Tiaa Cref Life Fund N-CSR Certified 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: December 31, 2023

Item 1. Reports to Stockholders.

Life

Funds

TIAA-CREF

Annual

Report

TIAA-CREF

Life

Funds

December

31,

2023

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

Portfolio

Managers’

Comments

8

Fund

Performance

15

Expense

Examples

36

Report

of

Independent

Registered

Public

Accounting

Firm

40

Portfolios

of

Investments

41

Statement

of

Assets

and

Liabilities

148

Statement

of

Operations

150

Statement

of

Changes

in

Net

Assets

152

Financial

Highlights

156

Notes

to

Financial

Statements

162

Important

Tax

Information

176

Additional

Fund

Information

177

2023

Special

Meeting

178

Trustees

and

officers

179

Additional

Information

About

Index

Providers

184

3

Market

Review

Brad

Finkle

Domestic

and

international

stocks

posted

strong

gains

for

the

twelve-month

period

as

economies

generally

grew

and

the

rate

of

inflation

slowed.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

The

economy

of

the

20-nation

euro

area

grew

modestly

on

a

year-over-year

basis

in

the

first

and

second

quarters

of

2023

before

stalling

in

the

third

quarter.

China’s

economy

grew

moderately

despite

concerns

over

the

nation’s

real

estate

sector.

Major

central

banks

around

the

world

began

the

year

tightening

monetary

policy,

but

many

refrained

from

further

interest-rate

increases

later

in

the

year

as

the

pace

of

inflation

eased.

During

the

period,

the

U.S.

Federal

Reserve

increased

the

federal

funds

target

rate

four

times

to

5.25%–5.50%

but

left

rates

unchanged

over

the

last

five

months

of

the

year.

The

European

Central

Bank

and

the

Bank

of

England

also

raised

their

benchmark

interest

rates

multiple

times

in

2023

but

paused

further

increases

toward

the

end

of

the

year.

Returns

for

the

eight

TIAA-CREF

Life

Funds

that

invest

primarily

in

stocks

ranged

from

46.4%

for

the

Growth

Equity

Fund

to

12.0%

for

the

Real

Estate

Securities

Fund.

The

Balanced

Fund

rose

15.8%,

the

Core

Bond

Fund

gained

6.3%,

and

the

Money

Market

Fund

returned

5.0%.

Most

of

the

TIAA-CREF

Life

Funds

outperformed

their

respective

benchmarks

for

the

twelve-month

period.

TIAA-CREF

Life

Funds

performance

review

In

a

strong

year

for

financial

markets,

all

of

the

TIAA-CREF

Life

Funds

recorded

gains.

Overall,

stocks

surpassed

bonds,

and

domestic

equities

outpaced

foreign

stocks.

The

Growth

Equity

Fund

advanced

46.4%

and

outperformed

the

Russell

1000®

Growth

Index.

The

Growth

&

Income

Fund

gained

32.9%,

surpassing

the

S&P

500®

Index.

The

Stock

Index

Fund

rose

25.9%.

The

Social

Choice

Equity

Fund,

which

does

not

invest

in

certain

stocks

because

of

environmental,

social

and

governance

criteria,

gained

22.4%.

Both

funds

trailed

the

Russell

3000®

Index.

The

Small-Cap

Equity

Fund

advanced

18.7%

and

outpaced

the

Russell

2000®

Index.

The

International

Equity

Fund,

which

invests

in

developed

foreign

markets,

returned

16.4%,

trailing

the

MSCI

EAFE®

Index.

The

Balanced

Fund,

which

invests

in

both

stock

and

bond

funds,

gained

15.8%,

surpassing

its

composite

benchmark.

The

Large-Cap

Value

Fund

gained

14.3%,

exceeding

the

Russell

1000

Value

Index.

The

Real

Estate

Securities

Fund

advanced

12.0%,

outperforming

the

FTSE

Nareit

All

Equity

REITs

Index.

The

Core

Bond

Fund’s

return

of

6.3%

surpassed

the

performance

of

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

Money

Market

Fund

gained

5.0%,

outpacing

the

iMoneyNet

Money

Fund

Averages™—All

Government.

Stocks

and

bonds

posted

gains

For

the

twelve-month

period,

domestic

stocks,

as

represented

by

the

Russell

3000®

Index,

gained

26.0%.

Foreign

equities,

as

measured

by

the

MSCI

EAFE®

Index,

advanced

18.2%.

The

U.S.

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

rose

5.5%.

Yields

on

U.S.

fixed-income

securities

rose

across

short-

and

long-term

maturities

but

declined

among

intermediate-term

securities

(bond

yields

move

in

the

opposite

direction

of

prices).

Many

bonds

benefited

from

a

rally

late

in

the

year

as

investors

grew

more

confident

the

Fed

was

unlikely

to

raise

interest

rates

further.

The

benefits

of

a

long-term

focus

The

stellar

gains

of

the

financial

markets

in

2023

put

to

rest

a

year

of

volatility

and

uncertainty

amid

the

pressure

of

global

inflation

and

rising

interest

rates.

The

year

began

with

concerns

surrounding

interest-rate

increases,

particularly

how

long

the

Federal

Reserve

would

continue

raising

rates

in

order

to

push

down

inflation.

However,

as

the

period

progressed,

lower

inflation

data

set

expectations

for

the

end

of

the

Fed’s

tightening

cycle,

and

stocks

and

bonds

responded

positively.

Market

Review

(continued)

4

Of

course,

no

one

can

predict

the

future

direction

of

the

markets.

But

short-term

challenges

should

not

distract

investors

from

their

long-term

investment

goals.

We

believe

a

well-balanced

and

diversified

portfolio

of

stocks,

bonds

and

other

asset

classes,

managed

by

professionals,

can

be

a

prudent

strategy

to

help

investors

navigate

through

the

inevitable

fluctuations

of

the

financial

markets.

However,

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

pleased

to

assist

you.

Brad

Finkle

Important

Notices

5

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”).

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

Report

prepared

for

the

Fund

will

be

for

the

reporting

period

ended

June

30,

2024.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

In

January

2024,

the

Funds’

Board

of

Trustees

(the

“Board”)

approved

the

following:

Fund

Name

Changes:

The

Board

approved

a

change

in

each

Fund’s

name

effective

May

1,

2024,

as

follows:

Investment

Objective,

Benchmark,

and

Investment

Policy

Changes:

TIAA-CREF

Life

Growth

&

Income

Fund

Investment

objective

change,

effective

March

1,

2024

TIAA-CREF

Life

Social

Choice

Equity

Fund

Investment

objective

change,

effective

March

1,

2024

Benchmark

change,

effective

March

1,

2024

Investment

policy

change,

effective

May

1,

2024

Refer

to

the

Funds’

supplemented

prospectus

dated

January

22,

2024

for

further

information.

Existing

Name

New

Name

TIAA-CREF

Life

Core

Bond

Fund

Nuveen

Life

Core

Bond

Fund

TIAA-CREF

Life

Growth

&

Income

Fund

Nuveen

Life

Core

Equity

Fund

TIAA-CREF

Life

Growth

Equity

Fund

Nuveen

Life

Growth

Equity

Fund

TIAA-CREF

Life

International

Equity

Fund

Nuveen

Life

International

Equity

Fund

TIAA-CREF

Life

Large-Cap

Value

Fund

Nuveen

Life

Large

Cap

Value

Fund

TIAA-CREF

Life

Money

Market

Fund

Nuveen

Life

Money

Market

Fund

TIAA-CREF

Life

Real

Estate

Securities

Fund

Nuveen

Life

Real

Estate

Securities

Select

Fund

TIAA-CREF

Life

Small-Cap

Equity

Fund

Nuveen

Life

Small

Cap

Equity

Fund

TIAA-CREF

Life

Social

Choice

Equity

Fund

Nuveen

Life

Large

Cap

Responsible

Equity

Fund

TIAA-CREF

Life

Stock

Index

Fund

Nuveen

Life

Stock

Index

Fund

TIAA-CREF

Life

Balanced

Fund

Nuveen

Life

Balanced

Fund

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

2024.

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

2024.

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.

Portfolio

Managers’

Comments

8

Growth

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Growth

Equity

Fund returned

46.42%,

compared

with

the

42.68% return

of

its

benchmark,

the

Russell

1000®

Growth

Index.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

surpassed

its

benchmark

All

eleven

industry

sectors

in

the

Russell

1000

Growth

Index

posted

gains

for

the

twelve

months.

Information

technology

(up

65.1%)—the

largest

sector,

representing

more

than

40.0%

of

the

benchmark’s

total

market

capitalization

on

December

31,

2023—contributed

approximately

60.0%

of

the

index’s

return.

Communication

services

(up

64.6%)

and

consumer

discretionary

(up

52.6%)

were

the

next-largest

contributors.

Together,

these

three

sectors

represented

nearly

two-thirds

of

the

benchmark’s

total

market

capitalization

on

December

31,

2023.

Energy

(up

1.7%)

was

the

worst

performer,

followed

by

the

defensive

utilities

(up

4.2%)

and

consumer

staples

(up

4.9%)

sectors.

For

the

twelve-month

period,

the

Fund

outperformed

its

benchmark

on

the

strength

of

numerous

stock

selections.

The

top

contributor

was

an

overweight

position

in

Meta

Platforms

(Facebook),

which

announced

record

quarterly

revenue

as

spending

on

digital

advertising

rebounded.

The

next-largest

contributors

were

overweight

positions

in

ride-hailing

company

Uber

Technologies

and

Amazon.com.

Uber

reported

its

first-ever

operating

profit,

while

Amazon

benefited

from

the

recovery

in

digital

ad

spending,

stabilizing

growth

in

its

cloud-computing

business

and

efforts

to

reduce

costs.

Conversely,

the

largest

detractor

was

an

overweight

position

in

payment

processing

firm

PayPal

Holdings,

which

experienced

margin

pressure

as

lower-margin

areas

of

its

business

drove

revenue

growth.

Overweight

positions

in

cosmetics

company

Estee

Lauder

and

credit

card

issuer

Visa

also

hurt

relative

performance.

Growth

&

Income

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Growth

&

Income

Fund returned

32.93%,

compared

with

the

26.29% return

of

its

benchmark,

the

S&P

500®

Index.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

S&P

500

Index,

a

market-capitalization-weighted

index

of

the

stocks

of

500

leading

companies

in

major

industries

of

the

U.S.

economy,

outperformed

the

25.96%

return

of

the

Russell

3000®

Index,

a

broad

measure

of

the

U.S.

stock

market.

A

portion

of

the

Russell

3000

Index

consists

of

small-cap

equities,

which

underperformed

large

caps

for

the

year.

Fund

surpassed

its

benchmark

Nine

of

the

eleven

industry

sectors

in

the

S&P

500

Index

posted

gains

for

the

twelve

months.

Communication

services

(up

55.8%)

and

information

technology

(up

55.4%)—the

index’s

largest

component—were

the

best-performing

sectors.

Next

in

line

were

consumer

discretionary

(up

40.3%)

and

industrials

(up

18.5%).

Together,

these

four

sectors

accounted

for

approximately

60.0%

of

the

benchmark’s

total

market

capitalization

on

December

31,

2023.

Utilities

(down

7.1%)

was

the

worst-performing

sector,

followed

by

energy

(down

1.3%).

9

Portfolio

Managers’

Comments

For

the

twelve-month

period,

the

Fund

outperformed

its

benchmark

on

the

strength

of

several

sector

allocation

and

stock

selection

decisions,

led

by

an

overweight

allocation

to

the

technology

sector

and

an

underweight

allocation

to

the

defensive

consumer

staples

sector.

The

leading

contributor

from

a

stock

perspective

was

the

Fund’s

position

in

technology

firm

NVIDIA,

the

world’s

leading

developer

of

graphical

processing

units

(GPUs),

the

technology

that

enables

artificial

intelligence

(AI),

data

science,

visual

computing,

robotics

and

a

host

of

other

applications.

The

next-largest

contributors

were

overweight

positions

in

cybersecurity

company

Palo

Alto

Networks

and

social

media

and

advertising

behemoth

Meta

Platforms

(Facebook),

which

benefited

from

a

renewed

emphasis

on

cost

controls

and

AI-driven

improvements

to

its

ad-targeting

system.

In

contrast,

the

largest

detractor

was

an

overweight

position

in

SVB

Financial

Group,

the

parent

company

of

Silicon

Valley

Bank,

which

filed

for

bankruptcy.

Next

came

overweight

positions

in

pharmaceutical

maker

Bristol-Myers

Squibb,

which

faced

heightened

competition

from

certain

generic

drugs,

and

agriculture

firm

Corteva,

which

experienced

slowing

sales

of

its

crop

protection

products.

Large-Cap

Value

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Large-Cap

Value

Fund returned

14.30%,

compared

with

the

11.46% return

of

its

benchmark,

the

Russell

1000®

Value

Index.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

surpassed

its

benchmark

Seven

of

the

eleven

industry

sectors

in

the

Russell

1000

Value

Index

posted

gains

for

the

twelve

months.

Communication

services

(up

41.9%)

and

information

technology

(up

36.1%)

performed

best,

followed

by

industrials

(up

21.3%)

and

consumer

discretionary

(up

16.8%).

Next

in

line

was

financials

(up

15.0%)—the

benchmark’s

largest

sector

and

the

top

contributor

to

its

return.

Together,

these

five

sectors

represented

more

than

one-half

of

the

index’s

total

market

capitalization

on

December

31,

2023.

The

defensive

utilities

(down

7.1%)

and

health

care

(down

5.1%)

sectors

were

the

worst

performers.

For

the

twelve-month

period,

the

Fund

outperformed

its

benchmark

due

to

numerous

favorable

stock

selections.

The

top

contributor

was

an

out-of-benchmark

position

in

Microsoft,

which

surged

on

optimism

about

the

growth

potential

of

its

artificial

intelligence

products.

The

next-largest

contributors

were

an

overweight

position

in

Parker-Hannifin,

which

posted

an

impressive

gain,

and

an

underweight

position

in

Pfizer,

which

declined.

Parker-Hannifin,

a

maker

of

motion

and

control

technologies,

raised

its

fiscal-year

earnings

forecast,

citing

strength

in

its

aerospace

systems

business.

Pfizer

was

hurt

by

slowing

demand

for

COVID-19

vaccines.

In

contrast,

the

largest

detractor

was

an

overweight

position

in

aerospace

company

RTX,

which

announced

a

costly

recall

of

jet

engines.

Next

came

a

lack

of

exposure

to

technology

company

Salesforce,

which

reported

increasing

profit

margins

amid

cost

reductions,

and

an

overweight

position

in

U.S.

Bancorp,

which

was

pressured

by

higher

interest

rates.

Real

Estate

Securities

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Real

Estate

Securities

Fund returned

12.01%,

compared

with

the

11.36% return

of

its

benchmark,

the

FTSE

Nareit

All

Equity

REITs

Index.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

Portfolio

Managers’

Comments

(continued)

10

For

the

twelve-month

period,

the

FTSE

Nareit

All

Equity

REITs

Index

trailed

the

25.96%

return

of

the

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

but

outpaced

the

5.53%

return

of

the

broad

U.S.

investment

grade

fixed-rate

bond

market,

as

represented

by

the

Bloomberg

U.S.

Aggregate

Bond

Index.

Fund

surpassed

its

benchmark

Among

the

benchmark’s

16

property

sectors

and

subsectors,

most

returns

were

positive

for

the

period.

The

largest

gains

were

seen

in

the

data

centers

(up

30.1%),

regional

malls

(up

29.9%)

and

lodging/resorts

(up

23.9%)

sectors.

Diversified

(down

4.6%)

was

the

worst-performing

sector.

For

the

twelve-month

period,

the

Fund

outperformed

its

benchmark

on

the

strength

of

numerous

stock

selections.

An

underweight

position

in

communication

services

company

Crown

Castle

was

the

largest

contributor

to

the

Fund’s

relative

return

as

it

posted

a

double-digit

loss.

Not

owning

poorly

performing

health

care

facilities

REIT

Medical

Properties

Trust

and

global

net

lease

REIT

W.P.

Carey

also

benefited

relative

performance.

In

contrast,

these

positive

effects

were

partly

offset

by

not

owning

information

management

services

company

Iron

Mountain

as

it

delivered

sizable

gains.

An

overweight

position

in

manufactured

home

community

REIT

Sun

Communities

and

an

underweight

allocation

to

regulated

cannabis

industry

REIT

Innovative

Industrial

Properties

also

detracted

from

the

Fund’s

performance

versus

its

benchmark.

Small-Cap

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Small-Cap

Equity

Fund returned

18.65%,

compared

with

the

16.93% return

of

its

benchmark,

the

Russell

2000®

Index.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Fund

surpassed

its

benchmark

Ten

of

the

eleven

industry

sectors

in

the

Russell

2000

Index

posted

gains

for

the

twelve

months.

Consumer

discretionary

(up

28.4%)

and

information

technology

(up

27.4%)

were

the

best-performing

sectors.

Next

came

industrials

(up

26.7%)—the

benchmark’s

largest

component

and

also

the

top

contributor

to

the

index’s

return—followed

by

consumer

staples

(up

19.7%).

Together,

these

four

sectors

represented

nearly

45.0%

of

the

benchmark’s

total

market

capitalization

on

December

31,

2023.

The

worst-performing

sector

was

utilities

(down

6.9%).

For

the

twelve-month

period,

the

Fund

outperformed

its

benchmark

due

to

favorable

allocation

decisions.

The

top

contributors

to

relative

performance

were

overweight

positions

in

ImmunoGen,

Super

Micro

Computer

and

e.l.f.

Beauty,

all

of

which

posted

outsized

gains.

Biotechnology

company

ImmunoGen

announced

that

it

was

being

acquired

by

a

major

pharmaceutical

manufacturer.

Technology

firm

Super

Micro

Computer

benefited

from

robust

demand

for

its

servers

used

in

artificial-intelligence

systems.

Drugstore

makeup

brand

e.l.f.

Beauty

experienced

strong

growth

in

international

sales.

The

largest

detractor

was

a

lack

of

exposure

to

MicroStrategy,

a

software

company

with

significant

investments

in

bitcoin,

a

cryptocurrency

that

soared

in

value

during

the

year.

Next

in

line

were

overweight

positions

in

communications

equipment

supplier

CommScope

Holding,

which

was

hurt

by

slowing

sales,

and

biotechnology

firm

FibroGen,

which

announced

disappointing

clinical

trial

results.

Social

Choice

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Social

Choice

Equity

Fund returned

22.41%,

compared

with

the

25.96% return

of

its

benchmark,

the

Russell

3000®

Index.

The

Fund

utilizes

environmental,

social

and

governance

(ESG)

criteria,

while

the

benchmark

does

not.

Because

of

its

ESG

criteria,

the

Fund

did

not

invest

in

a

number

of

stocks

that

were

included

in

the

Russell

3000

Index.

Avoiding

these

companies

produced

mixed

results,

but

the

net

effect

was

that

the

Fund

underperformed

its

benchmark

for

the

twelve-month

period.

11

Portfolio

Managers’

Comments

The

exclusion

of

Apple,

Meta

Platforms

(Facebook)

and

Alphabet

(the

parent

company

of

Google)

detracted

most

from

the

Fund’s

performance

relative

to

its

benchmark.

In

a

milestone

for

Apple,

the

company

surpassed

one

billion

in

paid

subscriptions

in

its

services

division.

Meta

Platforms

and

Alphabet

reported

accelerating

revenue

growth

in

their

digital

advertising

businesses.

All

three

companies

benefited

from

optimism

that

investments

they

were

making

in

artificial-

intelligence

(AI)

technologies

would

drive

strong

earnings

in

the

future.

Conversely,

omitting

Pfizer,

Johnson

&

Johnson

and

Exxon

Mobil

was

beneficial,

as

these

stocks

declined.

Slowing

sales

of

Pfizer’s

COVID-19

vaccine

dampened

the

company’s

profits,

while

Johnson

&

Johnson

was

hurt

by

uncertainty

surrounding

product-liability

litigation.

Lower

oil

prices

were

a

headwind

for

Exxon

Mobil.

Fund

trailed

its

benchmark

To

compensate

for

the

Fund’s

exclusion

of

some

stocks

within

the

Russell

3000

Index,

the

Fund’s

managers

use

quantitative

(mathematical)

modeling

and

other

techniques

in

an

attempt

to

match

the

overall

investment

characteristics

of

the

portfolio

with

those

of

its

index

and

to

manage

risk.

Among

stocks

the

Fund

held,

an

underweight

position

in

Amazon.com

was

the

largest

detractor

from

relative

performance.

Amazon

posted

an

outsized

gain,

aided

by

a

recovery

in

spending

on

digital

advertising,

stabilizing

growth

in

its

cloud-

computing

business

and

expense

reductions.

The

next-largest

detractors

were

overweight

positions

in

financial

services

firm

Charles

Schwab,

which

reported

a

sixth

straight

quarter

of

declining

deposits

in

its

banking

unit,

and

pharmaceutical

maker

Bristol-Myers

Squibb,

which

faced

heightened

competition

from

certain

generic

drugs.

Alternatively,

the

top

contributor

was

an

overweight

position

in

technology

firm

NVIDIA,

which

surged

on

robust

sales

of

its

products

used

in

AI

systems.

The

next-largest

contributors

were

overweight

positions

in

technology

companies

Intel

and

Salesforce.

Intel

experienced

improving

demand

for

its

semiconductors

as

the

PC

market

rebounded,

while

cost-cutting

measures

at

Salesforce

boosted

the

firm’s

profitability.

Stock

Index

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Stock

Index

Fund returned

25.91%,

compared

with

the

25.96% return

of

its

benchmark,

the

Russell

3000®

Index.

For

the

twelve-month

period,

the

Fund’s

return

slightly

underperformed

that

of

its

benchmark

index

due

to

the

effect

of

expenses.

The

Fund’s

return

includes

a

deduction

for

expenses,

while

the

benchmark’s

does

not.

The

Fund

had

a

risk

profile

similar

to

that

of

its

benchmark.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

Nearly

all

benchmark

sectors

advanced

Nine

of

the

eleven

industry

sectors

in

the

Russell

3000

Index

posted

gains

for

the

twelve

months.

Information

technology

(up

59.3%)—the

benchmark’s

largest

sector—produced

the

strongest

increase

and

contributed

more

than

one-half

of

the

index’s

total

return.

The

next-best

performers

were

communication

services

(up

53.3%),

consumer

discretionary

(up

40.7%)

and

industrials

(up

21.7%).

Together,

these

four

sectors

accounted

for

almost

55.0%

of

the

index’s

total

market

capitalization

on

December

31,

2023.

The

worst

performer

was

utilities

(down

7.0%),

a

defensive

sector

that

tends

to

lag

when

the

economy

is

strong,

followed

by

energy

(down

0.2%).

For

the

twelve-month

period,

all

of

the

five

largest

stocks

in

the

Russell

3000

Index

generated

impressive

gains

that

exceeded

the

overall

return

of

the

benchmark.

Technology

company

NVIDIA

performed

especially

well,

surging

on

robust

demand

for

its

semiconductors

that

perform

artificial

intelligence

(AI)

tasks.

Next

in

line

was

Amazon.com,

followed

by

Alphabet

(the

parent

company

of

Google),

Microsoft

and

Apple.

These

four

companies

benefited

from

optimism

that

investments

they

were

making

in

AI

technologies

would

drive

strong

profits

in

the

future.

Portfolio

Managers’

Comments

(continued)

12

International

Equity

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

International

Equity

Fund returned

16.41%,

compared

with

the

18.24% return

of

its

benchmark,

the

MSCI

EAFE®

Index.

International

stocks

in

both

developed-

and

emerging-markets

countries

gained

ground

over

the

twelve-month

period,

while

economies

around

the

world

generally

expanded.

The

economy

of

the

20-nation

euro

area

grew

modestly

on

a

year-over-year

basis

in

the

first

and

second

quarters

of

2023

before

stalling

in

the

third

quarter.

China’s

economy

grew

at

a

moderate

pace

despite

concerns

over

the

country’s

struggling

real

estate

sector.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasion

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

Within

the

MSCI

EAFE

Index,

which

includes

21

developed

nations

outside

North

America,

most

country

components

advanced

in

U.S.-dollar

terms

for

the

twelve

months.

Fund

trailed

its

benchmark

For

the

twelve-month

period,

the

Fund

underperformed

its

benchmark

as

certain

stock

selections

did

not

perform

as

anticipated.

Overweight

positions

in

global

drug

manufacturers

Bayer

and

Daiichi

Sankyo,

as

well

as

multinational

cosmetic

company

Shiseido,

detracted

most

from

relative

performance.

Bayer

experienced

a

setback

in

a

promising

blood

thinner

drug

candidate,

while

Daiichi

Sankyo

has

been

in

the

midst

of

a

collaboration

dispute,

which

appears

close

to

a

resolution.

Shiseido

saw

sales

decline

in

China

due

to

weaker

economic

sentiment.

Conversely,

overweight

positions

in

building

materials

manufacturer

CRH,

multinational

conglomerate

Hitachi

and

pharmaceutical

company

Novo

Nordisk

contributed

most

to

the

Fund’s

relative

return,

as

all

three

companies

posted

sizable

double-digit

gains.

The

Fund’s

returns

may

sometimes

diverge

from

the

returns

of

its

benchmark

more

than

would

be

expected.

This

divergence

may

be

the

result

of

the

Fund’s

fair

value

pricing

adjustments

or

of

the

timing

of

foreign

currency

valuations.

Many

foreign

exchanges

close

for

trading

before

the

Fund’s

net

asset

value

(NAV)

is

calculated

(see

the

Fund’s

current

prospectus

for

more

details

on

NAV

calculations).

In

the

intervening

hours,

the

values

of

foreign

securities

can

change,

and

these

changes

are

not

reflected

immediately

in

the

returns

of

the

Fund’s

benchmark.

These

changes

are,

however,

taken

into

account

to

value

the

Fund’s

portfolio

holdings

at

the

time

the

Fund’s

NAV

is

calculated;

these

are

known

as

fair

value

pricing

adjustments.

Core

Bond

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Core

Bond

Fund returned

6.27%,

compared

with

the

5.53% return

of

its

benchmark,

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

Yields

on

U.S.

Treasury

bonds

rose

across

most

maturities

(bond

yields

move

in

the

opposite

direction

of

prices).

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasions

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

Fund

surpassed

its

benchmark

All

sectors

in

the

Bloomberg

U.S.

Aggregate

Bond

Index

posted

gains

for

the

twelve-month

period.

U.S.

Treasuries,

the

largest

sector

accounting

for

41.1%

of

the

index’s

total

market

capitalization

at

year-end,

returned

4.1%.

Mortgage-backed

securities

(MBS),

the

second-largest

sector

with

a

weighting

of

26.7%,

advanced

5.1%.

Corporate

bonds—the

third-largest

sector

at

24.6%—performed

best,

gaining

8.5%.

Among

smaller

sectors

in

the

benchmark,

asset-backed

securities

(ABS)

and

commercial

mortgage-backed

securities

(CMBS)

returned

5.5%

and

5.4%,

respectively.

13

Portfolio

Managers’

Comments

For

the

twelve-month

period,

the

Fund

outperformed

its

benchmark,

primarily

due

to

an

overweight

position

in

corporate

bonds—including

a

small

allocation

to

high-yield

and

emerging-markets

corporates—which

lifted

the

Fund’s

relative

return.

An

underweight

position

in

U.S.

Treasuries

also

helped.

A

small

underweight

and

security

selection

in

MBS,

where

the

Fund

benefited

from

overweights

to

out-of-benchmark

non-agency

MBS

also

bolstered

the

Fund’s

performance

relative

to

the

benchmark.

Favorable

security

selection

within

the

ABS

sector,

and

an

allocation

to

emerging-markets

debt

were

also

beneficial.

Conversely,

security

selection

within

CMBS

detracted

most

from

the

Fund’s

relative

return

for

the

period.

The

Fund

also

had

a

small

exposure

to

derivative

instruments

that

hampered

its

relative

performance.

Money

Market

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Money

Market

Fund returned

5.02%,

compared

with

the

4.76% return

of

its

benchmark,

the

iMoneyNet

Money

Fund

Averages™—All

Government.

The

iMoneyNet

average

is

a

simple

average

of

over

500

money

market

funds

that

invest

in

short-term

U.S.

government

securities.

The

iMoneyNet

average

is

not

an

index,

and

its

return

reflects

the

deduction

of

expenses

charged

by

the

funds

included

in

the

average.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

Major

central

banks

around

the

world

increased

interest

rates

in

2023

but

moved

to

a

more

neutral

stance

toward

the

end

of

the

year

amid

evidence

that

inflation

was

moderating.

The

U.S.

Federal

Reserve

raised

the

federal

funds

target

rate

to

5.25%–5.50%

in

a

series

of

increases

but

let

rates

stand

for

the

final

five

months

of

the

year.

The

European

Central

Bank

increased

its

suite

of

benchmark

rates

on

multiple

occasion

in

2023

before

pausing

in

October.

The

Bank

of

England

raised

its

benchmark

rate

to

5.25%

in

August

but

took

no

further

action

during

the

period.

Although

inflation

continues

to

present

an

economic

challenge

for

the

United

States,

the

increase

in

short-term

bond

yields

during

the

period

was

a

positive

sign

for

money

market

investments.

Moreover,

the

Fed’s

monetary

policy

of

keeping

rates

elevated

until

inflation

subsides

should

continue

to

bode

well

for

yields

on

the

short-term

government

securities

in

which

the

Fund

invests.

Variable-rate

debt

securities,

which

made

up

approximately

20%

of

the

Fund’s

portfolio

at

period-end,

stand

to

benefit,

should

short-term

interest

rates

increase.

The

“secured

overnight

financing

rate”

(SOFR)—which

represents

dealer

transactions

in

Treasury

collateralized

overnight

repurchase

agreements—increased

from

4.31%

on

January

3,

2023,

to

5.38%

on

December

29,

2023.

Fund

surpassed

the

iMoneyNet

average

For

the

twelve-month

period,

the

Money

Market

Fund

outperformed

the

iMoneyNet

average.

The

Fund

continued

to

invest

in

variable-rate

government

agency

securities,

which

provide

a

yield

enhancement

over

short-term

fixed

rate

securities

and

contributed

to

the

Fund’s

outperformance.

As

of

December

26,

2023,

the

Fund’s

weighted

average

maturity

(WAM)

was

27

days,

versus

37

days

for

the

iMoneyNet

average.

iMoneyNet

releases

their

data

on

a

weekly

basis,

and

December

26

was

the

last

date

of

release

for

the

month.

Balanced

Fund

Performance

for

the

twelve

months

ended

December

31,

2023

The

Balanced

Fund returned

15.77%,

compared

with

the

14.73% return

of

its

benchmark,

the

Balanced

Fund

Composite

Index.

The

Balanced

Fund

Composite

Index

is

a

weighted

average

of

the

Russell

3000®

Index,

the

MSCI

EAFE®

Index

and

the

Bloomberg

U.S.

Aggregate

Bond

Index.

The

U.S.

economy

expanded

during

the

period

with

the

pace

of

growth

accelerating

during

the

third

quarter

of

2023.

Continued

strength

in

the

labor

market

and

robust

consumer

spending

helped

drive

economic

growth.

The

unemployment

rate

increased

from

3.4%

in

January

2023

to

3.7%

in

December

but

remained

near

historic

lows.

Core

inflation,

which

includes

all

items

except

food

and

energy,

rose

3.9%

for

the

twelve

months

ended

December

31,

2023.

The

Federal

Reserve

responded

to

elevated

inflation

by

raising

the

federal

funds

target

rate

four

times

by

the

end

of

July

2023,

increasing

the

key

short-

term

interest-rate

measure

to

5.25%–5.50%.

However,

the

Fed

took

no

further

action

over

the

rest

of

the

year

as

the

pace

of

inflation

slowed.

Crude

oil

prices

fluctuated

in

2023

but

ended

the

period

moderately

lower.

Portfolio

Managers’

Comments

(continued)

14

The

broad

U.S.

stock

market,

as

measured

by

the

Russell

3000®

Index,

returned

25.96%

for

the

period.

Large-cap

equities

outperformed

small-

and

mid-sized

stocks,

while

growth

shares

outpaced

value

stocks.

(Returns

by

investment

style

and

capitalization

size

are

based

on

the

Russell

indexes.)

The

MSCI

EAFE

Index,

which

measures

the

performance

of

stocks

in

21

developed

markets

outside

North

America,

returned

18.24%.

(The

MSCI

EAFE

Index

return

is

in

U.S.

dollars.)

The

broad

domestic

investment-grade

fixed-rate

bond

market,

as

measured

by

the

Bloomberg

U.S.

Aggregate

Bond

Index,

returned

5.53%.

Fund

surpassed

its

composite

benchmark

For

the

twelve-month

period,

the

Fund’s

absolute

return—that

is,

without

regard

to

the

performance

of

its

composite

benchmark—was

helped

most

by

gains

in

U.S.

stocks

held

by

the

underlying

funds

of

the

Balanced

Fund.

All

underlying

funds

advanced

for

the

period.

The

Growth

Equity

Fund

posted

the

largest

gain,

followed

by

the

Growth

&

Income

Fund.

The

Fund

outperformed

its

composite

benchmark

for

the

period,

benefiting

from

strength

in

its

underlying

U.S.

equity

and

fixed-income

funds.

Among

these,

the

Growth

&

Income

Fund

was

the

largest

contributor

to

the

Fund’s

performance

versus

its

composite

benchmark,

followed

by

the

Core

Bond

Fund,

the

Growth

Equity

Fund

and

the

Large-Cap

Value

Fund.

Conversely,

the

International

Equity

Fund

was

the

largest

detractor

from

the

Fund’s

return

compared

to

its

composite

benchmark.

The

Stock

Index

Fund

also

slightly

hampered

relative

performance.

Growth

Equity

Fund

15

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Growth

Equity

Fund

4/3/00

46.42

%

16.51

%

13.29

%

0.56

%

0.52

%

Russell

1000®

Growth

Index

–

42.68

19.50

14.86

–

–

*

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.

Growth

Equity

Fund

(continued)

16

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

157.47

million

Portfolio

turnover

rate

46%

Number

of

holdings

62

Weighted

median

market

capitalization

$465.49

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

42.8

†

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

12/31/2023

Information

technology

39.0

Consumer

discretionary

19.8

Communication

services

10.7

Health

care

10.2

Industrials

7.4

Financials

5.6

Consumer

staples

4.9

Energy

0.9

Materials

0.7

Short-term

investments

1.0

Other

assets

&

liabilities,

net

-0.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

89.4

More

than

$15

billion-$50

billion

8.9

More

than

$2

billion-$15

billion

1.5

$2

billion

or

less

0.2

Total

100.0

Growth

&

Income

Fund

17

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Growth

&

Income

Fund

4/3/00

32.93

%

15.18

%

11.25

%

0.54

%

0.52

%

S&P

500®

Index

–

26.29

15.69

12.03

–

–

*

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.

Growth

&

Income

Fund

(continued)

18

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

183.72

million

Portfolio

turnover

rate

46%

Number

of

holdings

55

Weighted

median

market

capitalization

$276.67

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

23.0

†

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

12/31/2023

Information

technology

29.9

Financials

17.5

Health

care

14.1

Consumer

discretionary

10.1

Industrials

7.7

Communication

services

7.6

Energy

4.8

Utilities

2.9

Real

estate

2.2

Materials

2.1

Consumer

staples

0.6

Short-term

investments

0.8

Other

assets

&

liabilities,

net

-0.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

74.6

More

than

$15

billion-$50

billion

23.4

More

than

$2

billion-$15

billion

2.0

Total

100.0

Large-Cap

Value

Fund

19

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Large-Cap

Value

Fund

10/28/02

14

.30

%

12

.51

%

7

.89

%

0

.60

%

0

.52

%

Russell

1000®

Value

Index

–

11

.46

10

.91

8

.40

–

–

*

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.

Large-Cap

Value

Fund

(continued)

20

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

80.41

million

Portfolio

turnover

rate

25%

Number

of

holdings

84

Weighted

median

market

capitalization

$135.03

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

17.5

†

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

12/31/2023

Financials

25.2

Health

care

15.4

Industrials

14.1

Information

technology

12.0

Energy

7.9

Consumer

staples

5.9

Materials

5.0

Consumer

discretionary

5.0

Communication

services

4.7

Utilities

3.0

Real

estate

1.6

Other

assets

&

liabilities,

net

0.2

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

83.9

More

than

$15

billion-$50

billion

14.7

More

than

$2

billion-$15

billion

1.4

Total

100.0

Real

Estate

Securities

Fund

21

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Real

Estate

Securities

Fund

10/28/02

12

.01

%

8

.21

%

8

.32

%

0

.63

%

0

.57

%

FTSE

Nareit

All

Equity

REITs

Index

–

11

.36

7

.59

7

.95

–

–

*

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.

Real

Estate

Securities

Fund

(continued)

22

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

70.45

million

Portfolio

turnover

rate

9%

Number

of

holdings

39

Weighted

median

market

capitalization

$30.70

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

39.7

†

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

12/31/2023

Industrial

REITs

19.8

Retail

REITs

17.1

Telecom

tower

REITs

11.0

Data

center

REITs

10.0

Multi-family

residential

REITs

8.7

Single-family

residential

REITs

8.4

Health

care

REITs

7.3

Other

specialized

REITs

5.0

Self

storage

REITs

4.7

Office

REITs

2.9

Hotel

&

resort

REITs

2.7

Timber

REITs

1.8

Short-term

investments

0.5

Other

assets

&

liabilities,

net

0.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

33.0

More

than

$15

billion-$50

billion

38.9

More

than

$2

billion-$15

billion

28.1

Total

100.0

Small-Cap

Equity

Fund

23

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Small-Cap

Equity

Fund

10/28/02

18

.65

%

11

.75

%

8

.46

%

0

.66

%

0

.53

%

Russell

2000®

Index

–

16

.93

9

.97

7

.16

–

–

*

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.

Small-Cap

Equity

Fund

(continued)

24

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

65.57

million

Portfolio

turnover

rate

80%

Number

of

holdings

380

Weighted

median

market

capitalization

$2.85

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

32.1

†

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

12/31/2023

Industrials

19.0

Financials

17.4

Health

care

13.4

Information

technology

13.3

Consumer

discretionary

9.3

Real

estate

6.4

Energy

5.9

Materials

4.4

Consumer

staples

3.7

Communication

services

3.2

Utilities

2.7

Short-term

investments

1.3

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

-0.1

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

0.2

More

than

$15

billion-$50

billion

1.1

More

than

$2

billion-$15

billion

64.8

$2

billion

or

less

33.9

Total

100.0

Social

Choice

Equity

Fund

25

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Social

Choice

Equity

Fund

4/3/00

22

.41

%

15

.00

%

10

.90

%

0

.29

%

0

.22

%

Russell

3000®

Index

–

25

.96

15

.16

11

.48

–

–

*

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.

Social

Choice

Equity

Fund

(continued)

26

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

88.97

million

Portfolio

turnover

rate

27%

Number

of

holdings

432

Weighted

median

market

capitalization

$107.65

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

28.0

†

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

12/31/2023

Information

technology

27.1

Financials

14.2

Health

care

13.2

Industrials

11.9

Consumer

discretionary

10.1

Consumer

staples

5.4

Communication

services

5.0

Energy

4.3

Materials

3.0

Real

estate

2.9

Utilities

2.1

Short-term

investments

1.1

Investments

purchased

with

collateral

from

securities

lending

0.1

Other

assets

&

liabilities,

net

-0.4

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

69.0

More

than

$15

billion-$50

billion

21.2

More

than

$2

billion-$15

billion

8.3

$2

billion

or

less

1.5

Total

100.0

Stock

Index

Fund

27

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Stock

Index

Fund

1/4/99

25

.91

%

15

.09

%

11

.41

%

0

.09

%

0

.09

%

Russell

3000®

Index

–

25

.96

15

.16

11

.48

–

–

*

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.

Stock

Index

Fund

(continued)

28

Fund

profile

Portfolio

composition

Holdings

by

company

size

as

of

12/31/2023

Net

assets

$

775.55

million

Portfolio

turnover

rate

1%

Number

of

holdings

2,787

Weighted

median

market

capitalization

$148.19

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

26.5

†

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

12/31/2023

Information

technology

27.0

Financials

13.6

Health

care

12.5

Consumer

discretionary

10.8

Industrials

10.0

Communication

services

7.8

Consumer

staples

5.7

Energy

4.0

Real

estate

2.9

Materials

2.7

Utilities

2.3

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

12/31/2023

More

than

$50

billion

70.2

More

than

$15

billion-$50

billion

16.7

More

than

$2

billion-$15

billion

11.3

$2

billion

or

less

1.8

Total

100.0

International

Equity

Fund

29

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

International

Equity

Fund

4/3/00

16

.41

%

8

.82

%

3

.63

%

0

.63

%

0

.60

%

MSCI

EAFE®

Index

–

18

.24

8

.16

4

.28

–

–

*

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.

International

Equity

Fund

(continued)

30

Fund

profile

Portfolio

composition

Holdings

by

company

size

Holdings

by

country

as

of

12/31/2023

Net

assets

$

139.66

million

Portfolio

turnover

rate

21%

Number

of

holdings

67

Weighted

median

market

capitalization

$81.70

billon

Price/earnings

ratio

(weighted

12-month

trailing

average)

†

14.3

†

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

12/31/2023

Financials

17.9

Health

care

16.0

Industrials

16.0

Consumer

discretionary

10.4

Materials

9.5

Energy

8.0

Information

technology

7.6

Consumer

staples

6.7

Communication

services

3.3

Utilities

2.0

Short-term

investments

2.4

Investments

purchased

with

collateral

from

securities

lending

0.5

Other

assets

&

liabilities,

net

-0.3

Total

100.0

Market

capitalization

%

of

equity

investments

as

of

12/31/2023

More

than

$50

billion

79.5

More

than

$15

billion-$50

billion

18.1

More

than

$2

billion-$15

billion

2.4

Total

100.0

%

of

portfolio

investments

as

of

12/31/2023

Japan

22.3

France

11.5

Netherlands

9.6

United

Kingdom

8.8

Germany

7.7

Australia

6.4

Denmark

5.7

Switzerland

5.1

United

States

4.7

Ireland

2.2

10

other

nations

13.1

Short-term

investments

2.4

Investments

purchased

with

collateral

from

securities

lending

0.5

Total

100.0

Core

Bond

Fund

31

Performance

as

of

December

31,

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. 

$10,000

over

10

years

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

value

of

the

Fund's

benchmark

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*

Inception

date

1

year

5

years

10

years

gross

net

Core

Bond

Fund

7/8/03

6.27

%

1.52

%

2.15

%

0.42

%

0.35

%

Bloomberg

U.S.

Aggregate

Bond

Index

–

5.53

1.10

1.81

–

–

*

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.

Core

Bond

Fund

(continued)

32

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.

as

of

12/31/2023

Net

assets

$

200.89

million

Portfolio

turnover

rate

75%

Portfolio

turnover

rate,

excluding

mortgage

dollar-roll

transactions

72%

Number

of

issues

1,064

Option-adjusted

duration

‡

6.19

years

Average

maturity

§

9.74

years

‡

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

12/31/2023

Government

bonds

39.6

Corporate

bonds

38.3

Structured

assets

15.1

Bank

loan

obligations

3.8

Preferred

stocks

0.0

Short-term

investments

2.2

Investments

purchased

with

collateral

from

securities

lending

2.8

Other

assets

&

liabilities,

net

-1.8

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2023

Less

than

1

year

3.2

1-3

years

14.9

3-5

years

13.6

5-10

years

43.2

Over

10

years

25.1

Total

100.0

%

of

fixed-income

investments

(excluding

short-term

investments)

as

of

12/31/2023

U.S.

Treasury

&

U.S.

agency

securities*

34.0

Aaa/AAA

5.2

Aa/AA

7.2

A/A

15.4

Baa/BBB

25.7

Ba/BB

6.0

B/B

4.0

Below

B/B

0.2

Non-rated

2.3

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

Money

Market

Fund

33

Performance

as

of

December

31,

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

1

year

5

years

10

years

gross

net

Money

Market

Fund

7/8/03

5.02

%

1.78

%

1.16

%

0.21

%

0.15

%

iMoneyNet

Money

Fund

Averages™—All

Government

§

–

4.76

1.62

1.01

–

–

*

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

12/31/2023

Net

assets

$

131.91

million

Number

of

issues

76

%

of

net

assets

as

of

12/31/2023

U.S.

Treasury

securities*

44.2

Repurchase

agreements

24.7

Variable

rate

securities,

government

23.2

U.S.

government

agency

securities*

9.1

Other

assets

&

liabilities,

net

-1.2

Total

100.0

*

These

securities

are

guaranteed

by

the

full

faith

and

credit

of

the

U.S.

government.

(for

the

7

days

ended

December

26,

2023)

‡

Current

yield

Effective

yield

Money

Market

Fund

5.25%

5.38%

iMoneyNet

Money

Fund

Averages™—

All

Government

§

5.01

5.14

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

34

Performance

as

of

December

31,

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. 

$10,000

invested

at

Fund's

inception

(inception

January

31,

2014)

Ending

amounts

are

as

of

December

31,

2023.

For

the

purpose

of

comparison,

the

graph

also

shows

the

change

in

the

values

of

the

Fund's

composite

benchmark

and

broad

market

index

during

the

same

period.

Total

return

Average

annual

total

return

Annual

operating

expenses

*#

Inception

date

1

year

5

years

since

inception

gross

net

Balanced

Fund

1/31/14

15

.77

%

7

.53

%

6

.01

%

0

.62

%

0

.51

%

Balanced

Fund

Composite

Index

‡

–

14

.73

7

.63

6

.28

§

–

–

Broad

market

index

Morningstar

Moderately

Conservative

Target

Risk

Index

–

10

.89

5

.55

4

.60

§

–

–

*

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

December

31,

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.

35

Balanced

Fund

continued

continued

Fund

profile

Asset

Allocation

Target

allocation

as

of

12/31/2023

Net

assets

$

67.88

million

%

of

net

assets

as

of

12/31/2023

Equity

U.S.

equity

40.07

International

equity

10.06

Fixed

income

49.77

Other

assets

&

liabilities,

net

0.10

Total

100.00

Expense

Examples

36

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

(

July

1,

2023

–

December

31,

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

$1,112.02

Expenses

incurred

during

the

period*

$2.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.58

Expenses

incurred

during

the

period*

$2.65

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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

$1,080.31

Expenses

incurred

during

the

period*

$2.65

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.65

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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.51%.

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.

37

Large-Cap

Value

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,074.43

Expenses

incurred

during

the

period*

$2.72

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.58

Expenses

incurred

during

the

period*

$2.65

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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

$1,082.16

Expenses

incurred

during

the

period*

$3.01

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.31

Expenses

incurred

during

the

period*

$2.93

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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

$1,086.00

Expenses

incurred

during

the

period*

$2.79

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.53

Expenses

incurred

during

the

period*

$2.70

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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

$1,087.93

Expenses

incurred

during

the

period*

$1.16

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.10

Expenses

incurred

during

the

period*

$1.12

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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.

Expense

Examples

(continued)

38

Stock

Index

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,084.26

Expenses

incurred

during

the

period*

$0.45

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.77

Expenses

incurred

during

the

period*

$0.44

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

2023.

The

Fund's

annualized

six-month

expense

ratio

for

that

period

was

0.09%.

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

$1,039.76

Expenses

incurred

during

the

period*

$3.09

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,022.18

Expenses

incurred

during

the

period*

$3.06

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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

$1,034.80

Expenses

incurred

during

the

period*

$1.80

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,023.43

Expenses

incurred

during

the

period*

$1.79

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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

$1,026.34

Expenses

incurred

during

the

period*

$0.77

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.45

Expenses

incurred

during

the

period*

$0.77

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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.

39

Balanced

Fund

Actual

performance

Beginning

account

value

$1,000.00

Ending

account

value

$1,056.90

Expenses

incurred

during

the

period*

$0.53

Effective

expenses

incurred

during

the

period

†

$2.65

Hypothetical

performance

(5%

annualized

return

before

expenses)

Beginning

account

value

$1,000.00

Ending

account

value

$1,024.69

Expenses

incurred

during

the

period*

$0.52

Effective

expenses

incurred

during

the

period

†

$2.60

*

"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

184/365.

There

were

184

days

in

the

six

months

ended

December

31,

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%.

Report

of

Independent

Registered

Public

Accounting

Firm

40

To

the

Board

of

Trustees

of

TIAA-CREF

Life

Funds

and

Shareholders

of

TIAA-CREF

Life

Growth

Equity

Fund,

TIAA-CREF

Life

Growth

&

Income

Fund,

TIAA-CREF

Life

Large-Cap

Value

Fund,

TIAA-CREF

Life

Real

Estate

Securities

Fund,

TIAA-CREF

Life

Small-

Cap

Equity

Fund,

TIAA-CREF

Life

Social

Choice

Equity

Fund,

TIAA-CREF

Life

Stock

Index

Fund,

TIAA-CREF

Life

International

Equity

Fund,

TIAA-CREF

Life

Core

Bond

Fund,

TIAA-CREF

Life

Money

Market

Fund

and

TIAA-CREF

Life

Balanced

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

TIAA-CREF

Life

Growth

Equity

Fund,

TIAA-CREF

Life

Growth

&

Income

Fund,

TIAA-CREF

Life

Large-Cap

Value

Fund,

TIAA-CREF

Life

Real

Estate

Securities

Fund,

TIAA-CREF

Life

Small-Cap

Equity

Fund,

TIAA-CREF

Life

Social

Choice

Equity

Fund,

TIAA-CREF

Life

Stock

Index

Fund,

TIAA-CREF

Life

International

Equity

Fund,

TIAA-CREF

Life

Core

Bond

Fund,

TIAA-CREF

Life

Money

Market

Fund

and

TIAA-CREF

Life

Balanced

Fund

(constituting

TIAA-CREF

Life

Funds,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

December

31,

2023,

the

related

statements

of

operations

for

the

year

ended

December

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

December

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

December

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2023

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

agent

banks

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

Chicago,

Illinois

February

28,

2024

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

TIAA-CREF

Funds’

investment

company

group

since

2005.

Portfolio

of

Investments

Growth

Equity

Fund

December

31,

2023

41

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.2%

COMMON

STOCKS

-

99.2%

AUTOMOBILES

&

COMPONENTS

-

1

.2

%

7,256

(a)

Tesla,

Inc

$

1,802,971‌

TOTAL

AUTOMOBILES

&

COMPONENTS

1,802,971‌

CAPITAL

GOODS

-

3

.3

%

15,644

(a)

Boeing

Co

4,077,765‌

5,598

Honeywell

International,

Inc

1,173,957‌

TOTAL

CAPITAL

GOODS

5,251,722‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.8

%

18,926

Experian

Group

Ltd

772,092‌

5,588

Verisk

Analytics,

Inc

1,334,750‌

5,313

Waste

Connections,

Inc

793,071‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,899,913‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

12

.2

%

115,073

(a)

Amazon.com,

Inc

17,484,192‌

17,842

TJX

Cos,

Inc

1,673,758‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

19,157,950‌

CONSUMER

DURABLES

&

APPAREL

-

1

.5

%

1,539

Kering

681,620‌

10,568

Nike,

Inc

(Class

B)

1,147,368‌

102,100

PRADA

S.p.A

583,811‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,412,799‌

CONSUMER

SERVICES

-

4

.9

%

885

(a)

Booking

Holdings,

Inc

3,139,290‌

36,408

(a)

Carnival

Corp

675,004‌

5,398

(a)

Flutter

Entertainment

plc

958,153‌

14,968

Las

Vegas

Sands

Corp

736,575‌

22,982

Starbucks

Corp

2,206,502‌

TOTAL

CONSUMER

SERVICES

7,715,524‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.9

%

4,606

Costco

Wholesale

Corp

3,040,328‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,040,328‌

ENERGY

-

0

.9

%

6,024

ConocoPhillips

699,206‌

3,045

Pioneer

Natural

Resources

Co

684,759‌

TOTAL

ENERGY

1,383,965‌

FINANCIAL

SERVICES

-

5

.6

%

869

(a),(b)

Adyen

NV

1,121,828‌

3,272

American

Express

Co

612,976‌

6,310

London

Stock

Exchange

Group

plc

745,915‌

28,685

(a)

PayPal

Holdings,

Inc

1,761,546‌

17,462

Visa,

Inc

(Class

A)

4,546,232‌

TOTAL

FINANCIAL

SERVICES

8,788,497‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.6

%

60,659

Davide

Campari-Milano

NV

685,005‌

33,017

(a)

Monster

Beverage

Corp

1,902,109‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,587,114‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.5

%

2,862

(a)

Align

Technology,

Inc

784,188‌

Growth

Equity

Fund

December

31,

2023

42

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

9,263

(a)

DexCom,

Inc

$

1,149,445‌

1,328

Essilor

International

S.A.

266,661‌

5,919

(a)

Intuitive

Surgical,

Inc

1,996,834‌

6,549

UnitedHealth

Group,

Inc

3,447,852‌

5,319

(a)

Veeva

Systems,

Inc

1,024,014‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

8,668,994‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.4

%

6,778

Estee

Lauder

Cos

(Class

A)

991,283‌

55,116

Kenvue,

Inc

1,186,647‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

2,177,930‌

MATERIALS

-

0

.7

%

2,766

Linde

plc

1,136,024‌

TOTAL

MATERIALS

1,136,024‌

MEDIA

&

ENTERTAINMENT

-

10

.7

%

56,647

(a)

Alphabet,

Inc

7,983,262‌

31,267

(a)

Match

Group,

Inc

1,141,245‌

21,654

(a)

Meta

Platforms,

Inc

7,664,650‌

TOTAL

MEDIA

&

ENTERTAINMENT

16,789,157‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4

.7

%

5,790

Amgen,

Inc

1,667,636‌

9,430

Gilead

Sciences,

Inc

763,924‌

4,648

(a)

Illumina,

Inc

647,188‌

27,786

Novo

Nordisk

A.S.

2,879,495‌

6,997

Zoetis,

Inc

1,380,998‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,339,241‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

10

.5

%

14,947

Applied

Materials,

Inc

2,422,461‌

4,459

Broadcom,

Inc

4,977,359‌

35,861

Intel

Corp

1,802,015‌

14,942

Nvidia

Corp

7,399,577‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

16,601,412‌

SOFTWARE

&

SERVICES

-

22

.1

%

7,281

(a)

Atlassian

Corp

Ltd

1,731,859‌

4,429

Intuit,

Inc

2,768,258‌

46,551

Microsoft

Corp

17,505,038‌

5,088

(a)

Palo

Alto

Networks,

Inc

1,500,349‌

2,669

Roper

Industries,

Inc

1,455,059‌

14,834

(a)

Salesforce,

Inc

3,903,419‌

2,395

(a)

ServiceNow,

Inc

1,692,043‌

6,163

(a)

Snowflake,

Inc

1,226,437‌

2,159

(a)

Synopsys,

Inc

1,111,691‌

6,720

(a)

Workday,

Inc

1,855,123‌

TOTAL

SOFTWARE

&

SERVICES

34,749,276‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

6

.4

%

52,108

Apple,

Inc

10,032,353‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

10,032,353‌

TRANSPORTATION

-

2

.3

%

77,546

(a)

Grab

Holdings

Ltd

261,330‌

54,451

(a)

Uber

Technologies,

Inc

3,352,548‌

TOTAL

TRANSPORTATION

3,613,878‌

TOTAL

COMMON

STOCKS

156,149,048‌

(Cost

$83,662,275)

TOTAL

LONG-TERM

INVESTMENTS

156,149,048‌

(Cost

$83,662,275)

43

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.0%

REPURCHASE

AGREEMENT

-

1

.0

%

$

1,560,000

(c)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

%

01/02/24

$

1,560,000‌

TOTAL

REPURCHASE

AGREEMENT

1,560,000‌

TOTAL

SHORT-TERM

INVESTMENTS

1,560,000‌

(Cost

$1,560,000)

TOTAL

INVESTMENTS

-

100.2%

157,709,048‌

(Cost

$85,222,275)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

240,057‌

)

NET

ASSETS

-

100.0%

$

157,468,991‌

(a)

Non-income

producing

(b)

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.

(c)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$1,560,922

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

11/15/26,

valued

at

$1,591,219.

Growth

&

Income

Fund

December

31,

2023

Portfolio

of

Investments

44

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.5%

COMMON

STOCKS

-

99.5%

AUTOMOBILES

&

COMPONENTS

-

1

.9

%

59,747

BorgWarner,

Inc

$

2,141,930‌

5,259

(a)

Tesla,

Inc

1,306,756‌

TOTAL

AUTOMOBILES

&

COMPONENTS

3,448,686‌

BANKS

-

1

.8

%

66,987

Wells

Fargo

&

Co

3,297,100‌

TOTAL

BANKS

3,297,100‌

CAPITAL

GOODS

-

7

.7

%

14,243

Dover

Corp

2,190,716‌

10,476

Honeywell

International,

Inc

2,196,922‌

8,382

Hubbell,

Inc

2,757,091‌

4,516

United

Rentals,

Inc

2,589,565‌

2,684

W.W.

Grainger,

Inc

2,224,204‌

17,829

Westinghouse

Air

Brake

Technologies

Corp

2,262,500‌

TOTAL

CAPITAL

GOODS

14,220,998‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

8

.2

%

51,228

(a)

Amazon.com,

Inc

7,783,582‌

10,828

Home

Depot,

Inc

3,752,444‌

15,691

Lowe's

Cos,

Inc

3,492,032‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

15,028,058‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.6

%

1,598

Costco

Wholesale

Corp

1,054,808‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,054,808‌

ENERGY

-

4

.8

%

18,352

Chevron

Corp

2,737,384‌

12,312

EOG

Resources,

Inc

1,489,137‌

31,954

Exxon

Mobil

Corp

3,194,761‌

10,744

Valero

Energy

Corp

1,396,720‌

TOTAL

ENERGY

8,818,002‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.2

%

28,552

Simon

Property

Group,

Inc

4,072,657‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4,072,657‌

FINANCIAL

SERVICES

-

10

.4

%

10,550

American

Express

Co

1,976,437‌

11,415

Ameriprise

Financial,

Inc

4,335,759‌

16,223

Ares

Management

Corp

1,929,239‌

67,234

Bank

of

New

York

Mellon

Corp

3,499,530‌

8,002

Mastercard,

Inc

(Class

A)

3,412,933‌

15,222

Visa,

Inc

(Class

A)

3,963,048‌

TOTAL

FINANCIAL

SERVICES

19,116,946‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

9

.9

%

23,616

Abbott

Laboratories

2,599,413‌

30,495

(a)

Boston

Scientific

Corp

1,762,916‌

34,481

Cardinal

Health,

Inc

3,475,685‌

11,072

Cigna

Group

3,315,510‌

13,151

Laboratory

Corp

of

America

Holdings

2,989,091‌

7,582

UnitedHealth

Group,

Inc

3,991,696‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

18,134,311‌

45

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

INSURANCE

-

5

.3

%

58,782

American

International

Group,

Inc

$

3,982,480‌

26,299

(a)

Arch

Capital

Group

Ltd

1,953,227‌

16,905

Chubb

Ltd

3,820,530‌

TOTAL

INSURANCE

9,756,237‌

MATERIALS

-

2

.1

%

27,709

Corteva,

Inc

1,327,815‌

6,055

Linde

plc

2,486,849‌

TOTAL

MATERIALS

3,814,664‌

MEDIA

&

ENTERTAINMENT

-

7

.6

%

27,303

(a)

Alphabet,

Inc

3,847,812‌

30,342

(a)

Alphabet,

Inc

(Class

A)

4,238,474‌

16,706

(a)

Meta

Platforms,

Inc

5,913,256‌

TOTAL

MEDIA

&

ENTERTAINMENT

13,999,542‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

4

.2

%

54,303

Bristol-Myers

Squibb

Co

2,786,287‌

45,293

Merck

&

Co,

Inc

4,937,843‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,724,130‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

9

.2

%

3,807

Broadcom,

Inc

4,249,564‌

3,430

Lam

Research

Corp

2,686,582‌

14,229

Nvidia

Corp

7,046,485‌

20,477

QUALCOMM,

Inc

2,961,588‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

16,944,219‌

SOFTWARE

&

SERVICES

-

12

.7

%

40,091

Microsoft

Corp

15,075,820‌

37,664

Oracle

Corp

3,970,916‌

7,431

(a)

Palo

Alto

Networks,

Inc

2,191,253‌

4,076

(a)

Synopsys,

Inc

2,098,773‌

TOTAL

SOFTWARE

&

SERVICES

23,336,762‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

8

.0

%

67,139

Apple,

Inc

12,926,272‌

7,752

(a)

Arista

Networks,

Inc

1,825,673‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

14,751,945‌

UTILITIES

-

2

.9

%

30,812

Alliant

Energy

Corp

1,580,655‌

21,140

American

Electric

Power

Co,

Inc

1,716,991‌

32,574

NextEra

Energy,

Inc

1,978,545‌

TOTAL

UTILITIES

5,276,191‌

TOTAL

COMMON

STOCKS

182,795,256‌

(Cost

$120,917,172)

TOTAL

LONG-TERM

INVESTMENTS

182,795,256‌

(Cost

$120,917,172)

Growth

&

Income

Fund

December

31,

2023

46

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

0.8%

REPURCHASE

AGREEMENT

-

0

.8

%

$

1,460,000

(b)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

%

01/02/24

$

1,460,000‌

TOTAL

REPURCHASE

AGREEMENT

1,460,000‌

TOTAL

SHORT-TERM

INVESTMENTS

1,460,000‌

(Cost

$1,460,000)

TOTAL

INVESTMENTS

-

100.3%

184,255,256‌

(Cost

$122,377,172)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

537,325‌

)

NET

ASSETS

-

100.0%

$

183,717,931‌

(a)

Non-income

producing

(b)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$1,460,863

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

11/15/26,

valued

at

$1,489,215.

Portfolio

of

Investments

Large-Cap

Value

Fund

December

31,

2023

47

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.8%

COMMON

STOCKS

-

99.8%

BANKS

-

9

.7

%

49,493

Bank

of

America

Corp

$

1,666,429‌

8,862

Fifth

Third

Bancorp

305,650‌

17,985

JPMorgan

Chase

&

Co

3,059,249‌

5,786

PNC

Financial

Services

Group,

Inc

895,962‌

37,663

Wells

Fargo

&

Co

1,853,773‌

TOTAL

BANKS

7,781,063‌

CAPITAL

GOODS

-

11

.0

%

2,953

Allegion

plc

374,116‌

4,520

(a)

Boeing

Co

1,178,183‌

1,108

Deere

&

Co

443,056‌

5,638

Dover

Corp

867,181‌

4,683

Eaton

Corp

plc

1,127,760‌

6,358

Honeywell

International,

Inc

1,333,336‌

7,556

Masco

Corp

506,101‌

2,542

Parker-Hannifin

Corp

1,171,099‌

15,281

RTX

Corp

1,285,743‌

2,356

Trane

Technologies

plc

574,629‌

TOTAL

CAPITAL

GOODS

8,861,204‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0

.1

%

1,064

(a)

Veralto

Corp

87,525‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

87,525‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0

.6

%

1,396

Home

Depot,

Inc

483,784‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

483,784‌

CONSUMER

DURABLES

&

APPAREL

-

1

.3

%

145

(a)

NVR,

Inc

1,015,065‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

1,015,065‌

CONSUMER

SERVICES

-

3

.1

%

155

(a)

Booking

Holdings,

Inc

549,819‌

5,604

Hilton

Worldwide

Holdings,

Inc

1,020,433‌

3,012

McDonald's

Corp

893,088‌

TOTAL

CONSUMER

SERVICES

2,463,340‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.6

%

8,420

Walmart,

Inc

1,327,413‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,327,413‌

ENERGY

-

7

.9

%

7,053

Chevron

Corp

1,052,025‌

12,745

ConocoPhillips

1,479,312‌

8,727

EOG

Resources,

Inc

1,055,531‌

19,475

Exxon

Mobil

Corp

1,947,111‌

6,537

Valero

Energy

Corp

849,810‌

TOTAL

ENERGY

6,383,789‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1

.6

%

9,655

Prologis,

Inc

1,287,011‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,287,011‌

FINANCIAL

SERVICES

-

10

.2

%

6,001

American

Express

Co

1,124,227‌

5,253

(a)

Berkshire

Hathaway,

Inc

1,873,535‌

Large-Cap

Value

Fund

December

31,

2023

48

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

1,130

BlackRock,

Inc

$

917,334‌

14,822

Charles

Schwab

Corp

1,019,754‌

7,994

(a)

Fiserv,

Inc

1,061,923‌

3,176

Goldman

Sachs

Group,

Inc

1,225,205‌

7,778

Intercontinental

Exchange,

Inc

998,929‌

TOTAL

FINANCIAL

SERVICES

8,220,907‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.2

%

9,971

Mondelez

International,

Inc

722,199‌

10,760

Philip

Morris

International,

Inc

1,012,301‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,734,500‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

7

.7

%

10,946

Abbott

Laboratories

1,204,826‌

2,934

Cigna

Group

878,586‌

2,401

Elevance

Health,

Inc

1,132,216‌

3,731

HCA,

Inc

1,009,907‌

10,116

Medtronic

plc

833,356‌

2,162

UnitedHealth

Group,

Inc

1,138,228‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

6,197,119‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

2

.1

%

28,174

Kenvue,

Inc

606,586‌

7,631

Procter

&

Gamble

Co

1,118,247‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,724,833‌

INSURANCE

-

5

.3

%

18,680

American

International

Group,

Inc

1,265,570‌

6,133

Chubb

Ltd

1,386,058‌

4,676

Marsh

&

McLennan

Cos,

Inc

885,962‌

11,151

Metlife,

Inc

737,415‌

TOTAL

INSURANCE

4,275,005‌

MATERIALS

-

5

.0

%

3,276

Celanese

Corp

(Series

A)

508,992‌

8,612

Crown

Holdings,

Inc

793,079‌

12,315

DuPont

de

Nemours,

Inc

947,393‌

3,585

Linde

plc

1,472,396‌

1,146

Reliance

Steel

&

Aluminum

Co

320,513‌

TOTAL

MATERIALS

4,042,373‌

MEDIA

&

ENTERTAINMENT

-

3

.4

%

4,190

(a)

Alphabet,

Inc

590,497‌

28,223

Comcast

Corp

(Class

A)

1,237,578‌

9,765

Walt

Disney

Co

881,682‌

TOTAL

MEDIA

&

ENTERTAINMENT

2,709,757‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7

.7

%

4,160

AbbVie,

Inc

644,675‌

3,676

Danaher

Corp

850,406‌

10,049

Gilead

Sciences,

Inc

814,070‌

13,237

Johnson

&

Johnson

2,074,767‌

11,299

Merck

&

Co,

Inc

1,231,817‌

11,345

Sanofi

(ADR)

564,187‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

6,179,922‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

6

.3

%

3,880

Analog

Devices,

Inc

770,413‌

5,983

Applied

Materials,

Inc

969,665‌

535

Broadcom,

Inc

597,194‌

12,382

Intel

Corp

622,195‌

703

Lam

Research

Corp

550,632‌

8,874

Micron

Technology,

Inc

757,307‌

49

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

3,508

NXP

Semiconductors

NV

$

805,717‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

5,073,123‌

SOFTWARE

&

SERVICES

-

3

.3

%

2,005

Accenture

plc

703,575‌

2,150

Microsoft

Corp

808,486‌

10,659

Oracle

Corp

1,123,778‌

TOTAL

SOFTWARE

&

SERVICES

2,635,839‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

2

.4

%

18,213

Cisco

Systems,

Inc

920,121‌

7,052

TE

Connectivity

Ltd

990,806‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,910,927‌

TELECOMMUNICATION

SERVICES

-

1

.3

%

6,414

T-Mobile

US,

Inc

1,028,357‌

TOTAL

TELECOMMUNICATION

SERVICES

1,028,357‌

TRANSPORTATION

-

3

.0

%

15,994

(a),(b),(c)

AMR

Corporation

160‌

18,246

CSX

Corp

632,589‌

4,790

Union

Pacific

Corp

1,176,520‌

3,877

United

Parcel

Service,

Inc

(Class

B)

609,580‌

TOTAL

TRANSPORTATION

2,418,849‌

UTILITIES

-

3

.0

%

8,200

Ameren

Corp

593,188‌

7,704

American

Electric

Power

Co,

Inc

625,719‌

12,799

Dominion

Energy,

Inc

601,553‌

9,558

NextEra

Energy,

Inc

580,553‌

TOTAL

UTILITIES

2,401,013‌

TOTAL

COMMON

STOCKS

80,242,718‌

(Cost

$52,297,514)

TOTAL

LONG-TERM

INVESTMENTS

80,242,718‌

(Cost

$52,297,514)

TOTAL

INVESTMENTS

-

99.8%

80,242,718‌

(Cost

$52,297,514)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.2%

162,649‌

NET

ASSETS

-

100.0%

$

80,405,367‌

ADR

American

Depositary

Receipt

(a)

Non-income

producing

(b)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(c)

In

bankruptcy

Real

Estate

Securities

Fund

December

31,

2023

Portfolio

of

Investments

50

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.4%

COMMON

STOCKS

-

99.4%

DATA

CENTER

REITS

-

10

.0

%

21,300

Digital

Realty

Trust,

Inc

$

2,866,554‌

5,150

Equinix,

Inc

4,147,759‌

TOTAL

DATA

CENTER

REITS

7,014,313‌

HEALTH

CARE

REITS

-

7

.3

%

37,000

Healthpeak

Properties,

Inc

732,600‌

28,700

Ventas,

Inc

1,430,408‌

32,800

Welltower,

Inc

2,957,576‌

TOTAL

HEALTH

CARE

REITS

5,120,584‌

HOTEL

&

RESORT

REITS

-

2

.7

%

59,500

Host

Marriott

Corp

1,158,465‌

7,000

Ryman

Hospitality

Properties,

Inc

770,420‌

TOTAL

HOTEL

&

RESORT

REITS

1,928,885‌

INDUSTRIAL

REITS

-

19

.8

%

4,600

EastGroup

Properties,

Inc

844,284‌

67,900

Prologis,

Inc

9,051,070‌

43,700

Rexford

Industrial

Realty,

Inc

2,451,570‌

25,400

Terreno

Realty

Corp

1,591,818‌

TOTAL

INDUSTRIAL

REITS

13,938,742‌

MULTI-FAMILY

RESIDENTIAL

REITS

-

8

.7

%

14,600

AvalonBay

Communities,

Inc

2,733,412‌

18,400

Equity

Residential

1,125,344‌

4,600

Essex

Property

Trust,

Inc

1,140,524‌

8,600

Mid-America

Apartment

Communities,

Inc

1,156,356‌

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

6,155,636‌

OFFICE

REITS

-

2

.9

%

7,000

Alexandria

Real

Estate

Equities,

Inc

887,390‌

8,700

Boston

Properties,

Inc

610,479‌

3,500

SL

Green

Realty

Corp

158,095‌

13,000

Vornado

Realty

Trust

367,250‌

TOTAL

OFFICE

REITS

2,023,214‌

OTHER

SPECIALIZED

REITS

-

5

.0

%

23,000

Gaming

and

Leisure

Properties,

Inc

1,135,050‌

75,800

VICI

Properties,

Inc

2,416,504‌

TOTAL

OTHER

SPECIALIZED

REITS

3,551,554‌

RETAIL

REITS

-

17

.1

%

9,700

Agree

Realty

Corp

610,615‌

48,600

Brixmor

Property

Group,

Inc

1,130,922‌

73,800

Kimco

Realty

Corp

1,572,678‌

46,000

Kite

Realty

Group

Trust

1,051,560‌

31,100

Realty

Income

Corp

1,785,762‌

26,500

Regency

Centers

Corp

1,775,500‌

28,800

Simon

Property

Group,

Inc

4,108,032‌

TOTAL

RETAIL

REITS

12,035,069‌

SELF

STORAGE

REITS

-

4

.7

%

7,500

Extra

Space

Storage,

Inc

1,202,475‌

6,900

Public

Storage,

Inc

2,104,500‌

TOTAL

SELF

STORAGE

REITS

3,306,975‌

51

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SINGLE-FAMILY

RESIDENTIAL

REITS

-

8

.4

%

50,600

American

Homes

4

Rent

$

1,819,576‌

26,500

Equity

Lifestyle

Properties,

Inc

1,869,310‌

10,000

Invitation

Homes,

Inc

341,100‌

13,900

Sun

Communities,

Inc

1,857,735‌

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

5,887,721‌

TELECOM

TOWER

REITS

-

11

.0

%

22,400

American

Tower

Corp

4,835,712‌

15,500

Crown

Castle,

Inc

1,785,445‌

4,600

SBA

Communications

Corp

1,166,974‌

TOTAL

TELECOM

TOWER

REITS

7,788,131‌

TIMBER

REITS

-

1

.8

%

35,600

Weyerhaeuser

Co

1,237,812‌

TOTAL

TIMBER

REITS

1,237,812‌

TOTAL

COMMON

STOCKS

69,988,636‌

(Cost

$44,237,986)

TOTAL

LONG-TERM

INVESTMENTS

69,988,636‌

(Cost

$44,237,986)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

0.5%

REPURCHASE

AGREEMENT

-

0

.5

%

$

360,000

(a)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

%

01/02/24

360,000‌

TOTAL

REPURCHASE

AGREEMENT

360,000‌

TOTAL

SHORT-TERM

INVESTMENTS

360,000‌

(Cost

$360,000)

TOTAL

INVESTMENTS

-

99.9%

70,348,636‌

(Cost

$44,597,986)

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.1%

104,621‌

NET

ASSETS

-

100.0%

$

70,453,257‌

REIT

Real

Estate

Investment

Trust

(a)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$360,213

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$367,228.

Small-Cap

Equity

Fund

December

31,

2023

Portfolio

of

Investments

52

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

98.7%

COMMON

STOCKS

-

98.7%

AUTOMOBILES

&

COMPONENTS

-

1

.5

%

7,057

(a)

Adient

plc

$

256,592‌

3,591

(a)

Fox

Factory

Holding

Corp

242,321‌

3,494

(a)

Gentherm,

Inc

182,946‌

4,780

(a)

Modine

Manufacturing

Co

285,366‌

TOTAL

AUTOMOBILES

&

COMPONENTS

967,225‌

BANKS

-

10

.0

%

5,483

Ameris

Bancorp

290,873‌

4,901

(a)

Axos

Financial,

Inc

267,595‌

1,335

(a)

Bancorp,

Inc

51,478‌

6,111

Bank

of

NT

Butterfield

&

Son

Ltd

195,613‌

3,365

Banner

Corp

180,229‌

11,361

Brookline

Bancorp,

Inc

123,949‌

3,485

Cadence

Bank

103,121‌

4,778

Cathay

General

Bancorp

212,955‌

3,242

Central

Pacific

Financial

Corp

63,803‌

5,186

Columbia

Banking

System,

Inc

138,362‌

4,430

ConnectOne

Bancorp,

Inc

101,491‌

6,306

(a)

Customers

Bancorp,

Inc

363,352‌

9,787

CVB

Financial

Corp

197,600‌

5,213

Eagle

Bancorp,

Inc

157,120‌

3,266

Enterprise

Financial

Services

Corp

145,827‌

3,623

First

Busey

Corp

89,923‌

2,689

First

Financial

Bancorp

63,864‌

2,038

First

Financial

Corp

87,695‌

4,211

First

Merchants

Corp

156,144‌

3,352

Heartland

Financial

USA,

Inc

126,069‌

6,964

Heritage

Commerce

Corp

69,083‌

4,963

Horizon

Bancorp,

Inc

71,021‌

1,704

Independent

Bank

Corp

44,338‌

3,347

International

Bancshares

Corp

181,809‌

4,512

Lakeland

Bancorp,

Inc

66,732‌

3,063

(a)

Metropolitan

Bank

Holding

Corp

169,629‌

3,767

National

Bank

Holdings

Corp

140,095‌

6,525

OceanFirst

Financial

Corp

113,274‌

9,462

OFG

Bancorp

354,636‌

9,219

Pacific

Premier

Bancorp,

Inc

268,365‌

1,246

Preferred

Bank

91,020‌

1,228

QCR

Holdings,

Inc

71,703‌

4,736

Renasant

Corp

159,508‌

4,810

Towne

Bank

143,146‌

3,482

UMB

Financial

Corp

290,921‌

8,519

United

Bankshares,

Inc

319,888‌

7,124

United

Community

Banks,

Inc

208,448‌

6,998

Veritex

Holdings,

Inc

162,843‌

3,653

Washington

Federal,

Inc

120,403‌

3,893

WesBanco,

Inc

122,123‌

3,498

Westamerica

Bancorporation

197,322‌

1,384

WSFS

Financial

Corp

63,567‌

TOTAL

BANKS

6,546,937‌

CAPITAL

GOODS

-

13

.6

%

520

(a)

Aerovironment,

Inc

65,541‌

2,473

Albany

International

Corp

(Class

A)

242,898‌

9,297

(a)

API

Group

Corp

321,676‌

1,620

Apogee

Enterprises,

Inc

86,524‌

2,073

Applied

Industrial

Technologies,

Inc

357,986‌

53

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

3,190

Arcosa,

Inc

$

263,622‌

1,103

(a)

Atkore,

Inc

176,480‌

4,597

Barnes

Group,

Inc

150,000‌

1,129

(a)

Beacon

Roofing

Supply,

Inc

98,246‌

5,663

(a)

Blue

Bird

Corp

152,675‌

3,211

Comfort

Systems

USA,

Inc

660,406‌

4,594

(a)

Construction

Partners,

Inc

199,931‌

1,229

CSW

Industrials,

Inc

254,907‌

5,660

Enerpac

Tool

Group

Corp

175,969‌

2,091

EnerSys

211,107‌

1,334

EnPro

Industries,

Inc

209,091‌

962

ESCO

Technologies,

Inc

112,583‌

3,345

Federal

Signal

Corp

256,695‌

5,172

(a)

Fluence

Energy,

Inc

123,352‌

7,480

(a)

Fluor

Corp

292,992‌

1,963

FTAI

Aviation

Ltd

91,083‌

2,984

(a)

Gibraltar

Industries,

Inc

235,676‌

1,844

(a)

GMS,

Inc

152,001‌

3,378

H&E

Equipment

Services,

Inc

176,737‌

12,659

(a)

Janus

International

Group,

Inc

165,200‌

1,079

Lindsay

Corp

139,364‌

2,009

McGrath

RentCorp

240,317‌

1,033

Moog,

Inc

(Class

A)

149,558‌

10,524

(a)

NOW,

Inc

119,132‌

4,237

(a)

Parsons

Corp

265,702‌

6,313

(a)

PGT

Innovations,

Inc

256,939‌

1,668

Powell

Industries,

Inc

147,451‌

5,643

Rush

Enterprises,

Inc

(Class

A)

283,843‌

13,137

(a)

Shoals

Technologies

Group,

Inc

204,149‌

2,258

Simpson

Manufacturing

Co,

Inc

447,039‌

3,002

(a)

SPX

Technologies,

Inc

303,232‌

2,041

Tennant

Co

189,180‌

2,126

(a)

Titan

Machinery,

Inc

61,399‌

11,935

(a)

Triumph

Group,

Inc

197,882‌

1,562

UFP

Industries,

Inc

196,109‌

4,816

Wabash

National

Corp

123,386‌

1,629

Watts

Water

Technologies,

Inc

(Class

A)

339,386‌

1,399

Zurn

Elkay

Water

Solutions

Corp

41,145‌

TOTAL

CAPITAL

GOODS

8,938,591‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

3

.5

%

2,821

(a)

CBIZ,

Inc

176,566‌

5,771

(a)

CoreCivic,

Inc

83,853‌

10,382

(a)

ExlService

Holdings,

Inc

320,285‌

2,423

Exponent,

Inc

213,321‌

1,627

(a)

Franklin

Covey

Co

70,823‌

11,302

Healthcare

Services

Group

117,202‌

2,355

Heidrick

&

Struggles

International,

Inc

69,543‌

5,329

Herman

Miller,

Inc

142,178‌

2,182

(a)

Huron

Consulting

Group,

Inc

224,310‌

949

ICF

International,

Inc

127,251‌

14,673

(a)

Legalzoom.com,

Inc

165,805‌

3,710

(a)

Montrose

Environmental

Group,

Inc

119,202‌

354

(a)

NV5

Global,

Inc

39,336‌

1,021

(a)

TriNet

Group,

Inc

121,428‌

13,230

(a)

Upwork,

Inc

196,730‌

5,771

(a)

Verra

Mobility

Corp

132,906‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,320,739‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

2

.3

%

5,496

(a)

Abercrombie

&

Fitch

Co

(Class

A)

484,857‌

4,309

Build-A-Bear

Workshop,

Inc

99,064‌

14,470

(a)

CarParts.com,

Inc

45,725‌

Small-Cap

Equity

Fund

December

31,

2023

54

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

7,362

(a)

National

Vision

Holdings,

Inc

$

154,087‌

5,889

Rent-A-Center,

Inc

200,049‌

1,117

Signet

Jewelers

Ltd

119,809‌

6,272

(a)

Urban

Outfitters,

Inc

223,848‌

13,721

(a)

Warby

Parker,

Inc

193,466‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,520,905‌

CONSUMER

DURABLES

&

APPAREL

-

1

.4

%

2,081

(a)

Dream

Finders

Homes,

Inc

73,938‌

1,751

Installed

Building

Products,

Inc

320,118‌

3,828

(a)

Lovesac

Co

97,805‌

2,107

(a)

M/I

Homes,

Inc

290,218‌

2,686

(a)

Taylor

Morrison

Home

Corp

143,298‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

925,377‌

CONSUMER

SERVICES

-

4

.1

%

244

(a)

Biglari

Holdings,

Inc

(B

Shares)

40,243‌

1,740

(a)

Brinker

International,

Inc

75,133‌

1,410

Carriage

Services,

Inc

35,264‌

10,544

(a)

Coursera,

Inc

204,237‌

1,926

(a)

Duolingo,

Inc

436,913‌

10,401

(a)

Everi

Holdings,

Inc

117,219‌

5,807

(a)

Frontdoor,

Inc

204,523‌

9,199

International

Game

Technology

plc

252,145‌

570

(a)

Kura

Sushi

USA,

Inc

43,320‌

15,163

Laureate

Education,

Inc

207,885‌

660

Monarch

Casino

&

Resort,

Inc

45,639‌

9,686

(a)

OneSpaWorld

Holdings

Ltd

136,573‌

4,358

Perdoceo

Education

Corp

76,526‌

7,630

(a)

Portillo's,

Inc

121,546‌

18,187

(a)

Rover

Group,

Inc

197,875‌

1,246

Strategic

Education,

Inc

115,093‌

3,785

(a)

Stride,

Inc

224,715‌

1,041

Texas

Roadhouse,

Inc

(Class

A)

127,241‌

TOTAL

CONSUMER

SERVICES

2,662,090‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0

.4

%

2,015

Andersons,

Inc

115,943‌

4,391

(a)

Chefs'

Warehouse,

Inc

129,227‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

245,170‌

ENERGY

-

5

.9

%

3,540

Ardmore

Shipping

Corp

49,879‌

7,322

California

Resources

Corp

400,367‌

1,398

Chord

Energy

Corp

232,390‌

4,867

CVR

Energy,

Inc

147,470‌

7,329

Delek

US

Holdings,

Inc

189,088‌

11,176

(a)

Diamond

Offshore

Drilling,

Inc

145,288‌

6,910

(a)

Expro

Group

Holdings

NV

110,007‌

53

Exxon

Mobil

Corp

5,299‌

9,180

Golar

LNG

Ltd

211,048‌

17,394

(a)

Helix

Energy

Solutions

Group,

Inc

178,810‌

11,084

Liberty

Energy,

Inc

201,064‌

11,179

Magnolia

Oil

&

Gas

Corp

238,001‌

10,617

Murphy

Oil

Corp

452,921‌

2,621

(a)

Oceaneering

International,

Inc

55,775‌

9,356

(a)

Par

Pacific

Holdings,

Inc

340,278‌

4,711

(a)

Seadrill

Ltd

222,736‌

13,211

Select

Water

Solutions,

Inc

100,272‌

1,170

SM

Energy

Co

45,302‌

3,301

Teekay

Tankers

Ltd

164,951‌

5,447

Vitesse

Energy,

Inc

119,235‌

55

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

2,922

(a)

Weatherford

International

plc

$

285,859‌

TOTAL

ENERGY

3,896,040‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

6

.4

%

6,910

American

Assets

Trust,

Inc

155,544‌

13,933

Apple

Hospitality

REIT,

Inc

231,427‌

13,892

Broadstone

Net

Lease,

Inc

239,220‌

10,757

Douglas

Emmett,

Inc

155,977‌

18,098

Empire

State

Realty

Trust,

Inc

175,370‌

8,520

Essential

Properties

Realty

Trust,

Inc

217,771‌

3,065

Four

Corners

Property

Trust,

Inc

77,545‌

22,849

Hudson

Pacific

Properties,

Inc

212,724‌

9,328

Independence

Realty

Trust,

Inc

142,718‌

8,009

JBG

SMITH

Properties

136,233‌

9,703

Kite

Realty

Group

Trust

221,811‌

20,753

Lexington

Realty

Trust

205,870‌

5,582

Macerich

Co

86,130‌

9,501

Mack-Cali

Realty

Corp

149,451‌

16,194

Paramount

Group,

Inc

83,723‌

7,987

Phillips

Edison

&

Co,

Inc

291,366‌

19,084

Piedmont

Office

Realty

Trust,

Inc

135,687‌

18,088

RLJ

Lodging

Trust

211,991‌

3,533

(b)

Ryman

Hospitality

Properties,

Inc

388,842‌

14,882

Summit

Hotel

Properties,

Inc

100,007‌

18,717

Sunstone

Hotel

Investors,

Inc

200,833‌

10,787

Tanger

Factory

Outlet

Centers,

Inc

299,016‌

5,683

Urban

Edge

Properties

103,999‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4,223,255‌

FINANCIAL

SERVICES

-

5

.9

%

4,459

A-Mark

Precious

Metals,

Inc

134,885‌

6,674

Apollo

Commercial

Real

Estate

Finance,

Inc

78,353‌

5,755

Artisan

Partners

Asset

Management,

Inc

254,256‌

42,167

BGC

Group,

Inc

304,446‌

3,891

Enact

Holdings,

Inc

112,411‌

2,115

(a)

Enova

International,

Inc

117,086‌

6,373

Essent

Group

Ltd

336,112‌

9,582

(a)

Flywire

Corp

221,823‌

10,352

(a)

Green

Dot

Corp

102,485‌

8,627

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

237,933‌

1,720

(a)

LendingTree,

Inc

52,150‌

14,304

MFA

Financial,

Inc

161,206‌

5,734

Navient

Corp

106,767‌

8,610

(a)

NMI

Holdings,

Inc

255,545‌

33,094

(a)

Payoneer

Global,

Inc

172,420‌

9,292

Radian

Group,

Inc

265,287‌

4,707

(a)

Remitly

Global,

Inc

91,410‌

15,309

(a)

Repay

Holdings

Corp

130,739‌

20,728

(a)

StoneCo

Ltd

373,726‌

4,208

Victory

Capital

Holdings,

Inc

144,923‌

973

Virtus

Investment

Partners,

Inc

235,232‌

TOTAL

FINANCIAL

SERVICES

3,889,195‌

FOOD,

BEVERAGE

&

TOBACCO

-

1

.6

%

2,503

Calavo

Growers,

Inc

73,613‌

3,504

Cal-Maine

Foods,

Inc

201,094‌

277

Coca-Cola

Consolidated

Inc

257,167‌

324

Lancaster

Colony

Corp

53,910‌

2,473

(a)

National

Beverage

Corp

122,958‌

13,722

Primo

Water

Corp

206,516‌

7,361

(a)

Sovos

Brands,

Inc

162,163‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,077,421‌

Small-Cap

Equity

Fund

December

31,

2023

56

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4

.8

%

12,105

(a)

Alphatec

Holdings,

Inc

$

182,907‌

6,030

(a)

Angiodynamics,

Inc

47,275‌

4,768

(a)

AtriCure,

Inc

170,170‌

7,607

(a)

Guardant

Health,

Inc

205,769‌

7,963

(a)

Health

Catalyst,

Inc

73,737‌

2,738

HealthStream,

Inc

74,008‌

24,005

(a)

Hims

&

Hers

Health,

Inc

213,645‌

3,749

(a)

Inari

Medical,

Inc

243,385‌

5,918

(a)

Inmode

Ltd

131,616‌

1,424

(a)

Integer

Holdings

Corp

141,090‌

4,424

(a)

Lantheus

Holdings,

Inc

274,288‌

4,466

(a)

LivaNova

plc

231,071‌

10,169

(a)

Option

Care

Health,

Inc

342,594‌

7,662

(a)

Owens

&

Minor,

Inc

147,647‌

6,072

(a)

Progyny,

Inc

225,757‌

4,976

(a)

RxSight,

Inc

200,632‌

6,802

Select

Medical

Holdings

Corp

159,847‌

22

(a)

Shockwave

Medical,

Inc

4,192‌

4,868

(a)

Zimvie,

Inc

86,407‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

3,156,037‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.7

%

8,734

(a)

BellRing

Brands,

Inc

484,126‌

4,512

(a)

elf

Beauty,

Inc

651,262‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,135,388‌

INSURANCE

-

1

.5

%

2,034

American

Equity

Investment

Life

Holding

Co

113,497‌

6,445

(a)

BRP

Group,

Inc

154,809‌

2,525

Employers

Holdings,

Inc

99,485‌

3,003

F&G

Annuities

&

Life,

Inc

138,138‌

2,189

(a)

Goosehead

Insurance,

Inc

165,926‌

991

(a)

Palomar

Holdings,

Inc

55,000‌

2,468

Selective

Insurance

Group,

Inc

245,517‌

TOTAL

INSURANCE

972,372‌

MATERIALS

-

4

.4

%

5,642

(a)

Allegheny

Technologies,

Inc

256,542‌

1,973

Carpenter

Technology

Corp

139,688‌

49,368

(a)

Coeur

Mining,

Inc

160,940‌

6,624

Commercial

Metals

Co

331,465‌

8,392

(a)

Constellium

SE

167,504‌

1,774

Innospec,

Inc

218,628‌

3,857

(a)

Knife

River

Corp

255,256‌

1,739

Materion

Corp

226,296‌

3,350

Minerals

Technologies,

Inc

238,888‌

3,273

(a)

O-I

Glass,

Inc

53,612‌

2,108

Olympic

Steel,

Inc

140,604‌

6,130

Orion

S.A.

169,985‌

14,883

(a)

Rayonier

Advanced

Materials,

Inc

60,276‌

5,044

Ryerson

Holding

Corp

174,926‌

7,622

(a)

Summit

Materials,

Inc

293,142‌

TOTAL

MATERIALS

2,887,752‌

MEDIA

&

ENTERTAINMENT

-

2

.3

%

2,322

(a)

Atlanta

Braves

Holdings,

Inc

91,905‌

10,659

(a)

Cardlytics,

Inc

98,169‌

4,879

(a)

Cars.com,

Inc

92,555‌

16,349

(a)

Eventbrite,

Inc

136,678‌

7,430

(a)

IMAX

Corp

111,599‌

10,462

(a)

Integral

Ad

Science

Holding

Corp

150,548‌

4,319

John

Wiley

&

Sons,

Inc

(Class

A)

137,085‌

16,548

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

168,624‌

57

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

5,951

(a)

PubMatic,

Inc

$

97,061‌

2,459

Shutterstock,

Inc

118,720‌

9,700

(a)

Vimeo,

Inc

38,024‌

5,574

(a)

Yelp,

Inc

263,873‌

TOTAL

MEDIA

&

ENTERTAINMENT

1,504,841‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.6

%

38,810

(a)

ADMA

Biologics,

Inc

175,421‌

9,908

(a)

Alkermes

plc

274,848‌

12,700

(a)

Amicus

Therapeutics,

Inc

180,213‌

2,061

(a)

Amphastar

Pharmaceuticals,

Inc

127,473‌

6,213

(a)

Amylyx

Pharmaceuticals,

Inc

91,455‌

2,277

(a)

ANI

Pharmaceuticals,

Inc

125,554‌

32,752

(a)

Ardelyx,

Inc

203,062‌

4,426

(a)

Arvinas,

Inc

182,174‌

17,012

(a)

Aurinia

Pharmaceuticals,

Inc

152,938‌

27,062

(a)

BioCryst

Pharmaceuticals,

Inc

162,101‌

1,943

(a)

Blueprint

Medicines

Corp

179,222‌

14,760

(a)

Codexis,

Inc

45,018‌

14,910

(a),(c)

Coherus

Biosciences,

Inc

49,650‌

9,215

(a)

Deciphera

Pharmaceuticals,

Inc

148,638‌

11,483

(a)

Dynavax

Technologies

Corp

160,532‌

8,983

(a)

Editas

Medicine,

Inc

90,998‌

10,134

(a)

Evolus,

Inc

106,711‌

7,468

(a)

Halozyme

Therapeutics,

Inc

276,017‌

4,403

(a)

Harmony

Biosciences

Holdings,

Inc

142,217‌

14,541

(a)

Immunogen,

Inc

431,141‌

1,346

(a)

Immunovant,

Inc

56,707‌

2,844

(a)

Intra-Cellular

Therapies,

Inc

203,687‌

6,097

(a)

Iovance

Biotherapeutics,

Inc

49,569‌

13,986

(a)

Ironwood

Pharmaceuticals,

Inc

160,000‌

7,332

(a)

Kiniksa

Pharmaceuticals

Ltd

128,603‌

9,121

(a)

MacroGenics,

Inc

87,744‌

5,113

(a)

Mirum

Pharmaceuticals,

Inc

150,936‌

6,007

(a)

Myriad

Genetics,

Inc

114,974‌

7,150

(a)

NGM

Biopharmaceuticals,

Inc

6,142‌

9,405

(a)

Nurix

Therapeutics,

Inc

97,060‌

17,598

(a)

Ocular

Therapeutix,

Inc

78,487‌

3,025

Phibro

Animal

Health

Corp

35,030‌

2,567

(a)

Protagonist

Therapeutics,

Inc

58,861‌

6,164

(a)

Quanterix

Corp

168,524‌

4,410

(a)

Revance

Therapeutics,

Inc

38,764‌

43,577

(a)

Rigel

Pharmaceuticals,

Inc

63,187‌

4,701

(a)

Syndax

Pharmaceuticals,

Inc

101,589‌

7,734

(a)

TG

Therapeutics,

Inc

132,097‌

6,873

(a)

Travere

Therapeutics,

Inc

61,788‌

6,842

(a)

Veracyte,

Inc

188,223‌

5,143

(a)

Vericel

Corp

183,142‌

275

(a)

Vertex

Pharmaceuticals,

Inc

111,895‌

6,105

(a)

Verve

Therapeutics,

Inc

85,104‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

5,667,496‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

3

.0

%

1,888

(a)

Axcelis

Technologies,

Inc

244,855‌

8,961

(a)

Credo

Technology

Group

Holding

Ltd

174,471‌

892

(a)

Diodes,

Inc

71,824‌

2,593

Kulicke

&

Soffa

Industries,

Inc

141,889‌

7,672

(a)

MaxLinear,

Inc

182,363‌

9,746

(a)

Navitas

Semiconductor

Corp

78,650‌

4,377

(a)

PDF

Solutions,

Inc

140,677‌

9,485

(a)

Photronics,

Inc

297,544‌

6,303

(a)

Rambus,

Inc

430,180‌

Small-Cap

Equity

Fund

December

31,

2023

58

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

5,997

(a)

Veeco

Instruments,

Inc

$

186,087‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,948,540‌

SOFTWARE

&

SERVICES

-

6

.6

%

580

(a)

Agilysys,

Inc

49,195‌

2,833

(a)

Alkami

Technology,

Inc

68,700‌

6,988

(a)

Asana,

Inc

132,842‌

3,013

(a)

Blackbaud,

Inc

261,227‌

1,900

(a)

Brightcove,

Inc

4,921‌

6,252

Clear

Secure,

Inc

129,104‌

3,455

(a)

Commvault

Systems,

Inc

275,882‌

6,082

(a)

EngageSmart,

Inc

139,278‌

5,112

(a)

Everbridge,

Inc

124,273‌

6,082

(a)

Fastly,

Inc

108,259‌

12,936

(a)

Freshworks,

Inc

303,867‌

3,759

(a)

Intapp,

Inc

142,917‌

6,567

(a)

LiveRamp

Holdings,

Inc

248,758‌

5,007

(a)

Model

N,

Inc

134,838‌

18,579

(a)

Olo,

Inc

106,272‌

1,182

Progress

Software

Corp

64,183‌

4,727

(a)

Q2

Holdings,

Inc

205,199‌

1,778

(a)

Qualys,

Inc

348,986‌

4,516

(a)

Rapid7,

Inc

257,864‌

11,346

(a)

Sprinklr,

Inc

136,606‌

2,349

(a)

Sprout

Social,

Inc

144,322‌

3,482

(a)

Squarespace,

Inc

114,941‌

5,722

(a)

Tenable

Holdings,

Inc

263,555‌

7,111

(a)

Varonis

Systems,

Inc

321,986‌

3,920

(a)

Verint

Systems,

Inc

105,958‌

13,034

(a)

Zuora,

Inc

122,520‌

TOTAL

SOFTWARE

&

SERVICES

4,316,453‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.7

%

695

Belden

CDT,

Inc

53,689‌

7,709

(a)

Extreme

Networks,

Inc

135,987‌

1,225

(a)

Fabrinet

233,154‌

34,872

(a)

Infinera

Corp

165,642‌

1,046

(a)

OSI

Systems,

Inc

134,986‌

7,950

(a)

Sanmina

Corp

408,391‌

2,190

(a)

Scansource,

Inc

86,746‌

2,465

(a)

Super

Micro

Computer,

Inc

700,701‌

10,653

Vishay

Intertechnology,

Inc

255,352‌

886

(a)

Vishay

Precision

Group,

Inc

30,186‌

11,032

Xerox

Holdings

Corp

202,217‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

2,407,051‌

TELECOMMUNICATION

SERVICES

-

0

.9

%

6,567

(a)

Bandwidth,

Inc

95,024‌

5,823

(a)

EchoStar

Corp

(Class

A)

96,487‌

40,484

(a),(c)

Globalstar,

Inc

78,539‌

2,285

Iridium

Communications,

Inc

94,051‌

10,325

Telephone

and

Data

Systems,

Inc

189,464‌

TOTAL

TELECOMMUNICATION

SERVICES

553,565‌

TRANSPORTATION

-

1

.9

%

1,901

ArcBest

Corp

228,519‌

9,696

Costamare,

Inc

100,935‌

2,683

Forward

Air

Corp

168,680‌

10,649

(a)

Hawaiian

Holdings,

Inc

151,216‌

882

(a)

Hub

Group,

Inc

(Class

A)

81,091‌

2,395

(a)

RXO,

Inc

55,708‌

190

(a)

Saia,

Inc

83,262‌

5,259

(a)

Skywest,

Inc

274,520‌

59

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

5,810

(a)

Sun

Country

Airlines

Holdings,

Inc

$

91,391‌

TOTAL

TRANSPORTATION

1,235,322‌

UTILITIES

-

2

.7

%

4,189

Allete,

Inc

256,199‌

6,133

Avista

Corp

219,193‌

4,863

Black

Hills

Corp

262,359‌

5,832

Brookfield

Infrastructure

Corp

205,753‌

4,256

Northwest

Natural

Holding

Co

165,729‌

3,340

ONE

Gas,

Inc

212,825‌

3,345

Otter

Tail

Corp

284,225‌

1,582

Portland

General

Electric

Co

68,564‌

1,653

Unitil

Corp

86,898‌

TOTAL

UTILITIES

1,761,745‌

TOTAL

COMMON

STOCKS

64,759,507‌

(Cost

$51,976,973)

TOTAL

LONG-TERM

INVESTMENTS

64,759,507‌

(Cost

$51,976,973)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.3%

REPURCHASE

AGREEMENT

-

1

.3

%

$

860,000

(d)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

%

01/02/24

860,000‌

TOTAL

REPURCHASE

AGREEMENT

860,000‌

TOTAL

SHORT-TERM

INVESTMENTS

860,000‌

(Cost

$860,000)

SHARES

EXP

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

51,786

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.360

51,786‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

51,786‌

(Cost

$51,785)

TOTAL

INVESTMENTS

-

100.1%

65,671,293‌

(Cost

$52,888,758)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.1)%

(

96,738‌

)

NET

ASSETS

-

100.0%

$

65,574,555‌

REIT

Real

Estate

Investment

Trust

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(c)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$126,904.

(d)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$860,508

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

11/15/26,

valued

at

$877,294.

(e)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Russell

2000

E-Mini

Index

8‌

03/15/24

 $

817,885‌

$

819,080‌

$

1,195‌

Social

Choice

Equity

Fund

December

31,

2023

Portfolio

of

Investments

60

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.2%

COMMON

STOCKS

-

99.2%

AUTOMOBILES

&

COMPONENTS

-

2

.3

%

2,638

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

$

23,241‌

1,600

(a)

Aptiv

plc

143,552‌

1,071

(a)

Modine

Manufacturing

Co

63,939‌

4,199

(a)

Rivian

Automotive,

Inc

98,508‌

6,939

(a)

Tesla,

Inc

1,724,203‌

TOTAL

AUTOMOBILES

&

COMPONENTS

2,053,443‌

BANKS

-

2

.9

%

277

(a)

Bancorp,

Inc

10,681‌

686

Bank

OZK

34,183‌

46

Banner

Corp

2,464‌

618

Berkshire

Hills

Bancorp,

Inc

15,345‌

54

Camden

National

Corp

2,032‌

12,022

Citigroup,

Inc

618,412‌

6

Commerce

Bancshares,

Inc

336‌

22

Community

Trust

Bancorp,

Inc

965‌

593

(a)

Customers

Bancorp,

Inc

34,169‌

136

First

Busey

Corp

3,375‌

16

FNB

Corp

220‌

17

Hancock

Whitney

Corp

826‌

108

Heritage

Financial

Corp

2,310‌

3,996

Huntington

Bancshares,

Inc

50,829‌

5,470

JPMorgan

Chase

&

Co

930,447‌

333

National

Bank

Holdings

Corp

12,384‌

5

NBT

Bancorp,

Inc

210‌

145

Old

National

Bancorp

2,449‌

2,976

PNC

Financial

Services

Group,

Inc

460,834‌

9,886

Regions

Financial

Corp

191,591‌

49

Trico

Bancshares

2,106‌

4,527

Truist

Financial

Corp

167,137‌

29

UMB

Financial

Corp

2,423‌

182

Univest

Financial

Corp

4,009‌

49

Westamerica

Bancorporation

2,764‌

TOTAL

BANKS

2,552,501‌

CAPITAL

GOODS

-

6

.7

%

4,098

3M

Co

447,993‌

17

Acuity

Brands,

Inc

3,482‌

1,254

(a)

Axon

Enterprise,

Inc

323,946‌

155

Boise

Cascade

Co

20,051‌

8,921

Carrier

Global

Corp

512,511‌

2,475

Caterpillar,

Inc

731,783‌

509

Cummins,

Inc

121,941‌

812

Curtiss-Wright

Corp

180,906‌

1,534

Deere

&

Co

613,401‌

2,570

Eaton

Corp

plc

618,907‌

18

EMCOR

Group,

Inc

3,878‌

683

Emerson

Electric

Co

66,476‌

1,724

Fastenal

Co

111,664‌

1,435

Fortive

Corp

105,659‌

1,445

(a)

Great

Lakes

Dredge

&

Dock

Corp

11,098‌

1,798

Hexcel

Corp

132,603‌

27

IDEX

Corp

5,862‌

2,237

Illinois

Tool

Works,

Inc

585,960‌

3,478

Johnson

Controls

International

plc

200,472‌

2,718

(a)

Kratos

Defense

&

Security

Solutions,

Inc

55,148‌

480

(a)

Manitowoc

Co,

Inc

8,011‌

1,060

(a)

Mercury

Computer

Systems,

Inc

38,764‌

387

Moog,

Inc

(Class

A)

56,030‌

61

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

CAPITAL

GOODS—continued

147

(a)

MYR

Group,

Inc

$

21,261‌

75

Owens

Corning,

Inc

11,117‌

583

(a)

Proto

Labs,

Inc

22,714‌

314

Quanta

Services,

Inc

67,761‌

550

Rockwell

Automation,

Inc

170,764‌

78

Rush

Enterprises,

Inc

(Class

A)

3,923‌

1,000

Trane

Technologies

plc

243,900‌

1,538

(a)

Triumph

Group,

Inc

25,500‌

438

United

Rentals,

Inc

251,158‌

267

(a)

V2X,

Inc

12,399‌

192

W.W.

Grainger,

Inc

159,109‌

529

Xylem,

Inc

60,496‌

TOTAL

CAPITAL

GOODS

6,006,648‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

2

.3

%

205

ACCO

Brands

Corp

1,246‌

557

(a)

ASGN,

Inc

53,567‌

2,551

Automatic

Data

Processing,

Inc

594,306‌

9,758

(a)

Copart,

Inc

478,142‌

231

CSG

Systems

International,

Inc

12,292‌

1,970

(a)

ExlService

Holdings,

Inc

60,774‌

527

(a)

FTI

Consulting,

Inc

104,952‌

47

Heidrick

&

Struggles

International,

Inc

1,388‌

478

Kelly

Services,

Inc

(Class

A)

10,334‌

554

(a)

Liquidity

Services,

Inc

9,534‌

2,031

(a)

OPENLANE,

Inc

30,079‌

624

Robert

Half

International,

Inc

54,862‌

207

(a),(b)

Sterling

Check

Corp

2,881‌

1,698

TransUnion

116,670‌

33

(a)

TriNet

Group,

Inc

3,925‌

945

(a)

Veralto

Corp

77,736‌

203

Verisk

Analytics,

Inc

48,489‌

2,109

Waste

Management,

Inc

377,722‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

2,038,899‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

3

.4

%

117

(a)

1-800-FLOWERS.COM,

Inc

(Class

A)

1,261‌

6

(a)

Autozone,

Inc

15,514‌

248

(a)

Children's

Place,

Inc

5,759‌

6,888

eBay,

Inc

300,455‌

84

(a)

Five

Below,

Inc

17,905‌

316

(a)

Genesco,

Inc

11,126‌

3,139

Home

Depot,

Inc

1,087,820‌

2,980

Lowe's

Cos,

Inc

663,199‌

431

(a)

MarineMax,

Inc

16,766‌

535

Pool

Corp

213,310‌

428

Shoe

Carnival,

Inc

12,930‌

6,520

TJX

Cos,

Inc

611,641‌

221

Tractor

Supply

Co

47,522‌

15

Winmark

Corp

6,263‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,011,471‌

CONSUMER

DURABLES

&

APPAREL

-

1

.1

%

342

(a)

Crocs,

Inc

31,946‌

127

(a)

Deckers

Outdoor

Corp

84,891‌

739

(a)

GoPro,

Inc

2,564‌

571

(a)

Green

Brick

Partners,

Inc

29,658‌

13

Hasbro,

Inc

664‌

325

(a)

iRobot

Corp

12,578‌

1,045

(a)

Lululemon

Athletica,

Inc

534,298‌

23

(a)

NVR,

Inc

161,010‌

510

Pulte

Homes,

Inc

52,642‌

1,910

(a)

Sonos,

Inc

32,737‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

942,988‌

Social

Choice

Equity

Fund

December

31,

2023

62

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

CONSUMER

SERVICES

-

3

.3

%

259

ADT,

Inc

$

1,766‌

191

(a)

Booking

Holdings,

Inc

677,519‌

473

(a)

Bright

Horizons

Family

Solutions,

Inc

44,576‌

356

Carriage

Services,

Inc

8,904‌

751

(a)

Dave

&

Buster's

Entertainment,

Inc

40,441‌

2,930

Hilton

Worldwide

Holdings,

Inc

533,524‌

2,606

McDonald's

Corp

772,705‌

384

(a)

Planet

Fitness,

Inc

28,032‌

35

(a)

Shake

Shack,

Inc

2,594‌

215

(a)

Six

Flags

Entertainment

Corp

5,392‌

6,246

Starbucks

Corp

599,678‌

216

Vail

Resorts,

Inc

46,110‌

271

Wingstop,

Inc

69,533‌

825

Yum!

Brands,

Inc

107,795‌

TOTAL

CONSUMER

SERVICES

2,938,569‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.2

%

2,490

(a)

BJ's

Wholesale

Club

Holdings,

Inc

165,983‌

1,150

(a)

Performance

Food

Group

Co

79,523‌

537

Pricesmart,

Inc

40,694‌

780

SpartanNash

Co

17,901‌

2,186

(a)

Sprouts

Farmers

Market,

Inc

105,168‌

3,059

Target

Corp

435,663‌

1,290

(a)

United

Natural

Foods,

Inc

20,937‌

3,617

(a)

US

Foods

Holding

Corp

164,248‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

1,030,117‌

ENERGY

-

4

.3

%

3,698

Antero

Midstream

Corp

46,336‌

3,091

Baker

Hughes

Co

105,650‌

49

ChampionX

Corp

1,431‌

1,762

Cheniere

Energy,

Inc

300,791‌

5,245

Chevron

Corp

782,344‌

2,479

(a)

Clean

Energy

Fuels

Corp

9,495‌

5,838

ConocoPhillips

677,617‌

59

Delek

US

Holdings,

Inc

1,522‌

355

(a)

DMC

Global,

Inc

6,681‌

557

(a)

Dril-Quip,

Inc

12,961‌

3,055

EQT

Corp

118,106‌

1,399

Hess

Corp

201,680‌

13,760

Kinder

Morgan,

Inc

242,727‌

9,612

(a)

Kosmos

Energy

Ltd

64,497‌

4,676

NOV,

Inc

94,829‌

155

(a)

Oceaneering

International,

Inc

3,299‌

277

ONEOK,

Inc

19,451‌

495

Phillips

66

65,904‌

1,181

Pioneer

Natural

Resources

Co

265,583‌

6,540

Schlumberger

Ltd

340,342‌

2,566

TechnipFMC

plc

51,679‌

2,258

Valero

Energy

Corp

293,540‌

839

(a)

Weatherford

International

plc

82,079‌

TOTAL

ENERGY

3,788,544‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.7

%

2,750

American

Tower

Corp

593,670‌

705

Brixmor

Property

Group,

Inc

16,405‌

4,361

DiamondRock

Hospitality

Co

40,950‌

905

Digital

Realty

Trust,

Inc

121,795‌

675

Equinix,

Inc

543,638‌

456

First

Industrial

Realty

Trust,

Inc

24,018‌

63

Kilroy

Realty

Corp

2,510‌

2,249

Macerich

Co

34,702‌

3,599

Park

Hotels

&

Resorts,

Inc

55,065‌

99

PotlatchDeltic

Corp

4,861‌

63

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

4,654

(c)

Prologis,

Inc

$

620,378‌

2,571

Welltower,

Inc

231,827‌

3,453

Weyerhaeuser

Co

120,061‌

765

Xenia

Hotels

&

Resorts,

Inc

10,419‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

2,420,299‌

FINANCIAL

SERVICES

-

9

.1

%

3,426

American

Express

Co

641,827‌

871

Ameriprise

Financial,

Inc

330,832‌

7,271

Bank

of

New

York

Mellon

Corp

378,455‌

807

BlackRock,

Inc

655,123‌

2,592

Discover

Financial

Services

291,341‌

124

Factset

Research

Systems,

Inc

59,154‌

4,234

Fidelity

National

Information

Services,

Inc

254,336‌

1,742

Goldman

Sachs

Group,

Inc

672,011‌

105

(a)

Green

Dot

Corp

1,039‌

2,613

Mastercard,

Inc

(Class

A)

1,114,471‌

1,130

Moody's

Corp

441,333‌

7,004

Morgan

Stanley

653,123‌

222

(a)

Mr

Cooper

Group,

Inc

14,457‌

957

Nasdaq

Stock

Market,

Inc

55,640‌

5,485

(a)

PayPal

Holdings,

Inc

336,834‌

65

(a)

PRA

Group,

Inc

1,703‌

38

(a)

PROG

Holdings,

Inc

1,174‌

1,593

S&P

Global,

Inc

701,748‌

1,789

State

Street

Corp

138,576‌

4,674

Visa,

Inc

(Class

A)

1,216,876‌

357

Voya

Financial,

Inc

26,047‌

718

(a)

WEX,

Inc

139,687‌

TOTAL

FINANCIAL

SERVICES

8,125,787‌

FOOD,

BEVERAGE

&

TOBACCO

-

3

.0

%

1,020

Archer-Daniels-Midland

Co

73,664‌

678

Campbell

Soup

Co

29,310‌

14,403

Coca-Cola

Co

848,769‌

173

(a)

Darling

International,

Inc

8,622‌

491

Fresh

Del

Monte

Produce,

Inc

12,889‌

5,839

General

Mills,

Inc

380,353‌

2,671

Hormel

Foods

Corp

85,766‌

2,771

Lamb

Weston

Holdings,

Inc

299,517‌

989

McCormick

&

Co,

Inc

67,667‌

5,057

PepsiCo,

Inc

858,881‌

79

(a)

TreeHouse

Foods,

Inc

3,275‌

215

(a)

Vital

Farms,

Inc

3,373‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,672,086‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.2

%

1,458

(a)

Accolade,

Inc

17,511‌

100

(a)

AtriCure,

Inc

3,569‌

4,125

(a)

Brookdale

Senior

Living,

Inc

24,007‌

487

(a)

Castle

Biosciences,

Inc

10,509‌

1,203

Cigna

Group

360,238‌

725

(a)

CryoLife,

Inc

12,963‌

1,041

(a)

DocGo,

Inc

5,819‌

5,358

(a)

Edwards

Lifesciences

Corp

408,548‌

1,299

Elevance

Health,

Inc

612,556‌

1,090

(a)

Enhabit,

Inc

11,282‌

1,984

(a)

Envista

Holdings

Corp

47,735‌

487

(a)

Fulgent

Genetics,

Inc

14,079‌

384

(a)

Glaukos

Corp

30,524‌

154

(a)

Globus

Medical,

Inc

8,207‌

1,450

HCA,

Inc

392,486‌

1,215

(a)

Health

Catalyst,

Inc

11,251‌

231

(a)

Henry

Schein,

Inc

17,489‌

Social

Choice

Equity

Fund

December

31,

2023

64

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

1,335

(a)

Hologic,

Inc

$

95,386‌

719

(a)

IDEXX

Laboratories,

Inc

399,081‌

539

Laboratory

Corp

of

America

Holdings

122,509‌

357

LeMaitre

Vascular,

Inc

20,263‌

85

(a)

LivaNova

plc

4,398‌

788

McKesson

Corp

364,828‌

514

(a)

Merit

Medical

Systems,

Inc

39,043‌

1,812

(a)

NeoGenomics,

Inc

29,318‌

770

(a)

Nevro

Corp

16,570‌

948

(a)

Omnicell,

Inc

35,673‌

1,413

(a)

OraSure

Technologies,

Inc

11,587‌

707

(a)

Orthofix

Medical,

Inc

9,530‌

188

(a)

Pennant

Group,

Inc

2,617‌

183

(a)

Penumbra,

Inc

46,032‌

918

(a)

Pulmonx

Corp

11,705‌

989

Resmed,

Inc

170,128‌

563

(a)

RxSight,

Inc

22,700‌

17

(a)

Shockwave

Medical,

Inc

3,240‌

736

(a)

SI-BONE,

Inc

15,449‌

269

(a)

STAAR

Surgical

Co

8,395‌

386

STERIS

plc

84,862‌

144

(a)

UFP

Technologies,

Inc

24,774‌

2,048

UnitedHealth

Group,

Inc

1,078,211‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

4,605,072‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.2

%

127

Kimberly-Clark

Corp

15,432‌

7,155

Procter

&

Gamble

Co

1,048,493‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,063,925‌

INSURANCE

-

2

.2

%

10,128

(a)

Genworth

Financial,

Inc

(Class

A)

67,655‌

2,989

Marsh

&

McLennan

Cos,

Inc

566,326‌

3,593

Progressive

Corp

572,293‌

3,882

Prudential

Financial,

Inc

402,602‌

1,860

Travelers

Cos,

Inc

354,312‌

TOTAL

INSURANCE

1,963,188‌

MATERIALS

-

3

.0

%

330

(a)

Allegheny

Technologies,

Inc

15,005‌

223

Amcor

plc

2,150‌

140

Aptargroup,

Inc

17,307‌

5,085

Ball

Corp

292,489‌

539

(a)

Coeur

Mining,

Inc

1,757‌

1,387

Dow,

Inc

76,063‌

2,675

Ecolab,

Inc

530,586‌

651

International

Flavors

&

Fragrances,

Inc

52,711‌

429

Koppers

Holdings,

Inc

21,973‌

1,942

Linde

plc

797,599‌

216

Martin

Marietta

Materials,

Inc

107,765‌

5,545

Newmont

Goldcorp

Corp

229,507‌

2,314

Nucor

Corp

402,729‌

180

Olympic

Steel,

Inc

12,006‌

269

PPG

Industries,

Inc

40,229‌

901

(a)

Ranpak

Holdings

Corp

5,244‌

134

Royal

Gold,

Inc

16,209‌

2,135

(a)

Summit

Materials,

Inc

82,112‌

TOTAL

MATERIALS

2,703,441‌

MEDIA

&

ENTERTAINMENT

-

4

.1

%

2,286

(a)

Cinemark

Holdings,

Inc

32,210‌

8,361

(a)

Clear

Channel

Outdoor

Holdings,

Inc

15,217‌

16,482

Comcast

Corp

(Class

A)

722,736‌

1,820

Electronic

Arts,

Inc

248,994‌

1,165

Gray

Television,

Inc

10,438‌

65

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

122

(a)

IMAX

Corp

$

1,832‌

1,450

Interpublic

Group

of

Cos,

Inc

47,328‌

176

John

Wiley

&

Sons,

Inc

(Class

A)

5,586‌

451

(a)

MediaAlpha,

Inc

5,029‌

1,693

(a)

NetFlix,

Inc

824,288‌

201

New

York

Times

Co

(Class

A)

9,847‌

3,924

News

Corp

(Class

A)

96,334‌

2,773

Omnicom

Group,

Inc

239,892‌

60

(a)

Roku,

Inc

5,500‌

119

Scholastic

Corp

4,486‌

13,503

(b)

Sirius

XM

Holdings,

Inc

73,861‌

2,025

(a)

Take-Two

Interactive

Software,

Inc

325,924‌

103

TEGNA,

Inc

1,576‌

3,172

(a)

Vimeo,

Inc

12,434‌

7,595

Walt

Disney

Co

685,752‌

3,989

(a)

Warner

Bros

Discovery,

Inc

45,395‌

1,418

(a)

Yelp,

Inc

67,128‌

402

(a)

Ziff

Davis,

Inc

27,010‌

1,541

(a)

ZipRecruiter,

Inc

21,420‌

6,540

(a)

ZoomInfo

Technologies,

Inc

120,925‌

TOTAL

MEDIA

&

ENTERTAINMENT

3,651,142‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

8

.0

%

1,440

(a)

Aclaris

Therapeutics,

Inc

1,512‌

1,546

(a)

Adaptive

Biotechnologies

Corp

7,575‌

2,772

Agilent

Technologies,

Inc

385,391‌

1,286

(a)

Alector,

Inc

10,262‌

749

(a)

Allogene

Therapeutics,

Inc

2,404‌

2,426

Amgen,

Inc

698,737‌

789

(a)

Arcellx,

Inc

43,789‌

484

(a)

Arcturus

Therapeutics

Holdings,

Inc

15,261‌

33

(a),(b)

Axsome

Therapeutics,

Inc

2,626‌

92

(a)

Biogen,

Inc

23,807‌

1,233

(a)

Biohaven

Ltd

52,772‌

10,083

Bristol-Myers

Squibb

Co

517,359‌

716

(a)

Cabaletta

Bio,

Inc

16,253‌

455

(a),(b)

Cassava

Sciences,

Inc

10,242‌

2,038

(a)

Cymabay

Therapeutics,

Inc

48,138‌

2,890

Danaher

Corp

668,573‌

2,295

Eli

Lilly

&

Co

1,337,801‌

193

(a)

Entrada

Therapeutics,

Inc

2,912‌

1,431

(a)

Erasca,

Inc

3,048‌

4,770

Gilead

Sciences,

Inc

386,418‌

1,143

(a)

Immunovant,

Inc

48,155‌

1,240

(a)

Intellia

Therapeutics,

Inc

37,808‌

209

(a)

Intra-Cellular

Therapies,

Inc

14,969‌

931

(a)

IQVIA

Holdings,

Inc

215,415‌

8,820

Merck

&

Co,

Inc

961,556‌

83

(a)

Mettler-Toledo

International,

Inc

100,676‌

658

(a)

Mirati

Therapeutics,

Inc

38,658‌

438

(a),(b)

Phathom

Pharmaceuticals,

Inc

3,999‌

425

Phibro

Animal

Health

Corp

4,922‌

833

(a)

Prothena

Corp

plc

30,271‌

467

(a)

Regeneron

Pharmaceuticals,

Inc

410,161‌

1,981

(a)

Sana

Biotechnology,

Inc

8,082‌

901

(a)

Scholar

Rock

Holding

Corp

16,939‌

928

(a),(b)

Tango

Therapeutics,

Inc

9,187‌

419

(a)

Tarsus

Pharmaceuticals,

Inc

8,485‌

1,325

(a)

Ultragenyx

Pharmaceutical,

Inc

63,362‌

289

(a)

Viridian

Therapeutics,

Inc

6,294‌

267

(a)

Waters

Corp

87,904‌

540

West

Pharmaceutical

Services,

Inc

190,145‌

Social

Choice

Equity

Fund

December

31,

2023

66

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

3,120

Zoetis,

Inc

$

615,794‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,107,662‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.2

%

2,365

(a)

Anywhere

Real

Estate,

Inc

19,180‌

1,219

(a)

CBRE

Group,

Inc

113,477‌

20

(a)

Howard

Hughes

Holdings,

Inc

1,711‌

79

(a)

Jones

Lang

LaSalle,

Inc

14,921‌

8

RMR

Group,

Inc

226‌

141

(a)

Tejon

Ranch

Co

2,425‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

151,940‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

7

.8

%

4,254

Applied

Materials,

Inc

689,446‌

289

(a)

Cirrus

Logic,

Inc

24,042‌

2,232

(a)

First

Solar,

Inc

384,529‌

16,774

Intel

Corp

842,893‌

810

Lam

Research

Corp

634,441‌

8,875

Marvell

Technology,

Inc

535,251‌

5,395

Nvidia

Corp

2,671,712‌

1,018

(a)

Onto

Innovation,

Inc

155,652‌

2,266

(a)

Rambus,

Inc

154,655‌

256

(a)

Silicon

Laboratories,

Inc

33,861‌

4,270

Texas

Instruments,

Inc

727,864‌

1,694

(a)

Wolfspeed,

Inc

73,706‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

6,928,052‌

SOFTWARE

&

SERVICES

-

15

.9

%

1,561

(a)

Adobe,

Inc

931,293‌

340

(a)

Altair

Engineering,

Inc

28,611‌

123

(a)

Ansys,

Inc

44,634‌

221

(a)

Appfolio,

Inc

38,286‌

498

(a)

Asana,

Inc

9,467‌

2,179

(a)

Autodesk,

Inc

530,543‌

2,013

(a)

Cadence

Design

Systems,

Inc

548,281‌

119

(a),(b)

Digimarc

Corp

4,298‌

1,267

Dolby

Laboratories,

Inc

(Class

A)

109,190‌

2,882

(a)

DoubleVerify

Holdings,

Inc

106,000‌

4,408

(a)

DXC

Technology

Co

100,811‌

621

(a)

Elastic

NV

69,987‌

1,389

(a)

Guidewire

Software,

Inc

151,456‌

844

(a)

HubSpot,

Inc

489,976‌

458

(a)

Intapp,

Inc

17,413‌

225

InterDigital,

Inc

24,421‌

4,291

International

Business

Machines

Corp

701,793‌

1,230

Intuit,

Inc

768,787‌

15,270

Microsoft

Corp

5,742,131‌

4,645

(a)

Nutanix,

Inc

221,520‌

136

(a)

OneSpan,

Inc

1,458‌

642

(a)

PTC,

Inc

112,324‌

3,448

(a)

Salesforce,

Inc

907,307‌

982

(a)

ServiceNow,

Inc

693,773‌

2,716

(a)

Splunk,

Inc

413,783‌

2,143

(a)

Sprinklr,

Inc

25,802‌

791

(a)

Sprout

Social,

Inc

48,599‌

774

(a)

SPS

Commerce,

Inc

150,032‌

1,050

(a)

Synopsys,

Inc

540,655‌

2,106

(a)

Teradata

Corp

91,632‌

1,911

(a)

Workday,

Inc

527,551‌

365

(a)

Xperi,

Inc

4,022‌

TOTAL

SOFTWARE

&

SERVICES

14,155,836‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

3

.4

%

1,621

ADTRAN

Holdings,

Inc

11,898‌

1,906

Avnet,

Inc

96,062‌

67

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

608

Badger

Meter,

Inc

$

93,857‌

826

Benchmark

Electronics,

Inc

22,831‌

3,109

(a)

Ciena

Corp

139,936‌

691

CTS

Corp

30,224‌

587

(a)

ePlus,

Inc

46,866‌

759

(a)

Fabrinet

144,461‌

2,306

(a)

Harmonic,

Inc

30,070‌

27,299

Hewlett

Packard

Enterprise

Co

463,537‌

15,454

HP,

Inc

465,011‌

612

(a)

Insight

Enterprises,

Inc

108,440‌

835

(a)

Itron,

Inc

63,051‌

3,043

(a)

Keysight

Technologies,

Inc

484,111‌

483

(a)

Kimball

Electronics,

Inc

13,017‌

1,951

(a)

Knowles

Corp

34,942‌

827

(a)

Lumentum

Holdings,

Inc

43,351‌

91

Methode

Electronics,

Inc

2,069‌

4,164

(a)

Mirion

Technologies,

Inc

42,681‌

624

(a)

Netgear,

Inc

9,098‌

647

(a)

Netscout

Systems,

Inc

14,202‌

429

(a)

Novanta,

Inc

72,248‌

337

(a)

OSI

Systems,

Inc

43,490‌

562

(a)

PAR

Technology

Corp

24,470‌

571

(a)

Plexus

Corp

61,742‌

633

(a)

Ribbon

Communications,

Inc

1,836‌

377

(a)

Rogers

Corp

49,790‌

5,168

(a)

Trimble

Inc

274,938‌

247

(a)

Vishay

Precision

Group,

Inc

8,415‌

3,317

Vontier

Corp

114,602‌

2,383

Xerox

Holdings

Corp

43,680‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

3,054,926‌

TELECOMMUNICATION

SERVICES

-

0

.9

%

2,195

Iridium

Communications,

Inc

90,346‌

18,858

Verizon

Communications,

Inc

710,947‌

TOTAL

TELECOMMUNICATION

SERVICES

801,293‌

TRANSPORTATION

-

2

.9

%

502

ArcBest

Corp

60,345‌

676

CH

Robinson

Worldwide,

Inc

58,400‌

16,174

CSX

Corp

560,753‌

10,032

Delta

Air

Lines,

Inc

403,587‌

1,468

Expeditors

International

Washington,

Inc

186,730‌

118

Norfolk

Southern

Corp

27,893‌

1,169

Old

Dominion

Freight

Line

473,831‌

557

(a)

Saia,

Inc

244,088‌

3,592

United

Parcel

Service,

Inc

(Class

B)

564,770‌

TOTAL

TRANSPORTATION

2,580,397‌

UTILITIES

-

2

.1

%

4,005

American

Electric

Power

Co,

Inc

325,286‌

2,034

Consolidated

Edison,

Inc

185,033‌

10,432

NextEra

Energy,

Inc

633,640‌

7,226

Southern

Co

506,687‌

1,065

WEC

Energy

Group,

Inc

89,641‌

2,608

Xcel

Energy,

Inc

161,461‌

TOTAL

UTILITIES

1,901,748‌

TOTAL

COMMON

STOCKS

88,249,974‌

(Cost

$52,293,137)

Social

Choice

Equity

Fund

December

31,

2023

68

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

182

Cassava

Sciences,

Inc

11/15/24

$

1,226‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,226‌

TOTAL

RIGHTS/WARRANTS

1,226‌

(Cost

$0)

TOTAL

LONG-TERM

INVESTMENTS

88,251,200‌

(Cost

$52,293,137)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

1.1%

REPURCHASE

AGREEMENT

-

0

.5

%

$

460,000

(d)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

%

01/02/24

460,000‌

TOTAL

REPURCHASE

AGREEMENT

460,000‌

TREASURY

DEBT

-

0

.6

%

534,000

United

States

Treasury

Bill

0

.000

01/02/24

534,000‌

TOTAL

TREASURY

DEBT

534,000‌

TOTAL

SHORT-TERM

INVESTMENTS

994,000‌

(Cost

$993,922)

SHARES

EXP

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.1%

111,910

(e)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.360

111,910‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

111,910‌

(Cost

$111,910)

TOTAL

INVESTMENTS

-

100.4%

89,357,110‌

(Cost

$53,398,969)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.4)%

(

388,643‌

)

NET

ASSETS

-

100.0%

$

88,968,467‌

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$105,901.

(c)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(d)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$460,272

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.625%

and

maturity

date

11/15/26,

valued

at

$469,279.

(e)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

S&P

500

E-Mini

Index

4‌

03/15/24

 $

946,894‌

$

964,000‌

$

17,106‌

Portfolio

of

Investments

Stock

Index

Fund

December

31,

2023

69

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

99.3%

COMMON

STOCKS

-

99.3%

AUTOMOBILES

&

COMPONENTS

-

1

.9

%

1,634

(a)

Adient

plc

$

59,412‌

1,752

(a)

American

Axle

&

Manufacturing

Holdings,

Inc

15,435‌

4,464

(a)

Aptiv

plc

400,510‌

4,087

BorgWarner,

Inc

146,519‌

271

(a)

Cooper-Standard

Holdings,

Inc

5,295‌

2,264

Dana

Inc

33,077‌

476

(a)

Dorman

Products,

Inc

39,703‌

2,668

(a),(b)

Fisker,

Inc

4,669‌

63,987

Ford

Motor

Co

780,002‌

713

(a)

Fox

Factory

Holding

Corp

48,113‌

22,166

General

Motors

Co

796,203‌

4,153

Gentex

Corp

135,637‌

573

(a)

Gentherm,

Inc

30,002‌

4,151

(a)

Goodyear

Tire

&

Rubber

Co

59,442‌

2,377

Harley-Davidson,

Inc

87,569‌

377

LCI

Industries

47,393‌

1,037

Lear

Corp

146,435‌

11,997

(a),(b)

Lucid

Group,

Inc

50,507‌

3,923

(a),(b)

Luminar

Technologies,

Inc

13,221‌

772

(a)

Modine

Manufacturing

Co

46,088‌

381

Patrick

Industries,

Inc

38,233‌

817

Phinia,

Inc

24,747‌

4,728

(a),(b)

QuantumScape

Corp

32,860‌

10,927

(a)

Rivian

Automotive,

Inc

256,348‌

2,129

(a),(b)

Solid

Power,

Inc

3,087‌

330

Standard

Motor

Products,

Inc

13,137‌

449

(a)

Stoneridge,

Inc

8,787‌

45,732

(a)

Tesla,

Inc

11,363,487‌

900

Thor

Industries,

Inc

106,425‌

496

(a)

Visteon

Corp

61,950‌

486

Winnebago

Industries,

Inc

35,420‌

2,131

(a),(b)

Workhorse

Group,

Inc

767‌

343

(a)

XPEL,

Inc

18,471‌

TOTAL

AUTOMOBILES

&

COMPONENTS

14,908,951‌

BANKS

-

3

.6

%

254

1st

Source

Corp

13,957‌

95

ACNB

Corp

4,252‌

197

Amalgamated

Financial

Corp

5,307‌

442

Amerant

Bancorp,

Inc

10,860‌

127

American

National

Bankshares,

Inc

6,191‌

1,222

Ameris

Bancorp

64,827‌

204

Arrow

Financial

Corp

5,700‌

2,719

Associated

Banc-Corp

58,159‌

1,279

Atlantic

Union

Bankshares

Corp

46,735‌

945

(a)

Axos

Financial,

Inc

51,597‌

1,824

Banc

of

California,

Inc

24,496‌

446

Bancfirst

Corp

43,409‌

814

(a)

Bancorp,

Inc

31,388‌

117

(b)

Bank

First

Corp

10,139‌

115,424

Bank

of

America

Corp

3,886,326‌

861

(b)

Bank

of

Hawaii

Corp

62,388‌

174

Bank

of

Marin

Bancorp

3,831‌

1,235

Bank

of

NT

Butterfield

&

Son

Ltd

39,532‌

2,233

Bank

OZK

111,270‌

1,737

BankUnited,

Inc

56,331‌

511

Banner

Corp

27,369‌

Stock

Index

Fund

December

31,

2023

70

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

219

Bar

Harbor

Bankshares

$

6,430‌

148

BayCom

Corp

3,491‌

174

BCB

Bancorp,

Inc

2,236‌

641

Berkshire

Hills

Bancorp,

Inc

15,916‌

298

(a)

Blue

Foundry

Bancorp

2,882‌

235

(b)

Blue

Ridge

Bankshares,

Inc

712‌

717

BOK

Financial

Corp

61,411‌

385

(a)

Bridgewater

Bancshares,

Inc

5,205‌

1,258

Brookline

Bancorp,

Inc

13,725‌

115

(b)

Burke

&

Herbert

Financial

Services

Corp

7,234‌

324

Business

First

Bancshares,

Inc

7,987‌

231

Byline

Bancorp,

Inc

5,442‌

3,491

Cadence

Bank

103,299‌

59

Cambridge

Bancorp

4,095‌

238

Camden

National

Corp

8,956‌

693

Capital

Bancorp,

Inc

16,771‌

156

Capital

City

Bank

Group,

Inc

4,591‌

2,332

Capitol

Federal

Financial,

Inc

15,041‌

292

Capstar

Financial

Holdings,

Inc

5,472‌

641

(a)

Carter

Bankshares,

Inc

9,596‌

1,220

Cathay

General

Bancorp

54,375‌

470

Central

Pacific

Financial

Corp

9,250‌

32,193

Citigroup,

Inc

1,656,008‌

167

Citizens

&

Northern

Corp

3,746‌

8,682

Citizens

Financial

Group,

Inc

287,721‌

63

Citizens

Financial

Services,

Inc

4,077‌

236

City

Holding

Co

26,021‌

157

Civista

Bancshares,

Inc

2,895‌

226

CNB

Financial

Corp

5,105‌

415

(a)

Coastal

Financial

Corp

18,430‌

163

Colony

Bankcorp,

Inc

2,168‌

3,230

Columbia

Banking

System,

Inc

86,176‌

599

(a)

Columbia

Financial,

Inc

11,549‌

2,351

Comerica,

Inc

131,209‌

2,055

Commerce

Bancshares,

Inc

109,758‌

1,009

Community

Bank

System,

Inc

52,579‌

238

Community

Trust

Bancorp,

Inc

10,439‌

422

ConnectOne

Bancorp,

Inc

9,668‌

858

(a)

CrossFirst

Bankshares,

Inc

11,652‌

1,101

Cullen/Frost

Bankers,

Inc

119,448‌

438

(a)

Customers

Bancorp,

Inc

25,238‌

2,357

CVB

Financial

Corp

47,588‌

611

Dime

Community

Bancshares,

Inc

16,454‌

638

Eagle

Bancorp,

Inc

19,229‌

2,453

East

West

Bancorp,

Inc

176,493‌

2,652

Eastern

Bankshares,

Inc

37,658‌

147

Enterprise

Bancorp,

Inc

4,742‌

424

Enterprise

Financial

Services

Corp

18,932‌

161

Equity

Bancshares,

Inc

5,458‌

105

Esquire

Financial

Holdings,

Inc

5,246‌

227

ESSA

Bancorp,

Inc

4,545‌

193

Farmers

&

Merchants

Bancorp,

Inc

4,786‌

378

Farmers

National

Banc

Corp

5,462‌

560

FB

Financial

Corp

22,316‌

11,764

Fifth

Third

Bancorp

405,740‌

202

Financial

Institutions,

Inc

4,303‌

440

First

Bancorp

16,284‌

3,399

First

BanCorp

55,914‌

162

First

Bancorp,

Inc

4,572‌

201

First

Bancshares,

Inc

5,895‌

354

First

Bank

5,204‌

586

First

Busey

Corp

14,545‌

87

First

Business

Financial

Services,

Inc

3,489‌

71

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

183

First

Citizens

Bancshares,

Inc

(Class

A)

$

259,672‌

1,371

First

Commonwealth

Financial

Corp

21,168‌

242

First

Community

Bancshares,

Inc

8,978‌

1,705

First

Financial

Bancorp

40,494‌

2,288

First

Financial

Bankshares,

Inc

69,326‌

445

First

Foundation,

Inc

4,308‌

2,293

First

Hawaiian,

Inc

52,418‌

8,270

First

Horizon

National

Corp

117,103‌

1,459

First

Interstate

BancSystem,

Inc

44,864‌

960

First

Merchants

Corp

35,597‌

93

First

Mid

Bancshares,

Inc

3,223‌

321

First

of

Long

Island

Corp

4,250‌

170

(a)

First

Western

Financial,

Inc

3,371‌

177

Five

Star

Bancorp

4,634‌

358

Flushing

Financial

Corp

5,900‌

5,298

FNB

Corp

72,953‌

2,673

Fulton

Financial

Corp

43,998‌

158

(a)

FVCBankcorp,

Inc

2,244‌

325

German

American

Bancorp,

Inc

10,533‌

1,648

Glacier

Bancorp,

Inc

68,095‌

26

Great

Southern

Bancorp,

Inc

1,543‌

132

Greene

County

Bancorp,

Inc

3,722‌

28

Guaranty

Bancshares,

Inc

941‌

1,685

Hancock

Whitney

Corp

81,874‌

484

Hanmi

Financial

Corp

9,390‌

1,147

HarborOne

Bancorp,

Inc

13,741‌

429

Heartland

Financial

USA,

Inc

16,135‌

1,217

Heritage

Commerce

Corp

12,073‌

460

Heritage

Financial

Corp

9,839‌

1,168

Hilltop

Holdings,

Inc

41,125‌

22

Hingham

Institution

For

Savings

The

4,277‌

89

Home

Bancorp,

Inc

3,739‌

2,960

Home

Bancshares,

Inc

74,977‌

314

HomeStreet,

Inc

3,234‌

265

HomeTrust

Bancshares,

Inc

7,134‌

1,956

Hope

Bancorp,

Inc

23,628‌

501

Horizon

Bancorp,

Inc

7,169‌

25,248

Huntington

Bancshares,

Inc

321,155‌

726

Independent

Bank

Corp

47,778‌

308

Independent

Bank

Corp

8,014‌

488

Independent

Bank

Group,

Inc

24,829‌

843

International

Bancshares

Corp

45,792‌

164

John

Marshall

Bancorp,

Inc

3,700‌

47,703

JPMorgan

Chase

&

Co

8,114,280‌

2,079

Kearny

Financial

Corp

18,649‌

16,007

Keycorp

230,501‌

584

Lakeland

Bancorp,

Inc

8,637‌

525

Lakeland

Financial

Corp

34,209‌

485

Live

Oak

Bancshares,

Inc

22,068‌

341

Luther

Burbank

Corp

3,652‌

2,860

M&T

Bank

Corp

392,049‌

400

Macatawa

Bank

Corp

4,512‌

226

Mercantile

Bank

Corp

9,126‌

224

Metrocity

Bankshares,

Inc

5,380‌

101

(a)

Metropolitan

Bank

Holding

Corp

5,593‌

129

Mid

Penn

Bancorp,

Inc

3,132‌

324

Midland

States

Bancorp,

Inc

8,929‌

169

MidWestOne

Financial

Group,

Inc

4,548‌

142

MVB

Financial

Corp

3,204‌

535

National

Bank

Holdings

Corp

19,897‌

243

National

Bankshares,

Inc

7,861‌

669

NBT

Bancorp,

Inc

28,038‌

10,780

New

York

Community

Bancorp,

Inc

110,279‌

Stock

Index

Fund

December

31,

2023

72

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

140

Nicolet

Bankshares,

Inc

$

11,267‌

90

Northeast

Bank

4,967‌

643

Northfield

Bancorp,

Inc

8,089‌

2,189

Northwest

Bancshares,

Inc

27,319‌

37,976

(a)

NU

Holdings

Ltd

316,340‌

714

OceanFirst

Financial

Corp

12,395‌

596

OFG

Bancorp

22,338‌

4,862

Old

National

Bancorp

82,119‌

432

Old

Second

Bancorp,

Inc

6,670‌

249

Origin

Bancorp,

Inc

8,857‌

111

Orrstown

Financial

Services,

Inc

3,275‌

1,405

Pacific

Premier

Bancorp,

Inc

40,900‌

205

Park

National

Corp

27,236‌

126

Parke

Bancorp,

Inc

2,552‌

753

Pathward

Financial,

Inc

39,856‌

144

PCB

Bancorp

2,654‌

259

Peapack

Gladstone

Financial

Corp

7,723‌

532

Peoples

Bancorp,

Inc

17,960‌

101

Peoples

Financial

Services

Corp

4,919‌

1,330

Pinnacle

Financial

Partners,

Inc

116,003‌

226

(a)

Pioneer

Bancorp,

Inc

2,262‌

6,656

PNC

Financial

Services

Group,

Inc

1,030,682‌

420

(a)

Ponce

Financial

Group,

Inc

4,099‌

1,252

Popular,

Inc

102,752‌

188

Preferred

Bank

13,733‌

586

Premier

Financial

Corp

14,123‌

169

Primis

Financial

Corp

2,140‌

1,690

Prosperity

Bancshares,

Inc

114,464‌

1,239

Provident

Financial

Services,

Inc

22,339‌

190

QCR

Holdings,

Inc

11,094‌

104

RBB

Bancorp

1,980‌

91

Red

River

Bancshares,

Inc

5,106‌

16,640

Regions

Financial

Corp

322,483‌

769

Renasant

Corp

25,900‌

146

Republic

Bancorp,

Inc

(Class

A)

8,053‌

540

S&T

Bancorp,

Inc

18,047‌

495

Sandy

Spring

Bancorp,

Inc

13,484‌

977

Seacoast

Banking

Corp

of

Florida

27,805‌

726

ServisFirst

Bancshares,

Inc

48,373‌

130

Shore

Bancshares,

Inc

1,853‌

192

Sierra

Bancorp

4,330‌

1,550

Simmons

First

National

Corp

(Class

A)

30,752‌

116

SmartFinancial,

Inc

2,841‌

138

South

Plains

Financial,

Inc

3,996‌

101

(a)

Southern

First

Bancshares,

Inc

3,747‌

86

Southern

Missouri

Bancorp,

Inc

4,592‌

432

Southside

Bancshares,

Inc

13,530‌

1,456

SouthState

Corp

122,959‌

522

Stellar

Bancorp,

Inc

14,532‌

346

(a)

Sterling

Bancorp,

Inc

1,996‌

421

Stock

Yards

Bancorp,

Inc

21,677‌

164

Summit

Financial

Group,

Inc

5,033‌

2,625

Synovus

Financial

Corp

98,831‌

932

(a)

Texas

Capital

Bancshares,

Inc

60,235‌

192

(a)

Third

Coast

Bancshares,

Inc

3,815‌

229

Tompkins

Trustco,

Inc

13,793‌

996

Towne

Bank

29,641‌

618

Trico

Bancshares

26,555‌

513

(a)

Triumph

Financial,

Inc

41,132‌

22,420

Truist

Financial

Corp

827,746‌

277

TrustCo

Bank

Corp

NY

8,601‌

1,035

Trustmark

Corp

28,856‌

685

UMB

Financial

Corp

57,232‌

73

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

BANKS—continued

1,802

United

Bankshares,

Inc

$

67,665‌

1,315

United

Community

Banks,

Inc

38,477‌

364

Univest

Financial

Corp

8,019‌

25,013

US

Bancorp

1,082,563‌

328

(a)

USCB

Financial

Holdings,

Inc

4,018‌

7,103

Valley

National

Bancorp

77,139‌

1,054

Veritex

Holdings,

Inc

24,527‌

1,098

Washington

Federal,

Inc

36,190‌

232

Washington

Trust

Bancorp,

Inc

7,512‌

3,310

Webster

Financial

Corp

168,016‌

61,403

Wells

Fargo

&

Co

3,022,256‌

875

WesBanco,

Inc

27,449‌

239

West

Bancorporation,

Inc

5,067‌

533

Westamerica

Bancorporation

30,067‌

1,585

Western

Alliance

Bancorp

104,277‌

886

Wintrust

Financial

Corp

82,177‌

1,054

WSFS

Financial

Corp

48,410‌

2,692

Zions

Bancorporation

118,098‌

TOTAL

BANKS

27,992,965‌

CAPITAL

GOODS

-

6

.5

%

2,107

(a)

3D

Systems

Corp

13,379‌

9,318

3M

Co

1,018,644‌

2,034

A.O.

Smith

Corp

167,683‌

1,086

Aaon,

Inc

80,223‌

511

(a)

AAR

Corp

31,886‌

470

Acuity

Brands,

Inc

96,270‌

1,058

Advanced

Drainage

Systems,

Inc

148,797‌

2,147

Aecom

Technology

Corp

198,447‌

407

(a)

Aerovironment,

Inc

51,298‌

149

(a)

AerSale

Corp

1,892‌

1,087

AGCO

Corp

131,973‌

1,327

Air

Lease

Corp

55,654‌

148

Alamo

Group,

Inc

31,108‌

620

Albany

International

Corp

(Class

A)

60,896‌

1,346

Allegion

plc

170,525‌

197

Allied

Motion

Technologies,

Inc

5,951‌

1,473

Allison

Transmission

Holdings,

Inc

85,655‌

330

Alta

Equipment

Group,

Inc

4,082‌

512

(a)

Ameresco,

Inc

16,215‌

254

(a)

American

Woodmark

Corp

23,584‌

3,695

Ametek,

Inc

609,269‌

2,835

(a)

API

Group

Corp

98,091‌

438

Apogee

Enterprises,

Inc

23,394‌

567

Applied

Industrial

Technologies,

Inc

97,915‌

2,056

(a),(b)

Archer

Aviation,

Inc

12,624‌

909

Arcosa,

Inc

75,120‌

244

Argan,

Inc

11,417‌

564

Armstrong

World

Industries,

Inc

55,452‌

2,492

(a)

Array

Technologies,

Inc

41,866‌

334

Astec

Industries,

Inc

12,425‌

340

(a)

Astronics

Corp

5,923‌

587

(a)

Atkore,

Inc

93,920‌

1,101

(a)

Axon

Enterprise,

Inc

284,421‌

1,731

(a)

AZEK

Co,

Inc

66,211‌

406

AZZ,

Inc

23,585‌

782

Barnes

Group,

Inc

25,517‌

1,000

(a)

Beacon

Roofing

Supply,

Inc

87,020‌

632

(a),(b)

Blink

Charging

Co

2,142‌

2,944

(a),(b)

Bloom

Energy

Corp

43,571‌

217

(a)

Blue

Bird

Corp

5,850‌

166

(a)

BlueLinx

Holdings,

Inc

18,809‌

9,246

(a)

Boeing

Co

2,410,062‌

Stock

Index

Fund

December

31,

2023

74

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

597

Boise

Cascade

Co

$

77,228‌

145

(a)

Bowman

Consulting

Group

Ltd

5,150‌

287

Brookfield

Business

Corp

6,681‌

2,182

(a)

Builders

FirstSource,

Inc

364,263‌

1,363

BWX

Technologies,

Inc

104,583‌

228

Cadre

Holdings,

Inc

7,499‌

862

Carlisle

Cos,

Inc

269,315‌

13,812

Carrier

Global

Corp

793,499‌

8,518

Caterpillar,

Inc

2,518,517‌

8,360

(a),(b)

ChargePoint

Holdings,

Inc

19,562‌

669

(a)

Chart

Industries,

Inc

91,205‌

14,332

CNH

Industrial

NV

174,564‌

413

Columbus

McKinnon

Corp

16,115‌

575

Comfort

Systems

USA,

Inc

118,260‌

597

(a)

Commercial

Vehicle

Group,

Inc

4,185‌

708

(a)

Concrete

Pumping

Holdings,

Inc

5,806‌

531

(a)

Construction

Partners,

Inc

23,109‌

1,789

(a)

Core

&

Main,

Inc

72,293‌

775

Crane

Co

91,558‌

225

CSW

Industrials,

Inc

46,667‌

2,401

Cummins,

Inc

575,208‌

722

Curtiss-Wright

Corp

160,854‌

688

(a),(b)

Custom

Truck

One

Source,

Inc

4,252‌

4,480

Deere

&

Co

1,791,418‌

4,600

(a),(b)

Desktop

Metal,

Inc

3,455‌

2,166

Donaldson

Co,

Inc

141,548‌

347

Douglas

Dynamics,

Inc

10,299‌

2,162

Dover

Corp

332,537‌

160

(a)

Ducommun,

Inc

8,330‌

240

(a)

DXP

Enterprises,

Inc

8,088‌

486

(a)

Dycom

Industries,

Inc

55,934‌

6,624

Eaton

Corp

plc

1,595,192‌

824

EMCOR

Group,

Inc

177,514‌

9,430

Emerson

Electric

Co

917,822‌

318

Encore

Wire

Corp

67,925‌

738

(a)

Energy

Recovery,

Inc

13,904‌

1,905

(a),(b)

Energy

Vault

Holdings,

Inc

4,439‌

917

Enerpac

Tool

Group

Corp

28,510‌

681

EnerSys

68,754‌

2,221

(a),(b)

Enovix

Corp

27,807‌

330

EnPro

Industries,

Inc

51,724‌

752

Esab

Corp

65,138‌

502

ESCO

Technologies,

Inc

58,749‌

10,571

(a)

ESS

Tech,

Inc

12,051‌

9,626

Fastenal

Co

623,476‌

1,130

Federal

Signal

Corp

86,716‌

3,268

Ferguson

plc

630,953‌

2,325

Flowserve

Corp

95,836‌

503

(a),(b)

Fluence

Energy,

Inc

11,997‌

2,528

(a)

Fluor

Corp

99,022‌

5,820

Fortive

Corp

428,527‌

2,291

Fortune

Brands

Innovations,

Inc

174,437‌

719

Franklin

Electric

Co,

Inc

69,491‌

1,383

FTAI

Aviation

Ltd

64,171‌

426

(a),(b)

FTC

Solar,

Inc

295‌

14,364

(a)

FuelCell

Energy,

Inc

22,982‌

1,000

(a)

Gates

Industrial

Corp

plc

13,420‌

426

GATX

Corp

51,214‌

1,074

(a)

Generac

Holdings,

Inc

138,804‌

4,017

General

Dynamics

Corp

1,043,094‌

18,071

General

Electric

Co

2,306,402‌

567

(a)

Gibraltar

Industries,

Inc

44,782‌

187

Global

Industrial

Co

7,263‌

75

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

829

(a)

GMS,

Inc

$

68,334‌

368

Gorman-Rupp

Co

13,075‌

2,901

Graco,

Inc

251,691‌

2,996

GrafTech

International

Ltd

6,561‌

696

Granite

Construction,

Inc

35,399‌

890

(a)

Great

Lakes

Dredge

&

Dock

Corp

6,835‌

648

Greenbrier

Cos,

Inc

28,629‌

552

Griffon

Corp

33,644‌

627

H&E

Equipment

Services,

Inc

32,805‌

1,178

(a)

Hayward

Holdings,

Inc

16,021‌

760

HEICO

Corp

135,941‌

1,362

HEICO

Corp

(Class

A)

194,003‌

629

Helios

Technologies,

Inc

28,525‌

413

Herc

Holdings,

Inc

61,492‌

1,552

Hexcel

Corp

114,460‌

1,406

Hillenbrand,

Inc

67,277‌

1,910

(a)

Hillman

Solutions

Corp

17,591‌

11,012

Honeywell

International,

Inc

2,309,327‌

6,541

Howmet

Aerospace,

Inc

353,999‌

933

Hubbell,

Inc

306,892‌

699

(a)

Hudson

Technologies,

Inc

9,430‌

625

Huntington

Ingalls

Industries,

Inc

162,275‌

1,987

(a),(b)

Hyliion

Holdings

Corp

1,617‌

158

Hyster-Yale

Materials

Handling,

Inc

9,826‌

1,271

IDEX

Corp

275,947‌

137

(a)

IES

Holdings,

Inc

10,853‌

4,979

Illinois

Tool

Works,

Inc

1,304,199‌

6,510

Ingersoll

Rand,

Inc

503,483‌

289

Insteel

Industries,

Inc

11,066‌

1,554

ITT,

Inc

185,423‌

1,086

(a)

Janus

International

Group,

Inc

14,172‌

1,178

(a)

JELD-WEN

Holding,

Inc

22,241‌

486

John

Bean

Technologies

Corp

48,333‌

11,182

Johnson

Controls

International

plc

644,530‌

166

Kadant,

Inc

46,531‌

670

Kaman

Corp

16,046‌

172

Karat

Packaging,

Inc

4,274‌

1,307

Kennametal,

Inc

33,708‌

1,903

(a)

Kratos

Defense

&

Security

Solutions,

Inc

38,612‌

3,195

L3Harris

Technologies,

Inc

672,931‌

192

(a)

Lawson

Products,

Inc

6,060‌

580

Lennox

International,

Inc

259,562‌

543

(a)

Leonardo

DRS,

Inc

10,882‌

153

(a)

Limbach

Holdings,

Inc

6,957‌

954

Lincoln

Electric

Holdings,

Inc

207,457‌

165

Lindsay

Corp

21,311‌

3,709

Lockheed

Martin

Corp

1,681,067‌

385

LSI

Industries,

Inc

5,421‌

478

Luxfer

Holdings

plc

4,273‌

539

(a)

Manitowoc

Co,

Inc

8,996‌

3,600

Masco

Corp

241,128‌

464

(a)

Masonite

International

Corp

39,282‌

1,042

(a)

Mastec,

Inc

78,900‌

2,359

(a)

Masterbrand,

Inc

35,031‌

379

McGrath

RentCorp

45,336‌

2,999

MDU

Resources

Group,

Inc

59,380‌

952

(a)

Mercury

Computer

Systems,

Inc

34,815‌

2,986

(a),(b)

Microvast

Holdings,

Inc

4,180‌

820

(a)

Middleby

Corp

120,679‌

168

Miller

Industries,

Inc

7,105‌

629

Moog,

Inc

(Class

A)

91,067‌

1,441

(a)

MRC

Global,

Inc

15,865‌

779

MSC

Industrial

Direct

Co

(Class

A)

78,882‌

Stock

Index

Fund

December

31,

2023

76

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

1,766

Mueller

Industries,

Inc

$

83,267‌

2,381

Mueller

Water

Products,

Inc

(Class

A)

34,286‌

301

(a)

MYR

Group,

Inc

43,534‌

76

National

Presto

Industries,

Inc

6,101‌

418

(a),(b)

NEXTracker,

Inc

19,583‌

9,268

(a)

Nikola

Corp

8,108‌

995

Nordson

Corp

262,839‌

2,375

Northrop

Grumman

Corp

1,111,832‌

149

(a)

Northwest

Pipe

Co

4,509‌

1,637

(a)

NOW,

Inc

18,531‌

262

(a),(b)

NuScale

Power

Corp

862‌

2,708

nVent

Electric

plc

160,016‌

44

Omega

Flex,

Inc

3,102‌

1,192

Oshkosh

Corp

129,225‌

6,741

Otis

Worldwide

Corp

603,117‌

1,508

Owens

Corning,

Inc

223,531‌

8,604

PACCAR,

Inc

840,181‌

291

Park

Aerospace

Corp

4,278‌

2,182

Parker-Hannifin

Corp

1,005,247‌

420

(a)

Parsons

Corp

26,338‌

2,996

Pentair

plc

217,839‌

763

(a)

PGT

Innovations,

Inc

31,054‌

8,759

(a),(b)

Plug

Power,

Inc

39,415‌

263

Powell

Industries,

Inc

23,249‌

51

Preformed

Line

Products

Co

6,827‌

729

Primoris

Services

Corp

24,210‌

509

(a)

Proto

Labs,

Inc

19,831‌

492

Quanex

Building

Products

Corp

15,040‌

2,443

Quanta

Services,

Inc

527,199‌

477

(a)

RBC

Bearings,

Inc

135,893‌

1,177

Regal-Beloit

Corp

174,220‌

2,451

(a)

Resideo

Technologies,

Inc

46,128‌

562

REV

Group,

Inc

10,212‌

4,108

(a)

Rocket

Lab

USA,

Inc

22,717‌

1,879

Rockwell

Automation,

Inc

583,392‌

24,082

RTX

Corp

2,026,259‌

216

Rush

Enterprises,

Inc

11,444‌

1,036

Rush

Enterprises,

Inc

(Class

A)

52,111‌

2,324

Sensata

Technologies

Holding

plc

87,313‌

2,046

(a)

SES

AI

Corp

3,744‌

2,761

(a)

Shoals

Technologies

Group,

Inc

42,906‌

514

Shyft

Group,

Inc

6,281‌

842

Simpson

Manufacturing

Co,

Inc

166,699‌

727

(a)

SiteOne

Landscape

Supply,

Inc

118,137‌

878

Snap-On,

Inc

253,602‌

1,891

(a)

Spirit

Aerosystems

Holdings,

Inc

(Class

A)

60,096‌

647

(a)

SPX

Technologies,

Inc

65,353‌

195

Standex

International

Corp

30,884‌

2,609

Stanley

Black

&

Decker,

Inc

255,943‌

2,463

(a),(b)

Stem,

Inc

9,556‌

394

(a)

Sterling

Construction

Co,

Inc

34,644‌

1,332

(a),(b)

SunPower

Corp

6,434‌

3,438

(a)

Sunrun,

Inc

67,488‌

268

Tennant

Co

24,841‌

939

Terex

Corp

53,955‌

550

Textainer

Group

Holdings

Ltd

27,060‌

3,365

Textron,

Inc

270,613‌

509

(a)

Thermon

Group

Holdings,

Inc

16,578‌

1,188

Timken

Co

95,218‌

638

(a)

Titan

International,

Inc

9,493‌

282

(a)

Titan

Machinery,

Inc

8,144‌

1,833

Toro

Co

175,950‌

3,766

Trane

Technologies

plc

918,527‌

77

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CAPITAL

GOODS—continued

121

(a)

Transcat,

Inc

$

13,229‌

882

TransDigm

Group,

Inc

892,231‌

1,924

(a)

Trex

Co,

Inc

159,288‌

1,374

Trinity

Industries,

Inc

36,535‌

1,063

(a)

Triumph

Group,

Inc

17,625‌

1,186

(a)

Tutor

Perini

Corp

10,793‌

901

UFP

Industries,

Inc

113,121‌

1,129

United

Rentals,

Inc

647,391‌

156

(a)

V2X,

Inc

7,245‌

345

Valmont

Industries,

Inc

80,561‌

5,197

Vertiv

Holdings

Co

249,612‌

339

(a)

Vicor

Corp

15,235‌

8,505

(a)

Virgin

Galactic

Holdings,

Inc

20,837‌

756

W.W.

Grainger,

Inc

626,490‌

918

Wabash

National

Corp

23,519‌

593

Watsco,

Inc

254,083‌

522

Watts

Water

Technologies,

Inc

(Class

A)

108,753‌

763

WESCO

International,

Inc

132,670‌

2,818

Westinghouse

Air

Brake

Technologies

Corp

357,604‌

3,600

(a)

WillScot

Mobile

Mini

Holdings

Corp

160,200‌

1,032

Woodward

Inc

140,486‌

576

(a),(b)

Xometry,

Inc

20,684‌

3,847

Xylem,

Inc

439,943‌

2,011

Zurn

Elkay

Water

Solutions

Corp

59,144‌

TOTAL

CAPITAL

GOODS

50,517,058‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1

.7

%

1,238

ABM

Industries,

Inc

55,499‌

1,696

ACCO

Brands

Corp

10,312‌

1,880

(a)

ACV

Auctions,

Inc

28,482‌

5,802

(a)

Alight,

Inc

49,491‌

2,027

(a)

ARAMARK

Uniform

Services

42,851‌

271

Aris

Water

Solution,

Inc

2,274‌

918

(a)

ASGN,

Inc

88,284‌

5,166

(a),(b)

Aurora

Innovation,

Inc

22,575‌

6,798

Automatic

Data

Processing,

Inc

1,583,730‌

110

Barrett

Business

Services,

Inc

12,738‌

2,100

(a)

BlackSky

Technology,

Inc

2,940‌

2,259

Booz

Allen

Hamilton

Holding

Corp

288,949‌

329

(a)

BrightView

Holdings,

Inc

2,770‌

834

Brink's

Co

73,350‌

1,981

Broadridge

Financial

Solutions,

Inc

407,591‌

409

(a)

CACI

International,

Inc

(Class

A)

132,459‌

801

(a)

Casella

Waste

Systems,

Inc

(Class

A)

68,453‌

778

(a)

CBIZ,

Inc

48,695‌

375

(a)

CECO

Environmental

Corp

7,605‌

270

(a)

Cimpress

plc

21,613‌

1,417

Cintas

Corp

853,969‌

7,903

(a),(b)

Clarivate

plc

73,182‌

819

(a)

Clean

Harbors,

Inc

142,924‌

177

Compx

International,

Inc

4,475‌

752

Concentrix

Corp

73,854‌

3,045

(a)

Conduent,

Inc

11,114‌

14,046

(a)

Copart,

Inc

688,254‌

2,056

(a)

CoreCivic,

Inc

29,874‌

6,753

(a)

CoStar

Group,

Inc

590,145‌

128

CRA

International,

Inc

12,653‌

520

CSG

Systems

International,

Inc

27,669‌

754

Deluxe

Corp

16,173‌

633

(a)

Driven

Brands

Holdings,

Inc

9,027‌

3,839

Dun

&

Bradstreet

Holdings,

Inc

44,916‌

394

Ennis,

Inc

8,633‌

2,072

Equifax,

Inc

512,385‌

Stock

Index

Fund

December

31,

2023

78

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

2,555

(a)

ExlService

Holdings,

Inc

$

78,822‌

944

Exponent,

Inc

83,110‌

598

First

Advantage

Corp

9,909‌

178

(a)

Forrester

Research,

Inc

4,772‌

148

(a)

Franklin

Covey

Co

6,442‌

524

(a)

FTI

Consulting,

Inc

104,355‌

2,727

Genpact

Ltd

94,654‌

2,553

(a)

GEO

Group,

Inc

27,649‌

1,393

(a)

Harsco

Corp

12,537‌

1,153

Healthcare

Services

Group

11,957‌

286

Heidrick

&

Struggles

International,

Inc

8,446‌

1,168

Herman

Miller,

Inc

31,162‌

271

(a)

HireRight

Holdings

Corp

3,645‌

757

HNI

Corp

31,665‌

334

(a)

Huron

Consulting

Group,

Inc

34,335‌

282

ICF

International,

Inc

37,813‌

404

(a)

Innodata,

Inc

3,289‌

674

Insperity,

Inc

79,006‌

961

Interface,

Inc

12,128‌

2,022

Jacobs

Solutions,

Inc

262,456‌

2,207

KBR,

Inc

122,290‌

654

Kelly

Services,

Inc

(Class

A)

14,139‌

366

Kforce,

Inc

24,727‌

1,048

Korn/Ferry

International

62,199‌

1,550

(a)

Legalzoom.com,

Inc

17,515‌

2,347

Leidos

Holdings,

Inc

254,039‌

484

(a)

Liquidity

Services,

Inc

8,330‌

931

Manpower,

Inc

73,987‌

491

Matthews

International

Corp

(Class

A)

17,995‌

1,185

MAXIMUS,

Inc

99,374‌

361

(a)

Montrose

Environmental

Group,

Inc

11,599‌

663

MSA

Safety,

Inc

111,934‌

224

(a)

NV5

Global,

Inc

24,891‌

2,200

(a)

OPENLANE,

Inc

32,582‌

5,251

Paychex,

Inc

625,447‌

896

Paycom

Software,

Inc

185,221‌

1,227

(a)

Performant

Financial

Corp

3,834‌

2,896

Pitney

Bowes,

Inc

12,742‌

2,398

(a),(b)

Planet

Labs

PBC

5,923‌

2,775

RB

Global,

Inc

185,620‌

175

(a)

Red

Violet,

Inc

3,495‌

3,337

Republic

Services,

Inc

550,305‌

514

Resources

Connection,

Inc

7,283‌

1,790

Robert

Half

International,

Inc

157,377‌

4,005

Rollins,

Inc

174,898‌

997

Science

Applications

International

Corp

123,947‌

269

(a)

SP

Plus

Corp

13,786‌

3,535

SS&C

Technologies

Holdings,

Inc

216,024‌

1,776

Steelcase,

Inc

(Class

A)

24,011‌

1,556

(a)

Stericycle,

Inc

77,115‌

321

(a),(b)

Sterling

Check

Corp

4,468‌

940

Tetra

Tech,

Inc

156,914‌

3,332

TransUnion

228,942‌

686

(a)

TriNet

Group,

Inc

81,586‌

645

(a)

TrueBlue,

Inc

9,894‌

369

TTEC

Holdings,

Inc

7,996‌

237

Unifirst

Corp

43,350‌

1,953

(a)

Upwork,

Inc

29,041‌

3,634

(a)

Veralto

Corp

298,933‌

2,380

Verisk

Analytics,

Inc

568,487‌

2,291

(a)

Verra

Mobility

Corp

52,762‌

440

(a)

Viad

Corp

15,928‌

134

VSE

Corp

8,658‌

79

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

6,663

Waste

Management,

Inc

$

1,193,343‌

116

(a)

Willdan

Group,

Inc

2,494‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

12,933,485‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

5

.3

%

426

(a)

1-800-FLOWERS.COM,

Inc

(Class

A)

4,592‌

667

Aaron's

Co,

Inc

7,257‌

912

(a)

Abercrombie

&

Fitch

Co

(Class

A)

80,457‌

1,229

Academy

Sports

&

Outdoors,

Inc

81,114‌

887

Advance

Auto

Parts,

Inc

54,134‌

149,473

(a)

Amazon.com,

Inc

22,710,928‌

2,547

American

Eagle

Outfitters,

Inc

53,894‌

122

(a)

America's

Car-Mart,

Inc

9,244‌

1,783

Arko

Corp

14,710‌

346

(a)

Asbury

Automotive

Group,

Inc

77,840‌

565

(a)

Autonation,

Inc

84,852‌

295

(a)

Autozone,

Inc

762,755‌

1,577

(a),(b)

BARK,

Inc

1,270‌

3,569

Bath

&

Body

Works,

Inc

154,038‌

3,303

Best

Buy

Co,

Inc

258,559‌

365

Big

5

Sporting

Goods

Corp

2,314‌

455

(a)

Boot

Barn

Holdings,

Inc

34,926‌

526

Buckle,

Inc

24,995‌

200

Build-A-Bear

Workshop,

Inc

4,598‌

1,106

(a)

Burlington

Stores,

Inc

215,095‌

331

Caleres,

Inc

10,172‌

670

Camping

World

Holdings,

Inc

17,594‌

2,760

(a)

Carmax,

Inc

211,802‌

961

(a)

CarParts.com,

Inc

3,037‌

1,550

(a),(b)

Carvana

Co

82,057‌

368

Cato

Corp

(Class

A)

2,627‌

2,088

(a)

Chico's

FAS,

Inc

15,827‌

479

(a),(b)

ContextLogic,

Inc

2,850‌

18,054

(a)

Coupang,

Inc

292,294‌

892

Designer

Brands,

Inc

7,894‌

919

(a)

Destination

XL

Group,

Inc

4,044‌

954

Dick's

Sporting

Goods,

Inc

140,190‌

77

(b)

Dillard's,

Inc

(Class

A)

31,081‌

144

(a)

Duluth

Holdings,

Inc

775‌

9,027

eBay,

Inc

393,758‌

2,090

(a)

Etsy,

Inc

169,394‌

4,455

(a)

EVgo,

Inc

15,949‌

948

(a)

Five

Below,

Inc

202,076‌

1,672

(a)

Floor

&

Decor

Holdings,

Inc

186,528‌

1,404

Foot

Locker,

Inc

43,735‌

389

(a)

Funko,

Inc

3,007‌

4,552

(a)

GameStop

Corp

(Class

A)

79,797‌

3,094

Gap,

Inc

64,696‌

127

(a)

Genesco,

Inc

4,472‌

2,363

Genuine

Parts

Co

327,275‌

228

Group

1

Automotive,

Inc

69,481‌

934

(a)

GrowGeneration

Corp

2,344‌

194

Guess,

Inc

4,474‌

286

Haverty

Furniture

Cos,

Inc

10,153‌

269

Hibbett

Sports,

Inc

19,373‌

16,658

Home

Depot,

Inc

5,772,830‌

1,622

Kohl's

Corp

46,519‌

221

(a)

Lands'

End,

Inc

2,113‌

2,409

(a)

Leslie's,

Inc

16,646‌

472

Lithia

Motors,

Inc

(Class

A)

155,420‌

3,983

LKQ

Corp

190,348‌

9,671

Lowe's

Cos,

Inc

2,152,281‌

3,646

Macy's,

Inc

73,357‌

Stock

Index

Fund

December

31,

2023

80

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL—continued

389

(a)

MarineMax,

Inc

$

15,132‌

566

Monro

Muffler,

Inc

16,606‌

343

Murphy

USA,

Inc

122,300‌

1,406

(a)

National

Vision

Holdings,

Inc

29,428‌

1,826

(b)

Nordstrom,

Inc

33,690‌

740

(a)

ODP

Corp

41,662‌

1,041

(a)

Ollie's

Bargain

Outlet

Holdings,

Inc

79,001‌

180

(a)

OneWater

Marine,

Inc

6,082‌

989

(a)

O'Reilly

Automotive,

Inc

939,629‌

752

(a)

Overstock.com,

Inc

20,823‌

411

Penske

Auto

Group,

Inc

65,970‌

1,122

(a)

Petco

Health

&

Wellness

Co,

Inc

3,545‌

306

PetMed

Express,

Inc

2,313‌

656

Pool

Corp

261,554‌

941

Rent-A-Center,

Inc

31,966‌

610

(a)

Revolve

Group,

Inc

10,114‌

290

(a)

RH

84,529‌

5,509

Ross

Stores,

Inc

762,390‌

2,062

(a)

Sally

Beauty

Holdings,

Inc

27,383‌

406

Shoe

Carnival,

Inc

12,265‌

819

Signet

Jewelers

Ltd

87,846‌

441

(a)

Sleep

Number

Corp

6,540‌

345

Sonic

Automotive,

Inc

(Class

A)

19,392‌

689

(a)

Sportsman's

Warehouse

Holdings,

Inc

2,935‌

1,508

(a)

Stitch

Fix,

Inc

5,384‌

1,347

(a),(b)

ThredUp,

Inc

3,031‌

297

(a)

Tilly's,

Inc

2,239‌

18,873

TJX

Cos,

Inc

1,770,476‌

1,804

Tractor

Supply

Co

387,914‌

847

(a)

Ulta

Beauty,

Inc

415,022‌

1,237

(a)

Urban

Outfitters,

Inc

44,149‌

2,517

Valvoline,

Inc

94,589‌

1,365

(a)

Victoria's

Secret

&

Co

36,227‌

1,287

(a)

Warby

Parker,

Inc

18,147‌

1,297

(a)

Wayfair,

Inc

80,025‌

203

Weyco

Group,

Inc

6,366‌

1,141

Williams-Sonoma,

Inc

230,231‌

37

Winmark

Corp

15,449‌

314

(a)

Zumiez,

Inc

6,387‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

41,264,573‌

CONSUMER

DURABLES

&

APPAREL

-

1

.2

%

707

Acushnet

Holdings

Corp

44,661‌

1,510

(a)

Allbirds,

Inc

1,850‌

1,083

(a),(b)

AMMO,

Inc

2,274‌

285

(a)

Beazer

Homes

USA,

Inc

9,630‌

1,301

Brunswick

Corp

125,872‌

2,097

(a)

Callaway

Golf

Co

30,071‌

1,736

(a)

Capri

Holdings

Ltd

87,217‌

450

Carter's,

Inc

33,701‌

132

(a)

Cavco

Industries,

Inc

45,754‌

608

Century

Communities,

Inc

55,413‌

307

Clarus

Corp

2,117‌

604

Columbia

Sportswear

Co

48,042‌

761

Cricut,

Inc

5,015‌

1,046

(a)

Crocs,

Inc

97,707‌

452

(a)

Deckers

Outdoor

Corp

302,130‌

5,387

DR

Horton,

Inc

818,716‌

197

(a)

Dream

Finders

Homes,

Inc

6,999‌

327

Ethan

Allen

Interiors,

Inc

10,438‌

2,447

(a)

Garmin

Ltd

314,537‌

682

(a)

G-III

Apparel

Group

Ltd

23,174‌

1,998

(a)

GoPro,

Inc

6,933‌

81

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

DURABLES

&

APPAREL—continued

578

(a)

Green

Brick

Partners,

Inc

$

30,021‌

6,162

Hanesbrands,

Inc

27,483‌

2,241

Hasbro,

Inc

114,425‌

444

(a)

Helen

of

Troy

Ltd

53,640‌

81

(a)

Hovnanian

Enterprises,

Inc

12,605‌

379

Installed

Building

Products,

Inc

69,289‌

443

(a)

iRobot

Corp

17,144‌

75

Johnson

Outdoors,

Inc

4,007‌

943

KB

Home

58,900‌

811

Kontoor

Brands,

Inc

50,623‌

706

(a)

Latham

Group,

Inc

1,857‌

696

La-Z-Boy,

Inc

25,696‌

2,404

Leggett

&

Platt,

Inc

62,913‌

4,288

Lennar

Corp

(Class

A)

639,084‌

224

Lennar

Corp

(Class

B)

30,027‌

353

(a)

LGI

Homes,

Inc

47,005‌

223

(a)

Lovesac

Co

5,698‌

1,796

(a)

Lululemon

Athletica,

Inc

918,277‌

301

(a)

M/I

Homes,

Inc

41,460‌

287

(a)

Malibu

Boats,

Inc

15,733‌

156

Marine

Products

Corp

1,778‌

295

(a)

MasterCraft

Boat

Holdings,

Inc

6,679‌

6,094

(a)

Mattel,

Inc

115,055‌

1,086

MDC

Holdings,

Inc

60,002‌

529

Meritage

Homes

Corp

92,152‌

918

(a)

Mohawk

Industries,

Inc

95,013‌

227

Movado

Group,

Inc

6,844‌

6,518

Newell

Rubbermaid,

Inc

56,576‌

19,702

Nike,

Inc

(Class

B)

2,139,046‌

48

(a)

NVR,

Inc

336,022‌

276

Oxford

Industries,

Inc

27,600‌

4,992

(a)

Peloton

Interactive,

Inc

30,401‌

792

Polaris

Industries,

Inc

75,058‌

3,872

Pulte

Homes,

Inc

399,668‌

795

(b)

Purple

Innovation,

Inc

819‌

1,126

PVH

Corp

137,507‌

740

Ralph

Lauren

Corp

106,708‌

200

Rocky

Brands,

Inc

6,036‌

2,405

(a)

Skechers

U.S.A.,

Inc

(Class

A)

149,928‌

966

(a)

Skyline

Champion

Corp

71,735‌

840

Smith

&

Wesson

Brands,

Inc

11,390‌

235

(a)

Snap

One

Holdings

Corp

2,094‌

2,102

(a)

Sonos,

Inc

36,028‌

1,383

Steven

Madden

Ltd

58,086‌

272

Sturm

Ruger

&

Co,

Inc

12,362‌

3,931

Tapestry,

Inc

144,700‌

1,558

(a)

Taylor

Morrison

Home

Corp

83,119‌

2,986

Tempur

Sealy

International,

Inc

152,196‌

1,677

Toll

Brothers,

Inc

172,379‌

563

(a)

TopBuild

Corp

210,708‌

194

(a)

Traeger,

Inc

530‌

1,429

(a)

Tri

Pointe

Homes,

Inc

50,587‌

3,425

(a)

Under

Armour,

Inc

(Class

A)

30,106‌

3,626

(a)

Under

Armour,

Inc

(Class

C)

30,277‌

5,645

VF

Corp

106,126‌

1,021

(a)

Vista

Outdoor,

Inc

30,191‌

1,116

(a)

Vizio

Holding

Corp

8,593‌

1,031

(a)

Vuzix

Corp

2,150‌

785

Whirlpool

Corp

95,589‌

1,465

Wolverine

World

Wide,

Inc

13,024‌

1,421

(a)

YETI

Holdings,

Inc

73,579‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

9,536,579‌

Stock

Index

Fund

December

31,

2023

82

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES

-

2

.4

%

700

(a)

Accel

Entertainment,

Inc

$

7,189‌

2,833

ADT,

Inc

19,321‌

799

(a)

Adtalem

Global

Education,

Inc

47,101‌

6,641

(a)

Airbnb,

Inc

904,106‌

4,054

Aramark

113,917‌

631

(a),(b)

BALLY'S

CORP

8,796‌

17

(a)

Biglari

Holdings,

Inc

(B

Shares)

2,804‌

356

(a)

BJ's

Restaurants,

Inc

12,820‌

1,539

Bloomin'

Brands,

Inc

43,323‌

275

Bluegreen

Vacations

Holding

Corp

20,658‌

594

(a)

Booking

Holdings,

Inc

2,107,049‌

333

(a),(b)

Bowlero

Corp

4,715‌

1,079

Boyd

Gaming

Corp

67,556‌

1,041

(a)

Bright

Horizons

Family

Solutions,

Inc

98,104‌

763

(a)

Brinker

International,

Inc

32,946‌

3,464

(a)

Caesars

Entertainment,

Inc

162,392‌

16,161

(a)

Carnival

Corp

299,625‌

234

Carriage

Services,

Inc

5,852‌

625

Carrols

Restaurant

Group,

Inc

4,925‌

520

(a)

Century

Casinos,

Inc

2,538‌

702

Cheesecake

Factory

24,577‌

2,349

(a)

Chegg,

Inc

26,685‌

461

(a)

Chipotle

Mexican

Grill,

Inc

(Class

A)

1,054,289‌

632

Choice

Hotels

International,

Inc

71,606‌

1,260

Churchill

Downs,

Inc

170,012‌

247

(a)

Chuy's

Holdings,

Inc

9,443‌

1,836

(a)

Coursera,

Inc

35,563‌

463

(b)

Cracker

Barrel

Old

Country

Store,

Inc

35,688‌

2,007

Darden

Restaurants,

Inc

329,750‌

792

(a)

Dave

&

Buster's

Entertainment,

Inc

42,649‌

1,168

(a)

Denny's

Corp

12,708‌

266

Dine

Brands

Global

Inc.

13,207‌

604

Domino's

Pizza,

Inc

248,987‌

4,914

(a)

DoorDash,

Inc

485,945‌

6,847

(a)

DraftKings,

Inc

241,357‌

461

(a)

Duolingo,

Inc

104,578‌

302

(a)

El

Pollo

Loco

Holdings,

Inc

2,664‌

38

(a),(c)

Empire

Resorts,

Inc

0‌

281

(a)

European

Wax

Center,

Inc

3,819‌

1,316

(a)

Everi

Holdings,

Inc

14,831‌

2,437

(a)

Expedia

Group,

Inc

369,912‌

1,596

(a)

Frontdoor,

Inc

56,211‌

682

(a)

Full

House

Resorts,

Inc

3,662‌

443

(a),(b)

Global

Business

Travel

Group

I

2,857‌

229

Golden

Entertainment,

Inc

9,144‌

58

Graham

Holdings

Co

40,398‌

572

(a)

Grand

Canyon

Education,

Inc

75,527‌

2,195

H&R

Block,

Inc

106,172‌

1,409

(a)

Hilton

Grand

Vacations,

Inc

56,614‌

4,201

Hilton

Worldwide

Holdings,

Inc

764,960‌

738

Hyatt

Hotels

Corp

96,243‌

357

(a)

Inspired

Entertainment,

Inc

3,527‌

1,684

International

Game

Technology

plc

46,158‌

431

Jack

in

the

Box,

Inc

35,182‌

1,311

Krispy

Kreme,

Inc

19,783‌

89

(a)

Kura

Sushi

USA,

Inc

6,764‌

5,593

Las

Vegas

Sands

Corp

275,231‌

1,806

Laureate

Education,

Inc

24,760‌

619

(a)

Life

Time

Group

Holdings,

Inc

9,334‌

464

(a)

Lindblad

Expeditions

Holdings,

Inc

5,229‌

4,115

Marriott

International,

Inc

(Class

A)

927,974‌

676

Marriott

Vacations

Worldwide

Corp

57,386‌

12,018

McDonald's

Corp

3,563,457‌

83

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

SERVICES—continued

4,612

MGM

Resorts

International

$

206,064‌

844

(a),(b)

Mister

Car

Wash,

Inc

7,292‌

173

Monarch

Casino

&

Resort,

Inc

11,963‌

805

(a),(b)

Mondee

Holdings,

Inc

2,222‌

911

(a)

Nerdy,

Inc

3,125‌

621

(a)

Noodles

&

Co

1,956‌

6,767

(a),(b)

Norwegian

Cruise

Line

Holdings

Ltd

135,611‌

353

(a)

ONE

Group

Hospitality,

Inc

2,160‌

1,026

(a)

OneSpaWorld

Holdings

Ltd

14,467‌

565

Papa

John's

International,

Inc

43,070‌

2,733

(a)

Penn

National

Gaming,

Inc

71,113‌

1,137

Perdoceo

Education

Corp

19,966‌

1,475

(a)

Planet

Fitness,

Inc

107,675‌

525

(a)

Portillo's,

Inc

8,363‌

592

(a)

Potbelly

Corp

6,169‌

142

RCI

Hospitality

Holdings,

Inc

9,409‌

297

(a)

Red

Robin

Gourmet

Burgers,

Inc

3,704‌

924

Red

Rock

Resorts,

Inc

49,277‌

1,530

(a)

Rover

Group,

Inc

16,646‌

3,783

(a)

Royal

Caribbean

Cruises

Ltd

489,861‌

822

(a)

Rush

Street

Interactive,

Inc

3,691‌

5,391

(a)

Sabre

Corp

23,720‌

1,620

(a)

Scientific

Games

Corp

(Class

A)

133,018‌

764

(a)

SeaWorld

Entertainment,

Inc

40,362‌

2,355

Service

Corp

International

161,200‌

596

(a)

Shake

Shack,

Inc

44,175‌

1,370

(a)

Six

Flags

Entertainment

Corp

34,360‌

18,674

Starbucks

Corp

1,792,891‌

403

Strategic

Education,

Inc

37,225‌

644

(a)

Stride,

Inc

38,234‌

1,928

(a)

Super

Group

SGHC

Ltd

6,112‌

1,443

(a)

Sweetgreen,

Inc

16,306‌

877

(a)

Target

Hospitality

Corp

8,533‌

1,209

Texas

Roadhouse,

Inc

(Class

A)

147,776‌

1,336

Travel

&

Leisure

Co

52,224‌

1,149

(a)

Udemy,

Inc

16,925‌

434

(a)

Universal

Technical

Institute,

Inc

5,434‌

707

Vail

Resorts,

Inc

150,923‌

2,954

Wendy's

Co

57,544‌

513

Wingstop,

Inc

131,626‌

881

(a)

WW

International,

Inc

7,709‌

1,610

Wyndham

Hotels

&

Resorts,

Inc

129,460‌

1,791

Wynn

Resorts

Ltd

163,178‌

268

(a),(b)

Xponential

Fitness,

Inc

3,454‌

4,554

Yum!

Brands,

Inc

595,026‌

TOTAL

CONSUMER

SERVICES

18,461,799‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

1

.7

%

6,241

Albertsons

Cos,

Inc

143,543‌

418

Andersons,

Inc

24,052‌

2,336

(a)

BJ's

Wholesale

Club

Holdings,

Inc

155,718‌

618

Casey's

General

Stores,

Inc

169,789‌

515

(a)

Chefs'

Warehouse,

Inc

15,156‌

7,310

Costco

Wholesale

Corp

4,825,185‌

3,715

Dollar

General

Corp

505,054‌

3,489

(a)

Dollar

Tree,

Inc

495,612‌

1,460

(a)

Grocery

Outlet

Holding

Corp

39,362‌

626

(a)

HF

Foods

Group,

Inc

3,343‌

213

Ingles

Markets,

Inc

(Class

A)

18,397‌

10,796

Kroger

Co

493,485‌

286

Natural

Grocers

by

Vitamin

Cottage,

Inc

4,576‌

2,651

(a)

Performance

Food

Group

Co

183,317‌

385

Pricesmart,

Inc

29,175‌

Stock

Index

Fund

December

31,

2023

84

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL—continued

584

SpartanNash

Co

$

13,403‌

2,100

(a)

Sprouts

Farmers

Market,

Inc

101,031‌

8,505

Sysco

Corp

621,971‌

7,729

Target

Corp

1,100,764‌

943

(a)

United

Natural

Foods,

Inc

15,305‌

3,868

(a)

US

Foods

Holding

Corp

175,646‌

127

Village

Super

Market

(Class

A)

3,331‌

11,352

Walgreens

Boots

Alliance,

Inc

296,401‌

23,500

Walmart,

Inc

3,704,775‌

218

Weis

Markets,

Inc

13,943‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

13,152,334‌

ENERGY

-

4

.0

%

704

(a)

Amplify

Energy

Corp

4,175‌

5,480

Antero

Midstream

Corp

68,664‌

4,860

(a)

Antero

Resources

Corp

110,225‌

5,407

APA

Corp

194,003‌

2,039

Archrock,

Inc

31,401‌

667

Ardmore

Shipping

Corp

9,398‌

16,148

Baker

Hughes

Co

551,939‌

1,892

Berry

Corp

13,301‌

3,755

(a),(b)

Borr

Drilling

Ltd

27,637‌

351

(a)

Bristow

Group,

Inc

9,923‌

12,978

Cabot

Oil

&

Gas

Corp

331,199‌

845

Cactus,

Inc

38,363‌

912

California

Resources

Corp

49,868‌

691

(a)

Callon

Petroleum

Co

22,388‌

243

(a)

Centrus

Energy

Corp

13,222‌

3,416

ChampionX

Corp

99,781‌

3,990

Cheniere

Energy,

Inc

681,133‌

1,919

Chesapeake

Energy

Corp

147,648‌

28,730

Chevron

Corp

4,285,367‌

666

Chord

Energy

Corp

110,709‌

1,179

Civitas

Resources,

Inc

80,620‌

2,877

(a)

Clean

Energy

Fuels

Corp

11,019‌

2,191

(a)

CNX

Resources

Corp

43,820‌

1,500

Comstock

Resources,

Inc

13,275‌

20,281

ConocoPhillips

2,354,016‌

621

CONSOL

Energy,

Inc

62,429‌

809

Core

Laboratories,

Inc

14,287‌

500

Crescent

Energy

Co

6,605‌

583

CVR

Energy,

Inc

17,665‌

1,373

Delek

US

Holdings,

Inc

35,423‌

10,744

Devon

Energy

Corp

486,703‌

2,136

DHT

Holdings,

Inc

20,954‌

1,800

(a)

Diamond

Offshore

Drilling,

Inc

23,400‌

2,893

Diamondback

Energy,

Inc

448,646‌

333

(a)

DMC

Global,

Inc

6,267‌

395

Dorian

LPG

Ltd

17,329‌

582

(a)

Dril-Quip,

Inc

13,543‌

1,673

DT

Midstream,

Inc

91,680‌

156

(a)

Empire

Petroleum

Corp

1,714‌

2,241

(a)

Encore

Energy

Corp

8,807‌

2,496

(a),(b)

Energy

Fuels,

Inc

17,946‌

9,773

EOG

Resources,

Inc

1,182,044‌

6,200

EQT

Corp

239,692‌

7,406

Equitrans

Midstream

Corp

75,393‌

275

Excelerate

Energy,

Inc

4,252‌

1,226

(a)

Expro

Group

Holdings

NV

19,518‌

67,101

Exxon

Mobil

Corp

6,708,758‌

408

FLEX

LNG

Ltd

11,856‌

226

(a)

Forum

Energy

Technologies,

Inc

5,010‌

3,883

(a)

Gevo,

Inc

4,504‌

85

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

1,788

Golar

LNG

Ltd

$

41,106‌

842

(a)

Green

Plains,

Inc

21,235‌

179

(a)

Gulfport

Energy

Operating

Corp

23,843‌

345

(a)

Hallador

Energy

Co

3,050‌

15,566

Halliburton

Co

562,711‌

2,743

(a)

Helix

Energy

Solutions

Group,

Inc

28,198‌

1,863

Helmerich

&

Payne,

Inc

67,478‌

4,747

Hess

Corp

684,328‌

2,191

HF

Sinclair

Corp

121,754‌

110

HighPeak

Energy,

Inc

1,566‌

685

International

Seaways,

Inc

31,154‌

32,385

Kinder

Morgan,

Inc

571,271‌

256

Kinetik

Holdings,

Inc

8,550‌

7,467

(a)

Kosmos

Energy

Ltd

50,104‌

2,207

Liberty

Energy,

Inc

40,035‌

2,448

Magnolia

Oil

&

Gas

Corp

52,118‌

767

(a)

Mammoth

Energy

Services,

Inc

3,421‌

11,233

Marathon

Oil

Corp

271,389‌

6,433

Marathon

Petroleum

Corp

954,400‌

1,952

Matador

Resources

Co

110,991‌

2,520

Murphy

Oil

Corp

107,503‌

146

(a)

Nabors

Industries

Ltd

11,918‌

75

Nacco

Industries,

Inc

(Class

A)

2,738‌

790

(b)

New

Fortress

Energy,

Inc

29,807‌

2,497

(a)

Newpark

Resources,

Inc

16,580‌

555

(a),(b)

NextDecade

Corp

2,647‌

1,670

Noble

Corp

plc

80,427‌

3,490

Nordic

American

Tankers

Ltd

14,658‌

757

Northern

Oil

and

Gas,

Inc

28,062‌

6,945

NOV,

Inc

140,845‌

11,375

Occidental

Petroleum

Corp

679,201‌

1,532

(a)

Oceaneering

International,

Inc

32,601‌

1,209

(a)

Oil

States

International,

Inc

8,209‌

9,275

ONEOK,

Inc

651,291‌

854

Overseas

Shipholding

Group,

Inc

4,501‌

4,162

Ovintiv,

Inc

182,795‌

677

(a)

Par

Pacific

Holdings,

Inc

24,622‌

5,496

Patterson-UTI

Energy,

Inc

59,357‌

1,808

PBF

Energy,

Inc

79,480‌

1,975

Peabody

Energy

Corp

48,032‌

4,021

Permian

Resources

Corp

54,686‌

7,496

Phillips

66

998,017‌

3,842

Pioneer

Natural

Resources

Co

863,989‌

1,367

(a)

ProPetro

Holding

Corp

11,455‌

4,095

Range

Resources

Corp

124,652‌

475

Ranger

Energy

Services,

Inc

4,859‌

276

(a)

Rex

American

Resources

Corp

13,055‌

151

Riley

Exploration

Permian,

Inc

4,113‌

1,348

(a),(b)

Ring

Energy,

Inc

1,968‌

1,202

RPC,

Inc

8,751‌

532

SandRidge

Energy,

Inc

7,272‌

23,597

Schlumberger

Ltd

1,227,988‌

828

Scorpio

Tankers,

Inc

50,342‌

649

(a)

SEACOR

Marine

Holdings,

Inc

8,171‌

739

(a)

Seadrill

Ltd

34,940‌

988

Select

Water

Solutions,

Inc

7,499‌

1,567

SFL

Corp

Ltd

17,676‌

185

(a)

SilverBow

Resources,

Inc

5,380‌

1,209

Sitio

Royalties

Corp

28,424‌

1,884

SM

Energy

Co

72,948‌

678

Solaris

Oilfield

Infrastructure,

Inc

5,397‌

18,509

(a)

Southwestern

Energy

Co

121,234‌

1,711

(a)

Talos

Energy,

Inc

24,348‌

Stock

Index

Fund

December

31,

2023

86

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ENERGY—continued

3,682

Targa

Resources

Corp

$

319,855‌

6,806

TechnipFMC

plc

137,073‌

1,069

(a)

Teekay

Corp

7,643‌

376

Teekay

Tankers

Ltd

18,789‌

8,487

(a),(b)

Tellurian,

Inc

6,413‌

2,062

(a)

Tetra

Technologies,

Inc

9,320‌

101

Texas

Pacific

Land

Corp

158,817‌

854

(a)

Tidewater,

Inc

61,582‌

4,698

(a),(b)

Uranium

Energy

Corp

30,067‌

1,387

(a)

US

Silica

Holdings,

Inc

15,687‌

1,000

Vaalco

Energy,

Inc

4,490‌

993

(a)

Valaris

Ltd

68,090‌

5,726

Valero

Energy

Corp

744,380‌

916

(a)

Vertex

Energy,

Inc

3,105‌

279

(a)

Vital

Energy,

Inc

12,692‌

433

Vitesse

Energy,

Inc

9,478‌

2,083

W&T

Offshore,

Inc

6,791‌

1,187

(a)

Weatherford

International

plc

116,124‌

20,367

Williams

Cos,

Inc

709,383‌

1,068

World

Fuel

Services

Corp

24,329‌

TOTAL

ENERGY

30,842,767‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2

.7

%

1,492

Acadia

Realty

Trust

25,349‌

1,175

Agree

Realty

Corp

73,966‌

1,192

Alexander

&

Baldwin,

Inc

22,672‌

57

Alexander's,

Inc

12,173‌

2,778

Alexandria

Real

Estate

Equities,

Inc

352,167‌

357

Alpine

Income

Property

Trust,

Inc

6,037‌

714

American

Assets

Trust,

Inc

16,072‌

4,773

American

Homes

4

Rent

171,637‌

7,738

American

Tower

Corp

1,670,479‌

4,437

Americold

Realty

Trust,

Inc

134,308‌

2,744

Apartment

Income

REIT

Corp

95,299‌

1,848

(a)

Apartment

Investment

and

Management

Co

14,470‌

4,063

Apple

Hospitality

REIT,

Inc

67,486‌

1,769

Armada

Hoffler

Properties,

Inc

21,883‌

2,397

AvalonBay

Communities,

Inc

448,766‌

2,732

Boston

Properties,

Inc

191,704‌

1,429

Braemar

Hotels

&

Resorts,

Inc

3,572‌

2,649

Brandywine

Realty

Trust

14,305‌

5,352

Brixmor

Property

Group,

Inc

124,541‌

2,559

Broadstone

Net

Lease,

Inc

44,066‌

572

BRT

Apartments

Corp

10,633‌

1,599

Camden

Property

Trust

158,765‌

1,679

CareTrust

REIT,

Inc

37,576‌

493

CBL

&

Associates

Properties,

Inc

12,039‌

275

Centerspace

16,005‌

919

Chatham

Lodging

Trust

9,852‌

707

City

Office

REIT,

Inc

4,320‌

588

Clipper

Realty,

Inc

3,175‌

544

Community

Healthcare

Trust,

Inc

14,492‌

2,132

Corporate

Office

Properties

Trust

54,643‌

2,578

Cousins

Properties,

Inc

62,774‌

7,361

Crown

Castle,

Inc

847,914‌

273

CTO

Realty

Growth,

Inc

4,731‌

3,658

CubeSmart

169,548‌

3,453

DiamondRock

Hospitality

Co

32,424‌

4,847

Digital

Realty

Trust,

Inc

652,309‌

5,068

Diversified

Healthcare

Trust

18,954‌

2,632

Douglas

Emmett,

Inc

38,164‌

1,427

Easterly

Government

Properties,

Inc

19,179‌

673

EastGroup

Properties,

Inc

123,522‌

87

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

3,012

Empire

State

Realty

Trust,

Inc

$

29,186‌

1,375

EPR

Properties

66,619‌

1,553

Equinix,

Inc

1,250,771‌

1,868

Equity

Commonwealth

35,866‌

3,060

Equity

Lifestyle

Properties,

Inc

215,852‌

6,079

Equity

Residential

371,792‌

1,947

Essential

Properties

Realty

Trust,

Inc

49,765‌

1,143

Essex

Property

Trust,

Inc

283,395‌

3,444

Extra

Space

Storage,

Inc

552,177‌

729

Farmland

Partners,

Inc

9,098‌

1,347

Federal

Realty

Investment

Trust

138,808‌

1,998

First

Industrial

Realty

Trust,

Inc

105,235‌

1,235

Four

Corners

Property

Trust,

Inc

31,245‌

3,874

Gaming

and

Leisure

Properties,

Inc

191,182‌

763

Getty

Realty

Corp

22,295‌

475

Gladstone

Commercial

Corp

6,289‌

687

Gladstone

Land

Corp

9,927‌

1,151

Global

Medical

REIT,

Inc

12,776‌

3,106

Global

Net

Lease,

Inc

30,905‌

6,024

Healthcare

Realty

Trust,

Inc

103,794‌

9,296

Healthpeak

Properties,

Inc

184,061‌

1,796

Highwoods

Properties,

Inc

41,236‌

12,302

Host

Marriott

Corp

239,520‌

2,438

Hudson

Pacific

Properties,

Inc

22,698‌

3,525

Independence

Realty

Trust,

Inc

53,932‌

439

Innovative

Industrial

Properties,

Inc

44,260‌

1,140

InvenTrust

Properties

Corp

28,888‌

10,054

Invitation

Homes,

Inc

342,942‌

4,580

Iron

Mountain,

Inc

320,508‌

2,053

JBG

SMITH

Properties

34,922‌

1,970

Kilroy

Realty

Corp

78,485‌

10,503

Kimco

Realty

Corp

223,819‌

3,663

Kite

Realty

Group

Trust

83,736‌

1,519

Lamar

Advertising

Co

161,439‌

5,428

Lexington

Realty

Trust

53,846‌

917

LTC

Properties,

Inc

29,454‌

3,615

Macerich

Co

55,779‌

1,437

Mack-Cali

Realty

Corp

22,604‌

9,560

Medical

Properties

Trust,

Inc

46,940‌

1,928

Mid-America

Apartment

Communities,

Inc

259,239‌

885

National

Health

Investors,

Inc

49,427‌

2,497

National

Retail

Properties,

Inc

107,621‌

1,216

National

Storage

Affiliates

Trust

50,428‌

213

(a)

NET

Lease

Office

Properties

3,936‌

1,149

NETSTREIT

Corp

20,510‌

990

NexPoint

Diversified

Real

Estate

Trust

7,870‌

478

NexPoint

Residential

Trust,

Inc

16,458‌

965

Office

Properties

Income

Trust

7,064‌

3,987

Omega

Healthcare

Investors,

Inc

122,241‌

254

One

Liberty

Properties,

Inc

5,565‌

1,512

Orion

Office

REIT,

Inc

8,649‌

2,712

Outfront

Media,

Inc

37,860‌

3,099

Paramount

Group,

Inc

16,022‌

4,260

Park

Hotels

&

Resorts,

Inc

65,178‌

554

Peakstone

Realty

Trust

11,041‌

2,135

Pebblebrook

Hotel

Trust

34,117‌

1,776

Phillips

Edison

&

Co,

Inc

64,788‌

3,336

Physicians

Realty

Trust

44,402‌

2,219

Piedmont

Office

Realty

Trust,

Inc

15,777‌

445

Plymouth

Industrial

REIT,

Inc

10,711‌

255

Postal

Realty

Trust,

Inc

3,713‌

1,459

PotlatchDeltic

Corp

71,637‌

15,363

Prologis,

Inc

2,047,888‌

Stock

Index

Fund

December

31,

2023

88

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)—continued

2,624

Public

Storage,

Inc

$

800,320‌

2,525

Rayonier,

Inc

84,360‌

11,479

Realty

Income

Corp

659,124‌

3,005

Regency

Centers

Corp

201,335‌

2,533

Retail

Opportunity

Investments

Corp

35,538‌

2,780

Rexford

Industrial

Realty,

Inc

155,958‌

3,244

RLJ

Lodging

Trust

38,020‌

1,201

RPT

Realty

15,409‌

875

Ryman

Hospitality

Properties,

Inc

96,303‌

3,697

Sabra

Health

Care

REIT,

Inc

52,756‌

571

Safehold,

Inc

13,361‌

370

Saul

Centers,

Inc

14,530‌

1,869

SBA

Communications

Corp

474,147‌

2,237

Service

Properties

Trust

19,104‌

5,468

Simon

Property

Group,

Inc

779,956‌

2,580

SITE

Centers

Corp

35,165‌

1,292

SL

Green

Realty

Corp

58,360‌

2,053

Spirit

Realty

Capital,

Inc

89,696‌

2,713

STAG

Industrial,

Inc

106,512‌

427

(a)

Star

Holdings

6,396‌

2,137

Summit

Hotel

Properties,

Inc

14,361‌

1,974

Sun

Communities,

Inc

263,825‌

4,344

Sunstone

Hotel

Investors,

Inc

46,611‌

1,735

Tanger

Factory

Outlet

Centers,

Inc

48,094‌

1,413

Terreno

Realty

Corp

88,553‌

5,209

UDR,

Inc

199,453‌

567

UMH

Properties,

Inc

8,686‌

3,661

Uniti

Group,

Inc

21,161‌

198

Universal

Health

Realty

Income

Trust

8,564‌

2,537

Urban

Edge

Properties

46,427‌

6,969

Ventas,

Inc

347,335‌

16,059

VICI

Properties,

Inc

511,961‌

3,062

Vornado

Realty

Trust

86,502‌

1,848

Washington

REIT

26,981‌

8,514

(d)

Welltower,

Inc

767,707‌

12,145

Weyerhaeuser

Co

422,282‌

550

Whitestone

REIT

6,760‌

3,203

WP

Carey,

Inc

207,586‌

2,302

Xenia

Hotels

&

Resorts,

Inc

31,353‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

21,360,711‌

FINANCIAL

SERVICES

-

7

.8

%

906

(a)

Acacia

Research

(Acacia

Technologies)

3,552‌

125

AFC

Gamma,

Inc

1,504‌

595

Affiliated

Managers

Group,

Inc

90,095‌

3,788

(a)

Affirm

Holdings,

Inc

186,142‌

8,788

AGNC

Investment

Corp

86,210‌

243

Alerus

Financial

Corp

5,441‌

4,886

Ally

Financial,

Inc

170,619‌

288

A-Mark

Precious

Metals,

Inc

8,712‌

9,778

American

Express

Co

1,831,811‌

1,702

Ameriprise

Financial,

Inc

646,471‌

253

Angel

Oak

Mortgage

REIT,

Inc

2,682‌

7,406

Annaly

Capital

Management,

Inc

143,454‌

2,943

Apollo

Commercial

Real

Estate

Finance,

Inc

34,551‌

8,457

Apollo

Global

Management,

Inc

788,108‌

2,387

Arbor

Realty

Trust,

Inc

36,235‌

645

Ares

Commercial

Real

Estate

Corp

6,682‌

2,484

Ares

Management

Corp

295,397‌

281

ARMOUR

Residential

REIT,

Inc

5,429‌

870

Artisan

Partners

Asset

Management,

Inc

38,437‌

253

(a)

AssetMark

Financial

Holdings,

Inc

7,577‌

123

(a)

Atlanticus

Holdings

Corp

4,756‌

89

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

2,445

(a)

AvidXchange

Holdings,

Inc

$

30,294‌

1,049

(a)

Bakkt

Holdings,

Inc

2,339‌

461

Banco

Latinoamericano

de

Exportaciones

S.A.

(Class

E)

11,405‌

12,740

Bank

of

New

York

Mellon

Corp

663,117‌

30,239

(a)

Berkshire

Hathaway,

Inc

10,785,042‌

5,076

BGC

Group,

Inc

36,649‌

2,453

BlackRock,

Inc

1,991,345‌

2,460

Blackstone

Mortgage

Trust,

Inc

52,324‌

11,884

Blackstone,

Inc

1,555,853‌

8,961

(a)

Block,

Inc

693,133‌

7,061

Blue

Owl

Capital,

Inc

105,209‌

829

Bread

Financial

Holdings,

Inc

27,307‌

642

Brightsphere

Investment

Group,

Inc

12,301‌

1,289

BrightSpire

Capital,

Inc

9,590‌

1,450

(a)

Cannae

Holdings,

Inc

28,290‌

923

(a)

Cantaloupe,

Inc

6,839‌

6,220

Capital

One

Financial

Corp

815,566‌

3,299

Carlyle

Group,

Inc

134,236‌

222

Cass

Information

Systems,

Inc

10,001‌

1,760

Cboe

Global

Markets,

Inc

314,266‌

24,493

Charles

Schwab

Corp

1,685,118‌

152

Chicago

Atlantic

Real

Estate

Finance,

Inc

2,459‌

3,066

Chimera

Investment

Corp

15,299‌

1,435

Claros

Mortgage

Trust,

Inc

19,559‌

6,023

CME

Group,

Inc

1,268,444‌

461

Cohen

&

Steers,

Inc

34,912‌

2,786

(a)

Coinbase

Global,

Inc

484,541‌

797

Compass

Diversified

Trust

17,893‌

326

(a)

Consumer

Portfolio

Services,

Inc

3,055‌

3,855

Corebridge

Financial,

Inc

83,499‌

125

(a)

Credit

Acceptance

Corp

66,591‌

49

Diamond

Hill

Investment

Group,

Inc

8,114‌

4,144

Discover

Financial

Services

465,786‌

461

(a)

Donnelley

Financial

Solutions,

Inc

28,753‌

258

Dynex

Capital,

Inc

3,230‌

718

Ellington

Financial,

Inc

9,126‌

375

Enact

Holdings,

Inc

10,834‌

502

(a)

Encore

Capital

Group,

Inc

25,477‌

629

(a)

Enova

International,

Inc

34,821‌

5,544

Equitable

Holdings,

Inc

184,615‌

1,785

Essent

Group

Ltd

94,141‌

849

(a)

Euronet

Worldwide,

Inc

86,165‌

638

Evercore

Partners,

Inc

(Class

A)

109,130‌

941

EVERTEC,

Inc

38,525‌

649

Factset

Research

Systems,

Inc

309,605‌

139

Federal

Agricultural

Mortgage

Corp

(FAMC)

26,580‌

10,055

Fidelity

National

Information

Services,

Inc

604,004‌

335

(a)

Finance

Of

America

Cos,

Inc

369‌

737

FirstCash

Holdings,

Inc

79,883‌

9,965

(a)

Fiserv,

Inc

1,323,751‌

1,210

(a)

FleetCor

Technologies,

Inc

341,958‌

1,440

(a)

Flywire

Corp

33,336‌

2,063

(a)

Forge

Global

Holdings,

Inc

7,076‌

1,010

Franklin

BSP

Realty

Trust,

Inc

13,645‌

4,751

Franklin

Resources,

Inc

141,532‌

257

GCM

Grosvenor,

Inc

2,303‌

4,363

Global

Payments,

Inc

554,101‌

5,372

Goldman

Sachs

Group,

Inc

2,072,356‌

938

Granite

Point

Mortgage

Trust,

Inc

5,572‌

905

(a)

Green

Dot

Corp

8,960‌

562

Hamilton

Lane,

Inc

63,753‌

1,655

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc

45,645‌

796

Houlihan

Lokey,

Inc

95,448‌

Stock

Index

Fund

December

31,

2023

90

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

280

(a)

I3

Verticals,

Inc

$

5,928‌

1,485

Interactive

Brokers

Group,

Inc

(Class

A)

123,107‌

9,352

Intercontinental

Exchange,

Inc

1,201,077‌

339

(a)

International

Money

Express,

Inc

7,489‌

6,004

Invesco

Ltd

107,111‌

366

Invesco

Mortgage

Capital,

Inc

3,243‌

1,263

Jack

Henry

&

Associates,

Inc

206,387‌

1,210

Jackson

Financial,

Inc

61,952‌

2,653

Janus

Henderson

Group

plc

79,988‌

3,680

Jefferies

Financial

Group,

Inc

148,709‌

10,588

KKR

&

Co,

Inc

877,216‌

648

KKR

Real

Estate

Finance

Trust,

Inc

8,573‌

1,766

Ladder

Capital

Corp

20,327‌

1,898

Lazard

Ltd

(Class

A)

66,050‌

1,618

(a)

LendingClub

Corp

14,141‌

196

(a)

LendingTree,

Inc

5,943‌

1,343

LPL

Financial

Holdings,

Inc

305,694‌

644

MarketAxess

Holdings,

Inc

188,595‌

7,301

(a)

Marqeta,

Inc

50,961‌

13,855

Mastercard,

Inc

(Class

A)

5,909,296‌

232

Merchants

Bancorp

9,879‌

2,131

MFA

Financial,

Inc

24,016‌

5,143

MGIC

Investment

Corp

99,208‌

877

Moelis

&

Co

49,226‌

2,637

Moody's

Corp

1,029,907‌

20,030

Morgan

Stanley

1,867,798‌

392

Morningstar,

Inc

112,206‌

1,135

(a)

Mr

Cooper

Group,

Inc

73,911‌

1,280

MSCI,

Inc

(Class

A)

724,032‌

6,030

Nasdaq

Stock

Market,

Inc

350,584‌

1,245

Navient

Corp

23,182‌

1,156

(a)

NCR

Corp

ATM

28,079‌

212

Nelnet,

Inc

(Class

A)

18,703‌

410

(a)

NerdWallet,

Inc

6,035‌

1,613

New

York

Mortgage

Trust,

Inc

13,759‌

298

(b)

NewtekOne,

Inc

4,112‌

131

Nexpoint

Real

Estate

Finance,

Inc

2,063‌

1,272

(a)

NMI

Holdings,

Inc

37,753‌

3,378

Northern

Trust

Corp

285,036‌

148

(a)

Ocwen

Financial

Corp

4,553‌

1,689

OneMain

Holdings,

Inc

83,099‌

1,687

(a)

Open

Lending

Corp

14,356‌

402

Orchid

Island

Capital,

Inc

3,389‌

600

P10,

Inc

6,132‌

3,227

(a)

Pagseguro

Digital

Ltd

40,241‌

245

Patria

Investments

Ltd

3,800‌

3,424

(a)

Payoneer

Global,

Inc

17,839‌

18,603

(a)

PayPal

Holdings,

Inc

1,142,410‌

652

(a)

Paysafe

Ltd

8,339‌

1,316

(a),(b)

Paysign

Inc

3,685‌

399

PennyMac

Financial

Services,

Inc

35,260‌

1,723

PennyMac

Mortgage

Investment

Trust

25,759‌

904

Perella

Weinberg

Partners

11,056‌

273

Piper

Jaffray

Cos

47,740‌

397

PJT

Partners,

Inc

40,442‌

719

(a)

PRA

Group,

Inc

18,838‌

675

(a)

PROG

Holdings,

Inc

20,864‌

2,506

Radian

Group,

Inc

71,546‌

3,182

Raymond

James

Financial,

Inc

354,793‌

1,941

Ready

Capital

Corp

19,895‌

1,612

Redwood

Trust,

Inc

11,945‌

143

Regional

Management

Corp

3,586‌

2,189

(a)

Remitly

Global,

Inc

42,510‌

91

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FINANCIAL

SERVICES—continued

1,337

(a)

Repay

Holdings

Corp

$

11,418‌

6,918

Rithm

Capital

Corp

73,884‌

10,926

(a)

Robinhood

Markets,

Inc

139,197‌

2,233

(a)

Rocket

Cos,

Inc

32,334‌

5,289

S&P

Global,

Inc

2,329,910‌

1,617

SEI

Investments

Co

102,760‌

854

(a)

Shift4

Payments,

Inc

63,486‌

184

Silvercrest

Asset

Management

Group,

Inc

3,128‌

4,701

SLM

Corp

89,883‌

15,128

(a),(b)

SoFi

Technologies,

Inc

150,524‌

5,018

Starwood

Property

Trust,

Inc

105,478‌

5,392

State

Street

Corp

417,664‌

809

StepStone

Group,

Inc

25,750‌

1,929

Stifel

Financial

Corp

133,390‌

4,668

(a)

StoneCo

Ltd

84,164‌

361

(a)

StoneX

Group,

Inc

26,653‌

474

(a)

SWK

Holdings

Corp

8,309‌

6,722

Synchrony

Financial

256,713‌

3,710

T

Rowe

Price

Group,

Inc

399,530‌

143

TFS

Financial

Corp

2,101‌

5,745

(a)

Toast,

Inc

104,904‌

867

TPG

RE

Finance

Trust,

Inc

5,636‌

830

TPG,

Inc

35,831‌

1,734

Tradeweb

Markets,

Inc

157,586‌

1,156

Two

Harbors

Investment

Corp

16,103‌

1,255

(a),(b)

Upstart

Holdings,

Inc

51,279‌

1,161

(b)

UWM

Holdings

Corp

8,301‌

208

(a)

Velocity

Financial,

Inc

3,582‌

84

Victory

Capital

Holdings,

Inc

2,893‌

1,409

Virtu

Financial,

Inc

28,546‌

115

Virtus

Investment

Partners,

Inc

27,802‌

26,583

Visa,

Inc

(Class

A)

6,920,884‌

1,567

Voya

Financial,

Inc

114,328‌

543

Walker

&

Dunlop,

Inc

60,278‌

384

Waterstone

Financial,

Inc

5,453‌

6,792

Western

Union

Co

80,961‌

739

(a)

WEX,

Inc

143,772‌

1,867

WisdomTree,

Inc

12,938‌

90

(a)

World

Acceptance

Corp

11,748‌

5,393

XP,

Inc

140,596‌

TOTAL

FINANCIAL

SERVICES

60,761,985‌

FOOD,

BEVERAGE

&

TOBACCO

-

2

.7

%

176

Alico,

Inc

5,118‌

29,271

Altria

Group,

Inc

1,180,792‌

8,894

Archer-Daniels-Midland

Co

642,325‌

1,190

B&G

Foods,

Inc

(Class

A)

12,495‌

980

(a),(b)

Beyond

Meat,

Inc

8,722‌

157

(a)

Boston

Beer

Co,

Inc

(Class

A)

54,258‌

349

(a),(b)

BRC,

Inc

1,267‌

711

Brown-Forman

Corp

(Class

A)

42,368‌

3,077

Brown-Forman

Corp

(Class

B)

175,697‌

2,310

(a)

Bunge

Global

S.A.

233,194‌

345

Calavo

Growers,

Inc

10,146‌

486

Cal-Maine

Foods,

Inc

27,892‌

3,182

Campbell

Soup

Co

137,558‌

2,436

(a)

Celsius

Holdings,

Inc

132,811‌

64,337

Coca-Cola

Co

3,791,379‌

72

Coca-Cola

Consolidated

Inc

66,845‌

7,729

ConAgra

Brands,

Inc

221,513‌

2,639

Constellation

Brands,

Inc

(Class

A)

637,978‌

2,764

(a)

Darling

International,

Inc

137,758‌

751

Dole

plc

9,230‌

Stock

Index

Fund

December

31,

2023

92

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

FOOD,

BEVERAGE

&

TOBACCO—continued

454

(a)

Duckhorn

Portfolio,

Inc

$

4,472‌

2,984

Flowers

Foods,

Inc

67,170‌

499

Fresh

Del

Monte

Produce,

Inc

13,099‌

752

(a)

Freshpet,

Inc

65,244‌

9,672

General

Mills,

Inc

630,034‌

1,593

(a)

Hain

Celestial

Group,

Inc

17,443‌

2,439

Hershey

Co

454,727‌

4,724

Hormel

Foods

Corp

151,688‌

1,093

Ingredion,

Inc

118,623‌

1,388

(a),(b)

Ispire

Technology,

Inc

16,836‌

277

J&J

Snack

Foods

Corp

46,298‌

1,619

J.M.

Smucker

Co

204,609‌

199

John

B

Sanfilippo

&

Son,

Inc

20,505‌

4,228

Kellogg

Co

236,387‌

15,409

Keurig

Dr

Pepper,

Inc

513,428‌

12,525

Kraft

Heinz

Co

463,174‌

2,489

Lamb

Weston

Holdings,

Inc

269,036‌

364

Lancaster

Colony

Corp

60,566‌

302

Limoneira

Co

6,230‌

4,238

McCormick

&

Co,

Inc

289,964‌

203

MGP

Ingredients,

Inc

20,000‌

926

(a)

Mission

Produce,

Inc

9,343‌

3,002

Molson

Coors

Brewing

Co

(Class

B)

183,752‌

22,657

Mondelez

International,

Inc

1,641,047‌

12,214

(a)

Monster

Beverage

Corp

703,649‌

366

(a)

National

Beverage

Corp

18,198‌

22,726

PepsiCo,

Inc

3,859,784‌

25,727

Philip

Morris

International,

Inc

2,420,396‌

908

(a)

Pilgrim's

Pride

Corp

25,115‌

1,006

(a)

Post

Holdings,

Inc

88,588‌

2,638

Primo

Water

Corp

39,702‌

4

Seaboard

Corp

14,280‌

134

(a)

Seneca

Foods

Corp

7,027‌

1,484

(a)

Simply

Good

Foods

Co

58,766‌

626

(a)

Sovos

Brands,

Inc

13,791‌

1,555

(a)

SunOpta,

Inc

8,506‌

964

(a)

TreeHouse

Foods,

Inc

39,958‌

190

Turning

Point

Brands,

Inc

5,001‌

4,889

Tyson

Foods,

Inc

(Class

A)

262,784‌

619

Universal

Corp

41,671‌

803

Utz

Brands,

Inc

13,041‌

2,682

Vector

Group

Ltd

30,253‌

454

(a)

Vita

Coco

Co,

Inc

11,645‌

420

(a)

Vital

Farms,

Inc

6,590‌

1,057

(a)

WK

Kellogg

Co

13,889‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

20,715,655‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

5

.2

%

4,258

(a)

23andMe

Holding

Co

3,890‌

28,682

Abbott

Laboratories

3,157,028‌

1,593

(a)

Acadia

Healthcare

Co,

Inc

123,872‌

1,237

(a)

Accolade,

Inc

14,856‌

1,473

(a)

Accuray,

Inc

4,169‌

1,314

(a)

AdaptHealth

Corp

9,579‌

230

(a)

Addus

HomeCare

Corp

21,355‌

317

(a)

Agiliti,

Inc

2,511‌

4,406

(a),(b)

agilon

health,

Inc

55,295‌

1,294

(a)

Align

Technology,

Inc

354,556‌

1,430

(a)

Alignment

Healthcare,

Inc

12,312‌

1,508

(a)

Allscripts

Healthcare

Solutions,

Inc

15,819‌

996

(a)

Alphatec

Holdings,

Inc

15,050‌

577

(a)

Amedisys,

Inc

54,850‌

12,650

(a)

American

Well

Corp

18,848‌

93

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

2,642

AmerisourceBergen

Corp

$

542,614‌

740

(a)

AMN

Healthcare

Services,

Inc

55,411‌

563

(a)

Angiodynamics,

Inc

4,414‌

640

(a)

Apollo

Medical

Holdings,

Inc

24,512‌

673

(a)

AtriCure,

Inc

24,019‌

27

Atrion

Corp

10,227‌

725

(a)

Avanos

Medical,

Inc

16,262‌

2,914

(a)

Aveanna

Healthcare

Holdings,

Inc

7,810‌

560

(a)

Axogen,

Inc

3,825‌

738

(a)

Axonics,

Inc

45,926‌

8,643

Baxter

International,

Inc

334,138‌

4,748

Becton

Dickinson

&

Co

1,157,705‌

497

(a),(b)

Beyond

Air,

Inc

974‌

23,715

(a)

Boston

Scientific

Corp

1,370,964‌

2,873

(a)

Brookdale

Senior

Living,

Inc

16,721‌

4,314

(a),(b)

Butterfly

Network,

Inc

4,659‌

4,154

Cardinal

Health,

Inc

418,723‌

373

(a)

Castle

Biosciences,

Inc

8,049‌

9,083

(a)

Centene

Corp

674,049‌

1,866

(a)

Certara,

Inc

32,823‌

2,819

(a)

Cerus

Corp

6,089‌

223

Chemed

Corp

130,399‌

4,924

Cigna

Group

1,474,492‌

458

(a),(b)

ClearPoint

Neuro,

Inc

3,110‌

168

(a)

Computer

Programs

&

Systems,

Inc

1,882‌

422

Conmed

Corp

46,213‌

810

Cooper

Cos,

Inc

306,536‌

163

(a)

Corvel

Corp

40,295‌

544

(a)

Cross

Country

Healthcare,

Inc

12,316‌

480

(a)

CryoLife,

Inc

8,582‌

210

(a)

CVRx,

Inc

6,602‌

21,577

CVS

Health

Corp

1,703,720‌

1,050

(a)

DaVita,

Inc

109,998‌

485

(a)

Definitive

Healthcare

Corp

4,821‌

3,750

Dentsply

Sirona,

Inc

133,462‌

6,477

(a)

DexCom,

Inc

803,731‌

1,250

(a)

DocGo,

Inc

6,987‌

1,826

(a)

Doximity,

Inc

51,201‌

9,985

(a)

Edwards

Lifesciences

Corp

761,356‌

3,949

Elevance

Health,

Inc

1,862,190‌

985

Embecta

Corp

18,646‌

1,608

Encompass

Health

Corp

107,286‌

804

(a)

Enhabit,

Inc

8,321‌

653

(a)

Enovis

Corp

36,581‌

981

Ensign

Group,

Inc

110,078‌

2,830

(a)

Envista

Holdings

Corp

68,090‌

1,677

(a)

Evolent

Health,

Inc

55,391‌

2,133

(a),(b)

Figs,

Inc

14,824‌

350

(a)

Fulgent

Genetics,

Inc

10,118‌

6,283

GE

HealthCare

Technologies,

Inc

485,802‌

710

(a)

Glaukos

Corp

56,438‌

2,138

(a)

Globus

Medical,

Inc

113,934‌

1,770

(a)

Guardant

Health,

Inc

47,878‌

886

(a)

Haemonetics

Corp

75,762‌

3,399

HCA,

Inc

920,041‌

737

(a)

Health

Catalyst,

Inc

6,825‌

1,338

(a)

HealthEquity,

Inc

88,709‌

399

HealthStream,

Inc

10,785‌

2,395

(a)

Henry

Schein,

Inc

181,325‌

2,089

(a)

Hims

&

Hers

Health,

Inc

18,592‌

3,942

(a)

Hologic,

Inc

281,656‌

2,058

Humana,

Inc

942,173‌

362

(a)

ICU

Medical,

Inc

36,106‌

Stock

Index

Fund

December

31,

2023

94

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

1,356

(a)

IDEXX

Laboratories,

Inc

$

752,648‌

779

(a)

Inari

Medical,

Inc

50,573‌

338

(a)

InfuSystem

Holdings,

Inc

3,563‌

1,218

(a)

Inmode

Ltd

27,088‌

200

(a)

Innovage

Holding

Corp

1,200‌

655

(a)

Inogen,

Inc

3,596‌

465

(a)

Inspire

Medical

Systems,

Inc

94,595‌

1,159

(a)

Insulet

Corp

251,480‌

572

(a)

Integer

Holdings

Corp

56,674‌

1,378

(a)

Integra

LifeSciences

Holdings

Corp

60,012‌

5,805

(a)

Intuitive

Surgical,

Inc

1,958,375‌

96

iRadimed

Corp

4,557‌

477

(a)

iRhythm

Technologies,

Inc

51,058‌

229

(a)

Joint

Corp

2,201‌

1,393

Laboratory

Corp

of

America

Holdings

316,615‌

1,098

(a)

Lantheus

Holdings,

Inc

68,076‌

236

LeMaitre

Vascular,

Inc

13,395‌

1,584

(a)

LifeStance

Health

Group,

Inc

12,403‌

892

(a)

LivaNova

plc

46,152‌

849

(a)

Masimo

Corp

99,511‌

2,281

McKesson

Corp

1,056,057‌

21,905

Medtronic

plc

1,804,534‌

985

(a)

Merit

Medical

Systems,

Inc

74,821‌

199

(a)

ModivCare,

Inc

8,754‌

1,000

(a)

Molina

Healthcare,

Inc

361,310‌

734

(a),(b)

Nano-X

Imaging

Ltd

4,676‌

173

National

Healthcare

Corp

15,989‌

208

National

Research

Corp

8,228‌

3,187

(a)

Neogen

Corp

64,091‌

2,015

(a)

NeoGenomics,

Inc

32,603‌

613

(a)

Nevro

Corp

13,192‌

1,767

(a)

Novocure

Ltd

26,381‌

758

(a)

Omnicell,

Inc

28,524‌

8,804

(a),(b)

Opko

Health,

Inc

13,294‌

366

(a)

OptimizeRx

Corp

5,237‌

2,503

(a)

Option

Care

Health,

Inc

84,326‌

1,144

(a)

OraSure

Technologies,

Inc

9,381‌

473

(a)

Orthofix

Medical,

Inc

6,376‌

333

(a)

OrthoPediatrics

Corp

10,826‌

2,672

(a)

Outset

Medical,

Inc

14,456‌

1,223

(a)

Owens

&

Minor,

Inc

23,567‌

11,740

(a)

P3

Health

Partners,

Inc

16,553‌

724

(a)

Paragon

28,

Inc

8,999‌

1,530

Patterson

Cos,

Inc

43,529‌

1,431

(a)

Pediatrix

Medical

Group,

Inc

13,308‌

524

(a)

Pennant

Group,

Inc

7,294‌

597

(a)

Penumbra,

Inc

150,169‌

419

(a)

PetIQ,

Inc

8,275‌

771

(a)

Phreesia,

Inc

17,849‌

1,445

Premier,

Inc

32,310‌

961

(a)

Privia

Health

Group,

Inc

22,132‌

555

(a)

PROCEPT

BioRobotics

Corp

23,260‌

1,198

(a)

Progyny,

Inc

44,542‌

2,372

(a)

Project

Roadrunner

Parent,

Inc

25,072‌

1,215

(a)

Pulmonx

Corp

15,491‌

1,740

Quest

Diagnostics,

Inc

239,911‌

828

(a)

QuidelOrtho

Corp

61,024‌

727

(a)

Quipt

Home

Medical

Corp

3,700‌

689

(a)

RadNet,

Inc

23,957‌

1,441

(a),(b)

Repro-Med

Systems,

Inc

3,538‌

2,381

Resmed,

Inc

409,580‌

375

(a)

RxSight,

Inc

15,120‌

896

(a)

Schrodinger,

Inc

32,077‌

95

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

1,678

Select

Medical

Holdings

Corp

$

39,433‌

5,090

(a)

Sharecare,

Inc

5,497‌

594

(a)

Shockwave

Medical,

Inc

113,193‌

442

(a)

SI-BONE,

Inc

9,278‌

548

(a)

Silk

Road

Medical,

Inc

6,724‌

227

Simulations

Plus,

Inc

10,158‌

793

(a)

STAAR

Surgical

Co

24,750‌

1,629

STERIS

plc

358,136‌

5,937

Stryker

Corp

1,777,894‌

987

(a)

Surgery

Partners,

Inc

31,574‌

300

(a)

SurModics,

Inc

10,905‌

280

(a)

Tactile

Systems

Technology,

Inc

4,004‌

1,069

(a)

Tandem

Diabetes

Care,

Inc

31,621‌

495

(a)

Tela

Bio,

Inc

3,277‌

2,648

(a)

Teladoc

Health,

Inc

57,064‌

818

Teleflex,

Inc

203,960‌

1,754

(a)

Tenet

Healthcare

Corp

132,550‌

495

(a)

TransMedics

Group,

Inc

39,070‌

533

(a)

Treace

Medical

Concepts,

Inc

6,796‌

159

(a)

UFP

Technologies,

Inc

27,354‌

15,365

UnitedHealth

Group,

Inc

8,089,212‌

1,068

Universal

Health

Services,

Inc

(Class

B)

162,806‌

187

US

Physical

Therapy,

Inc

17,417‌

80

Utah

Medical

Products,

Inc

6,738‌

587

(a)

Varex

Imaging

Corp

12,034‌

2,386

(a)

Veeva

Systems,

Inc

459,353‌

611

(a)

Viemed

Healthcare,

Inc

4,796‌

3,486

Zimmer

Biomet

Holdings,

Inc

424,246‌

516

(a)

Zimvie,

Inc

9,159‌

374

(a),(b)

Zynex,

Inc

4,073‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

40,628,315‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

1

.3

%

2,141

(a)

BellRing

Brands,

Inc

118,676‌

160

(a)

Central

Garden

&

Pet

Co

8,018‌

580

(a)

Central

Garden

and

Pet

Co

(Class

A)

25,543‌

4,218

Church

&

Dwight

Co,

Inc

398,854‌

2,121

Clorox

Co

302,433‌

13,616

Colgate-Palmolive

Co

1,085,331‌

5,109

(a)

Coty,

Inc

63,454‌

893

Edgewell

Personal

Care

Co

32,710‌

785

(a)

elf

Beauty,

Inc

113,307‌

1,154

Energizer

Holdings,

Inc

36,559‌

3,871

Estee

Lauder

Cos

(Class

A)

566,134‌

1,810

(a)

Herbalife

Ltd

27,620‌

253

Inter

Parfums,

Inc

36,434‌

28,143

Kenvue,

Inc

605,919‌

5,423

Kimberly-Clark

Corp

658,949‌

188

Medifast,

Inc

12,637‌

140

(a)

Nature's

Sunshine

Products,

Inc

2,421‌

938

Nu

Skin

Enterprises,

Inc

(Class

A)

18,216‌

61

Oil-Dri

Corp

of

America

4,092‌

1,877

(a)

Olaplex

Holdings,

Inc

4,767‌

38,855

Procter

&

Gamble

Co

5,693,812‌

871

Reynolds

Consumer

Products,

Inc

23,378‌

741

Spectrum

Brands

Holdings,

Inc

59,109‌

180

(a)

USANA

Health

Sciences,

Inc

9,648‌

1,168

(a),(b)

Waldencast

plc

12,778‌

266

WD-40

Co

63,593‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

9,984,392‌

INSURANCE

-

2

.2

%

10,065

Aflac,

Inc

830,362‌

Stock

Index

Fund

December

31,

2023

96

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

4,494

Allstate

Corp

$

629,070‌

699

(a)

AMBAC

Financial

Group,

Inc

11,520‌

1,426

American

Equity

Investment

Life

Holding

Co

79,571‌

1,177

American

Financial

Group,

Inc

139,934‌

11,942

American

International

Group,

Inc

809,070‌

299

Amerisafe,

Inc

13,987‌

3,324

Aon

plc

967,350‌

5,924

(a)

Arch

Capital

Group

Ltd

439,975‌

937

Assurant,

Inc

157,875‌

1,117

Assured

Guaranty

Ltd

83,585‌

1,011

Axis

Capital

Holdings

Ltd

55,979‌

1,215

(a)

Brighthouse

Financial,

Inc

64,298‌

4,079

Brown

&

Brown,

Inc

290,058‌

891

(a)

BRP

Group,

Inc

21,402‌

6,812

Chubb

Ltd

1,539,512‌

2,630

Cincinnati

Financial

Corp

272,100‌

261

CNA

Financial

Corp

11,043‌

1,716

CNO

Financial

Group,

Inc

47,876‌

428

Donegal

Group,

Inc

(Class

A)

5,988‌

494

(a)

eHealth,

Inc

4,308‌

488

Employers

Holdings,

Inc

19,227‌

136

(a)

Enstar

Group

Ltd

40,032‌

638

Everest

Re

Group

Ltd

225,584‌

311

F&G

Annuities

&

Life,

Inc

14,306‌

4,587

Fidelity

National

Financial,

Inc

234,029‌

1,838

First

American

Financial

Corp

118,441‌

3,438

Gallagher

(Arthur

J.)

&

Co

773,137‌

8,098

(a)

Genworth

Financial,

Inc

(Class

A)

54,095‌

1,450

Globe

Life,

Inc

176,494‌

286

(a)

Goosehead

Insurance,

Inc

21,679‌

928

(a)

Greenlight

Capital

Re

Ltd

(Class

A)

10,598‌

667

Hanover

Insurance

Group,

Inc

80,987‌

4,918

Hartford

Financial

Services

Group,

Inc

395,309‌

121

(b)

HCI

Group,

Inc

10,575‌

370

(a),(b)

Hippo

Holdings,

Inc

3,374‌

637

Horace

Mann

Educators

Corp

20,830‌

23

Investors

Title

Co

3,729‌

648

James

River

Group

Holdings

Ltd

5,988‌

1,193

Kemper

Corp

58,063‌

347

Kinsale

Capital

Group,

Inc

116,214‌

657

(a),(b)

Lemonade,

Inc

10,597‌

2,242

Lincoln

National

Corp

60,467‌

3,042

Loews

Corp

211,693‌

217

(a)

Markel

Corp

308,118‌

8,170

Marsh

&

McLennan

Cos,

Inc

1,547,970‌

1,028

MBIA,

Inc

6,291‌

429

Mercury

General

Corp

16,006‌

10,526

Metlife,

Inc

696,084‌

35

National

Western

Life

Group,

Inc

16,906‌

579

(a)

NI

Holdings,

Inc

7,521‌

4,244

Old

Republic

International

Corp

124,774‌

2,430

(a)

Oscar

Health,

Inc

22,234‌

391

(a)

Palomar

Holdings,

Inc

21,700‌

614

Primerica,

Inc

126,337‌

4,172

Principal

Financial

Group

328,211‌

820

ProAssurance

Corp

11,308‌

9,799

Progressive

Corp

1,560,785‌

6,235

Prudential

Financial,

Inc

646,632‌

1,153

Reinsurance

Group

of

America,

Inc

(Class

A)

186,532‌

759

RenaissanceRe

Holdings

Ltd

148,764‌

600

RLI

Corp

79,872‌

1,227

(a)

Ryan

Specialty

Holdings,

Inc

52,786‌

227

Safety

Insurance

Group,

Inc

17,250‌

97

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

INSURANCE—continued

1,030

Selective

Insurance

Group,

Inc

$

102,464‌

1,153

(a)

SiriusPoint

Ltd

13,375‌

351

Stewart

Information

Services

Corp

20,621‌

433

Tiptree,

Inc

8,210‌

3,845

Travelers

Cos,

Inc

732,434‌

628

(a),(b)

Trupanion,

Inc

19,160‌

338

United

Fire

Group,

Inc

6,801‌

503

Universal

Insurance

Holdings,

Inc

8,038‌

3,169

Unum

Group

143,302‌

3,558

W.R.

Berkley

Corp

251,622‌

41

White

Mountains

Insurance

Group

Ltd

61,705‌

1,814

Willis

Towers

Watson

plc

437,537‌

TOTAL

INSURANCE

16,871,661‌

MATERIALS

-

2

.7

%

350

(a),(b)

5E

Advanced

Materials,

Inc

493‌

461

AdvanSix,

Inc

13,812‌

3,629

Air

Products

&

Chemicals,

Inc

993,620‌

1,837

Albemarle

Corp

265,410‌

3,014

Alcoa

Corp

102,476‌

2,222

(a)

Allegheny

Technologies,

Inc

101,034‌

188

Alpha

Metallurgical

Resources,

Inc

63,717‌

24,122

Amcor

plc

232,536‌

429

American

Vanguard

Corp

4,706‌

1,121

Aptargroup,

Inc

138,578‌

243

Arch

Resources,

Inc

40,323‌

271

(a),(c)

Ardagh

Group

S.A.

1,648‌

1,615

(b)

Ardagh

Metal

Packaging

S.A.

6,202‌

912

Ashland,

Inc

76,891‌

821

(a)

Aspen

Aerogels,

Inc

12,955‌

1,297

Avery

Dennison

Corp

262,202‌

1,490

Avient

Corp

61,939‌

3,718

(a)

Axalta

Coating

Systems

Ltd

126,300‌

605

Balchem

Corp

89,994‌

5,069

Ball

Corp

291,569‌

1,792

Berry

Global

Group,

Inc

120,763‌

953

Cabot

Corp

79,575‌

235

Caledonia

Mining

Corp

plc

2,867‌

799

Carpenter

Technology

Corp

56,569‌

1,534

Celanese

Corp

(Series

A)

238,338‌

831

(a)

Century

Aluminum

Co

10,088‌

3,308

CF

Industries

Holdings,

Inc

262,986‌

2,584

Chemours

Co

81,499‌

261

(a)

Clearwater

Paper

Corp

9,427‌

8,514

(a)

Cleveland-Cliffs,

Inc

173,856‌

4,597

(a)

Coeur

Mining,

Inc

14,986‌

1,719

Commercial

Metals

Co

86,019‌

532

Compass

Minerals

International,

Inc

13,470‌

1,802

(a)

Constellium

SE

35,968‌

12,062

Corteva,

Inc

578,011‌

1,750

Crown

Holdings,

Inc

161,157‌

1,053

(a)

Dakota

Gold

Corp

2,759‌

1,647

(a),(b)

Danimer

Scientific,

Inc

1,680‌

11,965

Dow,

Inc

656,161‌

7,613

DuPont

de

Nemours,

Inc

585,668‌

591

Eagle

Materials,

Inc

119,878‌

2,121

Eastman

Chemical

Co

190,508‌

4,005

Ecolab,

Inc

794,392‌

868

(a)

Ecovyst,

Inc

8,480‌

3,499

Element

Solutions,

Inc

80,967‌

2,023

FMC

Corp

127,550‌

23,478

Freeport-McMoRan,

Inc

(Class

B)

999,458‌

400

FutureFuel

Corp

2,432‌

Stock

Index

Fund

December

31,

2023

98

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

25,588

(a),(b)

Ginkgo

Bioworks

Holdings,

Inc

$

43,244‌

658

(a)

Glatfelter

Corp

1,277‌

4,828

Graphic

Packaging

Holding

Co

119,010‌

395

Greif,

Inc

(Class

A)

25,908‌

87

Greif,

Inc

(Class

B)

5,743‌

784

H.B.

Fuller

Co

63,825‌

284

Hawkins,

Inc

19,999‌

193

Haynes

International,

Inc

11,011‌

9,435

Hecla

Mining

Co

45,382‌

3,269

Huntsman

Corp

82,150‌

2,702

(a),(b)

i-80

Gold

Corp

4,756‌

749

(a)

Ingevity

Corp

35,368‌

373

Innospec,

Inc

45,969‌

4,277

International

Flavors

&

Fragrances,

Inc

346,309‌

5,992

International

Paper

Co

216,611‌

149

(a)

Intrepid

Potash,

Inc

3,560‌

806

(a)

Ivanhoe

Electric,

Inc

8,124‌

261

Kaiser

Aluminum

Corp

18,581‌

749

(a)

Knife

River

Corp

49,569‌

315

Koppers

Holdings,

Inc

16,134‌

357

Kronos

Worldwide,

Inc

3,549‌

8,118

Linde

plc

3,334,144‌

2,677

(a),(b)

Livent

Corp

48,132‌

1,222

Louisiana-Pacific

Corp

86,554‌

542

(a)

LSB

Industries,

Inc

5,046‌

4,182

LyondellBasell

Industries

NV

397,625‌

1,026

Martin

Marietta

Materials,

Inc

511,882‌

300

Materion

Corp

39,039‌

741

Minerals

Technologies,

Inc

52,841‌

5,590

Mosaic

Co

199,731‌

1,500

(a)

MP

Materials

Corp

29,775‌

371

Myers

Industries,

Inc

7,253‌

95

NewMarket

Corp

51,854‌

19,094

Newmont

Goldcorp

Corp

790,301‌

3,868

(a)

Novagold

Resources,

Inc

14,466‌

4,265

Nucor

Corp

742,281‌

2,868

(a)

O-I

Glass,

Inc

46,978‌

2,013

Olin

Corp

108,601‌

163

Olympic

Steel,

Inc

10,872‌

1,636

(a),(b)

Origin

Materials,

Inc

1,368‌

1,050

Orion

S.A.

29,116‌

1,523

Packaging

Corp

of

America

248,112‌

499

Pactiv

Evergreen,

Inc

6,841‌

2,514

(a)

Perimeter

Solutions

S.A.

11,564‌

282

(a),(b)

Piedmont

Lithium,

Inc

7,961‌

3,891

PPG

Industries,

Inc

581,899‌

201

Quaker

Chemical

Corp

42,897‌

74

Ramaco

Resources,

Inc

985‌

376

Ramaco

Resources,

Inc

6,460‌

564

(a)

Ranpak

Holdings

Corp

3,282‌

877

(a)

Rayonier

Advanced

Materials,

Inc

3,552‌

938

Reliance

Steel

&

Aluminum

Co

262,340‌

1,158

Royal

Gold,

Inc

140,072‌

2,211

RPM

International,

Inc

246,814‌

272

Ryerson

Holding

Corp

9,433‌

421

Schnitzer

Steel

Industries,

Inc

(Class

A)

12,697‌

1,019

Schweitzer-Mauduit

International,

Inc

15,601‌

716

Scotts

Miracle-Gro

Co

(Class

A)

45,645‌

2,582

Sealed

Air

Corp

94,295‌

804

Sensient

Technologies

Corp

53,064‌

3,936

Sherwin-Williams

Co

1,227,638‌

1,204

Silgan

Holdings,

Inc

54,481‌

1,617

Sonoco

Products

Co

90,342‌

99

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MATERIALS—continued

1,339

Southern

Copper

Corp

$

115,248‌

3,317

SSR

Mining,

Inc

35,691‌

2,783

Steel

Dynamics,

Inc

328,672‌

410

Stepan

Co

38,765‌

2,029

(a)

Summit

Materials,

Inc

78,035‌

1,010

SunCoke

Energy,

Inc

10,847‌

619

Sylvamo

Corp

30,399‌

717

(a)

TimkenSteel

Corp

16,814‌

394

Tredegar

Corp

2,132‌

716

Trimas

Corp

18,136‌

733

Trinseo

plc

6,135‌

1,767

Tronox

Holdings

plc

25,021‌

30

United

States

Lime

&

Minerals,

Inc

6,911‌

3,441

United

States

Steel

Corp

167,405‌

2,163

Vulcan

Materials

Co

491,023‌

816

Warrior

Met

Coal,

Inc

49,752‌

559

Westlake

Chemical

Corp

78,238‌

4,393

Westrock

Co

182,397‌

702

Worthington

Industries,

Inc

40,400‌

702

(a)

WORTHINGTON

STEEL

INC

19,726‌

TOTAL

MATERIALS

20,963,577‌

MEDIA

&

ENTERTAINMENT

-

7

.0

%

988

(a)

Advantage

Solutions,

Inc

3,577‌

83,448

(a)

Alphabet,

Inc

11,760,327‌

98,394

(a)

Alphabet,

Inc

(Class

A)

13,744,658‌

543

(a)

AMC

Networks,

Inc

10,203‌

170

(a)

Atlanta

Braves

Holdings,

Inc

7,273‌

632

(a)

Atlanta

Braves

Holdings,

Inc

25,015‌

380

(a)

Boston

Omaha

Corp

5,977‌

1,441

(a)

Bumble,

Inc

21,240‌

92

Cable

One,

Inc

51,206‌

1,657

(a)

Cargurus,

Inc

40,033‌

1,131

(a)

Cars.com,

Inc

21,455‌

1,671

(a)

Charter

Communications,

Inc

649,484‌

2,021

(a)

Cinemark

Holdings,

Inc

28,476‌

6,287

(a)

Clear

Channel

Outdoor

Holdings,

Inc

11,442‌

66,657

Comcast

Corp

(Class

A)

2,922,909‌

17

(a)

Daily

Journal

Corp

5,794‌

632

(a)

DHI

Group,

Inc

1,637‌

4,043

(a)

DISH

Network

Corp

(Class

A)

23,328‌

4,486

Electronic

Arts,

Inc

613,730‌

1,005

Entravision

Communications

Corp

(Class

A)

4,191‌

1,205

(a)

Eventbrite,

Inc

10,074‌

249

(a)

EverQuote,

Inc

3,048‌

916

(a)

EW

Scripps

Co

(Class

A)

7,319‌

4,745

Fox

Corp

(Class

A)

140,784‌

2,613

Fox

Corp

(Class

B)

72,249‌

4,657

(a)

fuboTV,

Inc

14,809‌

2,328

(a)

Gannett

Co,

Inc

5,354‌

1,547

Gray

Television,

Inc

13,861‌

1,354

(a)

IAC,

Inc

70,923‌

902

(a)

IMAX

Corp

13,548‌

556

(a)

Integral

Ad

Science

Holding

Corp

8,001‌

6,397

Interpublic

Group

of

Cos,

Inc

208,798‌

693

John

Wiley

&

Sons,

Inc

(Class

A)

21,996‌

2,046

(a)

Liberty

Broadband

Corp

164,887‌

365

(a)

Liberty

Broadband

Corp

(Class

A)

29,434‌

398

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

A)

23,076‌

3,335

(a)

Liberty

Media

Corp-Liberty

Formula

One

(Class

C)

210,539‌

382

(a)

Liberty

Media

Corp-Liberty

Live

(Class

A)

13,962‌

869

(a)

Liberty

Media

Corp-Liberty

Live

(Class

C)

32,492‌

2,909

(a)

Liberty

Media

Corp-Liberty

SiriusXM

83,721‌

Stock

Index

Fund

December

31,

2023

100

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

MEDIA

&

ENTERTAINMENT—continued

1,463

(a)

Liberty

Media

Corp-Liberty

SiriusXM

(Class

A)

$

42,047‌

786

(a)

Lions

Gate

Entertainment

Corp

(Class

A)

8,567‌

1,776

(a)

Lions

Gate

Entertainment

Corp

(Class

B)

18,097‌

2,523

(a)

Live

Nation,

Inc

236,153‌

585

(a)

Madison

Square

Garden

Entertainment

Corp

18,597‌

336

(a)

Madison

Square

Garden

Sports

Corp

61,095‌

2,210

(a)

Magnite,

Inc

20,641‌

294

(b)

Marcus

Corp

4,287‌

4,748

(a)

Match

Group,

Inc

173,302‌

278

(a)

MediaAlpha,

Inc

3,100‌

36,638

(a)

Meta

Platforms,

Inc

12,968,386‌

7,175

(a)

NetFlix,

Inc

3,493,364‌

2,867

New

York

Times

Co

(Class

A)

140,454‌

6,379

News

Corp

(Class

A)

156,604‌

1,884

News

Corp

(Class

B)

48,456‌

582

Nexstar

Media

Group,

Inc

91,228‌

1,900

(a)

Nextdoor

Holdings,

Inc

3,591‌

3,273

Omnicom

Group,

Inc

283,147‌

692

(a)

Outbrain,

Inc

3,031‌

89

Paramount

Global

(Class

A)

1,750‌

9,969

Paramount

Global

(Class

B)

147,442‌

9,845

(a)

Pinterest,

Inc

364,659‌

1,390

(a)

Playstudios,

Inc

3,767‌

896

(a)

Playtika

Holding

Corp

7,813‌

683

(a)

PubMatic,

Inc

11,140‌

1,085

(a)

QuinStreet,

Inc

13,910‌

378

(a)

Reservoir

Media,

Inc

2,695‌

7,676

(a)

ROBLOX

Corp

350,947‌

2,026

(a)

Roku,

Inc

185,703‌

438

Scholastic

Corp

16,513‌

366

Shutterstock,

Inc

17,670‌

862

Sinclair,

Inc

11,232‌

12,646

(b)

Sirius

XM

Holdings,

Inc

69,174‌

496

(a)

Sphere

Entertainment

Co

16,844‌

2,335

(a)

Spotify

Technology

S.A.

438,770‌

1,314

(a)

Stagwell,

Inc

8,712‌

2,757

(a)

Take-Two

Interactive

Software,

Inc

443,739‌

378

(a)

TechTarget,

Inc

13,177‌

2,032

TEGNA,

Inc

31,090‌

380

(a)

Thryv

Holdings,

Inc

7,733‌

749

(a)

TKO

Group

Holdings,

Inc

61,103‌

1,758

(a)

TripAdvisor,

Inc

37,850‌

1,632

(a)

TrueCar,

Inc

5,647‌

2,350

(a)

Vimeo,

Inc

9,212‌

448

(a)

Vivid

Seats,

Inc

2,831‌

30,376

Walt

Disney

Co

2,742,649‌

37,145

(a)

Warner

Bros

Discovery,

Inc

422,710‌

736

(a)

WideOpenWest,

Inc

2,981‌

1,209

(a)

Yelp,

Inc

57,234‌

795

(a)

Ziff

Davis,

Inc

53,416‌

1,228

(a)

ZipRecruiter,

Inc

17,069‌

4,927

(a)

ZoomInfo

Technologies,

Inc

91,100‌

TOTAL

MEDIA

&

ENTERTAINMENT

54,543,259‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

7

.3

%

1,510

(a)

10X

Genomics,

Inc

84,500‌

646

(a),(b)

2seventy

bio,

Inc

2,758‌

684

(a)

4D

Molecular

Therapeutics,

Inc

13,858‌

1,031

(a)

89bio,

Inc

11,516‌

306

(a),(b)

Aadi

Bioscience,

Inc

618‌

29,259

AbbVie,

Inc

4,534,267‌

2,077

(a)

Acadia

Pharmaceuticals,

Inc

65,031‌

997

(a)

Aclaris

Therapeutics,

Inc

1,047‌

101

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

488

(a),(b)

Actinium

Pharmaceuticals,

Inc

$

2,479‌

2,888

(a)

Adaptive

Biotechnologies

Corp

14,151‌

441

(a),(b)

Adicet

Bio,

Inc

833‌

3,230

(a)

ADMA

Biologics,

Inc

14,600‌

190

(a)

Aerovate

Therapeutics,

Inc

4,300‌

6,443

(a)

Agenus,

Inc

5,334‌

4,920

Agilent

Technologies,

Inc

684,028‌

1,081

(a)

Agios

Pharmaceuticals,

Inc

24,074‌

706

(a)

Akero

Therapeutics,

Inc

16,485‌

144

(a)

Akoya

Biosciences,

Inc

703‌

717

(a),(b)

Aldeyra

Therapeutics,

Inc

2,517‌

1,021

(a)

Alector,

Inc

8,148‌

2,871

(a)

Alkermes

plc

79,642‌

1,128

(a)

Allakos,

Inc

3,079‌

1,319

(a)

Allogene

Therapeutics,

Inc

4,234‌

2,045

(a)

Alnylam

Pharmaceuticals,

Inc

391,433‌

725

(a)

Alpine

Immune

Sciences,

Inc

13,818‌

827

(a)

Altimmune,

Inc

9,304‌

1,052

(a)

ALX

Oncology

Holdings,

Inc

15,664‌

8,934

Amgen,

Inc

2,573,171‌

4,499

(a)

Amicus

Therapeutics,

Inc

63,841‌

2,013

(a)

Amneal

Pharmaceuticals,

Inc

12,219‌

552

(a)

Amphastar

Pharmaceuticals,

Inc

34,141‌

760

(a)

Amylyx

Pharmaceuticals,

Inc

11,187‌

305

(a)

AnaptysBio,

Inc

6,533‌

1,126

(a),(b)

Anavex

Life

Sciences

Corp

10,483‌

121

(a)

ANI

Pharmaceuticals,

Inc

6,672‌

216

(a)

Anika

Therapeutics,

Inc

4,895‌

1,130

(a)

Annexon,

Inc

5,130‌

1,622

(a)

Apellis

Pharmaceuticals,

Inc

97,093‌

1,513

(a),(b)

Arbutus

Biopharma

Corp

3,782‌

630

(a)

Arcellx,

Inc

34,965‌

607

(a)

Arcturus

Therapeutics

Holdings,

Inc

19,139‌

799

(a)

Arcus

Biosciences,

Inc

15,261‌

576

(a)

Arcutis

Biotherapeutics,

Inc

1,860‌

3,415

(a)

Ardelyx,

Inc

21,173‌

1,723

(a)

Arrowhead

Pharmaceuticals,

Inc

52,724‌

937

(a)

Arvinas,

Inc

38,567‌

822

(a)

Assertio

Holdings,

Inc

880‌

425

(a)

Astria

Therapeutics,

Inc

3,264‌

1,067

(a)

Atea

Pharmaceuticals,

Inc

3,254‌

338

(a)

Aura

Biosciences,

Inc

2,995‌

2,219

(a)

Aurinia

Pharmaceuticals,

Inc

19,949‌

10,369

(a)

Avantor,

Inc

236,724‌

989

(a)

Avid

Bioservices,

Inc

6,428‌

1,080

(a)

Avidity

Biosciences,

Inc

9,774‌

414

(a)

Avita

Medical,

Inc

5,680‌

533

(a),(b)

Axsome

Therapeutics,

Inc

42,421‌

1,068

(a),(b)

Beam

Therapeutics,

Inc

29,071‌

824

(a)

BioAtla,

Inc

2,027‌

2,996

(a)

BioCryst

Pharmaceuticals,

Inc

17,946‌

2,349

(a)

Biogen,

Inc

607,851‌

958

(a)

Biohaven

Ltd

41,002‌

571

(a)

BioLife

Solutions,

Inc

9,279‌

3,188

(a)

BioMarin

Pharmaceutical,

Inc

307,387‌

334

(a),(b)

Biomea

Fusion,

Inc

4,850‌

379

(a)

Bio-Rad

Laboratories,

Inc

(Class

A)

122,375‌

2,628

Bio-Techne

Corp

202,776‌

8,109

(a)

BioVie,

Inc

10,217‌

1,786

(a)

Bluebird

Bio,

Inc

2,465‌

1,085

(a)

Blueprint

Medicines

Corp

100,080‌

2,146

(a)

Bridgebio

Pharma,

Inc

86,634‌

34,651

Bristol-Myers

Squibb

Co

1,777,943‌

Stock

Index

Fund

December

31,

2023

102

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

1,252

(a)

Brooks

Automation,

Inc

$

81,555‌

1,736

Bruker

BioSciences

Corp

127,561‌

427

(a)

Cabaletta

Bio,

Inc

9,693‌

679

(a)

Cara

Therapeutics,

Inc

504‌

831

(a)

CareDx,

Inc

9,972‌

983

(a)

Caribou

Biosciences,

Inc

5,633‌

525

(b)

Carisma

Therapeutics,

Inc

1,538‌

656

(a),(b)

Cassava

Sciences,

Inc

14,767‌

2,958

(a)

Catalent,

Inc

132,903‌

2,132

(a)

Catalyst

Pharmaceuticals,

Inc

35,839‌

422

(a)

Celcuity,

Inc

6,149‌

777

(a)

Celldex

Therapeutics,

Inc

30,816‌

397

(a)

Century

Therapeutics,

Inc

1,318‌

982

(a)

Cerevel

Therapeutics

Holdings,

Inc

41,637‌

837

(a)

Charles

River

Laboratories

International,

Inc

197,867‌

854

(a),(c)

Chinook

Therapeutics,

Inc

333‌

5,038

(a)

Codexis,

Inc

15,366‌

1,087

(a)

Cogent

Biosciences,

Inc

6,392‌

773

(a)

Collegium

Pharmaceutical,

Inc

23,793‌

1,591

(a)

Compass

Therapeutics,

Inc

2,482‌

1,611

(a)

Corcept

Therapeutics,

Inc

52,325‌

889

(a),(b)

CorMedix,

Inc

3,343‌

899

(a)

Crinetics

Pharmaceuticals,

Inc

31,986‌

670

(a)

CryoPort,

Inc

10,378‌

427

(a)

Cullinan

Oncology,

Inc

4,351‌

1,438

(a)

Cymabay

Therapeutics,

Inc

33,966‌

1,861

(a)

Cytek

Biosciences,

Inc

16,972‌

1,451

(a)

Cytokinetics,

Inc

121,144‌

10,904

Danaher

Corp

2,522,531‌

722

(a)

Day

One

Biopharmaceuticals,

Inc

10,541‌

610

(a)

Deciphera

Pharmaceuticals,

Inc

9,839‌

1,799

(a)

Denali

Therapeutics,

Inc

38,607‌

578

(a)

Design

Therapeutics,

Inc

1,532‌

139

(a)

Disc

Medicine,

Inc

8,029‌

1,903

(a)

Dynavax

Technologies

Corp

26,604‌

549

(a)

Dyne

Therapeutics,

Inc

7,302‌

122

(a)

Eagle

Pharmaceuticals,

Inc

638‌

648

(a)

Edgewise

Therapeutics,

Inc

7,089‌

1,580

(a)

Editas

Medicine,

Inc

16,005‌

7,744

(a)

Elanco

Animal

Health,

Inc

115,386‌

14,063

Eli

Lilly

&

Co

8,197,604‌

301

(a)

Enanta

Pharmaceuticals,

Inc

2,832‌

352

(a),(b)

Enliven

Therapeutics,

Inc

4,872‌

380

(a)

Entrada

Therapeutics,

Inc

5,734‌

1,213

(a)

Erasca,

Inc

2,584‌

533

(a)

Evolus,

Inc

5,612‌

2,917

(a)

Exact

Sciences

Corp

215,800‌

5,221

(a)

Exelixis,

Inc

125,252‌

625

(a)

EyePoint

Pharmaceuticals,

Inc

14,444‌

5,370

(a)

Fate

Therapeutics,

Inc

20,084‌

410

(a)

Foghorn

Therapeutics,

Inc

2,644‌

1,498

(a)

Fortrea

Holdings,

Inc

52,280‌

811

(a)

Genelux

Corp

11,362‌

744

(a)

Generation

Bio

Co

1,228‌

7,738

(a)

Geron

Corp

16,327‌

20,756

Gilead

Sciences,

Inc

1,681,444‌

1,149

(a)

Graphite

Bio,

Inc

3,010‌

1,676

(a)

Gritstone

bio,

Inc

3,419‌

2,341

(a)

Halozyme

Therapeutics,

Inc

86,523‌

405

(a)

Harmony

Biosciences

Holdings,

Inc

13,081‌

367

(a),(b)

Harrow

Health,

Inc

4,110‌

674

(a)

Harvard

Bioscience,

Inc

3,606‌

256

(a)

HilleVax,

Inc

4,109‌

103

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

1,440

(a),(b)

Humacyte,

Inc

$

4,090‌

1,296

(a)

ICON

plc

366,859‌

735

(a)

Icosavax,

Inc

11,584‌

825

(a)

Ideaya

Biosciences,

Inc

29,353‌

344

(a),(b)

IGM

Biosciences,

Inc

2,859‌

2,643

(a)

Illumina,

Inc

368,011‌

1,915

(a),(b)

Immuneering

Corp

14,075‌

2,150

(a),(b)

ImmunityBio,

Inc

10,793‌

3,879

(a)

Immunogen,

Inc

115,012‌

892

(a)

Immunovant,

Inc

37,580‌

3,159

(a)

Incyte

Corp

198,354‌

477

(a),(b)

Inhibrx,

Inc

18,126‌

1,186

(a)

Innoviva,

Inc

19,023‌

608

(a)

Inozyme

Pharma,

Inc

2,590‌

1,917

(a)

Insmed,

Inc

59,408‌

1,443

(a)

Intellia

Therapeutics,

Inc

43,997‌

1,517

(a)

Intra-Cellular

Therapies,

Inc

108,648‌

2,335

(a)

Ionis

Pharmaceuticals,

Inc

118,128‌

4,801

(a)

Iovance

Biotherapeutics,

Inc

39,032‌

3,053

(a)

IQVIA

Holdings,

Inc

706,403‌

2,421

(a)

Ironwood

Pharmaceuticals,

Inc

27,696‌

343

(a)

iTeos

Therapeutics,

Inc

3,756‌

205

(a),(b)

Janux

Therapeutics,

Inc

2,200‌

1,000

(a)

Jazz

Pharmaceuticals

plc

123,000‌

39,767

Johnson

&

Johnson

6,233,080‌

390

(a)

KalVista

Pharmaceuticals,

Inc

4,778‌

568

(a)

Karuna

Therapeutics,

Inc

179,778‌

1,306

(a)

Karyopharm

Therapeutics,

Inc

1,130‌

337

(a)

Keros

Therapeutics,

Inc

13,399‌

1,049

(a)

Kezar

Life

Sciences,

Inc

994‌

561

(a)

Kiniksa

Pharmaceuticals

Ltd

9,840‌

557

(a)

Kodiak

Sciences,

Inc

1,693‌

313

(a)

Krystal

Biotech,

Inc

38,831‌

1,038

(a)

Kura

Oncology,

Inc

14,926‌

584

(a)

Kymera

Therapeutics,

Inc

14,869‌

2,837

(a)

Larimar

Therapeutics,

Inc

12,908‌

1,227

(a),(b)

Lexicon

Pharmaceuticals,

Inc

1,877‌

305

(a)

Ligand

Pharmaceuticals,

Inc

(Class

B)

21,783‌

2,773

(a)

Lineage

Cell

Therapeutics,

Inc

3,023‌

933

(a)

Liquidia

Corp

11,224‌

349

(a)

Longboard

Pharmaceuticals,

Inc

2,104‌

4,483

(a),(b)

Lyell

Immunopharma,

Inc

8,697‌

1,468

(a)

MacroGenics,

Inc

14,122‌

221

(a)

Madrigal

Pharmaceuticals,

Inc

51,135‌

4,140

(a)

MannKind

Corp

15,070‌

1,760

(a)

Maravai

LifeSciences

Holdings,

Inc

11,528‌

764

(a),(b)

Marinus

Pharmaceuticals,

Inc

8,305‌

1,600

(a)

MaxCyte,

Inc

7,520‌

396

(a)

Medpace

Holdings,

Inc

121,386‌

1,264

(a)

MeiraGTx

Holdings

plc

8,873‌

42,070

Merck

&

Co,

Inc

4,586,471‌

49

Mesa

Laboratories,

Inc

5,134‌

371

(a)

Mettler-Toledo

International,

Inc

450,008‌

1,942

(a)

MiMedx

Group,

Inc

17,031‌

215

(a)

Mineralys

Therapeutics,

Inc

1,849‌

917

(a)

Mirati

Therapeutics,

Inc

53,874‌

461

(a)

Mirum

Pharmaceuticals,

Inc

13,609‌

5,621

(a)

Moderna,

Inc

559,008‌

579

(a)

Monte

Rosa

Therapeutics,

Inc

3,271‌

456

(a)

Morphic

Holding,

Inc

13,169‌

1,296

(a)

Myriad

Genetics,

Inc

24,805‌

1,592

(a)

Natera,

Inc

99,723‌

1,816

(a)

Nautilus

Biotechnology,

Inc

5,430‌

Stock

Index

Fund

December

31,

2023

104

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

1,620

(a)

Neurocrine

Biosciences,

Inc

$

213,451‌

653

(a)

NGM

Biopharmaceuticals,

Inc

561‌

1,017

(a),(b)

Nkarta,

Inc

6,712‌

1,714

(a),(b)

Novavax,

Inc

8,227‌

774

(a)

Nurix

Therapeutics,

Inc

7,988‌

392

(a)

Nuvalent,

Inc

28,847‌

4,693

(a)

Nuvation

Bio,

Inc

7,086‌

1,191

(a)

Ocular

Therapeutix,

Inc

5,312‌

486

(a)

Olema

Pharmaceuticals,

Inc

6,819‌

511

(a)

Omega

Therapeutics,

Inc

1,538‌

115

(a),(c)

OmniAb

Operations,

Inc

1‌

115

(a),(c)

OmniAb

Operations,

Inc

1‌

1,496

(a)

OmniAb,

Inc

9,230‌

287

(a)

Oncology

Co

1,699‌

10,000

(a)

Optinose,

Inc

12,900‌

1,082

(a)

Organogenesis

Holdings,

Inc

4,425‌

4,364

Organon

&

Co

62,929‌

684

(a)

ORIC

Pharmaceuticals,

Inc

6,293‌

1,735

(a)

Ovid

therapeutics,

Inc

5,587‌

4,140

(a)

Pacific

Biosciences

of

California,

Inc

40,613‌

686

(a)

Pacira

BioSciences,

Inc

23,146‌

205

(a)

PepGen,

Inc

1,394‌

2,112

PerkinElmer,

Inc

230,863‌

2,396

Perrigo

Co

plc

77,103‌

93,944

Pfizer,

Inc

2,704,648‌

326

(a),(b)

Phathom

Pharmaceuticals,

Inc

2,976‌

293

Phibro

Animal

Health

Corp

3,393‌

845

(a)

Pliant

Therapeutics,

Inc

15,303‌

437

(a)

PMV

Pharmaceuticals,

Inc

1,355‌

1,693

(a)

Poseida

Therapeutics,

Inc

5,688‌

4,045

(a),(b)

Precigen,

Inc

5,420‌

2,993

(a)

Prelude

Therapeutics,

Inc

12,780‌

817

(a)

Prestige

Consumer

Healthcare,

Inc.

50,017‌

667

(a),(b)

Prime

Medicine,

Inc

5,910‌

1,100

(a),(b)

ProKidney

Corp

1,958‌

892

(a)

Protagonist

Therapeutics,

Inc

20,454‌

672

(a)

Prothena

Corp

plc

24,420‌

1,091

(a)

PTC

Therapeutics,

Inc

30,068‌

3,510

(a)

QIAGEN

NV

152,439‌

537

(a)

Quanterix

Corp

14,682‌

4,583

(a),(b)

Quantum-Si,

Inc

9,212‌

734

(a)

Rallybio

Corp

1,754‌

468

(a)

RAPT

Therapeutics,

Inc

11,630‌

2,378

(a),(b)

Recursion

Pharmaceuticals,

Inc

23,447‌

1,705

(a)

Regeneron

Pharmaceuticals,

Inc

1,497,484‌

696

(a)

REGENXBIO,

Inc

12,493‌

1,583

(a)

Relay

Therapeutics,

Inc

17,429‌

918

(a)

Repligen

Corp

165,056‌

560

(a)

Replimune

Group,

Inc

4,721‌

1,255

(a)

Revance

Therapeutics,

Inc

11,031‌

2,180

(a)

REVOLUTION

Medicines,

Inc

62,522‌

818

(a)

Rhythm

Pharmaceuticals,

Inc

37,603‌

5,399

(a)

Rigel

Pharmaceuticals,

Inc

7,829‌

870

(a)

Rocket

Pharmaceuticals,

Inc

26,074‌

5,899

(a)

Roivant

Sciences

Ltd

66,246‌

6,056

Royalty

Pharma

plc

170,113‌

944

(a)

Sage

Therapeutics,

Inc

20,456‌

2,069

(a)

Sana

Biotechnology,

Inc

8,442‌

3,885

(a)

Sangamo

Therapeutics

Inc

2,111‌

1,450

(a)

Sarepta

Therapeutics,

Inc

139,824‌

1,798

(a)

Savara,

Inc

8,451‌

1,134

(a)

Scholar

Rock

Holding

Corp

21,319‌

424

(a),(b)

scPharmaceuticals,

Inc

2,658‌

105

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES—continued

1,737

(a)

Seer,

Inc

$

3,370‌

842

SIGA

Technologies,

Inc

4,715‌

552

(a),(b)

Silverback

Therapeutics,

Inc

3,025‌

5,548

(a)

SomaLogic,

Inc

14,036‌

1,974

(a),(c)

Sorrento

Therapeutics,

Inc

3,819‌

1,436

(a)

Sotera

Health

Co

24,197‌

896

(a)

SpringWorks

Therapeutics,

Inc

32,704‌

622

(a),(b)

Stoke

Therapeutics,

Inc

3,272‌

1,773

(a)

Summit

Therapeutics,

Inc

4,628‌

725

(a)

Supernus

Pharmaceuticals,

Inc

20,982‌

730

(a)

Sutro

Biopharma,

Inc

3,132‌

1,070

(a)

Syndax

Pharmaceuticals,

Inc

23,123‌

905

(a),(b)

Tango

Therapeutics,

Inc

8,960‌

356

(a)

Tarsus

Pharmaceuticals,

Inc

7,209‌

1,087

(a)

Tenaya

Therapeutics,

Inc

3,522‌

693

(a),(b)

Terns

Pharmaceuticals,

Inc

4,498‌

2,359

(a)

TG

Therapeutics,

Inc

40,292‌

1,031

(a),(b)

Theravance

Biopharma,

Inc

11,588‌

6,372

Thermo

Fisher

Scientific,

Inc

3,382,194‌

825

(a)

Theseus

Pharmaceuticals,

Inc

3,341‌

1,139

(a)

Third

Harmonic

Bio,

Inc

12,495‌

940

(a)

Travere

Therapeutics,

Inc

8,451‌

941

(a)

Twist

Bioscience

Corp

34,685‌

356

(a),(b)

Tyra

Biosciences,

Inc

4,931‌

1,092

(a)

Ultragenyx

Pharmaceutical,

Inc

52,219‌

751

(a)

United

Therapeutics

Corp

165,137‌

424

(a),(b)

UroGen

Pharma

Ltd

6,360‌

819

(a)

Vanda

Pharmaceuticals,

Inc

3,456‌

1,457

(a)

Vaxcyte,

Inc

91,500‌

732

(a)

Ventyx

Biosciences,

Inc

1,808‌

550

(a)

Vera

Therapeutics,

Inc

8,459‌

1,155

(a)

Veracyte,

Inc

31,774‌

796

(a)

Vericel

Corp

28,346‌

4,278

(a)

Vertex

Pharmaceuticals,

Inc

1,740,675‌

1,693

(a)

Verve

Therapeutics,

Inc

23,600‌

18,237

Viatris,

Inc

197,507‌

311

(a)

Vigil

Neuroscience,

Inc

1,051‌

1,580

(a)

Viking

Therapeutics,

Inc

29,404‌

1,193

(a)

Vir

Biotechnology,

Inc

12,002‌

609

(a)

Viridian

Therapeutics,

Inc

13,264‌

908

(a)

Vor

BioPharma,

Inc

2,043‌

496

(a)

Voyager

Therapeutics,

Inc

4,186‌

1,029

(a)

Waters

Corp

338,778‌

909

(a)

WaVe

Life

Sciences

Ltd

4,590‌

1,264

West

Pharmaceutical

Services,

Inc

445,080‌

2,079

(a)

X4

Pharmaceuticals,

Inc

1,743‌

962

(a)

Xencor,

Inc

20,423‌

3,180

(a)

Xeris

Biopharma

Holdings,

Inc

7,473‌

616

(a)

Y-mAbs

Therapeutics,

Inc

4,201‌

788

(a)

Zentalis

Pharmaceuticals,

Inc

11,938‌

597

(a)

Zevra

Therapeutics,

Inc

3,910‌

7,761

Zoetis,

Inc

1,531,789‌

888

(a)

Zymeworks,

Inc

9,226‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

56,611,260‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0

.2

%

2,208

(a)

Anywhere

Real

Estate,

Inc

17,907‌

5,065

(a)

CBRE

Group,

Inc

471,501‌

5,041

(a)

Compass,

Inc

18,954‌

2,415

(a)

Cushman

&

Wakefield

plc

26,082‌

2,419

DigitalBridge

Group,

Inc

42,429‌

1,408

Douglas

Elliman,

Inc

4,154‌

1,235

(b)

eXp

World

Holdings,

Inc

19,167‌

Stock

Index

Fund

December

31,

2023

106

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT—continued

240

(a)

Forestar

Group,

Inc

$

7,937‌

102

(a)

FRP

Holdings,

Inc

6,414‌

692

(a)

Howard

Hughes

Holdings,

Inc

59,201‌

843

(a)

Jones

Lang

LaSalle,

Inc

159,217‌

2,137

Kennedy-Wilson

Holdings,

Inc

26,456‌

406

Marcus

&

Millichap,

Inc

17,734‌

252

(a)

Maui

Land

&

Pineapple

Co,

Inc

4,004‌

2,520

Newmark

Group,

Inc

27,619‌

8,902

(a)

Opendoor

Technologies,

Inc

39,881‌

349

Re/Max

Holdings,

Inc

4,652‌

1,711

(a)

Redfin

Corp

17,658‌

497

RMR

Group,

Inc

14,030‌

747

St.

Joe

Co

44,955‌

152

(a)

Stratus

Properties,

Inc

4,387‌

268

(a)

Tejon

Ranch

Co

4,610‌

181

(a)

Transcontinental

Realty

Investors,

Inc

6,255‌

1,056

(a)

Zillow

Group,

Inc

(Class

A)

59,896‌

2,670

(a)

Zillow

Group,

Inc

(Class

C)

154,486‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

1,259,586‌

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

7

.1

%

759

(a)

ACM

Research,

Inc

14,831‌

26,653

(a)

Advanced

Micro

Devices,

Inc

3,928,919‌

407

(a),(b)

Aehr

Test

Systems

10,798‌

932

(a)

Allegro

MicroSystems,

Inc

28,212‌

441

(a)

Alpha

&

Omega

Semiconductor

Ltd

11,492‌

567

(a)

Ambarella,

Inc

34,751‌

1,455

Amkor

Technology,

Inc

48,408‌

8,368

Analog

Devices,

Inc

1,661,550‌

14,039

Applied

Materials,

Inc

2,275,301‌

320

(a)

Atomera,

Inc

2,243‌

510

(a)

Axcelis

Technologies,

Inc

66,142‌

7,163

Broadcom,

Inc

7,995,699‌

333

(a)

Ceva,

Inc

7,562‌

1,003

(a)

Cirrus

Logic,

Inc

83,440‌

772

(a)

Cohu,

Inc

27,321‌

1,608

(a)

Credo

Technology

Group

Holding

Ltd

31,308‌

836

(a)

Diodes,

Inc

67,315‌

2,193

(a)

Enphase

Energy,

Inc

289,783‌

2,553

Entegris,

Inc

305,900‌

1,763

(a)

First

Solar,

Inc

303,730‌

1,150

(a)

Formfactor,

Inc

47,966‌

1,173

(a),(b)

GLOBALFOUNDRIES,

Inc

71,084‌

434

(a)

Ichor

Holdings

Ltd

14,595‌

346

(a)

Impinj,

Inc

31,150‌

2,044

(a)

indie

Semiconductor,

Inc

16,577‌

69,881

Intel

Corp

3,511,520‌

173

(a)

inTEST

Corp

2,353‌

2,289

KLA

Corp

1,330,596‌

970

Kulicke

&

Soffa

Industries,

Inc

53,078‌

2,204

Lam

Research

Corp

1,726,305‌

2,413

(a)

Lattice

Semiconductor

Corp

166,473‌

799

(a)

MACOM

Technology

Solutions

Holdings,

Inc

74,267‌

14,049

Marvell

Technology,

Inc

847,295‌

384

(a),(b)

Maxeon

Solar

Technologies

Ltd

2,753‌

1,137

(a)

MaxLinear,

Inc

27,026‌

8,819

Microchip

Technology,

Inc

795,297‌

18,203

Micron

Technology,

Inc

1,553,444‌

1,013

MKS

Instruments,

Inc

104,207‌

776

Monolithic

Power

Systems,

Inc

489,485‌

1,749

(a)

Navitas

Semiconductor

Corp

14,114‌

85

NVE

Corp

6,667‌

39,426

Nvidia

Corp

19,524,544‌

107

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT—continued

7,238

(a)

ON

Semiconductor

Corp

$

604,590‌

943

(a)

Onto

Innovation,

Inc

144,185‌

409

(a)

PDF

Solutions,

Inc

13,145‌

1,020

(a)

Photronics,

Inc

31,997‌

990

Power

Integrations,

Inc

81,289‌

1,660

(a)

Qorvo,

Inc

186,933‌

18,336

QUALCOMM,

Inc

2,651,936‌

1,794

(a)

Rambus,

Inc

122,441‌

1,200

(a)

Semtech

Corp

26,292‌

591

(a)

Silicon

Laboratories,

Inc

78,172‌

272

(a)

SiTime

Corp

33,206‌

106

(a),(b)

SkyWater

Technology,

Inc

1,020‌

2,569

Skyworks

Solutions,

Inc

288,807‌

592

(a)

SMART

Global

Holdings,

Inc

11,207‌

653

(a)

Synaptics,

Inc

74,494‌

2,512

Teradyne,

Inc

272,602‌

14,877

Texas

Instruments,

Inc

2,535,933‌

398

(a)

Transphorm,

Inc

1,453‌

789

(a)

Ultra

Clean

Holdings

26,936‌

754

Universal

Display

Corp

144,210‌

729

(a)

Veeco

Instruments,

Inc

22,621‌

1,949

(a)

Wolfspeed,

Inc

84,801‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

55,043,771‌

SOFTWARE

&

SERVICES

-

12

.1

%

1,702

(a)

8x8,

Inc

6,434‌

978

A10

Networks,

Inc

12,880‌

10,417

Accenture

plc

3,655,429‌

2,058

(a)

ACI

Worldwide,

Inc

62,975‌

1,587

Adeia,

Inc

19,663‌

7,596

(a)

Adobe,

Inc

4,531,774‌

400

(a)

Agilysys,

Inc

33,928‌

2,582

(a)

Akamai

Technologies,

Inc

305,580‌

790

(a)

Alarm.com

Holdings,

Inc

51,050‌

641

(a)

Alkami

Technology,

Inc

15,544‌

708

(a)

Altair

Engineering,

Inc

59,578‌

994

(a)

Alteryx,

Inc

46,877‌

1,940

Amdocs

Ltd

170,507‌

370

American

Software,

Inc

(Class

A)

4,181‌

894

(a)

Amplitude,

Inc

11,372‌

1,455

(a)

Ansys,

Inc

527,990‌

306

(a)

Appfolio,

Inc

53,011‌

674

(a)

Appian

Corp

25,383‌

1,093

(a),(b)

Applied

Digital

Corp

7,367‌

3,312

(a)

AppLovin

Corp

131,983‌

1,411

(a)

Asana,

Inc

26,823‌

492

(a)

Aspentech

Corp

108,314‌

343

(a)

Asure

Software,

Inc

3,265‌

2,559

(a)

Atlassian

Corp

Ltd

608,684‌

3,570

(a)

Autodesk,

Inc

869,224‌

2,036

(a)

AvePoint,

Inc

16,716‌

2,852

Bentley

Systems,

Inc

148,817‌

6,383

(a)

BigBear.ai

Holdings,

Inc

13,660‌

1,087

(a)

BigCommerce

Holdings,

Inc

10,576‌

1,698

(a)

BILL

Holdings,

Inc

138,540‌

4,938

(a),(b)

Bit

Digital,

Inc

20,888‌

860

(a)

Blackbaud,

Inc

74,562‌

875

(a)

BlackLine,

Inc

54,635‌

2,369

(a)

Box,

Inc

60,670‌

862

(a)

Braze,

Inc

45,798‌

653

(a)

Brightcove,

Inc

1,691‌

1,024

(a),(b)

C3.ai,

Inc

29,399‌

4,506

(a)

Cadence

Design

Systems,

Inc

1,227,299‌

Stock

Index

Fund

December

31,

2023

108

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

2,611

(a)

CCC

Intelligent

Solutions

Holdings,

Inc

$

29,739‌

664

(a)

Cerence,

Inc

13,054‌

2,239

(a)

Ceridian

HCM

Holding,

Inc

150,282‌

4,767

(a),(b)

Cipher

Mining,

Inc

19,688‌

2,269

(a)

Cleanspark,

Inc

25,027‌

1,277

Clear

Secure,

Inc

26,370‌

4,773

(a)

Cloudflare,

Inc

397,400‌

8,261

Cognizant

Technology

Solutions

Corp

(Class

A)

623,953‌

679

(a)

Commvault

Systems,

Inc

54,218‌

3,055

(a)

Confluent,

Inc

71,487‌

265

(a)

Consensus

Cloud

Solutions,

Inc

6,946‌

164

(a),(b)

CoreCard

Corp

2,268‌

485

(a)

Couchbase,

Inc

10,922‌

3,559

(a)

Crowdstrike

Holdings,

Inc

908,684‌

430

(a)

CS

Disco,

Inc

3,264‌

4,505

(a)

Datadog,

Inc

546,817‌

348

(a),(b)

Digimarc

Corp

12,570‌

1,549

(a)

Digital

Turbine,

Inc

10,626‌

1,139

(a),(b)

DigitalOcean

Holdings,

Inc

41,790‌

3,281

(a)

DocuSign,

Inc

195,055‌

895

Dolby

Laboratories,

Inc

(Class

A)

77,131‌

549

(a)

Domo,

Inc

5,649‌

1,815

(a)

DoubleVerify

Holdings,

Inc

66,756‌

4,214

(a)

Dropbox,

Inc

124,229‌

3,442

(a)

DXC

Technology

Co

78,718‌

3,878

(a)

Dynatrace,

Inc

212,088‌

3,144

(a)

E2open

Parent

Holdings,

Inc

13,802‌

543

(a)

eGain

Corp

4,523‌

1,268

(a)

Elastic

NV

142,904‌

349

(a)

Enfusion,

Inc

3,385‌

760

(a)

EngageSmart,

Inc

17,404‌

884

(a)

Envestnet,

Inc

43,776‌

940

(a)

EPAM

Systems,

Inc

279,500‌

638

(a)

Everbridge,

Inc

15,510‌

472

(a)

EverCommerce,

Inc

5,206‌

808

(a)

Expensify,

Inc

1,996‌

410

(a)

Fair

Isaac

Corp

477,244‌

1,817

(a)

Fastly,

Inc

32,343‌

1,139

(a)

Five9,

Inc

89,628‌

10,750

(a)

Fortinet,

Inc

629,197‌

2,409

(a)

Freshworks,

Inc

56,587‌

1,279

(a)

Gartner,

Inc

576,970‌

9,648

Gen

Digital,

Inc

220,167‌

1,431

(a)

Gitlab,

Inc

90,096‌

671

(a)

Globant

S.A.

159,685‌

2,443

(a)

GoDaddy,

Inc

259,349‌

699

(a)

Grid

Dynamics

Holdings,

Inc

9,318‌

1,428

(a)

Guidewire

Software,

Inc

155,709‌

450

Hackett

Group,

Inc

10,246‌

1,459

(a)

HashiCorp,

Inc

34,491‌

770

(a)

HubSpot,

Inc

447,016‌

112

(a)

IBEX

Holdings

Ltd

2,129‌

477

(a)

Informatica,

Inc

13,542‌

412

Information

Services

Group,

Inc

1,940‌

227

(a)

Instructure

Holdings,

Inc

6,131‌

291

(a)

Intapp,

Inc

11,064‌

539

InterDigital,

Inc

58,503‌

14,989

International

Business

Machines

Corp

2,451,451‌

4,507

Intuit,

Inc

2,817,010‌

1,086

(a)

Jamf

Holding

Corp

19,613‌

1,692

(a)

Kaltura,

Inc

3,299‌

3,355

(a)

Kyndryl

Holdings,

Inc

69,717‌

3,520

(a)

Liveperson,

Inc

13,341‌

109

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

1,208

(a)

LiveRamp

Holdings,

Inc

$

45,759‌

1,102

(a)

Manhattan

Associates,

Inc

237,283‌

3,500

(a)

Marathon

Digital

Holdings,

Inc

82,215‌

5,907

(a)

Matterport,

Inc

15,890‌

365

(a)

MeridianLink,

Inc

9,041‌

123,512

Microsoft

Corp

46,445,452‌

201

(a),(b)

MicroStrategy,

Inc

(Class

A)

126,956‌

781

(a)

Mitek

Systems,

Inc

10,184‌

704

(a)

Model

N,

Inc

18,959‌

1,116

(a)

MongoDB,

Inc

456,277‌

1,055

(a)

N-able,

Inc

13,979‌

1,156

(a)

nCino

OpCo,

Inc

38,876‌

2,313

(a)

NCR

Corp

39,113‌

1,978

(a),(b)

NextNav,

Inc

8,802‌

4,029

(a)

Nutanix,

Inc

192,143‌

2,511

(a)

Okta,

Inc

227,321‌

1,468

(a)

Olo,

Inc

8,397‌

710

ON24,

Inc

5,595‌

634

(a)

OneSpan,

Inc

6,796‌

25,544

Oracle

Corp

2,693,104‌

1,327

(a)

PagerDuty,

Inc

30,720‌

30,894

(a)

Palantir

Technologies,

Inc

530,450‌

4,989

(a)

Palo

Alto

Networks,

Inc

1,471,156‌

779

(a)

Paycor

HCM,

Inc

16,819‌

665

(a)

Paylocity

Holding

Corp

109,625‌

748

Pegasystems,

Inc

36,547‌

509

(a)

Perficient,

Inc

33,502‌

682

(a)

PowerSchool

Holdings,

Inc

16,068‌

1,155

(a)

Procore

Technologies,

Inc

79,949‌

766

Progress

Software

Corp

41,594‌

671

(a)

PROS

Holdings,

Inc

26,028‌

1,836

(a)

PTC,

Inc

321,227‌

877

(a)

Q2

Holdings,

Inc

38,071‌

667

(a)

Qualys,

Inc

130,919‌

930

(a)

Rapid7,

Inc

53,103‌

1,545

(a)

Rimini

Street,

Inc

5,052‌

1,417

(a)

RingCentral,

Inc

48,107‌

3,490

(a)

Riot

Platforms,

Inc

53,990‌

1,740

Roper

Industries,

Inc

948,596‌

15,671

(a)

Salesforce,

Inc

4,123,667‌

433

Sapiens

International

Corp

NV

12,531‌

348

(a),(b)

SEMrush

Holdings,

Inc

4,754‌

3,422

(a)

SentinelOne,

Inc

93,900‌

3,361

(a)

ServiceNow,

Inc

2,374,513‌

2,057

(a)

Smartsheet,

Inc

98,366‌

5,219

(a)

Snowflake,

Inc

1,038,581‌

668

(a)

SolarWinds

Corp

8,343‌

2,307

(a)

SoundHound

AI,

Inc

4,891‌

307

(a)

SoundThinking,

Inc

7,841‌

2,439

(a)

Splunk,

Inc

371,582‌

1,168

(a)

Sprinklr,

Inc

14,063‌

904

(a)

Sprout

Social,

Inc

55,542‌

599

(a)

SPS

Commerce,

Inc

116,110‌

519

(a)

Squarespace,

Inc

17,132‌

2,522

(a)

Synopsys,

Inc

1,298,603‌

1,778

(a)

Tenable

Holdings,

Inc

81,895‌

1,844

(a)

Teradata

Corp

80,232‌

6,742

(a),(b)

Terawulf,

Inc

16,181‌

1,255

(a)

Thoughtworks

Holding,

Inc

6,036‌

7,172

(a)

Trade

Desk,

Inc

516,097‌

143

(a),(b)

Tucows,

Inc

3,861‌

2,852

(a)

Twilio,

Inc

216,381‌

718

(a)

Tyler

Technologies,

Inc

300,210‌

Stock

Index

Fund

December

31,

2023

110

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

SOFTWARE

&

SERVICES—continued

6,303

(a)

UiPath,

Inc

$

156,566‌

1,098

(a)

Unisys

Corp

6,171‌

4,707

(a),(b)

Unity

Software,

Inc

192,469‌

1,710

(a)

Varonis

Systems,

Inc

77,429‌

1,154

(a)

Verint

Systems,

Inc

31,193‌

1,489

(a)

VeriSign,

Inc

306,674‌

945

(a)

Viant

Technology,

Inc

6,511‌

514

(a)

Weave

Communications,

Inc

5,896‌

3,317

(a)

Workday,

Inc

915,691‌

767

(a)

Workiva,

Inc

77,873‌

634

(a)

Xperi,

Inc

6,987‌

1,753

(a)

Yext,

Inc

10,325‌

1,875

(a)

Zeta

Global

Holdings

Corp

16,537‌

4,218

(a)

Zoom

Video

Communications,

Inc

303,316‌

1,411

(a)

Zscaler,

Inc

312,621‌

1,687

(a)

Zuora,

Inc

15,858‌

TOTAL

SOFTWARE

&

SERVICES

94,128,684‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

7

.8

%

380

(a),(b)

908

Devices,

Inc

4,264‌

806

ADTRAN

Holdings,

Inc

5,916‌

617

Advanced

Energy

Industries,

Inc

67,204‌

1,957

(a)

Aeva

Technologies,

Inc

1,483‌

1,341

(a),(b)

Akoustis

Technologies,

Inc

1,118‌

9,470

Amphenol

Corp

(Class

A)

938,761‌

244,897

Apple,

Inc

47,150,019‌

4,063

(a)

Arista

Networks,

Inc

956,877‌

1,538

(a)

Arlo

Technologies,

Inc

14,642‌

1,021

(a)

Arrow

Electronics,

Inc

124,817‌

170

(a)

Aviat

Networks,

Inc

5,552‌

1,668

Avnet,

Inc

84,067‌

438

Badger

Meter,

Inc

67,614‌

126

Bel

Fuse,

Inc

(Class

B)

8,413‌

636

Belden

CDT,

Inc

49,131‌

773

Benchmark

Electronics,

Inc

21,366‌

909

(a)

Calix,

Inc

39,714‌

141

(a)

Cambium

Networks

Corp

846‌

2,317

CDW

Corp

526,700‌

2,665

(a)

Ciena

Corp

119,952‌

67,722

Cisco

Systems,

Inc

3,421,315‌

153

(a),(b)

Clearfield,

Inc

4,449‌

2,887

Cognex

Corp

120,503‌

2,063

(a)

Coherent

Corp

89,802‌

356

Comtech

Telecommunications

Corp

3,001‌

12,431

Corning,

Inc

378,524‌

426

(a)

Corsair

Gaming,

Inc

6,007‌

775

Crane

NXT

Co

44,074‌

485

CTS

Corp

21,214‌

610

(a)

Daktronics,

Inc

5,173‌

400

(a)

Digi

International,

Inc

10,400‌

284

(a)

DZS,

Inc

559‌

830

(a)

Eastman

Kodak

Co

3,237‌

404

(a)

ePlus,

Inc

32,255‌

1,500

(a)

Evolv

Technologies

Holdings,

Inc

7,080‌

1,698

(a)

Extreme

Networks,

Inc

29,953‌

926

(a)

F5

Networks,

Inc

165,735‌

653

(a)

Fabrinet

124,285‌

288

(a)

FARO

Technologies,

Inc

6,489‌

1,454

(a)

Harmonic,

Inc

18,960‌

22,072

Hewlett

Packard

Enterprise

Co

374,783‌

14,519

HP,

Inc

436,877‌

2,966

(a),(b)

Infinera

Corp

14,088‌

594

(a)

Insight

Enterprises,

Inc

105,251‌

111

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT—continued

2,518

(a),(b)

IonQ,

Inc

$

31,198‌

549

(a)

IPG

Photonics

Corp

59,588‌

693

(a)

Iteris,

Inc

3,604‌

678

(a)

Itron,

Inc

51,196‌

2,103

Jabil

Inc

267,922‌

5,587

Juniper

Networks,

Inc

164,705‌

2,854

(a)

Keysight

Technologies,

Inc

454,043‌

548

(a)

Kimball

Electronics,

Inc

14,769‌

1,352

(a)

Knowles

Corp

24,214‌

1,886

(a),(b)

Lightwave

Logic,

Inc

9,392‌

375

Littelfuse,

Inc

100,335‌

1,153

(a)

Lumentum

Holdings,

Inc

60,440‌

472

(a)

Luna

Innovations,

Inc

3,139‌

569

Methode

Electronics,

Inc

12,933‌

2,725

(a),(b)

MicroVision,

Inc

7,248‌

2,874

(a)

Mirion

Technologies,

Inc

29,458‌

2,750

Motorola

Solutions,

Inc

860,998‌

342

Napco

Security

Technologies,

Inc

11,714‌

3,663

NetApp,

Inc

322,930‌

505

(a)

Netgear,

Inc

7,363‌

1,389

(a)

Netscout

Systems,

Inc

30,489‌

829

(a)

nLight,

Inc

11,192‌

592

(a)

Novanta,

Inc

99,699‌

280

(a)

OSI

Systems,

Inc

36,134‌

404

(a),(b)

PAR

Technology

Corp

17,590‌

196

PC

Connection,

Inc

13,173‌

521

(a)

Plexus

Corp

56,336‌

4,619

(a)

Pure

Storage,

Inc

164,714‌

1,053

(a)

Ribbon

Communications,

Inc

3,054‌

262

(a)

Rogers

Corp

34,602‌

1,157

(a)

Sanmina

Corp

59,435‌

463

(a)

Scansource,

Inc

18,339‌

2,874

(a),(b)

SmartRent,

Inc

9,168‌

764

(a)

Super

Micro

Computer,

Inc

217,175‌

765

SYNNEX

Corp

82,322‌

743

(a)

Teledyne

Technologies,

Inc

331,593‌

4,356

(a)

Trimble

Inc

231,739‌

1,439

(a)

TTM

Technologies,

Inc

22,751‌

301

(a)

Turtle

Beach

Corp

3,296‌

96

Ubiquiti,

Inc

13,398‌

1,868

(a),(b)

Viasat,

Inc

52,211‌

4,189

(a)

Viavi

Solutions,

Inc

42,183‌

2,099

Vishay

Intertechnology,

Inc

50,313‌

301

(a)

Vishay

Precision

Group,

Inc

10,255‌

2,801

Vontier

Corp

96,775‌

5,297

(a)

Western

Digital

Corp

277,404‌

2,215

Xerox

Holdings

Corp

40,601‌

882

(a)

Zebra

Technologies

Corp

(Class

A)

241,077‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

60,376,677‌

TELECOMMUNICATION

SERVICES

-

0

.8

%

422

(a)

Anterix,

Inc

14,061‌

895

(a),(b)

AST

SpaceMobile,

Inc

5,397‌

118,369

AT&T,

Inc

1,986,232‌

251

ATN

International,

Inc

9,782‌

378

(a)

Bandwidth,

Inc

5,470‌

4,266

(a)

Charge

Enterprises,

Inc

487‌

772

Cogent

Communications

Group,

Inc

58,718‌

1,064

(a)

Consolidated

Communications

Holdings,

Inc

4,628‌

740

(a)

EchoStar

Corp

(Class

A)

12,262‌

3,950

(a)

Frontier

Communications

Parent,

Inc

100,093‌

1,815

(a),(c)

GCI

Liberty,

Inc

18‌

10,525

(a),(b)

Globalstar,

Inc

20,419‌

Stock

Index

Fund

December

31,

2023

112

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TELECOMMUNICATION

SERVICES—continued

987

(a)

Gogo,

Inc

$

9,998‌

350

(a)

IDT

Corp

11,932‌

2,020

Iridium

Communications,

Inc

83,143‌

681

(a)

Liberty

Latin

America

Ltd

(Class

A)

4,978‌

2,483

(a)

Liberty

Latin

America

Ltd

(Class

C)

18,225‌

365

(a)

Ooma,

Inc

3,916‌

869

Shenandoah

Telecom

Co

18,788‌

319

Spok

Holdings,

Inc

4,938‌

1,775

Telephone

and

Data

Systems,

Inc

32,571‌

8,866

T-Mobile

US,

Inc

1,421,486‌

69,509

Verizon

Communications,

Inc

2,620,489‌

TOTAL

TELECOMMUNICATION

SERVICES

6,448,031‌

TRANSPORTATION

-

1

.8

%

1,148

(a)

Air

Transport

Services

Group,

Inc

20,216‌

1,656

(a)

Alaska

Air

Group,

Inc

64,700‌

268

Allegiant

Travel

Co

22,140‌

141

(a),(b)

Amerco,

Inc

10,124‌

9,378

(a)

American

Airlines

Group,

Inc

128,854‌

424

ArcBest

Corp

50,969‌

350

Avis

Budget

Group,

Inc

62,041‌

969

(a)

Blade

Air

Mobility,

Inc

3,421‌

1,985

CH

Robinson

Worldwide,

Inc

171,484‌

767

Costamare,

Inc

7,985‌

185

Covenant

Logistics

Group,

Inc

8,517‌

32,870

CSX

Corp

1,139,603‌

828

(a)

Daseke,

Inc

6,707‌

10,897

Delta

Air

Lines,

Inc

438,386‌

220

(a)

Eagle

Bulk

Shipping,

Inc

12,188‌

2,397

Expeditors

International

Washington,

Inc

304,898‌

3,845

FedEx

Corp

972,670‌

480

Forward

Air

Corp

30,178‌

438

(a),(b)

Frontier

Group

Holdings,

Inc

2,392‌

2,042

FTAI

Infrastructure,

Inc

7,943‌

497

Genco

Shipping

&

Trading

Ltd

8,245‌

1,990

Golden

Ocean

Group

Ltd

19,422‌

1,764

(a)

GXO

Logistics,

Inc

107,886‌

905

(a)

Hawaiian

Holdings,

Inc

12,851‌

728

Heartland

Express,

Inc

10,381‌

2,161

(a)

Hertz

Global

Holdings,

Inc

22,453‌

505

(a)

Hub

Group,

Inc

(Class

A)

46,430‌

1,447

JB

Hunt

Transport

Services,

Inc

289,024‌

5,315

(a)

JetBlue

Airways

Corp

29,498‌

4,016

(a),(b)

Joby

Aviation,

Inc

26,706‌

1,157

(a)

Kirby

Corp

90,801‌

2,433

Knight-Swift

Transportation

Holdings,

Inc

140,262‌

666

Landstar

System,

Inc

128,971‌

5,019

(a)

Lyft,

Inc

(Class

A)

75,235‌

796

Marten

Transport

Ltd

16,700‌

668

Matson,

Inc

73,213‌

3,742

Norfolk

Southern

Corp

884,534‌

1,667

Old

Dominion

Freight

Line

675,685‌

136

(a)

PAM

Transportation

Services,

Inc

2,826‌

580

(a)

Radiant

Logistics,

Inc

3,851‌

1,622

(a)

RXO,

Inc

37,728‌

775

Ryder

System,

Inc

89,172‌

1,291

(b)

Safe

Bulkers,

Inc

5,074‌

468

(a)

Saia,

Inc

205,087‌

932

Schneider

National,

Inc

23,719‌

802

(a)

Skywest,

Inc

41,864‌

10,244

Southwest

Airlines

Co

295,847‌

1,623

(b)

Spirit

Airlines,

Inc

26,601‌

383

(a)

Sun

Country

Airlines

Holdings,

Inc

6,025‌

113

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

TRANSPORTATION—continued

2,215

(a)

TuSimple

Holdings,

Inc

$

1,944‌

32,526

(a)

Uber

Technologies,

Inc

2,002,626‌

1,269

U-Haul

Holding

Co

89,388‌

10,042

Union

Pacific

Corp

2,466,516‌

4,987

(a)

United

Airlines

Holdings,

Inc

205,764‌

11,907

United

Parcel

Service,

Inc

(Class

B)

1,872,138‌

122

Universal

Truckload

Services,

Inc

3,418‌

1,147

Werner

Enterprises,

Inc

48,598‌

1,710

(a)

XPO,

Inc

149,779‌

TOTAL

TRANSPORTATION

13,701,678‌

UTILITIES

-

2

.3

%

11,476

AES

Corp

220,913‌

1,097

Allete,

Inc

67,093‌

4,194

Alliant

Energy

Corp

215,152‌

1,833

(a)

Altus

Power,

Inc

12,519‌

4,249

Ameren

Corp

307,373‌

8,719

American

Electric

Power

Co,

Inc

708,157‌

745

American

States

Water

Co

59,913‌

3,189

American

Water

Works

Co,

Inc

420,916‌

111

Artesian

Resources

Corp

4,601‌

2,236

Atmos

Energy

Corp

259,152‌

1,522

Avangrid,

Inc

49,328‌

1,326

Avista

Corp

47,391‌

1,043

Black

Hills

Corp

56,270‌

1,865

Brookfield

Infrastructure

Corp

65,797‌

2,251

Brookfield

Renewable

Corp

64,806‌

829

(a),(b)

Cadiz,

Inc

2,321‌

934

California

Water

Service

Group

48,447‌

10,119

Centerpoint

Energy,

Inc

289,100‌

358

Chesapeake

Utilities

Corp

37,816‌

545

Clearway

Energy,

Inc

(Class

A)

13,941‌

1,281

Clearway

Energy,

Inc

(Class

C)

35,138‌

4,975

CMS

Energy

Corp

288,898‌

5,807

Consolidated

Edison,

Inc

528,263‌

268

Consolidated

Water

Co,

Inc

9,541‌

5,398

Constellation

Energy

Corp

630,972‌

14,257

Dominion

Energy,

Inc

670,079‌

3,346

DTE

Energy

Co

368,930‌

12,746

Duke

Energy

Corp

1,236,872‌

6,251

Edison

International

446,884‌

3,424

Entergy

Corp

346,475‌

3,872

Essential

Utilities,

Inc

144,619‌

3,619

Evergy,

Inc

188,912‌

5,967

Eversource

Energy

368,283‌

15,967

Exelon

Corp

573,215‌

8,802

FirstEnergy

Corp

322,681‌

572

Genie

Energy

Ltd

16,090‌

765

Global

Water

Resources,

Inc

10,006‌

772

Idacorp,

Inc

75,903‌

685

MGE

Energy,

Inc

49,532‌

240

Middlesex

Water

Co

15,749‌

1,443

(a)

Montauk

Renewables,

Inc

12,857‌

1,427

National

Fuel

Gas

Co

71,593‌

1,561

New

Jersey

Resources

Corp

69,589‌

33,276

NextEra

Energy,

Inc

2,021,184‌

6,737

NiSource,

Inc

178,867‌

666

Northwest

Natural

Holding

Co

25,934‌

812

NorthWestern

Corp

41,323‌

3,514

NRG

Energy,

Inc

181,674‌

3,276

OGE

Energy

Corp

114,431‌

919

ONE

Gas,

Inc

58,559‌

846

Ormat

Technologies,

Inc

64,118‌

Stock

Index

Fund

December

31,

2023

114

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

UTILITIES—continued

743

Otter

Tail

Corp

$

63,133‌

32,774

(e)

PG&E

Corp

590,915‌

1,897

Pinnacle

West

Capital

Corp

136,280‌

1,358

PNM

Resources,

Inc

56,493‌

1,712

Portland

General

Electric

Co

74,198‌

12,260

PPL

Corp

332,246‌

8,110

Public

Service

Enterprise

Group,

Inc

495,927‌

250

(a)

Pure

Cycle

Corp

2,618‌

191

RGC

Resources,

Inc

3,885‌

10,590

Sempra

Energy

791,391‌

505

SJW

Corp

33,002‌

18,219

Southern

Co

1,277,516‌

1,078

Southwest

Gas

Holdings

Inc

68,291‌

880

Spire,

Inc

54,859‌

1,678

(a),(b)

Sunnova

Energy

International,

Inc

25,590‌

3,513

UGI

Corp

86,420‌

537

Unitil

Corp

28,230‌

5,916

Vistra

Corp

227,884‌

5,438

WEC

Energy

Group,

Inc

457,716‌

9,168

Xcel

Energy,

Inc

567,591‌

203

York

Water

Co

7,840‌

TOTAL

UTILITIES

17,500,202‌

TOTAL

COMMON

STOCKS

770,509,955‌

(Cost

$239,539,505)

EXPIRATION

DATE

RIGHTS/WARRANTS

-

0.0%

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0

.0

%

262

Cassava

Sciences,

Inc

11/15/24

1,766‌

854

(c)

Chinook

Therapeutics,

Inc

8‌

145

(c)

Tobira

Therapeutics,

Inc

9‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,783‌

TOTAL

RIGHTS/WARRANTS

1,783‌

(Cost

$9)

TOTAL

LONG-TERM

INVESTMENTS

770,511,738‌

(Cost

$239,539,514)

PRINCIPAL

DESCRIPTION

REFERENCERATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

0.7%

GOVERNMENT

AGENCY

DEBT

-

0

.3

%

$

2,000,000

Federal

Home

Loan

Bank

(FHLB)

0

.000

%

01/08/24

1,997,106‌

TOTAL

GOVERNMENT

AGENCY

DEBT

1,997,106‌

REPURCHASE

AGREEMENT

-

0

.1

%

1,210,000

(f)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

1,210,000‌

TOTAL

REPURCHASE

AGREEMENT

1,210,000‌

TREASURY

DEBT

-

0

.3

%

2,000,000

United

States

Treasury

Bill

0

.000

01/02/24

2,000,000‌

TOTAL

TREASURY

DEBT

2,000,000‌

TOTAL

SHORT-TERM

INVESTMENTS

5,207,106‌

(Cost

$5,207,657)

115

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

RATE

EXP

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.2%

1,406,284

(g)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.360

%

$

1,406,284‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

1,406,284‌

(Cost

$1,406,284)

TOTAL

INVESTMENTS

-

100.2%

777,125,128‌

(Cost

$246,153,455)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(

1,577,646‌

)

NET

ASSETS

-

100.0%

$

775,547,482‌

REIT

Real

Estate

Investment

Trust

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$2,684,013.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(d)

All

or

a

portion

of

these

securities

have

been

segregated

to

cover

margin

requirements

on

open

futures

contracts.

(e)

In

bankruptcy

(f)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$1,210,715

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.125%

and

maturity

date

6/15/26,

valued

at

$1,234,273.

(g)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

S&P

500

E-Mini

Index

22‌

03/15/24

 $

5,156,781‌

$

5,302,000‌

$

145,219‌

International

Equity

Fund

December

31,

2023

Portfolio

of

Investments

116

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

LONG-TERM

INVESTMENTS

-

97.4%

COMMON

STOCKS

-

97.4%

AUSTRALIA

-

6

.4

%

88,423

BHP

Billiton

Ltd

$

3,020,937‌

32,376

Commonwealth

Bank

of

Australia

2,467,601‌

438,705

Glencore

plc

2,637,075‌

39,413

Woodside

Energy

Group

Ltd

832,269‌

TOTAL

AUSTRALIA

8,957,882‌

BRAZIL

-

1

.8

%

256,751

Banco

Bradesco

S.A.

(Preference)

895,339‌

225,600

Itau

Unibanco

Holding

S.A.

1,569,611‌

TOTAL

BRAZIL

2,464,950‌

DENMARK

-

5

.8

%

11,268

DSV

AS

1,979,863‌

58,360

Novo

Nordisk

A.S.

6,047,914‌

TOTAL

DENMARK

8,027,777‌

FINLAND

-

1

.3

%

150,632

Nordea

Bank

Abp

1,870,073‌

TOTAL

FINLAND

1,870,073‌

FRANCE

-

11

.6

%

24,319

Airbus

SE

3,757,003‌

14,845

BNP

Paribas

S.A.

1,030,921‌

16,203

Compagnie

de

Saint-Gobain

1,194,928‌

12,629

Essilor

International

S.A.

2,535,887‌

3,684

Kering

1,631,637‌

2,285

LVMH

Moet

Hennessy

Louis

Vuitton

S.A.

1,856,646‌

33,148

Total

S.A.

2,254,030‌

15,192

Vinci

S.A.

1,911,841‌

TOTAL

FRANCE

16,172,893‌

GERMANY

-

7

.7

%

24,841

Bayer

AG.

921,698‌

29,081

Deutsche

Post

AG.

1,439,394‌

3,335

Dr

ING

hc

F

Porsche

AG.

293,737‌

14,019

HeidelbergCement

AG.

1,253,132‌

32,519

Infineon

Technologies

AG.

1,358,079‌

38,098

RWE

AG.

1,733,951‌

20,112

Siemens

AG.

3,773,198‌

TOTAL

GERMANY

10,773,189‌

INDIA

-

0

.5

%

9,884

HDFC

Bank

Ltd

(ADR)

663,315‌

TOTAL

INDIA

663,315‌

INDONESIA

-

0

.5

%

1,755,400

Bank

Rakyat

Indonesia

652,425‌

TOTAL

INDONESIA

652,425‌

IRELAND

-

2

.2

%

43,547

CRH

plc

3,011,711‌

TOTAL

IRELAND

3,011,711‌

ITALY

-

2

.1

%

151,595

Enel

S.p.A.

1,127,837��

117

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

ITALY—continued

29,799

Moncler

S.p.A

$

1,834,705‌

TOTAL

ITALY

2,962,542‌

JAPAN

-

22

.4

%

27,900

Advantest

Corp

940,106‌

102,800

Daiichi

Sankyo

Co

Ltd

2,814,326‌

52,851

(a)

Hitachi

Ltd

3,801,555‌

363,100

Mitsubishi

UFJ

Financial

Group,

Inc

3,116,171‌

57,640

Nintendo

Co

Ltd

2,999,232‌

36,200

Oriental

Land

Co

Ltd

1,345,492‌

66,300

ORIX

Corp

1,245,192‌

52,700

Recruit

Holdings

Co

Ltd

2,203,446‌

49,900

SBI

Holdings,

Inc

1,119,922‌

40,492

Sony

Corp

3,831,873‌

45,100

(b)

Sumco

Corp

674,659‌

69,500

Sumitomo

Mitsui

Financial

Group,

Inc

3,381,856‌

208,315

Toyota

Motor

Corp

3,817,104‌

TOTAL

JAPAN

31,290,934‌

KOREA,

REPUBLIC

OF

-

1

.6

%

37,383

Samsung

Electronics

Co

Ltd

2,269,028‌

TOTAL

KOREA,

REPUBLIC

OF

2,269,028‌

MEXICO

-

0

.6

%

6,749

Fomento

Economico

Mexicano

SAB

de

C.V.

(ADR)

879,732‌

TOTAL

MEXICO

879,732‌

NETHERLANDS

-

9

.6

%

4,209

ASML

Holding

NV

3,177,321‌

22,140

Heineken

NV

2,249,413‌

158,997

ING

Groep

NV

2,384,086‌

443,844

Koninklijke

KPN

NV

1,529,100‌

123,262

Shell

plc

4,034,866‌

TOTAL

NETHERLANDS

13,374,786‌

NORWAY

-

1

.4

%

63,531

Equinor

ASA

2,013,421‌

TOTAL

NORWAY

2,013,421‌

SPAIN

-

1

.8

%

282,350

Banco

Bilbao

Vizcaya

Argentaria

S.A.

2,573,411‌

TOTAL

SPAIN

2,573,411‌

SWITZERLAND

-

5

.1

%

4,062

Lonza

Group

AG.

1,712,483‌

33,006

Novartis

AG.

3,333,952‌

3,868

Zurich

Insurance

Group

AG

2,022,294‌

TOTAL

SWITZERLAND

7,068,729‌

TAIWAN

-

1

.5

%

20,265

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(ADR)

2,107,560‌

TOTAL

TAIWAN

2,107,560‌

UNITED

KINGDOM

-

8

.8

%

31,698

Ashtead

Group

plc

2,203,237‌

36,013

AstraZeneca

plc

4,857,788‌

371,322

BP

plc

2,201,222‌

18,946

Diageo

plc

687,648‌

18,211

Reckitt

Benckiser

Group

plc

1,256,621‌

22,596

Unilever

plc

1,093,895‌

TOTAL

UNITED

KINGDOM

12,300,411‌

International

Equity

Fund

December

31,

2023

118

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

SHARES

DESCRIPTION

REFERENCERATE

&

SPREAD

VALUE

UNITED

STATES

-

4

.7

%

477,913

Haleon

plc

$

1,956,705‌

8,234

Linde

plc

3,381,786‌

10,959

Nestle

S.A.

1,270,366‌

TOTAL

UNITED

STATES

6,608,857‌

TOTAL

COMMON

STOCKS

136,043,626‌

(Cost

$107,207,264)

TOTAL

LONG-TERM

INVESTMENTS

136,043,626‌

(Cost

$107,207,264)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.4%

REPURCHASE

AGREEMENT

-

1

.0

%

$

1,340,000

(c)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

%

01/02/24

1,340,000‌

TOTAL

REPURCHASE

AGREEMENT

1,340,000‌

TREASURY

DEBT

-

1

.4

%

2,000,000

United

States

Treasury

Bill

0

.000

01/02/24

2,000,000‌

TOTAL

TREASURY

DEBT

2,000,000‌

TOTAL

SHORT-TERM

INVESTMENTS

3,340,000‌

(Cost

$3,339,706)

SHARES

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.5%

694,779

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5

.360

694,779‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

694,779‌

(Cost

$694,779)

TOTAL

INVESTMENTS

-

100.3%

140,078,405‌

(Cost

$111,241,749)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.3)%

(

415,322‌

)

NET

ASSETS

-

100.0%

$

139,663,083‌

ADR

American

Depositary

Receipt

(a)

Non-income

producing

(b)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$661,232.

(c)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$1,340,792

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$1,366,802.

(d)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

Portfolio

of

Investments

Core

Bond

Fund

December

31,

2023

119

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

LONG-TERM

INVESTMENTS

-

96.8%

BANK

LOAN

OBLIGATIONS

-

3.8%

CAPITAL

GOODS

-

0.3%

$

74,146

(a)

Centuri

Group,

Inc

SOFR

12

M

+

2.500%

7.970

%

08/27/28

$

74,239‌

498,750

(a)

Emerson

Climate

Technologies,

Inc

SOFR

12

M

+

3.000%

8.356

05/31/30

501,089‌

95,538

(a)

TransDigm

,

Inc

LIBOR

3

M

+

2.250%

3.250

08/24/28

96,058‌

TOTAL

CAPITAL

GOODS

671,386‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.1%

19,967

(a)

Camelot

Finance

S.A.

SOFR

12

M

+

3.000%

8.470

10/30/26

20,020‌

70,218

(a)

Dun

&

Bradstreet

Corp

SOFR

12

M

+

2.750%

8.205

02/06/26

70,449‌

36,626

(a)

EAB

Global,

Inc

SOFR

12

M

+

3.500%

8.970

08/16/28

36,626‌

21,135

(a)

GFL

Environmental,

Inc

SOFR

4

M

+

2.500%

7.912

05/31/27

21,239‌

86,574

(a)

Trans

Union

LLC

SOFR

12

M

+

1.750%

7.206

11/16/26

86,786‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

235,120‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

17,808

(a)

PetSmart

LLC

SOFR

12

M

+

3.750%

9.206

02/11/28

17,639‌

42,790

(a)

Woof

Holdings,

Inc

SOFR

4

M

+

3.750%

9.360

12/21/27

34,866‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

52,505‌

CONSUMER

DURABLES

&

APPAREL

-

0.1%

97,500

(a)

Hayward

Industries,

Inc

SOFR

12

M

+

2.750%

8.220

05/30/28

97,622‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

97,622‌

CONSUMER

SERVICES

-

0.2%

74,613

(a)

1011778

BC

ULC

SOFR

12

M

+

2.250%

7.606

09/23/30

74,733‌

99,250

(a)

Caesars

Entertainment,

Inc

SOFR

12

M

+

3.250%

8.706

02/06/30

99,645‌

36,117

(a)

Fertitta

Entertainment

LLC

SOFR

12

M

+

4.000%

9.356

01/27/29

36,179‌

97,260

(a)

IRB

Holding

Corp

SOFR

12

M

+

3.000%

8.456

12/15/27

97,538‌

58,052

(a)

Motion

Finco

LLC

SOFR

4

M

+

3.250%

8.860

11/12/26

58,182‌

72,938

(a)

Spin

Holdco,

Inc

SOFR

4

M

+

4.000%

9.625

03/04/28

64,394‌

TOTAL

CONSUMER

SERVICES

430,671‌

ENERGY

-

0.0%

47,204

(a)

Buckeye

Partners

LP

SOFR

1

M

+

2.250%

7.706

11/02/26

47,379‌

19,794

(a)

Oryx

Midstream

Services

Permian

Basin

LLC

SOFR

1

M

+

3.250%

8.694

10/05/28

19,871‌

TOTAL

ENERGY

67,250‌

FINANCIAL

SERVICES

-

0.3%

407,208

(a)

Motion

Finco

LLC

SOFR

4

M

+

3.250%

8.860

11/12/26

408,116‌

96,250

(a)

NFP

Corp

SOFR

12

M

+

3.250%

8.720

02/16/27

96,859‌

40,111

(a)

Trans

Union

LLC

SOFR

12

M

+

2.250%

7.720

12/01/28

40,295‌

TOTAL

FINANCIAL

SERVICES

545,270‌

FOOD,

BEVERAGE

&

TOBACCO

-

0.1%

144,750

(a)

Froneri

US,

Inc

SOFR

12

M

+

2.250%

7.706

01/29/27

145,083‌

114,790

(a)

Triton

Water

Holdings,

Inc

SOFR

4

M

+

3.250%

8.860

03/31/28

113,929‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

259,012‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.7%

524,345

(a)

Bausch

&

Lomb

Corp

SOFR

12

M

+

3.250%

8.710

05/10/27

520,087‌

62,421

(a)

CNT

Holdings

I

Corp

SOFR

4

M

+

3.500%

8.926

11/08/27

62,620‌

97,000

(a)

Global

Medical

Response,

Inc

SOFR

3

M

+

4.250%

4.250

10/02/25

76,468‌

22,153

(a)

ICU

Medical,

Inc

SOFR

4

M

+

2.500%

7.998

01/08/29

22,174‌

38,112

(a)

Mozart

Borrower

LP

SOFR

12

M

+

3.000%

8.470

10/23/28

38,347‌

39,344

(a)

NMN

Holdings

III

Corp

SOFR

12

M

+

3.500%

8.970

11/13/25

38,852‌

8,443

(a)

NMN

Holdings

III

Corp

SOFR

1

M

+

3.750%

8.970

11/13/25

8,338‌

87,360

(a)

Phoenix

Newco

,

Inc

SOFR

12

M

+

3.250%

8.720

11/15/28

87,983‌

614,184

(a)

Surgery

Center

Holdings

INC

SOFR

12

M

+

3.500%

8.856

12/19/30

617,449‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

1,472,318‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.3%

26,367

(a)

Energizer

Holdings,

Inc

SOFR

12

M

+

2.250%

7.721

12/22/27

26,399‌

Core

Bond

Fund

December

31,

2023

120

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

HOUSEHOLD

&

PERSONAL

PRODUCTS—continued

$

496,164

(a)

Kronos

Acquisition

Holdings,

Inc

SOFR

4

M

+

3.750%

9.360

%

12/22/26

$

496,645‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

523,044‌

INSURANCE

-

0.4%

94,806

(a)

Acrisure

LLC

LIBOR

4

M

+

3.500%

9.150

02/15/27

94,781‌

24,743

(a)

BroadStreet

Partners,

Inc

SOFR

12

M

+

3.000%

8.470

01/27/27

24,808‌

11,878

(a)

BroadStreet

Partners,

Inc

SOFR

1

M

+

3.250%

8.720

01/27/27

11,905‌

498,750

(a)

BroadStreet

Partners,

Inc

SOFR

1

M

+

3.750%

9.106

01/26/29

500,880‌

139,669

(a)

Ryan

Specialty

Group

LLC

SOFR

12

M

+

2.750%

8.456

09/01/27

139,786‌

98,320

(a),(b)

USI,

Inc

SOFR

4

M

+

3.000%

8.348

11/22/29

98,635‌

TOTAL

INSURANCE

870,795‌

MATERIALS

-

0.1%

54,995

(a)

Clydesdale

Acquisition

Holdings,

Inc

SOFR

12

M

+

4.175%

9.631

04/13/29

55,304‌

97,500

(a)

Eco

Services

Operations

Corp

SOFR

4

M

+

2.500%

7.983

06/09/28

97,781‌

97,750

(a)

INEOS

US

Petrochem

LLC

SOFR

12

M

+

4.250%

9.706

04/02/29

97,261‌

14,848

(a)

TricorBraun

Holdings,

Inc

SOFR

12

M

+

3.250%

8.720

03/03/28

14,784‌

TOTAL

MATERIALS

265,130‌

MEDIA

&

ENTERTAINMENT

-

0.1%

55,825

(a)

DIRECTV

Financing

LLC

SOFR

4

M

+

5.000%

10.650

08/02/27

55,926‌

32,986

(a)

Lions

Gate

Capital

Holdings

LLC

SOFR

12

M

+

2.250%

7.706

03/24/25

32,971‌

30,729

(a)

Nascar

Holdings

LLC

SOFR

12

M

+

2.500%

7.970

10/19/26

30,884‌

97,244

(a)

Rackspace

Technology

Global,

Inc

SOFR

12

M

+

2.750%

8.230

02/15/28

43,055‌

TOTAL

MEDIA

&

ENTERTAINMENT

162,836‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.3%

74,174

(a)

Elanco

Animal

Health

Inc

SOFR

1

M

+

1.750%

1.750

08/01/27

73,813‌

3,632

(a)

Grifols

Worldwide

Operations

USA,

Inc

SOFR

4

M

+

2.000%

7.538

11/15/27

3,636‌

500,000

(a)

Organon

&

Co

SOFR

12

M

+

3.000%

8.472

06/02/28

501,878‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

579,327‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

55,636

(a)

Cushman

&

Wakefield

US

Borrower

LLC

SOFR

12

M

+

3.250%

8.706

01/31/30

55,323‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

55,323‌

SOFTWARE

&

SERVICES

-

0.2%

34,590

(a)

Boxer

Parent

Co,

Inc

SOFR

12

M

+

4.250%

9.606

12/29/28

34,752‌

38,106

(a)

Epicor

Software

Corp

SOFR

12

M

+

3.250%

8.720

07/30/27

38,287‌

38,112

(a)

Instructure

Holdings,

Inc

SOFR

2

M

+

2.750%

8.679

10/30/28

38,350‌

71,986

(a)

Rocket

Software,

Inc

SOFR

12

M

+

4.750%

10.106

11/28/28

70,861‌

38,211

(a)

Sedgwick

Claims

Management

Services,

Inc

SOFR

12

M

+

3.750%

9.106

02/24/28

38,376‌

74,242

(a)

UKG,

Inc

SOFR

3

M

+

3.250%

3.250

05/04/26

74,539‌

TOTAL

SOFTWARE

&

SERVICES

295,165‌

TELECOMMUNICATION

SERVICES

-

0.0%

50,000

(a)

Virgin

Media

Bristol

LLC

SOFR

12

M

+

2.500%

7.976

01/31/28

49,910‌

TOTAL

TELECOMMUNICATION

SERVICES

49,910‌

TRANSPORTATION

-

0.4%

29,550

(a)

Air

Canada

SOFR

4

M

+

3.500%

9.139

08/11/28

29,677‌

552,685

(a)

Kestrel

Bidco

,

Inc

SOFR

12

M

+

3.000%

8.455

12/11/26

552,599‌

17,500

(a)

Mileage

Plus

Holdings

LLC

SOFR

4

M

+

5.250%

10.770

06/21/27

18,125‌

100,000

(a)

SkyMiles

IP

Ltd

SOFR

4

M

+

3.750%

9.166

10/20/27

102,552‌

TOTAL

TRANSPORTATION

702,953‌

UTILITIES

-

0.2%

164,787

(a),(b)

Talen

Energy

Supply

LLC

SOFR

1

M

+

4.500%

9.869

05/17/30

165,954‌

133,944

(a),(b)

Talen

Energy

Supply

LLC

SOFR

4

M

+

4.500%

9.869

05/17/30

134,893‌

TOTAL

UTILITIES

300,847‌

TOTAL

BANK

LOAN

OBLIGATIONS

7,636,484‌

(Cost

$7,646,704)

121

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

CORPORATE

BONDS

-

38.3%

AUTOMOBILES

&

COMPONENTS

-

0.9%

$

70,000

(c)

Clarios

Global

LP

6.750

%

05/15/28

$

71,415‌

5,000

Dana,

Inc

5.375

11/15/27

4,966‌

25,000

Dana,

Inc

4.250

09/01/30

22,158‌

200,000

Ford

Motor

Credit

Co

LLC

6.950

03/06/26

204,891‌

200,000

Ford

Motor

Credit

Co

LLC

7.350

03/06/30

214,860‌

100,000

General

Motors

Co

6.125

10/01/25

101,344‌

50,000

General

Motors

Co

5.400

10/15/29

50,890‌

350,000

General

Motors

Financial

Co,

Inc

2.750

06/20/25

336,518‌

50,000

General

Motors

Financial

Co,

Inc

6.050

10/10/25

50,569‌

275,000

General

Motors

Financial

Co,

Inc

5.000

04/09/27

274,381‌

75,000

General

Motors

Financial

Co,

Inc

5.850

04/06/30

77,344‌

100,000

Goodyear

Tire

&

Rubber

Co

5.250

04/30/31

91,504‌

200,000

(c)

Hyundai

Capital

Services,

Inc

2.125

04/24/25

191,749‌

150,000

(c)

ZF

North

America

Capital,

Inc

6.875

04/14/28

155,440‌

TOTAL

AUTOMOBILES

&

COMPONENTS

1,848,029‌

BANKS

-

8.5%

200,000

(c)

Banco

de

Credito

e

Inversiones

S.A.

2.875

10/14/31

169,563‌

200,000

Banco

Santander

S.A.

5.294

08/18/27

200,603‌

200,000

Banco

Santander

S.A.

6.921

08/08/33

213,133‌

200,000

Banco

Santander

S.A.

4.750

N/A(d)

168,548‌

200,000

(c)

Bangkok

Bank

PCL

3.466

09/23/36

167,757‌

200,000

(c)

Bank

Hapoalim

BM

3.255

01/21/32

172,952‌

200,000

(c)

Bank

Leumi

Le-Israel

BM

3.275

01/29/31

180,530‌

500,000

Bank

of

America

Corp

5.202

04/25/29

503,093‌

1,000,000

Bank

of

America

Corp

2.592

04/29/31

861,790‌

500,000

Bank

of

America

Corp

5.288

04/25/34

501,151‌

350,000

Bank

of

America

Corp

5.872

09/15/34

366,370‌

350,000

Bank

of

America

Corp

2.676

06/19/41

250,208‌

400,000

Bank

of

America

Corp

6.100

N/A(d)

396,203‌

55,000

Bank

of

Montreal

3.803

12/15/32

50,596‌

100,000

Barclays

plc

2.279

11/24/27

91,881‌

300,000

Barclays

plc

3.330

11/24/42

221,670‌

200,000

Barclays

plc

9.625

N/A(d)

207,750‌

200,000

(c)

BBVA

Bancomer

S.A.

8.450

06/29/38

213,214‌

150,000

(c)

BNP

Paribas

S.A.

2.819

11/19/25

146,161‌

300,000

(c)

BNP

Paribas

S.A.

1.904

09/30/28

266,505‌

200,000

(c)

BNP

Paribas

S.A.

7.750

N/A(d)

204,154‌

200,000

(c)

BNP

Paribas

S.A.

7.375

N/A(d)

200,278‌

500,000

Citigroup,

Inc

3.200

10/21/26

476,766‌

175,000

Citigroup,

Inc

4.300

11/20/26

171,499‌

80,000

Citigroup,

Inc

4.125

07/25/28

76,821‌

140,000

Citigroup,

Inc

2.572

06/03/31

119,590‌

300,000

Citigroup,

Inc

4.910

05/24/33

293,720‌

1,475,000

Citigroup,

Inc

6.270

11/17/33

1,578,266‌

175,000

Citigroup,

Inc

7.625

N/A(d)

178,692‌

100,000

Citigroup,

Inc

4.000

N/A(d)

92,041‌

325,000

(c)

Cooperatieve

Rabobank

UA

1.339

06/24/26

306,348‌

200,000

(c)

Credit

Agricole

S.A.

8.125

N/A(d)

203,685‌

200,000

(c)

Development

Bank

of

Kazakhstan

JSC

5.750

05/12/25

199,901‌

385,000

HSBC

Holdings

plc

4.292

09/12/26

376,856‌

500,000

HSBC

Holdings

plc

2.251

11/22/27

458,935‌

50,000

HSBC

Holdings

plc

2.013

09/22/28

44,513‌

475,000

HSBC

Holdings

plc

7.390

11/03/28

508,980‌

200,000

HSBC

Holdings

plc

8.000

N/A(d)

205,858‌

550,000

HSBC

Holdings

plc

6.000

N/A(d)

525,283‌

200,000

ING

Groep

NV

6.500

N/A(d)

194,777‌

200,000

JPMorgan

Chase

&

Co

2.301

10/15/25

194,885‌

250,000

JPMorgan

Chase

&

Co

3.200

06/15/26

241,221‌

125,000

JPMorgan

Chase

&

Co

4.323

04/26/28

123,142‌

Core

Bond

Fund

December

31,

2023

122

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

BANKS—continued

$

275,000

JPMorgan

Chase

&

Co

3.702

%

05/06/30

$

258,799‌

75,000

JPMorgan

Chase

&

Co

1.953

02/04/32

60,967‌

125,000

JPMorgan

Chase

&

Co

4.912

07/25/33

123,591‌

650,000

JPMorgan

Chase

&

Co

5.350

06/01/34

659,252‌

100,000

JPMorgan

Chase

&

Co

6.254

10/23/34

108,399‌

50,000

JPMorgan

Chase

&

Co

2.525

11/19/41

35,352‌

250,000

JPMorgan

Chase

&

Co

3.157

04/22/42

193,085‌

100,000

JPMorgan

Chase

&

Co

5.000

N/A(d)

98,177‌

363,000

JPMorgan

Chase

&

Co

6.100

N/A(d)

361,008‌

160,000

JPMorgan

Chase

&

Co

3.650

N/A(d)

146,421‌

200,000

Lloyds

Banking

Group

plc

7.500

N/A(d)

195,858‌

250,000

M&T

Bank

Corp

3.500

N/A(d)

183,467‌

200,000

NatWest

Group

plc

5.516

09/30/28

201,061‌

250,000

(c)

NBK

SPC

Ltd

1.625

09/15/27

226,279‌

125,000

PNC

Financial

Services

Group,

Inc

6.200

N/A(d)

121,530‌

200,000

Toronto-Dominion

Bank

4.285

09/13/24

198,350‌

100,000

Toronto-Dominion

Bank

3.625

09/15/31

95,940‌

200,000

Truist

Financial

Corp

4.950

N/A(d)

191,378‌

200,000

UniCredit

SpA

8.000

N/A(d)

198,800‌

100,000

US

Bancorp

4.839

02/01/34

95,784‌

50,000

Wells

Fargo

&

Co

3.750

01/24/24

49,932‌

100,000

Wells

Fargo

&

Co

3.550

09/29/25

97,709‌

375,000

Wells

Fargo

&

Co

2.393

06/02/28

343,472‌

100,000

Wells

Fargo

&

Co

6.303

10/23/29

105,392‌

250,000

Wells

Fargo

&

Co

3.900

N/A(d)

230,989‌

125,000

(e)

Wells

Fargo

&

Co

7.625

N/A(d)

131,164‌

TOTAL

BANKS

17,038,045‌

CAPITAL

GOODS

-

1.6%

500,000

AerCap

Ireland

Capital

DAC

3.000

10/29/28

456,494‌

150,000

AerCap

Ireland

Capital

DAC

3.850

10/29/41

120,808‌

25,000

(c)

Beacon

Roofing

Supply,

Inc

6.500

08/01/30

25,562‌

450,000

Boeing

Co

2.196

02/04/26

425,199‌

200,000

Boeing

Co

2.950

02/01/30

180,185‌

25,000

Boeing

Co

3.250

02/01/35

21,084‌

75,000

Boeing

Co

5.705

05/01/40

77,545‌

150,000

Boeing

Co

5.805

05/01/50

155,333‌

50,000

(c)

Chart

Industries,

Inc

7.500

01/01/30

52,262‌

50,000

(c)

Chart

Industries,

Inc

9.500

01/01/31

54,309‌

200,000

(c)

Embraer

Netherlands

Finance

BV

7.000

07/28/30

209,799‌

62,000

(c)

H&E

Equipment

Services,

Inc

3.875

12/15/28

56,378‌

150,000

L3Harris

Technologies,

Inc

5.400

07/31/33

155,962‌

50,000

Lockheed

Martin

Corp

1.850

06/15/30

42,857‌

175,000

Northrop

Grumman

Corp

3.250

01/15/28

167,226‌

175,000

Raytheon

Technologies

Corp

4.125

11/16/28

170,970‌

50,000

Raytheon

Technologies

Corp

2.250

07/01/30

43,197‌

400,000

Raytheon

Technologies

Corp

6.000

03/15/31

426,117‌

200,000

(c)

Sociedad

Quimica

y

Minera

de

Chile

S.A.

6.500

11/07/33

212,300‌

80,000

(c)

TransDigm

,

Inc

6.875

12/15/30

82,400‌

30,000

(c)

TransDigm

,

Inc

7.125

12/01/31

31,437‌

15,000

(c)

WESCO

Distribution,

Inc

7.250

06/15/28

15,417‌

55,000

(c)

Windsor

Holdings

III

LLC

8.500

06/15/30

57,477‌

TOTAL

CAPITAL

GOODS

3,240,318‌

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.3%

40,000

(c)

ADT

Corp

4.875

07/15/32

37,000‌

15,000

(c)

ASGN,

Inc

4.625

05/15/28

14,250‌

35,000

(c)

Garda

World

Security

Corp

7.750

02/15/28

36,211‌

10,000

(c)

GFL

Environmental,

Inc

4.250

06/01/25

9,852‌

65,000

(c)

GFL

Environmental,

Inc

5.125

12/15/26

64,311‌

20,000

(c)

GFL

Environmental,

Inc

6.750

01/15/31

20,606‌

200,000

(c)

GTCR

W-2

MERGER

SUB

LLC

7.500

01/15/31

211,344‌

123

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES—continued

$

50,000

(c)

Prime

Security

Services

Borrower

LLC

5.750

%

04/15/26

$

50,271‌

26,000

(c)

Prime

Security

Services

Borrower

LLC

3.375

08/31/27

24,107‌

70,000

(c)

Prime

Security

Services

Borrower

LLC

6.250

01/15/28

69,592‌

75,000

Verisk

Analytics,

Inc

3.625

05/15/50

56,717‌

100,000

Waste

Management,

Inc

2.500

11/15/50

66,421‌

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

660,682‌

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.7%

25,000

(c),(e)

Asbury

Automotive

Group,

Inc

4.625

11/15/29

23,140‌

50,000

(c)

Asbury

Automotive

Group,

Inc

5.000

02/15/32

45,440‌

100,000

AutoZone,

Inc

1.650

01/15/31

81,118‌

200,000

Diageo

Capital

plc

2.000

04/29/30

172,730‌

50,000

Kohl's

Corp

4.625

05/01/31

39,250‌

80,000

(c)

LCM

Investments

Holdings

II

LLC

4.875

05/01/29

74,313‌

25,000

(c),(e)

LCM

Investments

Holdings

II

LLC

8.250

08/01/31

26,093‌

45,000

(c)

Lithia

Motors,

Inc

4.625

12/15/27

43,241‌

175,000

Lowe's

Cos,

Inc

4.250

04/01/52

148,154‌

100,000

(c)

Macy's

Retail

Holdings

LLC

5.875

04/01/29

95,994‌

50,000

(c)

Macy's

Retail

Holdings

LLC

6.125

03/15/32

47,308‌

38,000

(c),(e)

Magic

Mergeco

,

Inc

5.250

05/01/28

30,042‌

125,000

O'Reilly

Automotive,

Inc

3.600

09/01/27

120,470‌

100,000

O'Reilly

Automotive,

Inc

4.200

04/01/30

96,337‌

250,000

O'Reilly

Automotive,

Inc

1.750

03/15/31

202,573‌

200,000

(c)

Prosus

NV

4.193

01/19/32

172,514‌

50,000

(c)

Staples,

Inc

7.500

04/15/26

46,521‌

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

1,465,238‌

CONSUMER

DURABLES

&

APPAREL

-

0.0%

8,000

Newell

Brands,

Inc

4.875

06/01/25

7,868‌

50,000

(e)

Newell

Brands,

Inc

6.375

09/15/27

49,642‌

TOTAL

CONSUMER

DURABLES

&

APPAREL

57,510‌

CONSUMER

SERVICES

-

0.2%

150,000

(c)

Churchill

Downs,

Inc

6.750

05/01/31

152,240‌

6,000

(c)

Hilton

Domestic

Operating

Co,

Inc

5.750

05/01/28

6,002‌

74,000

(c)

Hilton

Domestic

Operating

Co,

Inc

3.625

02/15/32

64,580‌

20,000

(c)

International

Game

Technology

plc

4.125

04/15/26

19,439‌

60,000

(c)

International

Game

Technology

plc

6.250

01/15/27

60,891‌

20,000

(c)

LIGHT

&

WONDER

INTER

7.500

09/01/31

20,861‌

25,000

(c),(e)

Marriott

Ownership

Resorts,

Inc

4.500

06/15/29

22,030‌

50,000

(c)

NCL

Corp

Ltd

5.875

03/15/26

48,858‌

50,000

(c)

NCL

Corp

Ltd

8.375

02/01/28

52,945‌

TOTAL

CONSUMER

SERVICES

447,846‌

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.4%

70,000

(c),(e)

Albertsons

Cos,

Inc

6.500

02/15/28

70,836‌

60,000

Kroger

Co

3.875

10/15/46

47,082‌

50,000

SYSCO

Corp

6.000

01/17/34

54,125‌

100,000

SYSCO

Corp

3.150

12/14/51

71,624‌

100,000

Walmart,

Inc

1.050

09/17/26

91,881‌

200,000

Walmart,

Inc

1.800

09/22/31

169,470‌

275,000

Walmart,

Inc

4.500

04/15/53

267,206‌

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

772,224‌

ENERGY

-

3.5%

19,000

(c)

Archrock

Partners

LP

6.250

04/01/28

18,715‌

100,000

Cenovus

Energy,

Inc

2.650

01/15/32

82,867‌

150,000

Cheniere

Energy

Partners

LP

3.250

01/31/32

127,805‌

35,000

(c)

Civitas

Resources,

Inc

8.375

07/01/28

36,538‌

30,000

(c)

Civitas

Resources,

Inc

8.625

11/01/30

31,822‌

40,000

(c)

Civitas

Resources,

Inc

8.750

07/01/31

42,582‌

150,000

Diamondback

Energy,

Inc

4.400

03/24/51

124,073‌

35,000

(c)

DT

Midstream,

Inc

4.125

06/15/29

32,199‌

30,000

(c)

DT

Midstream,

Inc

4.375

06/15/31

27,061‌

Core

Bond

Fund

December

31,

2023

124

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ENERGY—continued

$

45,000

Ecopetrol

S.A.

6.875

%

04/29/30

$

44,594‌

200,000

Ecopetrol

S.A.

4.625

11/02/31

169,670‌

250,000

Enbridge,

Inc

5.700

03/08/33

259,849‌

150,000

Enbridge,

Inc

5.750

07/15/80

138,375‌

33,000

(c)

Energean

Israel

Finance

Ltd

4.875

03/30/26

30,360‌

100,000

Energy

Transfer

LP

2.900

05/15/25

96,895‌

50,000

Energy

Transfer

LP

4.750

01/15/26

49,673‌

150,000

Energy

Transfer

LP

4.950

06/15/28

149,413‌

100,000

Energy

Transfer

LP

6.550

12/01/33

108,530‌

25,000

Energy

Transfer

LP

5.400

10/01/47

23,295‌

100,000

Energy

Transfer

LP

6.250

04/15/49

103,410‌

175,000

Energy

Transfer

LP

5.000

05/15/50

156,025‌

100,000

Energy

Transfer

Operating

LP

5.500

06/01/27

101,218‌

6,000

(c)

EnLink

Midstream

LLC

5.625

01/15/28

5,932‌

80,000

(c)

EnLink

Midstream

LLC

6.500

09/01/30

81,678‌

100,000

Enterprise

Products

Operating

LLC

3.700

02/15/26

98,469‌

100,000

Enterprise

Products

Operating

LLC

3.125

07/31/29

93,532‌

100,000

Enterprise

Products

Operating

LLC

4.250

02/15/48

87,818‌

100,000

Enterprise

Products

Operating

LLC

4.200

01/31/50

86,738‌

100,000

Enterprise

Products

Operating

LLC

3.200

02/15/52

72,870‌

25,000

Enterprise

Products

Operating

LLC

3.300

02/15/53

18,524‌

100,000

(c)

EQM

Midstream

Partners

LP

4.500

01/15/29

94,473‌

25,000

(c)

EQT

Corp

3.125

05/15/26

23,720‌

200,000

(c)

Galaxy

Pipeline

Assets

Bidco

Ltd

2.625

03/31/36

165,110‌

50,000

Genesis

Energy

LP

8.000

01/15/27

50,829‌

50,000

Genesis

Energy

LP

8.250

01/15/29

51,452‌

10,000

(c)

Hilcorp

Energy

I

LP

5.750

02/01/29

9,657‌

25,000

(c)

Hilcorp

Energy

I

LP

6.000

04/15/30

24,245‌

9,000

(c)

Hilcorp

Energy

I

LP

6.000

02/01/31

8,675‌

100,000

(c)

Hilcorp

Energy

I

LP

8.375

11/01/33

105,944‌

100,000

(c)

Kinetik

Holdings

LP

6.625

12/15/28

101,881‌

75,000

Marathon

Petroleum

Corp

3.800

04/01/28

71,677‌

100,000

Marathon

Petroleum

Corp

5.000

09/15/54

88,222‌

150,000

MPLX

LP

1.750

03/01/26

140,315‌

450,000

MPLX

LP

2.650

08/15/30

388,315‌

125,000

MPLX

LP

4.700

04/15/48

107,726‌

34,000

(e)

Murphy

Oil

Corp

5.875

12/01/27

33,827‌

33,000

Occidental

Petroleum

Corp

5.500

12/01/25

32,993‌

200,000

(c)

Oleoducto

Central

S.A.

4.000

07/14/27

185,764‌

100,000

ONEOK,

Inc

4.500

03/15/50

83,720‌

67,000

(c)

Parkland

Corp

4.500

10/01/29

61,404‌

200,000

(c)

Pertamina

Persero

PT

1.400

02/09/26

184,984‌

100,000

Petroleos

Mexicanos

5.950

01/28/31

79,850‌

67,000

Petroleos

Mexicanos

6.700

02/16/32

55,595‌

200,000

(c)

Petronas

Energy

Canada

Ltd

2.112

03/23/28

181,299‌

200,000

Phillips

66

2.150

12/15/30

168,424‌

100,000

Phillips

66

3.300

03/15/52

71,599‌

200,000

(c)

Qatar

Petroleum

2.250

07/12/31

170,058‌

200,000

(c)

S.A.

Global

Sukuk

Ltd

0.946

06/17/24

195,500‌

175,000

Sabine

Pass

Liquefaction

LLC

5.875

06/30/26

178,149‌

200,000

(c)

Saudi

Arabian

Oil

Co

2.250

11/24/30

171,746‌

125,000

Sunoco

Logistics

Partners

Operations

LP

4.000

10/01/27

120,337‌

23,000

Sunoco

LP

4.500

05/15/29

21,365‌

100,000

Targa

Resources

Corp

4.200

02/01/33

91,943‌

25,000

Targa

Resources

Partners

LP

6.500

07/15/27

25,330‌

150,000

TotalEnergies

Capital

International

S.A.

3.127

05/29/50

109,960‌

200,000

TransCanada

Trust

5.500

09/15/79

170,596‌

19,000

(c)

Transocean,

Inc

8.750

02/15/30

19,850‌

40,000

USA

Compression

Partners

LP

6.875

04/01/26

39,831‌

25,000

USA

Compression

Partners

LP

6.875

09/01/27

24,704‌

100,000

(c)

Venture

Global

Calcasieu

Pass

LLC

4.125

08/15/31

88,101‌

125

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ENERGY—continued

$

90,000

(c)

Venture

Global

LNG,

Inc

8.125

%

06/01/28

$

90,891‌

100,000

(c)

Venture

Global

LNG,

Inc

9.875

02/01/32

104,164‌

300,000

(e)

Williams

Cos,

Inc

5.650

03/15/33

313,385‌

TOTAL

ENERGY

7,008,140‌

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.1%

150,000

Agree

LP

2.000

06/15/28

130,072‌

100,000

Alexandria

Real

Estate

Equities,

Inc

3.950

01/15/27

96,711‌

100,000

Alexandria

Real

Estate

Equities,

Inc

3.950

01/15/28

95,937‌

100,000

Alexandria

Real

Estate

Equities,

Inc

4.900

12/15/30

100,120‌

100,000

Alexandria

Real

Estate

Equities,

Inc

1.875

02/01/33

77,847‌

100,000

American

Tower

Corp

2.950

01/15/25

97,561‌

50,000

American

Tower

Corp

3.375

10/15/26

47,896‌

150,000

American

Tower

Corp

3.800

08/15/29

142,401‌

175,000

American

Tower

Corp

2.900

01/15/30

155,733‌

50,000

American

Tower

Corp

2.100

06/15/30

41,941‌

50,000

American

Tower

Corp

1.875

10/15/30

40,984‌

150,000

(e)

Brandywine

Operating

Partnership

LP

4.100

10/01/24

147,040‌

200,000

Brixmor

Operating

Partnership

LP

3.850

02/01/25

195,689‌

100,000

Brixmor

Operating

Partnership

LP

2.250

04/01/28

88,800‌

50,000

Corporate

Office

Properties

LP

2.750

04/15/31

40,414‌

245,000

Crown

Castle,

Inc

2.250

01/15/31

202,874‌

50,000

CubeSmart

LP

2.250

12/15/28

44,150‌

50,000

Equinix

,

Inc

2.150

07/15/30

42,362‌

150,000

Essential

Properties

LP

2.950

07/15/31

117,958‌

50,000

Essex

Portfolio

LP

3.000

01/15/30

44,582‌

110,000

Extra

Space

Storage

LP

2.400

10/15/31

90,746‌

125,000

Federal

Realty

OP

LP

1.250

02/15/26

115,364‌

40,000

(c)

HAT

Holdings

I

LLC

8.000

06/15/27

41,654‌

175,000

Healthcare

Realty

Holdings

LP

3.875

05/01/25

169,771‌

125,000

Healthcare

Realty

Holdings

LP

3.500

08/01/26

119,290‌

50,000

Healthcare

Realty

Holdings

LP

3.100

02/15/30

43,710‌

100,000

Healthcare

Realty

Holdings

LP

2.400

03/15/30

82,113‌

100,000

Healthcare

Realty

Holdings

LP

2.050

03/15/31

77,397‌

100,000

Highwoods

Realty

LP

3.875

03/01/27

92,813‌

50,000

Highwoods

Realty

LP

2.600

02/01/31

38,864‌

155,000

(c)

Iron

Mountain,

Inc

7.000

02/15/29

159,321‌

100,000

Kite

Realty

Group

Trust

4.750

09/15/30

94,164‌

125,000

Mid-America

Apartments

LP

3.750

06/15/24

123,752‌

200,000

Mid-America

Apartments

LP

2.750

03/15/30

174,974‌

100,000

Mid-America

Apartments

LP

1.700

02/15/31

81,079‌

100,000

Mid-America

Apartments

LP

2.875

09/15/51

65,579‌

67,000

MPT

Operating

Partnership

LP

3.500

03/15/31

41,890‌

100,000

NNN

REIT,

Inc

5.600

10/15/33

103,230‌

150,000

Regency

Centers

LP

3.900

11/01/25

145,365‌

100,000

Regency

Centers

LP

3.600

02/01/27

96,147‌

100,000

Regency

Centers

LP

2.950

09/15/29

89,667‌

87,000

SITE

Centers

Corp

3.625

02/01/25

84,527‌

100,000

Weingarten

Realty

Investors

3.250

08/15/26

94,709‌

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4,177,198‌

FINANCIAL

SERVICES

-

3.1%

150,000

AerCap

Ireland

Capital

DAC

1.750

01/30/26

139,294‌

225,000

Bank

of

New

York

Mellon

Corp

4.700

N/A(d)

219,269‌

185,000

Capital

One

Financial

Corp

3.950

N/A(d)

148,266‌

200,000

Charles

Schwab

Corp

5.375

N/A(d)

197,224‌

30,000

(c)

Compass

Group

Diversified

Holdings

LLC

5.250

04/15/29

28,339‌

100,000

(c)

Corebridge

Financial,

Inc

6.050

09/15/33

104,144‌

75,000

Corebridge

Financial,

Inc

5.750

01/15/34

76,662‌

125,000

(c)

Credit

Suisse

Group

AG.

1.305

02/02/27

114,403‌

250,000

(c)

Credit

Suisse

Group

AG.

6.442

08/11/28

259,625‌

150,000

Deutsche

Bank

AG.

5.371

09/09/27

152,110‌

Core

Bond

Fund

December

31,

2023

126

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

FINANCIAL

SERVICES—continued

$

100,000

Deutsche

Bank

AG.

2.311

%

11/16/27

$

91,439‌

150,000

Deutsche

Bank

AG.

6.819

11/20/29

157,927‌

200,000

Deutsche

Bank

AG.

6.000

N/A(d)

180,998‌

150,000

Discover

Bank

2.450

09/12/24

146,442‌

150,000

Discover

Bank

3.450

07/27/26

141,802‌

250,000

Discover

Bank

2.700

02/06/30

211,794‌

100,000

(c)

Equitable

Financial

Life

Global

Funding

1.400

07/07/25

94,264‌

80,000

Fiserv,

Inc

3.500

07/01/29

75,266‌

300,000

Goldman

Sachs

Group,

Inc

3.500

04/01/25

293,177‌

300,000

Goldman

Sachs

Group,

Inc

4.482

08/23/28

294,704‌

280,000

Goldman

Sachs

Group,

Inc

2.615

04/22/32

235,034‌

50,000

Goldman

Sachs

Group,

Inc

4.411

04/23/39

45,212‌

100,000

Goldman

Sachs

Group,

Inc

3.436

02/24/43

78,105‌

150,000

(e)

Goldman

Sachs

Group,

Inc

7.500

N/A(d)

156,734‌

50,000

Icahn

Enterprises

LP

5.250

05/15/27

44,911‌

38,000

Icahn

Enterprises

LP

4.375

02/01/29

31,732‌

200,000

(c)

Indian

Railway

Finance

Corp

Ltd

3.249

02/13/30

180,460‌

68,000

(c)

LPL

Holdings,

Inc

4.000

03/15/29

62,928‌

150,000

Morgan

Stanley

2.720

07/22/25

147,524‌

125,000

Morgan

Stanley

2.188

04/28/26

120,082‌

575,000

Morgan

Stanley

3.125

07/27/26

550,592‌

100,000

Morgan

Stanley

5.449

07/20/29

101,895‌

250,000

Morgan

Stanley

5.250

04/21/34

249,974‌

100,000

Morgan

Stanley

5.424

07/21/34

101,488‌

50,000

Navient

Corp

5.500

03/15/29

46,107‌

60,000

Northern

Trust

Corp

4.600

N/A(d)

57,211‌

15,000

(c)

PennyMac

Financial

Services,

Inc

7.875

12/15/29

15,440‌

200,000

(c)

Power

Finance

Corp

Ltd

3.950

04/23/30

184,668‌

100,000

S&P

Global,

Inc

4.250

05/01/29

99,604‌

15,000

Springleaf

Finance

Corp

5.375

11/15/29

14,046‌

150,000

UBS

Group

AG.

3.750

03/26/25

146,947‌

200,000

(c)

UBS

Group

AG.

1.494

08/10/27

180,709‌

200,000

(c)

UBS

Group

AG.

3.179

02/11/43

147,907‌

50,000

Visa,

Inc

2.700

04/15/40

38,577‌

TOTAL

FINANCIAL

SERVICES

6,165,036‌

FOOD,

BEVERAGE

&

TOBACCO

-

1.1%

149,000

Anheuser-Busch

Cos

LLC

3.650

02/01/26

146,289‌

75,000

Anheuser-Busch

Cos

LLC

4.700

02/01/36

74,755‌

380,000

Anheuser-Busch

InBev

Worldwide,

Inc

4.750

01/23/29

385,906‌

200,000

BAT

Capital

Corp

2.259

03/25/28

178,957‌

100,000

BAT

Capital

Corp

4.906

04/02/30

98,257‌

200,000

BAT

International

Finance

plc

4.448

03/16/28

196,693‌

200,000

(c)

Bimbo

Bakeries

USA,

Inc

6.050

01/15/29

210,358‌

175,000

(c)

Cia

Cervecerias

Unidas

S.A.

3.350

01/19/32

150,675‌

100,000

Constellation

Brands,

Inc

4.400

11/15/25

98,832‌

100,000

Constellation

Brands,

Inc

3.700

12/06/26

97,402‌

100,000

Constellation

Brands,

Inc

3.150

08/01/29

92,937‌

100,000

Constellation

Brands,

Inc

2.875

05/01/30

89,567‌

100,000

Constellation

Brands,

Inc

2.250

08/01/31

84,027‌

100,000

Diageo

Capital

plc

2.125

10/24/24

97,445‌

100,000

Diageo

Capital

plc

2.375

10/24/29

90,030‌

100,000

Kraft

Heinz

Foods

Co

4.375

06/01/46

87,279‌

75,000

(c)

Primo

Water

Holdings,

Inc

4.375

04/30/29

69,105‌

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,248,514‌

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.4%

60,000

Abbott

Laboratories

5.300

05/27/40

64,244‌

100,000

Boston

Scientific

Corp

2.650

06/01/30

89,289‌

35,000

Centene

Corp

2.450

07/15/28

31,171‌

180,000

Centene

Corp

3.000

10/15/30

155,888‌

40,000

(c)

CHS

5.250

05/15/30

33,454‌

127

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES—continued

$

55,000

Cigna

Group

3.200

%

03/15/40

$

42,994‌

400,000

CVS

Health

Corp

1.750

08/21/30

330,424‌

400,000

CVS

Health

Corp

4.780

03/25/38

378,953‌

300,000

CVS

Health

Corp

5.050

03/25/48

280,592‌

50,000

(c)

DaVita,

Inc

4.625

06/01/30

43,620‌

100,000

Elevance

Health,

Inc

2.250

05/15/30

86,579‌

100,000

Elevance

Health,

Inc

5.125

02/15/53

100,129‌

160,000

HCA,

Inc

5.625

09/01/28

163,739‌

100,000

HCA,

Inc

3.625

03/15/32

89,417‌

100,000

HCA,

Inc

5.500

06/15/47

96,272‌

300,000

Humana,

Inc

2.150

02/03/32

246,688‌

50,000

Humana,

Inc

5.875

03/01/33

53,265‌

100,000

McKesson

Corp

5.100

07/15/33

102,765‌

125,000

Medtronic

Global

Holdings

S.C.A

4.250

03/30/28

124,455‌

10,000

Tenet

Healthcare

Corp

4.625

06/15/28

9,543‌

80,000

Tenet

Healthcare

Corp

4.375

01/15/30

74,139‌

240,000

UnitedHealth

Group,

Inc

2.300

05/15/31

207,964‌

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,805,584‌

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.3%

40,000

(c)

Coty,

Inc

6.625

07/15/30

41,092‌

250,000

Haleon

US

Capital

LLC

3.375

03/24/27

240,539‌

250,000

Haleon

US

Capital

LLC

3.625

03/24/32

230,600‌

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

512,231‌

INSURANCE

-

1.7%

62,000

(c)

Acrisure

LLC

4.250

02/15/29

55,983‌

85,000

(c)

Alliant

Holdings

Intermediate

LLC

6.750

04/15/28

86,957‌

200,000

(c)

Allianz

SE

6.350

09/06/53

207,368‌

250,000

Aon

Corp

5.350

02/28/33

256,389‌

175,000

Aon

Global

Ltd

3.500

06/14/24

173,249‌

75,000

Berkshire

Hathaway

Finance

Corp

2.875

03/15/32

67,604‌

75,000

Berkshire

Hathaway

Finance

Corp

3.850

03/15/52

62,667‌

100,000

CNA

Financial

Corp

5.500

06/15/33

103,110‌

500,000

Hartford

Financial

Services

Group,

Inc

2.800

08/19/29

454,017‌

100,000

Hartford

Financial

Services

Group,

Inc

4.300

04/15/43

85,094‌

100,000

Hartford

Financial

Services

Group,

Inc

2.900

09/15/51

66,672‌

55,000

(c)

HUB

International

Ltd

7.250

06/15/30

58,093‌

100,000

(c)

Liberty

Mutual

Group,

Inc

3.951

10/15/50

75,575‌

100,000

(c)

Liberty

Mutual

Group,

Inc

5.500

06/15/52

98,493‌

250,000

MetLife,

Inc

3.600

04/10/24

248,599‌

100,000

MetLife,

Inc

5.000

07/15/52

99,230‌

115,000

MetLife,

Inc

3.850

N/A(d)

108,859‌

150,000

PartnerRe

Finance

B

LLC

4.500

10/01/50

127,686‌

180,000

Prudential

Financial,

Inc

5.200

03/15/44

179,100‌

300,000

Prudential

Financial,

Inc

5.125

03/01/52

281,943‌

100,000

Reinsurance

Group

of

America,

Inc

3.900

05/15/29

95,122‌

200,000

(c)

Swiss

Re

Finance

Luxembourg

S.A.

5.000

04/02/49

191,000‌

300,000

(a),(c)

Vitality

Re

XIV

Ltd

U.S.

Treasury

Bill

3

M

+

3.500%

8.854

01/05/27

299,850‌

TOTAL

INSURANCE

3,482,660‌

MATERIALS

-

1.8%

100,000

Albemarle

Corp

4.650

06/01/27

98,180‌

200,000

(c)

Alpek

SAB

de

C.V.

3.250

02/25/31

171,326‌

150,000

Amcor

Flexibles

North

America,

Inc

2.630

06/19/30

129,665‌

200,000

(e)

Amcor

Flexibles

North

America,

Inc

2.690

05/25/31

172,151‌

200,000

AngloGold

Ashanti

Holdings

plc

3.750

10/01/30

173,883‌

95,000

(c)

Arsenal

AIC

Parent

LLC

8.000

10/01/30

99,119‌

38,000

Ball

Corp

2.875

08/15/30

32,603‌

225,000

Berry

Global,

Inc

1.570

01/15/26

209,024‌

150,000

Berry

Global,

Inc

1.650

01/15/27

135,049‌

200,000

(c)

Celulosa

Arauco

y

Constitucion

S.A.

4.250

04/30/29

186,475‌

200,000

(c)

Cemex

SAB

de

C.V.

5.450

11/19/29

197,217‌

Core

Bond

Fund

December

31,

2023

128

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MATERIALS—continued

$

200,000

(c)

Corp

Nacional

del

Cobre

de

Chile

3.150

%

01/14/30

$

178,150‌

100,000

(c)

FMG

Resources

August

2006

Pty

Ltd

5.875

04/15/30

99,081‌

200,000

(c)

Freeport

Indonesia

PT

5.315

04/14/32

196,116‌

100,000

(c)

Gates

Global

LLC

6.250

01/15/26

99,500‌

35,000

(c)

Mauser

Packaging

Solutions

Holding

Co

7.875

08/15/26

35,619‌

65,000

(c)

Mineral

Resources

Ltd

9.250

10/01/28

69,145‌

100,000

(c)

Nova

Chemicals

Corp

4.875

06/01/24

99,126‌

100,000

Nutrien

Ltd

2.950

05/13/30

90,310‌

200,000

(c)

OCP

S.A.

3.750

06/23/31

171,800‌

200,000

(c)

Orbia

Advance

Corp

SAB

de

C.V.

1.875

05/11/26

183,609‌

19,000

(c)

PolyOne

Corp

5.750

05/15/25

19,001‌

200,000

(c)

POSCO

4.500

08/04/27

196,489‌

30,000

(c)

Sealed

Air

Corp

7.250

02/15/31

31,809‌

15,000

(c)

Summit

Materials

LLC

7.250

01/15/31

15,806‌

50,000

(c)

SunCoke

Energy,

Inc

4.875

06/30/29

44,971‌

200,000

Suzano

Austria

GmbH

3.750

01/15/31

175,408‌

100,000

(c)

Tronox

,

Inc

4.625

03/15/29

88,580‌

200,000

(c)

UltraTech

Cement

Ltd

2.800

02/16/31

169,035‌

TOTAL

MATERIALS

3,568,247‌

MEDIA

&

ENTERTAINMENT

-

1.3%

100,000

(c)

CCO

Holdings

LLC

5.125

05/01/27

96,617‌

100,000

(e)

Charter

Communications

Operating

LLC

4.400

04/01/33

92,288‌

50,000

Charter

Communications

Operating

LLC

5.125

07/01/49

40,607‌

600,000

Charter

Communications

Operating

LLC

4.800

03/01/50

464,443‌

150,000

Comcast

Corp

4.150

10/15/28

147,911‌

300,000

Comcast

Corp

3.200

07/15/36

252,187‌

500,000

Comcast

Corp

2.887

11/01/51

338,226‌

200,000

(c)

CSC

Holdings

LLC

11.250

05/15/28

206,072‌

40,000

(c)

DIRECTV

Holdings

LLC

5.875

08/15/27

37,583‌

15,000

(e)

Lamar

Media

Corp

3.625

01/15/31

13,327‌

33,000

(c)

News

Corp

3.875

05/15/29

30,343‌

110,000

(c)

Sirius

XM

Radio,

Inc

4.000

07/15/28

101,733‌

50,000

(c)

Sirius

XM

Radio,

Inc

4.125

07/01/30

44,554‌

50,000

Time

Warner

Cable

LLC

5.875

11/15/40

45,260‌

200,000

Warnermedia

Holdings,

Inc

3.755

03/15/27

191,636‌

100,000

Warnermedia

Holdings,

Inc

4.054

03/15/29

94,879‌

325,000

Warnermedia

Holdings,

Inc

5.050

03/15/42

286,514‌

25,000

Warnermedia

Holdings,

Inc

5.141

03/15/52

21,459‌

200,000

(e)

Weibo

Corp

3.375

07/08/30

172,464‌

TOTAL

MEDIA

&

ENTERTAINMENT

2,678,103‌

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.3%

150,000

AbbVie,

Inc

4.050

11/21/39

135,442‌

450,000

Amgen,

Inc

5.250

03/02/33

461,355‌

350,000

Amgen,

Inc

5.650

03/02/53

368,230‌

125,000

AstraZeneca

Finance

LLC

1.200

05/28/26

115,666‌

250,000

AstraZeneca

plc

1.375

08/06/30

207,832‌

30,000

(c)

Avantor

Funding,

Inc

4.625

07/15/28

28,994‌

75,000

Danaher

Corp

2.800

12/10/51

51,940‌

100,000

Gilead

Sciences,

Inc

5.550

10/15/53

108,351‌

100,000

Merck

&

Co,

Inc

2.750

12/10/51

68,736‌

200,000

(c)

Organon

Finance  LLC

5.125

04/30/31

170,969‌

100,000

Pfizer

Investment

Enterprises

Pte

Ltd

4.750

05/19/33

100,225‌

600,000

Pfizer

Investment

Enterprises

Pte

Ltd

5.300

05/19/53

612,530‌

150,000

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3.150

10/01/26

138,885‌

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

2,569,155‌

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

28,000

Kennedy-Wilson,

Inc

4.750

03/01/29

23,378‌

29,000

Kennedy-Wilson,

Inc

5.000

03/01/31

23,026‌

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

46,404‌

129

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.7%

$

465,000

(c)

Broadcom,

Inc

4.926

%

05/15/37

$

449,995‌

115,000

NVIDIA

Corp

2.000

06/15/31

98,569‌

100,000

NXP

BV

3.875

06/18/26

97,428‌

100,000

NXP

BV

4.400

06/01/27

98,710‌

100,000

NXP

BV

3.400

05/01/30

91,894‌

125,000

NXP

BV

3.125

02/15/42

93,122‌

250,000

Texas

Instruments,

Inc

5.000

03/14/53

255,931‌

200,000

(c)

TSMC

Global

Ltd

1.000

09/28/27

175,565‌

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

1,361,214‌

SOFTWARE

&

SERVICES

-

0.7%

105,000

Adobe,

Inc

2.300

02/01/30

94,059‌

200,000

(c)

CA

Magnum

Holdings

5.375

10/31/26

186,000‌

100,000

(c)

Microsoft

Corp

1.350

09/15/30

83,264‌

147,000

Microsoft

Corp

2.525

06/01/50

100,353‌

90,000

(c)

NortonLifeLock

,

Inc

6.750

09/30/27

91,559‌

55,000

(c)

Open

Text

Corp

3.875

12/01/29

49,326‌

15,000

(c)

Open

Text

Holdings,

Inc

4.125

02/15/30

13,576‌

250,000

Oracle

Corp

4.900

02/06/33

248,863‌

275,000

Oracle

Corp

5.550

02/06/53

275,077‌

125,000

Roper

Technologies,

Inc

1.400

09/15/27

111,842‌

75,000

Roper

Technologies,

Inc

2.000

06/30/30

63,667‌

200,000

Salesforce,

Inc

2.700

07/15/41

152,762‌

TOTAL

SOFTWARE

&

SERVICES

1,470,348‌

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.5%

165,000

Amphenol

Corp

2.800

02/15/30

150,234‌

175,000

Apple,

Inc

2.450

08/04/26

166,808‌

575,000

Apple,

Inc

2.050

09/11/26

541,639‌

60,000

Apple,

Inc

2.650

02/08/51

41,075‌

80,000

(c)

Imola

Merger

Corp

4.750

05/15/29

76,008‌

50,000

(c)

Sensata

Technologies

BV

4.000

04/15/29

46,466‌

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,022,230‌

TELECOMMUNICATION

SERVICES

-

2.4%

200,000

(c)

America

Movil

SAB

de

C.V.

5.375

04/04/32

185,900‌

564,000

AT&T,

Inc

2.550

12/01/33

459,672‌

150,000

AT&T,

Inc

4.500

05/15/35

142,083‌

150,000

AT&T,

Inc

3.500

06/01/41

119,112‌

730,000

AT&T,

Inc

3.550

09/15/55

524,853‌

250,000

(c)

Bharti

Airtel

Ltd

3.250

06/03/31

220,259‌

200,000

(c)

Empresa

Nacional

de

Telecomunicaciones

S.A.

3.050

09/14/32

159,602‌

200,000

(c)

Millicom

International

Cellular

S.A.

4.500

04/27/31

166,283‌

100,000

Telefonica

Emisiones

S.A.

4.895

03/06/48

88,139‌

20,000

T-Mobile

USA,

Inc

2.250

02/15/26

18,952‌

455,000

T-Mobile

USA,

Inc

2.625

02/15/29

409,625‌

225,000

T-Mobile

USA,

Inc

3.875

04/15/30

213,368‌

575,000

T-Mobile

USA,

Inc

5.050

07/15/33

579,471‌

100,000

T-Mobile

USA,

Inc

3.000

02/15/41

74,836‌

125,000

T-Mobile

USA,

Inc

3.300

02/15/51

90,304‌

1,075,000

Verizon

Communications,

Inc

2.355

03/15/32

894,154‌

200,000

(c)

Vmed

O2

UK

Financing

I

plc

4.750

07/15/31

178,521‌

110,000

Vodafone

Group

plc

4.375

02/19/43

95,889‌

150,000

Vodafone

Group

plc

4.250

09/17/50

124,420‌

TOTAL

TELECOMMUNICATION

SERVICES

4,745,443‌

TRANSPORTATION

-

0.6%

200,000

(c)

Aeropuerto

Internacional

de

Tocumen

S.A.

4.000

08/11/41

150,140‌

65,000

Burlington

Northern

Santa

Fe

LLC

3.050

02/15/51

46,958‌

275,000

Canadian

Pacific

Railway

Co

2.050

03/05/30

235,350‌

100,000

CSX

Corp

3.800

03/01/28

98,223‌

75,000

CSX

Corp

4.250

03/15/29

74,923‌

225,000

(c)

Misc

Capital

Two

Labuan

Ltd

3.625

04/06/25

219,992‌

Core

Bond

Fund

December

31,

2023

130

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

TRANSPORTATION—continued

$

50,000

Union

Pacific

Corp

2.891

%

04/06/36

$

42,204‌

100,000

Union

Pacific

Corp

3.839

03/20/60

81,574‌

160,000

(c)

XPO,

Inc

6.250

06/01/28

161,922‌

TOTAL

TRANSPORTATION

1,111,286‌

UTILITIES

-

3.2%

100,000

AEP

Transmission

Co

LLC

3.100

12/01/26

96,076‌

75,000

AEP

Transmission

Co

LLC

4.000

12/01/46

62,659‌

100,000

AEP

Transmission

Co

LLC

2.750

08/15/51

64,718‌

150,000

AEP

Transmission

Co

LLC

5.400

03/15/53

155,866‌

650,000

Ameren

Illinois

Co

5.900

12/01/52

727,365‌

100,000

American

Water

Capital

Corp

3.000

12/01/26

95,037‌

250,000

American

Water

Capital

Corp

2.800

05/01/30

223,698‌

60,000

American

Water

Capital

Corp

4.000

12/01/46

50,228‌

50,000

American

Water

Capital

Corp

3.750

09/01/47

40,833‌

100,000

American

Water

Capital

Corp

3.450

05/01/50

76,604‌

100,000

Atmos

Energy

Corp

1.500

01/15/31

81,308‌

175,000

(e)

Atmos

Energy

Corp

6.200

11/15/53

205,152‌

125,000

Baltimore

Gas

and

Electric

Co

3.750

08/15/47

98,884‌

50,000

Berkshire

Hathaway

Energy

Co

3.250

04/15/28

47,486‌

100,000

Black

Hills

Corp

3.150

01/15/27

94,305‌

100,000

CenterPoint

Energy

Houston

Electric

LLC

3.000

03/01/32

88,502‌

100,000

Commonwealth

Edison

Co

2.750

09/01/51

64,943‌

58,000

Consumers

Energy

Co

2.650

08/15/52

38,321‌

60,000

Dominion

Energy,

Inc

2.250

08/15/31

49,692‌

190,000

Dominion

Energy,

Inc

3.300

04/15/41

145,125‌

125,000

DTE

Electric

Co

5.400

04/01/53

131,203‌

405,000

Duke

Energy

Corp

3.300

06/15/41

309,973‌

50,000

Duke

Energy

Progress

LLC

2.500

08/15/50

31,409‌

100,000

Edison

International

5.375

N/A(d)

94,580‌

40,000

(c)

Ferrellgas

LP

5.375

04/01/26

39,146‌

44,000

(c)

Ferrellgas

LP

5.875

04/01/29

41,565‌

250,000

Florida

Power

&

Light

Co

4.800

05/15/33

252,802‌

100,000

Florida

Power

&

Light

Co

3.990

03/01/49

85,628‌

75,000

Indiana

Michigan

Power

Co

3.750

07/01/47

57,448‌

200,000

(c)

Israel

Electric

Corp

Ltd

3.750

02/22/32

169,080‌

150,000

MidAmerican

Energy

Co

3.650

04/15/29

143,311‌

95,000

MidAmerican

Energy

Co

3.650

08/01/48

75,240‌

130,000

NextEra

Energy

Capital

Holdings,

Inc

2.250

06/01/30

111,206‌

310,000

NiSource,

Inc

1.700

02/15/31

251,165‌

85,000

(c)

NRG

Energy,

Inc

2.450

12/02/27

76,635‌

50,000

NRG

Energy,

Inc

5.750

01/15/28

49,816‌

100,000

NSTAR

Electric

Co

3.950

04/01/30

95,376‌

100,000

Ohio

Power

Co

4.150

04/01/48

83,341‌

100,000

Ohio

Power

Co

4.000

06/01/49

81,264‌

50,000

ONE

Gas,

Inc

3.610

02/01/24

49,906‌

12,000

(c)

Pattern

Energy

Operations

LP

4.500

08/15/28

11,350‌

100,000

PECO

Energy

Co

3.000

09/15/49

71,083‌

200,000

PECO

Energy

Co

2.800

06/15/50

134,625‌

200,000

(c)

Perusahaan

Listrik

Negara

PT

3.875

07/17/29

188,876‌

125,000

Public

Service

Co

of

Colorado

1.875

06/15/31

102,913‌

125,000

Public

Service

Co

of

Colorado

3.200

03/01/50

89,439‌

100,000

Public

Service

Electric

and

Gas

Co

4.900

12/15/32

101,450‌

500,000

Public

Service

Electric

and

Gas

Co

5.450

08/01/53

539,576‌

28,000

(c)

Superior

Plus

LP

4.500

03/15/29

25,963‌

190,000

(c)

Talen

Energy

Supply

LLC

8.625

06/01/30

201,881‌

75,000

Virginia

Electric

and

Power

Co

2.950

11/15/26

71,593‌

250,000

Wisconsin

Power

and

Light

Co

4.950

04/01/33

250,615‌

TOTAL

UTILITIES

6,526,260‌

TOTAL

CORPORATE

BONDS

77,027,945‌

(Cost

$82,234,674)

131

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

GOVERNMENT

BONDS

-

39.6%

FOREIGN

GOVERNMENT

BONDS

-

2.6%

$

200,000

(c)

Angolan

Government

International

Bond

8.750

%

04/14/32

$

175,597‌

EUR

100,000

(c)

Banque

Ouest

Africaine

de

Developpement

2.750

01/22/33

84,147‌

50,000

(c)

Bermuda

Government

International

Bond

4.750

02/15/29

49,630‌

200,000

(c)

BNG

Bank

NV

2.625

02/27/24

199,012‌

225,000

Brazilian

Government

International

Bond

6.000

10/20/33

225,044‌

200,000

Colombia

Government

International

Bond

8.000

11/14/35

218,696‌

200,000

(c)

Costa

Rica

Government

International

Bond

5.625

04/30/43

183,500‌

200,000

(c)

Dominican

Republic

Government

International

Bond

4.875

09/23/32

181,830‌

13,286

(c)

Ecuador

Government

International

Bond

0.000

07/31/30

3,756‌

79,525

(c)

Ecuador

Government

International

Bond

5.000

07/31/30

36,765‌

56,442

(c)

Ecuador

Government

International

Bond

1.000

07/31/35

20,056‌

200,000

(c)

Egypt

Government

International

Bond

7.053

01/15/32

136,553‌

100,000

European

Investment

Bank

4.875

02/15/36

106,901‌

200,000

(c)

Export-Import

Bank

of

India

2.250

01/13/31

167,094‌

200,000

(c)

Guatemala

Government

Bond

3.700

10/07/33

166,500‌

285,000

(c)

Hong

Kong

Government

International

Bond

4.625

01/11/33

296,787‌

200,000

(c)

Hungary

Government

International

Bond

6.125

05/22/28

207,738‌

140,625

(c)

Iraq

Government

International

Bond

5.800

01/15/28

131,265‌

200,000

Japan

Bank

for

International

Cooperation

2.375

04/20/26

190,555‌

100,000

(c)

Japan

Finance

Organization

for

Municipalities

3.000

03/12/24

99,478‌

300,000

(c)

Jordan

Government

International

Bond

4.950

07/07/25

292,976‌

200,000

(c)

Korea

Electric

Power

Corp

1.125

06/15/25

189,176‌

200,000

(c)

Korea

Hydro

&

Nuclear

Power

Co

Ltd

1.250

04/27/26

183,526‌

200,000

Mexico

Government

International

Bond

5.400

02/09/28

204,704‌

25,000

Mexico

Government

International

Bond

3.250

04/16/30

22,609‌

32,000

Mexico

Government

International

Bond

6.050

01/11/40

32,266‌

275,000

Mexico

Government

International

Bond

4.280

08/14/41

226,986‌

160,000

Panama

Notas

del

Tesoro

3.750

04/17/26

149,931‌

130,000

Peruvian

Government

International

Bond

3.000

01/15/34

109,711‌

140,000

Republic

of

Poland

Government

International

Bond

5.500

04/04/53

145,647‌

300,000

(c)

Republic

of

Uzbekistan

International

Bond

4.750

02/20/24

298,737‌

275,000

(c)

Rwanda

International

Government

Bond

5.500

08/09/31

219,656‌

200,000

(c)

Saudi

Government

International

Bond

3.750

01/21/55

151,954‌

200,000

(c)

Serbia

International

Bond

2.125

12/01/30

160,000‌

TOTAL

FOREIGN

GOVERNMENT

BONDS

5,268,783‌

MORTGAGE

BACKED

-

22.1%

100,000

(a),(c)

Angel

Oak

Mortgage

Trust

2.837

11/25/66

67,806‌

87,317

(a),(c)

Bayview

MSR

Opportunity

Master

Fund

Trust

3.000

10/25/51

73,031‌

1,562,094

(a),(c)

Citigroup

Mortgage

Loan

Trust

0.156

02/25/52

12,154‌

100,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.500%

9.837

01/25/42

103,191‌

310,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8.437

03/25/42

320,460‌

530,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.650%

9.987

06/25/42

575,012‌

55,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.350%

8.687

01/25/43

57,769‌

65,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.100%

8.437

06/25/43

68,026‌

125,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.900%

9.188

07/25/43

127,845‌

65,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.550%

8.887

10/25/43

66,055‌

48,228

(a)

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

30

D

AVG

SOFR

+

5.806%

0.467

03/15/44

4,185‌

162,208

FHLMC

3.500

01/15/47

143,548‌

157,789

FHLMC

4.000

01/15/48

150,791‌

144,684

FHLMC

4.000

03/15/48

136,513‌

107,178

FHLMC

4.000

04/15/48

99,692‌

85,236

(a)

FHLMC

30

D

AVG

SOFR

+

9.737%

1.195

06/15/48

82,945‌

112,127

(a)

FHLMC

30

D

AVG

SOFR

+

9.657%

1.115

10/15/48

103,427‌

812,656

FHLMC

3.000

11/01/49

731,632‌

58,676

FHLMC

3.000

09/25/50

42,919‌

126,672

FHLMC

3.000

10/25/50

91,463‌

456,351

FHLMC

2.500

02/25/51

78,009‌

160,330

FHLMC

2.500

05/25/51

101,571‌

212,062

FHLMC

3.000

11/01/51

191,306‌

Core

Bond

Fund

December

31,

2023

132

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

184,859

FHLMC

3.000

%

11/01/51

$

165,772‌

32,923

FHLMC

3.000

11/01/51

29,842‌

53,892

FHLMC

3.000

11/01/51

48,624‌

645,873

FHLMC

2.500

02/01/52

554,807‌

318,681

FHLMC

2.500

03/01/52

273,720‌

544,932

FHLMC

4.000

04/01/52

515,473‌

388,590

FHLMC

4.500

06/01/52

376,799‌

377,605

FHLMC

4.500

07/01/52

366,147‌

63,492

FHLMC

4.000

08/25/52

53,648‌

127,564

FHLMC

6.000

11/01/52

129,817‌

115,751

FHLMC

3.500

12/01/52

106,142‌

73,275

FHLMC

5.500

02/25/53

73,915‌

482,076

FHLMC

5.500

08/01/53

484,137‌

13,796

Federal

Home

Loan

Mortgage

Corp

Gold

(FGLMC)

5.000

06/01/36

14,039‌

4,445

FGLMC

5.000

07/01/39

4,524‌

126,569

FGLMC

3.500

04/01/45

119,254‌

355,802

FGLMC

3.500

08/01/45

335,466‌

9,331

FGLMC

4.500

06/01/47

9,240‌

227,710

FGLMC

4.000

09/01/47

219,551‌

81,721

FGLMC

3.500

12/01/47

76,798‌

73,121

FGLMC

4.500

08/01/48

72,542‌

77,350

Federal

National

Mortgage

Association

(FNMA)

3.500

06/01/32

74,559‌

103,741

FNMA

3.000

10/01/32

99,072‌

59,716

FNMA

5.000

05/01/35

60,680‌

5,973

FNMA

7.500

07/01/35

5,981‌

68,465

FNMA

5.000

02/01/36

69,570‌

70,332

FNMA

3.000

10/01/39

65,468‌

54,977

FNMA

3.000

05/01/40

50,675‌

104,206

FNMA

5.000

09/01/40

105,896‌

53,499

FNMA

4.000

09/01/42

51,907‌

67,303

(a)

FNMA

30

D

AVG

SOFR

+

5.836%

0.498

09/25/43

8,060‌

36,087

FNMA

4.500

03/01/44

36,022‌

316,654

FNMA

4.000

05/01/44

305,277‌

134,944

FNMA

4.500

10/01/44

133,291‌

247,647

FNMA

4.500

11/01/44

244,613‌

57,368

FNMA

5.000

11/01/44

58,297‌

20,567

FNMA

4.000

01/01/45

19,955‌

284,832

FNMA

3.500

01/01/46

267,207‌

16,105

FNMA

4.000

04/01/46

15,506‌

114,120

FNMA

3.500

07/01/46

107,097‌

282,038

FNMA

3.500

07/01/46

265,893‌

50,641

FNMA

3.000

10/01/46

44,948‌

6,081

FNMA

3.000

11/01/47

5,397‌

135,193

FNMA

3.500

11/01/47

126,798‌

169,925

FNMA

3.500

01/01/48

159,473‌

75,912

FNMA

4.500

01/01/48

74,946‌

71,263

FNMA

4.500

02/01/48

70,357‌

104,526

FNMA

3.500

02/25/48

90,494‌

56,020

FNMA

4.500

05/01/48

55,273‌

41,550

FNMA

4.500

05/01/48

40,983‌

74,737

FNMA

4.000

07/25/48

70,549‌

225,301

FNMA

3.000

07/01/50

202,726‌

157,240

FNMA

2.000

08/25/50

21,731‌

171,993

FNMA

2.000

10/25/50

117,882‌

468,291

FNMA

2.500

11/25/50

66,939‌

85,710

FNMA

3.000

02/25/51

13,783‌

1,157,770

FNMA

2.000

04/01/51

950,551‌

149,288

FNMA

3.000

09/01/51

133,945‌

202,907

FNMA

2.500

11/25/51

26,662‌

436,064

FNMA

2.000

12/01/51

359,723‌

148,459

FNMA

2.000

01/01/52

123,402‌

133

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

80,346

FNMA

2.000

%

02/01/52

$

66,590‌

323,734

FNMA

2.500

02/01/52

278,098‌

448,559

FNMA

2.500

02/01/52

384,341‌

87,431

FNMA

2.500

02/01/52

74,820‌

271,911

FNMA

3.500

02/01/52

252,833‌

319,958

FNMA

2.000

03/01/52

263,103‌

414,198

FNMA

3.000

04/01/52

369,324‌

423,688

FNMA

3.500

05/01/52

390,154‌

735,405

FNMA

3.500

05/01/52

674,786‌

522,421

FNMA

4.000

05/01/52

494,167‌

451,868

FNMA

3.500

06/01/52

414,592‌

160,512

FNMA

3.500

06/01/52

147,740‌

845,719

FNMA

4.000

06/01/52

799,979‌

183,683

FNMA

4.500

06/01/52

178,109‌

1,583,879

FNMA

4.000

07/01/52

1,499,140‌

1,952,576

FNMA

4.000

07/01/52

1,846,868‌

174,537

FNMA

4.500

07/01/52

169,241‌

108,534

FNMA

4.500

07/01/52

105,241‌

752,333

FNMA

4.500

07/01/52

729,505‌

171,461

FNMA

4.500

07/25/52

161,131‌

1,590,196

FNMA

5.000

08/01/52

1,575,258‌

106,570

FNMA

4.500

08/25/52

93,429‌

912,956

FNMA

4.000

09/01/52

863,530‌

2,869,503

FNMA

4.500

09/01/52

2,782,435‌

105,909

FNMA

5.000

09/01/52

104,817‌

78,047

FNMA

4.000

09/25/52

67,501‌

94,922

FNMA

4.000

09/25/52

86,318‌

3,169,563

FNMA

4.000

10/01/52

2,997,888‌

371,141

(b)

FNMA

4.500

10/01/52

359,880‌

250,048

FNMA

5.000

10/01/52

247,698‌

79,331

FNMA

4.500

10/25/52

74,804‌

84,620

FNMA

4.500

10/25/52

82,324‌

249,210

FNMA

4.500

11/01/52

241,648‌

122,603

FNMA

5.500

11/25/52

124,280‌

9,459

FNMA

5.000

01/01/53

9,369‌

398,290

FNMA

5.500

02/01/53

400,035‌

528,506

(b)

FNMA

3.500

03/01/53

484,832‌

163,796

(b)

FNMA

3.500

04/01/53

150,252‌

38,762

FNMA

5.000

06/01/53

38,620‌

662,743

FNMA

5.500

06/01/53

665,422‌

530,729

(b)

FNMA

5.000

08/01/53

525,054‌

490,570

(b)

FNMA

5.500

10/01/53

492,598‌

83,163

(a),(c)

Flagstar

Mortgage

Trust

3.992

10/25/47

74,482‌

3,510

Government

National

Mortgage

Association

(GNMA)

5.000

03/15/34

3,532‌

16,340

GNMA

5.000

06/15/34

16,443‌

1,737

GNMA

5.000

04/15/38

1,744‌

137,851

GNMA

5.000

01/20/40

27,459‌

3,292

GNMA

4.500

04/15/40

3,267‌

59,313

GNMA

2.500

12/20/43

52,629‌

64,988

GNMA

3.000

03/20/45

57,407‌

79,400

GNMA

4.000

06/20/46

9,963‌

130,456

(a)

GNMA

SOFR

1

M

+

5.986%

0.628

03/20/50

18,192‌

238,226

GNMA

3.000

11/20/51

176,512‌

327,367

GNMA

3.000

12/20/51

233,917‌

253,159

GNMA

3.000

01/20/52

184,207‌

36,118

GNMA

2.500

02/20/52

30,498‌

303,011

GNMA

3.000

02/20/52

213,460‌

190,484

GNMA

4.000

04/20/52

161,905‌

226,680

GNMA

5.000

04/20/52

44,315‌

536,944

GNMA

3.000

05/20/52

485,974‌

921,509

GNMA

3.500

07/20/52

857,619‌

Core

Bond

Fund

December

31,

2023

134

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MORTGAGE

BACKED—continued

$

105,820

GNMA

4.000

%

07/20/52

$

91,751‌

551,262

GNMA

4.000

08/20/52

525,993‌

372,500

GNMA

4.500

08/20/52

363,682‌

147,532

GNMA

4.500

09/20/52

136,531‌

153,374

GNMA

4.500

09/20/52

145,884‌

212,705

GNMA

5.000

11/20/52

211,206‌

103,814

GNMA

4.500

02/20/53

97,123‌

83,743

GNMA

5.500

02/20/53

84,469‌

253,706

(a)

GNMA

30

D

AVG

SOFR

+

6.950%

1.612

05/20/53

27,449‌

183,260

(a)

GNMA

30

D

AVG

SOFR

+

23.205%

2.388

08/20/53

194,152‌

98,981

(a)

GNMA

30

D

AVG

SOFR

+

25.350%

4.533

08/20/53

105,487‌

197,070

(a),(c)

GS

Mortgage-Backed

Securities

Trust

3.000

08/26/52

164,828‌

20,381

(a),(c)

JP

Morgan

Mortgage

Trust

3.500

05/25/47

17,989‌

2,317

(a),(c)

JP

Morgan

Mortgage

Trust

4.000

01/25/49

2,111‌

461,724

(a),(c)

JP

Morgan

Mortgage

Trust

0.126

06/25/51

2,431‌

809,025

(a),(c)

JP

Morgan

Mortgage

Trust

0.111

11/25/51

4,277‌

68,767

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

11/25/51

55,186‌

802,340

(a),(c)

JP

Morgan

Mortgage

Trust

0.120

12/25/51

4,476‌

93,874

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

75,334‌

142,395

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

01/25/52

114,272‌

198,763

(a),(c)

JP

Morgan

Mortgage

Trust

0.500

04/25/52

5,516‌

118,558

(a),(c)

JP

Morgan

Mortgage

Trust

3.345

04/25/52

96,779‌

71,135

(a),(c)

JP

Morgan

Mortgage

Trust

3.345

04/25/52

57,137‌

211,669

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

06/25/52

169,864‌

1,193,699

(c)

JP

Morgan

Mortgage

Trust

0.224

07/25/52

11,689‌

219,472

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

07/25/52

176,126‌

310,269

(a),(c)

JP

Morgan

Mortgage

Trust

3.250

07/25/52

266,011‌

335,062

(a),(c)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

280,243‌

180,146

(a),(c)

JP

Morgan

Mortgage

Trust

3.000

10/25/52

150,673‌

114,025

(a),(c)

JP

Morgan

Mortgage

Trust

3.000

11/25/52

95,370‌

92,721

(a),(c)

JP

Morgan

Mortgage

Trust

5.000

06/25/53

88,726‌

92,721

(a),(c)

JP

Morgan

Mortgage

Trust

5.500

06/25/53

90,131‌

120,286

(a),(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

08/25/51

96,529‌

126,768

(a),(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

110,709‌

103,277

(a),(c)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2.500

09/25/51

82,880‌

100,000

(a),(c)

New

Residential

Mortgage

Loan

Trust

2.986

09/25/59

83,572‌

100,000

(a),(c)

NLT

Trust

2.569

08/25/56

67,277‌

106,662

(a),(c)

OBX

3.000

01/25/52

89,211‌

220,408

(a),(c)

RCKT

Mortgage

Trust

2.500

02/25/52

176,877‌

90,666

(a),(c)

RCKT

Mortgage

Trust

4.000

06/25/52

81,142‌

6,740

(a),(c)

Sequoia

Mortgage

Trust

4.000

06/25/49

6,257‌

32,186

(a),(c)

Sequoia

Mortgage

Trust

3.500

12/25/49

28,366‌

83,367

(a),(c)

Sequoia

Mortgage

Trust

2.500

06/25/51

66,902‌

25,000

(a),(c)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

4.750%

10.087

02/25/42

25,925‌

365,000

(a),(c)

STACR

30

D

AVG

SOFR

+

2.900%

8.237

04/25/42

375,507‌

95,000

(a),(c)

STACR

30

D

AVG

SOFR

+

5.650%

8.647

04/25/42

100,929‌

435,000

(a),(c)

STACR

30

D

AVG

SOFR

+

3.350%

8.687

05/25/42

453,234‌

620,000

(a),(c)

STACR

30

D

AVG

SOFR

+

4.500%

9.837

06/25/42

668,854‌

280,000

(a),(c)

STACR

30

D

AVG

SOFR

+

4.000%

9.337

07/25/42

294,147‌

290,000

(a),(c)

STACR

30

D

AVG

SOFR

+

3.700%

9.037

09/25/42

305,594‌

1,573

(a),(c)

STACR

3.787

02/25/48

1,476‌

2,721

(a),(c)

STACR

3.842

05/25/48

2,612‌

230,000

(a),(c)

STACR

30

D

AVG

SOFR

+

4.800%

10.137

10/25/50

257,898‌

100,000

(a),(c)

Verus

Securitization

Trust

3.207

11/25/59

90,944‌

25,900

(c)

Verus

Securitization

Trust

1.733

05/25/65

24,075‌

82,053

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

08/25/51

68,628‌

95,673

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.314

08/25/51

78,116‌

203,846

(a),(c)

Woodward

Capital

Management

3.000

05/25/52

170,495‌

TOTAL

MORTGAGE

BACKED

44,403,526‌

135

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

MUNICIPAL

BONDS

-

0.4%

$

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

3.264

%

09/01/25

$

194,597‌

200,000

City

&

County

of

San

Francisco

CA

Community

Facilities

District

4.038

09/01/34

184,512‌

170,000

New

York

State

Dormitory

Authority

4.294

07/01/44

153,972‌

300,000

State

of

Oregon

Department

of

Administrative

Services

4.103

05/01/39

271,128‌

TOTAL

MUNICIPAL

BONDS

804,209‌

U.S.

TREASURY

SECURITIES

-

14.5%

1,100,000

United

States

Treasury

Bond

3.125

11/15/41

956,484‌

1,535,700

United

States

Treasury

Bond

3.000

11/15/45

1,263,473‌

1,615,000

United

States

Treasury

Bond

2.875

11/15/46

1,293,199‌

765,000

United

States

Treasury

Bond

3.000

05/15/47

624,820‌

176,000

United

States

Treasury

Bond

3.375

11/15/48

153,354‌

1,219,920

(f)

United

States

Treasury

Inflation

Indexed

Bonds

0.500

04/15/24

1,204,528‌

500,000

United

States

Treasury

Note

4.875

11/30/25

505,176‌

150,000

United

States

Treasury

Note

1.375

10/31/28

133,506‌

994,000

United

States

Treasury

Note

3.500

04/30/30

971,519‌

245,000

United

States

Treasury

Note

4.875

10/31/30

259,126‌

600,000

United

States

Treasury

Note

4.500

11/15/33

629,906‌

300,000

United

States

Treasury

Note

2.250

05/15/41

228,504‌

500,000

United

States

Treasury

Note

2.000

11/15/41

361,660‌

5,111,800

United

States

Treasury

Note

2.375

02/15/42

3,922,108‌

200,000

United

States

Treasury

Note

4.000

11/15/42

194,367‌

5,005,000

United

States

Treasury

Note

3.875

02/15/43

4,771,955‌

4,118,000

(e)

United

States

Treasury

Note

4.750

11/15/43

4,417,198‌

6,833,000

United

States

Treasury

Note

4.125

08/15/53

6,906,668‌

250,000

United

States

Treasury

Note

4.750

11/15/53

280,352‌

TOTAL

U.S.

TREASURY

SECURITIES

29,077,903‌

TOTAL

GOVERNMENT

BONDS

79,554,421‌

(Cost

$82,969,224)

STRUCTURED

ASSETS

-

15.1%

ASSET

BACKED

-

5.7%

250,000

(a),(c)

AIMCO

CLO

16

Ltd

SOFR

3

M

+

1.912%

7.314

01/17/35

249,957‌

Series

-

2021

16A

(Class

B)

250,000

AmeriCredit

Automobile

Receivables

Trust

2.130

03/18/26

241,200‌

Series

-

2020

2

(Class

D)

250,000

AmeriCredit

Automobile

Receivables

Trust

1.490

09/18/26

236,384‌

Series

-

2020

3

(Class

D)

250,000

AmeriCredit

Automobile

Receivables

Trust

1.210

12/18/26

233,591‌

Series

-

2021

1

(Class

D)

100,000

(c)

AMSR

Trust

3.148

01/19/39

92,737‌

Series

-

2019

SFR1

(Class

C)

100,000

(c)

AMSR

Trust

3.247

01/19/39

92,485‌

Series

-

2019

SFR1

(Class

D)

105,436

(c)

Apollo

aviation

securitization

2.798

01/15/47

90,562‌

Series

-

2021

2A

(Class

A)

122,118

(c)

BRE

Grand

Islander

Timeshare

Issuer

LLC

3.280

09/26/33

116,563‌

Series

-

2019

A

(Class

A)

93,165

(c)

Capital

Automotive

REIT

1.440

08/15/51

82,959‌

Series

-

2021

1A

(Class

A1)

99,521

(c)

Capital

Automotive

REIT

1.920

08/15/51

87,888‌

Series

-

2021

1A

(Class

A3)

1,250,000

Carmax

Auto

Owner

Trust

1.280

07/15/27

1,177,322‌

Series

-

2021

1

(Class

D)

97,500

(c)

Cars

Net

Lease

Mortgage

Notes

Series

2.010

12/15/50

83,149‌

Series

-

2020

1A

(Class

A1)

98,500

(c)

Cars

Net

Lease

Mortgage

Notes

Series

3.100

12/15/50

84,190‌

Series

-

2020

1A

(Class

A3)

100,000

(c)

Cars

Net

Lease

Mortgage

Notes

Series

4.690

12/15/50

85,330‌

Series

-

2020

1A

(Class

B1)

Core

Bond

Fund

December

31,

2023

136

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

24,094

Carvana

Auto

Receivables

Trust

1.720

%

09/11/28

$

22,712‌

Series

-

2021

N4

(Class

C)

345,000

(c)

Carvana

Auto

Receivables

Trust

4.130

12/11/28

333,993‌

Series

-

2022

N1

(Class

D)

250,000

(a),(c)

Cayuga

Park

CLO

Ltd

SOFR

3

M

+

1.912%

1.000

07/17/34

249,412‌

Series

-

2020

1A

(Class

B1R)

144,702

(a),(c)

CBRE

Realty

Finance

LIBOR

3

M

+

0.300%

5.200

04/07/52

362‌

Series

-

2007

1A

(Class

A2)

2,358

Centex

Home

Equity

5.540

01/25/32

2,308‌

Series

-

2002

A

(Class

AF6)

449,726

(c)

CF

Hippolyta

LLC

1.690

07/15/60

415,623‌

Series

-

2020

1

(Class

A1)

218,835

(c)

CF

Hippolyta

LLC

1.990

07/15/60

186,470‌

Series

-

2020

1

(Class

A2)

89,945

(c)

CF

Hippolyta

LLC

2.280

07/15/60

82,309‌

Series

-

2020

1

(Class

B1)

235,612

(c)

CF

Hippolyta

LLC

1.530

03/15/61

210,593‌

Series

-

2021

1A

(Class

A1)

235,612

(c)

CF

Hippolyta

LLC

1.980

03/15/61

199,829‌

Series

-

2021

1A

(Class

B1)

230,000

(c)

Cologix

Data

Centers

US

Issuer

LLC

3.300

12/26/51

206,986‌

Series

-

2021

1A

(Class

A2)

119,688

(c)

DB

Master

Finance

LLC

4.352

05/20/49

115,324‌

Series

-

2019

1A

(Class

A23)

196,000

(c)

DB

Master

Finance

LLC

2.045

11/20/51

178,119‌

Series

-

2021

1A

(Class

A2I)

98,000

(c)

DB

Master

Finance

LLC

2.493

11/20/51

87,157‌

Series

-

2021

1A

(Class

A2II)

27,622

(c)

Diamond

Resorts

Owner

Trust

2.050

11/21/33

25,832‌

Series

-

2021

1A

(Class

B)

325,500

(c)

Domino's

Pizza

Master

Issuer

LLC

4.474

10/25/45

318,364‌

Series

-

2015

1A

(Class

A2II)

213,750

(c)

Domino's

Pizza

Master

Issuer

LLC

4.116

07/25/48

207,667‌

Series

-

2018

1A

(Class

A2I)

146,250

(c)

Domino's

Pizza

Master

Issuer

LLC

2.662

04/25/51

129,284‌

Series

-

2021

1A

(Class

A2I)

21,681

(a),(c)

Ellington

Loan

Acquisition

Trust

SOFR

1

M

+

1.214%

6.570

05/25/37

21,427‌

Series

-

2007

2

(Class

A2C)

115,780

(c)

FNA

VI

LLC

1.350

01/10/32

105,648‌

Series

-

2021

1A

(Class

A)

250,000

(a),(c)

Gracie

Point

International

Funding

30

D

AVG

SOFR

+

3.350%

8.691

07/01/24

251,235‌

Series

-

2022

2A

(Class

B)

184,074

(a),(c)

GRACIE

POINT

INTERNATIONAL

FUNDING

30

D

AVG

SOFR

+

2.750%

0.000

04/01/24

184,492‌

Series

-

2022

1A

(Class

B)

60,323

(c)

HERO

Funding

Trust

3.190

09/20/48

52,429‌

Series

-

2017

3A

(Class

A1)

60,323

(c)

HERO

Funding

Trust

3.950

09/20/48

53,863‌

Series

-

2017

3A

(Class

A2)

150,000

(c)

Hertz

Vehicle

Financing

LLC

1.560

12/26/25

144,491‌

Series

-

2021

1A

(Class

B)

58,228

(c)

Hilton

Grand

Vacations

Trust

2.340

07/25/33

55,412‌

Series

-

2019

AA

(Class

A)

3,657

(a)

Home

Equity

Asset

Trust

SOFR

1

M

+

1.614%

3.986

06/25/33

3,476‌

Series

-

2003

1

(Class

M1)

343,988

(c)

Horizon

Aircraft

Finance

II

Ltd

3.721

07/15/39

303,391‌

Series

-

2019

1

(Class

A)

213,572

(c)

Horizon

Aircraft

Finance

III

Ltd

3.425

11/15/39

167,653‌

Series

-

2019

2

(Class

A)

100,000

(c)

Hpefs

Equipment

Trust

4.430

09/20/29

98,234‌

Series

-

2022

2A

(Class

C)

137

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

99,995

(a),(c)

Invitation

Homes

Trust

SOFR

1

M

+

1.364%

6.726

%

01/17/38

$

99,752‌

Series

-

2018

SFR4

(Class

B)

250,000

(a),(c)

Madison

Park

Funding

LIX

Ltd

SOFR

3

M

+

2.362%

7.757

01/18/34

250,609‌

Series

-

2021

59A

(Class

C)

250,000

(a),(c)

Massachusetts

St

SOFR

3

M

+

1.912%

7.305

01/15/35

250,612‌

Series

-

2021

3A

(Class

B)

74,551

(c)

MVW

LLC

1.830

05/20/39

68,199‌

Series

-

2021

2A

(Class

B)

59,775

(c)

MVW

Owner

Trust

3.450

01/21/36

58,828‌

Series

-

2018

1A

(Class

A)

52,917

(c)

MVW

Owner

Trust

3.000

11/20/36

50,838‌

Series

-

2019

1A

(Class

B)

27,636

(c)

Navient

Private

Education

Refi

Loan

Trust

1.310

01/15/69

25,295‌

Series

-

2020

HA

(Class

A)

114,394

(c)

Navient

Student

Loan

Trust

3.390

12/15/59

109,321‌

Series

-

2019

BA

(Class

A2A)

250,000

(a),(c)

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II

30

D

AVG

SOFR

+

1.800%

7.138

05/25/27

250,202‌

Series

-

2022

1

(Class

B)

250,000

(a),(c)

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

CME

Term

SOFR

3

Month

+

1.322%

6.715

04/16/33

250,315‌

Series

-

2021

40A

(Class

A)

250,000

(a),(c)

Neuberger

Berman

Loan

Advisers

Clo

40

Ltd

SOFR

3

M

+

1.662%

7.055

04/16/33

247,945‌

Series

-

2021

40A

(Class

B)

232,940

(c)

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

1.480

01/20/51

208,129‌

Series

-

2021

1A

(Class

A1)

96,431

(c)

Oak

Street

Investment

Grade

Net

Lease

Fund

Series

2.380

11/20/51

85,116‌

Series

-

2021

2A

(Class

A1)

250,000

(a),(c)

OHA

Credit

Funding

10

Ltd

SOFR

3

M

+

1.912%

7.307

01/18/36

250,615‌

Series

-

2021

10A

(Class

B)

150,000

(c)

OneMain

Financial

Issuance

Trust

1.750

09/14/35

138,200‌

Series

-

2020

2A

(Class

A)

127,399

(c)

Oportun

Funding

XIV

LLC

1.210

03/08/28

121,585‌

Series

-

2021

A

(Class

A)

65,385

(a),(c)

PNMSR

2018-GT1

A

Mtge

SOFR

1

M

+

3.515%

8.871

08/25/25

65,469‌

Series

-

2018

GT2

(Class

A)

152,685

(c)

Settlement

Fee

Finance

LLC

3.840

11/01/49

150,789‌

Series

-

2019

1A

(Class

A)

25,530

(c)

Sierra

Timeshare

Receivables

Funding

LLC

3.200

01/20/36

25,321‌

Series

-

2019

1A

(Class

A)

23,636

(c)

Sierra

Timeshare

Receivables

Funding

LLC

0.990

11/20/37

22,272‌

Series

-

2021

1A

(Class

A)

23,636

(c)

Sierra

Timeshare

Receivables

Funding

LLC

1.340

11/20/37

22,287‌

Series

-

2021

1A

(Class

B)

23,636

(c)

Sierra

Timeshare

Receivables

Funding

LLC

1.790

11/20/37

22,258‌

Series

-

2021

1A

(Class

C)

65,212

(c)

SoFi

Professional

Loan

Program

LLC

2.840

01/25/41

63,271‌

Series

-

2017

F

(Class

A2FX)

175,000

(c)

Stack

Infrastructure

Issuer

LLC

1.893

08/25/45

162,002‌

Series

-

2020

1A

(Class

A2)

250,000

(c)

Stack

Infrastructure

Issuer

LLC

1.877

03/26/46

227,838‌

Series

-

2021

1A

(Class

A2)

4,343

(a)

Structured

Asset

Investment

Loan

Trust

SOFR

1

M

+

1.014%

6.370

09/25/34

4,107‌

Series

-

2004

8

(Class

M1)

93,750

(c)

Taco

Bell

Funding

LLC

4.970

05/25/46

92,299‌

Series

-

2016

1A

(Class

A23)

127,725

(c)

Taco

Bell

Funding

LLC

1.946

08/25/51

114,468‌

Series

-

2021

1A

(Class

A2I)

98,250

(c)

Taco

Bell

Funding

LLC

2.294

08/25/51

84,309‌

Series

-

2021

1A

(Class

A2II)

250,000

(a),(c)

TICP

CLO

VIII

Ltd

SOFR

3

M

+

1.962%

7.377

10/20/34

249,711‌

Series

-

2017

8A

(Class

A2R)

Core

Bond

Fund

December

31,

2023

138

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

ASSET

BACKED—continued

$

282,724

(c)

Wendy's

Funding

LLC

2.370

%

06/15/51

$

243,761‌

Series

-

2021

1A

(Class

A2I)

TOTAL

ASSET

BACKED

11,384,135‌

OTHER

MORTGAGE

BACKED

-

9.4%

108,244

(a),(c)

Agate

Bay

Mortgage

Trust

3.500

09/25/45

95,886‌

Series

-

2015

6

(Class

A9)

500,000

(c)

BANK

2.500

10/17/52

262,917‌

Series

-

2019

BN21

(Class

D)

200,000

(c)

BBCMS

Trust

4.197

08/10/35

183,569‌

Series

-

2015

SRCH

(Class

A2)

400,000

Benchmark

Mortgage

Trust

4.267

03/15/52

360,570‌

Series

-

2019

B9

(Class

AS)

800,000

Benchmark

Mortgage

Trust

2.224

08/15/54

656,157‌

Series

-

2021

B28

(Class

A5)

500,000

(a)

Benchmark

Mortgage

Trust

2.244

08/15/54

363,906‌

Series

-

2021

B28

(Class

B)

250,000

(a),(c)

CF

Mortgage

Trust

3.603

04/15/52

163,408‌

Series

-

2020

P1

(Class

A2)

272,970

CFCRE

Commercial

Mortgage

Trust

3.644

12/10/54

266,348‌

Series

-

2016

C7

(Class

ASB)

5,547

(a)

CHL

Mortgage

Pass-Through

Trust

5.003

02/20/35

5,528‌

Series

-

2004

HYB9

(Class

1A1)

250,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

3.518

05/10/35

231,744‌

Series

-

2013

375P

(Class

B)

100,000

(a),(c)

Citigroup

Commercial

Mortgage

Trust

4.476

07/10/47

86,213‌

Series

-

2014

GC23

(Class

D)

276,000

Citigroup

Commercial

Mortgage

Trust

3.199

08/10/56

221,401‌

Series

-

2019

GC41

(Class

B)

24,723

COMM

Mortgage

Trust

2.853

10/15/45

22,658‌

Series

-

2012

CR4

(Class

A3)

932,261

(a),(c)

COMM

Mortgage

Trust

3.599

06/10/46

865,749‌

Series

-

2013

CR8

(Class

B)

500,000

COMM

Mortgage

Trust

4.377

05/10/47

458,336‌

Series

-

2014

CR17

(Class

B)

500,000

(a),(c)

COMM

Mortgage

Trust

4.767

06/10/47

263,130‌

Series

-

2014

UBS3

(Class

D)

650,000

COMM

Mortgage

Trust

4.080

08/10/47

627,978‌

Series

-

2014

CR19

(Class

AM)

300,000

(a)

COMM

Mortgage

Trust

3.603

03/10/48

287,277‌

Series

-

2015

CR22

(Class

AM)

200,000

(a),(c)

COMM

Mortgage

Trust

4.067

03/10/48

158,397‌

Series

-

2015

CR22

(Class

D)

550,000

(a)

COMM

Mortgage

Trust

4.183

05/10/48

522,610‌

Series

-

2015

CR23

(Class

B)

200,000

(a)

COMM

Mortgage

Trust

4.287

05/10/48

180,027‌

Series

-

2015

CR23

(Class

C)

500,000

COMM

Mortgage

Trust

3.696

08/10/48

483,735‌

Series

-

2015

CR24

(Class

A5)

250,000

COMM

Mortgage

Trust

3.984

10/10/48

239,416‌

Series

-

2015

CR27

(Class

AM)

600,000

(a)

COMM

Mortgage

Trust

4.158

10/10/48

574,537‌

Series

-

2015

LC23

(Class

AM)

380,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.500%

8.837

03/25/42

397,766‌

Series

-

2022

R03

(Class

1M2)

105,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.000%

8.337

04/25/42

107,014‌

Series

-

2022

R05

(Class

2M2)

580,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.850%

9.187

05/25/42

610,830‌

Series

-

2022

R06

(Class

1M2)

183,000

(a),(c)

Connecticut

Avenue

Securities

Trust

SOFR

+

3.600%

8.937

07/25/42

192,170‌

Series

-

2022

R08

(Class

1M2)

139

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

465,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

4.750%

10.087

%

09/25/42

$

504,010‌

Series

-

2022

R09

(Class

2M2)

360,000

(a),(c)

Connecticut

Avenue

Securities

Trust

30

D

AVG

SOFR

+

3.750%

9.087

12/25/42

381,064‌

Series

-

2023

R01

(Class

1M2)

101,980

(a),(c)

Credit

Suisse

Mortgage

Capital

Certificates

2.405

10/25/66

84,108‌

Series

-

2021

NQM8

(Class

A3)

200,000

DBJPM

Mortgage

Trust

2.340

08/15/53

157,492‌

Series

-

2020

C9

(Class

AM)

2,541

(a),(c)

Flagstar

Mortgage

Trust

4.000

09/25/48

2,379‌

Series

-

2018

5

(Class

A11)

169,328

(a),(c)

Flagstar

Mortgage

Trust

2.500

06/01/51

135,886‌

Series

-

2021

4

(Class

A21)

3,267

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

4.000

11/25/49

3,021‌

Series

-

2019

PJ2

(Class

A4)

30,017

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

01/25/51

25,408‌

Series

-

2020

PJ4

(Class

A4)

679,198

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

0.269

03/27/51

7,279‌

Series

-

2020

PJ5

(Class

AX1)

103,169

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

03/27/51

87,776‌

Series

-

2020

PJ5

(Class

A4)

63,675

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

05/25/51

51,099‌

Series

-

2020

PJ6

(Class

A4)

1,692,682

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

0.148

08/25/51

11,527‌

Series

-

2021

PJ3

(Class

AX1)

163,269

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

2.500

10/25/51

131,023‌

Series

-

2021

PJ5

(Class

A4)

174,127

(a),(c)

GS

Mortgage-Backed

Securities

Corp

Trust

3.000

06/25/52

145,638‌

Series

-

2022

PJ2

(Class

A36)

76,351

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.500

07/25/51

61,272‌

Series

-

2021

PJ2

(Class

A4)

236,113

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.500

11/25/51

189,927‌

Series

-

2021

PJ6

(Class

A4)

151,519

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

121,594‌

Series

-

2021

PJ8

(Class

A4)

314,622

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.500

01/25/52

252,483‌

Series

-

2021

PJ7

(Class

A4)

94,046

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.722

01/25/52

72,030‌

Series

-

2021

PJ7

(Class

B2)

172,208

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.500

03/25/52

138,197‌

Series

-

2021

PJ10

(Class

A4)

128,987

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.500

05/01/52

111,840‌

Series

-

2022

PJ1

(Class

A8)

94,495

(a),(c)

GS

Mortgage-Backed

Securities

Trust

2.832

05/28/52

73,726‌

Series

-

2022

PJ1

(Class

B2)

107,429

(a),(c)

GS

Mortgage-Backed

Securities

Trust

3.000

07/25/52

89,852‌

Series

-

2022

INV1

(Class

A4)

170,701

(a),(c)

GS

Mortgage-Backed

Securities

Trust

3.000

09/25/52

142,772‌

Series

-

2022

HP1

(Class

A4)

129,069

(a),(c)

GS

Mortgage-Backed

Securities

Trust

3.000

10/25/52

107,952‌

Series

-

2022

PJ5

(Class

A36)

111,818

(a),(c)

GS

Mortgage-Backed

Securities

Trust

3.000

01/25/53

93,523‌

Series

-

2022

PJ6

(Class

A24)

142,074

(a),(c)

GS

Mortgage-Backed

Securities

Trust

3.500

02/25/53

123,423‌

Series

-

2023

PJ1

(Class

A24)

23,858

(a)

HarborView

Mortgage

Loan

Trust

SOFR

1

M

+

0.734%

6.090

08/19/45

21,801‌

Series

-

2005

11

(Class

2A1A)

400,000

(c)

Hudson

Yards

Mortgage

Trust

2.835

08/10/38

372,105‌

Series

-

2016

10HY

(Class

A)

31,831

(a),(c)

Imperial

Fund

Mortgage

Trust

2.051

10/25/55

28,859‌

Series

-

2020

NQM1

(Class

A3)

Core

Bond

Fund

December

31,

2023

140

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

37,971

(a),(c)

JP

Morgan

Mortgage

Trust

LIBOR

1

M

-

0.000%

6.678

%

12/25/44

$

36,374‌

Series

-

2015

1

(Class

B1)

21,688

(a),(c)

JP

Morgan

Mortgage

Trust

3.500

09/25/48

18,882‌

Series

-

2018

3

(Class

A13)

87,682

(a),(c)

JP

Morgan

Mortgage

Trust

3.500

10/25/48

75,691‌

Series

-

2018

5

(Class

A13)

43,456

(a),(c)

JP

Morgan

Mortgage

Trust

3.684

10/26/48

42,310‌

Series

-

2017

5

(Class

A2)

2,014

(a),(c)

JP

Morgan

Mortgage

Trust

4.000

02/25/49

1,833‌

Series

-

2018

9

(Class

A13)

2,058

(a),(c)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

1,896‌

Series

-

2019

1

(Class

A3)

7,339

(a),(c)

JP

Morgan

Mortgage

Trust

4.000

05/25/49

6,725‌

Series

-

2019

1

(Class

A15)

14,593

(a),(c)

JP

Morgan

Mortgage

Trust

SOFR

1

M

+

1.064%

6.420

10/25/49

14,145‌

Series

-

2019

INV1

(Class

A11)

96,386

(a),(c)

JP

Morgan

Mortgage

Trust

3.823

06/25/50

83,265‌

Series

-

2020

1

(Class

B2)

567,708

(a),(c)

JP

Morgan

Mortgage

Trust

0.139

07/25/51

3,757‌

Series

-

2021

3

(Class

AX1)

393,491

(a),(c)

JP

Morgan

Mortgage

Trust

0.131

08/25/51

2,450‌

Series

-

2021

4

(Class

AX1)

46,767

(a),(c)

JP

Morgan

Mortgage

Trust

2.881

08/25/51

36,296‌

Series

-

2021

4

(Class

B2)

632,039

(a),(c)

JP

Morgan

Mortgage

Trust

0.137

10/25/51

4,080‌

Series

-

2021

6

(Class

AX1)

106,657

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

10/25/51

85,592‌

Series

-

2021

6

(Class

A15)

206,549

(a),(c)

JP

Morgan

Mortgage

Trust

0.400

12/25/51

4,464‌

Series

-

2021

INV2

(Class

AX4)

83,477

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

12/25/51

66,990‌

Series

-

2021

10

(Class

A15)

79,005

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

02/25/52

63,401‌

Series

-

2021

12

(Class

A15)

58,768

(a),(c)

JP

Morgan

Mortgage

Trust

2.500

05/25/52

47,161‌

Series

-

2021

14

(Class

A15)

48,189

(a),(c)

JP

Morgan

Mortgage

Trust

2.927

05/25/52

38,848‌

Series

-

2021

LTV2

(Class

A3)

222,427

(a),(c)

JP

Morgan

Mortgage

Trust

3.000

08/25/52

185,482‌

Series

-

2022

2

(Class

A25)

112,239

(a),(c)

JP

Morgan

Mortgage

Trust

3.000

09/25/52

93,596‌

Series

-

2022

INV3

(Class

A6)

348,332

(a),(c)

JP

Morgan

Mortgage

Trust

3.500

09/25/52

302,604‌

Series

-

2022

LTV2

(Class

A6)

120,270

(a),(c)

JP

Morgan

Mortgage

Trust

3.000

12/25/52

100,593‌

Series

-

2022

7

(Class

1A17)

43,646

(a),(c)

JP

Morgan

Mortgage

Trust

4.000

12/25/52

39,061‌

Series

-

2022

7

(Class

2A6A)

500,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

3.917

05/15/48

479,062‌

Series

-

2015

C29

(Class

AS)

400,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.118

05/15/48

374,997‌

Series

-

2015

C29

(Class

B)

500,000

JPMBB

Commercial

Mortgage

Securities

Trust

4.106

08/15/48

468,599‌

Series

-

2015

C31

(Class

AS)

450,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

4.622

08/15/48

374,274‌

Series

-

2015

C31

(Class

B)

500,000

(a),(c)

JPMBB

Commercial

Mortgage

Securities

Trust

4.202

03/17/49

404,134‌

Series

-

2016

C1

(Class

D1)

115,000

(a)

JPMDB

Commercial

Mortgage

Securities

Trust

3.858

03/15/50

93,654‌

Series

-

2017

C5

(Class

AS)

141

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

500,000

(a),(c)

Manhattan

West

2.335

%

09/10/39

$

439,893‌

Series

-

2020

1MW

(Class

B)

43,216

(a)

Merrill

Lynch

Mortgage

Investors

Trust

SOFR

1

M

+

0.634%

2.278

01/25/37

40,618‌

Series

-

2006

WMC1

(Class

A1B)

31,876

(a)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

4.384

02/15/47

31,769‌

Series

-

2014

C14

(Class

AS)

424,429

(a),(c)

Natixis

Commercial

Mortgage

Securities

Trust

SOFR

1

M

+

1.579%

5.915

07/15/36

385,714‌

Series

-

2019

MILE

(Class

A)

207,695

(a),(c)

OBX

Trust

2.500

07/25/51

166,675‌

Series

-

2021

J2

(Class

A19)

179,930

(a),(c)

OBX

Trust

4.000

10/25/52

161,029‌

Series

-

2022

INV5

(Class

A13)

12,736

(a),(c)

OBX

Trust

SOFR

1

M

+

0.764%

4.658

06/25/57

12,177‌

Series

-

2018

1

(Class

A2)

83,731

(a),(c)

Oceanview

Mortgage

Trust

2.500

05/25/51

67,194‌

Series

-

2021

1

(Class

A19)

450,000

(c)

One

Bryant

Park

Trust

2.516

09/15/54

381,891‌

Series

-

2019

OBP

(Class

A)

90,666

(a),(c)

RCKT

Mortgage

Trust

3.500

06/25/52

78,764‌

Series

-

2022

4

(Class

A22)

9,289

(a),(c)

Sequoia

Mortgage

Trust

3.500

05/25/45

8,418‌

Series

-

2015

2

(Class

A1)

14,577

(a),(c)

Sequoia

Mortgage

Trust

3.500

02/25/47

12,763‌

Series

-

2017

2

(Class

A19)

27,689

(a),(c)

Sequoia

Mortgage

Trust

3.500

03/25/48

24,507‌

Series

-

2018

3

(Class

A1)

44,092

(a),(c)

Sequoia

Mortgage

Trust

3.000

04/25/50

36,875‌

Series

-

2020

3

(Class

A19)

102,789

(a),(c)

Sequoia

Mortgage

Trust

5.000

01/25/53

98,014‌

Series

-

2023

1

(Class

A19)

12,354

(a),(c)

Shellpoint

Co-Originator

Trust

3.500

04/25/47

10,890‌

Series

-

2017

1

(Class

A19)

70,000

(a),(c)

Structured

Agency

Credit

Risk

Debt

Note

(STACR)

30

D

AVG

SOFR

+

4.350%

9.687

04/25/42

73,709‌

Series

-

2022

DNA3

(Class

M2)

111,382

(a),(c)

Verus

Securitization

Trust

2.240

10/25/66

92,785‌

Series

-

2021

7

(Class

A3)

295,000

(c)

Wells

Fargo

Commercial

Mortgage

Trust

3.153

09/15/57

258,653‌

Series

-

2015

NXS3

(Class

D)

1,927

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

4.000

04/25/49

1,801‌

Series

-

2019

2

(Class

A17)

12,914

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

09/25/49

11,327‌

Series

-

2019

4

(Class

A1)

86,820

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

07/25/50

72,417‌

Series

-

2020

4

(Class

A17)

193,120

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

2.500

06/25/51

154,979‌

Series

-

2021

2

(Class

A17)

88,805

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.000

03/25/52

74,276‌

Series

-

2022

INV1

(Class

A18)

Core

Bond

Fund

December

31,

2023

142

See

Notes

to

Financial

Statements

Portfolio

of

Investments

(continued)

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

OTHER

MORTGAGE

BACKED—continued

$

111,007

(a),(c)

Wells

Fargo

Mortgage

Backed

Securities

Trust

3.500

%

03/25/52

$

96,434‌

Series

-

2022

INV1

(Class

A17)

TOTAL

OTHER

MORTGAGE

BACKED

18,962,131‌

TOTAL

STRUCTURED

ASSETS

30,346,266‌

(Cost

$33,294,789)

SHARES

REFERENCERATE

&

SPREAD

PREFERRED

STOCKS

-

0.0%

FINANCIAL

SERVICES

-

0.0%

2,600

Morgan

Stanley

68,043‌

TOTAL

FINANCIAL

SERVICES

68,043‌

TOTAL

PREFERRED

STOCKS

68,043‌

(Cost

$65,000)

TOTAL

LONG-TERM

INVESTMENTS

194,633,159‌

(Cost

$206,210,391)

PRINCIPAL

RATE

MATURITY

DATE

SHORT-TERM

INVESTMENTS

-

2.2%

REPURCHASE

AGREEMENT

-

2.2%

$

4,340,000

(g)

Fixed

Income

Clearing

Corp

(FICC)

5.320

01/02/24

4,340,000‌

TOTAL

REPURCHASE

AGREEMENT

4,340,000‌

TOTAL

SHORT-TERM

INVESTMENTS

4,340,000‌

(Cost

$4,340,000)

SHARES

EXP

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

2.8%

5,615,042

(h)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360

5,615,042‌

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

5,615,042‌

(Cost

$5,615,042)

TOTAL

INVESTMENTS

-

101.8%

204,588,201‌

(Cost

$216,165,433)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.8)%

(3,693,754‌)

NET

ASSETS

-

100.0%

$

200,894,447‌

AVG

Average

CME

Chicago

Mercantile

Exchange

D

Day

EUR

Euro

LIBOR

London

Interbank

Offered

Rate

M

Month

REIT

Real

Estate

Investment

Trust

SOFR

Secure

Overnight

Financing

Rate

(a)

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.

(b)

When-issued

or

delayed

delivery

security.

(c)

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.

(d)

Perpetual

security

(e)

All

or

a

portion

of

these

securities

are

out

on

loan.

The

aggregate

value

of

securities

on

loan

is

$5,799,981.

(f)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(g)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$4,342,565

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$4,426,831.

(h)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

143

See

Notes

to

Financial

Statements

Forward

Foreign

Currency

Contracts

Currency

Purchased

Receive

Currency

Sold

Deliver

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

$

75,949

EUR

71,334

JPMorgan

Chase

Bank

01/16/24

  $

(2,990‌)

EUR

Euro

Credit

Default

Swaps

-

Centrally

Cleared

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-NAHYS41V2-5Y

Credit

event

as

specified

in

contract

5.000%

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

$990,000‌

$(59,400‌)

$(7,295‌)

$(52,105‌)

CDX-NAHYS41V2-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

10,890,000‌

(653,394‌)

(85,114‌)

(568,280‌)

CDX-NAHYS41V2-5Y

Credit

event

as

specified

in

contract

5.000

Citigroup

Global

Markets,

Inc

Quarterly

12/20/28

990,000‌

(59,400‌)

(53,956‌)

(5,444‌)

Total

$(772,194‌)

$(146,365‌)

$

(625,829‌)

*  

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

December

31,

2023

Portfolio

of

Investments

144

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

SHORT-TERM

INVESTMENTS

-

101.2%

GOVERNMENT

AGENCY

DEBT

-

9

.1

%

$

625,000‌

Federal

Agricultural

Mortgage

Corp

(FAMC)

0

.000

%

01/24/24

$

622,884‌

100,000‌

Federal

Farm

Credit

Bank

(FFCB)

2

.610

02/27/24

99,555‌

200,000‌

Federal

Home

Loan

Bank

(FHLB)

0

.000

01/12/24

199,675‌

150,000‌

FHLB

0

.000

01/17/24

149,644‌

250,000‌

FHLB

0

.000

01/19/24

249,332‌

100,000‌

FHLB

0

.000

01/29/24

99,589‌

1,450,000‌

FHLB

0

.000

01/31/24

1,443,620‌

140,000‌

FHLB

0

.000

02/02/24

139,341‌

625,000‌

FHLB

0

.000

02/08/24

621,792‌

625,000‌

FHLB

0

.000

02/09/24

621,763‌

2,475,000‌

FHLB

0

.000

02/15/24

2,458,814‌

1,000,000‌

FHLB

5

.160

02/16/24

999,509‌

100,000‌

FHLB

0

.000

02/21/24

99,252‌

500,000‌

FHLB

0

.000

02/23/24

496,113‌

100,000‌

FHLB

0

.000

02/27/24

99,164‌

200,000‌

FHLB

0

.000

02/28/24

198,289‌

200,000‌

FHLB

0

.000

03/01/24

198,235‌

500,000‌

FHLB

0

.000

03/06/24

495,423‌

100,000‌

FHLB

3

.250

03/08/24

99,600‌

100,000‌

FHLB

4

.750

03/08/24

99,860‌

100,000‌

FHLB

5

.320

03/08/24

99,971‌

100,000‌

FHLB

0

.000

03/13/24

98,936‌

100,000‌

FHLB

0

.000

03/22/24

98,803‌

1,100,000‌

FHLB

0

.000

03/27/24

1,086,173‌

50,000‌

FHLB

1

.000

04/25/24

49,297‌

1,000,000‌

FHLB

5

.450

06/11/24

1,000,000‌

100,000‌

Federal

Home

Loan

Mortgage

Corp

(FHLMC)

0

.000

02/12/24

99,383‌

TOTAL

GOVERNMENT

AGENCY

DEBT

12,024,017‌

REPURCHASE

AGREEMENT

-

24

.7

%

32,570,000‌

(a)

Fixed

Income

Clearing

Corp

(FICC)

5

.320

01/02/24

32,570,000‌

TOTAL

REPURCHASE

AGREEMENT

32,570,000‌

TREASURY

DEBT

-

42

.3

%

4,525,000‌

United

States

Treasury

Bill

0

.000

01/02/24

4,524,333‌

3,000,000‌

United

States

Treasury

Bill

0

.000

01/16/24

2,993,363‌

2,720,000‌

United

States

Treasury

Bill

0

.000

01/18/24

2,713,157‌

2,000,000‌

United

States

Treasury

Bill

0

.000

01/23/24

1,993,523‌

3,750,000‌

United

States

Treasury

Bill

0

.000

01/25/24

3,736,786‌

2,800,000‌

United

States

Treasury

Bill

0

.000

01/30/24

2,788,155‌

2,500,000‌

United

States

Treasury

Bill

0

.000

02/06/24

2,486,812‌

1,650,000‌

United

States

Treasury

Bill

0

.000

02/08/24

1,640,808‌

4,150,000‌

United

States

Treasury

Bill

0

.000

02/13/24

4,123,780‌

1,650,000‌

United

States

Treasury

Bill

0

.000

02/15/24

1,642,512‌

4,030,000‌

United

States

Treasury

Bill

0

.000

02/20/24

4,000,505‌

2,200,000‌

United

States

Treasury

Bill

0

.000

02/27/24

2,181,925‌

12,900,000‌

United

States

Treasury

Bill

0

.000

02/29/24

12,788,365‌

1,500,000‌

United

States

Treasury

Bill

0

.000

03/14/24

1,483,948‌

1,300,000‌

United

States

Treasury

Bill

0

.000

03/19/24

1,285,193‌

1,850,000‌

United

States

Treasury

Bill

0

.000

03/21/24

1,828,320‌

500,000‌

United

States

Treasury

Bill

0

.000

03/26/24

493,783‌

2,000,000‌

United

States

Treasury

Bill

0

.000

04/16/24

1,969,083‌

725,000‌

United

States

Treasury

Bill

0

.000

10/03/24

696,036‌

500,000‌

United

States

Treasury

Note

0

.750

11/15/24

480,867‌

TOTAL

TREASURY

DEBT

55,851,254‌

VARIABLE

RATE

SECURITIES

-

25

.1

%

225,000‌

(b)

Federal

Agricultural

Mortgage

Corp

(FAMC)

SOFR

+

0.100%

5

.500

02/12/24

225,005‌

145

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

REFERENCE

RATE

&

SPREAD

RATE

MATURITY

DATE

VALUE

VARIABLE

RATE

SECURITIES—continued

$

250,000‌

(b)

Federal

Farm

Credit

Bank

(FFCB)

SOFR

+

0.055%

5

.455

%

01/03/24

$

250,000‌

146,000‌

(b)

FFCB

SOFR

+

0.120%

5

.520

01/22/24

146,005‌

100,000‌

(b)

FFCB

SOFR

+

0.040%

5

.440

01/25/24

99,999‌

125,000‌

(b)

FFCB

SOFR

+

0.045%

5

.445

02/20/24

125,000‌

100,000‌

(b)

FFCB

SOFR

+

0.040%

5

.440

03/04/24

100,000‌

225,000‌

(b)

FFCB

SOFR

+

0.050%

5

.450

04/12/24

225,000‌

1,250,000‌

(b)

Federal

Home

Loan

Bank

(FHLB)

SOFR

+

0.030%

5

.430

01/03/24

1,250,000‌

3,250,000‌

(b)

FHLB

SOFR

+

0.030%

5

.430

01/05/24

3,250,000‌

1,100,000‌

(b)

FHLB

SOFR

+

0.030%

5

.430

01/08/24

1,100,000‌

3,000,000‌

(b)

FHLB

SOFR

+

0.030%

5

.430

01/12/24

3,000,000‌

2,250,000‌

(b)

FHLB

SOFR

+

0.030%

5

.430

01/16/24

2,250,000‌

2,250,000‌

(b)

FHLB

SOFR

+

0.030%

5

.430

01/17/24

2,250,000‌

2,000,000‌

(b)

FHLB

SOFR

+

0.035%

5

.435

01/19/24

2,000,000‌

1,250,000‌

(b)

FHLB

SOFR

+

0.035%

5

.435

01/25/24

1,250,000‌

1,875,000‌

(b)

FHLB

SOFR

+

0.035%

5

.435

01/25/24

1,875,000‌

500,000‌

(b)

FHLB

SOFR

+

0.040%

5

.440

01/26/24

500,000‌

2,000,000‌

(b)

FHLB

SOFR

+

0.040%

5

.440

01/29/24

2,000,000‌

750,000‌

(b)

FHLB

SOFR

+

0.040%

5

.440

02/16/24

750,000‌

2,000,000‌

(b)

FHLB

SOFR

+

0.055%

5

.455

02/16/24

2,000,067‌

1,800,000‌

(b)

FHLB

SOFR

+

0.040%

5

.440

02/20/24

1,800,000‌

500,000‌

(b)

FHLB

SOFR

+

0.045%

5

.445

02/23/24

500,000‌

1,100,000‌

(b)

FHLB

SOFR

+

0.045%

5

.445

02/28/24

1,100,000‌

800,000‌

(b)

FHLB

SOFR

+

0.050%

5

.450

03/04/24

800,000‌

500,000‌

(b)

FHLB

SOFR

+

0.050%

5

.450

03/25/24

500,000‌

1,250,000‌

(b)

FHLB

SOFR

+

0.050%

5

.450

03/28/24

1,250,000‌

1,500,000‌

(b)

United

States

Treasury

Floating

Rate

Note

US

Treasury

Bill

3

M

-

0.075%

5

.256

04/30/24

1,499,343‌

1,000,000‌

(b)

United

States

Treasury

Floating

Rate

Note

US

Treasury

Bill

3

M

+

0.037%

5

.368

07/31/24

999,763‌

TOTAL

VARIABLE

RATE

SECURITIES

33,095,182‌

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$133,540,453)

133,540,453‌

TOTAL

INVESTMENTS

-

101.2%

133,540,453‌

(Cost

$133,540,453)

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.2)%

(

1,631,678‌

)

NET

ASSETS

-

100.0%

$

131,908,775‌

M

Month

SOFR

Secure

Overnight

Financing

Rate

(a)

Agreement

with

Fixed

Income

Clearing

Corp

(FICC),

5.320%

dated

12/29/23

to

be

repurchased

at

$32,589,252

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.500%

and

maturity

date

7/15/26,

valued

at

$33,221,478.

(b)

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.

Balanced

Fund

December

31,

2023

Portfolio

of

Investments

146

See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

TIAA-CREF

LIFE

FUNDS—100.0%(a)

FIXED

INCOME—49.8%

3,692,159

TIAA-CREF

Life

Core

Bond

Fund

$

33,783,255‌

TOTAL

FIXED

INCOME

33,783,255‌

INTERNATIONAL

EQUITY—10.0%

738,942

TIAA-CREF

Life

International

Equity

Fund

6,827,828‌

TOTAL

INTERNATIONAL

EQUITY

6,827,828‌

U.S.

EQUITY—40.1%

369,766

TIAA-CREF

Life

Growth

Equity

Fund

6,615,111‌

375,557

TIAA-CREF

Life

Growth

&

Income

Fund

6,805,089‌

306,849

TIAA-CREF

Life

Large-Cap

Value

Fund

5,639,885‌

99,478

TIAA-CREF

Life

Real

Estate

Securities

Fund

1,357,874‌

98,927

TIAA-CREF

Life

Small-Cap

Equity

Fund

1,348,371‌

138,858

TIAA-CREF

Life

Stock

Index

Fund

5,439,065‌

TOTAL

U.S.

EQUITY

27,205,395‌

TOTAL

TIAA-CREF

LIFE

FUNDS

67,816,478‌

(Cost

$59,441,837)

TOTAL

INVESTMENTS—99.9%

67,816,478‌

(Cost

$59,441,837)

OTHER

ASSETS

&

LIABILITIES,

NET—0.1%

64,516‌

NET

ASSETS—100.0%

$

67,880,994‌

(a)

The

Fund

invests

its

assets

in

the

affiliated

TIAA-CREF

Life

Funds.

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

148

December

31,

2023

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

*†

$

156,149,048‌

$

182,795,256‌

$

80,242,718‌

$

69,988,636‌

Affiliated

investments,

at

value

‡

–‌

–‌

–‌

–‌

Short-term

investments,

at

value

#

1,560,000‌

1,460,000‌

–‌

360,000‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

–‌

–‌

Cash

1,011‌

7,805‌

–‌

2,392‌

Cash

collateral

at

brokers

for

investments

in

mortgage

dollar

rolls

–‌

–‌

–‌

–‌

Cash

collateral

at

brokers

for

investments

in

swaps

contracts

–‌

–‌

–‌

–‌

Receivables:

Dividends

70,796‌

97,537‌

59,334‌

297,702‌

Interest

692‌

647‌

–‌

160‌

Investments

sold

18,209‌

–‌

281,833‌

–‌

Reclaims

2,566‌

5,700‌

200‌

–‌

Reimbursement

from

Adviser

7,561‌

10,549‌

8,284‌

6,566‌

Shares

sold

38,307‌

4,813‌

1,635‌

785‌

Variation

margin

on

centrally

cleared

swap

contracts

–‌

–‌

–‌

–‌

Other

9,441‌

21,425‌

9,214‌

10,061‌

Total

assets

157,857,631‌

184,403,732‌

80,603,218‌

70,666,302‌

LIABILITIES

Due

to

affiliates

1,712‌

1,737‌

1,659‌

1,653‌

Cash

overdraft

–‌

–‌

13,248‌

–‌

Payables:

Management

fees

59,370‌

69,212‌

30,260‌

29,367‌

Collateral

from

securities

lending

–‌

–‌

–‌

–‌

Investments

purchased

-

regular

settlement

26,266‌

35‌

–‌

–‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

–‌

–‌

–‌

–‌

Shares

redeemed

277,054‌

574,763‌

134,109‌

163,550‌

Variation

margin

on

futures

contracts

–‌

–‌

–‌

–‌

Variation

margin

on

centrally

cleared

swap

contracts

–‌

–‌

–‌

–‌

Unrealized

depreciation

on

forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

Accrued

expenses:

Custodian

fees

9,017‌

4,073‌

3,973‌

3,582‌

Professional

fees

5,462‌

6,643‌

3,573‌

3,342‌

Shareholder

reporting

expenses

640‌

15,428‌

2,212‌

1,427‌

Shareholder

servicing

agent

fees

413‌

477‌

373‌

370‌

Trustees

fees

8,706‌

13,433‌

8,444‌

9,754‌

Other

–‌

–‌

–‌

–‌

Total

liabilities

388,640‌

685,801‌

197,851‌

213,045‌

Net

assets

$

157,468,991‌

$

183,717,931‌

$

80,405,367‌

$

70,453,257‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

89,310,021‌

$

113,906,015‌

$

46,712,333‌

$

45,029,107‌

Total

distributable

earnings

(loss)

68,158,970‌

69,811,916‌

33,693,034‌

25,424,150‌

Net

assets

$

157,468,991‌

$

183,717,931‌

$

80,405,367‌

$

70,453,257‌

Shares

outstanding

8,802,353

10,138,399

4,373,559

5,163,072

Net

asset

value

per

share

$17.89

$18.12

$18.38

$13.65

*

Includes

securities

loaned

of

$

–‌

$

–‌

$

–‌

$

–‌

†

Long-term

investments,

cost

$

83,662,275‌

$

120,917,172‌

$

52,297,514‌

$

44,237,986‌

‡

Affiliated

investments,

cost

$

–‌

$

–‌

$

–‌

$

–‌

#

Short-term

investments,

cost

$

1,560,000‌

$

1,460,000‌

$

–‌

$

360,000‌

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

149

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

$

64,759,507‌

$

88,251,200‌

$

770,511,738‌

$

136,043,626‌

$

194,633,159‌

$

–‌

$

–‌

–‌

–‌

–‌

–‌

–‌

–‌

67,816,478‌

860,000‌

994,000‌

5,207,106‌

3,340,000‌

4,340,000‌

133,540,453‌

–‌

51,786‌

111,910‌

1,406,284‌

694,779‌

5,615,042‌

–‌

–‌

5,575‌

37‌

6,972‌

1,760‌

40,629‌

642‌

71,226‌

–‌

–‌

–‌

–‌

1,960,000‌

–‌

–‌

–‌

–‌

–‌

–‌

4,992‌

–‌

–‌

64,897‌

66,126‌

721,248‌

110,465‌

1,056‌

–‌

–‌

3,171‌

204‌

536‌

594‌

1,602,640‌

349,370‌

–‌

–‌

–‌

722‌

–‌

1,141,236‌

–‌

135,656‌

–‌

–‌

–‌

306,827‌

–‌

–‌

–‌

6,133‌

4,802‌

–‌

7,691‌

–‌

5,843‌

6,249‌

649‌

4,794‌

111,622‌

50,713‌

491,492‌

1,035,408‌

4,235‌

–‌

–‌

–‌

–‌

648‌

–‌

–‌

7,280‌

76,821‌

50,415‌

13,126‌

33,637‌

263‌

3,722‌

65,758,998‌

89,509,894‌

778,016,643‌

140,569,581‌

209,864,531‌

134,931,979‌

68,037,566‌

1,649‌

1,664‌

2,209‌

1,706‌

1,753‌

1,689‌

1,628‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

24,980‌

11,160‌

38,768‌

57,807‌

50,330‌

11,173‌

5,673‌

51,786‌

111,910‌

1,406,284‌

694,779‌

5,615,042‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

2,729,659‌

138,603‌

–‌

–‌

–‌

–‌

3,239,310‌

–‌

–‌

74,008‌

387,054‌

944,375‌

124,734‌

380‌

259,140‌

1,177‌

12,640‌

2,450‌

13,475‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

22‌

–‌

–‌

–‌

–‌

–‌

–‌

2,990‌

–‌

–‌

9,316‌

5,426‌

9,359‌

6,553‌

28,021‌

13,102‌

1,863‌

2,931‌

3,677‌

6,738‌

5,541‌

8,208‌

5,581‌

3,105‌

512‌

981‌

6,881‌

3,084‌

4,352‌

2,480‌

658‌

319‌

424‌

768‌

406‌

393‌

298‌

363‌

6,302‌

6,246‌

40,304‌

11,888‌

19,283‌

82‌

3,502‌

–‌

10,435‌

–‌

–‌

–‌

–‌

–‌

184,443‌

541,427‌

2,469,161‌

906,498‌

8,970,084‌

3,023,204‌

156,572‌

$

65,574,555‌

$

88,968,467‌

$

775,547,482‌

$

139,663,083‌

$

200,894,447‌

$

131,908,775‌

$

67,880,994‌

$

51,748,148‌

$

47,714,205‌

$

229,237,418‌

$

120,889,685‌

$

221,327,223‌

$

131,906,209‌

$

59,144,363‌

13,826,407‌

41,254,262‌

546,310,064‌

18,773,398‌

(

20,432,776‌

)

2,566‌

8,736,631‌

$

65,574,555‌

$

88,968,467‌

$

775,547,482‌

$

139,663,083‌

$

200,894,447‌

$

131,908,775‌

$

67,880,994‌

4,810,799

4,753,303

19,799,306

15,107,238

21,951,500

131,890,153

5,626,139

$13.63

$18.72

$39.17

$9.24

$9.15

$1.00

$12.07

$

126,904‌

$

105,901‌

$

2,684,013‌

$

661,232‌

$

5,799,981‌

$

–‌

$

–‌

$

51,976,973‌

$

52,293,137‌

$

239,539,514‌

$

107,207,264‌

$

206,210,391‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

$

59,441,837‌

$

860,000‌

$

993,922‌

$

5,207,657‌

$

3,339,706‌

$

4,340,000‌

$

133,540,453‌

$

–‌

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

150

Year

Ended

December

31,

2023

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

$

1,049,211‌

$

2,496,311‌

$

1,658,182‌

$

2,229,956‌

$

769,755‌

Dividends

from

affiliated

investments

–‌

–‌

–‌

–‌

–‌

Interest

91,261‌

37,648‌

34,406‌

21,435‌

64,550‌

Securities

lending

income,

net

8,444‌

24‌

3,613‌

–‌

2,448‌

Other

income

23,385‌

28,987‌

12,586‌

10,043‌

–‌

Tax

withheld

(

12,323‌

)

–‌

(

2,159‌

)

–‌

(

1,956‌

)

Total

investment

income

1,159,978‌

2,562,970‌

1,706,628‌

2,261,434‌

834,797‌

EXPENSES

Management

fees

624,416‌

753,492‌

345,477‌

339,793‌

276,548‌

Shareholder

servicing

agent

fees

2,214‌

2,601‌

1,827‌

1,761‌

1,531‌

Administrative

service

fees

15,264‌

15,467‌

14,803‌

14,693‌

14,683‌

Trustees

fees

2,377‌

2,889‌

1,360‌

1,226‌

1,059‌

Custodian

expenses

31,833‌

14,847‌

33,706‌

14,344‌

31,648‌

Overdraft

expense

178‌

1,490‌

568‌

1,530‌

366‌

Professional

fees

38,417‌

40,686‌

35,849‌

36,566‌

32,119‌

Shareholder

reporting

expenses

3,982‌

35,752‌

11,938‌

9,245‌

9,450‌

Other

17,643‌

20,737‌

14,211‌

20,776‌

18,280‌

Total

expenses

736,324‌

887,961‌

459,739‌

439,934‌

385,684‌

Expenses

reimbursed

by

the

investment

adviser

(

14,541‌

)

(

33,087‌

)

(

59,894‌

)

(

50,982‌

)

(

66,627‌

)

Net

expenses

721,783‌

854,874‌

399,845‌

388,952‌

319,057‌

Net

investment

income

(loss)

438,195‌

1,708,096‌

1,306,783‌

1,872,482‌

515,740‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

*

1,941,628‌

7,109,176‌

5,446,910‌

(

1,764,915‌

)

758,551‌

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

96,403‌

Swaps

contracts

–‌

–‌

–‌

–‌

–‌

Foreign

currency

transactions

242‌

(

269‌

)

(

25‌

)

–‌

–‌

Distributions

from

affiliated

investments

–‌

–‌

–‌

–‌

–‌

Net

realized

gain

(loss)

1,941,870‌

7,108,907‌

5,446,885‌

(

1,764,915‌

)

854,954‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

49,457,133‌

38,559,593‌

3,618,506‌

7,596,254‌

9,045,197‌

Affiliated

investments

–‌

–‌

–‌

–‌

–‌

Futures

contracts

–‌

–‌

–‌

–‌

41,763‌

Forward

foreign

currency

contracts

–‌

–‌

–‌

–‌

–‌

Swaps

contracts

–‌

–‌

–‌

–‌

–‌

Foreign

currency

translations

453‌

614‌

40‌

–‌

–‌

Net

change

in

unrealized

appreciation

(depreciation)

49,457,586‌

38,560,207‌

3,618,546‌

7,596,254‌

9,086,960‌

Net

realized

and

unrealized

gain

(loss)

51,399,456‌

45,669,114‌

9,065,431‌

5,831,339‌

9,941,914‌

Net

increase

(decrease)

in

net

assets

from

operations

$

51,837,651‌

$

47,377,210‌

$

10,372,214‌

$

7,703,821‌

$

10,457,654‌

*  

Net

of

foreign

capital

gains

tax

$

–‌

$

–‌

$

–‌

$

–‌

$

–‌

See

Notes

to

Financial

Statements

151

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

$

1,373,900‌

$

11,571,098‌

$

4,241,757‌

$

4,225‌

$

–‌

$

–‌

–‌

–‌

–‌

–‌

–‌

1,423,858‌

42,133‌

213,635‌

127,705‌

8,638,170‌

6,581,589‌

2,657‌

157,180‌

123,376‌

15,594‌

30,175‌

–‌

–‌

–‌

–‌

24,023‌

–‌

–‌

–‌

–‌

(

1,638‌

)

(

436,645‌

)

(

205‌

)

–‌

–‌

1,573,213‌

11,906,471‌

3,972,434‌

8,672,365‌

6,581,589‌

1,426,515‌

123,447‌

425,004‌

659,051‌

580,143‌

130,036‌

63,990‌

2,047‌

5,986‌

2,185‌

2,407‌

1,803‌

1,733‌

14,844‌

19,535‌

15,262‌

15,652‌

15,218‌

15,132‌

1,417‌

12,311‌

2,328‌

3,473‌

2,316‌

1,107‌

21,528‌

31,796‌

43,810‌

110,548‌

52,725‌

7,418‌

66‌

1,315‌

21‌

1,573‌

–‌

1,928‌

29,009‌

65,119‌

46,901‌

61,224‌

32,744‌

19,685‌

25,798‌

10,408‌

11,520‌

12,939‌

13,595‌

10,139‌

19,602‌

27,653‌

26,278‌

20,697‌

11,718‌

15,266‌

237,758‌

599,127‌

807,356‌

808,656‌

260,155‌

136,398‌

(

56,579‌

)

–‌

(

16,416‌

)

(

129,099‌

)

(

65,043‌

)

(

70,422‌

)

181,179‌

599,127‌

790,940‌

679,557‌

195,112‌

65,976‌

1,392,034‌

11,307,344‌

3,181,494‌

7,992,808‌

6,386,477‌

1,360,539‌

4,433,903‌

12,198,860‌

(

6,204,515‌

)

(

5,397,554‌

)

1,705‌

–‌

–‌

–‌

–‌

–‌

–‌

11,345‌

58,710‌

603,598‌

–‌

3,030‌

–‌

–‌

–‌

–‌

–‌

(

267,271‌

)

–‌

–‌

–‌

–‌

(

26,061‌

)

3,134‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

1,469,434‌

4,492,613‌

12,802,458‌

(

6,230,576‌

)

(

5,658,661‌

)

1,705‌

1,480,779‌

10,833,034‌

139,372,971‌

22,906,232‌

10,089,434‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

6,543,562‌

47,536‌

360,430‌

–‌

–‌

–‌

–‌

–‌

–‌

–‌

(

2,990‌

)

–‌

–‌

–‌

–‌

–‌

(

625,829‌

)

–‌

–‌

–‌

–‌

19,320‌

1‌

–‌

–‌

10,880,570‌

139,733,401‌

22,925,552‌

9,460,616‌

–‌

6,543,562‌

15,373,183‌

152,535,859‌

16,694,976‌

3,801,955‌

1,705‌

8,024,341‌

$

16,765,217‌

$

163,843,203‌

$

19,876,470‌

$

11,794,763‌

$

6,388,182‌

$

9,384,880‌

$

–‌

$

–‌

$

3‌

$

–‌

$

–‌

$

–‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

152

22.1

Growth

Equity

Fund

22.2

Growth

&

Income

Fund

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

438,195‌

$

368,762‌

$

1,708,096‌

$

1,821,882‌

Net

realized

gain

(loss)

1,941,870‌

(

5,610,376‌

)

7,108,907‌

36,337,909‌

Net

change

in

unrealized

appreciation

(depreciation)

49,457,586‌

(

52,508,367‌

)

38,560,207‌

(

83,736,637‌

)

Net

increase

(decrease)

in

net

assets

from

operations

51,837,651‌

(

57,749,981‌

)

47,377,210‌

(

45,576,846‌

)

Distributions

to

shareholders

(

363,656‌

)

(

14,545,536‌

)

(

37,697,754‌

)

(

20,074,112‌

)

Total

distributions

(

363,656‌

)

(

14,545,536‌

)

(

37,697,754‌

)

(

20,074,112‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

15,169,719‌

13,497,330‌

10,828,379‌

8,801,985‌

Reinvestments

of

distributions

363,656‌

14,545,536‌

37,694,834‌

20,072,458‌

Redemptions

(

23,907,405‌

)

(

18,444,433‌

)

(

22,365,439‌

)

(

25,992,130‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

8,374,030‌

)

9,598,433‌

26,157,774‌

2,882,313‌

Net

increase

(decrease)

in

net

assets

43,099,965‌

(

62,697,084‌

)

35,837,230‌

(

62,768,645‌

)

Net

assets

at

the

beginning

of

period

114,369,026‌

177,066,110‌

147,880,701‌

210,649,346‌

Net

assets

at

the

end

of

period

$

157,468,991‌

$

114,369,026‌

$

183,717,931‌

$

147,880,701‌

See

Notes

to

Financial

Statements

153

22.3

Large-Cap

Value

Fund

22.4

Real

Estate

Securities

Fund

22.5

Small-Cap

Equity

Fund

22.6

Social

Choice

Equity

Fund

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

$

1,306,783‌

$

1,268,619‌

$

1,872,482‌

$

1,782,031‌

$

515,740‌

$

482,076‌

$

1,392,034‌

$

1,148,422‌

5,446,885‌

1,354,181‌

(

1,764,915‌

)

127,005‌

854,954‌

1,367,274‌

4,492,613‌

1,876,807‌

3,618,546‌

(

9,308,478‌

)

7,596,254‌

(

32,413,933‌

)

9,086,960‌

(

13,169,501‌

)

10,880,570‌

(

20,876,963‌

)

10,372,214‌

(

6,685,678‌

)

7,703,821‌

(

30,504,897‌

)

10,457,654‌

(

11,320,151‌

)

16,765,217‌

(

17,851,734‌

)

(

2,412,597‌

)

(

4,324,001‌

)

(

1,778,359‌

)

(

8,606,411‌

)

(

1,997,008‌

)

(

10,453,350‌

)

(

3,496,765‌

)

(

10,671,504‌

)

(

2,412,597‌

)

(

4,324,001‌

)

(

1,778,359‌

)

(

8,606,411‌

)

(

1,997,008‌

)

(

10,453,350‌

)

(

3,496,765‌

)

(

10,671,504‌

)

8,886,382‌

13,504,373‌

6,401,008‌

11,971,425‌

7,643,450‌

4,497,527‌

4,183,682‌

4,840,920‌

2,412,256‌

4,323,403‌

1,778,220‌

8,605,728‌

1,997,008‌

10,453,350‌

3,496,296‌

10,669,929‌

(

16,368,582‌

)

(

21,091,640‌

)

(

14,774,347‌

)

(

18,511,394‌

)

(

10,193,294‌

)

(

10,474,872‌

)

(

9,017,542‌

)

(

12,080,172‌

)

(

5,069,944‌

)

(

3,263,864‌

)

(

6,595,119‌

)

2,065,759‌

(

552,836‌

)

4,476,005‌

(

1,337,564‌

)

3,430,677‌

2,889,673‌

(

14,273,543‌

)

(

669,657‌

)

(

37,045,549‌

)

7,907,810‌

(

17,297,496‌

)

11,930,888‌

(

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

$

80,405,367‌

$

77,515,694‌

$

70,453,257‌

$

71,122,914‌

$

65,574,555‌

$

57,666,745‌

$

88,968,467‌

$

77,037,579‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

154

(continued)

(continued)

Statement

of

Changes

in

Net

Assets

(continued)

22.7

Stock

Index

Fund

22.8

International

Equity

Fund

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

OPERATIONS

Net

investment

income

(loss)

$

11,307,344‌

$

10,453,671‌

$

3,181,494‌

$

3,045,092‌

Net

realized

gain

(loss)

12,802,458‌

7,097,834‌

(

6,230,576‌

)

(

895,148‌

)

Net

change

in

unrealized

appreciation

(depreciation)

139,733,401‌

(

175,936,951‌

)

22,925,552‌

(

26,121,984‌

)

Net

increase

(decrease)

in

net

assets

from

operations

163,843,203‌

(

158,385,446‌

)

19,876,470‌

(

23,972,040‌

)

Distributions

to

shareholders

(

17,015,717‌

)

(

24,312,393‌

)

(

2,790,012‌

)

(

3,886,951‌

)

Total

distributions

(

17,015,717‌

)

(

24,312,393‌

)

(

2,790,012‌

)

(

3,886,951‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

29,743,404‌

40,540,458‌

13,275,221‌

14,531,024‌

Reinvestments

of

distributions

17,015,717‌

24,312,393‌

2,790,012‌

3,886,951‌

Redemptions

(

71,258,660‌

)

(

62,363,160‌

)

(

15,028,324‌

)

(

12,509,383‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

24,499,539‌

)

2,489,691‌

1,036,909‌

5,908,592‌

Net

increase

(decrease)

in

net

assets

122,327,947‌

(

180,208,148‌

)

18,123,367‌

(

21,950,399‌

)

Net

assets

at

the

beginning

of

period

653,219,535‌

833,427,683‌

121,539,716‌

143,490,115‌

Net

assets

at

the

end

of

period

$

775,547,482‌

$

653,219,535‌

$

139,663,083‌

$

121,539,716‌

See

Notes

to

Financial

Statements

155

22.9

Core

Bond

Fund

23.01

Money

Market

Fund

23.1

Balanced

Fund

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

Year

Ended

12/31/23

Year

Ended

12/31/22

$

7,992,808‌

$

5,940,912‌

$

6,386,477‌

$

1,861,705‌

$

1,360,539‌

$

1,114,797‌

(

5,658,661‌

)

(

10,385,059‌

)

1,705‌

229‌

1,480,779‌

1,087,805‌

9,460,616‌

(

25,629,060‌

)

–‌

–‌

6,543,562‌

(

15,407,493‌

)

11,794,763‌

(

30,073,207‌

)

6,388,182‌

1,861,934‌

9,384,880‌

(

13,204,891‌

)

(

5,989,908‌

)

(

5,792,529‌

)

(

6,386,477‌

)

(

1,861,487‌

)

(

3,335,427‌

)

(

4,713,148‌

)

(

5,989,908‌

)

(

5,792,529‌

)

(

6,386,477‌

)

(

1,861,487‌

)

(

3,335,427‌

)

(

4,713,148‌

)

14,180,765‌

16,049,062‌

72,270,512‌

112,643,972‌

2,931,563‌

1,776,403‌

5,989,731‌

5,792,357‌

6,386,477‌

1,861,487‌

3,334,803‌

4,712,273‌

(

16,335,461‌

)

(

24,734,667‌

)

(

80,675,892‌

)

(

77,509,585‌

)

(

6,448,302‌

)

(

7,632,364‌

)

3,835,035‌

(

2,893,248‌

)

(

2,018,903‌

)

36,995,874‌

(

181,936‌

)

(

1,143,688‌

)

9,639,890‌

(

38,758,984‌

)

(

2,017,198‌

)

36,996,321‌

5,867,517‌

(

19,061,727‌

)

191,254,557‌

230,013,541‌

133,925,973‌

96,929,652‌

62,013,477‌

81,075,204‌

$

200,894,447‌

$

191,254,557‌

$

131,908,775‌

$

133,925,973‌

$

67,880,994‌

$

62,013,477‌

Financial

Highlights

See

Notes

to

Financial

Statements

156

The

following

data

is

for

a

share

outstanding

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

12/31/23

$

12

.25‌

$

0

.05‌

$

5

.63‌

$

5

.68‌

$

(

0

.04‌

)

$

—‌

$

(

0

.04‌

)

$

17

.89‌

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

22.2

GROWTH

&

INCOME

FUND

12/31/23

17

.53‌

0

.19‌

5

.08‌

5

.27‌

(

0

.23‌

)

(

4

.45‌

)

(

4

.68‌

)

18

.12‌

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

22.3

LARGE-CAP

VALUE

FUND

12/31/23

16

.60‌

0

.29‌

2

.04‌

2

.33‌

(

0

.29‌

)

(

0

.26‌

)

(

0

.55‌

)

18

.38‌

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

22.4

REAL

ESTATE

SECURITIES

FUND

12/31/23

12

.54‌

0

.35‌

1

.10‌

1

.45‌

(

0

.34‌

)

—‌

(

0

.34‌

)

13

.65‌

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

††

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.

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

157

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

46

.42‌

%

$

157,469‌

0

.53‌

%

0

.52‌

%

0

.32‌

%

46‌

%

(

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

32

.93‌

183,718‌

0

.53‌

0

.51‌

1

.02‌

46‌

(

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

14

.30‌

80,405‌

0

.60‌

0

.52‌

1

.70‌

25‌

(

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

12

.01‌

70,453‌

0

.65‌

0

.57‌

2

.76‌

9‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

158

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

12/31/23

$

11

.89‌

$

0

.11‌

$

2

.05‌

$

2

.16‌

$

(

0

.11‌

)

$

(

0

.31‌

)

$

(

0

.42‌

)

$

13

.63‌

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

22.6

SOCIAL

CHOICE

EQUITY

FUND

12/31/23

15

.98‌

0

.29‌

3

.20‌

3

.49‌

(

0

.25‌

)

(

0

.50‌

)

(

0

.75‌

)

18

.72‌

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

22.7

STOCK

INDEX

FUND

12/31/23

31

.88‌

0

.57‌

7

.58‌

8

.15‌

(

0

.53‌

)

(

0

.33‌

)

(

0

.86‌

)

39

.17‌

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

22.8

INTERNATIONAL

EQUITY

FUND

12/31/23

8

.11‌

0

.21‌

1

.11‌

1

.32‌

(

0

.19‌

)

—‌

(

0

.19‌

)

9

.24‌

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

††

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.

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

159

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

18

.65‌

%

$

65,575‌

0

.64‌

%

0

.53‌

%

0

.86‌

%

80‌

%

(

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

22

.41‌

88,968‌

0

.29‌

0

.22‌

1

.69‌

27‌

(

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

25

.91‌

775,547‌

0

.08‌

0

.08‌

1

.60‌

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

16

.41‌

139,663‌

0

.61‌

0

.60‌

2

.41‌

21‌

(

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

Financial

Highlights

(continued)

See

Notes

to

Financial

Statements

160

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

12/31/23

$

8

.89‌

$

0

.37‌

$

0

.17‌

$

0

.54‌

$

(

0

.28‌

)

$

—‌

$

(

0

.28‌

)

$

9

.15‌

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

23.01

MONEY

MARKET

FUND

12/31/23

1

.00‌

0

.05‌

0

.00‌

d

0

.05‌

(

0

.05‌

)

—‌

(

0

.05‌

)

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

23.1

BALANCED

FUND

12/31/23

11

.01‌

0

.25‌

1

.44‌

1

.69‌

(

0

.30‌

)

(

0

.33‌

)

(

0

.63‌

)

12

.07‌

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

††

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.

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

161

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

6

.27‌

%

$

200,894‌

0

.42‌

%

0

.35‌

%

4

.13‌

%

75‌

%

72‌

%

(

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

5

.02‌

131,909‌

0

.20‌

0

.15‌

4

.91‌

—‌

—‌

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

—‌

—‌

15

.77‌

67,881‌

0

.21‌

0

.10‌

2

.13‌

15‌

15‌

(

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

162

Notes

to

Financial

Statements

1.

General

Information

Trust

and

Fund

Information:

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:

TIAA-CREF

Growth

Equity

Fund

("Growth

Equity"),

TIAA-CREF Growth

&

Income

Fund

("Growth

&

Income"),

TIAA-CREF Large-Cap

Value

Fund

("Large-Cap

Value"),

TIAA-CREF Real

Estate

Securities

Fund

("Real

Estate

Securities"),

TIAA-CREF Small-Cap

Equity

Fund

("Small-Cap

Equity"),

TIAA-CREF Social

Choice

Equity

Fund

("Social

Choice

Equity"),

TIAA-CREF Stock

Index

Fund

("Stock

Index"),

TIAA-CREF International

Equity

Fund

("International

Equity"),

TIAA-CREF Core

Bond

Fund

("Core

Bond"),

TIAA-CREF Money

Market

Fund

("Money

Market") and

TIAA-CREF Balanced

Fund ("Balanced")

(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

December

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

December

31,

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.

The

tax

character

of

Fund

distributions

for

a

fiscal

year

is

dependent

upon

the

amount

and

tax

character

of

distributions

received

from

securities

held

in

the

Funds’

portfolios.

Distributions

received

from

certain

securities

in

which

the

Real

Estate

Securities

invest,

most

notably

real

estate

investment

trust

(“REIT”)

securities,

may

be

characterized

for

tax

purposes

as

ordinary

income,

long-term

capital

gain

and/or

a

return

of

capital.

The

issuer

of

a

security

reports

the

tax

character

of

its

distributions

only

once

per

year,

generally

during

the

first

two

months

of

the

calendar

year

for

the

previous

year.

The

distribution

is

included

in

the

Funds’

ordinary

income

until

such

time

the

Fund

is

notified

by

the

issuer

of

the

actual

tax

character.

For

the

current

fiscal

period,

dividend

income,

net

realized

gain

(loss)

and

unrealized

appreciation

(depreciation)

recognized

on

the

Statement

of

Operations

reflect

the

amounts

of

ordinary

income,

capital

gain,

and/or

return

of

capital

as

reported

by

the

issuers

of

such

securities

as

of

the

current

calendar

year

end.

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)

from

foreign

currency

transactions”

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)

of

foreign

currency

translations”

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. 

163

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.

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.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement:

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies to,

provided

the

only

changes

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds' investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the Funds' financial

statements

and

various

filings.

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.

During

the

current

fiscal

period,

the Funds adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

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.

Notes

to

Financial

Statements

(continued)

164

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.

The

Money

Market

Fund’s

portfolio

securities

are

valued

on

an

amortized

cost

basis.

Money

Market

investments

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

$147,454,468

$8,694,580

$—

$156,149,048

Short-Term

Investments

:

Repurchase

agreement

—

1,560,000

—

1,560,000

Total

$147,454,468

$10,254,580

$—

$157,709,048

1

1

1

1

1

165

Fund

Level

1

Level

2

Level

3

Total

Growth

&

Income

Long-Term

Investments

:

Common

stocks

$182,795,256

$—

$—

$182,795,256

Short-Term

Investments

:

Repurchase

agreement

—

1,460,000

—

1,460,000

Total

$182,795,256

$1,460,000

$—

$184,255,256

1

1

1

1

1

Large-Cap

Value

Long-Term

Investments

:

Common

stocks

$80,242,558

$—

$160

$80,242,718

Total

$80,242,558

$—

$160

$80,242,718

1

1

1

1

1

Real

Estate

Securities

Long-Term

Investments

:

Common

stocks

$69,988,636

$—

$—

$69,988,636

Short-Term

Investments

:

Repurchase

agreement

—

360,000

—

360,000

Total

$69,988,636

$360,000

$—

$70,348,636

1

1

1

1

1

Small-Cap

Equity

Long-Term

Investments

:

Common

stocks

$64,759,507

$—

$—

$64,759,507

Short-Term

Investments

:

Repurchase

agreement

—

860,000

—

860,000

Investments

purchased

with

collateral

from

securities

lending

51,786

—

—

51,786

Investments

in

Derivatives

:

Futures

contracts*

1,195

—

—

1,195

Total

$64,812,488

$860,000

$—

$65,672,488

1

1

1

1

1

Social

Choice

Equity

Long-Term

Investments

:

Common

stocks

$88,249,974

$—

$—

$88,249,974

Rights/Warrants

—

1,226

—

1,226

Short-Term

Investments

:

Repurchase

agreement

—

460,000

—

460,000

Treasury

debt

—

534,000

—

534,000

Investments

purchased

with

collateral

from

securities

lending

111,910

—

—

111,910

Investments

in

Derivatives

:

Futures

contracts*

17,106

—

—

17,106

Total

$88,378,990

$995,226

$—

$89,374,216

1

1

1

1

1

Stock

Index

Long-Term

Investments

:

Common

stocks

$770,504,135

$—

$5,820

$770,509,955

Rights/Warrants

—

1,766

17

1,783

Short-Term

Investments

:

Government

agency

debt

—

1,997,106

—

1,997,106

Repurchase

agreement

—

1,210,000

—

1,210,000

Treasury

debt

—

2,000,000

—

2,000,000

Investments

purchased

with

collateral

from

securities

lending

1,406,284

—

—

1,406,284

Investments

in

Derivatives

:

Futures

contracts*

145,219

—

—

145,219

Total

$772,055,638

$5,208,872

$5,837

$777,270,347

1

1

1

1

1

International

Equity

Long-Term

Investments

:

Common

stocks

$12,509,054

$123,534,572

$—

$136,043,626

Short-Term

Investments

:

Repurchase

agreement

—

1,340,000

—

1,340,000

Treasury

debt

—

2,000,000

—

2,000,000

Investments

purchased

with

collateral

from

securities

lending

694,779

—

—

694,779

Total

$13,203,833

$126,874,572

$—

$140,078,405

1

1

1

1

1

Notes

to

Financial

Statements

(continued)

166

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.

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.

The

following

table

presents

the

repurchase

agreements

for

the Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

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.

Fund

Level

1

Level

2

Level

3

Total

Core

Bond

Long-Term

Investments

:

Bank

loan

obligations

$—

$7,636,484

$—

$7,636,484

Corporate

bonds

—

77,027,945

—

77,027,945

Government

bonds

—

79,554,421

—

79,554,421

Structured

assets

—

30,346,266

—

30,346,266

Preferred

stocks

68,043

—

—

68,043

Short-Term

Investments

:

Repurchase

agreement

—

4,340,000

—

4,340,000

Investments

purchased

with

collateral

from

securities

lending

5,615,042

—

—

5,615,042

Investments

in

Derivatives

:

Forward

foreign

currency

contracts*

—

(2,990)

—

(2,990)

Credit

default

swap

contracts*

—

(625,829)

—

(625,829)

Total

$5,683,085

$198,276,297

$—

$203,959,382

1

1

1

1

1

Money

Market

Short-Term

Investments:

Government

agency

debt

—

12,024,017

—

12,024,017

Repurchase

agreement

—

32,570,000

—

32,570,000

Treasury

debt

—

55,851,254

—

55,851,254

Variable

rate

securities

—

33,095,182

—

33,095,182

Total

$—

$133,540,453

$—

$133,540,453

1

1

1

1

1

Balanced

Registered

investment

companies

$67,816,478

$—

$—

$67,816,478

Total

$67,816,478

$—

$—

$67,816,478

1

1

1

1

1

*

Represents

net

unrealized

appreciation

(depreciation).

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Growth

Equity

Fixed

Income

Clearing

Corp

(FICC)

$

1,560,000

$

1,591,219

Growth

&

Income

Fixed

Income

Clearing

Corp

(FICC)

1,460,000

1,489,215

Real

Estate

Securities

Fixed

Income

Clearing

Corp

(FICC)

360,000

367,228

Small-Cap

Equity

Fixed

Income

Clearing

Corp

(FICC)

860,000

877,294

Social

Choice

Equity

Fixed

Income

Clearing

Corp

(FICC)

460,000

469,279

Stock

Index

Fixed

Income

Clearing

Corp

(FICC)

1,210,000

1,234,273

International

Equity

Fixed

Income

Clearing

Corp

(FICC)

1,340,000

1,366,802

Core

Bond

Fixed

Income

Clearing

Corp

(FICC)

4,340,000

4,426,831

Money

Market

Fixed

Income

Clearing

Corp

(FICC)

32,570,000

33,221,478

167

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:

 Long-term

purchases

and

sales

during

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.

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.

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.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

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.

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

$126,904

$–

$51,786

$77,631

$129,417

Social

Choice

Equity

105,901

–

111,910

–

111,910

Stock

Index

2,684,013

–

1,406,284

1,482,070

2,888,354

International

Equity

661,232

–

694,779

–

694,779

Core

Bond

–

5,799,981

5,615,042

361,419

5,976,461

*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

$

62,631,258

$

–

$

70,519,937

$

–

22.2

Growth

&

Income

76,314,854

–

86,832,056

–

22.3

Large-Cap

Value

18,930,525

–

24,760,783

–

22.4

Real

Estate

Securities

6,091,781

–

11,875,903

–

22.5

Small-Cap

Equity

47,267,998

–

47,890,536

–

22.6

Social

Choice

Equity

22,384,701

–

25,818,507

–

22.7

Stock

Index

8,952,440

–

36,286,729

–

22.8

International

Equity

27,186,178

–

26,904,118

–

22.9

Core

Bond

35,762,280

114,655,457

27,904,498

114,064,016

23.1

Balanced

9,835,317

–

10,551,999

–

Notes

to

Financial

Statements

(continued)

168

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.

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.

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding*

22.5

Small-Cap

Equity

$

1,251,248

22.6

Social

Choice

Equity

703,508

22.7

Stock

Index

5,127,460

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Fund

Average

Notional

Amount

of

Forward

Contracts

Outstanding*

22.9

Core

Bond

$

47,706

*

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.

169

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:

As

of 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

$

7,361,491

*

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

Futures

contracts

Equity

-

$

–

Unrealized

appreciation

on

futures

contracts

*

$

1,195

1

1

1

1

1

1

1

1

Social

Choice

Equity

Futures

contracts

Equity

-

–

Unrealized

appreciation

on

futures

contracts

*

17,106

1

1

1

1

1

1

1

1

Stock

Index

Futures

contracts

Equity

-

–

Unrealized

appreciation

on

futures

contracts

*

145,219

1

1

1

1

1

1

1

1

Core

Bond

Forward

foreign

currency

contracts

Foreign

currency

exchange

rate

-

–

Unrealized

depreciation

on

forward

contracts

(2,990)

Credit

default

swap

contracts

Credit

Unrealized

depreciation

on

swap

contracts

*

(620,385

)

Unrealized

depreciation

on

swap

contracts

*

(5,444)

1

1

1

1

1

1

1

1

Notes

to

Financial

Statements

(continued)

170

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

Futures

contracts

Equity

$

96,403

$

41,763

22.6

Social

Choice

Equity

Futures

contracts

Equity

58,710

47,536

22.7

Stock

Index

Futures

contracts

Equity

603,598

360,430

22.9

Core

Bond

Futures

contracts

Interest

rate

3,030

–

Forward

contracts

Foreign

currency

exchange

rate

–

(2,990)

Swap

contracts

Credit

(267,271)

(625,829)

Year

Ended

12/31/23

Year

Ended

12/31/22

22.1

Growth

Equity

Shares

Amount

Shares

Amount

Subscriptions

995,210

$

15,169,719

896,568

$

13,497,330

Reinvestments

of

distributions

23,371

363,656

1,189,333

14,545,536

Redemptions

(1,553,059)

(23,907,405)

(1,230,038)

(18,444,433)

Net

increase

(decrease)

from

shareholder

transactions

(534,478)

$

(8,374,030)

855,863

$

9,598,433

Year

Ended

12/31/23

Year

Ended

12/31/22

22.2

Growth

&

Income

Shares

Amount

Shares

Amount

Subscriptions

553,040

$

10,828,379

409,563

$

8,801,985

Reinvestments

of

distributions

2,306,905

37,694,834

1,183,518

20,072,458

Redemptions

(1,158,689)

(22,365,439)

(1,238,627)

(25,992,130)

Net

increase

(decrease)

from

shareholder

transactions

1,701,256

$

26,157,774

354,454

$

2,882,313

Year

Ended

12/31/23

Year

Ended

12/31/22

22.3

Large-Cap

Value

Shares

Amount

Shares

Amount

Subscriptions

514,970

$

8,886,382

792,003

$

13,504,373

Reinvestments

of

distributions

142,906

2,412,256

291,531

4,323,403

Redemptions

(954,536)

(16,368,582)

(1,240,111)

(21,091,640)

Net

increase

(decrease)

from

shareholder

transactions

(296,660)

$

(5,069,944)

(156,577)

$

(3,263,864)

Year

Ended

12/31/23

Year

Ended

12/31/22

22.4

Real

Estate

Securities

Shares

Amount

Shares

Amount

Subscriptions

489,102

$

6,401,008

738,164

$

11,971,425

Reinvestments

of

distributions

150,188

1,778,220

686,262

8,605,728

Redemptions

(1,147,994)

(14,774,347)

(1,176,472)

(18,511,394)

Net

increase

(decrease)

from

shareholder

transactions

(508,704)

$

(6,595,119)

247,954

$

2,065,759

Year

Ended

12/31/23

Year

Ended

12/31/22

22.5

Small-Cap

Equity

Shares

Amount

Shares

Amount

Subscriptions

601,413

$

7,643,450

323,890

$

4,497,527

Reinvestments

of

distributions

167,394

1,997,008

948,580

10,453,350

Redemptions

(807,684)

(10,193,294)

(701,919)

(10,474,872)

Net

increase

(decrease)

from

shareholder

transactions

(38,877)

$

(552,836)

570,551

$

4,476,005

171

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.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations,

foreign

currency

transactions,

investments

in

passive

foreign

investment

companies,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

and

treatment

of

notional

principal

contracts.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

Year

Ended

12/31/23

Year

Ended

12/31/22

22.6

Social

Choice

Equity

Shares

Amount

Shares

Amount

Subscriptions

246,846

$

4,183,682

267,338

$

4,840,920

Reinvestments

of

distributions

209,359

3,496,296

717,065

10,669,929

Redemptions

(523,181)

(9,017,542)

(654,639)

(12,080,172)

Net

increase

(decrease)

from

shareholder

transactions

(66,976)

$

(1,337,564)

329,764

$

3,430,677

Year

Ended

12/31/23

Year

Ended

12/31/22

22.7

Stock

Index

Shares

Amount

Shares

Amount

Subscriptions

834,404

$

29,743,404

1,155,698

$

40,540,458

Reinvestments

of

distributions

484,364

17,015,717

796,344

24,312,393

Redemptions

(2,009,075)

(71,258,660)

(1,780,576)

(62,363,160)

Net

increase

(decrease)

from

shareholder

transactions

(690,307)

$

(24,499,539)

171,466

$

2,489,691

Year

Ended

12/31/23

Year

Ended

12/31/22

22.8

International

Equity

Shares

Amount

Shares

Amount

Subscriptions

1,510,263

$

13,275,221

1,748,813

$

14,531,024

Reinvestments

of

distributions

324,420

2,790,012

560,888

3,886,951

Redemptions

(1,713,091)

(15,028,324)

(1,522,256)

(12,509,383)

Net

increase

(decrease)

from

shareholder

transactions

121,592

$

1,036,909

787,445

$

5,908,592

Year

Ended

12/31/23

Year

Ended

12/31/22

22.9

Core

Bond

Shares

Amount

Shares

Amount

Subscriptions

1,568,414

$

14,180,765

1,686,243

$

16,049,062

Reinvestments

of

distributions

690,857

5,989,731

655,244

5,792,357

Redemptions

(1,813,872)

(16,335,461)

(2,622,377)

(24,734,667)

Net

increase

(decrease)

from

shareholder

transactions

445,399

$

3,835,035

(280,890)

$

(2,893,248)

Year

Ended

12/31/23

Year

Ended

12/31/22

23.01

Money

Market

Shares

Amount

Shares

Amount

Subscriptions

72,266,641

$

72,270,512

112,643,972

$

112,643,972

Reinvestments

of

distributions

6,390,348

6,386,477

1,861,487

1,861,487

Redemptions

(80,675,892)

(80,675,892)

(77,509,585)

(77,509,585)

Net

increase

(decrease)

from

shareholder

transactions

(2,018,903)

$

(2,018,903)

36,995,874

$

36,995,874

Year

Ended

12/31/23

Year

Ended

12/31/22

23.1

Balanced

Shares

Amount

Shares

Amount

Subscriptions

247,764

$

2,931,563

144,609

$

1,776,403

Reinvestments

of

distributions

299,085

3,334,803

444,554

4,712,273

Redemptions

(552,165)

(6,448,302)

(632,346)

(7,632,364)

Net

increase

(decrease)

from

shareholder

transactions

(5,316)

$

(181,936)

(43,183)

$

(1,143,688)

Notes

to

Financial

Statements

(continued)

172

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

year end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

As

of

year

end,

the

Funds

utilized

the

following

capital

loss

carryforwards:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

22.1

Growth

Equity

$86,439,959

$74,314,846

$(3,045,757)

$71,269,089

22.2

Growth

&

Income

123,140,364

64,523,133

(3,408,241)

61,114,892

22.3

Large-Cap

Value

53,226,900

28,823,681

(1,807,863)

27,015,818

22.4

Real

Estate

Securities

45,017,850

26,091,622

(760,836)

25,330,786

22.5

Small-Cap

Equity

53,184,946

15,725,831

(3,238,289)

12,487,542

22.6

Social

Choice

Equity

54,221,280

38,449,616

(3,296,680)

35,152,936

22.7

Stock

Index

254,707,694

550,324,205

(27,761,551)

522,562,654

22.8

International

Equity

111,492,107

31,881,235

(3,294,937)

28,586,298

22.9

Core

Bond

216,050,995

2,909,746

(15,147,724)

(12,237,978)

23.01

Money

Market

133,540,453

–

–

–

23.1

Balanced

62,226,690

10,695,877

(5,106,089)

5,589,788

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

$440,538

$–

$71,269,212

$(3,542,166)

$–

$(8,614)

$68,158,970

22.2

Growth

&

Income

5,399,150

3,303,514

61,115,141

–

–

(5,889)

69,811,916

22.3

Large-Cap

Value

2,464,113

4,221,516

27,015,797

–

–

(8,392)

33,693,034

22.4

Real

Estate

Securities

1,870,880

–

25,330,786

(1,767,807)

–

(9,709)

25,424,150

22.5

Small-Cap

Equity

608,132

736,994

12,487,542

–

–

(6,261)

13,826,407

22.6

Social

Choice

Equity

1,882,141

4,225,375

35,152,936

–

–

(6,190)

41,254,262

22.7

Stock

Index

11,668,757

12,118,538

522,562,652

–

–

(39,883)

546,310,064

22.8

International

Equity

3,279,582

–

28,587,286

(13,081,670)

–

(11,800)

18,773,398

22.9

Core

Bond

7,706,550

–

(12,237,921)

(15,903,700)

–

2,295

(20,432,776)

23.01

Money

Market

2,525

41

–

–

–

–

2,566

23.1

Balanced

1,532,496

1,617,808

5,589,788

–

–

(3,461)

8,736,631

12/31/23

12/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Ordinary

Income

Long-Term

Capital

Gains

22.1

Growth

Equity

$

363,656

$

–

$

4,217,675

$

10,327,861

22.2

Growth

&

Income

1,815,060

35,882,694

5,458,640

14,615,472

22.3

Large-Cap

Value

1,283,961

1,128,636

1,038,773

3,285,228

22.4

Real

Estate

Securities

1,778,359

–

3,034,960

5,571,451

22.5

Small-Cap

Equity

518,547

1,478,461

2,875,126

7,578,224

22.6

Social

Choice

Equity

1,145,205

2,351,560

2,313,167

8,358,337

22.7

Stock

Index

10,468,862

6,546,855

10,247,585

14,064,808

22.8

International

Equity

2,790,012

–

3,886,951

–

22.9

Core

Bond

5,989,908

–

4,488,011

1,304,518

23.01

Money

Market

6,386,477

–

1,861,487

–

23.1

Balanced

1,594,974

1,740,453

2,007,497

2,705,651

Fund

Short-Term

Long-Term

Total

22.1

Growth

Equity

$

3,542,166

$

–

$

3,542,166

22.2

Growth

&

Income

–

–

–

22.3

Large-Cap

Value

–

–

–

22.4

Real

Estate

Securities

63,809

1,703,998

1,767,807

22.5

Small-Cap

Equity

–

–

–

22.6

Social

Choice

Equity

–

–

–

22.7

Stock

Index

–

–

–

22.8

International

Equity

2,273,434

10,808,236

13,081,670

22.9

Core

Bond

9,748,857

6,154,843

15,903,700

23.01

Money

Market

–

–

–

23.1

Balanced

–

–

–

173

8.

Investment

Adviser

and

Other

Transactions

with

Affiliates

The

Adviser,

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

the

Adviser

and

the

Funds.

The

Funds

have

also

entered

into

an

Administrative

Service

Agreement

with

the

Adviser

under

which

the

Funds

pay

the

Adviser

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.

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

the

end

of

the

current

fiscal

period,

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,

which

is

disclosed

below, is

recognized

in

"Other

income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the

Funds

at

the

end

of

the

reporting

period

are

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and

Liabilities.

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: 

Fund

Utilized

22.1

Growth

Equity

$1,200,220

22.2

Growth

&

Income

–

22.3

Large-Cap

Value

–

22.4

Real

Estate

Securities

–

22.5

Small-Cap

Equity

–

22.6

Social

Choice

Equity

–

22.7

Stock

Index

–

22.8

International

Equity

–

22.9

Core

Bond

–

23.01

Money

Market

–

23.1

Balanced

–

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

$23,385

22.2

Growth

&

Income

28,987

22.3

Large-Cap

Value

12,586

22.4

Real

Estate

Securities

10,043

22.8

International

Equity

24,023

Notes

to

Financial

Statements

(continued)

174

As

of

the

end

of

the

reporting

period,

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:

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. 

Fund

Purchases

Sales

Realized

Gain

(Loss)

Growth

Equity

$

1,188,719

$

841,430

$

(50,845)

Growth

&

Income

2,294,598

2,055,071

609,823

Real

Estate

Securities

–

4,486

(1,218)

Small-Cap

Equity

72,793

63,543

(27,208)

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

83

17

100

23.01

Money

Market

100

–

100

23.1

Balanced

100

–

100

Issue

Value

at

12/31/22

Purchases

Cost

Sales

Proceeds

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Dividend

Income

Value

at

12/31/23

Balanced

TIAA-CREF

Life

Funds:

Core

Bond

$

31,340,787

$

5,227,166

$

3,731,251

$

(599,849)

$

1,546,402

$

1,001,117

$

33,783,255

Growth

&

Income

6,085,937

1,715,901

1,465,564

1,508,640

275,515

66,534

6,805,089

Growth

Equity

5,328,230

512,259

1,516,173

(93,332)

2,384,127

15,260

6,615,111

International

Equity

6,215,986

917,633

1,165,002

96,618

762,593

134,271

6,827,828

Large-Cap

Value

5,686,091

444,656

1,067,494

199,843

454,153

88,010

5,639,885

Real

Estate

Securities

1,218,693

325,264

313,656

2,135

125,438

34,523

1,357,874

Small-Cap

Equity

1,222,490

274,126

345,619

49,048

179,209

10,831

1,348,371

Stock

Index

4,880,039

418,312

947,240

317,676

816,125

73,312

5,439,065

$61,978,253

$9,835,317

$10,551,999

$1,480,779

$6,543,562

$1,423,858

$67,816,478

175

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.

11.

Subsequent

Events

Compensation:

Effective

January

1,

2024,

the

Trust’s

existing

deferred

and

long-term

compensation

plans

for

the

Board

are

no

longer

in

effect,

and

the

Trust

adopted

a

new

deferred

compensation

plan

for

the

Board.

This

new

deferred

compensation

plan

for

independent

trustees

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

176

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code: 

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Each

Fund

listed

below

has

made

an

election

under

Section

853

of

the

Internal

Revenue

Code

to

pass

through

foreign

taxes

paid: 

Fund

Net

Long-Term

Capital

Gains

22.1

Growth

Equity

$

–

22.2

Growth

&

Income

35,882,694

22.3

Large-Cap

Value

1,128,636

22.4

Real

Estate

Securities

–

22.5

Small-Cap

Equity

1,474,708

22.6

Social

Choice

Equity

2,351,560

22.7

Stock

Index

6,546,855

22.8

International

Equity

–

22.9

Core

Bond

–

23.01

Money

Market

–

23.1

Balanced

1,740,453

Fund

Percentage

22.1

Growth

Equity

100.0

%

22.2

Growth

&

Income

100.0

22.3

Large-Cap

Value

100.0

22.4

Real

Estate

Securities

0.1

22.5

Small-Cap

Equity

100.0

22.6

Social

Choice

Equity

100.0

22.7

Stock

Index

93.2

22.8

International

Equity

—

22.9

Core

Bond

—

23.01

Money

Market

—

23.1

Balanced

6.5

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Share

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

per

Share

22.1

Growth

Equity

$

—

$

—

$

—

$

—

22.2

Growth

&

Income

—

—

—

—

22.3

Large-Cap

Value

—

—

—

—

22.4

Real

Estate

Securities

—

—

—

—

22.5

Small-Cap

Equity

—

—

—

—

22.6

Social

Choice

Equity

—

—

—

—

22.7

Stock

Index

—

—

—

—

22.8

International

Equity

4,241,757

0.28078

344,688

0.02282

22.9

Core

Bond

—

—

—

—

23.01

Money

Market

—

—

—

—

23.1

Balanced

—

—

—

—

Additional

Fund

Information

(Unaudited)

©2024

Teachers

Insurance

and

Annuity

Association

of

America—College

Retirement

Equities

Fund,

730

Third

Avenue,

New

York,

NY

10017-3206

177

Portfolio

holdings

The

TIAA-CREF

Life

Funds

file

complete

portfolio

listings

with

the

Securities

and

Exchange

Commission

(SEC),

and

are

available

to

the

public.

You

can

obtain

a

complete

list

of

the

TIAA-CREF

Life

Funds’

holdings

(Portfolios

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

under

Get

Help

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.

2023

Special

Meeting

(Unaudited)

TIAA-CREF

Life

Funds

178

Trustees

On

November

20,

2023,

at

a

special

meeting

of

TIAA-CREF

Life

Funds

participants,

the

following

persons

were

elected

to

serve

on

the

Board

of

Trustees:

Amy

B.

R.

Lancellotta,

Joanne

T.

Medero,

Albin

F.

Moschner,

John

K.

Nelson,

Matthew

Thornton

III,

Terence

J.

Toth,

Margaret

L.

Wolff

and

Robert

L.

Young

were

elected

to

office.

Joseph

A.

Boateng,

Michael

A.

Forrester,

Thomas

J.

Kenny

and

Loren

M.

Starr

continued

in

office.

The

results

above

were

certified

by

Computershare

Fund

Services,

Inc.,

independent

tabulator

for

the

TIAA-CREF

Funds.

Nominee

Shares

for

Percent

Shares

against

Percent

Shares

abstain

Percent

Joseph

A.

Boateng

220,412,422.709

94.277

3,818,251.623

1.633

9,561,530.707

4.090

Michael

A.

Forrester

221,529,724.120

94.755

2,700,689.621

1.155

9,561,791.298

4.090

Thomas

J.

Kenny

219,948,911.772

94.079

4,258,566.170

1.822

9,584,727.098

4.100

Amy

B.R.

Lancellotta

212,084,140.653

90.715

13,686,653.155

5.854

8,021,411.232

3.431

Joanne

T.

Medero

211,740,907.571

90.568

13,950,049.912

5.967

8,101,247.557

3.465

Albin

F.

Moschner

208,708,479.272

89.271

15,008,354.378

6.420

10,075,371.389

4.310

John

K.

Nelson

220,262,294.484

94.213

3,827,521.577

1.637

9,702,388.979

4.150

Loren

M.

Starr

211,830,395.254

90.606

12,333,227.644

5.275

9,628,582.142

4.118

Matthew

Thornton

III

210,250,446.991

89.930

13,803,074.431

5.904

9,738,683.618

4.166

Terence

J.

Toth

220,525,867.101

94.326

3,622,188.160

1.549

9,644,149.778

4.125

Margaret

L.

Wolff

212,786,075.138

91.015

12,981,421.935

5.553

8,024,707.967

3.432

Robert

L.

Young

210,243,528.747

89.928

13,642,401.829

5.835

9,906,274.464

4.237

Trustees

and

officers

(unaudited)

January

1,

2024

179

Trustees

Name,

Business

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust

Term

of

Office

and

Length

of

Time

Served

with

the

Trust

Principal

Occupation(s)

During

Past

Five

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

Past

Five

Years

Joseph

A.

Boateng

730

Third

Avenue

New

York,

NY

10017

1963

Trustee

Indefinite

term.

Trustee

since

2019.

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007).

formerly,

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006).

190

Board

Member,

Lumina

Foundation

(since

2018)

and

Waterside

School

(since

2021);

Board

Member

(2012–2019)

and

Emeritus

Board

Member

(since

2020),

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member

and

Former

Chair

(since

2007),

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member

(since

2012),

The

Seattle

Foundation.

Michael

A.

Forrester

730

Third

Avenue

New

York,

NY

10017

1967

Trustee

Indefinite

term.  

Trustee

since

2007.

Formerly,

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC.

190

Trustee,

Dexter

Southfield

School

(since

2019);

Member

(since

2020),

Governing

Council

of

the

Independent

Directors

Council

(IDC).

Thomas

J.

Kenny  

730

Third

Avenue

New

York,

NY

10017

1963

Co-Chairman

of

the

Board

and

Trustee

Indefinite

term.

Trustee

since

2011;

Co-Chair

since

2024

for

term

ending

December

31,

2024

Formerly,

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management.

211

Director

(since

2015)

and

Chair

of

the

Finance

and

Investment

Committee

(since

2018),

Aflac

Incorporated;

Director

(since

2018),

ParentSquare;

formerly,

Director

(2021–2022)

and

Finance

Committee

Chair

(2016–2022),

Sansum

Clinic;

formerly,

Advisory

Board

Member

(2017–2019),

B’Box;

formerly,

Member

(2011–2012),

the

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council;

formerly,

Investment

Committee

Member

(2012–

2020),

Cottage

Health

System;

formerly,

Board

member

(2009–2019)

and

President

of

the

Board

(2014–2018),

Crane

Country

Day

School.

Amy

B.R.

Lancellotta

333

West

Wacker

Drive

Chicago,

IL

60606

1959

Trustee

Indefinite

term.

Trustee

since

2024.

Formerly,

Managing

Director,

IDC

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006).

211

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

Joanne

T.

Medero

333

West

Wacker

Drive

Chicago,

IL

60606

1954

Trustee

Indefinite

term.

Trustee

since

2024.

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)(investment

banking,

investment

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989).

211

Member

(since

2019)

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.).

Trustees

and

officers

(unaudited)

(continued)

January

1,

2024

180

Name,

Business

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust

Term

of

Office

and

Length

of

Time

Served

with

the

Trust

Principal

Occupation(s)

During

Past

Five

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

Past

Five

Years

Albin

F.

Moschner

333

West

Wacker

Drive

Chicago,

IL

60606

1952

Trustee

Indefinite

term.

Trustee

since

2024.

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting),

(since

2012);

formerly,

held

positions

at

Leap

Wireless

International,

Inc.,(consumer

wireless

service)

including

Consultant

(2011–2012),

Chief

Operating

Officer

(2008–2011)

and

Chief

Marketing

Officer

(2004–2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.(telecommunications

services)

(2000–2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunications

services)

(1999–2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996–1997);

formerly,

various

executive

positions

(1991–1996)

and

Chief

Executive

Officer

(1995–1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

211

Formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.

(a

provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016).

John

K.

Nelson

333

West

Wacker

Drive

Chicago,

IL

60606

1962

Trustee

Indefinite

term.

Trustee

since

2024.

Formerly,

Senior

External

Advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-

2014);

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

211

Member

of

Board

of

Directors

(since

2008)

of

Core12

LLC

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients);

formerly,

Member

of

the

President's

Council

(2010-2019)

of

Fordham

University;

formerly,

Director

(2009-2018)

of

the

Curran

Center

for

Catholic

American

Studies.

Loren

M.

Starr

730

Third

Avenue

New

York,

NY

10017

1961

Trustee

Indefinite

term.

Trustee

since

2022.

Independent

Consultant/Advisor

(since

2021),

formerly,

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.

210

Director

(since

2023),

AMG;

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2014–2021),

Georgia

Leadership

Institute

for

School

Improvement

(GLISI);

formerly,

Chair

and

Member

of

the

Board

of

Trustees

(2014–2018),

Georgia

Council

on

Economic

Education

(GCEE).

Matthew

Thornton

III

333

West

Wacker

Drive

Chicago,

IL

60606

1958

Trustee

Indefinite

term.

Trustee

since

2024.

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(“FedEx”)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx.

211

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Member

of

the

Board

of

Directors

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure);  formerly,

Member

of

the

Board

of

Directors

(2012-

2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Terence

J.

Toth

333

West

Wacker

Drive

Chicago,

IL

60606

1959

Co-Chair

of

the

Board

and

Trustee

Indefinite

term.

Co-Chair

and

Trustee

since

2024;

Co-Chair

for

term

ending

June

30,

2024.

Formerly,

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director

of

Quality

Control

Corporation

(manufacturing)

(2012-2021);

formerly,

Director,

Fulcrum

IT

Service

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-

2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994).

211

Chair

and

Member

of

the

Board

of

Directors

(since

2021),

Kehrein

Center

for

the

Arts

(philanthropy);

Member

of

the

Board

of

Directors

(since

2008),

Catalyst

Schools

of

Chicago

(philanthropy);

Member

of

the

Board

of

Directors

(since

2012),

formerly,

Investment

Committee

Chair

(2017-

2022),

Mather

Foundation

(philanthropy);

formerly,

Member

(2005-2016),

Chicago

Fellowship

Board

(philanthropy);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

181

Officers

Name,

Business

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust

Term

of

Office

and

Length

of

Time

Served

with

the

Trust

Principal

Occupation(s)

During

Past

Five

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

by

Trustee

Other

Directorships

Held

by

Trustee

During

Past

Five

Years

Margaret

L.

Wolff

333

West

Wacker

Drive

Chicago,

IL

60606

1955

Trustee

Indefinite

term.

Trustee

since

2024.

Formerly,

Of

Counsel

(2005-2014),

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services).

211

Member

of

the

Board

of

Trustees

(since

2005),

New

York-Presbyterian

Hospital;

Member

of

the

Board

of

Trustees

(since

2004)

formerly,

Chair

(2015-2022),

The

John

A.

Hartford

Foundation

(philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College;

formerly,

Member

of

the

Board

of

Directors

(2013-

2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.).

Robert

L.

Young

333

West

Wacker

Drive

Chicago,

IL

60606

1963

Trustee

Indefinite

term.

Trustee

since

2024.

Co-Chair

as

of

July

1,

2024

for

term

ending

December

31,

2024.

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-

2017).

211

None

Name,

Business

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust

Term

of

Office

and

Length

of

Time

Served

with

the

Trust

Principal

Occupation(s)

During

Past

Five

Years

Richard

S.

Biegen

730

Third

Avenue

New

York,

NY

10017

1962

Chief

Compliance

Officer

Term—Indefinite

Length

of

Service—

Since

2008.

Senior

Managing

Director

of

TIAA;

Chief

Compliance

Officer

of

the

TIAA-CREF

Funds,

TIAA-CREF

Life

Funds,

College

Retirement

Equities

Fund

and

TIAA

Separate

Account

VA-1.

Mark

J.

Czarniecki

901

Marquette

Avenue

Minneapolis,

MN

55402

1962

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2024.

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

Jordan

M.

Farris

333

West

Wacker

Drive

Chicago,

IL

60606

1980

Chief

Administrative

Officer

(Principal

Executive

Officer)

Term—Indefinite

Length

of

Service—

Since

2024.

Managing

Director,

Head

of

Product

Management

and

Development,

ETFs,

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC.

Jeremy

D.

Franklin

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1983

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2020.

Vice

President

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Vice

President

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;  Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds,

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund;

has

previously

held

various

positions

with

TIAA.

Diana

R.

Gonzalez

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1978

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2024.

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Trustees

and

officers

(unaudited)

(continued)

January

1,

2024

182

Name,

Business

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust

Term

of

Office

and

Length

of

Time

Served

with

the

Trust

Principal

Occupation(s)

During

Past

Five

Years

Nathaniel

T.

Jones

333

West

Wacker

Drive

Chicago,

IL

60606

1979

Vice

President

and

Treasurer

Term—Indefinite

Length

of

Service—

Since

2024.

Senior

Managing

Director

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1982

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2024.

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

333

West

Wacker

Drive

Chicago,

IL

60606

1961

Vice

President

Term—Indefinite

Length

of

Service—

Since

2024.

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

333

West

Wacker

Drive

Chicago,

IL

60606

1974

Vice

President

Term—Indefinite

Length

of

Service—

Since

2024.

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1975

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2015.

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC,

and

Nuveen

Alternative

Advisors

LLC;

has

previously

held

various

positions

with

Nuveen/TIAA.

Kevin

J.

McCarthy

333

West

Wacker

Drive

Chicago,

IL

60606

1966

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2018.

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC  and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC;

Executive

Vice

President,

General

Counsel

and

Secretary  of

Teachers

Advisors,

LLC;

,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary  of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen/TIAA;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.  

Jon

Scott

Meissner

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1973

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2015.

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

has

previously

held

various

positions

with

Nuveen/TIAA.

James

Nelson

III

730

Third

Avenue

New

York,

NY

10017

1976

Vice

President

Term—Indefinite

Length

of

Service—

Since

2024.

Senior

Managing

Director,

Global

Head

of

Product,

Publics,

Nuveen;

formerly,

Head

of

North

American

Product

Management

&

Pricing,

Invesco

(2018-2023).

Mary

Beth

Ramsay

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1965

Vice

President

Term—Indefinite

Length

of

Service—

Since

2024.

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

William

A.

Siffermann

333

West

Wacker

Drive

Chicago,

IL

60606

1975

Vice

President

Term—Indefinite

Length

of

Service—

Since

2024.

Managing

Director

of

Nuveen.

E.

Scott

Wickerham

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1973

Vice

President

and

Controller

(Principal

Financial

Officer)

Term—Indefinite

Length

of

Service—

Since

2017.

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

and

Nuveen

Asset

Management,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

previously

held

various

positions

with

TIAA.

Mark

L.

Winget

333

West

Wacker

Drive

Chicago,

IL

60606

1968

Vice

President

and

Assistant

Secretary

Term—Indefinite

Length

of

Service—

Since

2024.

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

183

Please

note

that

the

Funds’

Statement

of

Additional

Information

(SAI)

includes

additional

information

about

the

Funds’

trustees

and

is

available,

without

charge,

through

our

website,

tiaa.org,

or

by

calling

800

223-1200.

Name,

Business

Address

and

Year

of

Birth

Position(s)

Held

with

the

Trust

Term

of

Office

and

Length

of

Time

Served

with

the

Trust

Principal

Occupation(s)

During

Past

Five

Years

Rachael

Zufall

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

1973

Vice

President

and

Secretary

Term—Indefinite

Length

of

Service—

Since

2014.

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-

CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

Additional

Information

About

Index

Providers

(Unaudited)

184

Russell

Indexes

Source:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2024.

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.

Bloomberg

Indexes

Source:

Bloomberg

Index

Services

Limited.

BLOOMBERG®is

a

trademark

and

service

mark

of

Bloomberg

Finance

L.P.

and

its

affiliates

(collectively

“Bloomberg”). Bloomberg

or

Bloomberg’s

licensors

own

all

proprietary

rights

in

the

Bloomberg

Indices.

Bloomberg

neither approves

nor

endorses

this

material,

nor

guarantees

the

accuracy

or

completeness

of

any

information

herein,

nor

makes

any

warranty,

express

or

implied,

as

to

the

results

to

be

obtained

therefrom

and,

to

the

maximum

extent

allowed

by

law,

neither

shall

have

any

liability

or

responsibility

for

injury

or

damages

arising

in

connection

therewith.

FTSE Index

Source:

FTSE

International

Limited

(“FTSE”)

©

FTSE

2024.

“FTSE®”

is

a

trade

mark

of

the

London

Stock

Exchange

Group

companies

and

is

used

by

FTSE

International

Limited

under

license.

“Nareit®”

is

a

trade

mark

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.

Standard

&

Poor's

Index

The

S&P

500®

Index

is

a

product

 of

S&P

Dow

Jones

Indices

LLC,

a

division

of

S&P

Global,

or

its

affiliates

(“SPDJI”),

and has

been

licensed

for

use

by

the

Growth

&

Income

Fund.

Standard

&

Poor’s®

and

S&P®

are

registered

trademarks

of

Standard

&

Poor’s

Financial

Services

LLC,

a

division

of

S&P

Global

(“S&P”);

Dow

Jones®

is

a

registered

trademark

of

Dow

Jones

Trademark

Holdings

LLC

(“Dow

Jones”).

It

is

not

possible

to

invest

directly

in

an

index.

The

fund

is not

sponsored,

endorsed,

sold

or

promoted

by

SPDJI,

Dow

Jones,

S&P,

any

of

their

respective

affiliates

(collectively,

“S&P

Dow

Jones

Indices”).

S&P

Dow

Jones

Indices

does

not

make

any

representation

or

warranty,

express

or

implied,

to

the

owners

of

the fund

or

any

member

of

the

public

regarding

the

advisability

of

investing

in

securities

generally

or

in

the fund

particularly

or

the

ability

of

the

S&P

500

Index to

track

general

market

performance.

Past

performance

of

an

index

is

not

an

indication

or

guarantee

of

future

results.

S&P

Dow

Jones

Indices’

only

relationship

to

the

fund

with

respect

to

the

S&P

500

Index is

the

licensing

of

the Index

and

certain

trademarks,

service

marks

and/or

trade

names

of

S&P

Dow

Jones

Indices

and/or

its

licensors.

The S&P

500

Index

is

determined,

composed

and

calculated

by

S&P

Dow

Jones

Indices

without

regard

to

the

fund.

S&P

Dow

Jones

Indices

has

no

obligation

to

take

the

needs

of

the fund

or

the

owners

of

the fund

into

consideration

in

determining,

composing

or

calculating

the

S&P

500

Index.

S&P

Dow

Jones

Indices

is

not

responsible

for

and

has

not

participated

in

the

determination

of

the

prices,

and

amount

of

the fund

or

the

timing

of

the

issuance

or

sale

of

fund

shares

or

in

the

determination

or

calculation

of

the

equation

by

which fund

shares

are

to

be

converted

into

cash,

surrendered

or

redeemed,

as

the

case

may

be.

S&P

Dow

Jones

Indices

has

no

obligation

or

liability

in

connection

with

the

administration,

marketing

or

trading

of

the

fund.

There

is

no

assurance

that

investment

products

based

on

the

S&P 500

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A10847

(2/24)

Item 2. Code of Conduct.

2(a)  The Board of Trustees of the TIAA-CREF Life Funds (the “Registrant”) has adopted a code of conduct for senior financial officers, including the Registrant’s principal executive officer, principal financial officer, principal accounting officer, or controller, and persons performing similar functions, in conformity with rules promulgated under the Sarbanes-Oxley Act of 2002.

2(b)  No response required.

2(c)  During the reporting period, there were no material amendments to the code of conduct.

2(d)  During the reporting period, there were no implicit or explicit waivers granted by the Registrant from any provision of the code of conduct.

2(e)  Not applicable.

2(f)  The Registrant has posted the code of conduct on its website at

   www.tiaa.org/public/pdf/c/code_of_conduct.pdf.

Item 3. Audit Committee Financial Expert.

3(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit and Compliance Committee.

3(a)(2) Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Loren M. Starr and Robert L. Young are the Registrant’s audit committee financial experts and are “independent” for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

 PricewaterhouseCoopers LLP (“PwC”) performs independent audits of the Registrant’s financial statements. To maintain auditor independence and avoid the appearance of conflicts of interest, the Registrant, as a policy, does not engage PwC for management advisory or consulting services.

 The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2022 may not align with the figures reported and filed with the Securities and Exchange Commission in the Form N-CSR for the fiscal year ended December 31, 2022 because the fees disclosed in this Form N-CSR reflect fees updated after the date of the December 31, 2022 Form N-CSR.

4(a)  Audit Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $331,615 and $316,015, respectively.

4(b)  Audit Related Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c)  Tax Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for tax services billed to the Registrant were $20 and $20, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d)  All Other Fees.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for all other services billed to the Registrant were $6,762 and $274, respectively.

For the fiscal years ended December 31, 2023 and December 31, 2022, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

 The Registrant’s audit and compliance committee (“Audit Committee”) has adopted a Preapproval Policy for External Audit Firm Services (the “Policy”). The Policy describes the types of services that may be provided by the independent auditor to the Registrant and certain of its affiliates without impairing the auditor’s independence. Under the Policy, the Audit Committee is required to preapprove all services to be performed by the Registrant’s independent auditor in order to ensure that such services do not impair the auditor’s independence.

 The Policy requires the Audit Committee to: (i) appoint the independent auditor to perform the financial statements audit for the Registrant and certain of its affiliates, including approving the terms of the engagement, and (ii) preapprove the audit, audit-related, tax and other services to be provided by the independent auditor to the Registrant and certain of its affiliates and the fees to be charged for provision of such services from year to year.

4(e)(2) Services provided pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “de minimis exception”):

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2023 and December 31, 2022 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

4(f)  The percentage of hours expended by PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year attributable to work performed by persons other than PwC’s full-time, permanent employees was less than 50%.

4(g)  Non-Audit Fees for Related Entities.

For the fiscal years ended December 31, 2023 and December 31, 2022, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $210,180 and $2,352,275, respectively.

4(h)  The Registrant’s Audit Committee has considered whether the non-audit services that were rendered by PwC to the Registrant’s Fund Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X are compatible with maintaining PwC’s independence.

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 annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s 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)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the Registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on Registrant’s website at www.tiaa.org/public/pdf/c/code_of_conduct.pdf and there were no material amendments during the period covered by this report.

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: March 6, 2024	TIAA-CREF LIFE FUNDS
	By:	/s/ Jordan M. Farris
		Jordan M. Farris
		Chief Administrative Officer

 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: March 6, 2024	By:	/s/ Jordan M. Farris
		Jordan M. Farris
		Chief Administrative Officer
		(principal executive officer)

Dated: March 6, 2024	By:	/s/ E. Scott Wickerham
		E. Scott Wickerham
		Vice President and Controller
		(principal financial officer)