

Investments

purchased

with

collateral

from

securities

lending

169,697

—

—

169,697

Investments

in

Derivatives

:

Futures

contracts*

13,921

—

—

13,921

Total

$84,526,506

$580,000

$—

$85,106,506

1

1

1

1

1

Stock

Index

Long-Term

Investments

:

Common

stocks

$727,177,383

$—

$11,860

$727,189,243

Rights/Warrants

—

—

9

9

Short-Term

Investments

:

Repurchase

agreement

—

5,510,000

—

5,510,000

Investments

purchased

with

collateral

from

securities

lending

1,679,637

—

—

1,679,637

Investments

in

Derivatives

:

Futures

contracts*

83,193

—

—

83,193

Total

$728,940,213

$5,510,000

$11,869

$734,462,082

1

1

1

1

1

International

Equity

Long-Term

Investments

:

Common

stocks

$5,144,183

$127,742,574

$—

$132,886,757

Short-Term

Investments

:

Repurchase

agreement

—

1,780,000

—

1,780,000

Total

$5,144,183

$129,522,574

$—

$134,666,757

1

1

1

1

1

Core

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$7,687,395

$—

$7,687,395

Corporate

bonds

—

75,298,171

—

75,298,171

Government

bonds

—

69,347,093

—

69,347,093

Structured

assets

—

37,026,328

—

37,026,328

Preferred

stocks

67,496

—

—

67,496

Short-Term

Investments

:

Repurchase

agreement

—

3,775,000

—

3,775,000

Investments

purchased

with

collateral

from

securities

lending

3,347,174

—

—

3,347,174

Investments

in

Derivatives

:

Forward

foreign

currency

contracts*

—

696

—

696

Credit

default

swap

contracts*

—

(183,828)

—

(183,828)

Total

$3,414,670

$192,950,855

$—

$196,365,525

1

1

1

1

1

Money

Market

Short-Term

Investments:

Government

agency

debt

—

49,927,173

—

49,927,173

Repurchase

agreement

—

47,463,000

—

47,463,000

Treasury

debt

—

13,178,106

—

13,178,106

Variable

rate

securities

—

31,940,889

—

31,940,889

Total

$—

$142,509,168

$—

$142,509,168

1

1

1

1

1

Balanced

Registered

investment

companies

$64,494,791

$—

$—

$64,494,791

Short-term

investments

—

60,000

—

60,000

Total

$64,494,791

$60,000

$—

$64,554,791

1

1

1

1

1

*

Represents

net

unrealized

appreciation

(depreciation).

151

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

the Fund’s policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

Securities

Lending:

Certain Funds

may

lend

their

securities

to

qualified

institutional

borrowers

to

earn

additional

income.

A

Fund receives

collateral

(in

the

form

of

cash,

Treasury

securities

or

other

collateral

permitted

by

applicable

law)

against

the

loaned

securities

and

maintains

collateral

in

an

amount

not

less

than

100%

of

the

market

value

of

loaned

securities

during

the

period

of

the

loan;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the Fund

the

next

business

day.

Cash

collateral

received

by the

Fund will

generally

be

invested

in

high-quality

short-term

instruments

or

in

one

or

more

funds

maintained

by

the

securities

lending

agent

(“Agent”)

for

the

purpose

of

investing

cash

collateral.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

reflected

in

the

Statement

of

Assets

and

Liabilities.

Non-cash

collateral

is

not

disclosed

in

the

Funds’

Statement

of

Assets

and

Liabilities

as

it

is

held

by

the Agent

or

by

a

third-party

bank

engaged

by

the

Agent

as

a

special

"tri-party" custodian on

behalf

of

the Funds,

and

the

Funds

do

not

have

the

ability

to

sell

or

re-hypothecate

those

securities.

As

of

the

end

of

the

current

fiscal

period,

securities

lending

transactions are

for equity

and

fixed

income

securities,

and

the

resulting

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

Securities

lending

income

recognized

by

the

Funds consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

reflected

separately

in

the

Statement

of

Operations.

In

lending

its

securities,

a

Fund bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned. 

As

of

the

end

of

the

current

fiscal

period,

the

total

value

of

securities

on

loan

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Purchases

and

sales

of

securities

(other

than

short-term

instruments)

for

all

of

the Funds for

the

current

fiscal

period,

were

as

follows:

The Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-

delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds have

segregated

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If

the

Funds have

when-issued/

delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Aggregate

Value

of

Securities

on

Loan

Fund

Equity

Securities

Fixed

Income

Securities

Cash

Collateral

Received*

Non-Cash

Collateral

Received

Total

Collateral

Received

Small-Cap

Equity

$230,242

$–

$239,326

$–

$239,326

Social

Choice

Equity

171,981

–

169,697

2,433

172,130

Stock

Index

2,292,563

–

1,679,637

699,394

2,379,031

Core

Bond

66,821

3,201,632

3,347,174

33,405

3,380,579

*May

include

cash

and

investment

of

cash

collateral.

Fund

Non-U.S.

Government

Purchases

U.S.

Government

Purchases

Non-U.S.

Government

Sales

U.S.

Government

Sales

22.1

Growth

Equity

$

35,091,249

$

–

$

39,833,843

$

–

22.2

Growth

&

Income

58,277,864

–

61,862,571

–

22.3

Large-Cap

Value

11,780,685

–

16,721,112

–

22.4

Real

Estate

Securities

5,047,994

–

8,929,490

–

22.5

Small-Cap

Equity

27,860,927

–

27,693,732

–

22.6

Social

Choice

Equity

11,820,392

–

12,715,799

–

22.7

Stock

Index

6,365,862

–

22,578,232

–

22.8

International

Equity

13,101,631

–

11,561,631

–

22.9

Core

Bond

36,781,426

71,691,429

15,778,124

77,167,436

23.1

Balanced

2,733,212

–

6,028,795

–

Notes

to

Financial

Statements

(Unaudited)

(continued)

152

5.

Derivative

Investments

Each Fund

(other

than

the

Money

Market

Fund) is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Futures

Contracts:

 Certain

Funds

are

subject

to

equity

price

and

interest

rate

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The Funds

use

futures

contracts

to

manage

exposure

to

the

equity

and

bond

markets and

for

cash

management

purposes

to

remain

highly

invested

in

these

markets

while

minimizing

transaction

costs.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

which are

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Forward

Foreign

Currency

Contracts:

Certain Funds

may

use

forward

foreign

currency

contracts

("forward

contracts")

to

hedge portfolio

currency

risk

and

to

facilitate

transactions

in

securities

denominated in

foreign

currencies

in

the

normal

course

of

pursuing

their

investment

objectives.

A

forward

contract

is

an

agreement

between

two

parties

to

purchase

or

sell

a

specified

quantity

of

a

currency

at

or

before

a

specified

date

in

the

future

at

a

specified

price.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

Forward

contracts

are

typically

traded

in

the

over-the-counter

(“OTC”)

markets

and

all

details

of

the

contract

are

negotiated

between

the

counterparties

to

the

agreement.

Forward

contracts

are

marked-to-market

daily

and

any

resulting

unrealized

gains

or

losses

are

reflected

as

appreciation

or

depreciation

on

the

Statement

of

Assets

and

Liabilities.

The Funds

realize

gains

and

losses

at

the

time

the

forward

contracts

are

closed

and

are

included

on

the

Statement

of

Operations.

Risks

may

arise

upon

entering

into

forward

contracts

from

unanticipated

movements

in

the

value

of

a

foreign

currency

relative

to

the

U.S.

dollar;

and

that

losses

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

The

average

notional

amount

of

forward

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

Credit

Default

Swap

Contracts:

Certain

Funds

are

subject

to

credit

risk

in

the

normal

course

of

pursuing

their

investment

objectives.

The

Funds (other

than

the

Money

Market

Fund)

invest

in

credit

default

swaps

to

hedge

or

manage

the

risks

associated

with

assets

held

in

the

Funds

and/or

to

facilitate

the

implementation

of

portfolio

strategies

to

seek

to

increase

the

total

return.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

22.5

Small-Cap

Equity

$

1,438,460

22.6

Social

Choice

Equity

480,654

22.7

Stock

Index

5,711,516

22.9

Core

Bond

–**

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

**

The

Fund

did

not

hold

any

futures

contracts

at

the

end

of

any

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

Notional

Amount

of

Forward

Contracts

Outstanding*

22.9

Core

Bond

$

232

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

153

Credit

default

swap

contracts

involve

one

party

making

a

stream

of

payments

(buyer

of

protection)

to

another

party

(seller

of

protection)

in

exchange

for

the

right

to

receive

a

specified

return

if/when

there

is

a

credit

event

by

a

third

party.

Credit

events

are

agreement

specific

but

may

include

bankruptcy,

failure

to

pay,

or

restructuring.

When a

Fund has

bought

(sold)

protection

in

a

credit

default

swap

upon

occurrence

of

a

specific

credit

event

with

respect

to

the

underlying

referenced

entity,

the

Fund will

either

(i)

receive

(deliver)

that

security,

or

an

equivalent

amount

of

cash,

from

the

counterparty

in

exchange

for

receipt

(payment)

of

the

notional

amount

to

the

counterparty,

or

(ii)

receive

(pay)

a

net

settlement

amount

of

the

credit

default

swap

contract

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

Payments

paid

(received)

at

the

beginning

of

the

measurement

period

are

reflected

as

swap

premiums

paid

(received)

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Credit

default

swaps

are

“marked-to-market”

on

a

daily

basis

to

reflect

the

value

of

the

swap

agreement

at

the

end

of

each

trading

day

and

are

recognized

as

unrealized

appreciation

(depreciation)

on

the

Statement

of

Operations.

Credit

default

swaps

can

be

settled

either

directly

with

the

counterparty

("OTC")

or

through

a

central

clearinghouse

("centrally

cleared").

For

OTC

swaps,

the

daily

change

in

the

market

value

of

the

swap

contract,

along

with

any

daily

interest

fees

accrued,

are

recognized

as

unrealized

appreciation

(depreciation)

on

credit

default

swaps

on

the

Statement

of

Assets

and

Liabilities.

Upon

the

execution

of

a

centrally

cleared

swap, a

Fund is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

The Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

swap

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and are

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

credit

default

swaps.

The

difference

between

the

value

of

the

security

received

(delivered)

and

the

notional

amount

delivered

(received)

as

well

as

payments

received

or

made

as

a

result

of

a

credit

event

or

termination

of

a

contract

are

recognized

as

realized

gains

or

losses

on

the

Statement

of

Operations.

The

maximum

potential

amount

of

future

payments

the Fund

could

incur

as

a

buyer

or

seller

of

protection

in

a

credit

default

swap

contract

is

limited

to

the

notional

amount

of

the

contract.

The

maximum

potential

amount

would

be

offset

by

the

recovery

value,

if

any,

of

the

respective

referenced

entity.

The

average

notional

amount

of

credit

default

swap

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

At

the

end

of

the

reporting

period,

the

following Funds

have

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:

*

Value

represents

the

cumulative

unrealized

appreciation

(depreciation)

of

cleared

derivative

contracts

as

reported

in

the

Fund's

Portfolio

of

investments.

The

Statements

of

assets

and

liabilities

only

reflects

the

current

day

variation

margin

receivable/payable

from/to

brokers

on

open

cleared

derivative

contracts.

Fund

Average

Notional

Amount

of

Swap

Contracts

Outstanding*

22.9

Core

Bond

$

4,009,310

*

The

average

notional

amount

is

calculated

based

on

the

outstanding

notional

amount

of

contracts

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

Small-Cap

Equity

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

$

17,274

-

$

–

1

1

1

1

1

1

1

1

Social

Choice

Equity

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

13,921

-

–

1

1

1

1

1

1

1

1

Stock

Index

Fund

Futures

contracts

Equity

Unrealized

appreciation

on

futures

contracts

*

83,193

-

–

1

1

1

1

1

1

1

1

Core

Bond

Fund

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

Unrealized

appreciation

on

forward

contracts

696

-

–

Credit

default

swap

contracts

Credit

Unrealized

appreciation

on

swap

contracts

*

7,783

Unrealized

depreciation

on

swap

contracts

*

(191,611)

1

1

1

1

1

1

1

1

Notes

to

Financial

Statements

(Unaudited)

(continued)

154

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the Funds'

Statement

of

Operations

was

as

follows:

6.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

22.5

Small-Cap

Equity

Fund

Futures

contracts

Equity

$

90,145

$

57,842

22.6

Social

Choice

Equity

Fund

Futures

contracts

Equity

8,348

44,351

22.7

Stock

Index

Fund

Futures

contracts

Equity

365,871

298,404

22.9

Core

Bond

Fund

Futures

contracts

Interest

rate

(1,107)

–

Forward

contracts

Foreign

currency

exchange

rate

(7)

696

Swap

contracts

Credit

(93,415)

(183,828)

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.1

Growth

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions

560,845

$

8,026,931

896,568

$

13,497,330

Reinvestments

of

distributions

–

–

1,189,333

14,545,536

Redemptions

(801,312)

(11,506,330)

(1,230,038)

(18,444,433)

Net

increase

(decrease)

from

shareholder

transactions

(240,467)

$

(3,479,399)

855,863

$

9,598,433

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.2

Growth

&

Income

Fund

Shares

Amount

Shares

Amount

Subscriptions

319,750

$

6,290,938

409,563

$

8,801,985

Reinvestments

of

distributions

–

–

1,183,518

20,072,458

Redemptions

(546,334)

(10,802,626)

(1,238,627)

(25,992,130)

Net

increase

(decrease)

from

shareholder

transactions

(226,584)

$

(4,511,688)

354,454

$

2,882,313

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.3

Large-Cap

Value

Fund

Shares

Amount

Shares

Amount

Subscriptions

289,029

$

4,895,799

792,003

$

13,504,373

Reinvestments

of

distributions

–

–

291,531

4,323,403

Redemptions

(566,493)

(9,604,766)

(1,240,111)

(21,091,640)

Net

increase

(decrease)

from

shareholder

transactions

(277,464)

$

(4,708,967)

(156,577)

$

(3,263,864)

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.4

Real

Estate

Securities

Fund

Shares

Amount

Shares

Amount

Subscriptions

242,027

$

3,204,355

738,164

$

11,971,425

Reinvestments

of

distributions

–

–

686,262

8,605,728

Redemptions

(686,058)

(8,876,159)

(1,176,472)

(18,511,394)

Net

increase

(decrease)

from

shareholder

transactions

(444,031)

$

(5,671,804)

247,954

$

2,065,759

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.5

Small-Cap

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions

402,811

$

5,067,237

323,890

$

4,497,527

Reinvestments

of

distributions

–

–

948,580

10,453,350

Redemptions

(430,823)

(5,316,590)

(701,919)

(10,474,872)

Net

increase

(decrease)

from

shareholder

transactions

(28,012)

$

(249,353)

570,551

$

4,476,005

155

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund’s

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund’s

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund’s

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.6

Social

Choice

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions

153,536

$

2,564,170

267,338

$

4,840,920

Reinvestments

of

distributions

–

–

717,065

10,669,929

Redemptions

(255,546)

(4,297,784)

(654,639)

(12,080,172)

Net

increase

(decrease)

from

shareholder

transactions

(102,010)

$

(1,733,614)

329,764

$

3,430,677

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.7

Stock

Index

Fund

Shares

Amount

Shares

Amount

Subscriptions

387,848

$

13,158,236

1,155,698

$

40,540,458

Reinvestments

of

distributions

–

–

796,344

24,312,393

Redemptions

(1,086,163)

(37,182,949)

(1,780,576)

(62,363,160)

Net

increase

(decrease)

from

shareholder

transactions

(698,315)

$

(24,024,713)

171,466

$

2,489,691

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.8

International

Equity

Fund

Shares

Amount

Shares

Amount

Subscriptions

918,197

$

7,985,328

1,748,813

$

14,531,024

Reinvestments

of

distributions

–

–

560,888

3,886,951

Redemptions

(1,005,031)

(8,769,345)

(1,522,256)

(12,509,383)

Net

increase

(decrease)

from

shareholder

transactions

(86,834)

$

(784,017)

787,445

$

5,908,592

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

22.9

Core

Bond

Fund

Shares

Amount

Shares

Amount

Subscriptions

713,555

$

6,512,378

1,686,243

$

16,049,062

Reinvestments

of

distributions

–

–

655,244

5,792,357

Redemptions

(993,427)

(9,065,004)

(2,622,377)

(24,734,667)

Net

increase

(decrease)

from

shareholder

transactions

(279,872)

$

(2,552,626)

(280,890)

$

(2,893,248)

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

23.01

Money

Market

Fund

Shares

Amount

Shares

Amount

Subscriptions

42,236,826

$

42,240,697

112,643,972

$

112,643,972

Reinvestments

of

distributions

2,998,062

2,994,191

1,861,487

1,861,487

Redemptions

(44,119,687)

(44,119,687)

(77,509,585)

(77,509,585)

Net

increase

(decrease)

from

shareholder

transactions

1,115,201

$

1,115,201

36,995,874

$

36,995,874

Six

Months

Ended

6/30/23

Year

Ended

12/31/22

23.1

Balanced

Fund

Shares

Amount

Shares

Amount

Subscriptions

60,721

$

707,712

144,609

$

1,776,403

Reinvestments

of

distributions

–

–

444,554

4,712,273

Redemptions

(339,902)

(3,943,882)

(632,346)

(7,632,364)

Net

increase

(decrease)

from

shareholder

transactions

(279,181)

$

(3,236,170)

(43,183)

$

(1,143,688)

Notes

to

Financial

Statements

(Unaudited)

(continued)

156

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable. 

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

The

Advisers,

a

wholly

owned

subsidiary

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”)

and

a

registered

investment

adviser,

provides

investment

advisory

services

for

the

Funds

pursuant

to

an

Investment

Advisory

Agreement

between

Advisors

and

the

Funds.

The

Funds

have

also

entered

into

an

Administrative

Service

Agreement

with

the

Advisers

under

which

the

Funds

pay

the

Advisers

for

its

costs

in

providing

certain

administrative

and

compliance

services

to

the

Funds.

Nuveen

Securities,

LLC

(“Nuveen

Securities”),

which

is

a

wholly

owned

indirect

subsidiary

of

TIAA,

distributes

the

Funds’

shares.

Under

the

terms

of

the

distribution

agreement,

Nuveen

Securities

is

not

compensated.

Nuveen

Securities

does

not

currently

enter

into

agreements,

or

otherwise

pay,

other

intermediaries

to

sell

shares

of

the

Funds.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

22.1

Growth

Equity

$91,878,152

$60,783,930

$(3,745,765)

$57,038,165

22.2

Growth

&

Income

126,502,651

53,710,361

(3,219,030)

50,491,331

22.3

Large-Cap

Value

54,846,103

25,109,244

(1,823,360)

23,285,884

22.4

Real

Estate

Securities

47,656,051

21,502,380

(1,032,323)

20,470,057

22.5

Small-Cap

Equity

53,938,414

13,223,389

(4,256,092)

8,967,297

22.6

Social

Choice

Equity

53,582,271

35,096,409

(3,572,174)

31,524,235

22.7

Stock

Index

261,255,499

503,956,679

(30,750,096)

473,206,583

22.8

International

Equity

113,576,371

26,799,782

(5,709,396)

21,090,386

22.9

Core

Bond

214,469,022

598,705

(18,702,202)

(18,103,497)

23.1

Balanced

59,373,885

10,344,899

(5,163,993)

5,180,906

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

22.1

Growth

Equity

$363,593

$–

$21,070,218

$(4,742,386)

$–

$(6,450)

$16,684,975

22.2

Growth

&

Income

1,815,029

35,882,658

22,438,366

–

–

(3,593)

60,132,460

22.3

Large-Cap

Value

1,283,927

1,128,625

23,328,885

–

–

(8,020)

25,733,417

22.4

Real

Estate

Securities

1,778,311

–

17,751,319

(34,142)

–

(9,767)

19,485,721

22.5

Small-Cap

Equity

518,474

1,478,388

3,375,050

–

–

(6,151)

5,365,761

22.6

Social

Choice

Equity

1,145,187

2,351,524

24,494,420

–

–

(5,321)

27,985,810

22.7

Stock

Index

10,468,114

6,546,846

382,499,928

–

–

(29,979)

399,484,909

22.8

International

Equity

2,789,935

–

5,784,278

(6,875,932)

–

(11,341)

1,686,940

22.9

Core

Bond

5,989,860

–

(21,727,057)

(10,479,701)

–

(16,787)

(26,233,685)

23.01

Money

Market

861

–

–

–

–

–

861

23.1

Balanced

1,594,901

1,740,453

(646,356)

–

–

(1,820)

2,687,178

Fund

Short-Term

Long-Term

Total

22.1

Growth

Equity

$4,742,386

$–

$4,742,386

22.2

Growth

&

Income

–

–

–

22.3

Large-Cap

Value

–

–

–

22.4

Real

Estate

Securities

34,142

–

34,142

22.5

Small-Cap

Equity

–

–

–

22.6

Social

Choice

Equity

–

–

–

22.7

Stock

Index

–

–

–

22.8

International

Equity

1,416,774

5,459,158

6,875,932

22.9

Core

Bond

8,365,247

2,114,454

10,479,701

23.01

Money

Market

–

–

–

23.1

Balanced

–

–

–

157

The

Adviser

has

agreed

to

reimburse

each

Fund

if

its

total

expense

ratio

(excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses)

exceeds

certain

percentages.

The

Adviser

and

its

affiliates

have

voluntarily

agreed

to

waive

Fund

fees

in

order

to

keep

the

Fund’s

yield

non-negative.

As

of

June

30,

2023,

the

investment

management

fees

and

maximum

expense

amounts

(after

waivers

and

reimbursements)

are

equal

to

the

following

noted

annual

percentage

of

average

daily

net

assets:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds is

recognized

in

"Other

income"

on

the

Statement

of

Operations.

During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

The Funds may

purchase

or

sell

investment

securities

in

transactions

with

affiliated

entities

under

procedures

adopted

by

the

Board,

pursuant

to

the

1940

Act.

These

transactions

are

effected

at

market

rates

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

the

following

security

transactions

with

affiliated

entities: 

As

of

June

30,

2023,

certain

registered

separate

accounts

of

TIAA-CREF

Life,

which

is

a

wholly

owned

subsidiary

of

TIAA,

have

various

sub-accounts

which

invest

in

the

Funds.

The

following

is

the

percentage

of

the

Funds'

shares

owned

by

affiliates

as

of

the

end

of

the

current

fiscal

period:

Fund

Investment

Management

Fee

Maximum

Expense

Amounts‡

22.1

Growth

Equity

0.45%

0.52%

22.2

Growth

&

Income

0.45

0.52

22.3

Large-Cap

Value

0.45

0.52

22.4

Real

Estate

Securities

0.50

0.57

22.5

Small-Cap

Equity

0.46

0.53

22.6

Social

Choice

Equity

0.15

0.22

22.7

Stock

Index

0.06

0.09

22.8

International

Equity

0.50

0.60

22.9

Core

Bond

0.30

0.35

23.01

Money

Market

0.10

0.15

23.1

Balanced

0.10

0.10

‡

Maximum

expense

amounts

reflect

all

expenses

excluding

interest,

taxes,

brokerage

commissions

or

other

transactional

expenses,

Acquired

fund

fees

and

expenses

and

extraordinary

expenses.

The

expense

reimbursement

arrangements

will

continue

through

at

least

April

30,

2024.

The

reimbursement

arrangements

can

only

be

changed

with

the

approval

of

the

Board.

Fund

Value

22.1

Growth

Equity

$11,458

22.2

Growth

&

Income

15,070

22.3

Large-Cap

Value

7,341

22.4

Real

Estate

Securities

6,430

22.8

International

Equity

13,972

Fund

Purchases

Sales

Realized

Gain

(Loss)

Growth

Equity

$

1,052,900

$

828,815

$

(53,046)

Growth

&

Income

1,556,186

918,679

321,999

Real

Estate

Securities

–

4,486

(1,218)

Small-Cap

Equity

72,793

61,728

(26,477)

Social

Choice

Equity

7,905

25,277

1,903

Stock

Index

4,456

663,341

348,680

Underlying

Fund

Investments

in

funds

held

by

TIAA-CREF

Life

Investments

in

funds

held

by

Life

Balanced

Total

22.1

Growth

Equity

96

%

4

%

100

%

22.2

Growth

&

Income

96

4

100

22.3

Large-Cap

Value

93

7

100

22.4

Real

Estate

Securities

98

2

100

22.5

Small-Cap

Equity

98

2

100

22.6

Social

Choice

Equity

100

–

100

22.7

Stock

Index

99

1

100

22.8

International

Equity

95

5

100

22.9

Core

Bond

84

16

100

23.01

Money

Market

100

–

100

23.1

Balanced

100

–

100

Notes

to

Financial

Statements

(Unaudited)

(continued)

158

Investments

in

other

investment

companies

advised

by

Advisors

are

deemed

to

be

affiliated

investments.

The

TIAA-CREF

Life

Balanced

Fund

invests

its

assets

in

shares

of

the

affiliated

TIAA-CREF

Life

Funds.

Information

regarding

transactions

with

affiliated

companies

is

as

follows: 

9.

Inter-Fund

Lending

Program

Pursuant

to

an

exemptive

order

issued

by

the

SEC,

the

Funds may

participate

in

an

inter-fund

lending

program.

This

program

allows

the

Funds to

lend

cash

to

and/or

borrow

cash

from

certain

other

affiliated

Funds for

temporary

purposes,

(e.g.,

to

satisfy

redemption

requests

or

to

cover

unanticipated

cash

shortfalls).

The

program

is

subject

to

a

number

of

conditions,

including

the

requirement

that

no

Fund may

borrow

or

lend

money

under

the

program

unless

it

receives

a

more

favorable

interest

rate

than

is

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction.

In

addition,

a

Fund may

participate

in

the

program

only

if

its

participation

is

consistent

with

the

Fund’s investment

policies

and

limitations

and

authorized

by

its

portfolio

manager(s).

During the current

fiscal

period,

there

were

no

inter-fund

borrowing

or

lending

transactions. 

10.

Line

of

Credit

The Funds

(other

than

Money

Market

Fund)

participate

in

a

$1

billion

unsecured

revolving

credit

facility

that

can

be

used

for

temporary

purposes,

including,

without

limitation,

the

funding

of

shareholder

redemptions.

The

current

facility

was

entered

into

on

June

13,

2023

expiring

on

June

11,

2024,

replacing

the

previous facility,

which

expired

June

2023.

Certain

affiliated

accounts

and

mutual

funds,

each

of

which

is

managed

by the

Adviser,

or

an

affiliate

of

the

Adviser, also

participate

in

this

facility.

An

annual

commitment

fee

for

the

credit

facility

is

borne

by

the

participating

accounts

and

mutual

funds

on

a

pro

rata

basis.

Interest

associated

with

any

borrowing

under

the

facility

is

charged

to

the

borrowing

accounts

or

mutual

funds

at

a

specified

rate

of

interest.

The Funds are

not

liable

for

borrowings

under

the

facility

by

other

affiliated

accounts

or

mutual

funds.

There

were

no

borrowings

under

this

credit

facility

by

the

Funds during

the

current fiscal

period.

Issue

Value

at

12/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

6/30/23

Balanced

Fund

TIAA-CREF

Life

Funds:

Core

Bond

$

31,340,787

$

1,870,626

$

2,198,976

$

(341,551)

$

1,181,079

$

–

$

31,851,965

Growth

&

Income

6,085,937

101,668

967,272

133,189

1,208,013

–

6,561,535

Growth

Equity

5,328,230

72,687

802,719

(142,843)

1,761,403

–

6,216,758

International

Equity

6,215,986

284,704

745,537

88,802

643,744

908

6,487,699

Large-Cap

Value

5,686,091

82,343

569,940

71,042

271,260

–

5,540,796

Real

Estate

Securities

1,218,693

134,130

100,075

(1,342)

49,464

–

1,300,870

Small-Cap

Equity

1,222,490

107,535

149,690

5,593

114,336

–

1,300,264

Stock

Index

4,880,039

79,519

494,586

171,969

597,963

–

5,234,904

$61,978,253

$2,733,212

$6,028,795

$(15,141)

$5,827,262

$908

$64,494,791

Additional

Fund

Information

(Unaudited)

©2023

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

Portfolio

holdings

The

TIAA-CREF

Life

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

they

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Life

Funds’

holdings

(Schedules

of

Investments)

as

of

the

most

recently

completed

fiscal

quarter

in

the

following

ways:

By

visiting

our

website

at

TIAA.org;

or

By

calling

us

at

800-842-2252

to

request

a

copy,

which

will

be

provided

free

of

charge.

You

can

also

obtain

a

complete

list

of

the

TIAA-CREF

Life

Funds’

portfolio

holdings

as

of

the

most

recently

completed

fiscal

quarter,

and

for

prior

quarter-ends,

from

our

SEC

Form

N-CSR

and

Form

N-PORT

or

Form

N-MFP

(for

money

market

products

only)

filings.

Form

N-CSR

filings

are

as

of

December

31

or

June

30;

Form

N-PORT

or

Form

N-MFP

filings

are

as

of

March

31

or

September

30.

Copies

of

these

forms

are

available:

Through

the

Electronic

Data

Gathering

and

Retrieval

System

(EDGAR)

on

the

SEC’s

website

at

sec.gov;

or

From

the

SEC’s

Office

of

Investor

Education

and

Advocacy.

Call

202-551-8090

for

more

information.

Proxy

voting

TIAA-CREF

Life

Funds’

ownership

of

stock

gives

it

the

right

to

vote

on

proxy

issues

of

companies

in

which

it

invests.

A

description

of

our

proxy

voting

policies

and

procedures

can

be

found

on

our

website

at

TIAA.org

or

on

the

SEC’s

website

at

sec.gov.

You

can

also

call

us

at

800-223-1200

to

request

a

free

copy.

A

report

of

how

the

funds

voted

during

the

most

recently

completed

twelve-month

period

ended

June

30

can

be

found

on

our

website

or

on

Form

N-PX

at

sec.gov.

Contacting

TIAA

There

are

three

easy

ways

to

contact

us:

by

email,

using

the

Contact

Us

link

at

the

top

of

our

home

page;

by

mail

at

TIAA,

730

Third

Avenue,

New

York,

NY

10017-3206;

or

by

phone

at

800-223-1200.

Fund

management

The

TIAA-CREF

Life

Funds

are

managed

by

the

portfolio

management

teams

of

Teachers

Advisors,

LLC.

The

members

of

these

teams

are

responsible

for

the

day-to-day

investment

management

of

the

funds.

You

should

carefully

consider

the

investment

objectives,

risks,

charges

and

expenses

of

any

fund

before

investing.

For

a

prospectus

that

contains

this

and

other

information,

please

visit

TIAA.org,

or

call

800-223-1200.

Please

read

the

prospectus

carefully

before

investing.

Investment,

insurance

and

annuity

products

are

not

Federal

Deposit

Insurance

Corporation

(FDIC)

insured,

are

not

bank

guaranteed,

are

not

bank

deposits,

are

not

insured

by

any

federal

government

agency,

are

not

a

condition

to

any

banking

service

or

activity,

and

may

lose

value.

Nuveen,

a

subsidiary

of

TIAA,

provides

investment

advice

and

portfolio

management

services

through

a

dozen

affiliated

registered

investment

advisers.Nuveen

Securities,

LLC

and

TIAA-CREF

Individual

&

Institutional

Services,

LLC,

members

FINRA,

distribute

securities

products.

Insurance

and

annuity

products

are

issued

by

TIAA-

CREF

Life

Insurance

Company,

New

York,

NY.

This

material

is

for

informational

or

educational

purposes

only

and

does

not

constitute

fiduciary

investment

advice

under

ERISA,

a

securities

recommendation

under

all

securities

laws,

or

an

insurance

product

recommendation

under

state

insurance

laws

or

regulations.

This

material

does

not

take

into

account

any

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

own

objectives

and

circumstances.

160

Approval

of

Investment

Management

Agreement

(Unaudited)

Board

Renewal

of

the

Investment

Management

Agreement

for

the

TIAA-CREF

Life

Funds

The

Board

of

Trustees

(the

“Board”

or

the

“Trustees”)

of

the

TIAA-CREF

Life

Funds

(the

“Trust”)

determines

whether

to

initially

approve

and

periodically

renew

the

investment

management

agreement

(the

“Agreement”)

between

Teachers

Advisors,

LLC

(“Advisors”)

and

the

Trust,

on

behalf

of

each

series

of

the

Trust.

Under

the

Agreement,

Advisors

is

responsible

for

providing

investment

advisory

services

to

each

series

of

the

Trust

and

overseeing

the

everyday

operations

and

other

service

providers

of

the

Trust.

Below

is

a

summary

of

the

process

the

Board

undertook

related

to

its

most

recent

renewal

of

the

Agreement

with

respect

to

each

series

of

the

Trust

(the

“Funds”).

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that,

after

an

initial

period

of

up

to

two

years,

the

Agreement

for

each

Fund

will

remain

in

effect

only

if

the

Board,

including

a

majority

of

those

Trustees

who

have

no

direct

or

indirect

interest

in

the

Agreement,

and

who

are

independent

Trustees

because

they

are

not

“interested

persons”

of

the

Trust,

as

that

term

is

defined

in

the

1940

Act,

annually

renews

the

Agreement.

None

of

the

Trustees

is

an

interested

person

of

the

Trust

under

the

1940

Act.

Rather,

they

are

all

deemed

to

be

independent

Trustees.

Overview

of

the

Renewal

Process

The

Board

held

an

in-person

meeting

on

March

10,

2023,

in

order

to

consider

the

annual

renewal

of

the

Agreement

with

respect

to

each

applicable

Fund

using

the

process

established

by

the

Board

described

further

below.

As

part

of

the

Board’s

established

process,

the

Board

delegated

certain

tasks

to

its

Operations

Committee.

Among

these

tasks,

the

Operations

Committee

or

certain

of

its

designated

members

worked

with

Advisors,

other

Board

members

and

legal

counsel

to

the

Trustees

to

develop

guidance

and

specific

requests

relating

to

the

types

of

information

to

be

provided

to

the

Board

in

connection

with

the

proposed

contract

renewals.

Among

other

matters,

the

Operations

Committee

or

certain

of

its

designated

members,

following

consultations

with

representatives

of

Advisors,

other

Board

members,

legal

counsel

to

the

Trustees

and

legal

counsel

to

Advisors

and

the

Trust,

confirmed

or

established

certain

guidance

regarding

the

preparation

of

reports

to

be

provided

to

the

Board

with

respect

to

each

Fund

by

the

Board

Reporting

and

Compliance

unit

of

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

using

data

from

Lipper,

Inc.,

an

independent

provider

of

investment

company

data.

The

Operations

Committee

considered

that

Broadridge

is

widely

recognized

as

a

leading

provider

of

comparative

analyses

used

by

independent

directors

and

trustees

of

investment

companies

during

their

advisory

contract

review

processes.

Based

on

guidance

provided

by

the

Operations

Committee

or

certain

of

its

designated

members,

on

behalf

of

the

Board,

Broadridge

produced,

among

other

information,

comparative

performance

and

expense

data

for

each

Fund,

including

data

relating

to

each

Fund’s

management

fee

rate,

total

expense

ratio,

short-term

and

long-term

investment

performance,

brokerage

commission

costs

and

portfolio

turnover

rate

(as

applicable).

Broadridge

compared

this

data,

as

relevant,

for

each

Fund

against

a

universe

of

investment

companies

(except

for

brokerage

commission

costs

and

portfolio

turnover

rates)

and

against

a

more

selective

peer

group

of

mutual

funds

with

similar

investment

objectives

and

strategies

that

underlie

variable

products,

each

of

which

was

selected

by

Broadridge,

and

also

compared

the

performance

of

each

Fund

against

one

or

more

appropriate

broad-based

indices.

In

each

case,

Broadridge

summarized,

and

the

Board

considered,

the

methodologies

Broadridge

employed

to

provide

the

data

contained

in

its

reports.

In

addition,

Broadridge

represented

to

the

Board

that

its

reports

were

designed

specifically

to

provide

the

Board

with

the

fee,

expense

and

performance

information

that

is

necessary

to

help

the

Board

satisfy

its

duties

under

Section

15(c)

of

the

1940

Act.

Broadridge

also

represented

that

the

purpose

of

its

reports

is

to

provide

an

objective

view

of

each

Fund’s

relative

position

regarding

the

level

of

fees,

expenses

and

performance

against

a

competitive

peer

group

and

universe

(as

applicable)

selected

by

Broadridge

(and

not

Advisors

or

the

Board).

The

Board

considered

the

propriety

of

each

Fund’s

applicable

peer

group

as

selected

by

Broadridge.

Among

other

matters,

the

Board

also

considered

information

from

Advisors

to

facilitate

the

Trustees’

evaluation

of

the

reasonableness

of

any

profits

earned

by

Advisors

with

respect

to

its

services

to

each

Fund

pursuant

to

the

Agreement.

161

Legal

counsel

for

the

Trustees

also

requested

on

behalf

of

the

Board,

and

Advisors

provided,

information

that

was

designed

to

assist

the

Board

in

its

consideration

of

whether

to

renew

the

Agreement

for

each

Fund.

In

addition

to

the

data

provided

by

Broadridge

as

described

above,

the

information

that

was

provided

for

consideration

included,

but

was

not

limited

to,

the

following:

(1)

further

information

relating

to

each

Fund’s

investment

performance

and

a

narrative

analysis

of

the

performance

of

each

Fund

that

had

underperformed

certain

Board-specified

criteria,

together

with

an

explanation

of

any

events

that

had

a

material

impact

on

the

Fund’s

performance

during

that

period;

(2)

a

description

of

any

fee

waiver

or

expense

reimbursement

arrangements

that

were

proposed

or

were

in

place

during

the

prior

year

and

the

extent

to

which

such

arrangements

would

be

continued

or

modified

in

the

coming

year;

(3)

a

comparison

of

each

Fund’s

management

fee

rate

and

performance

to

other

accounts

with

comparable

strategies

managed

by

Advisors

or

certain

of

its

affiliates;

(4)

any

“fall-out”

benefits

that

accrued

or

were

identified

as

reasonably

likely

to

accrue

to

Advisors

or

its

affiliates

due

to

their

relationship

with

the

Funds

in

addition

to

the

Funds’

direct

fee

payments

to

Advisors

pursuant

to

the

Agreement;

(5)

information

regarding

Advisors’

financial

resources,

senior

professional

personnel,

overall

staffing

levels,

portfolio

manager

compensation

arrangements,

capacity

to

manage

the

Funds

at

current

and

foreseeable

asset

levels,

insurance

coverage,

portfolio

trading,

soft

dollar

usage

and

best

execution

practices,

and

any

actual

and

potential

conflicts

of

interest

identified

by

Advisors

in

connection

with

rendering

services

to

the

Funds;

(6)

information

as

to

any

profits

earned

by

Advisors

in

connection

with

its

services

pursuant

to

the

Agreement;

(7)

a

copy

of

the

Agreement

and

certain

related

agreements

between

the

Funds

and

affiliates

of

Advisors;

(8)

a

copy

of

Advisors’

Form

ADV

as

filed

with

the

Securities

and

Exchange

Commission

(which

was

presented

only

to

legal

counsel

for

the

Trustees);

and

(9)

draft

narrative

explanations

to

be

included

in

the

shareholder

reports

of

reasons

why

the

Board

should

renew

the

Agreement.

The

Trustees

were

also

provided

with

performance

ratings

of

Morningstar,

Inc.

(“Morningstar”),

which

is

a

widely

recognized

mutual

fund

ranking

service.

On

March

2,

2023,

the

Board

held

a

virtual

meeting

via

videoconference

with

legal

counsel

to

the

Trustees

to

discuss

Advisors’

materials,

which

led

to

the

Trustees

providing

additional

questions

to,

and

requesting

additional

information

from,

Advisors.

Subsequently,

at

the

March

10,

2023

meeting,

the

Trustees

were

given

the

opportunity

to,

and

did,

ask

additional

questions

and

they

discussed

responses

from

Advisors

to

the

Board’s

follow-up

questions

and

requests

presented

by

the

Board

after

its

initial

review

of

the

information

described

above.

In

considering

whether

to

renew

the

Agreement

with

respect

to

each

Fund,

the

Board

considered

various

factors,

including:

(1)

the

nature,

extent

and

quality

of

services

provided

or

to

be

provided

by

Advisors

to

the

Fund;

(2)

the

Fund’s

investment

performance;

(3)

the

costs

of

the

services

provided

to

the

Fund

and

the

profits

realized

or

potential

profits

to

be

realized

(if

any)

by

Advisors

and

its

affiliates

from

their

relationship

with

the

Fund;

(4)

fees

charged

to

comparable

mutual

funds

by

other

advisers;

(5)

the

extent

to

which

economies

of

scale

have

been

realized

or

are

anticipated

to

be

realized

as

the

Fund

grows;

(6)

how

such

economies

of

scale

are

shared

with

the

Fund

for

the

benefit

of

its

investors,

such

as,

if

applicable,

through

management

fee

breakpoints;

(7)

comparisons,

if

applicable,

of

the

services

provided

by

Advisors

to,

and

the

fee

rates

and

performance

of,

the

Fund

to

other

clients

to

whom

Advisors

provides

comparable

services;

and

(8)

any

other

benefits

identified

by

Advisors

derived

or

anticipated

to

be

derived

by

Advisors

or

its

affiliates

from

their

relationship

with

the

Fund.

As

a

general

matter,

the

Board

considered

these

factors,

and

any

other

factors

deemed

relevant

by

the

Trustees,

in

their

totality,

and

no

single

factor

was

identified

as

being

the

determining

factor

in

deciding

whether

to

renew

the

Agreement.

In

addition

to

the

March

10,

2023

meeting

that

included

Advisors’

personnel,

the

Trustees

met

in

executive

sessions,

at

which

no

representatives

of

Advisors

were

present,

to

discuss

the

proposed

renewal

of

the

Agreement

for

each

Fund.

The

Board

also

received

and

considered

information

from

its

legal

counsel

as

to

certain

relevant

guidance

that

relates

to

the

renewal

process

under

Section

15(c)

of

the

1940

Act

and

certain

other

legal

authorities.

While

the

contract

renewal

process

included

a

series

of

discussions

and

meetings

leading

up

to

the

March

10,

2023

meeting,

the

oversight

and

evaluation

of

Advisors’

services

to

the

Funds

by

the

Board

and

its

Committees

is

an

ongoing

process.

The

Board,

as

well

as

its

Committees,

considered

reports

on

various

investment

and

operational

topics

that

had

been

identified

by

the

Board

or

its

Committees

for

review

in

the

year

since

the

last

annual

renewal

process.

Further,

at

their

regularly

scheduled

meetings,

the

Board

and

its

Investment

Committee

and

its

other

Committees

receive

and

consider,

among

other

matters

information

regarding

the

performance

of

the

Funds.

Thus,

in

reaching

its

decisions

regarding

the

renewal

of

the

Agreement

for

each

Fund,

the

Board

took

into

account

the

information

described

herein

and

other

information

provided

to

the

Board

and

its

Committees

throughout

the

year.

The

Board

received

and

considered

both

Trust-level

and

Fund-specific

information,

but

made

its

renewal

determinations

on

a

Fund-by-

Fund

basis.

In

deciding

whether

to

renew

the

Agreement

for

each

Fund,

each

Trustee

may

have

accorded

different

weight

to

different

factors

and,

thus,

may

have

had

a

different

basis

for

his

or

her

ultimate

decision

to

vote

to

renew

the

Agreement

for

each

Fund.

At

its

meeting

on

March

10,

2023,

all

Board

members

voted

unanimously

to

renew

the

Agreement

for

each

Fund.

Set

forth

below

is

a

summary

of

the

primary

factors

that

the

Board

considered

with

respect

to

each

Fund.

162

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

Nature,

Extent

and

Quality

of

Services

The

Board

considered

the

level

and

depth

of

knowledge

of

Advisors,

including

the

professional

experience

and

qualifications

of

its

personnel.

The

Board

also

considered

that

Advisors

is

an

experienced

investment

adviser

that

has

managed

the

Funds

since

their

operations

commenced.

Investment

professionals

at

Advisors

also

manage

various

funds

and

accounts

of

the

College

Retirement

Equities

Fund,

the

TIAA-CREF

Funds

and

TIAA

Separate

Account

VA-1,

as

well

as

advise

and

sub-advise

other

investment

companies

and

vehicles.

Under

the

Agreement,

Advisors

is

responsible

for,

among

other

duties,

managing

the

assets

of

the

Funds,

including

conducting

research,

identifying

investments

and

placing

orders

to

buy

and

sell

securities

for

the

Funds’

investment

portfolios;

active

daily

monitoring

of

the

Funds’

investment

portfolios;

reporting

on

the

investment

performance

and

other

metrics

of

the

Funds

to

the

Board

on

a

regular

basis;

responding

to

Fund

flows;

compliance

monitoring;

coordinating

the

activities

of

each

Fund’s

service

providers;

and

overseeing

the

provision

of

various

administrative

services

to

the

Funds.

With

respect

to

the

Balanced

Fund,

which

is

a

fund

of

funds

that

may

invest

its

assets

in

the

securities

of

affiliated

and

unaffiliated

investment

companies

or

other

investment

pools

(“underlying

funds”),

Advisors

is

also

responsible

for

selecting

underlying

funds

and

allocating

the

Balanced

Fund’s

assets

among

the

underlying

funds.

The

Board

considered

that

Advisors

has

carried

out

these

responsibilities

in

a

competent

and

professional

manner.

The

Board

also

considered

that

Advisors

has

committed

significant

resources

to

supporting

the

series

of

the

Trust,

including

the

Funds.

It

also

considered

Advisors’

compliance

program

and

resources

and

its

compliance

record

with

respect

to

the

Funds.

The

Board

also

considered,

among

other

factors,

the

performance

of

each

Fund,

as

discussed

below.

In

addition,

the

Board

considered

the

nature

and

quality

of

non-portfolio

management

services

provided

by

Advisors

and

its

affiliates.

In

this

regard,

the

Board

considered

its

ongoing

review

of

the

performance

of

certain

affiliated

and

unaffiliated

service

providers,

including

the

quality

of

services

provided

by

those

firms

and

Advisors’

oversight

of

those

service

providers

and

the

outsourcing

of

certain

services

to

other

firms.

During

its

review,

the

Board

noted

its

ongoing

review

of

the

level

of

personnel

and

other

resources

available

to

Advisors

to

provide

portfolio

management

and

other

services

to

the

Funds,

including

the

impact

of

recent

and

anticipated

regulatory

requirements

and

operational

changes

on

such

resources,

so

as

to

assess

the

adequacy

of

the

resources

devoted

to

these

services.

Based

on

all

factors

considered,

the

Board

concluded

that

the

nature,

extent,

and

quality

of

services

provided

by

Advisors

to

each

Fund

under

the

Agreement

was

reasonable.

Investment

Performance

The

Board

considered

the

investment

performance

of

each

Fund,

over

the

periods

indicated

in

the

Fund-by-Fund

synopsis

below.

The

Board

considered

each

Fund’s

performance

as

compared

to

its

peer

group

and

peer

universe

(as

applicable)

and

its

benchmark

index

or,

in

circumstances

where

a

Fund’s

peer

group

or

peer

universe

was

not

viewed

as

a

representative

basis

for

comparison,

other

comparative

information

deemed

relevant

by

management

and/or

the

Board.

The

Board

also

considered

the

three-year

performance

of

the

Stock

Index

Fund

before

any

reductions

for

fees

and

expenses.

In

this

analysis,

the

Board

considered

the

impact

of

net

asset

value

rounding

and

the

effects

of

fair

valuation,

securities

lending

and

class

action

litigation,

as

applicable,

on

the

Stock

Index

Fund’s

performance

as

compared

to

the

performance

of

its

benchmark

index.

For

details

regarding

each

Fund’s

performance,

see

the

Fund-

by-Fund

synopsis

below.

The

Board

considered,

in

those

cases

in

which

a

Fund

had

performed

materially

differently

from

its

Broadridge

peers

or

benchmark

based

on

a

Board-established

threshold,

the

factors

identified

by

Advisors

that

contributed

to

such

difference

and

any

remedial

measures

being

undertaken,

or

planned

to

be

taken,

by

Advisors.

Thus,

the

Board

concluded

that,

under

the

totality

of

circumstances

considered,

the

investment

performance

of

each

Fund

was

reasonable

or

that

appropriate

actions

had

been

or

were

being

implemented.

Cost

and

Profitability

The

Board

considered

financial

and

profitability

data

relating

to

Advisors’

services

to

the

Funds

for

the

calendar

year

2022.

The

Board

considered

Advisors’

profit

calculations

with

respect

to

its

services

to

each

Fund

both

before

and

after

taking

into

account

the

costs

incurred

directly

or

indirectly

by

Advisors

in

connection

with

the

distribution

of

shares

of

the

Fund.

The

Board

acknowledged

the

reasonableness

of

having

management

fee

rates

which

permit

Advisors

to

maintain

and

improve

the

quality

of

services

provided

to

the

Funds

and

recognized

the

entrepreneurial

and

other

risks

assumed

by

Advisors

in

managing

the

Funds.

The

Board

considered

that

Advisors

had

calculated

that

it

incurred

a

net

loss

with

respect

to

each

of

the

Funds

under

the

Agreement

for

the

one-year

period

ended

December

31,

2022.

163

Fees

Charged

by

Other

Advisers

The

Board

considered

comparative

information

regarding

each

Fund’s

contractual

and

effective

management

fee

rates

and

the

contractual

and

effective

management

fee

rates

paid

by

similar

mutual

funds

that

underlie

variable

insurance

products

to

other

advisers,

as

analyzed

by

Broadridge

and

reflected

in

the

Fund-by-Fund

synopsis

below.

The

Board

determined

that

the

management

fee

rate

charged

to

a

Fund

under

the

Agreement

typically

was

lower

than

the

management

fee

rates

charged

to

many

or

most

other

comparable

mutual

funds

that

underlie

variable

insurance

products.

In

this

regard,

the

Board

also

considered

the

inherent

limitations

of

such

comparisons

in

light

of

uncertainty

as

to

how

the

fees

of

such

similar

mutual

funds

are

set

and

potentially

material

differences

between

a

Fund

and

its

comparable

mutual

funds

that

underlie

variable

insurance

products.

The

Board

considered

Broadridge’s

treatment

of

all

fund

fee

waivers,

regardless

of

their

type,

as

management

fee

waivers,

which

could

materially

impact

how

the

Funds’

actual

management

fee

rates

compare

to

those

of

similar

mutual

funds

that

underlie

variable

insurance

products.

Additionally,

the

Board

considered

the

potential

limitations

of

such

comparisons

due

to,

among

other

factors,

the

fact

that,

in

many

instances,

Broadridge

based

its

comparisons

on

financial

data

relating

to

fiscal

periods

that

differed

from

the

period

for

which

the

Fund’s

data

were

derived.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

appropriate

groups

of

comparable

mutual

funds

that

underlie

variable

insurance

products.

Economies

of

Scale

The

Board

considered

whether

Advisors

has

experienced

or

is

anticipated

to

experience

economies

of

scale

in

connection

with

the

operation

of

each

Fund.

The

Board

also

considered

that

because

Advisors

operated

each

Fund

at

a

loss,

there

was

little

opportunity

to

pass

economies

of

scale

on

to

Fund

shareholders.

The

Board

also

considered

Advisors’

reimbursement

of

the

Funds

for

all

of

their

soft

dollar

expense

in

2022,

as

well

as

Advisors’

commitment

to

reimburse

the

Funds

for

all

of

their

soft

dollars

in

the

future.

Based

on

all

factors

considered,

the

Board

concluded

that

the

Funds’

management

fee

rate

schedules

were

reasonable

in

light

of

current

economies

of

scale

considerations

and

current

asset

levels.

Fee

and

Performance

Comparisons

with

Other

Advisors

Clients

The

Board

considered

that

Advisors

and

its

affiliate,

TIAA-CREF

Investment

Management,

LLC,

provide

investment

management

services

to

other

investment

companies,

including

mutual

funds,

foreign

funds

(UCITS),

and

separately

managed

accounts

that

may

have

similar

investment

strategies

as

certain

of

the

Funds.

The

Board

considered

the

management

fee

rates

and

the

performance

of

such

investment

companies

and

accounts.

The

Board

also

considered

Advisors’

comments

that,

in

the

future,

Advisors

may

manage

client

assets

through additional

funds

and

accounts

with

similar

investment

strategies.

The

Board

also

considered

Advisors’

representation

that,

while

the

management

fee

rates

charged

to

the

Funds

may

differ

from

the

management

fee

rates

chargeable

to

these

other

funds

and

other

accounts,

this

may

be

due

in

part

to

the

fact

that

these

other

funds

and

accounts

may:

(1)

be

offered

through

products

that

charge

additional

fees

to

their

investors;

(2)

be

offered

in

different

types

of

markets;

(3)

be

provided

with

different

types

or

levels

of

services;

(4)

have

different

regulatory

burdens;

(5)

target

different

investors;

and/or

(6)

be

packaged

with

other

products,

and

that

these

factors,

among

others,

could

reasonably

explain

different

management

fee

rate

schedules.

Based

on

all

factors

considered,

the

Board

concluded

that

the

management

fee

rates

under

the

Agreement

with

respect

to

each

Fund

were

reasonable

in

relation

to

those

charged

by

Advisors

to

its

comparable

clients.

Other

Benefits

The

Board

also

considered

additional

“fall-out

benefits”

to

Advisors

and

its

affiliates

arising

from

the

Agreement.

Such

benefits

include,

among

others,

other

fees

paid

by

the

Funds

to

Advisors

or

its

affiliates

for

other

services,

such

as

administration

and

investment-related

benefits,

such

as

economies

of

scale

to

the

extent

the

Funds

share

investment

resources

and/or

personnel

with

other

clients

of

Advisors

and

the

ability

to

incubate

strategies

within

one

or

more

Funds

that

could

be

subsequently

utilized

to

manage

other

non-Fund

products.

Advisors

and

its

affiliates

may

also

benefit

from

the

level

of

business

and

relationships

the

Funds

have

with

certain

service

providers.

Additionally,

the

Funds

are

utilized

primarily

as

investment

options

for

products

offered

by

an

affiliate

of

Advisors,

TIAA-CREF

Life

Insurance

Company.

Also,

Advisors

and

its

affiliates

may

benefit

from

their

relationship

with

the

Funds

to

the

extent

that

this

relationship

results

in

potential

investors

viewing

Teachers

Insurance

and

Annuity

Association

of

America,

of

which

Advisors

is

an

indirect,

wholly-owned

subsidiary,

as

a

leading

retirement

plan

provider

in

the

academic

and

non-

profit

markets

and

as

a

single

source

for

all

their

financial

service

needs.

The

Board

concluded

that

other

benefits

to

Advisors

and

its

affiliates

arising

from

the

Agreement

were

reasonable

in

light

of

various

relevant

factors.

164

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

Fund-by-Fund

Synopsis

of

Factors

The

Board

considered

the

following

specific

factors

(among

others)

in

connection

with

its

determination

to

renew

the

Agreement

with

respect

to

each

Fund.

If

a

Fund

is

described

in

the

following

discussions

as

being

in

the

“1st”

quintile,

it

is

in

the

best

of

five

groups

(that

is,

the

group

has

the

best

performance

or

the

lowest

expenses,

as

the

case

may

be).

References

below

to

quintiles

are

based

on

data

provided

to

the

Board

in

the

reports

prepared

by

Broadridge.

All

time

periods

referenced

below

are

ended

December

31,

2022.

Under

the

Morningstar

rating

system,

an

Overall

Morningstar

Rating

of

5

stars

is

the

highest

(best)

rating

category

and

1

star

is

the

lowest

(worst)

rating

category.

The

Morningstar

data

is

as

of

December

31,

2022.

Statements

below

regarding

“net

loss”

refer

to

Advisors’

calculation

that

it

incurred

a

loss

for

the

services

that

it

rendered

to

a

Fund

during

2022

under

the

Agreement.

Growth

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.45%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

the

group

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Group”)

and

the

universe

of

comparable

funds

selected

by

Broadridge

for

expense

comparison

purposes

(“Expense

Universe”).

The

Fund

was

in

the

4th,

3rd,

2nd

and

1st

quintiles

of

the

group

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Group”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

3rd,

3rd

and

2nd

quintiles

of

the

universe

of

comparable

funds

selected

by

Broadridge

for

performance

comparison

purposes

(“Performance

Universe”)

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Growth

&

Income

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.45%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

the

2nd,

2nd

and

1st

quintiles

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

5th

quintile

of

its

Performance

Group

for

each

of

the

one-,

three-,

five-

and

ten-year

periods.

The

Fund

was

in

the

5th,

5th,

5th

and

4th

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

The

Fund’s

portfolio

managers

changed

in

November

2022.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Large-Cap

Value

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.45%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

5th,

3rd,

4th

and

3rd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

4th,

3rd,

4th

and

4th

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

2

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Real

Estate

Securities

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.50%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

5th,

4th,

1st

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

5th,

3rd,

1st

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

5

stars.

165

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Small-Cap

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.46%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

each

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

3rd,

2nd

3rd

and

1st

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Social

Choice

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.15%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

4th,

2nd,

3rd

and

4th

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

3rd,

1st,

2nd

and

3rd

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Stock

Index

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.06%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

For

the

three-year

period,

the

Fund’s

adjusted

annualized

gross

performance

(meaning

the

Fund’s

performance

without

any

reductions

for

fees

or

expenses,

including

the

effect

of

net

asset

value

rounding

and

excluding

the

effects

of

fair

valuation,

securities

lending

and

class

action

recoveries)

as

compared

to

its

benchmark,

the

Russell

3000®

Index,

differed

by

+4

basis

points.

For

reference,

one

basis

point

equals

0.01%.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

International

Equity

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.50%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

ranked

3

out

of

3

funds,

1

out

of

3

funds,

2

out

of

2

funds

and

1

out

of

2

funds

within

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

5th,

1st,

5th

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Core

Bond

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.30%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

both

its

Expense

Group

and

Expense

Universe.

The

Fund

was

in

the

3rd,

3rd,

2nd

and

2nd

quintiles

of

its

Performance

Group

for

the

one-,

three-,

five-

and

ten-year

periods,

respectively.

The

Fund

was

in

the

2nd,

2nd,

2nd

and

1st

quintiles

of

its

Performance

Universe

for

the

one-,

three-,

five-

and

ten-

year

periods,

respectively.

166

Approval

of

Investment

Management

Agreement

(continued)

(Unaudited)

The

Fund

received

an

Overall

Morningstar

Rating

of

3

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Money

Market

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

the

5th,

5th

and

1st

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

the

5th,

4th

and

1st

quintiles

of

its

Expense

Universe,

respectively.

The

Fund

did

not

have

a

Performance

Group.

The

Fund

was

in

the

2nd

quintile

of

its

Performance

Universe

for

each

of

the

one-

and

three-year

periods

and

ranked

2

out

of

5

funds

and

2

out

of

4

funds

for

the

five-

and

ten-year

periods,

respectively.

Money

market

funds

are

not

rated

by

Morningstar.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period.

Balanced

Fund

The

Fund’s

annual

contractual

investment

management

fee

rate

is

0.10%

of

average

daily

net

assets.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

in

the

2nd,

1st

and

1st

quintiles

of

its

Expense

Group,

respectively.

The

Fund’s

total

expense

ratio,

actual

investment

management

fee

rate

and

contractual

investment

management

fee

rate

were

each

in

the

1st

quintile

of

its

Expense

Universe.

The

Fund

was

in

the

5th,

3rd

and

3rd

quintiles

of

its

Performance

Group

for

the

one-,

three-and

five-year

periods,

respectively.

The

Fund

was

in

the

4th,

3rd

and

3rd

quintiles

of

its

Performance

Universe

for

the

one-,

three-

and

five-year

periods,

respectively.

The

Fund

received

an

Overall

Morningstar

Rating

of

4

stars.

Advisors

calculated

that

it

incurred

a

net

loss

with

respect

to

its

services

to

the

Fund

for

the

one-year

period

and

also

incurred

a

net

loss

on

each

of

the

underlying

funds

in

which

the

Fund

invested.

________________

Based

primarily

on

the

foregoing

factors

and

conclusions,

the

Board

renewed

the

Agreement

for

each

Fund.

167

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

series

of

the

Trust

covered

by

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Program

consists

of

various

provisions

relating

to

assessing

and

managing

Fund

liquidity

risk,

as

discussed

further

below.

The

Funds’

Board

of

Trustees

(the

“Board”)

previously

approved

the

designation

of

Advisors

(the

“Administrator”)

as

Program

administrator.

The

Liquidity

Monitoring

and

Analysis

Team

(the

“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

Liquidity

Oversight

Committee

(the

“LOSC”).

Personnel

from

the

Administrator

and

Nuveen

Fund

Advisors,

LLC,

an

affiliate

of

the

Administrator,

comprise

the

LMAT

and

LOSC.

At

a

February

14,

2023

Board

meeting,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy,

and

effectiveness

of

implementation

for

the

period

from

January

1,

2022

through

December

31,

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

the

Funds’

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents

and

borrowing

arrangements

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

“highly

liquid

investments”

and

“illiquid

investments,”

discussed

below).

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment.

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-

specific

considerations,

as

well

as

market

depth,

and

utilize

third-party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

net

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

highly

liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

each

Fund’s

investments

in

illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

acquisition

of

illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments

and

requires

certain

reporting

anytime

a

Fund’s

holdings

of

illiquid

investments

exceed

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

illiquid

investments.

Additional

Information

About

Index

Providers

(Unaudited)

168

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2023.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.

“FTSE®,”

“Russell®”

and

“FTSE

Russell®”

are

trademarks

of

the

relevant

LSE

Group

companies

and

are

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

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and

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any

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or

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No

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The

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Source:

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FTSE Index

Source:

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FTSE

2023.

“FTSE®”

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“Nareit®”

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ENTITY

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TIME

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169

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A10937

(8/23)

Item 2. Code of Conduct.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: August 17, 2023	TIAA-CREF LIFE FUNDS
	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: August 17, 2023	By:	/s/ Bradley Finkle
		Bradley Finkle
		Principal Executive Officer and President
		(principal executive officer)
Dated: August 17, 2023	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal
		Accounting Officer and Treasurer
		(principal financial officer)