UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N‑CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| | |
| Investment Company Act file number | | 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 Boulevard
Charlotte, North Carolina 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: (704) 595‑1000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
| Item 1. | Reports to Stockholders. |
| | |
 | |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Balanced Fund
(Formerly known as TIAA-CREF Life Balanced Fund)
TLBAX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Balanced Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842‑2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)(1)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Balanced Fund | | $5 | | 0.10% |
(1) These costs do not include the expenses of the underlying funds in which the Fund invests.
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 66,719,164 | |
| |
| Total number of portfolio holdings | | | 8 | |
| |
| Portfolio turnover (%) | | | 5% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V864_SAR_0624 3707287‑INV‑B‑08/25 | |  |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Core Bond Fund
(Formerly known as TIAA-CREF Life Core Bond Fund)
TLBDX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Core Bond Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Core Bond Fund | | $18 | | 0.35% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 199,235,006 | |
| |
| Total number of portfolio holdings | | | 1,016 | |
| |
| Portfolio turnover (%) | | | 44% | |
What did the Fund invest in? (as of June 30, 2024)
(1) 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.
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V880_SAR_0624 3707307-INV-B-08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Core Equity Fund
(Formerly known as TIAA-CREF Life Growth & Income Fund)
TLGWX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Core Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842‑2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Core Equity Fund | | $26 | | 0.51% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 210,732,475 | |
| |
| Total number of portfolio holdings | | | 54 | |
| |
| Portfolio turnover (%) | | | 23% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V302_SAR_0624 3707323-INV-B-08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Growth Equity Fund
(Formerly known as TIAA-CREF Life Growth Equity Fund)
TLGQX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Growth Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842‑2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Growth Equity Fund | | $26 | | 0.52% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 179,424,439 | |
| |
| Total number of portfolio holdings | | | 60 | |
| |
| Portfolio turnover (%) | | | 12% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V104_SAR_0624 3707346-INV-B-08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life International Equity Fund
(Formerly known as TIAA-CREF Life International Equity Fund)
TLINX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life International Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842‑2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life International Equity Fund | | $30 | | 0.60% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 147,786,210 | |
| |
| Total number of portfolio holdings | | | 67 | |
| |
| Portfolio turnover (%) | | | 6% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V203_SAR_0624 3707354‑INV‑B‑08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Large Cap Responsible Equity Fund
(Formerly known as TIAA-CREF Life Social Choice Equity Fund)
TLCHX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Large Cap Responsible Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842‑2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Large Cap Responsible Equity Fund | | $11 | | 0.22% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 95,295,451 | |
| |
| Total number of portfolio holdings | | | 151 | |
| |
| Portfolio turnover (%) | | | 34% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V500_SAR_0624 3707361‑INV‑B‑08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Large Cap Value Fund
(Formerly known as TIAA-CREF Life Large-Cap Value Fund)
TLLVX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Large Cap Value Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Large Cap Value Fund | | $26 | | 0.52% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 82,701,939 | |
| |
| Total number of portfolio holdings | | | 87 | |
| |
| Portfolio turnover (%) | | | 11% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V609_SAR_0624 3707375-INV-B-08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Money Market Fund
(Formerly known as TIAA-CREF Life Money Market Fund)
TLMXX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Money Market Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842‑2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Money Market Fund | | $8 | | 0.15% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 134,070,693 | |
| |
| Total number of portfolio holdings | | | 71 | |
| |
| Portfolio turnover (%) | | | 0% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V872_SAR_0624 3707388‑INV‑B‑08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Real Estate Securities Select Fund
(Formerly known as TIAA-CREF Life Real Estate Securities Fund)
TLRSX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Real Estate Securities Select Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Real Estate Securities Select Fund | | $29 | | 0.58% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 63,702,289 | |
| |
| Total number of portfolio holdings | | | 37 | |
| |
| Portfolio turnover (%) | | | 10% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V807_SAR_0624 3707398-INV-B-08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Small Cap Equity Fund
(Formerly known as TIAA-CREF Life Small‑Cap Equity Fund)
TLEQX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Small Cap Equity Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Small Cap Equity Fund | | $27 | | 0.53% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 65,422,691 | |
| |
| Total number of portfolio holdings | | | 389 | |
| |
| Portfolio turnover (%) | | | 39% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V708_SAR_0624 3707407‑INV‑B‑08/25 | | |
| | |
| |
Semi-Annual Shareholder Report
June 30, 2024 |
Nuveen Life Stock Index Fund
(Formerly known as TIAA-CREF Life Stock Index Fund)
TLSTX
Semi-Annual Report
This semi-annual shareholder report contains important information about the Nuveen Life Stock Index Fund for the period of January 1, 2024 to June 30, 2024. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842‑2252.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | | | |
| | |
| | | Cost of a $10,000 investment | | Costs paid as a percentage of
$10,000 investment* |
| | | |
| Nuveen Life Stock Index Fund | | $5 | | 0.09% |
* This cost is annualized.
Fund Statistics (as of June 30, 2024)
| | | | |
| |
| Fund net assets | | $ | 837,908,611 | |
| |
| Total number of portfolio holdings | | | 2,700 | |
| |
| Portfolio turnover (%) | | | 1% | |
What did the Fund invest in? (as of June 30, 2024)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:
| | • | | prospectus • financial statements and other information • fund holdings • proxy voting information |
You can also request this information at (800) 842‑2252.
| | |
87244V401_SAR_0624 3707418‑INV‑B‑08/25 | | |
Not applicable to this filing.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this registrant.
| (a) | Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Item
7.
Financial
Statements
and
Financial
Highlights
for
Open-
End
Management
Investment
Companies
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
NUVEEN
LIFE
FUNDS—99.9%(a)
FIXED
INCOME—49.8%
3,620,866
Nuveen
Life
Core
Bond
Fund
$
33,239,547
TOTAL
FIXED
INCOME
33,239,547
INTERNATIONAL
EQUITY—9.9%
660,503
Nuveen
Life
International
Equity
Fund
6,591,818
TOTAL
INTERNATIONAL
EQUITY
6,591,818
U.S.
EQUITY—40.2%
308,203
Nuveen
Life
Core
Equity
Fund
6,684,912
314,487
Nuveen
Life
Growth
Equity
Fund
6,657,699
269,306
Nuveen
Life
Large
Cap
Value
Fund
5,394,204
102,404
Nuveen
Life
Real
Estate
Securities
Select
Fund
1,355,830
92,218
Nuveen
Life
Small
Cap
Equity
Fund
1,339,928
121,122
Nuveen
Life
Stock
Index
Fund
5,385,104
TOTAL
U.S.
EQUITY
26,817,677
TOTAL
AFFILIATED
INVESTMENT
COMPANIES
66,649,042
(Cost
$55,146,655)
TOTAL
INVESTMENTS—99.9%
66,649,042
(Cost
$55,146,655)
OTHER
ASSETS
&
LIABILITIES,
NET—0.1%
70,122
NET
ASSETS—100.0%
$
66,719,164
(a)
The
Fund
invests
its
assets
in
the
affiliated
Nuveen
Life
Funds.
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
LONG-TERM
INVESTMENTS
-
96.0%
BANK
LOAN
OBLIGATIONS
-
1.5%
CAPITAL
GOODS
-
0.1%
$
62,001
(a)
Centuri
Group,
Inc
TSFR1M
+
2.500%
7.958
%
08/27/28
$
62,087
94,589
(a)
TransDigm,
Inc
TSFR3M
+
0.028%
8.085
03/22/30
94,875
TOTAL
CAPITAL
GOODS
156,962
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.1%
70,043
(a)
Dun
&
Bradstreet
Corp
TSFR1M
+
2.750%
8.096
01/18/29
70,174
36,440
(a)
EAB
Global,
Inc
TSFR1M
+
3.500%
8.944
08/16/28
36,449
20,977
(a)
GFL
Environmental,
Inc
TSFR3M
+
2.500%
7.826
05/31/27
21,044
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
127,667
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
62,109
(a)
CNT
Holdings
I
Corp
TSFR3M
+
3.500%
8.830
11/08/27
62,333
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
62,333
CONSUMER
SERVICES
-
0.1%
37,213
(a)
1011778
BC
ULC
TSFR1M
+
0.018%
7.578
09/20/30
37,166
232,049
(a)
Motion
Finco
Sarl
TSFR3M
+
0.035%
8.835
11/12/29
232,397
TOTAL
CONSUMER
SERVICES
269,563
ENERGY
-
0.0%
19,695
(a)
Oryx
Midstream
Services
Permian
Basin
LLC
TSFR1M
+
3.000%
8.441
10/05/28
19,732
TOTAL
ENERGY
19,732
FINANCIAL
SERVICES
-
0.0%
39,488
(a)
Trans
Union
LLC
TSFR1M
+
2.000%
7.344
12/01/28
39,548
TOTAL
FINANCIAL
SERVICES
39,548
FOOD,
BEVERAGE
&
TOBACCO
-
0.0%
57,101
(a)
Triton
Water
Holdings,
Inc
TSFR3M
+
3.250%
8.846
03/31/28
57,186
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
57,186
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
96,858
(a)
Global
Medical
Response,
Inc
TSFR1M
+
5.500%
10.848
10/31/28
94,000
37,918
(a)
ICU
Medical,
Inc
TSFR3M
+
2.500%
7.985
01/08/29
37,992
34,541
(a)
Medline
Borrower
LP
TSFR1M
+
2.750%
8.094
10/23/28
34,649
86,916
(a)
Phoenix
Newco,
Inc
TSFR1M
+
3.250%
8.708
11/15/28
87,201
514,184
(a)
Surgery
Center
Holdings,
Inc
TSFR1M
+
0.028%
8.089
12/19/30
516,146
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
769,988
INSURANCE
-
0.3%
434,030
(a)
BroadStreet
Partners,
Inc
TSFR1M
+
3.250%
8.594
06/13/31
433,379
99,741
(a)
Ryan
Specialty
Group
LLC
TSFR1M
+
2.500%
8.094
09/01/27
100,376
37,924
(a)
USI,
Inc
TSFR3M
+
0.028%
8.085
09/27/30
37,972
TOTAL
INSURANCE
571,727
MATERIALS
-
0.1%
54,716
(a)
Clydesdale
Acquisition
Holdings,
Inc
TSFR1M
+
3.680%
9.119
04/13/29
54,903
47,129
(a)
Ecovyst
Catalyst
Technologies
LLC
TSFR3M
+
2.500%
7.930
06/09/28
47,175
14,772
(a)
TricorBraun
Holdings,
Inc
TSFR1M
+
3.250%
8.708
03/03/28
14,767
TOTAL
MATERIALS
116,845
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
2,528
(a)
Cushman
&
Wakefield
plc
TSFR1M
+
2.750%
8.208
08/21/25
2,533
50,542
(a)
Cushman
&
Wakefield
US
Borrower
LLC
TSFR1M
+
0.033%
8.679
01/31/30
50,605
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
53,138
SOFTWARE
&
SERVICES
-
0.1%
34,519
(a)
Boxer
Parent
Co,
Inc
TSFR1M
+
4.000%
9.344
12/29/28
34,633
19,051
(a)
Camelot
US
Acquisition
LLC
TSFR1M
+
2.750%
8.094
01/31/31
19,108
34,017
(a)
Epicor
Software
Corp
TSFR1M
+
0.053%
8.594
05/30/31
34,201
37,918
(a)
Instructure
Holdings,
Inc
TSFR3M
+
2.750%
8.355
10/30/28
37,942
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
SOFTWARE
&
SERVICES—continued
$
80,790
(a)
Rackspace
Finance
LLC
TSFR1M
+
0.053%
8.186
%
05/15/28
$
37,279
17,596
(a)
Rackspace
Finance
LLC
TSFR1M
+
0.053%
11.692
05/15/28
17,871
38,019
(a)
Sedgwick
Claims
Management
Services,
Inc
TSFR1M
+
3.500%
9.094
02/24/28
38,108
57,324
(a)
UKG,
Inc
TSFR1M
+
3.250%
8.576
02/10/31
57,606
TOTAL
SOFTWARE
&
SERVICES
276,748
TELECOMMUNICATION
SERVICES
-
0.0%
50,000
(a)
Virgin
Media
Bristol
LLC
TSFR1M
+
2.500%
8.656
03/31/31
47,901
TOTAL
TELECOMMUNICATION
SERVICES
47,901
TRANSPORTATION
-
0.1%
77,306
(a)
Air
Canada
TSFR3M
+
2.500%
7.847
03/21/31
77,512
15,000
(a)
Mileage
Plus
Holdings
LLC
TSFR3M
+
0.053%
10.744
06/21/27
15,324
53,659
(a)
SkyMiles
IP
Ltd
TSFR3M
+
3.750%
9.075
10/20/27
55,022
TOTAL
TRANSPORTATION
147,858
UTILITIES
-
0.2%
163,712
(a)
Talen
Energy
Supply
LLC
TSFR3M
+
0.035%
8.818
05/17/30
165,758
133,944
(a)
Talen
Energy
Supply
LLC
TSFR3M
+
0.035%
8.827
05/17/30
135,619
TOTAL
UTILITIES
301,377
TOTAL
BANK
LOAN
OBLIGATIONS
3,018,573
(Cost
$2,998,808)
CORPORATE
BONDS
-
34.5%
AUTOMOBILES
&
COMPONENTS
-
1.2%
70,000
(b)
Clarios
Global
LP
6.750
05/15/28
70,844
5,000
Dana,
Inc
5.375
11/15/27
4,887
25,000
Dana,
Inc
4.250
09/01/30
21,824
200,000
Ford
Motor
Credit
Co
LLC
6.950
03/06/26
203,230
200,000
Ford
Motor
Credit
Co
LLC
7.350
03/06/30
211,659
200,000
(b),(c)
Ford
Otomotiv
Sanayi
AS.
7.125
04/25/29
201,820
100,000
General
Motors
Co
6.125
10/01/25
100,520
350,000
General
Motors
Financial
Co,
Inc
2.750
06/20/25
340,196
50,000
General
Motors
Financial
Co,
Inc
6.050
10/10/25
50,180
275,000
General
Motors
Financial
Co,
Inc
5.000
04/09/27
272,193
75,000
(c)
General
Motors
Financial
Co,
Inc
5.850
04/06/30
75,918
50,000
General
Motors
Financial
Co,
Inc
5.750
02/08/31
50,133
300,000
General
Motors
Financial
Co,
Inc
5.600
06/18/31
297,755
100,000
Goodyear
Tire
&
Rubber
Co
5.250
04/30/31
91,738
200,000
(b)
Hyundai
Capital
Services,
Inc
2.125
04/24/25
194,397
150,000
(b)
ZF
North
America
Capital,
Inc
6.875
04/14/28
152,902
TOTAL
AUTOMOBILES
&
COMPONENTS
2,340,196
BANKS
-
7.6%
200,000
(b)
Banco
de
Credito
e
Inversiones
S.A.
2.875
10/14/31
170,636
200,000
(b)
Banco
del
Estado
de
Chile
7.950
N/A(d)
206,600
200,000
Banco
Santander
S.A.
6.350
03/14/34
200,143
200,000
Banco
Santander
S.A.
9.625
N/A(d)
221,701
200,000
Bancolombia
S.A.
8.625
12/24/34
204,250
200,000
(b)
Bangkok
Bank
PCL
3.466
09/23/36
166,352
200,000
(b)
Bank
Hapoalim
BM
3.255
01/21/32
179,570
200,000
(b)
Bank
Leumi
Le-Israel
BM
3.275
01/29/31
185,056
1,000,000
Bank
of
America
Corp
2.592
04/29/31
864,616
700,000
Bank
of
America
Corp
5.288
04/25/34
692,653
350,000
Bank
of
America
Corp
5.468
01/23/35
349,646
350,000
Bank
of
America
Corp
2.676
06/19/41
244,540
400,000
Bank
of
America
Corp
6.100
N/A(d)
398,834
55,000
Bank
of
Montreal
3.803
12/15/32
51,676
200,000
Barclays
plc
3.330
11/24/42
143,594
200,000
Barclays
plc
9.625
N/A(d)
216,818
200,000
(b)
BBVA
Bancomer
S.A.
8.450
06/29/38
206,135
150,000
(b)
BNP
Paribas
S.A.
2.819
11/19/25
148,132
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
BANKS—continued
$
300,000
(b)
BNP
Paribas
S.A.
1.904
%
09/30/28
$
267,834
200,000
(b)
BNP
Paribas
S.A.
7.750
N/A(d)
201,703
200,000
(b)
BNP
Paribas
S.A.
7.375
N/A(d)
199,501
350,000
CitiBank
NA
5.570
04/30/34
355,567
150,000
Citigroup,
Inc
3.200
10/21/26
143,051
125,000
Citigroup,
Inc
4.300
11/20/26
121,931
80,000
Citigroup,
Inc
4.125
07/25/28
76,794
140,000
Citigroup,
Inc
2.572
06/03/31
120,165
775,000
Citigroup,
Inc
6.270
11/17/33
811,683
175,000
Citigroup,
Inc
7.625
N/A(d)
182,206
100,000
Citigroup,
Inc
4.000
N/A(d)
95,768
325,000
(b)
Cooperatieve
Rabobank
UA
1.339
06/24/26
311,308
200,000
(b)
Credit
Agricole
S.A.
8.125
N/A(d)
202,940
150,000
Deutsche
Bank
AG.
5.371
09/09/27
150,254
150,000
Deutsche
Bank
AG.
6.819
11/20/29
155,998
200,000
HSBC
Holdings
plc
4.292
09/12/26
196,486
50,000
HSBC
Holdings
plc
2.013
09/22/28
44,903
225,000
HSBC
Holdings
plc
7.390
11/03/28
237,941
200,000
(c)
HSBC
Holdings
plc
8.000
N/A(d)
210,050
550,000
HSBC
Holdings
plc
6.000
N/A(d)
531,079
200,000
ING
Groep
NV
6.500
N/A(d)
197,805
200,000
JPMorgan
Chase
&
Co
2.301
10/15/25
197,990
125,000
JPMorgan
Chase
&
Co
4.323
04/26/28
121,942
400,000
JPMorgan
Chase
&
Co
5.581
04/22/30
406,336
275,000
JPMorgan
Chase
&
Co
3.702
05/06/30
257,133
75,000
JPMorgan
Chase
&
Co
1.953
02/04/32
61,004
125,000
JPMorgan
Chase
&
Co
4.912
07/25/33
121,405
650,000
JPMorgan
Chase
&
Co
5.350
06/01/34
647,120
100,000
JPMorgan
Chase
&
Co
6.254
10/23/34
106,061
300,000
JPMorgan
Chase
&
Co
5.766
04/22/35
307,802
50,000
JPMorgan
Chase
&
Co
2.525
11/19/41
34,064
250,000
JPMorgan
Chase
&
Co
3.157
04/22/42
186,038
160,000
JPMorgan
Chase
&
Co
3.650
N/A(d)
151,338
100,000
JPMorgan
Chase
&
Co
5.000
N/A(d)
99,714
363,000
JPMorgan
Chase
&
Co
6.100
N/A(d)
363,353
175,000
JPMorgan
Chase
&
Co
6.875
N/A(d)
180,751
200,000
Lloyds
Banking
Group
plc
7.500
N/A(d)
199,928
250,000
M&T
Bank
Corp
3.500
N/A(d)
208,625
250,000
(b)
NBK
SPC
Ltd
1.625
09/15/27
229,688
125,000
PNC
Financial
Services
Group,
Inc
6.200
N/A(d)
124,514
200,000
Toronto-Dominion
Bank
4.285
09/13/24
199,344
100,000
Toronto-Dominion
Bank
3.625
09/15/31
95,202
200,000
Truist
Financial
Corp
4.950
N/A(d)
195,905
100,000
US
Bancorp
4.839
02/01/34
94,804
375,000
Wells
Fargo
&
Co
2.393
06/02/28
345,371
100,000
Wells
Fargo
&
Co
6.303
10/23/29
103,771
125,000
(c)
Wells
Fargo
&
Co
7.625
N/A(d)
133,113
250,000
Wells
Fargo
&
Co
3.900
N/A(d)
239,231
TOTAL
BANKS
15,077,466
CAPITAL
GOODS
-
1.1%
25,000
(b)
Beacon
Roofing
Supply,
Inc
6.500
08/01/30
25,225
450,000
Boeing
Co
2.196
02/04/26
422,944
75,000
Boeing
Co
5.705
05/01/40
69,147
300,000
Boeing
Co
5.805
05/01/50
270,360
50,000
(b)
Chart
Industries,
Inc
7.500
01/01/30
51,668
62,000
(b)
H&E
Equipment
Services,
Inc
3.875
12/15/28
55,941
200,000
Honeywell
International,
Inc
5.250
03/01/54
194,071
150,000
L3Harris
Technologies,
Inc
5.400
07/31/33
149,527
50,000
Lockheed
Martin
Corp
1.850
06/15/30
42,121
100,000
Lockheed
Martin
Corp
5.200
02/15/64
94,546
175,000
Northrop
Grumman
Corp
3.250
01/15/28
164,811
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
CAPITAL
GOODS—continued
$
175,000
Raytheon
Technologies
Corp
4.125
%
11/16/28
$
168,455
50,000
Raytheon
Technologies
Corp
2.250
07/01/30
42,703
150,000
Raytheon
Technologies
Corp
6.000
03/15/31
156,247
200,000
(b)
Sociedad
Quimica
y
Minera
de
Chile
S.A.
6.500
11/07/33
208,985
80,000
(b)
TransDigm,
Inc
6.875
12/15/30
81,668
15,000
(b)
WESCO
Distribution,
Inc
7.250
06/15/28
15,269
55,000
(b)
Windsor
Holdings
III
LLC
8.500
06/15/30
57,403
TOTAL
CAPITAL
GOODS
2,271,091
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.3%
40,000
(b)
ADT
Corp
4.875
07/15/32
36,732
15,000
(b)
ASGN,
Inc
4.625
05/15/28
14,146
35,000
(b)
Garda
World
Security
Corp
7.750
02/15/28
35,647
65,000
(b)
GFL
Environmental,
Inc
5.125
12/15/26
64,372
200,000
(b)
GTCR
W-2
MERGER
SUB
LLC
7.500
01/15/31
208,531
50,000
(b)
Prime
Security
Services
Borrower
LLC
5.750
04/15/26
49,620
26,000
(b)
Prime
Security
Services
Borrower
LLC
3.375
08/31/27
24,057
70,000
(b)
Prime
Security
Services
Borrower
LLC
6.250
01/15/28
68,980
75,000
Verisk
Analytics,
Inc
3.625
05/15/50
53,934
100,000
Waste
Management,
Inc
2.500
11/15/50
59,799
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
615,818
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.6%
25,000
(b)
Asbury
Automotive
Group,
Inc
4.625
11/15/29
23,107
50,000
(b)
Asbury
Automotive
Group,
Inc
5.000
02/15/32
45,300
100,000
AutoZone,
Inc
1.650
01/15/31
80,204
150,000
Home
Depot,
Inc
4.950
06/25/34
148,437
32,000
Kohl's
Corp
4.625
05/01/31
26,769
80,000
(b)
LCM
Investments
Holdings
II
LLC
4.875
05/01/29
74,778
40,000
(b)
LCM
Investments
Holdings
II
LLC
8.250
08/01/31
41,739
45,000
(b)
Lithia
Motors,
Inc
4.625
12/15/27
42,926
175,000
Lowe's
Cos,
Inc
4.250
04/01/52
137,536
50,000
(b)
Macy's
Retail
Holdings
LLC
6.125
03/15/32
47,748
38,000
(b)
Magic
Mergeco,
Inc
5.250
05/01/28
30,400
125,000
O'Reilly
Automotive,
Inc
3.600
09/01/27
119,082
250,000
O'Reilly
Automotive,
Inc
1.750
03/15/31
201,442
200,000
(b)
Prosus
NV
4.193
01/19/32
176,429
15,000
(b)
Wand
NewCo
3,
Inc
7.625
01/30/32
15,492
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,211,389
CONSUMER
DURABLES
&
APPAREL
-
0.0%
50,000
Newell
Brands,
Inc
6.375
09/15/27
49,307
TOTAL
CONSUMER
DURABLES
&
APPAREL
49,307
CONSUMER
SERVICES
-
0.3%
150,000
(b)
Churchill
Downs,
Inc
6.750
05/01/31
150,812
6,000
(b)
Hilton
Domestic
Operating
Co,
Inc
5.750
05/01/28
5,970
74,000
(b)
Hilton
Domestic
Operating
Co,
Inc
3.625
02/15/32
64,038
100,000
(b)
Hilton
Grand
Vacations
Borrower
Escrow
LLC
6.625
01/15/32
100,468
20,000
(b)
International
Game
Technology
plc
4.125
04/15/26
19,470
60,000
(b)
International
Game
Technology
plc
6.250
01/15/27
60,196
20,000
(b)
Light
&
Wonder
International,
Inc
7.500
09/01/31
20,665
25,000
(b),(c)
Marriott
Ownership
Resorts,
Inc
4.500
06/15/29
22,972
50,000
(b)
NCL
Corp
Ltd
5.875
03/15/26
49,431
TOTAL
CONSUMER
SERVICES
494,022
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.3%
70,000
(b)
Albertsons
Cos,
Inc
6.500
02/15/28
70,332
60,000
Kroger
Co
3.875
10/15/46
45,207
50,000
SYSCO
Corp
6.000
01/17/34
52,481
100,000
SYSCO
Corp
3.150
12/14/51
65,434
100,000
Walmart,
Inc
1.050
09/17/26
92,184
200,000
Walmart,
Inc
1.800
09/22/31
164,787
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL—continued
$
175,000
Walmart,
Inc
4.500
%
04/15/53
$
154,895
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
645,320
ENERGY
-
3.6%
100,000
(b)
Antero
Midstream
Partners
LP
6.625
02/01/32
100,900
19,000
(b)
Archrock
Partners
LP
6.250
04/01/28
18,817
100,000
Cenovus
Energy,
Inc
2.650
01/15/32
82,708
150,000
Cheniere
Energy
Partners
LP
3.250
01/31/32
128,029
150,000
(b)
Cheniere
Energy
Partners
LP
5.750
08/15/34
150,598
35,000
(b)
Civitas
Resources,
Inc
8.375
07/01/28
36,674
30,000
(b)
Civitas
Resources,
Inc
8.625
11/01/30
32,167
40,000
(b)
Civitas
Resources,
Inc
8.750
07/01/31
42,838
65,000
(b)
CNX
Resources
Corp
7.250
03/01/32
66,259
150,000
Diamondback
Energy,
Inc
4.400
03/24/51
119,812
35,000
(b)
DT
Midstream,
Inc
4.125
06/15/29
32,335
30,000
(b)
DT
Midstream,
Inc
4.375
06/15/31
27,325
45,000
Ecopetrol
S.A.
6.875
04/29/30
43,221
200,000
Ecopetrol
S.A.
4.625
11/02/31
163,690
250,000
Enbridge,
Inc
5.700
03/08/33
251,966
150,000
Enbridge,
Inc
5.750
07/15/80
141,548
33,000
(b)
Energean
Israel
Finance
Ltd
4.875
03/30/26
31,102
100,000
Energy
Transfer
LP
2.900
05/15/25
97,548
150,000
Energy
Transfer
LP
4.950
06/15/28
148,018
100,000
Energy
Transfer
LP
6.550
12/01/33
105,978
50,000
Energy
Transfer
LP
5.550
05/15/34
49,484
25,000
Energy
Transfer
LP
5.400
10/01/47
22,365
100,000
Energy
Transfer
LP
6.250
04/15/49
99,479
125,000
Energy
Transfer
LP
5.000
05/15/50
106,102
150,000
Energy
Transfer
LP
5.950
05/15/54
146,065
100,000
Energy
Transfer
Operating
LP
5.500
06/01/27
100,284
6,000
(b)
EnLink
Midstream
LLC
5.625
01/15/28
5,964
100,000
Enterprise
Products
Operating
LLC
3.700
02/15/26
97,429
100,000
Enterprise
Products
Operating
LLC
4.250
02/15/48
81,738
100,000
Enterprise
Products
Operating
LLC
4.200
01/31/50
80,185
100,000
Enterprise
Products
Operating
LLC
3.200
02/15/52
66,448
25,000
Enterprise
Products
Operating
LLC
3.300
02/15/53
16,837
100,000
(b)
EQM
Midstream
Partners
LP
4.500
01/15/29
94,372
35,000
(b)
EQM
Midstream
Partners
LP
6.375
04/01/29
35,354
25,000
(b)
EQT
Corp
3.125
05/15/26
23,890
200,000
(b)
Galaxy
Pipeline
Assets
Bidco
Ltd
2.625
03/31/36
162,500
50,000
Genesis
Energy
LP
8.000
01/15/27
51,123
50,000
Genesis
Energy
LP
8.250
01/15/29
51,617
10,000
(b)
Hilcorp
Energy
I
LP
5.750
02/01/29
9,677
25,000
(b)
Hilcorp
Energy
I
LP
6.000
04/15/30
24,149
9,000
(b)
Hilcorp
Energy
I
LP
6.000
02/01/31
8,590
100,000
(b)
Hilcorp
Energy
I
LP
8.375
11/01/33
106,576
100,000
(b)
Kinetik
Holdings
LP
6.625
12/15/28
101,596
40,000
(b)
Kodiak
Gas
Services
LLC
7.250
02/15/29
41,003
275,000
Marathon
Oil
Corp
5.300
04/01/29
276,131
75,000
Marathon
Petroleum
Corp
3.800
04/01/28
71,466
100,000
Marathon
Petroleum
Corp
5.000
09/15/54
84,908
450,000
MPLX
LP
2.650
08/15/30
387,780
125,000
MPLX
LP
4.700
04/15/48
102,818
34,000
Murphy
Oil
Corp
5.875
12/01/27
33,958
33,000
Occidental
Petroleum
Corp
5.500
12/01/25
32,916
200,000
(b)
Oleoducto
Central
S.A.
4.000
07/14/27
185,379
100,000
ONEOK,
Inc
4.500
03/15/50
79,098
67,000
(b)
Parkland
Corp
4.500
10/01/29
61,325
200,000
(b)
Pertamina
Persero
PT
1.400
02/09/26
186,795
100,000
Petroleos
Mexicanos
5.950
01/28/31
80,586
67,000
Petroleos
Mexicanos
6.700
02/16/32
56,098
200,000
(b)
Petronas
Energy
Canada
Ltd
2.112
03/23/28
180,205
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
ENERGY—continued
$
200,000
Phillips
66
2.150
%
12/15/30
$
167,060
100,000
Phillips
66
3.300
03/15/52
65,378
200,000
(b)
Qatar
Petroleum
2.250
07/12/31
167,021
175,000
Sabine
Pass
Liquefaction
LLC
5.875
06/30/26
175,701
200,000
(b)
Saudi
Arabian
Oil
Co
2.250
11/24/30
168,371
125,000
Sunoco
Logistics
Partners
Operations
LP
4.000
10/01/27
120,008
23,000
Sunoco
LP
4.500
05/15/29
21,510
25,000
Targa
Resources
Partners
LP
6.500
07/15/27
25,178
150,000
TotalEnergies
Capital
International
S.A.
3.127
05/29/50
101,140
50,000
TotalEnergies
Capital
S.A.
5.488
04/05/54
49,308
75,000
TotalEnergies
Capital
S.A.
5.638
04/05/64
74,264
200,000
TransCanada
Trust
5.500
09/15/79
183,546
18,000
(b)
Transocean,
Inc
8.750
02/15/30
18,898
25,000
USA
Compression
Partners
LP
6.875
09/01/27
25,047
100,000
(b)
Venture
Global
Calcasieu
Pass
LLC
4.125
08/15/31
89,736
90,000
(b)
Venture
Global
LNG,
Inc
8.125
06/01/28
92,719
100,000
(b)
Venture
Global
LNG,
Inc
9.875
02/01/32
108,842
300,000
Williams
Cos,
Inc
5.650
03/15/33
302,737
TOTAL
ENERGY
7,180,287
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.7%
150,000
Agree
LP
2.000
06/15/28
132,497
100,000
Alexandria
Real
Estate
Equities,
Inc
3.950
01/15/28
95,726
100,000
Alexandria
Real
Estate
Equities,
Inc
4.900
12/15/30
97,869
100,000
Alexandria
Real
Estate
Equities,
Inc
1.875
02/01/33
75,233
100,000
American
Tower
Corp
2.950
01/15/25
98,435
50,000
American
Tower
Corp
3.375
10/15/26
47,752
150,000
American
Tower
Corp
3.800
08/15/29
139,423
175,000
American
Tower
Corp
2.900
01/15/30
154,273
50,000
American
Tower
Corp
2.100
06/15/30
41,893
50,000
American
Tower
Corp
1.875
10/15/30
40,707
200,000
Brixmor
Operating
Partnership
LP
3.850
02/01/25
197,825
100,000
Brixmor
Operating
Partnership
LP
2.250
04/01/28
89,223
50,000
CubeSmart
LP
2.250
12/15/28
44,026
150,000
Essential
Properties
LP
2.950
07/15/31
123,405
50,000
Essex
Portfolio
LP
3.000
01/15/30
44,413
110,000
Extra
Space
Storage
LP
2.400
10/15/31
90,375
175,000
Healthcare
Realty
Holdings
LP
3.875
05/01/25
171,644
125,000
Healthcare
Realty
Holdings
LP
3.500
08/01/26
119,744
50,000
Healthcare
Realty
Holdings
LP
3.100
02/15/30
43,722
100,000
Healthcare
Realty
Holdings
LP
2.400
03/15/30
82,409
100,000
Healthcare
Realty
Holdings
LP
2.050
03/15/31
77,379
100,000
Highwoods
Realty
LP
3.875
03/01/27
94,814
50,000
Highwoods
Realty
LP
2.600
02/01/31
39,942
155,000
(b)
Iron
Mountain,
Inc
7.000
02/15/29
157,727
100,000
Kimco
Realty
OP
LLC
3.250
08/15/26
95,203
50,000
Kite
Realty
Group
LP
5.500
03/01/34
48,884
100,000
Kite
Realty
Group
Trust
4.750
09/15/30
95,516
200,000
Mid-America
Apartments
LP
2.750
03/15/30
177,002
100,000
Mid-America
Apartments
LP
1.700
02/15/31
80,235
100,000
Mid-America
Apartments
LP
2.875
09/15/51
61,884
67,000
MPT
Operating
Partnership
LP
3.500
03/15/31
43,658
100,000
NNN
REIT,
Inc
5.600
10/15/33
99,497
50,000
Regency
Centers
LP
3.900
11/01/25
48,862
100,000
Regency
Centers
LP
3.600
02/01/27
95,986
100,000
Regency
Centers
LP
2.950
09/15/29
89,769
87,000
SITE
Centers
Corp
3.625
02/01/25
85,845
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
3,322,797
FINANCIAL
SERVICES
-
2.6%
250,000
AerCap
Ireland
Capital
DAC
3.000
10/29/28
227,193
150,000
AerCap
Ireland
Capital
DAC
3.850
10/29/41
117,310
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
FINANCIAL
SERVICES—continued
$
225,000
Bank
of
New
York
Mellon
Corp
4.700
%
N/A(d)
$
221,032
185,000
(c)
Capital
One
Financial
Corp
3.950
N/A(d)
170,247
200,000
Charles
Schwab
Corp
5.375
N/A(d)
197,755
30,000
(b)
Compass
Group
Diversified
Holdings
LLC
5.250
04/15/29
28,454
100,000
(b)
Corebridge
Financial,
Inc
6.050
09/15/33
102,556
75,000
Corebridge
Financial,
Inc
5.750
01/15/34
75,498
200,000
Deutsche
Bank
AG.
6.000
N/A(d)
189,308
150,000
Discover
Bank
2.450
09/12/24
148,953
250,000
Discover
Bank
2.700
02/06/30
214,605
100,000
(b)
Equitable
Financial
Life
Global
Funding
1.400
07/07/25
95,797
85,000
(b)
FirstCash,
Inc
6.875
03/01/32
84,989
80,000
Fiserv,
Inc
3.500
07/01/29
73,962
100,000
Fiserv,
Inc
5.450
03/15/34
99,374
200,000
Goldman
Sachs
Group,
Inc
3.500
04/01/25
196,941
300,000
Goldman
Sachs
Group,
Inc
4.482
08/23/28
293,194
150,000
Goldman
Sachs
Group,
Inc
5.851
04/25/35
153,649
50,000
Goldman
Sachs
Group,
Inc
4.411
04/23/39
44,212
100,000
Goldman
Sachs
Group,
Inc
3.436
02/24/43
75,515
150,000
Goldman
Sachs
Group,
Inc
7.500
N/A(d)
157,157
40,000
(b)
HAT
Holdings
I
LLC
8.000
06/15/27
41,586
50,000
Icahn
Enterprises
LP
5.250
05/15/27
46,931
38,000
Icahn
Enterprises
LP
4.375
02/01/29
32,492
200,000
(b),(c)
Indian
Railway
Finance
Corp
Ltd
3.249
02/13/30
179,868
150,000
Morgan
Stanley
2.720
07/22/25
149,718
125,000
Morgan
Stanley
2.188
04/28/26
121,393
475,000
Morgan
Stanley
3.125
07/27/26
454,118
100,000
Morgan
Stanley
5.449
07/20/29
100,617
250,000
Morgan
Stanley
5.250
04/21/34
246,089
100,000
Morgan
Stanley
5.424
07/21/34
99,496
75,000
Morgan
Stanley
5.831
04/19/35
76,881
50,000
Navient
Corp
5.500
03/15/29
45,651
60,000
Northern
Trust
Corp
4.600
N/A(d)
58,065
15,000
(b)
PennyMac
Financial
Services,
Inc
7.875
12/15/29
15,468
15,000
Springleaf
Finance
Corp
5.375
11/15/29
14,068
175,000
State
Street
Corp
6.700
N/A(d)
176,043
150,000
UBS
Group
AG.
3.750
03/26/25
147,930
125,000
(b)
UBS
Group
AG.
1.305
02/02/27
116,537
200,000
(b)
UBS
Group
AG.
3.179
02/11/43
142,645
50,000
Visa,
Inc
2.700
04/15/40
36,433
TOTAL
FINANCIAL
SERVICES
5,269,730
FOOD,
BEVERAGE
&
TOBACCO
-
1.4%
75,000
Anheuser-Busch
Cos
LLC
4.700
02/01/36
71,503
200,000
Anheuser-Busch
Cos
LLC
4.900
02/01/46
184,392
380,000
Anheuser-Busch
InBev
Worldwide,
Inc
4.750
01/23/29
377,845
325,000
Anheuser-Busch
InBev
Worldwide,
Inc
5.000
06/15/34
322,496
200,000
BAT
Capital
Corp
2.259
03/25/28
179,194
100,000
BAT
Capital
Corp
4.906
04/02/30
97,466
200,000
BAT
International
Finance
plc
4.448
03/16/28
193,624
200,000
(b)
Bimbo
Bakeries
USA,
Inc
6.050
01/15/29
205,565
175,000
(b)
Cia
Cervecerias
Unidas
S.A.
3.350
01/19/32
152,175
100,000
Constellation
Brands,
Inc
4.400
11/15/25
98,612
100,000
Constellation
Brands,
Inc
3.700
12/06/26
96,620
100,000
Constellation
Brands,
Inc
3.150
08/01/29
90,690
100,000
Constellation
Brands,
Inc
2.875
05/01/30
88,253
100,000
Constellation
Brands,
Inc
2.250
08/01/31
82,081
100,000
Diageo
Capital
plc
2.125
10/24/24
98,894
100,000
Kraft
Heinz
Foods
Co
4.375
06/01/46
81,328
300,000
Philip
Morris
International,
Inc
5.250
02/13/34
294,320
35,000
(b)
Post
Holdings,
Inc
6.250
02/15/32
35,045
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
FOOD,
BEVERAGE
&
TOBACCO—continued
$
75,000
(b)
Primo
Water
Holdings,
Inc
4.375
%
04/30/29
$
69,095
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
2,819,198
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.0%
50,000
Boston
Scientific
Corp
2.650
06/01/30
43,890
35,000
Centene
Corp
2.450
07/15/28
31,074
180,000
Centene
Corp
3.000
10/15/30
153,912
40,000
(b)
CHS
5.250
05/15/30
32,980
55,000
Cigna
Group
3.200
03/15/40
40,684
300,000
CVS
Health
Corp
4.780
03/25/38
267,845
150,000
CVS
Health
Corp
5.050
03/25/48
129,241
50,000
(b)
DaVita,
Inc
4.625
06/01/30
45,181
100,000
Elevance
Health,
Inc
2.250
05/15/30
85,684
100,000
Elevance
Health,
Inc
5.125
02/15/53
91,981
160,000
HCA,
Inc
5.625
09/01/28
161,427
350,000
HCA,
Inc
3.625
03/15/32
308,302
300,000
Humana,
Inc
2.150
02/03/32
239,374
50,000
Humana,
Inc
5.875
03/01/33
50,862
100,000
McKesson
Corp
5.100
07/15/33
99,779
10,000
Tenet
Healthcare
Corp
4.625
06/15/28
9,510
80,000
Tenet
Healthcare
Corp
4.375
01/15/30
74,157
240,000
UnitedHealth
Group,
Inc
2.300
05/15/31
201,377
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,067,260
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.2%
75,000
Church
&
Dwight
Co,
Inc
2.300
12/15/31
62,376
40,000
(b)
Coty,
Inc
6.625
07/15/30
40,592
250,000
Haleon
US
Capital
LLC
3.375
03/24/27
238,558
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
341,526
INSURANCE
-
1.7%
62,000
(b)
Acrisure
LLC
4.250
02/15/29
56,320
85,000
(b)
Alliant
Holdings
Intermediate
LLC
6.750
04/15/28
85,135
200,000
(b)
Allianz
SE
6.350
09/06/53
205,850
150,000
Aon
Corp
5.350
02/28/33
148,990
200,000
(b)
Ardonagh
Finco
Ltd
7.750
02/15/31
197,713
75,000
Arthur
J
Gallagher
&
Co
5.750
03/02/53
72,719
75,000
Berkshire
Hathaway
Finance
Corp
2.875
03/15/32
65,685
75,000
Berkshire
Hathaway
Finance
Corp
3.850
03/15/52
57,974
400,000
Hartford
Financial
Services
Group,
Inc
2.800
08/19/29
355,199
50,000
Hartford
Financial
Services
Group,
Inc
4.300
04/15/43
42,191
50,000
Hartford
Financial
Services
Group,
Inc
2.900
09/15/51
31,449
55,000
(b)
HUB
International
Ltd
7.250
06/15/30
56,382
50,000
(b)
Liberty
Mutual
Group,
Inc
3.951
10/15/50
36,354
50,000
MetLife,
Inc
5.000
07/15/52
45,549
115,000
MetLife,
Inc
3.850
N/A(d)
111,304
130,000
(b)
Panther
Escrow
Issuer
LLC
7.125
06/01/31
131,487
150,000
PartnerRe
Finance
B
LLC
4.500
10/01/50
136,175
300,000
Prudential
Financial,
Inc
5.125
03/01/52
278,884
100,000
Prudential
Financial,
Inc
6.500
03/15/54
100,948
100,000
Reinsurance
Group
of
America,
Inc
3.900
05/15/29
93,735
150,000
Reinsurance
Group
of
America,
Inc
5.750
09/15/34
149,456
200,000
(b)
Swiss
Re
Finance
Luxembourg
S.A.
5.000
04/02/49
192,500
100,000
Verisk
Analytics,
Inc
5.250
06/05/34
98,463
300,000
(a),(b)
Vitality
Re
XIV
Ltd
3-Month
US
Treasury
Bill
+
3.500%
8.855
01/05/27
304,650
250,000
(a),(b)
Vitality
Re
XV
Ltd
3-Month
US
Treasury
Bill
+
2.500%
7.868
01/07/28
249,675
TOTAL
INSURANCE
3,304,787
MATERIALS
-
1.6%
100,000
Albemarle
Corp
4.650
06/01/27
98,390
200,000
(b)
Alpek
SAB
de
C.V.
3.250
02/25/31
168,671
150,000
Amcor
Flexibles
North
America,
Inc
2.630
06/19/30
128,693
200,000
Amcor
Flexibles
North
America,
Inc
2.690
05/25/31
168,058
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
MATERIALS—continued
$
200,000
AngloGold
Ashanti
Holdings
plc
3.750
%
10/01/30
$
174,521
200,000
(b)
Antofagasta
plc
6.250
05/02/34
207,140
95,000
(b)
Arsenal
AIC
Parent
LLC
8.000
10/01/30
99,693
19,000
(b)
Avient
Corp
5.750
05/15/25
18,948
38,000
Ball
Corp
2.875
08/15/30
32,282
225,000
Berry
Global,
Inc
1.570
01/15/26
211,389
150,000
Berry
Global,
Inc
1.650
01/15/27
136,606
200,000
(b)
Celulosa
Arauco
y
Constitucion
S.A.
4.250
04/30/29
186,089
200,000
(b)
Cemex
SAB
de
C.V.
5.450
11/19/29
196,510
200,000
(b)
Freeport
Indonesia
PT
5.315
04/14/32
193,951
65,000
(b)
Mineral
Resources
Ltd
9.250
10/01/28
68,220
100,000
Nutrien
Ltd
2.950
05/13/30
88,492
200,000
(b)
OCP
S.A.
3.750
06/23/31
172,149
200,000
(b)
Orbia
Advance
Corp
SAB
de
C.V.
1.875
05/11/26
186,429
200,000
(b)
POSCO
4.500
08/04/27
194,864
30,000
(b)
Sealed
Air
Corp
7.250
02/15/31
30,888
200,000
(b)
St.
Marys
Cement,
Inc
Canada
5.750
04/02/34
196,250
50,000
(b)
SunCoke
Energy,
Inc
4.875
06/30/29
45,298
100,000
(b)
Tronox,
Inc
4.625
03/15/29
90,269
200,000
(b)
UltraTech
Cement
Ltd
2.800
02/16/31
168,788
TOTAL
MATERIALS
3,262,588
MEDIA
&
ENTERTAINMENT
-
1.3%
100,000
(b)
CCO
Holdings
LLC
5.125
05/01/27
96,015
100,000
(c)
Charter
Communications
Operating
LLC
4.400
04/01/33
88,154
225,000
Charter
Communications
Operating
LLC
6.550
06/01/34
225,075
350,000
Charter
Communications
Operating
LLC
4.800
03/01/50
256,756
150,000
Comcast
Corp
4.150
10/15/28
145,213
300,000
Comcast
Corp
3.200
07/15/36
242,405
500,000
Comcast
Corp
2.887
11/01/51
311,947
200,000
(b)
CSC
Holdings
LLC
11.250
05/15/28
174,177
40,000
(b)
DIRECTV
Holdings
LLC
5.875
08/15/27
37,623
15,000
Lamar
Media
Corp
3.625
01/15/31
13,193
33,000
(b)
News
Corp
3.875
05/15/29
30,376
110,000
(b)
Sirius
XM
Radio,
Inc
4.000
07/15/28
99,369
50,000
(b)
Sirius
XM
Radio,
Inc
4.125
07/01/30
42,706
50,000
Time
Warner
Cable
LLC
5.875
11/15/40
43,383
200,000
Warnermedia
Holdings,
Inc
3.755
03/15/27
189,884
100,000
Warnermedia
Holdings,
Inc
4.054
03/15/29
92,349
275,000
Warnermedia
Holdings,
Inc
5.050
03/15/42
223,687
200,000
(c)
Weibo
Corp
3.375
07/08/30
174,731
TOTAL
MEDIA
&
ENTERTAINMENT
2,487,043
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
1.1%
200,000
AbbVie,
Inc
5.050
03/15/34
199,415
150,000
AbbVie,
Inc
4.050
11/21/39
130,290
100,000
AbbVie,
Inc
5.400
03/15/54
98,882
400,000
Amgen,
Inc
5.250
03/02/33
398,834
250,000
Amgen,
Inc
5.650
03/02/53
246,211
30,000
(b)
Avantor
Funding,
Inc
4.625
07/15/28
28,548
75,000
Danaher
Corp
2.800
12/10/51
47,350
250,000
Gilead
Sciences,
Inc
5.250
10/15/33
251,827
100,000
Gilead
Sciences,
Inc
2.600
10/01/40
68,920
100,000
Gilead
Sciences,
Inc
5.550
10/15/53
99,846
100,000
Merck
&
Co,
Inc
2.750
12/10/51
62,518
200,000
(b)
Organon
Finance LLC
5.125
04/30/31
179,650
400,000
Pfizer
Investment
Enterprises
Pte
Ltd
5.300
05/19/53
385,807
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,198,098
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
28,000
Kennedy-Wilson,
Inc
4.750
03/01/29
23,956
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT—continued
$
29,000
Kennedy-Wilson,
Inc
5.000
%
03/01/31
$
23,716
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
47,672
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.4%
365,000
(b)
Broadcom,
Inc
4.926
05/15/37
343,287
115,000
NVIDIA
Corp
2.000
06/15/31
96,637
100,000
NXP
BV
3.400
05/01/30
90,607
125,000
NXP
BV
3.125
02/15/42
87,926
200,000
(b)
TSMC
Global
Ltd
1.000
09/28/27
175,819
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
794,276
SOFTWARE
&
SERVICES
-
0.7%
105,000
Adobe,
Inc
2.300
02/01/30
91,996
200,000
(b)
CA
Magnum
Holdings
5.375
10/31/26
190,341
90,000
(b)
Gen
Digital,
Inc
6.750
09/30/27
91,142
100,000
Microsoft
Corp
1.350
09/15/30
82,802
147,000
Microsoft
Corp
2.525
06/01/50
92,819
55,000
(b)
Open
Text
Corp
3.875
12/01/29
49,256
15,000
(b)
Open
Text
Holdings,
Inc
4.125
02/15/30
13,527
250,000
Oracle
Corp
4.900
02/06/33
242,508
275,000
Oracle
Corp
5.550
02/06/53
260,192
125,000
Roper
Technologies,
Inc
1.400
09/15/27
111,292
75,000
Roper
Technologies,
Inc
2.000
06/30/30
62,656
200,000
Salesforce,
Inc
2.700
07/15/41
139,976
TOTAL
SOFTWARE
&
SERVICES
1,428,507
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.5%
165,000
Amphenol
Corp
2.800
02/15/30
146,887
175,000
Apple,
Inc
2.450
08/04/26
166,240
575,000
Apple,
Inc
2.050
09/11/26
540,553
60,000
Apple,
Inc
2.650
02/08/51
37,938
80,000
(b)
Imola
Merger
Corp
4.750
05/15/29
74,787
50,000
(b)
Sensata
Technologies
BV
4.000
04/15/29
45,905
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,012,310
TELECOMMUNICATION
SERVICES
-
2.1%
564,000
AT&T,
Inc
2.550
12/01/33
448,463
150,000
AT&T,
Inc
4.500
05/15/35
138,136
855,000
AT&T,
Inc
3.550
09/15/55
576,433
250,000
(b)
Bharti
Airtel
Ltd
3.250
06/03/31
219,652
200,000
(b)
Empresa
Nacional
de
Telecomunicaciones
S.A.
3.050
09/14/32
161,390
200,000
(b),(c)
Millicom
International
Cellular
S.A.
4.500
04/27/31
172,087
200,000
(b)
Sitios
Latinoamerica
SAB
de
C.V.
5.375
04/04/32
186,198
100,000
Telefonica
Emisiones
S.A.
4.895
03/06/48
84,438
455,000
T-Mobile
USA,
Inc
2.625
02/15/29
407,531
225,000
T-Mobile
USA,
Inc
3.875
04/15/30
210,336
325,000
T-Mobile
USA,
Inc
5.050
07/15/33
317,950
100,000
T-Mobile
USA,
Inc
3.000
02/15/41
71,554
125,000
T-Mobile
USA,
Inc
3.300
02/15/51
84,390
825,000
Verizon
Communications,
Inc
2.355
03/15/32
674,418
200,000
(b)
Vmed
O2
UK
Financing
I
plc
4.750
07/15/31
168,675
110,000
Vodafone
Group
plc
4.375
02/19/43
95,895
150,000
Vodafone
Group
plc
4.250
09/17/50
117,023
TOTAL
TELECOMMUNICATION
SERVICES
4,134,569
TRANSPORTATION
-
0.6%
200,000
(b)
Aeropuerto
Internacional
de
Tocumen
S.A.
4.000
08/11/41
150,340
65,000
Burlington
Northern
Santa
Fe
LLC
3.050
02/15/51
42,952
275,000
Canadian
Pacific
Railway
Co
2.050
03/05/30
234,569
100,000
CSX
Corp
3.800
03/01/28
96,182
75,000
CSX
Corp
4.250
03/15/29
72,736
225,000
(b)
Misc
Capital
Two
Labuan
Ltd
3.625
04/06/25
221,542
50,000
Union
Pacific
Corp
2.891
04/06/36
40,277
100,000
Union
Pacific
Corp
3.839
03/20/60
73,425
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
TRANSPORTATION—continued
$
160,000
(b)
XPO,
Inc
6.250
%
06/01/28
$
160,480
TOTAL
TRANSPORTATION
1,092,503
UTILITIES
-
2.6%
100,000
AEP
Transmission
Co
LLC
3.100
12/01/26
95,235
100,000
AEP
Transmission
Co
LLC
2.750
08/15/51
59,888
150,000
AEP
Transmission
Co
LLC
5.400
03/15/53
143,373
200,000
Alabama
Power
Co
3.125
07/15/51
132,376
200,000
Ameren
Illinois
Co
5.900
12/01/52
206,281
100,000
American
Water
Capital
Corp
3.000
12/01/26
94,703
250,000
American
Water
Capital
Corp
2.800
05/01/30
220,096
60,000
American
Water
Capital
Corp
4.000
12/01/46
47,105
50,000
American
Water
Capital
Corp
3.750
09/01/47
37,822
100,000
American
Water
Capital
Corp
3.450
05/01/50
70,526
100,000
Atmos
Energy
Corp
1.500
01/15/31
80,117
175,000
Atmos
Energy
Corp
6.200
11/15/53
188,389
125,000
Baltimore
Gas
and
Electric
Co
3.750
08/15/47
93,622
50,000
Berkshire
Hathaway
Energy
Co
3.250
04/15/28
46,903
100,000
Black
Hills
Corp
3.150
01/15/27
94,842
100,000
CenterPoint
Energy
Houston
Electric
LLC
3.000
03/01/32
86,303
100,000
Commonwealth
Edison
Co
2.750
09/01/51
59,631
150,000
Consolidated
Edison
Co
of
New
York,
Inc
5.700
05/15/54
149,643
58,000
Consumers
Energy
Co
2.650
08/15/52
35,674
60,000
Dominion
Energy,
Inc
2.250
08/15/31
48,875
100,000
Dominion
Energy,
Inc
3.300
04/15/41
72,211
50,000
Dominion
Energy,
Inc
7.000
06/01/54
52,023
125,000
DTE
Electric
Co
5.400
04/01/53
121,889
405,000
Duke
Energy
Corp
3.300
06/15/41
293,764
50,000
Duke
Energy
Progress
LLC
2.500
08/15/50
28,785
100,000
Edison
International
5.375
N/A(d)
97,415
40,000
(b)
Ferrellgas
LP
5.375
04/01/26
39,131
44,000
(b)
Ferrellgas
LP
5.875
04/01/29
40,482
250,000
Florida
Power
&
Light
Co
4.800
05/15/33
243,069
100,000
Florida
Power
&
Light
Co
3.990
03/01/49
79,142
200,000
(b)
Israel
Electric
Corp
Ltd
3.750
02/22/32
164,250
150,000
MidAmerican
Energy
Co
3.650
04/15/29
141,839
95,000
MidAmerican
Energy
Co
3.650
08/01/48
71,289
310,000
NiSource,
Inc
1.700
02/15/31
246,529
85,000
(b)
NRG
Energy,
Inc
2.450
12/02/27
76,710
50,000
NRG
Energy,
Inc
5.750
01/15/28
49,610
100,000
Ohio
Power
Co
4.150
04/01/48
77,027
100,000
Ohio
Power
Co
4.000
06/01/49
75,717
12,000
(b)
Pattern
Energy
Operations
LP
4.500
08/15/28
11,107
100,000
PECO
Energy
Co
3.000
09/15/49
65,804
100,000
PECO
Energy
Co
2.800
06/15/50
62,528
200,000
(b)
Perusahaan
Listrik
Negara
PT
3.875
07/17/29
185,280
125,000
Public
Service
Co
of
Colorado
3.200
03/01/50
82,170
100,000
Public
Service
Electric
and
Gas
Co
4.900
12/15/32
98,407
200,000
Public
Service
Electric
and
Gas
Co
5.450
03/01/54
197,204
28,000
(b)
Superior
Plus
LP
4.500
03/15/29
25,695
190,000
(b)
Talen
Energy
Supply
LLC
8.625
06/01/30
202,583
75,000
Virginia
Electric
and
Power
Co
2.950
11/15/26
71,301
250,000
Wisconsin
Power
and
Light
Co
4.950
04/01/33
241,889
TOTAL
UTILITIES
5,206,254
TOTAL
CORPORATE
BONDS
68,674,014
(Cost
$73,964,300)
GOVERNMENT
BONDS
-
46.5%
FOREIGN
GOVERNMENT
BONDS
-
2.6%
200,000
(b)
Angolan
Government
International
Bond
8.750
04/14/32
176,936
EUR
100,000
(b)
Banque
Ouest
Africaine
de
Developpement
2.750
01/22/33
86,137
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
FOREIGN
GOVERNMENT
BONDS—continued
$
50,000
(b)
Bermuda
Government
International
Bond
4.750
%
02/15/29
$
48,325
225,000
Brazilian
Government
International
Bond
6.000
10/20/33
216,226
200,000
Colombia
Government
International
Bond
8.000
11/14/35
205,612
200,000
(b)
Costa
Rica
Government
International
Bond
5.625
04/30/43
179,606
79,525
(b)
Ecuador
Government
International
Bond
(Step
Bond)
5.000
07/31/30
50,272
56,442
(b)
Ecuador
Government
International
Bond
(Step
Bond)
1.000
07/31/35
28,004
14,000
(b)
Ecuador
Government
International
Bond
(Step
Bond)
2.500
07/31/40
6,356
200,000
(b)
Egypt
Government
International
Bond
7.053
01/15/32
159,713
100,000
European
Investment
Bank
4.875
02/15/36
103,165
200,000
(b)
Export-Import
Bank
of
India
2.250
01/13/31
165,879
200,000
(b)
Guatemala
Government
Bond
3.700
10/07/33
163,096
200,000
(b)
Hungary
Government
International
Bond
6.125
05/22/28
203,600
125,000
(b)
Iraq
Government
International
Bond
5.800
01/15/28
116,706
200,000
Israel
Government
International
Bond
5.375
03/12/29
196,202
200,000
(b)
Ivory
Coast
Government
International
Bond
8.250
01/30/37
193,740
200,000
Japan
Bank
for
International
Cooperation
2.375
04/20/26
190,787
200,000
(b)
Korea
Electric
Power
Corp
1.125
06/15/25
191,985
200,000
(b)
Korea
Hydro
&
Nuclear
Power
Co
Ltd
1.250
04/27/26
185,985
200,000
Mexico
Government
International
Bond
5.400
02/09/28
199,227
25,000
Mexico
Government
International
Bond
3.250
04/16/30
21,985
32,000
Mexico
Government
International
Bond
6.050
01/11/40
30,904
275,000
Mexico
Government
International
Bond
4.280
08/14/41
212,856
250,000
Mexico
Government
International
Bond
6.400
05/07/54
238,093
160,000
Panama
Government
International
Bond
6.700
01/26/36
155,061
200,000
(b)
Paraguay
Government
International
Bond
6.000
02/09/36
200,765
130,000
Peruvian
Government
International
Bond
3.000
01/15/34
105,308
200,000
(b)
Republic
of
Kenya
Government
International
Bond
9.750
02/16/31
191,730
100,000
Republic
of
Poland
Government
International
Bond
4.875
10/04/33
97,524
140,000
Republic
of
Poland
Government
International
Bond
5.500
04/04/53
137,229
102,000
(b),(e)
Romanian
Government
International
Bond
5.875
01/30/29
101,347
275,000
(b)
Rwanda
International
Government
Bond
5.500
08/09/31
220,423
200,000
(b)
Saudi
Government
International
Bond
3.750
01/21/55
141,476
200,000
(b)
Serbia
Government
International
Bond
2.125
12/01/30
159,616
200,000
(c)
Turkiye
Government
International
Bond
7.625
05/15/34
201,250
TOTAL
FOREIGN
GOVERNMENT
BONDS
5,283,126
MORTGAGE
BACKED
-
22.4%
100,000
(a),(b)
Angel
Oak
Mortgage
Trust
2.837
11/25/66
69,390
85,042
(a),(b)
Bayview
MSR
Opportunity
Master
Fund
Trust
3.000
10/25/51
69,612
1,501,981
(a),(b)
Citigroup
Mortgage
Loan
Trust
0.155
02/25/52
12,567
100,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
4.500%
9.835
01/25/42
105,406
310,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.100%
8.435
03/25/42
323,301
530,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
4.650%
9.985
06/25/42
575,200
85,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.350%
8.685
01/25/43
89,940
65,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.100%
8.435
06/25/43
68,785
125,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.900%
9.188
07/25/43
132,892
65,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.550%
8.885
10/25/43
68,063
45,688
(a)
Federal
Home
Loan
Mortgage
Corp
(FHLMC)
SOFR30A
+
5.806%
0.472
03/15/44
3,584
165,067
FHLMC
3.500
01/15/47
143,560
153,099
FHLMC
4.000
01/15/48
142,103
147,602
FHLMC
4.000
03/15/48
134,908
108,550
FHLMC
4.000
04/15/48
98,695
81,116
(a)
FHLMC
SOFR30A
+
9.737%
1.204
06/15/48
71,351
107,170
(a)
FHLMC
SOFR30A
+
9.657%
1.124
10/15/48
88,296
780,775
FHLMC
3.000
11/01/49
676,772
59,561
FHLMC
3.000
09/25/50
42,428
128,584
FHLMC
3.000
10/25/50
88,977
444,833
FHLMC
2.500
02/25/51
74,153
162,344
FHLMC
2.500
05/25/51
98,440
165,553
FHLMC
2.500
11/01/51
135,795
178,336
FHLMC
3.000
11/01/51
154,334
201,117
FHLMC
3.000
11/01/51
174,945
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
MORTGAGE
BACKED—continued
$
31,764
FHLMC
3.000
%
11/01/51
$
27,810
51,828
FHLMC
3.000
11/01/51
45,083
124,896
FHLMC
3.000
02/01/52
106,388
170,467
FHLMC
3.000
03/01/52
145,179
215,479
FHLMC
2.500
04/01/52
176,895
114,975
FHLMC
3.000
04/01/52
99,115
517,954
FHLMC
4.000
04/01/52
474,820
76,388
FHLMC
3.000
06/01/52
65,369
175,706
FHLMC
3.000
06/01/52
149,626
366,966
FHLMC
4.500
06/01/52
346,443
362,786
FHLMC
4.500
07/01/52
342,496
64,773
FHLMC
4.000
08/25/52
52,030
32,490
FHLMC
3.000
10/01/52
27,656
119,912
FHLMC
6.000
11/01/52
120,698
112,108
FHLMC
3.500
12/01/52
99,271
75,314
FHLMC
5.500
02/25/53
73,549
471,391
FHLMC
5.500
08/01/53
465,519
12,760
Federal
Home
Loan
Mortgage
Corp
Gold
(FGLMC)
5.000
06/01/36
12,616
4,210
FGLMC
5.000
07/01/39
4,168
123,716
FGLMC
3.500
04/01/45
112,585
338,012
FGLMC
3.500
08/01/45
308,223
8,830
FGLMC
4.500
06/01/47
8,512
205,213
FGLMC
4.000
09/01/47
191,613
77,824
FGLMC
3.500
12/01/47
70,533
69,434
FGLMC
4.500
08/01/48
66,830
71,712
Federal
National
Mortgage
Association
(FNMA)
3.500
06/01/32
68,458
55,186
FNMA
5.000
05/01/35
54,436
5,807
FNMA
7.500
07/01/35
5,871
63,815
FNMA
5.000
02/01/36
63,029
66,441
FNMA
3.000
10/01/39
59,801
52,388
FNMA
3.000
05/01/40
46,805
89,411
FNMA
5.000
09/01/40
88,413
50,921
FNMA
4.000
09/01/42
47,741
63,194
(a)
FNMA
SOFR30A
+
5.836%
0.500
09/25/43
6,712
34,821
FNMA
4.500
03/01/44
33,796
299,618
FNMA
4.000
05/01/44
282,375
130,273
FNMA
4.500
10/01/44
125,273
238,203
FNMA
4.500
11/01/44
229,061
53,740
FNMA
5.000
11/01/44
53,141
19,734
FNMA
4.000
01/01/45
18,501
271,106
FNMA
3.500
01/01/46
245,710
15,332
FNMA
4.000
04/01/46
14,373
110,467
FNMA
3.500
07/01/46
100,016
270,181
FNMA
3.500
07/01/46
245,893
48,912
FNMA
3.000
10/01/46
41,778
5,820
FNMA
3.000
11/01/47
4,971
128,908
FNMA
3.500
11/01/47
116,958
162,191
FNMA
3.500
01/01/48
146,800
73,557
FNMA
4.500
01/01/48
70,691
65,614
FNMA
4.500
02/01/48
63,071
106,368
FNMA
3.500
02/25/48
91,269
54,291
FNMA
4.500
05/01/48
52,153
38,240
FNMA
4.500
05/01/48
36,726
76,245
FNMA
4.000
07/25/48
69,701
213,694
FNMA
3.000
07/01/50
185,263
151,381
FNMA
2.000
08/25/50
19,475
173,720
FNMA
2.000
10/25/50
113,684
447,311
FNMA
2.500
11/25/50
62,556
83,042
FNMA
3.000
02/25/51
13,941
144,886
FNMA
3.000
09/01/51
125,447
180,592
FNMA
2.500
11/01/51
147,971
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
MORTGAGE
BACKED—continued
$
197,879
FNMA
2.500
%
11/25/51
$
24,320
665,401
FNMA
2.500
12/01/51
547,973
311,112
FNMA
2.500
02/01/52
257,513
84,513
FNMA
2.500
02/01/52
69,818
281,571
FNMA
3.000
02/01/52
239,881
261,628
FNMA
3.500
02/01/52
233,859
397,523
FNMA
3.000
04/01/52
342,199
104,797
FNMA
3.000
04/01/52
89,265
152,218
FNMA
3.000
05/01/52
130,905
411,137
FNMA
3.500
05/01/52
366,638
586,195
FNMA
3.500
05/01/52
519,207
501,092
FNMA
4.000
05/01/52
459,328
18,103
FNMA
3.000
06/01/52
15,418
440,157
FNMA
3.500
06/01/52
389,863
123,728
FNMA
3.500
06/01/52
110,063
816,432
FNMA
4.000
06/01/52
747,656
177,152
FNMA
4.500
06/01/52
167,252
464,903
FNMA
3.000
07/01/52
395,930
1,535,896
FNMA
4.000
07/01/52
1,405,582
1,902,610
FNMA
4.000
07/01/52
1,742,043
169,206
FNMA
4.500
07/01/52
159,750
107,698
FNMA
4.500
07/01/52
101,679
728,548
FNMA
4.500
07/01/52
686,930
175,356
FNMA
4.500
07/25/52
165,145
1,519,040
FNMA
5.000
08/01/52
1,471,731
108,990
FNMA
4.500
08/25/52
89,938
886,840
FNMA
4.000
09/01/52
812,435
2,859,386
FNMA
4.500
09/01/52
2,697,886
101,490
FNMA
5.000
09/01/52
98,295
79,621
FNMA
4.000
09/25/52
65,160
96,836
FNMA
4.000
09/25/52
83,217
1,702,745
FNMA
4.000
10/01/52
1,558,271
357,502
FNMA
4.500
10/01/52
337,523
239,323
FNMA
5.000
10/01/52
231,710
86,542
FNMA
4.500
10/25/52
80,235
81,133
FNMA
4.500
10/25/52
72,585
532,251
FNMA
4.000
11/01/52
487,357
1,289,144
FNMA
4.500
11/01/52
1,215,951
126,014
FNMA
5.500
11/25/52
120,939
9,168
FNMA
5.000
01/01/53
8,874
499,820
FNMA
5.000
02/01/53
483,545
380,514
FNMA
5.500
02/01/53
375,569
36,367
FNMA
5.000
06/01/53
35,458
733,512
FNMA
5.500
06/01/53
723,756
1,466,245
FNMA
5.000
08/01/53
1,417,633
1,972,469
FNMA
5.500
10/01/53
1,945,646
47,961
FNMA
6.000
01/01/54
48,104
3,375
Government
National
Mortgage
Association
(GNMA)
5.000
03/15/34
3,382
15,141
GNMA
5.000
06/15/34
15,191
1,653
GNMA
5.000
04/15/38
1,650
293,138
GNMA
5.000
01/20/40
63,755
202,784
GNMA
5.000
03/20/40
41,163
3,218
GNMA
4.500
04/15/40
3,122
56,494
GNMA
2.500
12/20/43
49,120
65,968
GNMA
3.000
03/20/45
57,437
72,523
GNMA
4.000
06/20/46
8,776
124,603
(a)
GNMA
TSFR1M
+
5.986%
0.647
03/20/50
15,453
92,984
GNMA
3.000
06/20/51
81,132
241,822
GNMA
3.000
11/20/51
168,534
332,308
GNMA
3.000
12/20/51
225,295
256,980
GNMA
3.000
01/20/52
177,848
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
MORTGAGE
BACKED—continued
$
35,135
GNMA
2.500
%
02/20/52
$
28,657
307,585
GNMA
3.000
02/20/52
204,416
194,325
GNMA
4.000
04/20/52
160,913
214,200
GNMA
5.000
04/20/52
40,960
121,515
GNMA
3.000
05/20/52
105,865
886,761
GNMA
3.500
07/20/52
796,166
107,954
GNMA
4.000
07/20/52
85,445
530,855
GNMA
4.000
08/20/52
490,553
356,796
GNMA
4.500
08/20/52
340,051
156,857
GNMA
4.500
09/20/52
141,434
150,883
GNMA
4.500
09/20/52
135,795
203,639
GNMA
5.000
11/20/52
198,586
106,172
GNMA
4.500
02/20/53
92,291
86,073
GNMA
5.500
02/20/53
83,046
224,379
(a)
GNMA
SOFR30A
+
6.950%
1.617
05/20/53
23,688
170,928
(a)
GNMA
SOFR30A
+
23.205%
2.406
08/20/53
166,764
87,243
(a)
GNMA
SOFR30A
+
25.350%
4.551
08/20/53
90,636
1,655,244
(a),(b)
GS
Mortgage-Backed
Securities
Trust
0.148
08/25/51
13,002
228,211
(a),(b)
GS
Mortgage-Backed
Securities
Trust
2.500
11/25/51
179,869
167,164
(a),(b)
GS
Mortgage-Backed
Securities
Trust
2.500
03/25/52
131,177
123,986
(a),(b)
GS
Mortgage-Backed
Securities
Trust
2.500
05/01/52
106,163
93,132
(a),(b)
GS
Mortgage-Backed
Securities
Trust
2.830
05/28/52
73,769
192,305
(a),(b)
GS
Mortgage-Backed
Securities
Trust
3.000
08/26/52
157,414
19,152
(a),(b)
JP
Morgan
Mortgage
Trust
3.500
05/25/47
16,714
136,906
(a),(b)
JP
Morgan
Mortgage
Trust
3.500
10/25/48
117,572
2,250
(a),(b)
JP
Morgan
Mortgage
Trust
4.000
01/25/49
2,035
447,802
(a),(b)
JP
Morgan
Mortgage
Trust
0.122
06/25/51
2,908
787,409
(a),(b)
JP
Morgan
Mortgage
Trust
0.110
11/25/51
4,590
66,930
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
11/25/51
52,605
778,214
(a),(b)
JP
Morgan
Mortgage
Trust
0.119
12/25/51
4,904
91,051
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
12/25/51
71,563
137,771
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
01/25/52
108,284
193,525
(a),(b)
JP
Morgan
Mortgage
Trust
0.500
04/25/52
5,470
70,197
(a),(b)
JP
Morgan
Mortgage
Trust
3.344
04/25/52
56,884
116,995
(a),(b)
JP
Morgan
Mortgage
Trust
3.344
04/25/52
95,846
205,507
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
06/25/52
161,266
1,150,110
(b)
JP
Morgan
Mortgage
Trust
0.224
07/25/52
13,105
213,521
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
07/25/52
167,555
298,313
(a),(b)
JP
Morgan
Mortgage
Trust
3.250
07/25/52
251,089
323,300
(a),(b)
JP
Morgan
Mortgage
Trust
3.000
08/25/52
264,658
174,855
(a),(b)
JP
Morgan
Mortgage
Trust
3.000
10/25/52
143,139
109,710
(a),(b)
JP
Morgan
Mortgage
Trust
3.000
11/25/52
89,947
88,398
(a),(b)
JP
Morgan
Mortgage
Trust
5.000
06/25/53
83,991
88,398
(a),(b)
JP
Morgan
Mortgage
Trust
5.500
06/25/53
85,701
116,612
(a),(b)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2.500
08/25/51
91,654
100,006
(a),(b)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2.500
09/25/51
78,602
121,010
(a),(b)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2.500
09/25/51
104,480
100,000
(a),(b)
NLT
Trust
2.569
08/25/56
68,735
103,863
(a),(b)
OBX
3.000
01/25/52
85,019
212,272
(a),(b)
RCKT
Mortgage
Trust
2.500
02/25/52
166,575
195,833
(a),(b)
RCKT
Mortgage
Trust
3.000
05/25/52
160,311
87,687
(a),(b)
RCKT
Mortgage
Trust
4.000
06/25/52
77,489
6,243
(a),(b)
Sequoia
Mortgage
Trust
4.000
06/25/49
5,668
30,817
(a),(b)
Sequoia
Mortgage
Trust
3.500
12/25/49
26,725
80,632
(a),(b)
Sequoia
Mortgage
Trust
2.500
06/25/51
63,979
25,000
(a),(b)
Structured
Agency
Credit
Risk
Debt
Note
(STACR)
SOFR30A
+
4.750%
10.085
02/25/42
26,705
365,000
(a),(b)
STACR
SOFR30A
+
2.900%
8.235
04/25/42
379,789
95,000
(a),(b)
STACR
SOFR30A
+
5.650%
8.647
04/25/42
103,483
435,000
(a),(b)
STACR
SOFR30A
+
3.350%
8.685
05/25/42
457,256
620,000
(a),(b)
STACR
SOFR30A
+
4.500%
9.835
06/25/42
673,333
280,000
(a),(b)
STACR
SOFR30A
+
4.000%
9.335
07/25/42
299,402
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
MORTGAGE
BACKED—continued
$
290,000
(a),(b)
STACR
SOFR30A
+
3.700%
9.035
%
09/25/42
$
309,127
70,000
(a),(b)
STACR
SOFR30A
+
3.100%
8.444
03/25/43
73,948
1,573
(a),(b)
STACR
3.791
02/25/48
1,481
2,721
(a),(b)
STACR
3.848
05/25/48
2,623
230,000
(a),(b)
STACR
SOFR30A
+
4.800%
10.135
10/25/50
263,449
100,000
(a),(b)
Verus
Securitization
Trust
3.207
11/25/59
92,586
23,434
(b)
Verus
Securitization
Trust
(Step
Bond)
1.733
05/25/65
22,043
79,239
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3.000
08/25/51
64,965
94,585
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3.312
08/25/51
77,147
TOTAL
MORTGAGE
BACKED
44,553,337
MUNICIPAL
BONDS
-
0.4%
200,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
3.264
09/01/25
194,968
200,000
City
&
County
of
San
Francisco
CA
Community
Facilities
District
4.038
09/01/34
181,023
170,000
New
York
State
Dormitory
Authority
4.294
07/01/44
150,326
300,000
State
of
Oregon
Department
of
Administrative
Services
4.103
05/01/39
267,377
TOTAL
MUNICIPAL
BONDS
793,694
U.S.
TREASURY
SECURITIES
-
21.1%
1,535,700
United
States
Treasury
Bond
3.000
11/15/45
1,189,088
1,615,000
United
States
Treasury
Bond
2.875
11/15/46
1,212,133
765,000
United
States
Treasury
Bond
3.000
05/15/47
585,165
176,000
United
States
Treasury
Bond
3.375
11/15/48
142,938
250,000
United
States
Treasury
Note
4.250
12/31/25
247,607
1,335,000
United
States
Treasury
Note
4.250
01/31/26
1,322,171
3,800,000
United
States
Treasury
Note
4.500
03/31/26
3,780,109
955,000
United
States
Treasury
Note
4.875
04/30/26
956,418
250,000
United
States
Treasury
Note
4.375
12/15/26
248,564
1,025,000
United
States
Treasury
Note
4.125
02/15/27
1,013,229
1,000,000
United
States
Treasury
Note
4.500
05/15/27
998,672
2,640,000
United
States
Treasury
Note
4.500
05/31/29
2,657,944
195,000
United
States
Treasury
Note
4.875
10/31/30
200,507
250,000
United
States
Treasury
Note
4.000
01/31/31
244,971
2,000,000
United
States
Treasury
Note
4.125
03/31/31
1,973,672
500,000
United
States
Treasury
Note
4.625
04/30/31
508,047
1,950,000
United
States
Treasury
Note
4.375
05/15/34
1,950,609
300,000
United
States
Treasury
Note
2.250
05/15/41
217,055
500,000
United
States
Treasury
Note
2.000
11/15/41
343,496
5,111,800
United
States
Treasury
Note
2.375
02/15/42
3,721,231
200,000
United
States
Treasury
Note
4.000
11/15/42
184,312
4,005,000
United
States
Treasury
Note
3.875
02/15/43
3,620,145
3,668,000
United
States
Treasury
Note
4.750
11/15/43
3,716,716
1,080,000
United
States
Treasury
Note
4.500
02/15/44
1,059,413
9,336,000
United
States
Treasury
Note
4.250
02/15/54
8,889,622
1,000,000
United
States
Treasury
Note
4.625
05/15/54
1,013,906
TOTAL
U.S.
TREASURY
SECURITIES
41,997,740
TOTAL
GOVERNMENT
BONDS
92,627,897
(Cost
$97,930,921)
STRUCTURED
ASSETS
-
13.5%
ASSET
BACKED
-
4.1%
250,000
(a),(b)
AIMCO
CLO
16
Ltd
TSFR3M
+
1.912%
7.229
01/17/35
250,348
Series
-
2021
16A
(Class
B)
250,000
(b)
Alterna
Funding
III
LLC
6.260
05/16/39
250,382
Series
-
2024
1A
(Class
A)
250,000
AmeriCredit
Automobile
Receivables
Trust
2.130
03/18/26
246,998
Series
-
2020
2
(Class
D)
250,000
AmeriCredit
Automobile
Receivables
Trust
1.490
09/18/26
242,812
Series
-
2020
3
(Class
D)
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
ASSET
BACKED—continued
$
80,000
AmeriCredit
Automobile
Receivables
Trust
1.210
%
12/18/26
$
76,372
Series
-
2021
1
(Class
D)
100,000
(b)
AMSR
Trust
3.148
01/19/39
94,393
Series
-
2019
SFR1
(Class
C)
101,648
(b)
Apollo
aviation
securitization
2.798
01/15/47
90,894
Series
-
2021
2A
(Class
A)
102,503
(b)
BRE
Grand
Islander
Timeshare
Issuer
LLC
3.280
09/26/33
98,691
Series
-
2019
A
(Class
A)
92,918
(b)
Capital
Automotive
REIT
1.440
08/15/51
84,820
Series
-
2021
1A
(Class
A1)
99,271
(b)
Capital
Automotive
REIT
1.920
08/15/51
91,032
Series
-
2021
1A
(Class
A3)
500,000
Carmax
Auto
Owner
Trust
1.280
07/15/27
482,674
Series
-
2021
1
(Class
D)
97,250
(b)
Cars
Net
Lease
Mortgage
Notes
2.010
12/15/50
85,088
Series
-
2020
1A
(Class
A1)
98,250
(b)
Cars
Net
Lease
Mortgage
Notes
Series
3.100
12/15/50
88,591
Series
-
2020
1A
(Class
A3)
100,000
(b)
Cars
Net
Lease
Mortgage
Notes
Series
4.690
12/15/50
88,384
Series
-
2020
1A
(Class
B1)
19,519
Carvana
Auto
Receivables
Trust
1.720
09/11/28
18,408
Series
-
2021
N4
(Class
C)
281,091
(b)
Carvana
Auto
Receivables
Trust
4.130
12/11/28
274,043
Series
-
2022
N1
(Class
D)
250,000
(a),(b)
Cayuga
Park
CLO
Ltd
TSFR3M
+
1.912%
1.000
07/17/34
250,522
Series
-
2020
1A
(Class
B1R)
144,702
(a),(b)
CBRE
Realty
Finance
LIBOR
3
M
+
0.300%
5.891
04/07/52
362
Series
-
2007
1A
(Class
A2)
1,811
Centex
Home
Equity
5.540
01/25/32
1,782
Series
-
2002
A
(Class
AF6)
230,000
(b)
Cologix
Data
Centers
US
Issuer
LLC
3.300
12/26/51
210,505
Series
-
2021
1A
(Class
A2)
119,063
(b)
DB
Master
Finance
LLC
4.352
05/20/49
112,748
Series
-
2019
1A
(Class
A23)
195,000
(b)
DB
Master
Finance
LLC
2.045
11/20/51
179,041
Series
-
2021
1A
(Class
A2I)
97,500
(b)
DB
Master
Finance
LLC
2.493
11/20/51
85,633
Series
-
2021
1A
(Class
A2II)
23,098
(b)
Diamond
Resorts
Owner
Trust
2.050
11/21/33
21,766
Series
-
2021
1A
(Class
B)
185,500
(b)
Domino's
Pizza
Master
Issuer
LLC
4.474
10/25/45
181,875
Series
-
2015
1A
(Class
A2II)
145,875
(b)
Domino's
Pizza
Master
Issuer
LLC
2.662
04/25/51
129,466
Series
-
2021
1A
(Class
A2I)
14,470
(a),(b)
Ellington
Loan
Acquisition
Trust
TSFR1M
+
1.214%
6.560
05/25/37
14,347
Series
-
2007
2
(Class
A2C)
102,629
(b)
FNA
VI
LLC
1.350
01/10/32
94,179
Series
-
2021
1A
(Class
A)
58,095
(b)
HERO
Funding
Trust
3.190
09/20/48
50,051
Series
-
2017
3A
(Class
A1)
58,095
(b)
HERO
Funding
Trust
3.950
09/20/48
51,358
Series
-
2017
3A
(Class
A2)
150,000
(b)
Hertz
Vehicle
Financing
LLC
1.560
12/26/25
147,891
Series
-
2021
1A
(Class
B)
48,439
(b)
Hilton
Grand
Vacations
Trust
2.340
07/25/33
46,466
Series
-
2019
AA
(Class
A)
3,094
(a)
Home
Equity
Asset
Trust
TSFR1M
+
1.614%
3.986
06/25/33
2,973
Series
-
2003
1
(Class
M1)
296,832
(b)
Horizon
Aircraft
Finance
II
Ltd
3.721
07/15/39
271,414
Series
-
2019
1
(Class
A)
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
ASSET
BACKED—continued
$
199,506
(b)
Horizon
Aircraft
Finance
III
Ltd
3.425
%
11/15/39
$
172,742
Series
-
2019
2
(Class
A)
100,000
(b)
Hpefs
Equipment
Trust
4.430
09/20/29
98,848
Series
-
2022
2A
(Class
C)
99,995
(a),(b)
Invitation
Homes
Trust
TSFR1M
+
1.364%
6.693
01/17/38
100,139
Series
-
2018
SFR4
(Class
B)
250,000
(a),(b)
Massachusetts
St
TSFR1M
+
1.912%
7.240
01/15/35
250,576
Series
-
2021
3A
(Class
B)
61,515
(b)
MVW
LLC
1.830
05/20/39
56,849
Series
-
2021
2A
(Class
B)
47,710
(b)
MVW
Owner
Trust
3.450
01/21/36
47,626
Series
-
2018
1A
(Class
A)
43,355
(b)
MVW
Owner
Trust
3.000
11/20/36
42,141
Series
-
2019
1A
(Class
B)
23,424
(b)
Navient
Private
Education
Refi
Loan
Trust
1.310
01/15/69
21,569
Series
-
2020
HA
(Class
A)
96,519
(b)
Navient
Student
Loan
Trust
3.390
12/15/59
92,677
Series
-
2019
BA
(Class
A2A)
250,000
(a),(b)
Neuberger
Berman
Loan
Advisers
Clo
40
Ltd
TSFR3M
+
1.322%
6.649
04/16/33
250,500
Series
-
2021
40A
(Class
A)
250,000
(a),(b)
Neuberger
Berman
Loan
Advisers
Clo
40
Ltd
TSFR3M
+
1.662%
6.989
04/16/33
250,062
Series
-
2021
40A
(Class
B)
226,987
(b)
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
1.480
01/20/51
210,108
Series
-
2021
1A
(Class
A1)
250,000
(a),(b)
OHA
Credit
Funding
10
Ltd
TSFR1M
+
1.912%
7.239
01/18/36
250,664
Series
-
2021
10A
(Class
B)
150,000
(b)
OneMain
Financial
Issuance
Trust
1.750
09/14/35
140,061
Series
-
2020
2A
(Class
A)
73,034
(b)
Oportun
Funding
XIV
LLC
1.210
03/08/28
70,869
Series
-
2021
A
(Class
A)
170,000
(b)
PFS
Financing
Corp
5.340
04/15/29
170,477
Series
-
2024
D
(Class
A)
63,600
(b)
Settlement
Fee
Finance
LLC
3.840
11/01/49
63,268
Series
-
2019
1A
(Class
A)
18,644
(b)
Sierra
Timeshare
Receivables
Funding
LLC
0.990
11/20/37
17,720
Series
-
2021
1A
(Class
A)
18,644
(b)
Sierra
Timeshare
Receivables
Funding
LLC
1.340
11/20/37
17,723
Series
-
2021
1A
(Class
B)
18,644
(b)
Sierra
Timeshare
Receivables
Funding
LLC
1.790
11/20/37
17,752
Series
-
2021
1A
(Class
C)
46,450
(b)
SoFi
Professional
Loan
Program
LLC
2.840
01/25/41
45,383
Series
-
2017
F
(Class
A2FX)
175,000
(b)
Stack
Infrastructure
Issuer
LLC
1.893
08/25/45
166,476
Series
-
2020
1A
(Class
A2)
250,000
(b)
Stack
Infrastructure
Issuer
LLC
1.877
03/26/46
232,666
Series
-
2021
1A
(Class
A2)
4,077
(a)
Structured
Asset
Investment
Loan
Trust
TSFR1M
+
1.014%
6.360
09/25/34
3,872
Series
-
2004
8
(Class
M1)
250,000
(b)
Subway
Funding
LLC
6.028
07/30/54
252,223
Series
-
2024
1A
(Class
A2I)
93,750
(b)
Taco
Bell
Funding
LLC
4.970
05/25/46
91,941
Series
-
2016
1A
(Class
A23)
127,725
(b)
Taco
Bell
Funding
LLC
1.946
08/25/51
116,126
Series
-
2021
1A
(Class
A2I)
98,250
(b)
Taco
Bell
Funding
LLC
2.294
08/25/51
85,186
Series
-
2021
1A
(Class
A2II)
250,000
(a),(b)
TICP
CLO
VIII
Ltd
TSFR3M
+
1.962%
7.286
10/20/34
250,338
Series
-
2017
8A
(Class
A2R)
281,221
(b)
Wendy's
Funding
LLC
2.370
06/15/51
245,110
Series
-
2021
1A
(Class
A2I)
TOTAL
ASSET
BACKED
8,248,001
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
OTHER
MORTGAGE
BACKED
-
9.4%
$
98,732
(a),(b)
Agate
Bay
Mortgage
Trust
3.500
%
09/25/45
$
87,716
Series
-
2015
6
(Class
A9)
500,000
(b)
BANK
2.500
10/17/52
320,111
Series
-
2019
BN21
(Class
D)
200,000
(b)
BBCMS
Trust
4.197
08/10/35
185,318
Series
-
2015
SRCH
(Class
A2)
400,000
Benchmark
Mortgage
Trust
4.267
03/15/52
369,442
Series
-
2019
B9
(Class
AS)
800,000
Benchmark
Mortgage
Trust
2.224
08/15/54
654,358
Series
-
2021
B28
(Class
A5)
500,000
(a)
Benchmark
Mortgage
Trust
2.244
08/15/54
386,162
Series
-
2021
B28
(Class
B)
449,726
(b)
CF
Hippolyta
LLC
1.690
07/15/60
426,166
Series
-
2020
1
(Class
A1)
218,289
(b)
CF
Hippolyta
LLC
1.990
07/15/60
189,570
Series
-
2020
1
(Class
A2)
89,945
(b)
CF
Hippolyta
LLC
2.280
07/15/60
84,035
Series
-
2020
1
(Class
B1)
235,612
(b)
CF
Hippolyta
LLC
1.530
03/15/61
215,809
Series
-
2021
1A
(Class
A1)
235,612
(b)
CF
Hippolyta
LLC
1.980
03/15/61
210,342
Series
-
2021
1A
(Class
B1)
250,000
(a),(b)
CF
Mortgage
Trust
3.603
04/15/52
168,347
Series
-
2020
P1
(Class
A2)
226,881
CFCRE
Commercial
Mortgage
Trust
3.644
12/10/54
222,034
Series
-
2016
C7
(Class
ASB)
3,802
(a)
CHL
Mortgage
Pass-Through
Trust
5.069
02/20/35
3,786
Series
-
2004
HYB9
(Class
1A1)
250,000
(a),(b)
Citigroup
Commercial
Mortgage
Trust
3.635
05/10/35
240,897
Series
-
2013
375P
(Class
B)
100,000
(a),(b)
Citigroup
Commercial
Mortgage
Trust
4.531
07/10/47
88,916
Series
-
2014
GC23
(Class
D)
276,000
Citigroup
Commercial
Mortgage
Trust
3.199
08/10/56
231,788
Series
-
2019
GC41
(Class
B)
24,723
COMM
Mortgage
Trust
2.853
10/15/45
22,785
Series
-
2012
CR4
(Class
A3)
320,855
(a),(b)
COMM
Mortgage
Trust
3.658
06/10/46
312,457
Series
-
2013
CR8
(Class
B)
500,000
COMM
Mortgage
Trust
4.377
05/10/47
471,695
Series
-
2014
CR17
(Class
B)
500,000
(a),(b)
COMM
Mortgage
Trust
4.767
06/10/47
224,273
Series
-
2014
UBS3
(Class
D)
129,147
COMM
Mortgage
Trust
4.080
08/10/47
128,900
Series
-
2014
CR19
(Class
AM)
300,000
(a)
COMM
Mortgage
Trust
3.603
03/10/48
283,448
Series
-
2015
CR22
(Class
AM)
200,000
(a),(b)
COMM
Mortgage
Trust
4.200
03/10/48
145,048
Series
-
2015
CR22
(Class
D)
550,000
(a)
COMM
Mortgage
Trust
4.183
05/10/48
536,595
Series
-
2015
CR23
(Class
B)
200,000
(a)
COMM
Mortgage
Trust
4.413
05/10/48
189,800
Series
-
2015
CR23
(Class
C)
500,000
COMM
Mortgage
Trust
3.696
08/10/48
488,718
Series
-
2015
CR24
(Class
A5)
250,000
COMM
Mortgage
Trust
3.984
10/10/48
240,688
Series
-
2015
CR27
(Class
AM)
600,000
(a)
COMM
Mortgage
Trust
4.158
10/10/48
580,922
Series
-
2015
LC23
(Class
AM)
380,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.500%
8.835
03/25/42
400,462
Series
-
2022
R03
(Class
1M2)
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
OTHER
MORTGAGE
BACKED—continued
$
105,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.000%
8.335
%
04/25/42
$
108,810
Series
-
2022
R05
(Class
2M2)
580,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.850%
9.185
05/25/42
615,657
Series
-
2022
R06
(Class
1M2)
183,000
(a),(b)
Connecticut
Avenue
Securities
Trust
TSFR1M
+
3.600%
8.935
07/25/42
194,110
Series
-
2022
R08
(Class
1M2)
465,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
4.750%
10.085
09/25/42
507,944
Series
-
2022
R09
(Class
2M2)
360,000
(a),(b)
Connecticut
Avenue
Securities
Trust
SOFR30A
+
3.750%
9.085
12/25/42
386,259
Series
-
2023
R01
(Class
1M2)
98,103
(a),(b)
Credit
Suisse
Mortgage
Capital
Certificates
2.405
10/25/66
83,083
Series
-
2021
NQM8
(Class
A3)
200,000
DBJPM
Mortgage
Trust
2.340
08/15/53
163,331
Series
-
2020
C9
(Class
AM)
81,583
(a),(b)
Flagstar
Mortgage
Trust
3.985
10/25/47
71,679
Series
-
2017
2
(Class
B3)
2,234
(a),(b)
Flagstar
Mortgage
Trust
4.000
09/25/48
2,054
Series
-
2018
5
(Class
A11)
165,146
(a),(b)
Flagstar
Mortgage
Trust
2.500
06/01/51
129,800
Series
-
2021
4
(Class
A21)
3,096
(a),(b)
GS
Mortgage-Backed
Securities
Corp
Trust
4.000
11/25/49
2,837
Series
-
2019
PJ2
(Class
A4)
29,379
(a),(b)
GS
Mortgage-Backed
Securities
Corp
Trust
3.000
01/25/51
24,513
Series
-
2020
PJ4
(Class
A4)
632,784
(a),(b)
GS
Mortgage-Backed
Securities
Corp
Trust
0.262
03/27/51
7,869
Series
-
2020
PJ5
(Class
AX1)
96,119
(a),(b)
GS
Mortgage-Backed
Securities
Corp
Trust
3.000
03/27/51
80,315
Series
-
2020
PJ5
(Class
A4)
61,911
(a),(b)
GS
Mortgage-Backed
Securities
Corp
Trust
2.500
05/25/51
49,489
Series
-
2020
PJ6
(Class
A4)
159,298
(a),(b)
GS
Mortgage-Backed
Securities
Corp
Trust
2.500
10/25/51
125,299
Series
-
2021
PJ5
(Class
A4)
168,295
(a),(b)
GS
Mortgage-Backed
Securities
Corp
Trust
3.000
06/25/52
137,769
Series
-
2022
PJ2
(Class
A36)
305,165
(a),(b)
GS
Mortgage-Backed
Securities
Trust
2.500
01/25/52
239,851
Series
-
2021
PJ7
(Class
A4)
146,015
(a),(b)
GS
Mortgage-Backed
Securities
Trust
2.500
01/25/52
114,807
Series
-
2021
PJ8
(Class
A4)
92,789
(a),(b)
GS
Mortgage-Backed
Securities
Trust
2.721
01/25/52
71,699
Series
-
2021
PJ7
(Class
B2)
103,171
(a),(b)
GS
Mortgage-Backed
Securities
Trust
3.000
07/25/52
84,452
Series
-
2022
INV1
(Class
A4)
165,792
(a),(b)
GS
Mortgage-Backed
Securities
Trust
3.000
09/25/52
135,712
Series
-
2022
HP1
(Class
A4)
126,525
(a),(b)
GS
Mortgage-Backed
Securities
Trust
3.000
10/25/52
103,575
Series
-
2022
PJ5
(Class
A36)
107,754
(a),(b)
GS
Mortgage-Backed
Securities
Trust
3.000
01/25/53
88,209
Series
-
2022
PJ6
(Class
A24)
139,809
(a),(b)
GS
Mortgage-Backed
Securities
Trust
3.500
02/25/53
119,351
Series
-
2023
PJ1
(Class
A24)
400,000
(b)
Hudson
Yards
Mortgage
Trust
2.835
08/10/38
374,348
Series
-
2016
10HY
(Class
A)
28,481
(a),(b)
Imperial
Fund
Mortgage
Trust
2.051
10/25/55
25,747
Series
-
2020
NQM1
(Class
A3)
29,704
(a),(b)
JP
Morgan
Mortgage
Trust
6.646
12/25/44
28,662
Series
-
2015
1
(Class
B1)
21,244
(a),(b)
JP
Morgan
Mortgage
Trust
3.500
09/25/48
18,264
Series
-
2018
3
(Class
A13)
85,187
(a),(b)
JP
Morgan
Mortgage
Trust
3.500
10/25/48
73,873
Series
-
2018
5
(Class
A13)
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
OTHER
MORTGAGE
BACKED—continued
$
41,015
(a),(b)
JP
Morgan
Mortgage
Trust
5.518
%
10/26/48
$
40,852
Series
-
2017
5
(Class
A2)
1,937
(a),(b)
JP
Morgan
Mortgage
Trust
4.000
02/25/49
1,752
Series
-
2018
9
(Class
A13)
6,828
(a),(b)
JP
Morgan
Mortgage
Trust
4.000
05/25/49
6,270
Series
-
2019
1
(Class
A15)
95,108
(a),(b)
JP
Morgan
Mortgage
Trust
3.821
06/25/50
82,181
Series
-
2020
1
(Class
B2)
552,590
(a),(b)
JP
Morgan
Mortgage
Trust
0.138
07/25/51
4,060
Series
-
2021
3
(Class
AX1)
380,608
(a),(b)
JP
Morgan
Mortgage
Trust
0.131
08/25/51
2,657
Series
-
2021
4
(Class
AX1)
46,144
(a),(b)
JP
Morgan
Mortgage
Trust
2.881
08/25/51
36,010
Series
-
2021
4
(Class
B2)
611,677
(a),(b)
JP
Morgan
Mortgage
Trust
0.135
10/25/51
4,551
Series
-
2021
6
(Class
AX1)
103,221
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
10/25/51
81,190
Series
-
2021
6
(Class
A15)
201,390
(a),(b)
JP
Morgan
Mortgage
Trust
0.400
12/25/51
4,492
Series
-
2021
INV2
(Class
AX4)
81,295
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
12/25/51
63,895
Series
-
2021
10
(Class
A15)
76,506
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
02/25/52
60,036
Series
-
2021
12
(Class
A15)
56,500
(a),(b)
JP
Morgan
Mortgage
Trust
2.500
05/25/52
44,337
Series
-
2021
14
(Class
A15)
46,299
(a),(b)
JP
Morgan
Mortgage
Trust
2.927
05/25/52
37,622
Series
-
2021
LTV2
(Class
A3)
217,048
(a),(b)
JP
Morgan
Mortgage
Trust
3.000
08/25/52
177,678
Series
-
2022
2
(Class
A25)
107,919
(a),(b)
JP
Morgan
Mortgage
Trust
3.000
09/25/52
88,277
Series
-
2022
INV3
(Class
A6)
332,008
(a),(b)
JP
Morgan
Mortgage
Trust
3.500
09/25/52
283,840
Series
-
2022
LTV2
(Class
A6)
117,710
(a),(b)
JP
Morgan
Mortgage
Trust
3.000
12/25/52
96,359
Series
-
2022
7
(Class
1A17)
42,280
(a),(b)
JP
Morgan
Mortgage
Trust
4.000
12/25/52
37,811
Series
-
2022
7
(Class
2A6A)
500,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
3.917
05/15/48
487,709
Series
-
2015
C29
(Class
AS)
400,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4.118
05/15/48
381,223
Series
-
2015
C29
(Class
B)
500,000
JPMBB
Commercial
Mortgage
Securities
Trust
4.106
08/15/48
477,399
Series
-
2015
C31
(Class
AS)
450,000
(a)
JPMBB
Commercial
Mortgage
Securities
Trust
4.777
08/15/48
403,275
Series
-
2015
C31
(Class
B)
500,000
(a),(b)
JPMBB
Commercial
Mortgage
Securities
Trust
4.358
03/17/49
428,071
Series
-
2016
C1
(Class
D1)
115,000
(a)
JPMDB
Commercial
Mortgage
Securities
Trust
3.858
03/15/50
100,282
Series
-
2017
C5
(Class
AS)
500,000
(a),(b)
Manhattan
West
2.413
09/10/39
442,892
Series
-
2020
1MW
(Class
B)
39,797
(a)
Merrill
Lynch
Mortgage
Investors
Trust
TSFR1M
+
0.634%
2.278
01/25/37
37,834
Series
-
2006
WMC1
(Class
A1B)
91,519
(a),(b)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
4.000
02/25/53
80,875
Series
-
2023
1
(Class
A7)
424,429
(a),(b)
Natixis
Commercial
Mortgage
Securities
Trust
TSFR1M
+
1.579%
5.915
07/15/36
396,196
Series
-
2019
MILE
(Class
A)
93,470
(b)
Oak
Street
Investment
Grade
Net
Lease
Fund
Series
2.380
11/20/51
85,409
Series
-
2021
2A
(Class
A1)
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
OTHER
MORTGAGE
BACKED—continued
$
202,411
(a),(b)
OBX
Trust
2.500
%
07/25/51
$
159,089
Series
-
2021
J2
(Class
A19)
156,969
(a),(b)
OBX
Trust
3.500
08/25/52
135,763
Series
-
2022
J2
(Class
A1)
174,658
(a),(b)
OBX
Trust
4.000
10/25/52
154,288
Series
-
2022
INV5
(Class
A13)
11,302
(a),(b)
OBX
Trust
TSFR1M
+
0.764%
4.658
06/25/57
10,954
Series
-
2018
1
(Class
A2)
80,375
(a),(b)
Oceanview
Mortgage
Trust
2.500
05/25/51
63,221
Series
-
2021
1
(Class
A19)
450,000
(b)
One
Bryant
Park
Trust
2.516
09/15/54
381,745
Series
-
2019
OBP
(Class
A)
87,687
(a),(b)
RCKT
Mortgage
Trust
3.500
06/25/52
74,851
Series
-
2022
4
(Class
A22)
8,752
(a),(b)
Sequoia
Mortgage
Trust
3.500
05/25/45
7,753
Series
-
2015
2
(Class
A1)
14,313
(a),(b)
Sequoia
Mortgage
Trust
3.500
02/25/47
12,546
Series
-
2017
2
(Class
A19)
26,927
(a),(b)
Sequoia
Mortgage
Trust
3.500
03/25/48
23,530
Series
-
2018
3
(Class
A1)
41,777
(a),(b)
Sequoia
Mortgage
Trust
3.000
04/25/50
34,582
Series
-
2020
3
(Class
A19)
99,868
(a),(b)
Sequoia
Mortgage
Trust
5.000
01/25/53
93,827
Series
-
2023
1
(Class
A19)
11,730
(a),(b)
Shellpoint
Co-Originator
Trust
3.500
04/25/47
10,299
Series
-
2017
1
(Class
A19)
106,366
(a),(b)
Verus
Securitization
Trust
2.240
10/25/66
89,512
Series
-
2021
7
(Class
A3)
295,000
(b)
Wells
Fargo
Commercial
Mortgage
Trust
3.153
09/15/57
269,615
Series
-
2015
NXS3
(Class
D)
1,723
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
4.000
04/25/49
1,593
Series
-
2019
2
(Class
A17)
12,205
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3.500
09/25/49
10,647
Series
-
2019
4
(Class
A1)
83,508
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3.000
07/25/50
69,850
Series
-
2020
4
(Class
A17)
188,245
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
2.500
06/25/51
147,956
Series
-
2021
2
(Class
A17)
86,213
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3.000
03/25/52
70,571
Series
-
2022
INV1
(Class
A18)
107,766
(a),(b)
Wells
Fargo
Mortgage
Backed
Securities
Trust
3.500
03/25/52
91,991
Series
-
2022
INV1
(Class
A17)
TOTAL
OTHER
MORTGAGE
BACKED
18,669,174
TOTAL
STRUCTURED
ASSETS
26,917,175
(Cost
$29,260,569)
SHARES
REFERENCERATE
&
SPREAD
PREFERRED
STOCKS
-
0.0%
FINANCIAL
SERVICES
-
0.0%
2,600
Morgan
Stanley
67,860
TOTAL
FINANCIAL
SERVICES
67,860
TOTAL
PREFERRED
STOCKS
67,860
(Cost
$65,000)
TOTAL
LONG-TERM
INVESTMENTS
191,305,519
(Cost
$204,219,598)
See
Notes
to
Financial
Statements
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted.
PRINCIPAL
DESCRIPTION
REFERENCERATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
SHORT-TERM
INVESTMENTS
-
2.1%
GOVERNMENT
AGENCY
DEBT
-
2.1%
$
2,856,000
Federal
Home
Loan
Bank
(FHLB)
0.000
%
07/01/24
$
2,854,752
1,250,000
FHLB
0.000
07/19/24
1,246,175
TOTAL
GOVERNMENT
AGENCY
DEBT
4,100,927
TOTAL
SHORT-TERM
INVESTMENTS
4,100,927
(Cost
$4,102,706)
SHARES
EXP
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.7%
1,404,373
(f)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330
(g)
1,404,373
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
1,404,373
(Cost
$1,404,373)
TOTAL
INVESTMENTS
-
98.8%
196,810,819
(Cost
$209,726,677)
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.2%
2,424,187
NET
ASSETS
-
100.0%
$
199,235,006
EUR
Euro
LIBOR
London
Interbank
Offered
Rate
M
Month
REIT
Real
Estate
Investment
Trust
SOFR30A
30
Day
Average
Secured
Overnight
Financing
Rate
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(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)
Security
is
exempt
from
registration
under
Rule
144A
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$46,616,281
or
23.7%
of
Total
Investments.
(c)
All
or
a
portion
of
these
securities
are
out
on
loan.
The
aggregate
value
of
securities
on
loan
is
$1,383,389.
(d)
Perpetual
security
(e)
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
(f)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(g)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
Forward
Foreign
Currency
Contracts
Currency
Purchased
Receive
Currency
Sold
Deliver
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
83,316
EUR
77,502
JPMorgan
Chase
Bank
07/16/24
$
254
EUR
Euro
Core
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
99.3%
COMMON
STOCKS
-
99.3%
AUTOMOBILES
&
COMPONENTS
-
0
.9
%
36,192
BorgWarner,
Inc
$
1,166,830
15,408
General
Motors
Co
715,856
TOTAL
AUTOMOBILES
&
COMPONENTS
1,882,686
BANKS
-
3
.5
%
41,332
Citigroup,
Inc
2,622,929
79,360
Wells
Fargo
&
Co
4,713,190
TOTAL
BANKS
7,336,119
CAPITAL
GOODS
-
5
.5
%
11,348
(a)
Builders
FirstSource,
Inc
1,570,677
15,240
Dover
Corp
2,750,058
13,963
Honeywell
International,
Inc
2,981,659
5,346
United
Rentals,
Inc
3,457,419
5,128
Westinghouse
Air
Brake
Technologies
Corp
810,480
TOTAL
CAPITAL
GOODS
11,570,293
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
8
.3
%
48,540
(a)
Amazon.com,
Inc
9,380,355
13,495
Home
Depot,
Inc
4,645,519
16,059
Lowe's
Cos,
Inc
3,540,367
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
17,566,241
CONSUMER
DURABLES
&
APPAREL
-
1
.9
%
14,087
DR
Horton,
Inc
1,985,281
18,226
Pulte
Homes,
Inc
2,006,682
TOTAL
CONSUMER
DURABLES
&
APPAREL
3,991,963
CONSUMER
SERVICES
-
1
.0
%
12,784
(a)
Royal
Caribbean
Cruises
Ltd
2,038,153
TOTAL
CONSUMER
SERVICES
2,038,153
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2
.6
%
1,519
Costco
Wholesale
Corp
1,291,135
62,387
Walmart,
Inc
4,224,224
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
5,515,359
ENERGY
-
4
.6
%
19,921
Chevron
Corp
3,116,043
17,149
EOG
Resources,
Inc
2,158,545
28,431
Valero
Energy
Corp
4,456,843
TOTAL
ENERGY
9,731,431
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2
.4
%
32,820
Simon
Property
Group,
Inc
4,982,076
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,982,076
FINANCIAL
SERVICES
-
7
.2
%
11,283
American
Express
Co
2,612,579
11,508
Ameriprise
Financial,
Inc
4,916,102
77,821
Bank
of
New
York
Mellon
Corp
4,660,700
6,793
Mastercard,
Inc
(Class
A)
2,996,800
TOTAL
FINANCIAL
SERVICES
15,186,181
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
11
.0
%
24,806
Abbott
Laboratories
2,577,591
47,812
(a)
Boston
Scientific
Corp
3,682,002
13,807
Cigna
Group
4,564,180
10,667
HCA,
Inc
3,427,094
13,738
Labcorp
Holdings,
Inc
2,795,820
15,927
(a)
Tenet
Healthcare
Corp
2,118,769
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES—continued
7,775
UnitedHealth
Group,
Inc
$
3,959,497
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
23,124,953
INSURANCE
-
5
.4
%
59,665
American
International
Group,
Inc
4,429,529
33,276
(a)
Arch
Capital
Group
Ltd
3,357,216
14,485
Chubb
Ltd
3,694,834
TOTAL
INSURANCE
11,481,579
MATERIALS
-
2
.1
%
31,808
Corteva,
Inc
1,715,723
6,369
Linde
plc
2,794,781
TOTAL
MATERIALS
4,510,504
MEDIA
&
ENTERTAINMENT
-
7
.4
%
23,405
Alphabet,
Inc
4,292,945
26,380
Alphabet,
Inc
(Class
A)
4,805,117
12,805
Meta
Platforms,
Inc
6,456,537
TOTAL
MEDIA
&
ENTERTAINMENT
15,554,599
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
2
.7
%
45,129
Merck
&
Co,
Inc
5,586,970
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
5,586,970
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
13
.3
%
11,012
Applied
Materials,
Inc
2,598,722
1,717
Broadcom,
Inc
2,756,695
2,836
Lam
Research
Corp
3,019,915
125,473
Nvidia
Corp
15,500,934
21,265
QUALCOMM,
Inc
4,235,563
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
28,111,829
SOFTWARE
&
SERVICES
-
9
.0
%
37,033
Microsoft
Corp
16,551,899
17,734
Oracle
Corp
2,504,041
TOTAL
SOFTWARE
&
SERVICES
19,055,940
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
6
.5
%
55,314
Apple,
Inc
11,650,235
5,634
(a)
Arista
Networks,
Inc
1,974,604
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
13,624,839
UTILITIES
-
4
.0
%
35,444
Alliant
Energy
Corp
1,804,100
23,668
American
Electric
Power
Co,
Inc
2,076,630
64,508
NextEra
Energy,
Inc
4,567,811
TOTAL
UTILITIES
8,448,541
TOTAL
COMMON
STOCKS
209,300,256
(Cost
$127,047,079)
TOTAL
LONG-TERM
INVESTMENTS
209,300,256
(Cost
$127,047,079)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.6%
GOVERNMENT
AGENCY
DEBT
-
0
.6
%
$
1,327,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
%
07/01/24
1,326,420
TOTAL
GOVERNMENT
AGENCY
DEBT
1,326,420
TOTAL
SHORT-TERM
INVESTMENTS
1,326,420
(Cost
$1,327,000)
TOTAL
INVESTMENTS
-
99.9%
210,626,676
(Cost
$128,374,079)
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.1%
105,799
NET
ASSETS
-
100.0%
$
210,732,475
Core
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
Growth
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
99.6%
COMMON
STOCKS
-
99.6%
CAPITAL
GOODS
-
2.0%
12,341
(a)
Boeing
Co
$
2,246,185
4,450
Honeywell
International,
Inc
950,253
1,799
Quanta
Services,
Inc
457,108
TOTAL
CAPITAL
GOODS
3,653,546
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.8%
18,165
Experian
Group
Ltd
843,886
5,363
Verisk
Analytics,
Inc
1,445,597
5,216
Waste
Connections,
Inc
914,678
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
3,204,161
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
13.4%
112,459
(a)
Amazon.com,
Inc
21,732,702
20,193
TJX
Cos,
Inc
2,223,249
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
23,955,951
CONSUMER
DURABLES
&
APPAREL
-
0.4%
104,800
PRADA
S.p.A
780,913
TOTAL
CONSUMER
DURABLES
&
APPAREL
780,913
CONSUMER
SERVICES
-
5.2%
795
Booking
Holdings,
Inc
3,149,392
80,829
(a)
Carnival
Corp
1,513,119
5,909
(a)
Flutter
Entertainment
plc
1,074,836
12,634
Las
Vegas
Sands
Corp
559,055
10,449
(b)
Restaurant
Brands
International,
Inc
735,296
28,318
Starbucks
Corp
2,204,556
TOTAL
CONSUMER
SERVICES
9,236,254
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1.7%
3,520
Costco
Wholesale
Corp
2,991,965
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
2,991,965
ENERGY
-
0.6%
9,044
ConocoPhillips
1,034,453
TOTAL
ENERGY
1,034,453
FINANCIAL
SERVICES
-
5.0%
972
(a),(c)
Adyen
NV
1,154,420
3,824
American
Express
Co
885,447
4,072
London
Stock
Exchange
Group
plc
482,851
24,026
(a)
PayPal
Holdings,
Inc
1,394,229
19,108
Visa,
Inc
(Class
A)
5,015,277
TOTAL
FINANCIAL
SERVICES
8,932,224
FOOD,
BEVERAGE
&
TOBACCO
-
1.1%
68,933
Davide
Campari-Milano
NV
652,641
26,888
(a)
Monster
Beverage
Corp
1,343,056
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,995,697
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.6%
4,738
(a)
Align
Technology,
Inc
1,143,895
8,612
(a)
DexCom,
Inc
976,429
5,241
(a)
Intuitive
Surgical,
Inc
2,331,459
5,431
UnitedHealth
Group,
Inc
2,765,791
5,688
(a)
Veeva
Systems,
Inc
1,040,961
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
8,258,535
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.6%
9,286
Estee
Lauder
Cos
(Class
A)
988,030
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
988,030
Growth
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
INSURANCE
-
1.4%
12,483
Progressive
Corp
$
2,592,844
TOTAL
INSURANCE
2,592,844
MATERIALS
-
0.4%
1,785
Linde
plc
783,276
TOTAL
MATERIALS
783,276
MEDIA
&
ENTERTAINMENT
-
12.3%
60,808
Alphabet,
Inc
11,153,403
26,746
(a)
Match
Group,
Inc
812,543
20,162
Meta
Platforms,
Inc
10,166,084
TOTAL
MEDIA
&
ENTERTAINMENT
22,132,030
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
4.0%
4,425
Amgen,
Inc
1,382,591
859
(a)
GRAIL,
Inc
13,195
5,151
(a)
Illumina,
Inc
537,661
33,399
Novo
Nordisk
A.S.
4,778,888
354
(a)
Regeneron
Pharmaceuticals,
Inc
372,065
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
7,084,400
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
18.2%
4,852
(a)
Advanced
Micro
Devices,
Inc
787,043
18,236
Applied
Materials,
Inc
4,303,513
4,573
Broadcom,
Inc
7,342,089
151,660
Nvidia
Corp
18,736,076
16,000
Taiwan
Semiconductor
Manufacturing
Co
Ltd
474,042
5,649
Taiwan
Semiconductor
Manufacturing
Co
Ltd
(ADR)
981,853
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
32,624,616
SOFTWARE
&
SERVICES
-
19.4%
6,056
(a)
Atlassian
Corp
Ltd
1,071,185
3,291
Intuit,
Inc
2,162,878
46,770
Microsoft
Corp
20,903,851
3,759
(a)
Palo
Alto
Networks,
Inc
1,274,339
2,812
Roper
Industries,
Inc
1,585,012
15,507
Salesforce,
Inc
3,986,850
2,021
(a)
ServiceNow,
Inc
1,589,860
6,799
(a)
Snowflake,
Inc
918,477
5,753
(a)
Workday,
Inc
1,286,141
TOTAL
SOFTWARE
&
SERVICES
34,778,593
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
5.7%
48,851
Apple,
Inc
10,288,998
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
10,288,998
TRANSPORTATION
-
1.8%
77,546
(a)
Grab
Holdings
Ltd
275,288
41,244
(a)
Uber
Technologies,
Inc
2,997,614
TOTAL
TRANSPORTATION
3,272,902
TOTAL
COMMON
STOCKS
178,589,388
(Cost
$80,625,439)
TOTAL
LONG-TERM
INVESTMENTS
178,589,388
(Cost
$80,625,439)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.9%
GOVERNMENT
AGENCY
DEBT
-
0.9%
$
1,666,000
Federal
Home
Loan
Bank
(FHLB)
0.000
%
07/01/24
1,665,272
TOTAL
GOVERNMENT
AGENCY
DEBT
1,665,272
TOTAL
SHORT-TERM
INVESTMENTS
1,665,272
(Cost
$1,666,000)
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
RATE
EXP
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.4%
735,282
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330
%
(e)
$
735,282
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
735,282
(Cost
$735,282)
TOTAL
INVESTMENTS
-
100.9%
180,989,942
(Cost
$83,026,721)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.9)%
(1,565,503)
NET
ASSETS
-
100.0%
$
179,424,439
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
$727,485.
(c)
Security
is
exempt
from
registration
under
Rule
144A
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.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$1,154,421
or
0.6%
of
Total
Investments.
(d)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
International
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
99.4%
COMMON
STOCKS
-
99.4%
AUSTRALIA
-
5
.9
%
89,968
BHP
Billiton
Ltd
$
2,571,461
32,942
Commonwealth
Bank
of
Australia
2,790,561
446,372
Glencore
plc
2,539,977
40,102
Woodside
Energy
Group
Ltd
755,160
TOTAL
AUSTRALIA
8,657,159
BRAZIL
-
0
.9
%
229,600
Itau
Unibanco
Holding
S.A.
1,331,163
TOTAL
BRAZIL
1,331,163
DENMARK
-
6
.9
%
11,464
DSV
AS
1,759,702
59,379
Novo
Nordisk
A.S.
8,496,229
TOTAL
DENMARK
10,255,931
FINLAND
-
1
.2
%
153,264
Nordea
Bank
Abp
1,827,063
TOTAL
FINLAND
1,827,063
FRANCE
-
10
.5
%
24,743
Airbus
SE
3,395,894
15,105
BNP
Paribas
S.A.
965,996
16,487
Compagnie
de
Saint-Gobain
1,282,262
12,849
Essilor
International
S.A.
2,761,039
3,748
Kering
1,363,316
2,324
LVMH
Moet
Hennessy
Louis
Vuitton
S.A.
1,784,346
33,728
Total
S.A.
2,258,215
15,457
Vinci
S.A.
1,629,235
TOTAL
FRANCE
15,440,303
GERMANY
-
6
.9
%
29,590
Deutsche
Post
AG.
1,201,559
3,394
Dr
ING
hc
F
Porsche
AG.
252,491
14,263
HeidelbergCement
AG.
1,474,425
59,627
Infineon
Technologies
AG.
2,188,329
38,764
RWE
AG.
1,329,813
20,463
Siemens
AG.
3,808,686
TOTAL
GERMANY
10,255,303
INDIA
-
1
.5
%
10,057
HDFC
Bank
Ltd
(ADR)
646,967
20,201
Reliance
Industries
Ltd
757,267
203,202
(a)
Reliance
Strategic
Investments
Ltd
870,389
TOTAL
INDIA
2,274,623
INDONESIA
-
0
.3
%
1,786,200
Bank
Rakyat
Indonesia
500,844
TOTAL
INDONESIA
500,844
ITALY
-
2
.0
%
154,245
Enel
S.p.A.
1,070,274
30,320
Moncler
S.p.A
1,859,946
TOTAL
ITALY
2,930,220
JAPAN
-
25
.1
%
28,400
Advantest
Corp
1,150,937
104,600
Daiichi
Sankyo
Co
Ltd
3,635,239
227,255
(a)
Hitachi
Ltd
5,116,944
369,500
Mitsubishi
UFJ
Financial
Group,
Inc
3,987,654
58,740
Nintendo
Co
Ltd
3,136,806
36,900
Oriental
Land
Co
Ltd
1,031,138
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
JAPAN—continued
67,500
ORIX
Corp
$
1,496,061
53,700
Recruit
Holdings
Co
Ltd
2,889,444
50,800
SBI
Holdings,
Inc
1,289,329
32,692
Sony
Corp
2,786,049
97,200
(b)
Sumco
Corp
1,406,076
70,700
Sumitomo
Mitsui
Financial
Group,
Inc
4,745,729
212,015
(a)
Toyota
Motor
Corp
4,350,010
TOTAL
JAPAN
37,021,416
KOREA,
REPUBLIC
OF
-
1
.5
%
38,037
Samsung
Electronics
Co
Ltd
2,238,621
TOTAL
KOREA,
REPUBLIC
OF
2,238,621
MEXICO
-
0
.9
%
6,866
Fomento
Economico
Mexicano
SAB
de
C.V.
(ADR)
739,125
67,500
Grupo
Financiero
Banorte
S.A.
de
C.V.
525,980
TOTAL
MEXICO
1,265,105
NETHERLANDS
-
7
.5
%
4,282
ASML
Holding
NV
4,364,068
22,527
Heineken
NV
2,179,397
161,776
ING
Groep
NV
2,779,744
451,602
Koninklijke
KPN
NV
1,730,870
TOTAL
NETHERLANDS
11,054,079
NORWAY
-
0
.5
%
27,849
Equinor
ASA
797,701
TOTAL
NORWAY
797,701
SPAIN
-
3
.3
%
287,284
Banco
Bilbao
Vizcaya
Argentaria
S.A.
2,883,899
423,129
Banco
Santander
S.A.
1,968,723
TOTAL
SPAIN
4,852,622
SWITZERLAND
-
4
.7
%
2,221
Lonza
Group
AG.
1,209,123
33,583
Novartis
AG.
3,575,637
3,935
Zurich
Insurance
Group
AG
2,096,157
TOTAL
SWITZERLAND
6,880,917
TAIWAN
-
2
.4
%
20,619
Taiwan
Semiconductor
Manufacturing
Co
Ltd
(ADR)
3,583,788
TOTAL
TAIWAN
3,583,788
UNITED
KINGDOM
-
6
.3
%
32,252
Ashtead
Group
plc
2,150,359
27,798
AstraZeneca
plc
4,326,285
51,130
Unilever
plc
2,806,389
TOTAL
UNITED
KINGDOM
9,283,033
UNITED
STATES
-
11
.1
%
377,811
BP
plc
2,274,712
40,312
CRH
plc
3,022,594
649,689
Haleon
plc
2,643,400
6,422
Linde
plc
2,818,038
11,151
Nestle
S.A.
1,138,230
125,416
Shell
plc
4,498,416
TOTAL
UNITED
STATES
16,395,390
TOTAL
COMMON
STOCKS
146,845,281
(Cost
$108,750,197)
TOTAL
LONG-TERM
INVESTMENTS
146,845,281
(Cost
$108,750,197)
International
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
PRINCIPAL
DESCRIPTION
REFERENCERATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
SHORT-TERM
INVESTMENTS
-
0.2%
GOVERNMENT
AGENCY
DEBT
-
0
.2
%
$
346,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
%
07/01/24
$
345,849
TOTAL
GOVERNMENT
AGENCY
DEBT
345,849
TOTAL
SHORT-TERM
INVESTMENTS
345,849
(Cost
$346,000)
TOTAL
INVESTMENTS
-
99.6%
147,191,130
(Cost
$109,096,197)
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.4%
595,080
NET
ASSETS
-
100.0%
$
147,786,210
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
$1,370,889.
Large
Cap
Responsible
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
98.9%
COMMON
STOCKS
-
98.9%
AUTOMOBILES
&
COMPONENTS
-
1
.9
%
9,063
(a)
Tesla,
Inc
$
1,793,386
TOTAL
AUTOMOBILES
&
COMPONENTS
1,793,386
BANKS
-
2
.5
%
8,352
Citigroup,
Inc
530,018
9,063
JPMorgan
Chase
&
Co
1,833,082
TOTAL
BANKS
2,363,100
CAPITAL
GOODS
-
6
.7
%
886
(a)
Axon
Enterprise,
Inc
260,697
6,106
Carrier
Global
Corp
385,166
2,716
Caterpillar,
Inc
904,700
1,498
Deere
&
Co
559,698
2,657
Eaton
Corp
plc
833,102
3,767
Emerson
Electric
Co
414,973
33
Fastenal
Co
2,074
1,689
Fortive
Corp
125,155
2,753
Illinois
Tool
Works,
Inc
652,351
6,689
Ingersoll
Rand,
Inc
607,629
1,739
Quanta
Services,
Inc
441,862
246
Rockwell
Automation,
Inc
67,719
575
Trane
Technologies
plc
189,135
583
United
Rentals,
Inc
377,043
493
W.W.
Grainger,
Inc
444,804
1,022
Xylem,
Inc
138,614
TOTAL
CAPITAL
GOODS
6,404,722
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1
.6
%
3,132
Automatic
Data
Processing,
Inc
747,577
101
Broadridge
Financial
Solutions,
Inc
19,897
11,653
(a)
Copart,
Inc
631,127
776
Paychex,
Inc
92,003
248
Verisk
Analytics,
Inc
66,848
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,557,452
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
4
.1
%
4,431
eBay,
Inc
238,033
967
(a)
Etsy,
Inc
57,034
1,465
Genuine
Parts
Co
202,639
3,889
Home
Depot,
Inc
1,338,749
3,118
LKQ
Corp
129,678
3,647
Lowe's
Cos,
Inc
804,018
716
Pool
Corp
220,048
8,140
TJX
Cos,
Inc
896,214
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,886,413
CONSUMER
DURABLES
&
APPAREL
-
0
.4
%
1,327
DR
Horton,
Inc
187,014
704
(a)
Lululemon
Athletica,
Inc
210,285
TOTAL
CONSUMER
DURABLES
&
APPAREL
397,299
CONSUMER
SERVICES
-
2
.7
%
235
Booking
Holdings,
Inc
930,953
3,866
McDonald's
Corp
985,211
6,598
Starbucks
Corp
513,654
1,312
Yum!
Brands,
Inc
173,788
TOTAL
CONSUMER
SERVICES
2,603,606
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1
.0
%
1,815
(a)
Dollar
Tree,
Inc
193,787
6,413
Kroger
Co
320,201
Large
Cap
Responsible
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL—continued
3,169
Target
Corp
$
469,139
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
983,127
ENERGY
-
1
.5
%
20,488
Baker
Hughes
Co
720,563
8,612
ONEOK,
Inc
702,309
TOTAL
ENERGY
1,422,872
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2
.3
%
2,276
American
Tower
Corp
442,409
833
Equinix,
Inc
630,248
576
Iron
Mountain,
Inc
51,621
6,210
Prologis,
Inc
697,445
3,633
Welltower,
Inc
378,740
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
2,200,463
FINANCIAL
SERVICES
-
8
.7
%
3,700
American
Express
Co
856,735
1,289
Ameriprise
Financial,
Inc
550,648
5,224
Bank
of
New
York
Mellon
Corp
312,865
126
Discover
Financial
Services
16,482
181
Fidelity
National
Information
Services,
Inc
13,640
2,002
Goldman
Sachs
Group,
Inc
905,545
3,075
Mastercard,
Inc
(Class
A)
1,356,567
1,809
Moody's
Corp
761,462
8,749
Morgan
Stanley
850,315
1,815
Nasdaq
Stock
Market,
Inc
109,372
2,822
(a)
PayPal
Holdings,
Inc
163,761
2,081
S&P
Global,
Inc
928,126
5,504
Visa,
Inc
(Class
A)
1,444,635
TOTAL
FINANCIAL
SERVICES
8,270,153
FOOD,
BEVERAGE
&
TOBACCO
-
3
.6
%
3,078
Archer-Daniels-Midland
Co
186,065
17,627
Coca-Cola
Co
1,121,959
5,641
General
Mills,
Inc
356,850
3,103
Keurig
Dr
Pepper,
Inc
103,640
17,320
Kraft
Heinz
Co
558,050
206
Lamb
Weston
Holdings,
Inc
17,320
219
McCormick
&
Co,
Inc
15,536
6,359
PepsiCo,
Inc
1,048,790
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
3,408,210
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
5
.4
%
546
AmerisourceBergen
Corp
123,014
782
Cigna
Group
258,506
2,292
(a)
Cooper
Cos,
Inc
200,092
4,620
(a)
Edwards
Lifesciences
Corp
426,749
1,613
Elevance
Health,
Inc
874,020
1,497
HCA,
Inc
480,956
865
(a)
IDEXX
Laboratories,
Inc
421,428
1,011
McKesson
Corp
590,464
749
STERIS
plc
164,436
3,149
UnitedHealth
Group,
Inc
1,603,660
246
Zimmer
Biomet
Holdings,
Inc
26,698
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,170,023
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1
.5
%
8,596
Procter
&
Gamble
Co
1,417,652
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
1,417,652
INSURANCE
-
3
.2
%
2,186
Hartford
Financial
Services
Group,
Inc
219,781
3,947
Marsh
&
McLennan
Cos,
Inc
831,712
4,041
Progressive
Corp
839,356
5,397
Prudential
Financial,
Inc
632,474
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
INSURANCE—continued
2,451
Travelers
Cos,
Inc
$
498,386
TOTAL
INSURANCE
3,021,709
MATERIALS
-
3
.2
%
1,456
Avery
Dennison
Corp
318,354
4,272
Ball
Corp
256,405
3,055
Ecolab,
Inc
727,090
6,224
LyondellBasell
Industries
NV
595,388
16,157
Newmont
Goldcorp
Corp
676,494
3,038
Steel
Dynamics,
Inc
393,421
2,246
Westrock
Co
112,884
TOTAL
MATERIALS
3,080,036
MEDIA
&
ENTERTAINMENT
-
5
.9
%
900
(a)
Charter
Communications,
Inc
269,064
23,462
Comcast
Corp
(Class
A)
918,772
4,590
Electronic
Arts,
Inc
639,525
3,325
Fox
Corp
(Class
A)
114,280
4,235
Fox
Corp
(Class
B)
135,605
1,838
(a)
NetFlix,
Inc
1,240,429
12,710
News
Corp
(Class
A)
350,415
2,391
Omnicom
Group,
Inc
214,473
1,796
Paramount
Global
(Class
B)
18,660
3,719
(a)
Take-Two
Interactive
Software,
Inc
578,267
9,595
Walt
Disney
Co
952,688
18,946
(a)
Warner
Bros
Discovery,
Inc
140,958
TOTAL
MEDIA
&
ENTERTAINMENT
5,573,136
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
6
.7
%
1,482
Agilent
Technologies,
Inc
192,112
3,079
Amgen,
Inc
962,033
4,596
Bristol-Myers
Squibb
Co
190,872
3,642
Danaher
Corp
909,954
2,368
Eli
Lilly
&
Co
2,143,940
424
Gilead
Sciences,
Inc
29,091
973
(a)
IQVIA
Holdings,
Inc
205,731
46
(a)
Mettler-Toledo
International,
Inc
64,289
828
(a)
Regeneron
Pharmaceuticals,
Inc
870,253
40
(a)
Waters
Corp
11,605
340
West
Pharmaceutical
Services,
Inc
111,992
3,800
Zoetis,
Inc
658,768
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
6,350,640
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0
.3
%
3,389
(a)
CBRE
Group,
Inc
301,994
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
301,994
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
12
.6
%
4,514
Applied
Materials,
Inc
1,065,259
2,293
(a)
First
Solar,
Inc
516,980
28,304
Intel
Corp
876,575
888
Lam
Research
Corp
945,587
55,837
Nvidia
Corp
6,898,103
2,745
NXP
Semiconductors
NV
738,652
5,027
Texas
Instruments,
Inc
977,902
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
12,019,058
SOFTWARE
&
SERVICES
-
16
.8
%
2,117
(a)
Adobe,
Inc
1,176,078
957
(a)
Ansys,
Inc
307,676
2,655
(a)
Autodesk,
Inc
656,980
2,648
(a)
Cadence
Design
Systems,
Inc
814,922
5,509
International
Business
Machines
Corp
952,782
1,588
Intuit,
Inc
1,043,649
16,716
Microsoft
Corp
7,471,216
Large
Cap
Responsible
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
SOFTWARE
&
SERVICES—continued
3,067
(a)
PTC,
Inc
$
557,182
4,590
Salesforce,
Inc
1,180,089
1,266
(a)
ServiceNow,
Inc
995,924
1,372
(a)
Synopsys,
Inc
816,422
TOTAL
SOFTWARE
&
SERVICES
15,972,920
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2
.5
%
33,144
Hewlett
Packard
Enterprise
Co
701,659
17,603
HP,
Inc
616,457
4,286
(a)
Keysight
Technologies,
Inc
586,111
8,320
(a)
Trimble
Inc
465,254
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
2,369,481
TELECOMMUNICATION
SERVICES
-
1
.0
%
23,368
Verizon
Communications,
Inc
963,696
TOTAL
TELECOMMUNICATION
SERVICES
963,696
TRANSPORTATION
-
1
.8
%
17,430
CSX
Corp
583,033
128
Expeditors
International
Washington,
Inc
15,973
255
JB
Hunt
Transport
Services,
Inc
40,800
1,908
Old
Dominion
Freight
Line
336,953
5,327
United
Parcel
Service,
Inc
(Class
B)
729,000
TOTAL
TRANSPORTATION
1,705,759
UTILITIES
-
1
.0
%
1,566
American
Water
Works
Co,
Inc
202,265
6,906
Consolidated
Edison,
Inc
617,534
4,925
Exelon
Corp
170,454
TOTAL
UTILITIES
990,253
TOTAL
COMMON
STOCKS
94,227,160
(Cost
$56,474,490)
TOTAL
LONG-TERM
INVESTMENTS
94,227,160
(Cost
$56,474,490)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
1.2%
GOVERNMENT
AGENCY
DEBT
-
1
.2
%
$
1,186,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
%
07/01/24
1,185,482
TOTAL
GOVERNMENT
AGENCY
DEBT
1,185,482
TOTAL
SHORT-TERM
INVESTMENTS
1,185,482
(Cost
$1,186,000)
TOTAL
INVESTMENTS
-
100.1%
95,412,642
(Cost
$57,660,490)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.1)%
(
117,191
)
NET
ASSETS
-
100.0%
$
95,295,451
(a)
Non-income
producing
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
S&P
500
E-Mini
Index
4
09/20/24
$
1,107,786
$
1,104,300
$
(
3,486
)
Large
Cap
Value
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
99.9%
COMMON
STOCKS
-
99.9%
BANKS
-
9
.7
%
46,704
Bank
of
America
Corp
$
1,857,418
10,505
Fifth
Third
Bancorp
383,327
15,521
JPMorgan
Chase
&
Co
3,139,278
5,293
PNC
Financial
Services
Group,
Inc
822,956
30,657
Wells
Fargo
&
Co
1,820,719
TOTAL
BANKS
8,023,698
CAPITAL
GOODS
-
11
.0
%
2,887
Allegion
plc
341,099
5,524
(a)
Boeing
Co
1,005,423
1,431
Deere
&
Co
534,665
5,510
Dover
Corp
994,280
4,060
Eaton
Corp
plc
1,273,013
1,876
Emerson
Electric
Co
206,660
5,245
Honeywell
International,
Inc
1,120,017
7,388
Masco
Corp
492,558
2,482
Parker-Hannifin
Corp
1,255,420
13,132
RTX
Corp
1,318,321
1,621
Trane
Technologies
plc
533,196
TOTAL
CAPITAL
GOODS
9,074,652
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1
.3
%
2,639
Home
Depot,
Inc
908,450
155
(a)
O'Reilly
Automotive,
Inc
163,689
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,072,139
CONSUMER
DURABLES
&
APPAREL
-
1
.4
%
147
(a)
NVR,
Inc
1,115,518
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,115,518
CONSUMER
SERVICES
-
2
.7
%
157
Booking
Holdings,
Inc
621,956
4,566
Hilton
Worldwide
Holdings,
Inc
996,301
2,417
McDonald's
Corp
615,948
TOTAL
CONSUMER
SERVICES
2,234,205
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2
.0
%
24,706
Walmart,
Inc
1,672,843
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
1,672,843
ENERGY
-
7
.8
%
3,933
Chevron
Corp
615,200
11,878
ConocoPhillips
1,358,606
7,823
EOG
Resources,
Inc
984,681
20,336
Exxon
Mobil
Corp
2,341,080
7,108
Valero
Energy
Corp
1,114,250
TOTAL
ENERGY
6,413,817
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1
.4
%
10,335
Prologis,
Inc
1,160,724
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
1,160,724
FINANCIAL
SERVICES
-
10
.3
%
4,996
American
Express
Co
1,156,824
4,540
(a)
Berkshire
Hathaway,
Inc
1,846,872
1,148
BlackRock,
Inc
903,843
14,496
Charles
Schwab
Corp
1,068,210
6,839
(a)
Fiserv,
Inc
1,019,285
3,009
Goldman
Sachs
Group,
Inc
1,361,031
8,290
Intercontinental
Exchange,
Inc
1,134,818
TOTAL
FINANCIAL
SERVICES
8,490,883
Large
Cap
Value
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
FOOD,
BEVERAGE
&
TOBACCO
-
2
.1
%
10,303
Mondelez
International,
Inc
$
674,229
10,522
Philip
Morris
International,
Inc
1,066,194
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,740,423
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
9
.3
%
10,705
Abbott
Laboratories
1,112,357
2,734
Cigna
Group
903,778
2,283
Elevance
Health,
Inc
1,237,067
3,184
HCA,
Inc
1,022,956
1,214
Humana,
Inc
453,611
9,892
Medtronic
plc
778,599
4,328
UnitedHealth
Group,
Inc
2,204,077
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
7,712,445
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1
.7
%
8,507
Procter
&
Gamble
Co
1,402,974
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
1,402,974
INSURANCE
-
5
.3
%
17,605
American
International
Group,
Inc
1,306,995
4,796
Chubb
Ltd
1,223,364
5,277
Marsh
&
McLennan
Cos,
Inc
1,111,969
10,904
Metlife,
Inc
765,352
TOTAL
INSURANCE
4,407,680
MATERIALS
-
4
.7
%
4,012
Celanese
Corp
(Series
A)
541,179
7,333
Crown
Holdings,
Inc
545,502
11,807
DuPont
de
Nemours,
Inc
950,345
3,504
Linde
plc
1,537,590
1,203
Reliance
Steel
&
Aluminum
Co
343,577
TOTAL
MATERIALS
3,918,193
MEDIA
&
ENTERTAINMENT
-
3
.1
%
4,096
Alphabet,
Inc
751,288
20,158
Comcast
Corp
(Class
A)
789,387
10,336
Walt
Disney
Co
1,026,262
TOTAL
MEDIA
&
ENTERTAINMENT
2,566,937
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
6
.5
%
8,025
AbbVie,
Inc
1,376,448
3,939
Danaher
Corp
984,159
2,374
Gilead
Sciences,
Inc
162,880
12,083
Johnson
&
Johnson
1,766,051
3,201
Merck
&
Co,
Inc
396,284
14,511
Sanofi
(ADR)
704,074
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
5,389,896
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
6
.5
%
3,532
Analog
Devices,
Inc
806,214
4,330
Applied
Materials,
Inc
1,021,837
367
Broadcom,
Inc
589,229
12,113
Intel
Corp
375,140
628
Lam
Research
Corp
668,726
7,672
Micron
Technology,
Inc
1,009,098
3,426
NXP
Semiconductors
NV
921,902
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
5,392,146
SOFTWARE
&
SERVICES
-
3
.7
%
4,081
Accenture
plc
1,238,216
1,912
Microsoft
Corp
854,568
6,673
Oracle
Corp
942,228
TOTAL
SOFTWARE
&
SERVICES
3,035,012
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2
.0
%
12,981
Cisco
Systems,
Inc
616,727
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
TECHNOLOGY
HARDWARE
&
EQUIPMENT—continued
6,894
TE
Connectivity
Ltd
$
1,037,065
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,653,792
TELECOMMUNICATION
SERVICES
-
1
.3
%
6,268
T-Mobile
US,
Inc
1,104,296
TOTAL
TELECOMMUNICATION
SERVICES
1,104,296
TRANSPORTATION
-
2
.5
%
15,994
(a),(b),(c)
AMR
Corporation
160
17,847
CSX
Corp
596,982
4,682
Union
Pacific
Corp
1,059,350
3,246
United
Parcel
Service,
Inc
(Class
B)
444,215
TOTAL
TRANSPORTATION
2,100,707
UTILITIES
-
3
.6
%
8,017
Ameren
Corp
570,089
7,533
American
Electric
Power
Co,
Inc
660,945
12,518
Dominion
Energy,
Inc
613,382
8,445
Eversource
Energy
478,916
9,348
NextEra
Energy,
Inc
661,932
TOTAL
UTILITIES
2,985,264
TOTAL
COMMON
STOCKS
82,668,244
(Cost
$51,205,580)
TOTAL
LONG-TERM
INVESTMENTS
82,668,244
(Cost
$51,205,580)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.4%
GOVERNMENT
AGENCY
DEBT
-
0
.4
%
$
299,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
%
07/01/24
298,869
TOTAL
GOVERNMENT
AGENCY
DEBT
298,869
TOTAL
SHORT-TERM
INVESTMENTS
298,869
(Cost
$299,000)
TOTAL
INVESTMENTS
-
100.3%
82,967,113
(Cost
$51,504,580)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.3)%
(
265,174
)
NET
ASSETS
-
100.0%
$
82,701,939
ADR
American
Depositary
Receipt
(a)
Non-income
producing
(b)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(c)
In
bankruptcy
Money
Market
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
SHORT-TERM
INVESTMENTS
-
102.9%
GOVERNMENT
AGENCY
DEBT
-
15
.1
%
$
100,000
Federal
Agricultural
Mortgage
Corp
(FAMC)
0
.000
%
12/30/24
$
97,482
290,000
Federal
Farm
Credit
Bank
(FFCB)
0
.000
07/02/24
289,957
100,000
FFCB
0
.000
10/02/24
98,664
700,000
FFCB
0
.000
10/18/24
689,869
250,000
FFCB
0
.000
12/10/24
244,724
250,000
FFCB
0
.000
02/19/25
242,136
200,000
FFCB
5
.000
03/28/25
199,982
500,000
FFCB
5
.125
05/22/25
499,608
1,120,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
07/02/24
1,119,836
400,000
FHLB
0
.000
07/03/24
399,883
350,000
FHLB
0
.000
08/09/24
348,053
1,050,000
FHLB
0
.000
08/14/24
1,043,425
100,000
FHLB
0
.000
09/13/24
98,919
340,000
FHLB
0
.000
09/27/24
335,637
2,500,000
FHLB
0
.000
10/15/24
2,462,974
1,845,000
FHLB
0
.000
10/31/24
1,813,862
100,000
FHLB
0
.000
12/23/24
97,492
500,000
FHLB
0
.000
01/16/25
486,595
750,000
FHLB
0
.000
01/23/25
729,421
100,000
FHLB
0
.000
01/30/25
97,118
975,000
FHLB
0
.000
02/05/25
947,331
270,000
FHLB
0
.000
02/06/25
262,344
900,000
FHLB
0
.000
02/10/25
873,344
1,200,000
FHLB
0
.000
02/14/25
1,163,444
1,000,000
FHLB
0
.000
02/18/25
969,067
250,000
FHLB
0
.000
02/21/25
241,759
1,000,000
FHLB
0
.000
02/26/25
968,000
100,000
FHLB
0
.000
02/28/25
96,619
100,000
FHLB
0
.000
03/21/25
96,457
650,000
FHLB
0
.000
04/02/25
625,918
1,000,000
FHLB
0
.000
04/17/25
960,125
230,000
FHLB
5
.125
05/15/25
229,876
1,250,000
FHLB
0
.000
05/16/25
1,195,172
200,000
FHLB
0
.000
05/29/25
190,842
TOTAL
GOVERNMENT
AGENCY
DEBT
20,215,935
REPURCHASE
AGREEMENT
-
49
.5
%
66,414,000
(a)
Fixed
Income
Clearing
Corporation
5
.320
07/01/24
66,414,000
TOTAL
REPURCHASE
AGREEMENT
66,414,000
TREASURY
DEBT
-
21
.2
%
2,500,000
United
States
Treasury
Bill
0
.000
07/09/24
2,497,108
1,250,000
United
States
Treasury
Bill
0
.000
07/11/24
1,248,178
1,075,000
United
States
Treasury
Bill
0
.000
08/08/24
1,069,275
1,000,000
United
States
Treasury
Bill
0
.000
08/13/24
993,753
2,250,000
United
States
Treasury
Bill
0
.000
08/15/24
2,235,759
1,600,000
United
States
Treasury
Bill
0
.000
08/20/24
1,588,356
550,000
United
States
Treasury
Bill
0
.000
08/29/24
545,373
2,500,000
United
States
Treasury
Bill
0
.000
09/05/24
2,476,602
885,000
United
States
Treasury
Bill
0
.000
10/03/24
872,991
900,000
United
States
Treasury
Bill
0
.000
10/10/24
887,063
1,500,000
United
States
Treasury
Bill
0
.000
10/17/24
1,476,803
5,000,000
United
States
Treasury
Bill
0
.000
10/29/24
4,913,732
500,000
United
States
Treasury
Bill
0
.000
12/19/24
487,769
500,000
United
States
Treasury
Bill
0
.000
12/26/24
487,287
250,000
United
States
Treasury
Bill
0
.000
02/20/25
241,929
1,250,000
United
States
Treasury
Bill
0
.000
03/20/25
1,206,242
565,000
United
States
Treasury
Bill
0
.000
04/17/25
542,630
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
REFERENCE
RATE
&
SPREAD
RATE
MATURITY
DATE
VALUE
TREASURY
DEBT—continued
$
1,550,000
United
States
Treasury
Bill
0
.000
%
05/15/25
$
1,482,272
1,250,000
United
States
Treasury
Bill
0
.000
06/12/25
1,190,986
500,000
United
States
Treasury
Note
0
.750
11/15/24
491,783
500,000
United
States
Treasury
Note
2
.250
11/15/24
495,124
750,000
United
States
Treasury
Note
3
.875
04/30/25
742,190
250,000
United
States
Treasury
Note
2
.125
05/15/25
243,488
TOTAL
TREASURY
DEBT
28,416,693
TREASURY
INFLATION
PROTECTED
SECURITIES
-
0
.3
%
330,083
(b)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/24
329,857
TOTAL
TREASURY
INFLATION
PROTECTED
SECURITIES
329,857
VARIABLE
RATE
SECURITIES
-
16
.8
%
200,000
(c)
Federal
Farm
Credit
Bank
(FFCB)
SOFR
-
0.000%
5
.340
07/23/24
200,000
250,000
(c)
FFCB
SOFR
+
0.060%
5
.400
09/09/24
250,026
580,000
(c)
Federal
Home
Loan
Bank
(FHLB)
SOFR
-
0.000%
5
.340
07/02/24
580,000
2,000,000
(c)
FHLB
SOFR
-
0.000%
5
.340
07/25/24
2,000,000
2,000,000
(c)
FHLB
SOFR
-
0.000%
5
.340
07/29/24
2,000,000
5,000,000
(c)
FHLB
SOFR
-
0.000%
5
.340
07/30/24
5,000,000
4,500,000
(c)
FHLB
SOFR
-
0.000%
5
.340
08/14/24
4,500,000
3,000,000
(c)
FHLB
SOFR
-
0.000%
5
.340
08/20/24
3,000,000
1,000,000
(c)
FHLB
SOFR
+
0.005%
5
.345
09/23/24
1,000,000
1,500,000
(c)
FHLB
SOFR
+
0.005%
5
.345
09/26/24
1,500,000
1,500,000
(c)
FHLB
SOFR
+
0.005%
5
.345
10/07/24
1,500,000
1,000,000
(c)
United
States
Treasury
Floating
Rate
Note
US
Treasury
Bill
3
M
+
0.037%
5
.342
07/31/24
999,966
TOTAL
VARIABLE
RATE
SECURITIES
22,529,992
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$137,906,477)
137,906,477
TOTAL
INVESTMENTS
-
102.9%
137,906,477
(Cost
$137,906,477)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(2.9)%
(
3,835,784
)
NET
ASSETS
-
100.0%
$
134,070,693
M
Month
SOFR
Secure
Overnight
Financing
Rate
(a)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.320%
dated
6/28/24
to
be
repurchased
at
$66,443,444
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.500%
and
maturity
date
8/15/26,
valued
at
$67,742,367.
(b)
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
(c)
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.
Real
Estate
Securities
Select
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
96.0%
COMMON
STOCKS
-
96.0%
DATA
CENTER
REITS
-
10
.8
%
20,500
Digital
Realty
Trust,
Inc
$
3,117,025
5,000
Equinix,
Inc
3,783,000
TOTAL
DATA
CENTER
REITS
6,900,025
HEALTH
CARE
REITS
-
8
.4
%
35,800
Healthpeak
Properties,
Inc
701,680
26,700
Ventas,
Inc
1,368,642
31,700
Welltower,
Inc
3,304,725
TOTAL
HEALTH
CARE
REITS
5,375,047
HOTEL
&
RESORT
REITS
-
1
.4
%
48,800
Host
Hotels
&
Resorts
Inc
877,424
TOTAL
HOTEL
&
RESORT
REITS
877,424
INDUSTRIAL
REITS
-
17
.8
%
4,500
EastGroup
Properties,
Inc
765,450
64,500
Prologis,
Inc
7,243,995
42,200
Rexford
Industrial
Realty,
Inc
1,881,698
24,500
Terreno
Realty
Corp
1,449,910
TOTAL
INDUSTRIAL
REITS
11,341,053
MULTI-FAMILY
RESIDENTIAL
REITS
-
9
.5
%
12,300
AvalonBay
Communities,
Inc
2,544,747
5,000
Camden
Property
Trust
545,550
14,000
Equity
Residential
970,760
5,000
Essex
Property
Trust,
Inc
1,361,000
4,500
Mid-America
Apartment
Communities,
Inc
641,745
TOTAL
MULTI-FAMILY
RESIDENTIAL
REITS
6,063,802
OFFICE
REITS
-
3
.3
%
8,400
Boston
Properties,
Inc
517,104
20,500
SL
Green
Realty
Corp
1,161,120
15,000
Vornado
Realty
Trust
394,350
TOTAL
OFFICE
REITS
2,072,574
OTHER
SPECIALIZED
REITS
-
7
.1
%
22,100
Gaming
and
Leisure
Properties,
Inc
999,141
10,500
Iron
Mountain,
Inc
941,010
88,900
VICI
Properties,
Inc
2,546,096
TOTAL
OTHER
SPECIALIZED
REITS
4,486,247
RETAIL
REITS
-
15
.5
%
46,900
Brixmor
Property
Group,
Inc
1,082,921
75,700
Kimco
Realty
Corp
1,473,122
33,400
Kite
Realty
Group
Trust
747,492
20,000
Realty
Income
Corp
1,056,400
23,900
Regency
Centers
Corp
1,486,580
26,700
Simon
Property
Group,
Inc
4,053,060
TOTAL
RETAIL
REITS
9,899,575
SELF
STORAGE
REITS
-
4
.9
%
10,600
Extra
Space
Storage,
Inc
1,647,346
5,000
Public
Storage,
Inc
1,438,250
TOTAL
SELF
STORAGE
REITS
3,085,596
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
SINGLE-FAMILY
RESIDENTIAL
REITS
-
8
.0
%
37,900
American
Homes
4
Rent
$
1,408,364
24,400
Equity
Lifestyle
Properties,
Inc
1,589,172
21,200
Invitation
Homes,
Inc
760,868
11,200
Sun
Communities,
Inc
1,347,808
TOTAL
SINGLE-FAMILY
RESIDENTIAL
REITS
5,106,212
TELECOM
TOWER
REITS
-
9
.3
%
21,600
American
Tower
Corp
4,198,608
13,300
Crown
Castle,
Inc
1,299,410
2,200
SBA
Communications
Corp
431,860
TOTAL
TELECOM
TOWER
REITS
5,929,878
TOTAL
COMMON
STOCKS
61,137,433
(Cost
$38,316,615)
TOTAL
LONG-TERM
INVESTMENTS
61,137,433
(Cost
$38,316,615)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
4.1%
GOVERNMENT
AGENCY
DEBT
-
4
.1
%
$
2,622,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
%
07/01/24
2,620,854
TOTAL
GOVERNMENT
AGENCY
DEBT
2,620,854
TOTAL
SHORT-TERM
INVESTMENTS
2,620,854
(Cost
$2,622,000)
TOTAL
INVESTMENTS
-
100.1%
63,758,287
(Cost
$40,938,615)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.1)%
(
55,998
)
NET
ASSETS
-
100.0%
$
63,702,289
REIT
Real
Estate
Investment
Trust
Small
Cap
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
98.6%
COMMON
STOCKS
-
98.6%
AUTOMOBILES
&
COMPONENTS
-
1
.3
%
5,660
(a)
Atmus
Filtration
Technologies,
Inc
$
162,895
3,037
(a)
Gentherm,
Inc
149,785
3,240
(a)
Modine
Manufacturing
Co
324,615
1,830
(a)
Visteon
Corp
195,261
TOTAL
AUTOMOBILES
&
COMPONENTS
832,556
BANKS
-
8
.7
%
5,164
Ameris
Bancorp
260,007
4,616
(a)
Axos
Financial,
Inc
263,804
2,717
(a)
Bancorp,
Inc
102,594
5,754
Bank
of
NT
Butterfield
&
Son
Ltd
202,081
1,480
Berkshire
Hills
Bancorp,
Inc
33,744
3,280
Cadence
Bank
92,758
6,253
Cathay
General
Bancorp
235,863
3,044
Central
Pacific
Financial
Corp
64,533
1,041
ConnectOne
Bancorp,
Inc
19,665
5,937
(a)
Customers
Bancorp,
Inc
284,857
12,413
CVB
Financial
Corp
214,000
3,486
Eagle
Bancorp,
Inc
65,885
2,011
Enterprise
Financial
Services
Corp
82,270
860
FB
Financial
Corp
33,566
3,413
First
Busey
Corp
82,629
2,532
First
Financial
Bancorp
56,261
3,360
First
Financial
Bankshares,
Inc
99,221
1,919
First
Financial
Corp
70,773
3,962
First
Merchants
Corp
131,895
5,723
Hancock
Whitney
Corp
273,731
3,153
Heartland
Financial
USA,
Inc
140,151
6,543
Heritage
Commerce
Corp
56,924
4,664
Horizon
Bancorp,
Inc
57,694
1,600
Independent
Bank
Corp
43,200
1,971
International
Bancshares
Corp
112,761
2,886
(a)
Metropolitan
Bank
Holding
Corp
121,472
3,549
National
Bank
Holdings
Corp
138,588
6,141
OceanFirst
Financial
Corp
97,581
8,913
OFG
Bancorp
333,792
12,160
Old
National
Bancorp
209,030
8,685
Pacific
Premier
Bancorp,
Inc
199,494
1,592
Preferred
Bank
120,180
3,519
Provident
Financial
Services,
Inc
50,498
1,148
QCR
Holdings,
Inc
68,880
4,458
Renasant
Corp
136,147
5,226
Towne
Bank
142,513
3,279
UMB
Financial
Corp
273,534
6,612
United
Bankshares,
Inc
214,493
6,590
Veritex
Holdings,
Inc
138,983
4,204
WesBanco,
Inc
117,334
3,294
Westamerica
Bancorporation
159,858
1,304
WSFS
Financial
Corp
61,288
TOTAL
BANKS
5,664,532
CAPITAL
GOODS
-
11
.6
%
2,553
Albany
International
Corp
(Class
A)
215,601
3,020
(a)
American
Superconductor
Corp
70,638
7,944
(a)
API
Group
Corp
298,933
2,296
Apogee
Enterprises,
Inc
144,269
327
Applied
Industrial
Technologies,
Inc
63,438
3,228
Arcosa,
Inc
269,247
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CAPITAL
GOODS—continued
1,038
Atkore,
Inc
$
140,057
3,432
(a)
Beacon
Roofing
Supply,
Inc
310,596
5,332
(a)
Blue
Bird
Corp
287,128
1,820
Cadre
Holdings,
Inc
61,079
2,710
Columbus
McKinnon
Corp
93,603
1,161
Comfort
Systems
USA,
Inc
353,083
2,036
(a)
Construction
Partners,
Inc
112,408
1,159
CSW
Industrials,
Inc
307,494
6,680
(a)
DNOW,
Inc
91,716
5,331
Enerpac
Tool
Group
Corp
203,538
1,745
ESCO
Technologies,
Inc
183,295
3,797
Federal
Signal
Corp
317,695
6,405
(a),(b)
Fluence
Energy,
Inc
111,063
1,849
FTAI
Aviation
Ltd
190,872
2,810
(a)
Gibraltar
Industries,
Inc
192,626
557
(a)
GMS,
Inc
44,900
889
H&E
Equipment
Services,
Inc
39,267
11,920
(a)
Janus
International
Group,
Inc
150,550
3,720
(a)
Leonardo
DRS,
Inc
94,897
1,425
McGrath
RentCorp
151,834
972
Moog,
Inc
(Class
A)
162,616
13,933
Mueller
Water
Products,
Inc
(Class
A)
249,679
6,942
(a)
NEXTracker,
Inc
325,441
3,189
(a)
Parsons
Corp
260,892
1,570
Powell
Industries,
Inc
225,138
3,257
Primoris
Services
Corp
162,492
9,802
(a)
Resideo
Technologies,
Inc
191,727
2,828
(a)
SPX
Technologies,
Inc
401,972
2,209
(a)
Sterling
Construction
Co,
Inc
261,413
1,922
Tennant
Co
189,202
2,000
(a)
Titan
Machinery,
Inc
31,800
3,707
Trinity
Industries,
Inc
110,913
11,239
(a)
Triumph
Group,
Inc
173,193
604
UFP
Industries,
Inc
67,648
1,534
Watts
Water
Technologies,
Inc
(Class
A)
281,290
TOTAL
CAPITAL
GOODS
7,595,243
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
3
.7
%
4,438
ABM
Industries,
Inc
224,430
11,739
(a)
ACV
Auctions,
Inc
214,237
950
Barrett
Business
Services,
Inc
31,131
737
(a)
CBIZ,
Inc
54,612
1,690
(a)
CECO
Environmental
Corp
48,756
9,786
(a)
ExlService
Holdings,
Inc
306,889
1,064
(a)
Franklin
Covey
Co
40,432
10,643
(a)
Healthcare
Services
Group
112,603
2,217
Heidrick
&
Struggles
International,
Inc
70,013
2,056
(a)
Huron
Consulting
Group,
Inc
202,516
1,673
ICF
International,
Inc
248,374
3,315
MAXIMUS,
Inc
284,095
3,495
(a)
Montrose
Environmental
Group,
Inc
155,737
2,194
TriNet
Group,
Inc
219,400
15,109
(a)
Upwork,
Inc
162,422
2,168
(a)
Verra
Mobility
Corp
58,970
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
2,434,617
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
3
.0
%
4,312
(a)
Abercrombie
&
Fitch
Co
(Class
A)
766,846
6,835
American
Eagle
Outfitters,
Inc
136,427
2,868
Build-A-Bear
Workshop,
Inc
72,474
2,002
(a)
Carvana
Co
257,697
3,890
(a)
GigaCloud
Technology,
Inc
118,334
5,545
Upbound
Group,
Inc
170,232
5,907
(a)
Urban
Outfitters,
Inc
242,482
Small
Cap
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL—continued
12,920
(a)
Warby
Parker,
Inc
$
207,495
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,971,987
CONSUMER
DURABLES
&
APPAREL
-
1
.8
%
1,550
Acushnet
Holdings
Corp
98,394
2,110
Century
Communities,
Inc
172,303
1,166
Installed
Building
Products,
Inc
239,823
3,605
(a)
Lovesac
Co
81,401
6,039
(a)
Taylor
Morrison
Home
Corp
334,802
6,718
(a)
Tri
Pointe
Homes,
Inc
250,245
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,176,968
CONSUMER
SERVICES
-
4
.4
%
1,950
(a)
Adtalem
Global
Education,
Inc
133,010
229
(a)
Biglari
Holdings,
Inc
(B
Shares)
44,284
2,759
(a)
Brinker
International,
Inc
199,724
1,806
Carriage
Services,
Inc
48,473
11,294
(a)
Coursera,
Inc
80,865
6,360
(a)
Despegar.com
Corp
84,143
1,334
(a)
Duolingo,
Inc
278,366
11,880
(a)
Everi
Holdings,
Inc
99,792
6,557
(a)
Frontdoor,
Inc
221,561
8,345
International
Game
Technology
plc
170,739
8,686
(a)
Life
Time
Group
Holdings,
Inc
163,557
9,116
(a)
OneSpaWorld
Holdings
Ltd
140,113
12,322
(a)
Rush
Street
Interactive,
Inc
118,168
1,590
(a)
Shake
Shack,
Inc
143,100
1,875
Strategic
Education,
Inc
207,487
2,218
(a)
Stride,
Inc
156,369
13,607
(a)
Sweetgreen,
Inc
410,115
976
Texas
Roadhouse,
Inc
(Class
A)
167,589
TOTAL
CONSUMER
SERVICES
2,867,455
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0
.7
%
5,584
(a)
Chefs'
Warehouse,
Inc
218,390
2,680
(a)
Sprouts
Farmers
Market,
Inc
224,209
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
442,599
ENERGY
-
7
.3
%
8,709
Ardmore
Shipping
Corp
196,214
2,692
California
Resources
Corp
143,268
1,414
Chord
Energy
Corp
237,100
12,675
Crescent
Energy
Co
150,199
6,902
Delek
US
Holdings,
Inc
170,894
8,223
DHT
Holdings,
Inc
95,140
10,523
(a)
Diamond
Offshore
Drilling,
Inc
163,001
1,440
Excelerate
Energy,
Inc
26,554
7,342
(a)
Expro
Group
Holdings
NV
168,279
8,644
Golar
LNG
Ltd
270,989
13,429
(a)
Helix
Energy
Solutions
Group,
Inc
160,342
2,553
International
Seaways,
Inc
150,959
6,616
Liberty
Energy,
Inc
138,208
6,384
Magnolia
Oil
&
Gas
Corp
161,771
9,999
Murphy
Oil
Corp
412,359
6,845
(a)
Oceaneering
International,
Inc
161,953
8,812
(a)
Par
Pacific
Holdings,
Inc
222,503
17,374
(a)
ProPetro
Holding
Corp
150,633
1,580
(a)
Rex
American
Resources
Corp
72,032
3,812
Scorpio
Tankers,
Inc
309,877
4,436
(a)
Seadrill
Ltd
228,454
12,440
Select
Water
Solutions,
Inc
133,108
5,070
SM
Energy
Co
219,176
3,108
Teekay
Tankers
Ltd
213,861
5,129
Vitesse
Energy,
Inc
121,557
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
ENERGY—continued
2,221
(a)
Weatherford
International
plc
$
271,961
TOTAL
ENERGY
4,750,392
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
6
.5
%
5,027
American
Assets
Trust,
Inc
112,504
6,000
American
Healthcare
REIT,
Inc
87,660
16,259
Apple
Hospitality
REIT,
Inc
236,406
15,132
Broadstone
Net
Lease,
Inc
240,145
8,179
Corporate
Office
Properties
Trust
204,720
17,042
Empire
State
Realty
Trust,
Inc
159,854
5,920
(a)
Equity
Commonwealth
114,848
11,169
Essential
Properties
Realty
Trust,
Inc
309,493
21,515
Hudson
Pacific
Properties,
Inc
103,487
3,963
Independence
Realty
Trust,
Inc
74,267
5,294
InvenTrust
Properties
Corp
131,079
12,694
Kite
Realty
Group
Trust
284,092
2,590
National
Health
Investors,
Inc
175,421
18,134
Paramount
Group,
Inc
83,960
8,125
Phillips
Edison
&
Co,
Inc
265,769
17,970
Piedmont
Office
Realty
Trust,
Inc
130,282
17,033
RLJ
Lodging
Trust
164,028
3,325
(c)
Ryman
Hospitality
Properties,
Inc
332,034
18,548
Summit
Hotel
Properties,
Inc
111,103
19,480
Sunstone
Hotel
Investors,
Inc
203,761
10,152
Tanger
Factory
Outlet
Centers,
Inc
275,221
2,450
UMH
Properties,
Inc
39,176
5,570
Urban
Edge
Properties
102,878
9,828
Washington
REIT
156,560
9,443
Xenia
Hotels
&
Resorts,
Inc
135,318
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,234,066
FINANCIAL
SERVICES
-
5
.8
%
7,222
ARMOUR
Residential
REIT,
Inc
139,962
5,417
Artisan
Partners
Asset
Management,
Inc
223,560
39,681
BGC
Group,
Inc
329,352
3,664
Enact
Holdings,
Inc
112,338
848
(a)
Enova
International,
Inc
52,788
6,003
Essent
Group
Ltd
337,309
9,022
(a)
Flywire
Corp
147,871
9,740
(a)
Green
Dot
Corp
92,043
4,075
Jackson
Financial,
Inc
302,610
3,429
(a)
LendingTree,
Inc
142,612
1,280
Merchants
Bancorp
51,891
13,470
MFA
Financial,
Inc
143,321
4,020
(a)
NCR
Corp
ATM
108,620
8,106
(a)
NMI
Holdings,
Inc
275,928
4,580
P10,
Inc
38,838
15,350
(a)
Pagseguro
Digital
Ltd
179,442
35,139
(a)
Payoneer
Global,
Inc
194,670
590
Piper
Jaffray
Cos
135,800
8,755
Radian
Group,
Inc
272,281
14,418
(a)
Repay
Holdings
Corp
152,254
3,962
Victory
Capital
Holdings,
Inc
189,106
851
Virtus
Investment
Partners,
Inc
192,198
TOTAL
FINANCIAL
SERVICES
3,814,794
FOOD,
BEVERAGE
&
TOBACCO
-
1
.8
%
1,969
Cal-Maine
Foods,
Inc
120,326
260
Coca-Cola
Consolidated
Inc
282,100
570
J&J
Snack
Foods
Corp
92,551
1,355
Lancaster
Colony
Corp
256,054
11,186
Primo
Water
Corp
244,526
4,241
(a)
Vital
Farms,
Inc
198,351
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,193,908
Small
Cap
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
5
.8
%
860
(a)
Addus
HomeCare
Corp
$
99,854
7,623
(a)
Angiodynamics,
Inc
46,119
5,174
(a)
AtriCure,
Inc
117,812
5,570
(a)
BrightSpring
Health
Services,
Inc
63,275
26,467
(a)
Brookdale
Senior
Living,
Inc
180,770
2,086
Conmed
Corp
144,601
12,470
(a)
Figs,
Inc
66,465
8,499
(a)
Guardant
Health,
Inc
245,451
8,743
(a)
Health
Catalyst,
Inc
55,868
2,572
HealthStream,
Inc
71,759
22,604
(a)
Hims
&
Hers
Health,
Inc
456,375
4,925
(a)
Inari
Medical,
Inc
237,139
539
(a)
Integer
Holdings
Corp
62,411
3,850
(a)
Integra
LifeSciences
Holdings
Corp
112,189
4,462
(a)
Lantheus
Holdings,
Inc
358,254
4,205
(a)
LivaNova
plc
230,518
2,140
(a)
Merit
Medical
Systems,
Inc
183,933
1,760
(a)
PetIQ,
Inc
38,826
1,650
(a)
RadNet,
Inc
97,218
1,810
(a)
RxSight,
Inc
108,908
8,208
Select
Medical
Holdings
Corp
287,772
6,923
(a)
Silk
Road
Medical,
Inc
187,198
3,910
(a)
Surgery
Partners,
Inc
93,019
1,540
(a)
TransMedics
Group,
Inc
231,955
470
US
Physical
Therapy,
Inc
43,437
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
3,821,126
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1
.0
%
5,444
(a)
BellRing
Brands,
Inc
311,070
1,769
(a)
elf
Beauty,
Inc
372,764
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
683,834
INSURANCE
-
1
.3
%
6,065
(a)
BRP
Group,
Inc
215,126
2,661
Employers
Holdings,
Inc
113,438
2,826
F&G
Annuities
&
Life,
Inc
107,529
7,137
Fidelis
Insurance
Holdings
Ltd
116,405
2,420
(a)
Hamilton
Insurance
Group
Ltd
40,293
933
(a)
Palomar
Holdings,
Inc
75,713
2,321
Selective
Insurance
Group,
Inc
217,779
TOTAL
INSURANCE
886,283
MATERIALS
-
4
.9
%
5,742
(a)
Allegheny
Technologies,
Inc
318,394
6,727
(a)
Aspen
Aerogels,
Inc
160,439
3,364
Cabot
Corp
309,118
2,559
Carpenter
Technology
Corp
280,415
15,949
(a)
Coeur
Mining,
Inc
89,633
2,840
Commercial
Metals
Co
156,172
7,909
(a)
Constellium
SE
149,085
45,493
Hecla
Mining
Co
220,641
1,828
Innospec,
Inc
225,922
1,070
Kaiser
Aluminum
Corp
94,053
3,632
(a)
Knife
River
Corp
254,748
3,154
Minerals
Technologies,
Inc
262,287
1,985
Olympic
Steel,
Inc
88,988
2,550
Orion
S.A.
55,947
9,389
(a)
Rayonier
Advanced
Materials,
Inc
51,076
2,681
Sensient
Technologies
Corp
198,903
7,178
(a)
Summit
Materials,
Inc
262,787
TOTAL
MATERIALS
3,178,608
MEDIA
&
ENTERTAINMENT
-
1
.9
%
3,592
(a)
Atlanta
Braves
Holdings,
Inc
141,669
10,038
(a),(b)
Cardlytics,
Inc
82,412
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
MEDIA
&
ENTERTAINMENT—continued
4,820
(a)
Cars.com,
Inc
$
94,954
4,260
(a)
EverQuote,
Inc
88,864
9,852
(a)
Integral
Ad
Science
Holding
Corp
95,761
15,582
(a)
Lions
Gate
Entertainment
Corp
(Class
B)
133,538
4,027
(a)
Madison
Square
Garden
Entertainment
Corp
137,844
11,076
(a)
Magnite,
Inc
147,200
6,433
(a)
PubMatic,
Inc
130,654
5,245
(a)
Yelp,
Inc
193,803
TOTAL
MEDIA
&
ENTERTAINMENT
1,246,699
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
10
.4
%
36,542
(a)
ADMA
Biologics,
Inc
408,540
2,552
(a)
Alkermes
plc
61,503
15,606
(a)
Amicus
Therapeutics,
Inc
154,812
17,094
(a)
Amneal
Pharmaceuticals,
Inc
108,547
4,141
(a)
Amphastar
Pharmaceuticals,
Inc
165,640
2,587
(a)
ANI
Pharmaceuticals,
Inc
164,740
22,639
(a)
Annexon,
Inc
110,931
30,841
(a)
Ardelyx,
Inc
228,532
17,375
(a)
Aurinia
Pharmaceuticals,
Inc
99,211
7,888
(a)
Avidity
Biosciences,
Inc
322,225
29,089
(a)
BioCryst
Pharmaceuticals,
Inc
179,770
1,829
(a)
Blueprint
Medicines
Corp
197,130
10,812
(a)
Catalyst
Pharmaceuticals,
Inc
167,478
5,381
(a)
Celldex
Therapeutics,
Inc
199,151
13,903
(a)
Codexis,
Inc
43,099
9,014
(a)
Cogent
Biosciences,
Inc
75,988
35,120
(a)
Esperion
Thereapeutics,
Inc
77,966
9,537
(a)
Evolus,
Inc
103,476
7,033
(a)
Halozyme
Therapeutics,
Inc
368,248
14,040
(a)
Heron
Therapeutics,
Inc
49,140
14,920
(a),(b)
Humacyte,
Inc
71,616
8,180
(a)
Insmed,
Inc
548,060
6,380
(a)
Intellia
Therapeutics,
Inc
142,784
3,965
(a)
Intra-Cellular
Therapies,
Inc
271,563
2,925
(a)
Janux
Therapeutics,
Inc
122,528
6,904
(a)
Kiniksa
Pharmaceuticals
Ltd
128,898
24,278
(a)
MannKind
Corp
126,731
4,814
(a)
Mirum
Pharmaceuticals,
Inc
164,591
9,565
(a)
Myriad
Genetics,
Inc
233,960
10,714
(a)
Nurix
Therapeutics,
Inc
223,601
2,846
Phibro
Animal
Health
Corp
47,727
1,890
(a)
Praxis
Precision
Medicines,
Inc
78,170
3,480
(a)
Protagonist
Therapeutics,
Inc
120,582
4,460
(a)
PTC
Therapeutics,
Inc
136,387
6,504
(a)
Quanterix
Corp
85,918
1
(a)
Rigel
Pharmaceuticals,
Inc
7
3,793
(a)
SpringWorks
Therapeutics,
Inc
142,882
7,090
(a)
Syndax
Pharmaceuticals,
Inc
145,558
5,940
(a)
Terns
Pharmaceuticals,
Inc
40,451
12,469
(a)
TG
Therapeutics,
Inc
221,823
11,366
(a)
Travere
Therapeutics,
Inc
93,429
7,480
(a)
Vanda
Pharmaceuticals,
Inc
42,262
5,185
(a)
Veracyte,
Inc
112,359
2,356
(a)
Vericel
Corp
108,093
133
(a)
Vertex
Pharmaceuticals,
Inc
62,340
9,795
(a)
Verve
Therapeutics,
Inc
47,800
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
6,806,247
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
2
.9
%
3,733
(a)
Ambarella,
Inc
201,395
2,286
(a)
Axcelis
Technologies,
Inc
325,046
10,632
(a)
Credo
Technology
Group
Holding
Ltd
339,586
7,225
(a)
MaxLinear,
Inc
145,512
Small
Cap
Equity
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT—continued
2,795
(a)
PDF
Solutions,
Inc
$
101,682
5,935
(a)
Rambus,
Inc
348,741
3,198
(a)
Semtech
Corp
95,556
2,700
(a)
Ultra
Clean
Holdings
132,300
4,217
(a)
Veeco
Instruments,
Inc
196,976
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
1,886,794
SOFTWARE
&
SERVICES
-
6
.5
%
1,347
(a)
Agilysys,
Inc
140,277
5,719
(a)
Alkami
Technology,
Inc
162,877
1,185
(a)
Appfolio,
Inc
289,815
4,990
(a)
AvePoint,
Inc
51,996
944
(a)
Blackbaud,
Inc
71,904
14,897
(a)
Cipher
Mining,
Inc
61,823
8,354
Clear
Secure,
Inc
156,303
6,070
(a)
Clearwater
Analytics
Holdings,
Inc
112,416
3,254
(a)
Commvault
Systems,
Inc
395,589
1,020
(a)
Dave,
Inc
30,906
5,727
(a)
Fastly,
Inc
42,208
12,640
(a)
Freshworks,
Inc
160,402
3,539
(a)
Intapp,
Inc
129,775
6,183
(a)
LiveRamp
Holdings,
Inc
191,302
17,495
(a)
Olo,
Inc
77,328
6,410
(a)
Pagaya
Technologies
Ltd
81,792
7,730
(a)
PagerDuty,
Inc
177,249
4,056
(a)
PROS
Holdings,
Inc
116,204
2,493
(a)
Q2
Holdings,
Inc
150,403
3,840
SolarWinds
Corp
46,272
1,265
(a)
Sprout
Social,
Inc
45,135
1,801
(a)
SPS
Commerce,
Inc
338,876
5,531
(a)
Squarespace,
Inc
241,318
7,267
(a)
Tenable
Holdings,
Inc
316,696
2,957
(a)
Varonis
Systems,
Inc
141,847
5,085
(a)
Verint
Systems,
Inc
163,737
673
(a)
Workiva,
Inc
49,122
11,007
(a)
Zeta
Global
Holdings
Corp
194,274
10,350
(a)
Zuora,
Inc
102,775
TOTAL
SOFTWARE
&
SERVICES
4,240,621
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2
.8
%
1,380
(a)
Diebold
Nixdorf,
Inc
53,102
1,703
(a)
Fabrinet
416,877
15,726
(a),(b)
Infinera
Corp
95,771
4,470
(a)
Knowles
Corp
77,152
986
(a)
OSI
Systems,
Inc
135,595
750
(a)
Plexus
Corp
77,385
7,489
(a)
Sanmina
Corp
496,146
374
(a)
Super
Micro
Computer,
Inc
306,437
831
(a)
Vishay
Precision
Group,
Inc
25,296
10,388
Xerox
Holdings
Corp
120,709
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,804,470
TELECOMMUNICATION
SERVICES
-
0
.7
%
6,188
(a)
Bandwidth,
Inc
104,453
4,063
Iridium
Communications,
Inc
108,157
11,789
Telephone
and
Data
Systems,
Inc
244,386
TOTAL
TELECOMMUNICATION
SERVICES
456,996
TRANSPORTATION
-
1
.5
%
1,957
ArcBest
Corp
209,555
9,126
Costamare,
Inc
149,940
5,418
Hub
Group,
Inc
(Class
A)
233,245
4,952
(a)
Skywest,
Inc
406,411
TOTAL
TRANSPORTATION
999,151
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
UTILITIES
-
2
.3
%
3,945
Allete,
Inc
$
245,971
4,817
Black
Hills
Corp
261,949
8,667
Brookfield
Infrastructure
Corp
291,731
3,964
ONE
Gas,
Inc
253,101
1,190
Otter
Tail
Corp
104,232
1,862
SJW
Corp
100,958
2,300
Southwest
Gas
Holdings
Inc
161,874
1,556
Unitil
Corp
80,585
TOTAL
UTILITIES
1,500,401
TOTAL
COMMON
STOCKS
64,490,347
(Cost
$52,630,974)
TOTAL
LONG-TERM
INVESTMENTS
64,490,347
(Cost
$52,630,974)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
1.5%
GOVERNMENT
AGENCY
DEBT
-
1
.5
%
$
980,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
%
07/01/24
979,572
TOTAL
GOVERNMENT
AGENCY
DEBT
979,572
TOTAL
SHORT-TERM
INVESTMENTS
979,572
(Cost
$980,000)
SHARES
EXP
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.2%
179,800
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5
.330
(e)
179,800
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
179,800
(Cost
$179,800)
TOTAL
INVESTMENTS
-
100.3%
65,649,719
(Cost
$53,790,774)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.3)%
(
227,028
)
NET
ASSETS
-
100.0%
$
65,422,691
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
$368,686.
(c)
All
or
a
portion
of
these
securities
have
been
segregated
to
cover
margin
requirements
on
open
futures
contracts.
(d)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
Russell
2000
E-Mini
Index
9
09/20/24
$
913,325
$
929,250
$
15,925
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
LONG-TERM
INVESTMENTS
-
99.4%
COMMON
STOCKS
-
99.4%
AUTOMOBILES
&
COMPONENTS
-
1
.4
%
1,634
(a)
Adient
plc
$
40,376
1,752
(a)
American
Axle
&
Manufacturing
Holdings,
Inc
12,247
4,464
(a)
Aptiv
plc
314,355
1,242
(a)
Atmus
Filtration
Technologies,
Inc
35,745
4,087
BorgWarner,
Inc
131,765
271
(a)
Cooper-Standard
Holdings,
Inc
3,371
1,652
Dana
Inc
20,022
476
(a)
Dorman
Products,
Inc
43,545
61,936
Ford
Motor
Co
776,677
713
(a)
Fox
Factory
Holding
Corp
34,360
17,997
General
Motors
Co
836,141
3,486
Gentex
Corp
117,513
573
(a)
Gentherm,
Inc
28,260
4,151
(a)
Goodyear
Tire
&
Rubber
Co
47,114
2,011
Harley-Davidson,
Inc
67,449
377
LCI
Industries
38,974
864
Lear
Corp
98,677
11,997
(a),(b)
Lucid
Group,
Inc
31,312
3,923
(a),(b)
Luminar
Technologies,
Inc
5,845
772
(a)
Modine
Manufacturing
Co
77,347
381
Patrick
Industries,
Inc
41,358
817
Phinia,
Inc
32,157
4,728
(a)
QuantumScape
Corp
23,262
12,953
(a),(b)
Rivian
Automotive,
Inc
173,829
2,129
(a),(b)
Solid
Power,
Inc
3,513
330
Standard
Motor
Products,
Inc
9,151
449
(a)
Stoneridge,
Inc
7,166
44,067
(a)
Tesla,
Inc
8,719,978
900
Thor
Industries,
Inc
84,105
496
(a)
Visteon
Corp
52,923
486
Winnebago
Industries,
Inc
26,341
343
(a)
XPEL,
Inc
12,197
TOTAL
AUTOMOBILES
&
COMPONENTS
11,947,075
BANKS
-
3
.5
%
254
1st
Source
Corp
13,619
95
ACNB
Corp
3,446
197
Amalgamated
Financial
Corp
5,398
442
Amerant
Bancorp,
Inc
10,033
1,222
Ameris
Bancorp
61,528
204
Arrow
Financial
Corp
5,314
1,508
Associated
Banc-Corp
31,894
1,450
Atlantic
Union
Bankshares
Corp
47,632
945
(a)
Axos
Financial,
Inc
54,007
1,824
Banc
of
California,
Inc
23,311
446
Bancfirst
Corp
39,114
814
(a)
Bancorp,
Inc
30,737
117
Bank
First
Corp
9,663
107,815
Bank
of
America
Corp
4,287,803
861
(b)
Bank
of
Hawaii
Corp
49,258
174
Bank
of
Marin
Bancorp
2,817
415
Bank
of
NT
Butterfield
&
Son
Ltd
14,575
1,880
Bank
OZK
77,080
802
BankUnited,
Inc
23,475
511
Banner
Corp
25,366
219
Bar
Harbor
Bankshares
5,887
148
BayCom
Corp
3,012
174
BCB
Bancorp,
Inc
1,850
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
BANKS—continued
641
Berkshire
Hills
Bancorp,
Inc
$
14,615
298
(a)
Blue
Foundry
Bancorp
2,703
427
BOK
Financial
Corp
39,130
385
(a)
Bridgewater
Bancshares,
Inc
4,470
1,258
Brookline
Bancorp,
Inc
10,504
197
Burke
&
Herbert
Financial
Services
Corp
10,043
324
Business
First
Bancshares,
Inc
7,050
231
Byline
Bancorp,
Inc
5,484
3,491
Cadence
Bank
98,725
59
Cambridge
Bancorp
4,071
238
Camden
National
Corp
7,854
693
Capital
Bancorp,
Inc
14,206
156
Capital
City
Bank
Group,
Inc
4,437
2,332
Capitol
Federal
Financial,
Inc
12,803
641
(a)
Carter
Bankshares,
Inc
9,692
1,220
Cathay
General
Bancorp
46,018
470
Central
Pacific
Financial
Corp
9,964
30,496
Citigroup,
Inc
1,935,276
167
Citizens
&
Northern
Corp
2,988
7,652
Citizens
Financial
Group,
Inc
275,702
64
Citizens
Financial
Services,
Inc
2,860
236
City
Holding
Co
25,075
157
Civista
Bancshares,
Inc
2,432
226
CNB
Financial
Corp
4,613
415
(a)
Coastal
Financial
Corp
19,148
163
Colony
Bankcorp,
Inc
1,997
3,230
Columbia
Banking
System,
Inc
64,245
599
(a)
Columbia
Financial,
Inc
8,967
2,351
Comerica,
Inc
119,995
2,055
Commerce
Bancshares,
Inc
114,628
1,009
Community
Bank
System,
Inc
47,635
238
Community
Trust
Bancorp,
Inc
10,391
422
ConnectOne
Bancorp,
Inc
7,972
858
(a)
CrossFirst
Bankshares,
Inc
12,029
1,101
Cullen/Frost
Bankers,
Inc
111,895
438
(a)
Customers
Bancorp,
Inc
21,015
2,357
CVB
Financial
Corp
40,635
611
Dime
Community
Bancshares,
Inc
12,464
638
Eagle
Bancorp,
Inc
12,058
2,453
East
West
Bancorp,
Inc
179,633
2,652
Eastern
Bankshares,
Inc
37,075
147
Enterprise
Bancorp,
Inc
3,657
424
Enterprise
Financial
Services
Corp
17,346
161
Equity
Bancshares,
Inc
5,667
105
Esquire
Financial
Holdings,
Inc
4,998
227
ESSA
Bancorp,
Inc
3,993
193
Farmers
&
Merchants
Bancorp,
Inc
4,481
378
Farmers
National
Banc
Corp
4,721
560
FB
Financial
Corp
21,857
11,034
Fifth
Third
Bancorp
402,631
202
Financial
Institutions,
Inc
3,903
440
First
Bancorp
14,045
3,399
First
BanCorp
62,168
162
First
Bancorp,
Inc
4,026
201
First
Bancshares,
Inc
5,222
354
First
Bank
4,510
586
First
Busey
Corp
14,187
87
First
Business
Financial
Services,
Inc
3,218
188
First
Citizens
Bancshares,
Inc
(Class
A)
316,519
1,371
First
Commonwealth
Financial
Corp
18,933
242
First
Community
Bancshares,
Inc
8,915
1,705
First
Financial
Bancorp
37,885
2,288
First
Financial
Bankshares,
Inc
67,565
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
BANKS—continued
445
First
Foundation,
Inc
$
2,915
2,293
First
Hawaiian,
Inc
47,603
8,270
First
Horizon
National
Corp
130,418
1,459
First
Interstate
BancSystem,
Inc
40,516
960
First
Merchants
Corp
31,958
93
First
Mid
Bancshares,
Inc
3,058
321
First
of
Long
Island
Corp
3,216
170
(a)
First
Western
Financial,
Inc
2,890
177
Five
Star
Bancorp
4,186
358
Flushing
Financial
Corp
4,708
5,298
FNB
Corp
72,477
2,673
Fulton
Financial
Corp
45,388
158
(a)
FVCBankcorp,
Inc
1,725
325
German
American
Bancorp,
Inc
11,489
1,648
Glacier
Bancorp,
Inc
61,503
26
Great
Southern
Bancorp,
Inc
1,446
132
Greene
County
Bancorp,
Inc
4,450
28
Guaranty
Bancshares,
Inc
883
1,685
Hancock
Whitney
Corp
80,594
484
Hanmi
Financial
Corp
8,092
1,147
HarborOne
Bancorp,
Inc
12,766
429
Heartland
Financial
USA,
Inc
19,069
1,217
Heritage
Commerce
Corp
10,588
460
Heritage
Financial
Corp
8,294
1,168
Hilltop
Holdings,
Inc
36,535
22
Hingham
Institution
For
Savings
The
3,935
89
Home
Bancorp,
Inc
3,561
2,960
Home
Bancshares,
Inc
70,922
314
HomeStreet,
Inc
3,580
265
HomeTrust
Bancshares,
Inc
7,958
1,956
Hope
Bancorp,
Inc
21,007
501
Horizon
Bancorp,
Inc
6,197
23,480
Huntington
Bancshares,
Inc
309,466
308
Independent
Bank
Corp
8,316
726
Independent
Bank
Corp
36,823
488
Independent
Bank
Group,
Inc
22,214
843
International
Bancshares
Corp
48,228
164
John
Marshall
Bancorp,
Inc
2,860
45,501
JPMorgan
Chase
&
Co
9,203,032
2,079
Kearny
Financial
Corp
12,786
16,007
Keycorp
227,459
525
Lakeland
Financial
Corp
32,298
485
Live
Oak
Bancshares,
Inc
17,004
2,752
M&T
Bank
Corp
416,543
400
Macatawa
Bank
Corp
5,840
226
Mercantile
Bank
Corp
9,169
224
Metrocity
Bankshares,
Inc
5,914
101
(a)
Metropolitan
Bank
Holding
Corp
4,251
129
Mid
Penn
Bancorp,
Inc
2,832
324
Midland
States
Bancorp,
Inc
7,339
169
MidWestOne
Financial
Group,
Inc
3,801
142
MVB
Financial
Corp
2,647
535
National
Bank
Holdings
Corp
20,892
243
National
Bankshares,
Inc
6,872
669
NBT
Bancorp,
Inc
25,823
11,778
(b)
New
York
Community
Bancorp,
Inc
37,925
140
Nicolet
Bankshares,
Inc
11,626
90
Northeast
Bank
5,477
643
Northfield
Bancorp,
Inc
6,096
1,369
Northwest
Bancshares,
Inc
15,812
50,264
(a)
NU
Holdings
Ltd
647,903
714
OceanFirst
Financial
Corp
11,345
596
OFG
Bancorp
22,320
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
BANKS—continued
3,793
Old
National
Bancorp
$
65,202
432
Old
Second
Bancorp,
Inc
6,398
249
Origin
Bancorp,
Inc
7,898
111
Orrstown
Financial
Services,
Inc
3,037
1,405
Pacific
Premier
Bancorp,
Inc
32,273
205
Park
National
Corp
29,180
126
Parke
Bancorp,
Inc
2,192
513
Pathward
Financial,
Inc
29,020
144
PCB
Bancorp
2,344
259
Peapack
Gladstone
Financial
Corp
5,866
532
Peoples
Bancorp,
Inc
15,960
101
Peoples
Financial
Services
Corp
4,600
1,330
Pinnacle
Financial
Partners,
Inc
106,453
226
(a)
Pioneer
Bancorp,
Inc
2,262
6,354
PNC
Financial
Services
Group,
Inc
987,920
420
(a)
Ponce
Financial
Group,
Inc
3,839
1,252
Popular,
Inc
110,714
188
Preferred
Bank
14,192
586
Premier
Financial
Corp
11,990
169
Primis
Financial
Corp
1,771
1,690
Prosperity
Bancshares,
Inc
103,327
1,724
Provident
Financial
Services,
Inc
24,739
190
QCR
Holdings,
Inc
11,400
104
RBB
Bancorp
1,956
91
Red
River
Bancshares,
Inc
4,367
15,074
Regions
Financial
Corp
302,083
769
Renasant
Corp
23,485
146
Republic
Bancorp,
Inc
(Class
A)
7,827
540
S&T
Bancorp,
Inc
18,031
495
Sandy
Spring
Bancorp,
Inc
12,058
977
Seacoast
Banking
Corp
of
Florida
23,096
726
ServisFirst
Bancshares,
Inc
45,876
130
Shore
Bancshares,
Inc
1,488
192
Sierra
Bancorp
4,297
1,550
Simmons
First
National
Corp
(Class
A)
27,249
116
SmartFinancial,
Inc
2,746
138
South
Plains
Financial,
Inc
3,726
101
(a)
Southern
First
Bancshares,
Inc
2,953
86
Southern
Missouri
Bancorp,
Inc
3,871
432
Southside
Bancshares,
Inc
11,927
1,456
SouthState
Corp
111,267
522
Stellar
Bancorp,
Inc
11,985
346
(a)
Sterling
Bancorp,
Inc
1,810
421
Stock
Yards
Bancorp,
Inc
20,911
2,625
Synovus
Financial
Corp
105,499
932
(a)
Texas
Capital
Bancshares,
Inc
56,982
192
(a)
Third
Coast
Bancshares,
Inc
4,084
229
Tompkins
Trustco,
Inc
11,198
996
Towne
Bank
27,161
618
Trico
Bancshares
24,454
513
(a)
Triumph
Financial,
Inc
41,938
21,280
Truist
Financial
Corp
826,728
277
TrustCo
Bank
Corp
NY
7,969
1,035
Trustmark
Corp
31,091
685
UMB
Financial
Corp
57,143
1,802
United
Bankshares,
Inc
58,457
1,315
United
Community
Banks,
Inc
33,480
364
Univest
Financial
Corp
8,310
25,013
US
Bancorp
993,016
328
USCB
Financial
Holdings,
Inc
4,208
6,140
Valley
National
Bancorp
42,857
1,054
Veritex
Holdings,
Inc
22,229
741
Washington
Federal,
Inc
21,178
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
BANKS—continued
232
Washington
Trust
Bancorp,
Inc
$
6,359
2,747
Webster
Financial
Corp
119,742
55,677
Wells
Fargo
&
Co
3,306,657
875
WesBanco,
Inc
24,421
239
West
Bancorporation,
Inc
4,278
533
Westamerica
Bancorporation
25,866
1,585
Western
Alliance
Bancorp
99,570
886
Wintrust
Financial
Corp
87,324
1,054
WSFS
Financial
Corp
49,538
2,395
Zions
Bancorporation
103,871
TOTAL
BANKS
29,615,797
CAPITAL
GOODS
-
6
.2
%
2,107
(a)
3D
Systems
Corp
6,468
8,882
3M
Co
907,652
1,763
A.O.
Smith
Corp
144,178
1,086
Aaon,
Inc
94,743
511
(a)
AAR
Corp
37,150
470
Acuity
Brands,
Inc
113,477
1,058
Advanced
Drainage
Systems,
Inc
169,693
2,147
Aecom
Technology
Corp
189,237
407
(a)
Aerovironment,
Inc
74,139
149
(a)
AerSale
Corp
1,031
840
AGCO
Corp
82,219
1,501
Air
Lease
Corp
71,343
148
Alamo
Group,
Inc
25,604
620
Albany
International
Corp
(Class
A)
52,359
1,346
Allegion
plc
159,030
197
Allied
Motion
Technologies,
Inc
4,978
1,313
Allison
Transmission
Holdings,
Inc
99,657
330
Alta
Equipment
Group,
Inc
2,653
512
(a)
Ameresco,
Inc
14,751
520
(a)
American
Superconductor
Corp
12,163
254
(a)
American
Woodmark
Corp
19,964
3,695
Ametek,
Inc
615,993
3,356
(a)
API
Group
Corp
126,286
438
Apogee
Enterprises,
Inc
27,522
567
Applied
Industrial
Technologies,
Inc
109,998
2,056
(a),(b)
Archer
Aviation,
Inc
7,237
909
Arcosa,
Inc
75,820
244
Argan,
Inc
17,851
564
Armstrong
World
Industries,
Inc
63,867
2,492
(a)
Array
Technologies,
Inc
25,568
334
Astec
Industries,
Inc
9,906
340
(a)
Astronics
Corp
6,810
587
Atkore,
Inc
79,204
1,101
(a)
Axon
Enterprise,
Inc
323,958
2,171
(a)
AZEK
Co,
Inc
91,464
406
AZZ,
Inc
31,363
782
Barnes
Group,
Inc
32,383
1,000
(a)
Beacon
Roofing
Supply,
Inc
90,500
632
(a)
Blink
Charging
Co
1,732
2,944
(a),(b)
Bloom
Energy
Corp
36,035
494
(a)
Blue
Bird
Corp
26,602
166
(a)
BlueLinx
Holdings,
Inc
15,453
9,191
(a)
Boeing
Co
1,672,854
597
Boise
Cascade
Co
71,174
145
(a)
Bowman
Consulting
Group
Ltd
4,610
287
Brookfield
Business
Corp
5,861
1,929
(a)
Builders
FirstSource,
Inc
266,993
1,363
BWX
Technologies,
Inc
129,485
228
Cadre
Holdings,
Inc
7,652
787
Carlisle
Cos,
Inc
318,900
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CAPITAL
GOODS—continued
13,497
Carrier
Global
Corp
$
851,391
7,760
Caterpillar,
Inc
2,584,856
8,360
(a),(b)
ChargePoint
Holdings,
Inc
12,624
669
(a)
Chart
Industries,
Inc
96,563
14,332
CNH
Industrial
NV
145,183
413
Columbus
McKinnon
Corp
14,265
575
Comfort
Systems
USA,
Inc
174,869
597
(a)
Commercial
Vehicle
Group,
Inc
2,925
708
(a)
Concrete
Pumping
Holdings,
Inc
4,255
531
(a)
Construction
Partners,
Inc
29,317
2,541
(a)
Core
&
Main,
Inc
124,357
775
Crane
Co
112,359
225
CSW
Industrials,
Inc
59,695
2,179
Cummins,
Inc
603,430
616
Curtiss-Wright
Corp
166,924
688
(a)
Custom
Truck
One
Source,
Inc
2,993
4,045
Deere
&
Co
1,511,333
1,637
(a)
DNOW,
Inc
22,476
1,811
Donaldson
Co,
Inc
129,595
347
Douglas
Dynamics,
Inc
8,120
2,162
Dover
Corp
390,133
160
(a)
Ducommun,
Inc
9,290
240
(a)
DXP
Enterprises,
Inc
11,002
486
(a)
Dycom
Industries,
Inc
82,017
6,375
Eaton
Corp
plc
1,998,881
778
EMCOR
Group,
Inc
284,032
9,077
Emerson
Electric
Co
999,922
234
Encore
Wire
Corp
67,820
738
(a)
Energy
Recovery,
Inc
9,808
1,905
(a)
Energy
Vault
Holdings,
Inc
1,809
917
Enerpac
Tool
Group
Corp
35,011
681
EnerSys
70,497
2,221
(a),(b)
Enovix
Corp
34,337
330
EnPro
Industries,
Inc
48,038
752
Esab
Corp
71,011
502
ESCO
Technologies,
Inc
52,730
9,289
Fastenal
Co
583,721
1,130
Federal
Signal
Corp
94,547
3,268
Ferguson
plc
632,848
2,325
Flowserve
Corp
111,832
503
(a),(b)
Fluence
Energy,
Inc
8,722
2,585
(a)
Fluor
Corp
112,577
5,482
Fortive
Corp
406,216
2,085
Fortune
Brands
Innovations,
Inc
135,400
719
Franklin
Electric
Co,
Inc
69,254
1,534
FTAI
Aviation
Ltd
158,355
14,364
(a),(b)
FuelCell
Energy,
Inc
9,176
2,911
(a)
Gates
Industrial
Corp
plc
46,023
491
GATX
Corp
64,989
4,307
(a)
GE
Vernova,
Inc
738,694
915
(a)
Generac
Holdings,
Inc
120,981
4,239
General
Dynamics
Corp
1,229,903
17,347
General
Electric
Co
2,757,653
567
(a)
Gibraltar
Industries,
Inc
38,868
187
Global
Industrial
Co
5,864
829
(a)
GMS,
Inc
66,826
368
Gorman-Rupp
Co
13,509
2,632
Graco,
Inc
208,665
2,996
GrafTech
International
Ltd
2,906
696
Granite
Construction,
Inc
43,131
890
(a)
Great
Lakes
Dredge
&
Dock
Corp
7,814
648
Greenbrier
Cos,
Inc
32,108
552
Griffon
Corp
35,251
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CAPITAL
GOODS—continued
627
H&E
Equipment
Services,
Inc
$
27,695
2,020
(a)
Hayward
Holdings,
Inc
24,846
760
HEICO
Corp
169,944
1,362
HEICO
Corp
(Class
A)
241,782
629
Helios
Technologies,
Inc
30,035
413
Herc
Holdings,
Inc
55,049
1,552
Hexcel
Corp
96,922
1,406
Hillenbrand,
Inc
56,268
1,910
(a)
Hillman
Solutions
Corp
16,904
10,294
Honeywell
International,
Inc
2,198,181
6,274
Howmet
Aerospace,
Inc
487,051
891
Hubbell,
Inc
325,643
699
(a)
Hudson
Technologies,
Inc
6,144
625
Huntington
Ingalls
Industries,
Inc
153,956
1,987
(a),(b)
Hyliion
Holdings
Corp
3,219
158
Hyster-Yale
Materials
Handling,
Inc
11,017
1,168
IDEX
Corp
235,002
137
(a)
IES
Holdings,
Inc
19,088
4,688
Illinois
Tool
Works,
Inc
1,110,868
6,510
Ingersoll
Rand,
Inc
591,368
289
Insteel
Industries,
Inc
8,947
1,417
ITT,
Inc
183,048
2,008
(a)
Janus
International
Group,
Inc
25,361
1,178
(a)
JELD-WEN
Holding,
Inc
15,868
486
John
Bean
Technologies
Corp
46,155
10,823
Johnson
Controls
International
plc
719,405
166
Kadant,
Inc
48,767
172
Karat
Packaging,
Inc
5,088
1,307
Kennametal,
Inc
30,767
1,903
(a)
Kratos
Defense
&
Security
Solutions,
Inc
38,079
3,080
L3Harris
Technologies,
Inc
691,706
192
(a)
Lawson
Products,
Inc
5,760
513
Lennox
International,
Inc
274,445
1,065
(a)
Leonardo
DRS,
Inc
27,168
153
(a)
Limbach
Holdings,
Inc
8,710
954
Lincoln
Electric
Holdings,
Inc
179,963
165
Lindsay
Corp
20,275
3,381
Lockheed
Martin
Corp
1,579,265
385
LSI
Industries,
Inc
5,571
478
Luxfer
Holdings
plc
5,540
539
(a)
Manitowoc
Co,
Inc
6,215
3,600
Masco
Corp
240,012
1,042
(a)
Mastec,
Inc
111,484
2,359
(a)
Masterbrand,
Inc
34,630
379
McGrath
RentCorp
40,382
2,999
MDU
Resources
Group,
Inc
75,275
952
(a)
Mercury
Computer
Systems,
Inc
25,694
820
(a)
Middleby
Corp
100,540
168
Miller
Industries,
Inc
9,243
500
Moog,
Inc
(Class
A)
83,650
1,441
(a)
MRC
Global,
Inc
18,603
524
MSC
Industrial
Direct
Co
(Class
A)
41,558
1,766
Mueller
Industries,
Inc
100,556
2,381
Mueller
Water
Products,
Inc
(Class
A)
42,668
301
(a)
MYR
Group,
Inc
40,849
76
National
Presto
Industries,
Inc
5,710
2,069
(a)
NEXTracker,
Inc
96,995
309
(a)
Nikola
Corp
2,530
935
Nordson
Corp
216,864
2,228
Northrop
Grumman
Corp
971,297
149
(a)
Northwest
Pipe
Co
5,062
1,440
(a),(b)
NuScale
Power
Corp
16,834
2,708
nVent
Electric
plc
207,460
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CAPITAL
GOODS—continued
44
Omega
Flex,
Inc
$
2,256
1,192
Oshkosh
Corp
128,974
6,363
Otis
Worldwide
Corp
612,502
1,367
Owens
Corning,
Inc
237,475
8,188
PACCAR,
Inc
842,873
291
Park
Aerospace
Corp
3,981
2,036
Parker-Hannifin
Corp
1,029,829
633
(a)
Parsons
Corp
51,786
2,727
Pentair
plc
209,079
9,728
(a),(b)
Plug
Power,
Inc
22,666
141
Powell
Industries,
Inc
20,219
51
Preformed
Line
Products
Co
6,352
729
Primoris
Services
Corp
36,370
509
(a)
Proto
Labs,
Inc
15,723
492
Quanex
Building
Products
Corp
13,604
2,341
Quanta
Services,
Inc
594,825
477
(a)
RBC
Bearings,
Inc
128,685
1,033
Regal-Beloit
Corp
139,682
2,451
(a)
Resideo
Technologies,
Inc
47,942
562
REV
Group,
Inc
13,988
4,108
(a),(b)
Rocket
Lab
USA,
Inc
19,718
1,832
Rockwell
Automation,
Inc
504,313
21,149
RTX
Corp
2,123,148
216
Rush
Enterprises,
Inc
8,476
1,036
Rush
Enterprises,
Inc
(Class
A)
43,377
2,324
Sensata
Technologies
Holding
plc
86,894
2,046
(a),(b)
SES
AI
Corp
2,558
2,761
(a)
Shoals
Technologies
Group,
Inc
17,229
514
Shyft
Group,
Inc
6,096
695
Simpson
Manufacturing
Co,
Inc
117,128
727
(a)
SiteOne
Landscape
Supply,
Inc
88,265
878
Snap-On,
Inc
229,500
1,891
(a)
Spirit
Aerosystems
Holdings,
Inc
(Class
A)
62,157
647
(a)
SPX
Technologies,
Inc
91,965
195
Standex
International
Corp
31,424
2,609
Stanley
Black
&
Decker,
Inc
208,433
2,463
(a)
Stem,
Inc
2,734
394
(a)
Sterling
Construction
Co,
Inc
46,626
3,438
(a)
Sunrun,
Inc
40,775
328
Tecnoglass,
Inc
16,459
268
Tennant
Co
26,382
939
Terex
Corp
51,495
3,087
Textron,
Inc
265,050
509
(a)
Thermon
Group
Holdings,
Inc
15,657
1,188
Timken
Co
95,194
638
(a)
Titan
International,
Inc
4,728
282
(a)
Titan
Machinery,
Inc
4,484
1,552
Toro
Co
145,128
3,609
Trane
Technologies
plc
1,187,108
121
(a)
Transcat,
Inc
14,481
849
TransDigm
Group,
Inc
1,084,691
1,924
(a)
Trex
Co,
Inc
142,607
1,374
Trinity
Industries,
Inc
41,110
1,063
(a)
Triumph
Group,
Inc
16,381
1,186
(a)
Tutor
Perini
Corp
25,831
901
UFP
Industries,
Inc
100,912
1,059
United
Rentals,
Inc
684,887
156
(a)
V2X,
Inc
7,482
345
Valmont
Industries,
Inc
94,685
5,651
Vertiv
Holdings
Co
489,207
339
(a)
Vicor
Corp
11,241
424
(a)
Virgin
Galactic
Holdings,
Inc
3,574
698
W.W.
Grainger,
Inc
629,764
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CAPITAL
GOODS—continued
918
Wabash
National
Corp
$
20,049
535
Watsco,
Inc
247,833
406
Watts
Water
Technologies,
Inc
(Class
A)
74,448
763
WESCO
International,
Inc
120,951
2,743
Westinghouse
Air
Brake
Technologies
Corp
433,531
3,090
(a)
WillScot
Mobile
Mini
Holdings
Corp
116,308
893
Woodward
Inc
155,721
576
(a),(b)
Xometry,
Inc
6,659
3,674
Xylem,
Inc
498,305
2,011
Zurn
Elkay
Water
Solutions
Corp
59,123
TOTAL
CAPITAL
GOODS
52,191,345
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1
.6
%
1,238
ABM
Industries,
Inc
62,606
1,696
ACCO
Brands
Corp
7,971
1,880
(a)
ACV
Auctions,
Inc
34,310
7,145
(a)
Alight,
Inc
52,730
271
Aris
Water
Solution,
Inc
4,247
777
(a)
ASGN,
Inc
68,508
13,223
(a),(b)
Aurora
Innovation,
Inc
36,628
6,545
Automatic
Data
Processing,
Inc
1,562,226
440
Barrett
Business
Services,
Inc
14,419
2,100
(a),(b)
BlackSky
Technology,
Inc
2,247
2,093
Booz
Allen
Hamilton
Holding
Corp
322,113
329
(a)
BrightView
Holdings,
Inc
4,376
834
Brink's
Co
85,402
1,860
Broadridge
Financial
Solutions,
Inc
366,420
343
(a)
CACI
International,
Inc
(Class
A)
147,535
801
(a)
Casella
Waste
Systems,
Inc
(Class
A)
79,475
778
(a)
CBIZ,
Inc
57,650
375
(a)
CECO
Environmental
Corp
10,819
270
(a)
Cimpress
plc
23,655
1,381
Cintas
Corp
967,059
7,903
(a)
Clarivate
plc
44,968
819
(a)
Clean
Harbors,
Inc
185,217
177
Compx
International,
Inc
4,367
696
Concentrix
Corp
44,043
3,045
(a)
Conduent,
Inc
9,927
13,618
(a)
Copart,
Inc
737,551
2,056
(a)
CoreCivic,
Inc
26,687
6,475
(a)
CoStar
Group,
Inc
480,056
128
CRA
International,
Inc
22,044
520
CSG
Systems
International,
Inc
21,408
754
Deluxe
Corp
16,935
633
(a)
Driven
Brands
Holdings,
Inc
8,058
3,839
Dun
&
Bradstreet
Holdings,
Inc
35,549
394
Ennis,
Inc
8,625
1,977
Equifax,
Inc
479,343
2,555
(a)
ExlService
Holdings,
Inc
80,125
944
Exponent,
Inc
89,793
598
First
Advantage
Corp
9,610
178
(a)
Forrester
Research,
Inc
3,040
148
(a)
Franklin
Covey
Co
5,624
524
(a)
FTI
Consulting,
Inc
112,938
2,727
Genpact
Ltd
87,782
2,553
(a)
GEO
Group,
Inc
36,661
1,393
(a)
Harsco
Corp
12,022
1,153
(a)
Healthcare
Services
Group
12,199
286
Heidrick
&
Struggles
International,
Inc
9,032
1,168
Herman
Miller,
Inc
30,940
757
HNI
Corp
34,080
334
(a)
Huron
Consulting
Group,
Inc
32,899
282
ICF
International,
Inc
41,866
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES—continued
404
(a),(b)
Innodata,
Inc
$
5,991
674
Insperity,
Inc
61,475
961
Interface,
Inc
14,107
2,022
Jacobs
Solutions,
Inc
282,494
2,207
KBR,
Inc
141,557
654
Kelly
Services,
Inc
(Class
A)
14,002
366
Kforce,
Inc
22,740
1,048
Korn/Ferry
International
70,363
1,550
(a)
Legalzoom.com,
Inc
13,004
2,075
Leidos
Holdings,
Inc
302,701
484
(a)
Liquidity
Services,
Inc
9,670
931
Manpower,
Inc
64,984
491
Matthews
International
Corp
(Class
A)
12,299
902
MAXIMUS,
Inc
77,301
361
(a)
Montrose
Environmental
Group,
Inc
16,086
529
MSA
Safety,
Inc
99,288
224
(a)
NV5
Global,
Inc
20,825
2,200
(a)
OPENLANE,
Inc
36,498
5,054
Paychex,
Inc
599,202
896
Paycom
Software,
Inc
128,164
1,227
(a)
Performant
Financial
Corp
3,558
2,896
Pitney
Bowes,
Inc
14,712
2,398
(a),(b)
Planet
Labs
PBC
4,460
2,775
RB
Global,
Inc
211,899
175
(a)
Red
Violet,
Inc
4,445
3,205
Republic
Services,
Inc
622,860
514
Resources
Connection,
Inc
5,674
1,790
Robert
Half
International,
Inc
114,524
4,273
Rollins,
Inc
208,480
822
Science
Applications
International
Corp
96,626
3,344
SS&C
Technologies
Holdings,
Inc
209,568
1,776
Steelcase,
Inc
(Class
A)
23,017
1,556
(a)
Stericycle,
Inc
90,450
321
(a)
Sterling
Check
Corp
4,751
812
Tetra
Tech,
Inc
166,038
3,000
TransUnion
222,480
480
TriNet
Group,
Inc
48,000
645
(a)
TrueBlue,
Inc
6,643
369
TTEC
Holdings,
Inc
2,170
237
Unifirst
Corp
40,653
1,953
(a)
Upwork,
Inc
20,995
3,839
Veralto
Corp
366,509
2,307
Verisk
Analytics,
Inc
621,852
2,291
(a)
Verra
Mobility
Corp
62,315
2,027
Vestis
Corp
24,790
440
(a)
Viad
Corp
14,960
134
VSE
Corp
11,829
6,364
Waste
Management,
Inc
1,357,696
116
(a)
Willdan
Group,
Inc
3,347
684
(a)
WNS
Holdings
Ltd
35,910
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
13,247,747
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
5
.6
%
426
(a)
1-800-FLOWERS.COM,
Inc
(Class
A)
4,056
667
Aaron's
Co,
Inc
6,657
780
(a)
Abercrombie
&
Fitch
Co
(Class
A)
138,715
1,229
Academy
Sports
&
Outdoors,
Inc
65,444
887
Advance
Auto
Parts,
Inc
56,174
147,365
(a)
Amazon.com,
Inc
28,478,286
2,547
American
Eagle
Outfitters,
Inc
50,838
122
(a)
America's
Car-Mart,
Inc
7,346
758
Arhaus,
Inc
12,841
1,783
Arko
Corp
11,179
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL—continued
346
(a)
Asbury
Automotive
Group,
Inc
$
78,843
396
(a)
Autonation,
Inc
63,114
275
(a)
Autozone,
Inc
815,128
1,577
(a),(b)
BARK,
Inc
2,854
3,569
Bath
&
Body
Works,
Inc
139,369
3,356
Best
Buy
Co,
Inc
282,877
455
(a)
Boot
Barn
Holdings,
Inc
58,663
526
Buckle,
Inc
19,430
200
Build-A-Bear
Workshop,
Inc
5,054
1,002
(a)
Burlington
Stores,
Inc
240,480
331
Caleres,
Inc
11,122
670
Camping
World
Holdings,
Inc
11,966
2,435
(a)
Carmax,
Inc
178,583
1,667
(a)
Carvana
Co
214,576
18,273
(a)
Coupang,
Inc
382,819
892
(b)
Designer
Brands,
Inc
6,092
919
(a)
Destination
XL
Group,
Inc
3,345
954
Dick's
Sporting
Goods,
Inc
204,967
77
(b)
Dillard's,
Inc
(Class
A)
33,910
8,070
eBay,
Inc
433,520
1,875
(a)
Etsy,
Inc
110,588
4,455
(a)
EVgo,
Inc
10,915
948
(a)
Five
Below,
Inc
103,304
1,672
(a)
Floor
&
Decor
Holdings,
Inc
166,214
1,404
Foot
Locker,
Inc
34,988
389
(a)
Funko,
Inc
3,797
4,241
(a),(b)
GameStop
Corp
(Class
A)
104,710
3,094
Gap,
Inc
73,916
127
(a)
Genesco,
Inc
3,284
2,202
Genuine
Parts
Co
304,581
363
(a)
GigaCloud
Technology,
Inc
11,042
228
Group
1
Automotive,
Inc
67,780
934
(a)
GrowGeneration
Corp
2,008
286
Haverty
Furniture
Cos,
Inc
7,233
269
Hibbett
Sports,
Inc
23,460
15,747
Home
Depot,
Inc
5,420,747
1,622
Kohl's
Corp
37,290
221
(a)
Lands'
End,
Inc
3,003
2,409
(a)
Leslie's,
Inc
10,094
381
Lithia
Motors,
Inc
(Class
A)
96,183
3,983
LKQ
Corp
165,653
9,105
Lowe's
Cos,
Inc
2,007,288
4,222
Macy's,
Inc
81,062
389
(a)
MarineMax,
Inc
12,592
566
Monro
Muffler,
Inc
13,505
276
Murphy
USA,
Inc
129,571
1,406
(a)
National
Vision
Holdings,
Inc
18,405
1,826
Nordstrom,
Inc
38,748
740
(a)
ODP
Corp
29,060
1,041
(a)
Ollie's
Bargain
Outlet
Holdings,
Inc
102,195
180
(a),(b)
OneWater
Marine,
Inc
4,963
932
(a)
O'Reilly
Automotive,
Inc
984,248
752
(a)
Overstock.com,
Inc
9,836
256
Penske
Auto
Group,
Inc
38,149
1,122
(a)
Petco
Health
&
Wellness
Co,
Inc
4,241
606
Pool
Corp
186,242
610
(a)
Revolve
Group,
Inc
9,705
290
(a)
RH
70,888
5,251
Ross
Stores,
Inc
763,075
1,437
(a)
Sally
Beauty
Holdings,
Inc
15,419
406
Shoe
Carnival,
Inc
14,977
583
Signet
Jewelers
Ltd
52,225
441
(a)
Sleep
Number
Corp
4,220
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL—continued
345
Sonic
Automotive,
Inc
(Class
A)
$
18,792
1,508
(a)
Stitch
Fix,
Inc
6,258
1,347
(a),(b)
ThredUp,
Inc
2,290
297
(a)
Tilly's,
Inc
1,791
17,888
TJX
Cos,
Inc
1,969,469
1,728
Tractor
Supply
Co
466,560
735
(a)
Ulta
Beauty,
Inc
283,614
941
Upbound
Group,
Inc
28,889
1,237
(a)
Urban
Outfitters,
Inc
50,779
2,150
(a)
Valvoline,
Inc
92,880
1,365
(a)
Victoria's
Secret
&
Co
24,120
1,287
(a)
Warby
Parker,
Inc
20,669
1,297
(a)
Wayfair,
Inc
68,391
203
Weyco
Group,
Inc
6,155
1,020
Williams-Sonoma,
Inc
288,017
37
Winmark
Corp
13,047
314
(a)
Zumiez,
Inc
6,117
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
46,717,490
CONSUMER
DURABLES
&
APPAREL
-
1
.0
%
707
Acushnet
Holdings
Corp
44,880
1,709
(a)
Amer
Sports,
Inc
21,482
1,083
(a)
AMMO,
Inc
1,819
285
(a)
Beazer
Homes
USA,
Inc
7,832
353
(a)
BK
LC
Lux
Finco
2
Sarl
19,207
1,301
Brunswick
Corp
94,674
2,097
(a)
Callaway
Golf
Co
32,084
1,736
(a)
Capri
Holdings
Ltd
57,427
450
Carter's,
Inc
27,886
132
(a)
Cavco
Industries,
Inc
45,694
608
Century
Communities,
Inc
49,649
307
Clarus
Corp
2,066
604
Columbia
Sportswear
Co
47,764
761
(a)
Cricut,
Inc
4,558
929
(a)
Crocs,
Inc
135,578
408
(a)
Deckers
Outdoor
Corp
394,924
4,758
DR
Horton,
Inc
670,545
197
(a)
Dream
Finders
Homes,
Inc
5,087
327
Ethan
Allen
Interiors,
Inc
9,120
2,447
(a)
Garmin
Ltd
398,665
682
(a)
G-III
Apparel
Group
Ltd
18,462
1,998
(a)
GoPro,
Inc
2,837
426
(a)
Green
Brick
Partners,
Inc
24,384
6,162
(a)
Hanesbrands,
Inc
30,379
2,241
Hasbro,
Inc
131,098
444
(a)
Helen
of
Troy
Ltd
41,177
81
(a)
Hovnanian
Enterprises,
Inc
11,495
379
Installed
Building
Products,
Inc
77,953
443
(a)
iRobot
Corp
4,036
75
Johnson
Outdoors,
Inc
2,623
943
KB
Home
66,180
811
Kontoor
Brands,
Inc
53,648
706
(a)
Latham
Group,
Inc
2,139
696
La-Z-Boy,
Inc
25,947
2,404
Leggett
&
Platt,
Inc
27,550
3,906
Lennar
Corp
(Class
A)
585,392
224
Lennar
Corp
(Class
B)
31,232
353
(a)
LGI
Homes,
Inc
31,590
223
(a)
Lovesac
Co
5,035
1,898
(a)
Lululemon
Athletica,
Inc
566,933
301
(a)
M/I
Homes,
Inc
36,764
287
(a)
Malibu
Boats,
Inc
10,056
156
Marine
Products
Corp
1,576
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CONSUMER
DURABLES
&
APPAREL—continued
295
(a)
MasterCraft
Boat
Holdings,
Inc
$
5,570
4,838
(a)
Mattel,
Inc
78,666
529
Meritage
Homes
Corp
85,619
918
(a)
Mohawk
Industries,
Inc
104,276
227
Movado
Group,
Inc
5,643
6,236
Newell
Rubbermaid,
Inc
39,973
18,952
Nike,
Inc
(Class
B)
1,428,412
44
(a)
NVR,
Inc
333,897
276
Oxford
Industries,
Inc
27,641
4,992
(a),(b)
Peloton
Interactive,
Inc
16,873
792
Polaris
Industries,
Inc
62,022
3,523
Pulte
Homes,
Inc
387,882
1,015
PVH
Corp
107,458
607
Ralph
Lauren
Corp
106,261
200
Rocky
Brands,
Inc
7,392
1,024
SharkNinja
Global
SPV
Ltd
76,954
2,043
(a)
Skechers
U.S.A.,
Inc
(Class
A)
141,212
966
(a)
Skyline
Champion
Corp
65,446
840
Smith
&
Wesson
Brands,
Inc
12,046
2,102
(a)
Sonos,
Inc
31,026
1,383
Steven
Madden
Ltd
58,501
272
Sturm
Ruger
&
Co,
Inc
11,329
3,931
Tapestry,
Inc
168,207
1,558
(a)
Taylor
Morrison
Home
Corp
86,376
2,986
Tempur
Sealy
International,
Inc
141,357
1,677
Toll
Brothers,
Inc
193,157
513
(a)
TopBuild
Corp
197,643
194
(a)
Traeger,
Inc
466
1,429
(a)
Tri
Pointe
Homes,
Inc
53,230
3,425
(a)
Under
Armour,
Inc
(Class
A)
22,845
3,626
(a)
Under
Armour,
Inc
(Class
C)
23,678
5,338
VF
Corp
72,063
1,021
(a)
Vista
Outdoor,
Inc
38,441
1,116
(a)
Vizio
Holding
Corp
12,053
785
Whirlpool
Corp
80,227
1,465
Wolverine
World
Wide,
Inc
19,807
1,421
(a)
YETI
Holdings,
Inc
54,211
TOTAL
CONSUMER
DURABLES
&
APPAREL
8,217,287
CONSUMER
SERVICES
-
2
.2
%
700
(a)
Accel
Entertainment,
Inc
7,182
4,138
ADT,
Inc
31,449
586
(a)
Adtalem
Global
Education,
Inc
39,971
6,892
(a)
Airbnb,
Inc
1,045,034
4,054
Aramark
137,917
631
(a)
BALLY'S
CORP
7,553
17
(a)
Biglari
Holdings,
Inc
(B
Shares)
3,287
356
(a)
BJ's
Restaurants,
Inc
12,353
1,539
Bloomin'
Brands,
Inc
29,595
541
Booking
Holdings,
Inc
2,143,171
1,079
Boyd
Gaming
Corp
59,453
1,041
(a)
Bright
Horizons
Family
Solutions,
Inc
114,593
763
(a)
Brinker
International,
Inc
55,234
3,464
(a)
Caesars
Entertainment,
Inc
137,659
16,161
(a)
Carnival
Corp
302,534
234
Carriage
Services,
Inc
6,281
1,183
(a)
Cava
Group,
Inc
109,723
702
Cheesecake
Factory
27,582
2,349
(a)
Chegg,
Inc
7,423
21,750
(a)
Chipotle
Mexican
Grill,
Inc
(Class
A)
1,362,637
430
Choice
Hotels
International,
Inc
51,170
1,135
Churchill
Downs,
Inc
158,446
247
(a)
Chuy's
Holdings,
Inc
6,402
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CONSUMER
SERVICES—continued
1,836
(a)
Coursera,
Inc
$
13,146
463
(b)
Cracker
Barrel
Old
Country
Store,
Inc
19,520
2,007
Darden
Restaurants,
Inc
303,699
792
(a)
Dave
&
Buster's
Entertainment,
Inc
31,530
1,168
(a)
Denny's
Corp
8,293
893
(a)
Despegar.com
Corp
11,814
266
Dine
Brands
Global
Inc.
9,629
549
Domino's
Pizza,
Inc
283,465
5,464
(a)
DoorDash,
Inc
594,374
6,847
(a)
DraftKings,
Inc
261,350
576
(a)
Duolingo,
Inc
120,194
1,418
(a)
Dutch
Bros,
Inc
58,705
302
(a)
El
Pollo
Loco
Holdings,
Inc
3,416
38
(a),(c)
Empire
Resorts,
Inc
0
281
(a)
European
Wax
Center,
Inc
2,790
1,316
(a)
Everi
Holdings,
Inc
11,054
2,022
(a)
Expedia
Group,
Inc
254,752
1,596
(a)
Frontdoor,
Inc
53,929
682
(a)
Full
House
Resorts,
Inc
3,410
1,807
(a)
Global
Business
Travel
Group
I
11,926
229
Golden
Entertainment,
Inc
7,124
58
Graham
Holdings
Co
40,574
572
(a)
Grand
Canyon
Education,
Inc
80,029
2,195
H&R
Block,
Inc
119,035
1,409
(a)
Hilton
Grand
Vacations,
Inc
56,966
3,924
Hilton
Worldwide
Holdings,
Inc
856,217
738
Hyatt
Hotels
Corp
112,117
357
(a)
Inspired
Entertainment,
Inc
3,267
1,684
International
Game
Technology
plc
34,455
431
Jack
in
the
Box,
Inc
21,955
1,311
Krispy
Kreme,
Inc
14,106
89
(a)
Kura
Sushi
USA,
Inc
5,615
5,593
Las
Vegas
Sands
Corp
247,490
1,806
Laureate
Education,
Inc
26,982
619
(a)
Life
Time
Group
Holdings,
Inc
11,656
1,373
(a)
Light
&
Wonder,
Inc
144,000
464
(a)
Lindblad
Expeditions
Holdings,
Inc
4,478
3,742
Marriott
International,
Inc
(Class
A)
904,703
418
Marriott
Vacations
Worldwide
Corp
36,500
11,455
McDonald's
Corp
2,919,192
3,967
(a)
MGM
Resorts
International
176,293
844
(a),(b)
Mister
Car
Wash,
Inc
6,009
173
Monarch
Casino
&
Resort,
Inc
11,786
805
(a),(b)
Mondee
Holdings,
Inc
1,932
911
(a)
Nerdy,
Inc
1,521
6,767
(a)
Norwegian
Cruise
Line
Holdings
Ltd
127,152
353
(a)
ONE
Group
Hospitality,
Inc
1,500
1,026
(a)
OneSpaWorld
Holdings
Ltd
15,770
565
Papa
John's
International,
Inc
26,544
2,314
(a)
Penn
National
Gaming,
Inc
44,787
1,137
Perdoceo
Education
Corp
24,355
1,475
(a)
Planet
Fitness,
Inc
108,545
525
(a)
Portillo's,
Inc
5,103
592
(a)
Potbelly
Corp
4,754
142
RCI
Hospitality
Holdings,
Inc
6,186
924
Red
Rock
Resorts,
Inc
50,755
3,783
(a)
Royal
Caribbean
Cruises
Ltd
603,124
822
(a)
Rush
Street
Interactive,
Inc
7,883
5,391
(a)
Sabre
Corp
14,394
764
(a)
SeaWorld
Entertainment,
Inc
41,493
2,355
Service
Corp
International
167,511
596
(a)
Shake
Shack,
Inc
53,640
1,370
(a)
Six
Flags
Entertainment
Corp
45,402
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
CONSUMER
SERVICES—continued
17,806
Starbucks
Corp
$
1,386,197
403
Strategic
Education,
Inc
44,596
644
(a)
Stride,
Inc
45,402
1,928
(a)
Super
Group
SGHC
Ltd
6,227
1,443
(a)
Sweetgreen,
Inc
43,492
877
(a)
Target
Hospitality
Corp
7,639
1,055
Texas
Roadhouse,
Inc
(Class
A)
181,154
776
Travel
&
Leisure
Co
34,904
1,149
(a)
Udemy,
Inc
9,916
434
(a)
Universal
Technical
Institute,
Inc
6,827
600
Vail
Resorts,
Inc
108,078
2,362
Wendy's
Co
40,060
472
Wingstop,
Inc
199,496
1,311
Wyndham
Hotels
&
Resorts,
Inc
97,014
1,549
Wynn
Resorts
Ltd
138,635
268
(a)
Xponential
Fitness,
Inc
4,181
4,434
Yum!
Brands,
Inc
587,328
TOTAL
CONSUMER
SERVICES
18,047,691
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1
.8
%
6,241
Albertsons
Cos,
Inc
123,260
418
Andersons,
Inc
20,733
2,151
(a)
BJ's
Wholesale
Club
Holdings,
Inc
188,944
618
Casey's
General
Stores,
Inc
235,804
515
(a)
Chefs'
Warehouse,
Inc
20,142
7,047
Costco
Wholesale
Corp
5,989,879
3,505
Dollar
General
Corp
463,466
3,377
(a)
Dollar
Tree,
Inc
360,562
1,460
(a)
Grocery
Outlet
Holding
Corp
32,295
626
(a)
HF
Foods
Group,
Inc
1,878
213
Ingles
Markets,
Inc
(Class
A)
14,614
10,339
Kroger
Co
516,226
2,675
(a)
Maplebear,
Inc
85,974
286
Natural
Grocers
by
Vitamin
Cottage,
Inc
6,063
2,651
(a)
Performance
Food
Group
Co
175,258
385
Pricesmart,
Inc
31,262
584
SpartanNash
Co
10,956
1,641
(a)
Sprouts
Farmers
Market,
Inc
137,286
7,894
Sysco
Corp
563,553
7,368
Target
Corp
1,090,759
943
(a)
United
Natural
Foods,
Inc
12,353
3,868
(a)
US
Foods
Holding
Corp
204,927
127
Village
Super
Market
(Class
A)
3,354
11,352
Walgreens
Boots
Alliance,
Inc
137,302
68,469
Walmart,
Inc
4,636,036
218
Weis
Markets,
Inc
13,684
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
15,076,570
ENERGY
-
3
.8
%
704
(a)
Amplify
Energy
Corp
4,773
5,480
Antero
Midstream
Corp
80,775
4,860
(a)
Antero
Resources
Corp
158,582
5,314
APA
Corp
156,444
2,039
Archrock,
Inc
41,229
667
Ardmore
Shipping
Corp
15,027
937
Atlas
Energy
Solutions,
Inc
18,674
16,148
Baker
Hughes
Co
567,925
1,892
Berry
Corp
12,222
3,755
(b)
Borr
Drilling
Ltd
24,220
351
(a)
Bristow
Group,
Inc
11,769
12,017
Cabot
Oil
&
Gas
Corp
320,493
845
Cactus,
Inc
44,565
912
California
Resources
Corp
48,537
243
(a)
Centrus
Energy
Corp
10,388
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
ENERGY—continued
3,416
ChampionX
Corp
$
113,445
3,673
Cheniere
Energy,
Inc
642,151
1,919
Chesapeake
Energy
Corp
157,723
27,337
Chevron
Corp
4,276,054
994
Chord
Energy
Corp
166,674
1,472
Civitas
Resources,
Inc
101,568
2,877
(a)
Clean
Energy
Fuels
Corp
7,682
2,191
(a)
CNX
Resources
Corp
53,241
1,500
Comstock
Resources,
Inc
15,570
18,633
ConocoPhillips
2,131,243
370
CONSOL
Energy,
Inc
37,751
809
Core
Laboratories,
Inc
16,415
1,317
Crescent
Energy
Co
15,606
583
CVR
Energy,
Inc
15,607
1,373
Delek
US
Holdings,
Inc
33,995
10,104
Devon
Energy
Corp
478,930
2,136
DHT
Holdings,
Inc
24,714
1,800
(a)
Diamond
Offshore
Drilling,
Inc
27,882
2,893
Diamondback
Energy,
Inc
579,150
626
(a)
Diversified
Energy
Co
PLC
8,445
333
(a)
DMC
Global,
Inc
4,802
395
Dorian
LPG
Ltd
16,574
582
(a)
Dril-Quip,
Inc
10,825
1,673
DT
Midstream,
Inc
118,833
156
(a)
Empire
Petroleum
Corp
805
2,241
(a)
Encore
Energy
Corp
8,830
2,496
(a),(b)
Energy
Fuels,
Inc
15,126
9,177
EOG
Resources,
Inc
1,155,109
6,849
EQT
Corp
253,276
7,406
Equitrans
Midstream
Corp
96,130
275
Excelerate
Energy,
Inc
5,071
1,226
(a)
Expro
Group
Holdings
NV
28,100
71,227
Exxon
Mobil
Corp
8,199,652
408
FLEX
LNG
Ltd
11,032
226
(a)
Forum
Energy
Technologies,
Inc
3,810
1,788
Golar
LNG
Ltd
56,054
842
(a)
Green
Plains,
Inc
13,354
179
(a)
Gulfport
Energy
Operating
Corp
27,029
345
(a)
Hallador
Energy
Co
2,681
13,983
Halliburton
Co
472,346
2,743
(a)
Helix
Energy
Solutions
Group,
Inc
32,751
1,274
Helmerich
&
Payne,
Inc
46,042
4,540
Hess
Corp
669,741
2,393
HF
Sinclair
Corp
127,643
110
(b)
HighPeak
Energy,
Inc
1,547
685
International
Seaways,
Inc
40,504
30,532
Kinder
Morgan,
Inc
606,671
465
Kinetik
Holdings,
Inc
19,270
6,795
(a)
Kosmos
Energy
Ltd
37,644
2,207
Liberty
Energy,
Inc
46,104
2,448
Magnolia
Oil
&
Gas
Corp
62,032
767
(a)
Mammoth
Energy
Services,
Inc
2,516
9,342
Marathon
Oil
Corp
267,835
5,595
Marathon
Petroleum
Corp
970,621
1,952
Matador
Resources
Co
116,339
2,520
Murphy
Oil
Corp
103,925
146
(a)
Nabors
Industries
Ltd
10,389
75
Nacco
Industries,
Inc
(Class
A)
2,075
790
(b)
New
Fortress
Energy,
Inc
17,364
2,497
(a)
Newpark
Resources,
Inc
20,750
1,716
(a)
NextDecade
Corp
13,625
1,670
Noble
Corp
plc
74,565
3,490
Nordic
American
Tankers
Ltd
13,890
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
ENERGY—continued
1,326
Northern
Oil
and
Gas,
Inc
$
49,287
5,678
NOV,
Inc
107,939
10,157
Occidental
Petroleum
Corp
640,196
1,532
(a)
Oceaneering
International,
Inc
36,247
1,209
(a)
Oil
States
International,
Inc
5,368
9,126
ONEOK,
Inc
744,225
854
Overseas
Shipholding
Group,
Inc
7,242
4,162
Ovintiv,
Inc
195,073
677
(a)
Par
Pacific
Holdings,
Inc
17,094
5,496
Patterson-UTI
Energy,
Inc
56,939
1,808
PBF
Energy,
Inc
83,204
1,975
Peabody
Energy
Corp
43,687
9,481
Permian
Resources
Corp
153,118
6,736
Phillips
66
950,921
1,367
(a)
ProPetro
Holding
Corp
11,852
4,095
Range
Resources
Corp
137,305
475
Ranger
Energy
Services,
Inc
4,997
276
(a)
Rex
American
Resources
Corp
12,583
151
Riley
Exploration
Permian,
Inc
4,275
1,348
(a),(b)
Ring
Energy,
Inc
2,278
1,202
RPC,
Inc
7,512
692
(a)
Sable
Offshore
Corp
10,428
532
SandRidge
Energy,
Inc
6,879
22,757
Schlumberger
Ltd
1,073,675
828
Scorpio
Tankers,
Inc
67,308
649
(a)
SEACOR
Marine
Holdings,
Inc
8,755
1,139
(a)
Seadrill
Ltd
58,658
988
Select
Water
Solutions,
Inc
10,572
1,567
SFL
Corp
Ltd
21,750
185
(a)
SilverBow
Resources,
Inc
6,999
1,209
Sitio
Royalties
Corp
28,544
1,884
SM
Energy
Co
81,445
678
Solaris
Oilfield
Infrastructure,
Inc
5,817
18,509
(a)
Southwestern
Energy
Co
124,566
1,711
(a)
Talos
Energy,
Inc
20,789
3,523
Targa
Resources
Corp
453,692
6,806
TechnipFMC
plc
177,977
1,069
(a)
Teekay
Corp
9,589
376
Teekay
Tankers
Ltd
25,873
2,062
(a)
Tetra
Technologies,
Inc
7,135
303
Texas
Pacific
Land
Corp
222,484
854
(a)
Tidewater,
Inc
81,309
11,296
(a)
Transocean
Ltd
60,434
4,698
(a)
Uranium
Energy
Corp
28,235
1,387
(a)
US
Silica
Holdings,
Inc
21,429
1,000
Vaalco
Energy,
Inc
6,270
993
(a)
Valaris
Ltd
73,978
5,185
Valero
Energy
Corp
812,801
1,275
Viper
Energy
Partners
LP
47,851
279
(a)
Vital
Energy,
Inc
12,505
433
Vitesse
Energy,
Inc
10,262
2,083
(b)
W&T
Offshore,
Inc
4,458
1,187
(a)
Weatherford
International
plc
145,348
19,390
Williams
Cos,
Inc
824,075
1,068
World
Fuel
Services
Corp
27,554
TOTAL
ENERGY
32,073,537
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
2
.4
%
1,492
Acadia
Realty
Trust
26,737
1,175
Agree
Realty
Corp
72,779
1,192
Alexander
&
Baldwin,
Inc
20,216
57
Alexander's,
Inc
12,817
2,778
Alexandria
Real
Estate
Equities,
Inc
324,943
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)—continued
357
Alpine
Income
Property
Trust,
Inc
$
5,555
714
American
Assets
Trust,
Inc
15,979
750
American
Healthcare
REIT,
Inc
10,957
4,773
American
Homes
4
Rent
177,365
7,478
American
Tower
Corp
1,453,574
4,437
Americold
Realty
Trust,
Inc
113,321
1,848
(a)
Apartment
Investment
and
Management
Co
15,320
2,947
Apple
Hospitality
REIT,
Inc
42,849
1,769
Armada
Hoffler
Properties,
Inc
19,618
2,304
AvalonBay
Communities,
Inc
476,675
2,348
Boston
Properties,
Inc
144,543
1,429
Braemar
Hotels
&
Resorts,
Inc
3,644
2,649
Brandywine
Realty
Trust
11,867
4,252
Brixmor
Property
Group,
Inc
98,179
2,559
Broadstone
Net
Lease,
Inc
40,611
572
BRT
Apartments
Corp
9,993
1,599
Camden
Property
Trust
174,467
1,679
CareTrust
REIT,
Inc
42,143
493
CBL
&
Associates
Properties,
Inc
11,526
275
Centerspace
18,598
919
Chatham
Lodging
Trust
7,830
707
City
Office
REIT,
Inc
3,521
588
Clipper
Realty,
Inc
2,123
544
Community
Healthcare
Trust,
Inc
12,724
1,123
Corporate
Office
Properties
Trust
28,109
2,578
Cousins
Properties,
Inc
59,681
6,956
Crown
Castle,
Inc
679,601
273
CTO
Realty
Growth,
Inc
4,767
3,658
CubeSmart
165,232
3,453
DiamondRock
Hospitality
Co
29,178
5,069
Digital
Realty
Trust,
Inc
770,741
5,068
Diversified
Healthcare
Trust
15,457
2,323
Douglas
Emmett,
Inc
30,919
1,427
Easterly
Government
Properties,
Inc
17,652
673
EastGroup
Properties,
Inc
114,477
3,012
Empire
State
Realty
Trust,
Inc
28,253
787
EPR
Properties
33,038
1,498
Equinix,
Inc
1,133,387
1,147
(a)
Equity
Commonwealth
22,252
3,060
Equity
Lifestyle
Properties,
Inc
199,298
6,079
Equity
Residential
421,518
2,334
Essential
Properties
Realty
Trust,
Inc
64,675
1,074
Essex
Property
Trust,
Inc
292,343
3,336
Extra
Space
Storage,
Inc
518,448
729
Farmland
Partners,
Inc
8,405
1,347
Federal
Realty
Investment
Trust
136,007
1,998
First
Industrial
Realty
Trust,
Inc
94,925
1,235
Four
Corners
Property
Trust,
Inc
30,467
3,874
Gaming
and
Leisure
Properties,
Inc
175,144
763
Getty
Realty
Corp
20,342
475
Gladstone
Commercial
Corp
6,778
687
Gladstone
Land
Corp
9,405
1,151
Global
Medical
REIT,
Inc
10,451
3,106
Global
Net
Lease,
Inc
22,829
6,024
Healthcare
Realty
Trust,
Inc
99,276
11,544
Healthpeak
Properties,
Inc
226,262
1,796
Highwoods
Properties,
Inc
47,181
11,131
Host
Hotels
&
Resorts
Inc
200,135
2,438
Hudson
Pacific
Properties,
Inc
11,727
3,525
Independence
Realty
Trust,
Inc
66,058
439
Innovative
Industrial
Properties,
Inc
47,948
1,140
InvenTrust
Properties
Corp
28,226
10,054
Invitation
Homes,
Inc
360,838
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)—continued
4,580
Iron
Mountain,
Inc
$
410,460
2,053
JBG
SMITH
Properties
31,267
1,970
Kilroy
Realty
Corp
61,405
11,229
Kimco
Realty
Corp
218,516
3,663
Kite
Realty
Group
Trust
81,978
1,519
Lamar
Advertising
Co
181,566
5,428
Lexington
Realty
Trust
49,503
431
LTC
Properties,
Inc
14,869
3,615
Macerich
Co
55,816
1,437
Mack-Cali
Realty
Corp
21,555
9,560
Medical
Properties
Trust,
Inc
41,204
1,928
Mid-America
Apartment
Communities,
Inc
274,952
460
National
Health
Investors,
Inc
31,156
2,603
National
Retail
Properties,
Inc
110,888
1,216
National
Storage
Affiliates
Trust
50,124
215
NET
Lease
Office
Properties
5,293
1,149
NETSTREIT
Corp
18,499
1,030
NexPoint
Diversified
Real
Estate
Trust
5,696
478
NexPoint
Residential
Trust,
Inc
18,886
3,987
Omega
Healthcare
Investors,
Inc
136,555
254
One
Liberty
Properties,
Inc
5,964
1,512
Orion
Office
REIT,
Inc
5,428
2,712
Outfront
Media,
Inc
38,782
3,099
Paramount
Group,
Inc
14,348
4,260
Park
Hotels
&
Resorts,
Inc
63,815
554
Peakstone
Realty
Trust
5,872
2,135
Pebblebrook
Hotel
Trust
29,356
1,776
Phillips
Edison
&
Co,
Inc
58,093
2,219
Piedmont
Office
Realty
Trust,
Inc
16,088
445
Plymouth
Industrial
REIT,
Inc
9,514
255
Postal
Realty
Trust,
Inc
3,399
1,459
PotlatchDeltic
Corp
57,470
14,771
Prologis,
Inc
1,658,931
2,565
Public
Storage,
Inc
737,822
2,525
Rayonier,
Inc
73,452
13,249
Realty
Income
Corp
699,812
3,005
Regency
Centers
Corp
186,911
2,533
Retail
Opportunity
Investments
Corp
31,485
3,142
Rexford
Industrial
Realty,
Inc
140,102
1,824
RLJ
Lodging
Trust
17,565
875
Ryman
Hospitality
Properties,
Inc
87,377
3,697
Sabra
Health
Care
REIT,
Inc
56,934
571
Safehold,
Inc
11,015
370
Saul
Centers,
Inc
13,605
1,766
SBA
Communications
Corp
346,666
2,237
Service
Properties
Trust
11,498
5,208
Simon
Property
Group,
Inc
790,574
2,580
SITE
Centers
Corp
37,410
1,013
SL
Green
Realty
Corp
57,376
2,713
STAG
Industrial,
Inc
97,831
427
(a)
Star
Holdings
5,150
2,137
Summit
Hotel
Properties,
Inc
12,801
1,974
Sun
Communities,
Inc
237,551
4,344
Sunstone
Hotel
Investors,
Inc
45,438
1,735
Tanger
Factory
Outlet
Centers,
Inc
47,036
1,413
Terreno
Realty
Corp
83,621
5,209
UDR,
Inc
214,350
567
UMH
Properties,
Inc
9,066
3,661
Uniti
Group,
Inc
10,690
198
Universal
Health
Realty
Income
Trust
7,750
2,537
Urban
Edge
Properties
46,858
6,423
Ventas,
Inc
329,243
16,059
VICI
Properties,
Inc
459,930
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)—continued
3,062
Vornado
Realty
Trust
$
80,500
1,848
Washington
REIT
29,439
9,269
(d)
Welltower,
Inc
966,293
11,281
Weyerhaeuser
Co
320,268
550
Whitestone
REIT
7,320
3,203
WP
Carey,
Inc
176,325
2,302
Xenia
Hotels
&
Resorts,
Inc
32,988
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
19,909,204
FINANCIAL
SERVICES
-
7
.4
%
906
(a)
Acacia
Research
(Acacia
Technologies)
4,539
125
AFC
Gamma,
Inc
1,525
595
Affiliated
Managers
Group,
Inc
92,957
3,788
(a)
Affirm
Holdings,
Inc
114,436
10,356
AGNC
Investment
Corp
98,796
243
Alerus
Financial
Corp
4,765
4,438
Ally
Financial,
Inc
176,055
288
A-Mark
Precious
Metals,
Inc
9,323
9,024
American
Express
Co
2,089,507
1,568
Ameriprise
Financial,
Inc
669,834
253
Angel
Oak
Mortgage
REIT,
Inc
3,314
7,406
Annaly
Capital
Management,
Inc
141,158
2,943
Apollo
Commercial
Real
Estate
Finance,
Inc
28,812
8,244
Apollo
Global
Management,
Inc
973,369
2,387
Arbor
Realty
Trust,
Inc
34,253
645
Ares
Commercial
Real
Estate
Corp
4,289
2,756
Ares
Management
Corp
367,320
281
ARMOUR
Residential
REIT,
Inc
5,446
870
Artisan
Partners
Asset
Management,
Inc
35,905
253
(a)
AssetMark
Financial
Holdings,
Inc
8,741
123
(a)
Atlanticus
Holdings
Corp
3,466
2,445
(a)
AvidXchange
Holdings,
Inc
29,487
461
Banco
Latinoamericano
de
Exportaciones
S.A.
(Class
E)
13,678
11,997
Bank
of
New
York
Mellon
Corp
718,500
29,056
(a)
Berkshire
Hathaway,
Inc
11,819,981
5,076
BGC
Group,
Inc
42,131
2,347
BlackRock,
Inc
1,847,840
2,460
Blackstone
Mortgage
Trust,
Inc
42,853
11,344
Blackstone,
Inc
1,404,387
8,961
(a)
Block,
Inc
577,895
7,723
Blue
Owl
Capital,
Inc
137,083
829
Bread
Financial
Holdings,
Inc
36,940
642
Brightsphere
Investment
Group,
Inc
14,233
1,289
BrightSpire
Capital,
Inc
7,347
3,022
Burford
Capital
Ltd
39,437
1,450
Cannae
Holdings,
Inc
26,303
923
(a)
Cantaloupe,
Inc
6,092
6,029
Capital
One
Financial
Corp
834,715
3,299
Carlyle
Group,
Inc
132,455
222
Cass
Information
Systems,
Inc
8,896
1,629
Cboe
Global
Markets,
Inc
277,028
23,576
Charles
Schwab
Corp
1,737,315
152
Chicago
Atlantic
Real
Estate
Finance,
Inc
2,335
1,022
Chimera
Investment
Corp
13,082
1,435
Claros
Mortgage
Trust,
Inc
11,509
5,691
CME
Group,
Inc
1,118,851
461
Cohen
&
Steers,
Inc
33,450
3,125
(a)
Coinbase
Global,
Inc
694,469
797
Compass
Diversified
Trust
17,446
326
(a)
Consumer
Portfolio
Services,
Inc
3,195
3,855
Corebridge
Financial,
Inc
112,258
1,121
(a)
Corpay,
Inc
298,646
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
FINANCIAL
SERVICES—continued
79
(a)
Credit
Acceptance
Corp
$
40,660
49
Diamond
Hill
Investment
Group,
Inc
6,897
3,958
Discover
Financial
Services
517,746
461
(a)
Donnelley
Financial
Solutions,
Inc
27,485
258
Dynex
Capital,
Inc
3,081
718
Ellington
Financial,
Inc
8,673
375
Enact
Holdings,
Inc
11,498
502
(a)
Encore
Capital
Group,
Inc
20,948
629
(a)
Enova
International,
Inc
39,155
5,182
Equitable
Holdings,
Inc
211,737
1,785
Essent
Group
Ltd
100,299
728
(a)
Euronet
Worldwide,
Inc
75,348
638
Evercore
Partners,
Inc
(Class
A)
132,978
941
EVERTEC,
Inc
31,288
595
Factset
Research
Systems,
Inc
242,921
139
Federal
Agricultural
Mortgage
Corp
(FAMC)
25,134
8,959
Fidelity
National
Information
Services,
Inc
675,150
556
FirstCash
Holdings,
Inc
58,313
9,275
(a)
Fiserv,
Inc
1,382,346
1,440
(a)
Flywire
Corp
23,602
2,063
(a),(b)
Forge
Global
Holdings,
Inc
3,012
1,010
Franklin
BSP
Realty
Trust,
Inc
12,726
4,751
Franklin
Resources,
Inc
106,185
257
GCM
Grosvenor,
Inc
2,508
4,188
Global
Payments,
Inc
404,980
5,015
Goldman
Sachs
Group,
Inc
2,268,385
938
Granite
Point
Mortgage
Trust,
Inc
2,786
905
(a)
Green
Dot
Corp
8,552
562
Hamilton
Lane,
Inc
69,452
1,655
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc
48,988
796
Houlihan
Lokey,
Inc
107,349
1,256
(a)
Hut
8
Corp
18,827
280
(a)
I3
Verticals,
Inc
6,182
1,603
Interactive
Brokers
Group,
Inc
(Class
A)
196,528
8,959
Intercontinental
Exchange,
Inc
1,226,398
339
(a)
International
Money
Express,
Inc
7,065
6,004
Invesco
Ltd
89,820
366
Invesco
Mortgage
Capital,
Inc
3,429
1,116
Jack
Henry
&
Associates,
Inc
185,278
1,210
Jackson
Financial,
Inc
89,855
2,276
Janus
Henderson
Group
plc
76,724
3,054
Jefferies
Financial
Group,
Inc
151,967
10,588
KKR
&
Co,
Inc
1,114,281
648
KKR
Real
Estate
Finance
Trust,
Inc
5,864
1,766
Ladder
Capital
Corp
19,938
1,898
Lazard,
Inc
72,466
1,618
(a)
LendingClub
Corp
13,688
196
(a)
LendingTree,
Inc
8,152
1,190
LPL
Financial
Holdings,
Inc
332,367
644
MarketAxess
Holdings,
Inc
129,141
7,301
(a)
Marqeta,
Inc
40,009
13,096
Mastercard,
Inc
(Class
A)
5,777,431
232
Merchants
Bancorp
9,405
2,131
MFA
Financial,
Inc
22,674
4,548
MGIC
Investment
Corp
98,009
877
Moelis
&
Co
49,866
131
(a)
Moneylion,
Inc
9,634
2,515
Moody's
Corp
1,058,639
18,467
Morgan
Stanley
1,794,808
392
Morningstar,
Inc
115,973
1,135
(a)
Mr
Cooper
Group,
Inc
92,196
1,237
MSCI,
Inc
(Class
A)
595,925
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
FINANCIAL
SERVICES—continued
6,024
Nasdaq
Stock
Market,
Inc
$
363,006
1,245
Navient
Corp
18,127
1,156
(a)
NCR
Corp
ATM
31,235
212
Nelnet,
Inc
(Class
A)
21,382
410
(a)
NerdWallet,
Inc
5,986
1,613
New
York
Mortgage
Trust,
Inc
9,420
298
NewtekOne,
Inc
3,746
131
Nexpoint
Real
Estate
Finance,
Inc
1,797
1,272
(a)
NMI
Holdings,
Inc
43,299
3,378
Northern
Trust
Corp
283,684
148
(a)
Ocwen
Financial
Corp
3,549
1,689
OneMain
Holdings,
Inc
81,900
1,687
(a)
Open
Lending
Corp
9,413
402
Orchid
Island
Capital,
Inc
3,353
600
P10,
Inc
5,088
3,227
(a)
Pagseguro
Digital
Ltd
37,724
245
Patria
Investments
Ltd
2,955
3,424
(a)
Payoneer
Global,
Inc
18,969
16,631
(a)
PayPal
Holdings,
Inc
965,097
652
(a)
Paysafe
Ltd
11,527
1,316
(a)
Paysign
Inc
5,672
399
PennyMac
Financial
Services,
Inc
37,745
1,723
PennyMac
Mortgage
Investment
Trust
23,691
904
Perella
Weinberg
Partners
14,690
273
Piper
Jaffray
Cos
62,836
397
PJT
Partners,
Inc
42,840
719
(a)
PRA
Group,
Inc
14,136
675
PROG
Holdings,
Inc
23,409
2,506
Radian
Group,
Inc
77,937
2,988
Raymond
James
Financial,
Inc
369,347
1,941
Ready
Capital
Corp
15,877
1,612
Redwood
Trust,
Inc
10,462
143
Regional
Management
Corp
4,110
2,189
(a)
Remitly
Global,
Inc
26,531
1,337
(a)
Repay
Holdings
Corp
14,119
6,918
Rithm
Capital
Corp
75,475
10,457
(a)
Robinhood
Markets,
Inc
237,478
2,233
(a)
Rocket
Cos,
Inc
30,592
4,974
S&P
Global,
Inc
2,218,404
1,255
SEI
Investments
Co
81,186
854
(a),(b)
Shift4
Payments,
Inc
62,641
184
Silvercrest
Asset
Management
Group,
Inc
2,869
3,536
SLM
Corp
73,513
15,128
(a),(b)
SoFi
Technologies,
Inc
99,996
5,018
Starwood
Property
Trust,
Inc
95,041
4,927
State
Street
Corp
364,598
809
StepStone
Group,
Inc
37,125
1,604
Stifel
Financial
Corp
134,977
4,668
(a)
StoneCo
Ltd
55,969
361
(a)
StoneX
Group,
Inc
27,187
474
(a),(b)
SWK
Holdings
Corp
8,053
6,441
Synchrony
Financial
303,951
3,542
T
Rowe
Price
Group,
Inc
408,428
143
TFS
Financial
Corp
1,805
6,977
(a)
Toast,
Inc
179,797
867
TPG
RE
Finance
Trust,
Inc
7,491
1,233
TPG,
Inc
51,108
1,734
Tradeweb
Markets,
Inc
183,804
1,156
Two
Harbors
Investment
Corp
15,271
1,255
(a),(b)
Upstart
Holdings,
Inc
29,605
1,161
(b)
UWM
Holdings
Corp
8,046
208
(a)
Velocity
Financial,
Inc
3,729
544
Victory
Capital
Holdings,
Inc
25,965
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
FINANCIAL
SERVICES—continued
1,409
Virtu
Financial,
Inc
$
31,632
115
Virtus
Investment
Partners,
Inc
25,973
25,013
Visa,
Inc
(Class
A)
6,565,162
1,567
Voya
Financial,
Inc
111,492
543
Walker
&
Dunlop,
Inc
53,323
384
Waterstone
Financial,
Inc
4,911
5,021
Western
Union
Co
61,357
636
(a)
WEX,
Inc
112,661
1,867
WisdomTree,
Inc
18,502
90
(a)
World
Acceptance
Corp
11,122
6,368
XP,
Inc
112,013
TOTAL
FINANCIAL
SERVICES
61,607,279
FOOD,
BEVERAGE
&
TOBACCO
-
2
.4
%
176
Alico,
Inc
4,560
27,144
Altria
Group,
Inc
1,236,409
7,874
Archer-Daniels-Midland
Co
475,983
1,190
B&G
Foods,
Inc
(Class
A)
9,615
980
(a),(b)
Beyond
Meat,
Inc
6,576
157
(a)
Boston
Beer
Co,
Inc
(Class
A)
47,893
349
(a),(b)
BRC,
Inc
2,139
711
Brown-Forman
Corp
(Class
A)
31,376
3,077
Brown-Forman
Corp
(Class
B)
132,896
2,310
Bunge
Global
S.A.
246,639
345
Calavo
Growers,
Inc
7,832
486
Cal-Maine
Foods,
Inc
29,699
2,625
Campbell
Soup
Co
118,624
2,775
(a)
Celsius
Holdings,
Inc
158,425
61,613
Coca-Cola
Co
3,921,667
90
Coca-Cola
Consolidated
Inc
97,650
7,729
ConAgra
Brands,
Inc
219,658
2,540
Constellation
Brands,
Inc
(Class
A)
653,491
2,764
(a)
Darling
International,
Inc
101,577
751
Dole
plc
9,192
454
(a)
Duckhorn
Portfolio,
Inc
3,223
2,984
Flowers
Foods,
Inc
66,245
499
Fresh
Del
Monte
Produce,
Inc
10,903
722
(a)
Freshpet,
Inc
93,420
8,894
General
Mills,
Inc
562,634
1,593
(a)
Hain
Celestial
Group,
Inc
11,008
2,371
Hershey
Co
435,861
4,724
Hormel
Foods
Corp
144,035
877
Ingredion,
Inc
100,592
1,388
(a)
Ispire
Technology,
Inc
11,104
277
J&J
Snack
Foods
Corp
44,977
1,619
J.M.
Smucker
Co
176,536
199
John
B
Sanfilippo
&
Son,
Inc
19,337
4,228
Kellogg
Co
243,871
16,405
Keurig
Dr
Pepper,
Inc
547,927
13,380
Kraft
Heinz
Co
431,104
2,318
Lamb
Weston
Holdings,
Inc
194,897
364
Lancaster
Colony
Corp
68,785
302
Limoneira
Co
6,285
4,238
McCormick
&
Co,
Inc
300,644
203
MGP
Ingredients,
Inc
15,103
926
(a)
Mission
Produce,
Inc
9,149
2,637
Molson
Coors
Brewing
Co
(Class
B)
134,039
21,319
Mondelez
International,
Inc
1,395,115
11,757
(a)
Monster
Beverage
Corp
587,262
366
National
Beverage
Corp
18,754
21,851
PepsiCo,
Inc
3,603,885
24,651
Philip
Morris
International,
Inc
2,497,886
538
(a)
Pilgrim's
Pride
Corp
20,708
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
FOOD,
BEVERAGE
&
TOBACCO—continued
770
(a)
Post
Holdings,
Inc
$
80,203
2,638
Primo
Water
Corp
57,667
4
Seaboard
Corp
12,643
134
(a)
Seneca
Foods
Corp
7,692
1,484
(a)
Simply
Good
Foods
Co
53,617
1,555
(a)
SunOpta,
Inc
8,397
964
(a)
TreeHouse
Foods,
Inc
35,321
190
Turning
Point
Brands,
Inc
6,097
4,558
Tyson
Foods,
Inc
(Class
A)
260,444
318
Universal
Corp
15,324
803
Utz
Brands,
Inc
13,362
2,682
Vector
Group
Ltd
28,349
454
(a)
Vita
Coco
Co,
Inc
12,644
420
(a)
Vital
Farms,
Inc
19,643
1,057
WK
Kellogg
Co
17,398
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
19,895,991
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4
.7
%
27,480
Abbott
Laboratories
2,855,447
1,593
(a)
Acadia
Healthcare
Co,
Inc
107,591
1,237
(a)
Accolade,
Inc
4,428
1,473
(a)
Accuray,
Inc
2,681
1,314
(a)
AdaptHealth
Corp
13,140
230
(a)
Addus
HomeCare
Corp
26,705
4,406
(a)
agilon
health,
Inc
28,815
1,212
(a)
Align
Technology,
Inc
292,613
1,430
(a)
Alignment
Healthcare,
Inc
11,183
996
(a)
Alphatec
Holdings,
Inc
10,408
448
(a)
Amedisys,
Inc
41,126
2,642
AmerisourceBergen
Corp
595,243
740
(a)
AMN
Healthcare
Services,
Inc
37,910
563
(a)
Angiodynamics,
Inc
3,406
640
(a)
Apollo
Medical
Holdings,
Inc
25,958
673
(a)
AtriCure,
Inc
15,324
27
Atrion
Corp
12,216
725
(a)
Avanos
Medical,
Inc
14,442
2,914
(a)
Aveanna
Healthcare
Holdings,
Inc
8,043
560
(a)
Axogen,
Inc
4,054
738
(a)
Axonics,
Inc
49,616
8,045
Baxter
International,
Inc
269,105
4,607
Becton
Dickinson
&
Co
1,076,702
23,189
(a)
Boston
Scientific
Corp
1,785,785
2,873
(a)
Brookdale
Senior
Living,
Inc
19,623
3,932
Cardinal
Health,
Inc
386,594
373
(a)
Castle
Biosciences,
Inc
8,120
8,400
(a)
Centene
Corp
556,920
1,866
(a)
Certara,
Inc
25,844
2,819
(a)
Cerus
Corp
4,961
223
Chemed
Corp
120,995
4,390
Cigna
Group
1,451,202
422
Conmed
Corp
29,253
3,240
(a)
Cooper
Cos,
Inc
282,852
163
(a)
Corvel
Corp
41,446
544
(a)
Cross
Country
Healthcare,
Inc
7,529
480
(a)
CryoLife,
Inc
12,312
210
(a),(b)
CVRx,
Inc
2,518
20,052
CVS
Health
Corp
1,184,271
858
(a)
DaVita,
Inc
118,893
485
(a)
Definitive
Healthcare
Corp
2,648
3,750
Dentsply
Sirona,
Inc
93,412
6,275
(a)
DexCom,
Inc
711,459
1,250
(a)
DocGo,
Inc
3,862
1,826
(a)
Doximity,
Inc
51,073
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES—continued
9,461
(a)
Edwards
Lifesciences
Corp
$
873,913
3,693
Elevance
Health,
Inc
2,001,089
985
Embecta
Corp
12,313
1,608
Encompass
Health
Corp
137,950
804
(a)
Enhabit,
Inc
7,172
653
(a)
Enovis
Corp
29,516
981
Ensign
Group,
Inc
121,340
2,830
(a)
Envista
Holdings
Corp
47,063
1,677
(a)
Evolent
Health,
Inc
32,064
2,133
(a)
Figs,
Inc
11,369
350
(a)
Fulgent
Genetics,
Inc
6,867
6,722
GE
HealthCare
Technologies,
Inc
523,778
710
(a)
Glaukos
Corp
84,029
1,754
(a)
Globus
Medical,
Inc
120,131
1,770
(a)
Guardant
Health,
Inc
51,118
886
(a)
Haemonetics
Corp
73,299
3,076
HCA,
Inc
988,257
737
(a)
Health
Catalyst,
Inc
4,709
1,338
(a)
HealthEquity,
Inc
115,336
399
HealthStream,
Inc
11,132
2,125
(a)
Henry
Schein,
Inc
136,213
2,950
(a)
Hims
&
Hers
Health,
Inc
59,561
3,615
(a)
Hologic,
Inc
268,414
1,920
Humana,
Inc
717,408
362
(a)
ICU
Medical,
Inc
42,988
1,309
(a)
IDEXX
Laboratories,
Inc
637,745
779
(a)
Inari
Medical,
Inc
37,509
338
(a)
InfuSystem
Holdings,
Inc
2,309
1,218
(a)
Inmode
Ltd
22,216
200
(a)
Innovage
Holding
Corp
992
655
(a)
Inogen,
Inc
5,325
465
(a)
Inspire
Medical
Systems,
Inc
62,231
1,159
(a)
Insulet
Corp
233,886
572
(a)
Integer
Holdings
Corp
66,232
1,378
(a)
Integra
LifeSciences
Holdings
Corp
40,155
5,575
(a)
Intuitive
Surgical,
Inc
2,480,039
96
iRadimed
Corp
4,218
477
(a)
iRhythm
Technologies,
Inc
51,344
229
(a)
Joint
Corp
3,220
1,393
Labcorp
Holdings,
Inc
283,489
1,098
(a)
Lantheus
Holdings,
Inc
88,158
236
LeMaitre
Vascular,
Inc
19,418
1,584
(a),(b)
LifeStance
Health
Group,
Inc
7,777
892
(a)
LivaNova
plc
48,899
671
(a)
Masimo
Corp
84,506
2,083
McKesson
Corp
1,216,555
21,140
Medtronic
plc
1,663,929
985
(a)
Merit
Medical
Systems,
Inc
84,661
199
(a)
ModivCare,
Inc
5,222
939
(a)
Molina
Healthcare,
Inc
279,165
734
(a),(b)
Nano-X
Imaging
Ltd
5,388
173
National
Healthcare
Corp
18,753
208
National
Research
Corp
4,774
3,187
(a)
Neogen
Corp
49,813
2,015
(a)
NeoGenomics,
Inc
27,948
613
(a)
Nevro
Corp
5,161
1,767
(a)
Novocure
Ltd
30,269
758
(a)
Omnicell,
Inc
20,519
8,804
(a),(b)
Opko
Health,
Inc
11,005
366
(a)
OptimizeRx
Corp
3,660
2,503
(a)
Option
Care
Health,
Inc
69,333
1,144
(a)
OraSure
Technologies,
Inc
4,873
473
(a)
Orthofix
Medical,
Inc
6,272
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES—continued
333
(a)
OrthoPediatrics
Corp
$
9,577
1,223
(a)
Owens
&
Minor,
Inc
16,511
295
(a)
PACS
Group,
Inc
8,703
724
(a)
Paragon
28,
Inc
4,952
1,530
Patterson
Cos,
Inc
36,904
1,431
(a)
Pediatrix
Medical
Group,
Inc
10,804
524
(a)
Pennant
Group,
Inc
12,152
597
(a)
Penumbra,
Inc
107,442
419
(a)
PetIQ,
Inc
9,243
771
(a)
Phreesia,
Inc
16,345
1,445
Premier,
Inc
26,978
1,501
(a)
Privia
Health
Group,
Inc
26,087
555
(a)
PROCEPT
BioRobotics
Corp
33,905
1,198
(a)
Progyny,
Inc
34,275
2,372
(a)
Project
Roadrunner
Parent,
Inc
29,792
1,215
(a)
Pulmonx
Corp
7,703
1,740
Quest
Diagnostics,
Inc
238,171
828
(a)
QuidelOrtho
Corp
27,506
727
(a)
Quipt
Home
Medical
Corp
2,341
1,004
(a)
RadNet,
Inc
59,156
2,381
Resmed,
Inc
455,771
524
(a)
RxSight,
Inc
31,529
896
(a)
Schrodinger,
Inc
17,329
1,678
Select
Medical
Holdings
Corp
58,831
442
(a)
SI-BONE,
Inc
5,715
548
(a)
Silk
Road
Medical,
Inc
14,818
227
Simulations
Plus,
Inc
11,037
2,220
(a)
Solventum
Corp
117,394
793
(a)
STAAR
Surgical
Co
37,755
1,511
STERIS
plc
331,725
5,692
Stryker
Corp
1,936,703
987
(a)
Surgery
Partners,
Inc
23,481
300
(a)
SurModics,
Inc
12,612
280
(a)
Tactile
Systems
Technology,
Inc
3,343
1,069
(a)
Tandem
Diabetes
Care,
Inc
43,070
2,648
(a)
Teladoc
Health,
Inc
25,897
818
Teleflex,
Inc
172,050
1,569
(a)
Tenet
Healthcare
Corp
208,724
495
(a)
TransMedics
Group,
Inc
74,557
533
(a)
Treace
Medical
Concepts,
Inc
3,544
159
(a)
UFP
Technologies,
Inc
41,955
14,596
UnitedHealth
Group,
Inc
7,433,159
928
Universal
Health
Services,
Inc
(Class
B)
171,615
187
US
Physical
Therapy,
Inc
17,283
80
Utah
Medical
Products,
Inc
5,345
587
(a)
Varex
Imaging
Corp
8,647
2,278
(a)
Veeva
Systems,
Inc
416,897
611
(a)
Viemed
Healthcare,
Inc
4,002
3,280
Zimmer
Biomet
Holdings,
Inc
355,978
516
(a)
Zimvie,
Inc
9,417
374
(a),(b)
Zynex,
Inc
3,486
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
39,343,941
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1
.2
%
2,141
(a)
BellRing
Brands,
Inc
122,337
160
(a)
Central
Garden
&
Pet
Co
6,160
765
(a)
Central
Garden
and
Pet
Co
(Class
A)
25,268
3,870
Church
&
Dwight
Co,
Inc
401,242
1,958
Clorox
Co
267,208
12,878
Colgate-Palmolive
Co
1,249,681
5,109
(a)
Coty,
Inc
51,192
893
Edgewell
Personal
Care
Co
35,890
830
(a)
elf
Beauty,
Inc
174,898
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
HOUSEHOLD
&
PERSONAL
PRODUCTS—continued
1,154
Energizer
Holdings,
Inc
$
34,089
3,708
Estee
Lauder
Cos
(Class
A)
394,531
1,810
(a)
Herbalife
Ltd
18,806
253
Inter
Parfums,
Inc
29,356
29,812
Kenvue,
Inc
541,982
5,336
Kimberly-Clark
Corp
737,435
188
Medifast,
Inc
4,102
140
(a)
Nature's
Sunshine
Products,
Inc
2,110
938
Nu
Skin
Enterprises,
Inc
(Class
A)
9,886
61
Oil-Dri
Corp
of
America
3,909
1,877
(a)
Olaplex
Holdings,
Inc
2,891
37,416
Procter
&
Gamble
Co
6,170,647
455
Reynolds
Consumer
Products,
Inc
12,731
432
Spectrum
Brands
Holdings,
Inc
37,122
180
(a)
USANA
Health
Sciences,
Inc
8,143
1,168
(a)
Waldencast
plc
4,193
266
WD-40
Co
58,424
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
10,404,233
INSURANCE
-
2
.1
%
9,277
Aflac,
Inc
828,529
4,201
Allstate
Corp
670,732
699
(a)
AMBAC
Financial
Group,
Inc
8,961
1,177
American
Financial
Group,
Inc
144,795
10,778
American
International
Group,
Inc
800,159
299
Amerisafe,
Inc
13,123
3,169
Aon
plc
930,355
5,679
(a)
Arch
Capital
Group
Ltd
572,954
801
Assurant,
Inc
133,166
946
Assured
Guaranty
Ltd
72,984
1,011
Axis
Capital
Holdings
Ltd
71,427
735
(a)
Brighthouse
Financial,
Inc
31,855
3,793
Brown
&
Brown,
Inc
339,132
891
(a)
BRP
Group,
Inc
31,604
6,406
Chubb
Ltd
1,634,042
2,414
Cincinnati
Financial
Corp
285,093
261
CNA
Financial
Corp
12,024
1,716
CNO
Financial
Group,
Inc
47,568
428
Donegal
Group,
Inc
(Class
A)
5,513
488
Employers
Holdings,
Inc
20,803
180
(a)
Enstar
Group
Ltd
55,026
638
Everest
Re
Group
Ltd
243,091
311
F&G
Annuities
&
Life,
Inc
11,834
774
Fidelis
Insurance
Holdings
Ltd
12,624
4,083
Fidelity
National
Financial,
Inc
201,782
1,450
First
American
Financial
Corp
78,227
3,438
Gallagher
(Arthur
J.)
&
Co
891,508
8,098
(a)
Genworth
Financial,
Inc
(Class
A)
48,912
1,450
Globe
Life,
Inc
119,306
286
(a)
Goosehead
Insurance,
Inc
16,428
928
(a)
Greenlight
Capital
Re
Ltd
(Class
A)
12,157
476
Hanover
Insurance
Group,
Inc
59,709
4,675
Hartford
Financial
Services
Group,
Inc
470,024
121
HCI
Group,
Inc
11,153
370
(a),(b)
Hippo
Holdings,
Inc
6,360
637
Horace
Mann
Educators
Corp
20,779
23
Investors
Title
Co
4,143
648
James
River
Group
Holdings
Ltd
5,009
911
Kemper
Corp
54,050
347
Kinsale
Capital
Group,
Inc
133,692
657
(a),(b)
Lemonade,
Inc
10,840
2,568
Lincoln
National
Corp
79,865
2,721
Loews
Corp
203,368
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
INSURANCE—continued
217
(a)
Markel
Corp
$
341,918
7,785
Marsh
&
McLennan
Cos,
Inc
1,640,455
1,028
MBIA,
Inc
5,644
429
Mercury
General
Corp
22,797
9,361
Metlife,
Inc
657,049
35
National
Western
Life
Group,
Inc
17,393
579
(a)
NI
Holdings,
Inc
8,859
3,853
Old
Republic
International
Corp
119,058
3,027
(a)
Oscar
Health,
Inc
47,887
391
(a)
Palomar
Holdings,
Inc
31,730
614
Primerica,
Inc
145,260
3,800
Principal
Financial
Group
298,110
820
(a)
ProAssurance
Corp
10,020
9,278
Progressive
Corp
1,927,133
5,690
Prudential
Financial,
Inc
666,811
1,025
Reinsurance
Group
of
America,
Inc
(Class
A)
210,402
795
RenaissanceRe
Holdings
Ltd
177,690
600
RLI
Corp
84,414
1,568
Ryan
Specialty
Holdings,
Inc
90,803
227
Safety
Insurance
Group,
Inc
17,032
1,030
Selective
Insurance
Group,
Inc
96,645
1,153
(a)
SiriusPoint
Ltd
14,067
355
(a)
Skyward
Specialty
Insurance
Group,
Inc
12,844
351
Stewart
Information
Services
Corp
21,790
433
Tiptree,
Inc
7,140
3,668
Travelers
Cos,
Inc
745,851
628
(a)
Trupanion,
Inc
18,463
338
United
Fire
Group,
Inc
7,264
503
Universal
Insurance
Holdings,
Inc
9,436
2,714
Unum
Group
138,713
3,228
W.R.
Berkley
Corp
253,656
41
White
Mountains
Insurance
Group
Ltd
74,515
1,632
Willis
Towers
Watson
plc
427,812
TOTAL
INSURANCE
17,753,367
MATERIALS
-
2
.5
%
461
AdvanSix,
Inc
10,566
3,528
Air
Products
&
Chemicals,
Inc
910,400
1,837
Albemarle
Corp
175,470
3,014
Alcoa
Corp
119,897
2,222
(a)
Allegheny
Technologies,
Inc
123,210
188
Alpha
Metallurgical
Resources,
Inc
52,740
24,122
Amcor
plc
235,913
429
American
Vanguard
Corp
3,689
939
Aptargroup,
Inc
132,221
16,605
(a)
Arcadium
Lithium
plc
55,793
243
Arch
Resources,
Inc
36,992
1,615
Ardagh
Metal
Packaging
S.A.
5,491
912
Ashland,
Inc
86,175
821
(a)
Aspen
Aerogels,
Inc
19,581
1,228
Avery
Dennison
Corp
268,502
1,490
Avient
Corp
65,038
3,718
(a)
Axalta
Coating
Systems
Ltd
127,044
605
Balchem
Corp
93,140
5,069
Ball
Corp
304,241
1,792
Berry
Global
Group,
Inc
105,459
953
Cabot
Corp
87,571
235
Caledonia
Mining
Corp
plc
2,284
799
Carpenter
Technology
Corp
87,554
1,678
Celanese
Corp
(Series
A)
226,345
831
(a)
Century
Aluminum
Co
13,919
3,003
CF
Industries
Holdings,
Inc
222,582
2,216
Chemours
Co
50,015
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
MATERIALS—continued
261
(a)
Clearwater
Paper
Corp
$
12,651
7,384
(a)
Cleveland-Cliffs,
Inc
113,640
4,597
(a)
Coeur
Mining,
Inc
25,835
1,719
Commercial
Metals
Co
94,528
532
Compass
Minerals
International,
Inc
5,496
1,802
(a)
Constellium
SE
33,968
11,133
Corteva,
Inc
600,514
10,795
CRH
plc
809,409
1,750
Crown
Holdings,
Inc
130,183
1,053
(a)
Dakota
Gold
Corp
2,685
1,647
(a)
Danimer
Scientific,
Inc
993
11,244
Dow,
Inc
596,494
6,667
DuPont
de
Nemours,
Inc
536,627
591
Eagle
Materials,
Inc
128,519
1,930
Eastman
Chemical
Co
189,082
3,899
Ecolab,
Inc
927,962
868
(a)
Ecovyst,
Inc
7,786
3,499
Element
Solutions,
Inc
94,893
2,023
FMC
Corp
116,424
22,778
Freeport-McMoRan,
Inc
(Class
B)
1,107,011
400
FutureFuel
Corp
2,052
4,828
Graphic
Packaging
Holding
Co
126,542
395
Greif,
Inc
(Class
A)
22,701
87
Greif,
Inc
(Class
B)
5,437
784
H.B.
Fuller
Co
60,337
284
Hawkins,
Inc
25,844
193
Haynes
International,
Inc
11,329
9,435
Hecla
Mining
Co
45,760
3,269
Huntsman
Corp
74,435
2,702
(a),(b)
i-80
Gold
Corp
2,918
749
(a)
Ingevity
Corp
32,739
373
Innospec,
Inc
46,099
4,020
International
Flavors
&
Fragrances,
Inc
382,744
5,613
International
Paper
Co
242,201
149
(a)
Intrepid
Potash,
Inc
3,491
806
(a),(b)
Ivanhoe
Electric,
Inc
7,560
261
Kaiser
Aluminum
Corp
22,942
749
(a)
Knife
River
Corp
52,535
315
Koppers
Holdings,
Inc
11,652
357
Kronos
Worldwide,
Inc
4,480
7,623
Linde
plc
3,345,049
948
Louisiana-Pacific
Corp
78,049
542
(a)
LSB
Industries,
Inc
4,434
4,056
LyondellBasell
Industries
NV
387,997
1,001
Martin
Marietta
Materials,
Inc
542,342
300
Materion
Corp
32,439
788
(a)
Metals
Acquisition
Ltd
10,788
402
Minerals
Technologies,
Inc
33,430
4,782
Mosaic
Co
138,200
1,500
(a),(b)
MP
Materials
Corp
19,095
371
Myers
Industries,
Inc
4,964
95
NewMarket
Corp
48,979
18,366
Newmont
Goldcorp
Corp
768,984
3,868
(a)
Novagold
Resources,
Inc
13,383
3,905
Nucor
Corp
617,302
2,284
(a)
O-I
Glass,
Inc
25,421
2,013
Olin
Corp
94,913
163
Olympic
Steel,
Inc
7,307
1,050
Orion
S.A.
23,037
1,390
Packaging
Corp
of
America
253,758
499
Pactiv
Evergreen,
Inc
5,649
2,514
(a)
Perimeter
Solutions
S.A.
19,685
282
(a),(b)
Piedmont
Lithium,
Inc
2,814
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
MATERIALS—continued
3,717
PPG
Industries,
Inc
$
467,933
1,897
(a)
PureCycle
Technologies,
Inc
11,230
201
Quaker
Chemical
Corp
34,110
376
Ramaco
Resources,
Inc
4,681
564
(a)
Ranpak
Holdings
Corp
3,627
877
(a)
Rayonier
Advanced
Materials,
Inc
4,771
863
Reliance
Steel
&
Aluminum
Co
246,473
1,158
Royal
Gold,
Inc
144,935
1,998
RPM
International,
Inc
215,145
272
Ryerson
Holding
Corp
5,304
421
Schnitzer
Steel
Industries,
Inc
(Class
A)
6,429
1,019
Schweitzer-Mauduit
International,
Inc
17,282
716
Scotts
Miracle-Gro
Co
(Class
A)
46,583
2,582
Sealed
Air
Corp
89,828
804
Sensient
Technologies
Corp
59,649
3,736
Sherwin-Williams
Co
1,114,934
1,204
Silgan
Holdings,
Inc
50,965
1,381
Sonoco
Products
Co
70,044
1,352
Southern
Copper
Corp
145,664
3,317
SSR
Mining,
Inc
14,960
2,410
Steel
Dynamics,
Inc
312,095
410
Stepan
Co
34,424
2,029
(a)
Summit
Materials,
Inc
74,282
1,010
SunCoke
Energy,
Inc
9,898
619
Sylvamo
Corp
42,463
717
(a)
TimkenSteel
Corp
14,534
394
Tredegar
Corp
1,887
716
Trimas
Corp
18,301
1,767
Tronox
Holdings
plc
27,724
30
United
States
Lime
&
Minerals,
Inc
10,925
3,441
United
States
Steel
Corp
130,070
2,070
Vulcan
Materials
Co
514,768
816
Warrior
Met
Coal,
Inc
51,220
559
Westlake
Chemical
Corp
80,954
4,393
Westrock
Co
220,792
702
Worthington
Industries,
Inc
33,226
702
Worthington
Steel,
Inc
23,419
TOTAL
MATERIALS
21,173,878
MEDIA
&
ENTERTAINMENT
-
7
.8
%
988
(a)
Advantage
Solutions,
Inc
3,181
78,176
Alphabet,
Inc
14,339,042
93,293
Alphabet,
Inc
(Class
A)
16,993,320
4,333
(a)
AMC
Entertainment
Holdings,
Inc
21,578
543
(a)
AMC
Networks,
Inc
5,245
632
(a)
Atlanta
Braves
Holdings,
Inc
24,926
170
(a)
Atlanta
Braves
Holdings,
Inc
7,026
380
(a)
Boston
Omaha
Corp
5,115
1,441
(a)
Bumble,
Inc
15,145
92
(b)
Cable
One,
Inc
32,568
1,657
(a)
Cargurus,
Inc
43,413
1,131
(a)
Cars.com,
Inc
22,281
1,494
(a)
Charter
Communications,
Inc
446,646
2,021
(a)
Cinemark
Holdings,
Inc
43,694
6,287
(a)
Clear
Channel
Outdoor
Holdings,
Inc
8,865
61,816
Comcast
Corp
(Class
A)
2,420,715
17
(a)
Daily
Journal
Corp
6,706
4,314
Electronic
Arts,
Inc
601,070
1,005
Entravision
Communications
Corp
(Class
A)
2,040
1,205
(a)
Eventbrite,
Inc
5,832
249
(a)
EverQuote,
Inc
5,194
916
(a)
EW
Scripps
Co
(Class
A)
2,876
4,099
Fox
Corp
(Class
A)
140,883
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
MEDIA
&
ENTERTAINMENT—continued
2,613
Fox
Corp
(Class
B)
$
83,668
4,657
(a),(b)
fuboTV,
Inc
5,775
2,328
(a)
Gannett
Co,
Inc
10,732
1,547
Gray
Television,
Inc
8,044
1,354
(a)
IAC,
Inc
63,435
902
(a)
IMAX
Corp
15,127
556
(a)
Integral
Ad
Science
Holding
Corp
5,404
6,397
Interpublic
Group
of
Cos,
Inc
186,089
693
John
Wiley
&
Sons,
Inc
(Class
A)
28,205
1,804
(a)
Liberty
Broadband
Corp
98,895
365
(a)
Liberty
Broadband
Corp
(Class
A)
19,929
398
(a)
Liberty
Media
Corp-Liberty
Formula
One
(Class
A)
25,564
3,000
(a)
Liberty
Media
Corp-Liberty
Formula
One
(Class
C)
215,520
382
(a)
Liberty
Media
Corp-Liberty
Live
(Class
A)
14,329
869
(a)
Liberty
Media
Corp-Liberty
Live
(Class
C)
33,257
2,909
(a)
Liberty
Media
Corp-Liberty
SiriusXM
64,463
1,463
(a)
Liberty
Media
Corp-Liberty
SiriusXM
(Class
A)
32,405
786
(a)
Lions
Gate
Entertainment
Corp
(Class
A)
7,404
1,776
(a)
Lions
Gate
Entertainment
Corp
(Class
B)
15,220
2,523
(a)
Live
Nation,
Inc
236,506
585
(a)
Madison
Square
Garden
Entertainment
Corp
20,025
336
(a)
Madison
Square
Garden
Sports
Corp
63,212
2,210
(a)
Magnite,
Inc
29,371
294
Marcus
Corp
3,343
4,264
(a)
Match
Group,
Inc
129,540
278
(a)
MediaAlpha,
Inc
3,661
34,775
Meta
Platforms,
Inc
17,534,250
6,791
(a)
NetFlix,
Inc
4,583,110
2,321
New
York
Times
Co
(Class
A)
118,858
6,379
News
Corp
(Class
A)
175,869
1,884
News
Corp
(Class
B)
53,487
582
Nexstar
Media
Group,
Inc
96,618
1,900
(a)
Nextdoor
Holdings,
Inc
5,282
3,015
Omnicom
Group,
Inc
270,445
692
(a)
Outbrain,
Inc
3,446
89
Paramount
Global
(Class
A)
1,636
9,969
Paramount
Global
(Class
B)
103,578
9,171
(a)
Pinterest,
Inc
404,166
1,390
(a)
Playstudios,
Inc
2,877
896
Playtika
Holding
Corp
7,052
683
(a)
PubMatic,
Inc
13,872
1,085
(a)
QuinStreet,
Inc
18,000
378
(a)
Reservoir
Media,
Inc
2,986
8,068
(a)
ROBLOX
Corp
300,210
2,026
(a)
Roku,
Inc
121,418
438
Scholastic
Corp
15,536
366
Shutterstock,
Inc
14,164
862
(b)
Sinclair,
Inc
11,490
8,125
(b)
Sirius
XM
Holdings,
Inc
22,994
496
(a)
Sphere
Entertainment
Co
17,390
2,290
(a)
Spotify
Technology
S.A.
718,579
1,314
(a)
Stagwell,
Inc
8,961
2,593
(a)
Take-Two
Interactive
Software,
Inc
403,186
378
(a)
TechTarget,
Inc
11,782
2,032
TEGNA,
Inc
28,326
380
(a)
Thryv
Holdings,
Inc
6,772
1,220
TKO
Group
Holdings,
Inc
131,748
1,758
(a)
TripAdvisor,
Inc
31,310
1,632
(a)
TrueCar,
Inc
5,108
857
(a)
Trump
Media
&
Technology
Group
Corp
28,067
2,350
(a)
Vimeo,
Inc
8,765
448
(a),(b)
Vivid
Seats,
Inc
2,576
29,024
Walt
Disney
Co
2,881,793
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
MEDIA
&
ENTERTAINMENT—continued
37,145
(a)
Warner
Bros
Discovery,
Inc
$
276,359
736
(a)
WideOpenWest,
Inc
3,982
1,209
(a)
Yelp,
Inc
44,673
795
(a)
Ziff
Davis,
Inc
43,765
1,228
(a)
ZipRecruiter,
Inc
11,163
4,927
(a)
ZoomInfo
Technologies,
Inc
62,918
TOTAL
MEDIA
&
ENTERTAINMENT
65,225,051
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
7
.0
%
1,510
(a)
10X
Genomics,
Inc
29,370
646
(a),(b)
2seventy
bio,
Inc
2,487
684
(a)
4D
Molecular
Therapeutics,
Inc
14,357
1,031
(a)
89bio,
Inc
8,258
28,127
AbbVie,
Inc
4,824,343
2,077
(a)
Acadia
Pharmaceuticals,
Inc
33,751
1,090
(a),(b)
ACELYRIN,
Inc
4,807
488
(a),(b)
Actinium
Pharmaceuticals,
Inc
3,611
2,888
(a)
Adaptive
Biotechnologies
Corp
10,455
3,230
(a)
ADMA
Biologics,
Inc
36,111
190
(a),(b)
Aerovate
Therapeutics,
Inc
315
322
(a)
Agenus,
Inc
5,394
4,743
Agilent
Technologies,
Inc
614,835
1,081
(a)
Agios
Pharmaceuticals,
Inc
46,613
1,048
(a)
Akero
Therapeutics,
Inc
24,586
144
(a),(b)
Akoya
Biosciences,
Inc
337
717
(a)
Aldeyra
Therapeutics,
Inc
2,373
1,021
(a)
Alector,
Inc
4,635
2,871
(a)
Alkermes
plc
69,191
1,319
(a)
Allogene
Therapeutics,
Inc
3,073
2,045
(a)
Alnylam
Pharmaceuticals,
Inc
496,935
827
(a),(b)
Altimmune,
Inc
5,500
1,052
(a),(b)
ALX
Oncology
Holdings,
Inc
6,344
8,513
Amgen,
Inc
2,659,887
4,499
(a)
Amicus
Therapeutics,
Inc
44,630
2,013
(a)
Amneal
Pharmaceuticals,
Inc
12,783
552
(a)
Amphastar
Pharmaceuticals,
Inc
22,080
305
(a)
AnaptysBio,
Inc
7,643
1,126
(a),(b)
Anavex
Life
Sciences
Corp
4,752
258
(a)
ANI
Pharmaceuticals,
Inc
16,429
216
(a)
Anika
Therapeutics,
Inc
5,471
1,130
(a)
Annexon,
Inc
5,537
1,622
(a)
Apellis
Pharmaceuticals,
Inc
62,220
655
(a)
Apogee
Therapeutics,
Inc
25,774
1,513
(a),(b)
Arbutus
Biopharma
Corp
4,675
630
(a)
Arcellx,
Inc
34,770
607
(a)
Arcturus
Therapeutics
Holdings,
Inc
14,780
799
(a)
Arcus
Biosciences,
Inc
12,169
1,658
(a)
Arcutis
Biotherapeutics,
Inc
15,419
3,415
(a)
Ardelyx,
Inc
25,305
1,723
(a)
Arrowhead
Pharmaceuticals,
Inc
44,781
552
(a)
ARS
Pharmaceuticals,
Inc
4,698
937
(a)
Arvinas,
Inc
24,943
425
(a)
Astria
Therapeutics,
Inc
3,868
1,067
(a)
Atea
Pharmaceuticals,
Inc
3,532
338
(a)
Aura
Biosciences,
Inc
2,555
2,219
(a)
Aurinia
Pharmaceuticals,
Inc
12,671
1,424
(a)
Avadel
Pharmaceuticals
PLC
20,021
10,369
(a)
Avantor,
Inc
219,823
989
(a)
Avid
Bioservices,
Inc
7,062
1,580
(a)
Avidity
Biosciences,
Inc
64,543
414
(a)
Avita
Medical,
Inc
3,279
533
(a),(b)
Axsome
Therapeutics,
Inc
42,907
1,068
(a)
Beam
Therapeutics,
Inc
25,023
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES—continued
2,996
(a)
BioCryst
Pharmaceuticals,
Inc
$
18,515
2,349
(a)
Biogen,
Inc
544,545
1,167
(a)
Biohaven
Ltd
40,507
571
(a)
BioLife
Solutions,
Inc
12,237
3,026
(a)
BioMarin
Pharmaceutical,
Inc
249,131
334
(a),(b)
Biomea
Fusion,
Inc
1,503
315
(a)
Bio-Rad
Laboratories,
Inc
(Class
A)
86,030
2,628
Bio-Techne
Corp
188,296
1,786
(a),(b)
Bluebird
Bio,
Inc
1,758
975
(a)
Blueprint
Medicines
Corp
105,086
2,174
(a)
Bridgebio
Pharma,
Inc
55,067
32,244
Bristol-Myers
Squibb
Co
1,339,093
894
(a)
Brooks
Automation,
Inc
47,042
1,736
Bruker
BioSciences
Corp
110,774
427
(a),(b)
Cabaletta
Bio,
Inc
3,194
831
(a)
CareDx,
Inc
12,905
334
(a)
Cargo
Therapeutics,
Inc
5,484
983
(a)
Caribou
Biosciences,
Inc
1,612
656
(a),(b)
Cassava
Sciences,
Inc
8,102
2,958
(a)
Catalent,
Inc
166,328
2,132
(a)
Catalyst
Pharmaceuticals,
Inc
33,025
422
(a)
Celcuity,
Inc
6,912
777
(a)
Celldex
Therapeutics,
Inc
28,757
397
(a)
Century
Therapeutics,
Inc
1,012
982
(a)
Cerevel
Therapeutics
Holdings,
Inc
40,154
321
(a)
CG
oncology,
Inc
10,134
837
(a)
Charles
River
Laboratories
International,
Inc
172,907
854
(a),(c)
Chinook
Therapeutics,
Inc
333
5,038
(a)
Codexis,
Inc
15,618
1,087
(a)
Cogent
Biosciences,
Inc
9,163
773
(a)
Collegium
Pharmaceutical,
Inc
24,891
1,591
(a)
Compass
Therapeutics,
Inc
1,591
1,611
(a)
Corcept
Therapeutics,
Inc
52,341
889
(a)
CorMedix,
Inc
3,849
1,198
(a)
Crinetics
Pharmaceuticals,
Inc
53,658
670
(a)
CryoPort,
Inc
4,630
427
(a)
Cullinan
Oncology,
Inc
7,447
1,861
(a)
Cytek
Biosciences,
Inc
10,384
1,742
(a)
Cytokinetics,
Inc
94,382
10,522
Danaher
Corp
2,628,922
722
(a)
Day
One
Biopharmaceuticals,
Inc
9,949
1,799
(a)
Denali
Therapeutics,
Inc
41,773
578
(a)
Design
Therapeutics,
Inc
1,936
139
(a)
Disc
Medicine,
Inc
6,265
1,903
(a)
Dynavax
Technologies
Corp
21,371
1,256
(a)
Dyne
Therapeutics,
Inc
44,324
1,121
(a)
Edgewise
Therapeutics,
Inc
20,189
1,580
(a)
Editas
Medicine,
Inc
7,379
7,744
(a)
Elanco
Animal
Health,
Inc
111,746
13,514
Eli
Lilly
&
Co
12,235,305
301
(a)
Enanta
Pharmaceuticals,
Inc
3,904
352
(a)
Enliven
Therapeutics,
Inc
8,226
380
(a)
Entrada
Therapeutics,
Inc
5,415
1,213
(a)
Erasca,
Inc
2,863
533
(a)
Evolus,
Inc
5,783
2,917
(a)
Exact
Sciences
Corp
123,243
5,221
(a)
Exelixis,
Inc
117,316
625
(a),(b)
EyePoint
Pharmaceuticals,
Inc
5,438
2,725
(a)
Fate
Therapeutics,
Inc
8,938
410
(a)
Foghorn
Therapeutics,
Inc
2,358
1,498
(a)
Fortrea
Holdings,
Inc
34,963
744
(a)
Generation
Bio
Co
2,098
7,738
(a)
Geron
Corp
32,809
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES—continued
19,842
Gilead
Sciences,
Inc
$
1,361,360
441
(a)
GRAIL,
Inc
6,771
1,788
(a)
Halozyme
Therapeutics,
Inc
93,620
405
(a)
Harmony
Biosciences
Holdings,
Inc
12,219
367
(a),(b)
Harrow
Health,
Inc
7,667
674
(a)
Harvard
Bioscience,
Inc
1,921
268
(a)
Heron
Therapeutics,
Inc
938
256
(a)
HilleVax,
Inc
3,702
1,440
(a),(b)
Humacyte,
Inc
6,912
1,134
(a)
Ideaya
Biosciences,
Inc
39,815
344
(a),(b)
IGM
Biosciences,
Inc
2,363
2,643
(a)
Illumina,
Inc
275,876
2,150
(a),(b)
ImmunityBio,
Inc
13,588
800
(a)
Immunome,
Inc
9,680
892
(a)
Immunovant,
Inc
23,549
3,159
(a)
Incyte
Corp
191,499
119
(a)
Inhibrx
Biosciences,
Inc
1,686
477
(a),(c)
Inhibrx,
Inc
309
1,186
(a)
Innoviva,
Inc
19,450
608
(a),(b)
Inozyme
Pharma,
Inc
2,712
2,420
(a)
Insmed,
Inc
162,140
1,443
(a)
Intellia
Therapeutics,
Inc
32,294
1,517
(a)
Intra-Cellular
Therapies,
Inc
103,899
2,335
(a)
Ionis
Pharmaceuticals,
Inc
111,286
3,405
(a)
Iovance
Biotherapeutics,
Inc
27,308
2,872
(a)
IQVIA
Holdings,
Inc
607,256
2,421
(a)
Ironwood
Pharmaceuticals,
Inc
15,785
343
(a)
iTeos
Therapeutics,
Inc
5,090
435
(a)
Janux
Therapeutics,
Inc
18,222
1,000
(a)
Jazz
Pharmaceuticals
plc
106,730
38,358
Johnson
&
Johnson
5,606,405
390
(a)
KalVista
Pharmaceuticals,
Inc
4,594
337
(a)
Keros
Therapeutics,
Inc
15,401
561
(a)
Kiniksa
Pharmaceuticals
Ltd
10,474
557
(a)
Kodiak
Sciences,
Inc
1,309
380
(a)
Krystal
Biotech,
Inc
69,783
1,038
(a)
Kura
Oncology,
Inc
21,372
584
(a)
Kymera
Therapeutics,
Inc
17,432
969
(a)
Larimar
Therapeutics,
Inc
7,025
164
(b)
LENZ
Therapeutics,
Inc
2,836
1,227
(a)
Lexicon
Pharmaceuticals,
Inc
2,061
305
(a)
Ligand
Pharmaceuticals,
Inc
(Class
B)
25,699
2,773
(a),(b)
Lineage
Cell
Therapeutics,
Inc
2,766
933
(a)
Liquidia
Corp
11,196
349
(a)
Longboard
Pharmaceuticals,
Inc
9,434
4,483
(a),(b)
Lyell
Immunopharma,
Inc
6,500
171
(a)
MacroGenics,
Inc
727
273
(a),(b)
Madrigal
Pharmaceuticals,
Inc
76,484
371
(a)
Magenta
Therapeutics,
Inc
9,602
4,140
(a)
MannKind
Corp
21,611
1,760
(a)
Maravai
LifeSciences
Holdings,
Inc
12,602
1,600
(a)
MaxCyte,
Inc
6,272
394
(a)
Medpace
Holdings,
Inc
162,269
1,264
(a)
MeiraGTx
Holdings
plc
5,321
40,258
Merck
&
Co,
Inc
4,983,940
49
Mesa
Laboratories,
Inc
4,252
339
(a)
Mettler-Toledo
International,
Inc
473,783
1,942
(a)
MiMedx
Group,
Inc
13,458
215
(a)
Mineralys
Therapeutics,
Inc
2,516
461
(a)
Mirum
Pharmaceuticals,
Inc
15,762
5,135
(a)
Moderna,
Inc
609,781
579
(a)
Monte
Rosa
Therapeutics,
Inc
2,165
456
(a)
Morphic
Holding,
Inc
15,536
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES—continued
1,296
(a)
Myriad
Genetics,
Inc
$
31,700
1,779
(a)
Natera,
Inc
192,648
1,816
(a)
Nautilus
Biotechnology,
Inc
4,249
1,279
(a)
Neumora
Therapeutics,
Inc
12,573
1,620
(a)
Neurocrine
Biosciences,
Inc
223,025
1,017
(a)
Nkarta,
Inc
6,011
1,714
(a),(b)
Novavax,
Inc
21,699
774
(a)
Nurix
Therapeutics,
Inc
16,153
392
(a)
Nuvalent,
Inc
29,737
4,693
(a)
Nuvation
Bio,
Inc
13,704
2,421
(a)
Ocular
Therapeutix,
Inc
16,560
486
(a)
Olema
Pharmaceuticals,
Inc
5,259
115
(a),(c)
OmniAb
Operations,
Inc
1
115
(a),(c)
OmniAb
Operations,
Inc
1
1,496
(a)
OmniAb,
Inc
5,610
1,082
(a)
Organogenesis
Holdings,
Inc
3,030
3,926
Organon
&
Co
81,268
684
(a)
ORIC
Pharmaceuticals,
Inc
4,836
1,735
(a)
Ovid
therapeutics,
Inc
1,335
686
(a)
Pacira
BioSciences,
Inc
19,626
205
(a)
PepGen,
Inc
3,272
1,982
PerkinElmer,
Inc
207,833
2,396
Perrigo
Co
plc
61,529
90,043
Pfizer,
Inc
2,519,403
326
(a),(b)
Phathom
Pharmaceuticals,
Inc
3,358
293
Phibro
Animal
Health
Corp
4,914
845
(a)
Pliant
Therapeutics,
Inc
9,084
1,693
(a)
Poseida
Therapeutics,
Inc
4,944
268
(a)
Praxis
Precision
Medicines,
Inc
11,085
4,045
(a),(b)
Precigen,
Inc
6,391
2,993
(a)
Prelude
Therapeutics,
Inc
11,403
817
(a)
Prestige
Consumer
Healthcare,
Inc.
56,250
667
(a),(b)
Prime
Medicine,
Inc
3,428
1,100
(a)
ProKidney
Corp
2,706
892
(a)
Protagonist
Therapeutics,
Inc
30,908
672
(a)
Prothena
Corp
plc
13,870
1,091
(a)
PTC
Therapeutics,
Inc
33,363
3,404
QIAGEN
NV
139,870
537
(a)
Quanterix
Corp
7,094
4,583
(a),(b)
Quantum-Si,
Inc
4,812
468
(a)
RAPT
Therapeutics,
Inc
1,427
2,378
(a),(b)
Recursion
Pharmaceuticals,
Inc
17,835
1,646
(a)
Regeneron
Pharmaceuticals,
Inc
1,729,995
696
(a)
REGENXBIO,
Inc
8,143
1,583
(a)
Relay
Therapeutics,
Inc
10,321
918
(a)
Repligen
Corp
115,723
560
(a)
Replimune
Group,
Inc
5,040
1,255
(a)
Revance
Therapeutics,
Inc
3,225
2,180
(a)
REVOLUTION
Medicines,
Inc
84,606
818
(a)
Rhythm
Pharmaceuticals,
Inc
33,587
1
(a)
Rigel
Pharmaceuticals,
Inc
7
870
(a)
Rocket
Pharmaceuticals,
Inc
18,731
5,899
(a)
Roivant
Sciences
Ltd
62,352
6,056
Royalty
Pharma
plc
159,697
944
(a)
Sage
Therapeutics,
Inc
10,252
2,069
(a)
Sana
Biotechnology,
Inc
11,297
1,450
(a)
Sarepta
Therapeutics,
Inc
229,100
1,798
(a)
Savara,
Inc
7,246
1,134
(a),(b)
Scholar
Rock
Holding
Corp
9,446
424
(a)
scPharmaceuticals,
Inc
1,844
842
SIGA
Technologies,
Inc
6,391
338
(a)
Soleno
Therapeutics,
Inc
13,790
1,974
(a),(c)
Sorrento
Therapeutics,
Inc
3,668
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES—continued
1,436
(a)
Sotera
Health
Co
$
17,045
896
(a)
SpringWorks
Therapeutics,
Inc
33,752
538
(a)
Spyre
Therapeutics,
Inc
12,648
622
(a)
Stoke
Therapeutics,
Inc
8,403
1,773
(a)
Summit
Therapeutics,
Inc
13,829
725
(a)
Supernus
Pharmaceuticals,
Inc
19,394
730
(a)
Sutro
Biopharma,
Inc
2,139
1,070
(a)
Syndax
Pharmaceuticals,
Inc
21,967
905
(a)
Tango
Therapeutics,
Inc
7,765
356
(a)
Tarsus
Pharmaceuticals,
Inc
9,676
1,087
(a)
Tenaya
Therapeutics,
Inc
3,370
693
(a)
Terns
Pharmaceuticals,
Inc
4,719
2,359
(a)
TG
Therapeutics,
Inc
41,967
1,031
(a)
Theravance
Biopharma,
Inc
8,743
6,064
Thermo
Fisher
Scientific,
Inc
3,353,392
1,139
(a)
Third
Harmonic
Bio,
Inc
14,807
940
(a)
Travere
Therapeutics,
Inc
7,727
941
(a)
Twist
Bioscience
Corp
46,373
356
(a)
Tyra
Biosciences,
Inc
5,692
1,344
(a)
Ultragenyx
Pharmaceutical,
Inc
55,238
700
(a)
United
Therapeutics
Corp
222,985
424
(a),(b)
UroGen
Pharma
Ltd
7,115
819
(a)
Vanda
Pharmaceuticals,
Inc
4,627
1,691
(a)
Vaxcyte,
Inc
127,687
732
(a)
Ventyx
Biosciences,
Inc
1,691
550
(a)
Vera
Therapeutics,
Inc
19,899
1,155
(a)
Veracyte,
Inc
25,029
796
(a)
Vericel
Corp
36,521
4,105
(a)
Vertex
Pharmaceuticals,
Inc
1,924,096
2,131
(a)
Verve
Therapeutics,
Inc
10,399
18,237
Viatris,
Inc
193,859
1,580
(a)
Viking
Therapeutics,
Inc
83,756
1,193
(a)
Vir
Biotechnology,
Inc
10,618
609
(a)
Viridian
Therapeutics,
Inc
7,923
496
(a)
Voyager
Therapeutics,
Inc
3,923
956
(a)
Waters
Corp
277,355
909
(a)
WaVe
Life
Sciences
Ltd
4,536
1,159
West
Pharmaceutical
Services,
Inc
381,763
2,079
(a)
X4
Pharmaceuticals,
Inc
1,206
962
(a)
Xencor,
Inc
18,211
3,180
(a)
Xeris
Biopharma
Holdings,
Inc
7,155
616
(a)
Y-mAbs
Therapeutics,
Inc
7,441
788
(a)
Zentalis
Pharmaceuticals,
Inc
3,223
597
(a)
Zevra
Therapeutics,
Inc
2,925
7,265
Zoetis,
Inc
1,259,460
888
(a)
Zymeworks,
Inc
7,557
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
58,956,507
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0
.1
%
2,208
(a)
Anywhere
Real
Estate,
Inc
7,309
4,803
(a)
CBRE
Group,
Inc
427,995
5,041
(a)
Compass,
Inc
18,148
3,367
(a)
Cushman
&
Wakefield
plc
35,017
2,419
DigitalBridge
Group,
Inc
33,140
1,235
(b)
eXp
World
Holdings,
Inc
13,937
240
(a)
Forestar
Group,
Inc
7,678
204
(a)
FRP
Holdings,
Inc
5,818
342
(a)
Howard
Hughes
Holdings,
Inc
22,168
776
(a)
Jones
Lang
LaSalle,
Inc
159,297
2,137
Kennedy-Wilson
Holdings,
Inc
20,772
406
Marcus
&
Millichap,
Inc
12,797
252
(a)
Maui
Land
&
Pineapple
Co,
Inc
5,557
2,520
Newmark
Group,
Inc
25,780
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT—continued
8,902
(a)
Opendoor
Technologies,
Inc
$
16,380
349
Re/Max
Holdings,
Inc
2,827
1,711
(a),(b)
Redfin
Corp
10,283
497
RMR
Group,
Inc
11,232
747
St.
Joe
Co
40,861
152
(a)
Stratus
Properties,
Inc
3,833
268
(a)
Tejon
Ranch
Co
4,572
181
(a)
Transcontinental
Realty
Investors,
Inc
5,019
1,056
(a)
Zillow
Group,
Inc
(Class
A)
47,562
2,670
(a)
Zillow
Group,
Inc
(Class
C)
123,861
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1,061,843
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
10
.6
%
759
(a)
ACM
Research,
Inc
17,503
25,593
(a)
Advanced
Micro
Devices,
Inc
4,151,441
407
(a),(b)
Aehr
Test
Systems
4,546
932
(a)
Allegro
MicroSystems,
Inc
26,320
441
(a)
Alpha
&
Omega
Semiconductor
Ltd
16,480
567
(a)
Ambarella,
Inc
30,590
1,705
Amkor
Technology,
Inc
68,234
7,930
Analog
Devices,
Inc
1,810,102
13,227
Applied
Materials,
Inc
3,121,440
309
(a)
Astera
Labs,
Inc
18,698
510
(a)
Axcelis
Technologies,
Inc
72,517
7,212
Broadcom,
Inc
11,579,082
333
(a)
Ceva,
Inc
6,424
821
(a)
Cirrus
Logic,
Inc
104,809
772
(a)
Cohu,
Inc
25,553
1,974
(a)
Credo
Technology
Group
Holding
Ltd
63,050
836
(a)
Diodes,
Inc
60,133
2,193
(a)
Enphase
Energy,
Inc
218,664
2,352
Entegris,
Inc
318,461
1,685
(a)
First
Solar,
Inc
379,900
1,150
(a)
Formfactor,
Inc
69,609
1,472
(a),(b)
GLOBALFOUNDRIES,
Inc
74,424
434
(a)
Ichor
Holdings
Ltd
16,731
346
(a)
Impinj,
Inc
54,242
2,044
(a),(b)
indie
Semiconductor,
Inc
12,611
67,474
Intel
Corp
2,089,670
2,145
KLA
Corp
1,768,574
970
Kulicke
&
Soffa
Industries,
Inc
47,714
2,077
Lam
Research
Corp
2,211,693
2,413
(a)
Lattice
Semiconductor
Corp
139,930
799
(a)
MACOM
Technology
Solutions
Holdings,
Inc
89,065
13,705
Marvell
Technology,
Inc
957,979
1,137
(a)
MaxLinear,
Inc
22,899
8,307
Microchip
Technology,
Inc
760,091
17,470
Micron
Technology,
Inc
2,297,829
1,013
MKS
Instruments,
Inc
132,278
741
Monolithic
Power
Systems,
Inc
608,865
1,749
(a)
Navitas
Semiconductor
Corp
6,874
85
NVE
Corp
6,349
377,453
Nvidia
Corp
46,630,544
6,919
(a)
ON
Semiconductor
Corp
474,297
783
(a)
Onto
Innovation,
Inc
171,915
409
(a)
PDF
Solutions,
Inc
14,879
1,020
(a)
Photronics,
Inc
25,163
990
Power
Integrations,
Inc
69,488
1,660
(a)
Qorvo,
Inc
192,626
17,735
QUALCOMM,
Inc
3,532,457
1,794
(a)
Rambus,
Inc
105,415
1,200
(a)
Semtech
Corp
35,856
591
(a)
Silicon
Laboratories,
Inc
65,382
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT—continued
272
(a)
SiTime
Corp
$
33,831
106
(a),(b)
SkyWater
Technology,
Inc
811
2,569
Skyworks
Solutions,
Inc
273,804
592
(a)
SMART
Global
Holdings,
Inc
13,539
653
(a)
Synaptics,
Inc
57,595
2,512
Teradyne,
Inc
372,504
14,424
Texas
Instruments,
Inc
2,805,901
789
(a)
Ultra
Clean
Holdings
38,661
754
Universal
Display
Corp
158,529
729
(a)
Veeco
Instruments,
Inc
34,052
1,949
(a),(b)
Wolfspeed,
Inc
44,359
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
88,612,982
SOFTWARE
&
SERVICES
-
11
.9
%
1,702
(a)
8x8,
Inc
3,778
978
A10
Networks,
Inc
13,545
9,964
Accenture
plc
3,023,177
2,058
(a)
ACI
Worldwide,
Inc
81,476
1,587
Adeia,
Inc
17,751
7,114
(a)
Adobe,
Inc
3,952,112
400
(a)
Agilysys,
Inc
41,656
2,449
(a)
Akamai
Technologies,
Inc
220,606
790
(a)
Alarm.com
Holdings,
Inc
50,197
641
(a)
Alkami
Technology,
Inc
18,256
864
(a)
Altair
Engineering,
Inc
84,741
1,940
Amdocs
Ltd
153,105
370
American
Software,
Inc
(Class
A)
3,378
894
(a)
Amplitude,
Inc
7,957
1,382
(a)
Ansys,
Inc
444,313
306
(a)
Appfolio,
Inc
74,838
674
(a)
Appian
Corp
20,800
1,093
(a),(b)
Applied
Digital
Corp
6,503
4,147
(a)
AppLovin
Corp
345,113
1,411
(a)
Asana,
Inc
19,740
492
(a)
Aspentech
Corp
97,726
343
(a)
Asure
Software,
Inc
2,881
2,437
(a)
Atlassian
Corp
Ltd
431,057
3,389
(a)
Autodesk,
Inc
838,608
2,036
(a)
AvePoint,
Inc
21,215
2,354
Bentley
Systems,
Inc
116,193
6,383
(a),(b)
BigBear.ai
Holdings,
Inc
9,638
1,087
(a)
BigCommerce
Holdings,
Inc
8,761
1,698
(a)
BILL
Holdings,
Inc
89,349
4,938
(a)
Bit
Digital,
Inc
15,703
860
(a)
Blackbaud,
Inc
65,506
875
(a)
BlackLine,
Inc
42,394
2,369
(a)
Box,
Inc
62,636
862
(a)
Braze,
Inc
33,480
1,287
(a),(b)
C3.ai,
Inc
37,272
4,275
(a)
Cadence
Design
Systems,
Inc
1,315,631
6,392
(a)
CCC
Intelligent
Solutions
Holdings,
Inc
71,015
664
(a)
Cerence,
Inc
1,879
2,239
(a)
Ceridian
HCM
Holding,
Inc
111,054
4,767
(a)
Cipher
Mining,
Inc
19,783
3,480
(a)
Cleanspark,
Inc
55,506
1,277
Clear
Secure,
Inc
23,893
2,122
(a)
Clearwater
Analytics
Holdings,
Inc
39,299
4,773
(a)
Cloudflare,
Inc
395,348
7,915
Cognizant
Technology
Solutions
Corp
(Class
A)
538,220
679
(a)
Commvault
Systems,
Inc
82,546
3,788
(a)
Confluent,
Inc
111,860
265
(a)
Consensus
Cloud
Solutions,
Inc
4,553
2,736
(a)
Core
Scientific,
Inc
25,445
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
SOFTWARE
&
SERVICES—continued
485
(a)
Couchbase,
Inc
$
8,856
3,453
(a)
Crowdstrike
Holdings,
Inc
1,323,155
430
(a)
CS
Disco,
Inc
2,563
4,717
(a)
Datadog,
Inc
611,748
348
(a),(b)
Digimarc
Corp
10,791
1,549
(a)
Digital
Turbine,
Inc
2,571
1,139
(a)
DigitalOcean
Holdings,
Inc
39,580
3,281
(a)
DocuSign,
Inc
175,534
895
Dolby
Laboratories,
Inc
(Class
A)
70,911
549
(a)
Domo,
Inc
4,238
1,815
(a)
DoubleVerify
Holdings,
Inc
35,338
4,214
(a)
Dropbox,
Inc
94,689
3,442
(a)
DXC
Technology
Co
65,708
3,878
(a)
Dynatrace,
Inc
173,502
3,144
(a)
E2open
Parent
Holdings,
Inc
14,117
543
(a)
eGain
Corp
3,426
1,268
(a)
Elastic
NV
144,438
349
(a)
Enfusion,
Inc
2,973
884
(a)
Envestnet,
Inc
55,330
857
(a)
EPAM
Systems,
Inc
161,210
638
(a)
Everbridge,
Inc
22,324
472
(a)
EverCommerce,
Inc
5,183
391
(a)
Fair
Isaac
Corp
582,066
1,817
(a)
Fastly,
Inc
13,391
1,139
(a)
Five9,
Inc
50,230
9,952
(a)
Fortinet,
Inc
599,807
3,124
(a)
Freshworks,
Inc
39,644
1,181
(a)
Gartner,
Inc
530,340
8,534
Gen
Digital,
Inc
213,179
1,859
(a)
Gitlab,
Inc
92,429
671
(a)
Globant
S.A.
119,612
2,316
(a)
GoDaddy,
Inc
323,568
699
(a)
Grid
Dynamics
Holdings,
Inc
7,346
1,428
(a)
Guidewire
Software,
Inc
196,907
450
Hackett
Group,
Inc
9,774
1,459
(a)
HashiCorp,
Inc
49,154
769
(a)
HubSpot,
Inc
453,549
112
(a)
IBEX
Holdings
Ltd
1,812
937
(a)
Informatica,
Inc
28,935
412
Information
Services
Group,
Inc
1,211
227
(a)
Instructure
Holdings,
Inc
5,314
596
(a)
Intapp,
Inc
21,855
322
(b)
InterDigital,
Inc
37,532
14,530
International
Business
Machines
Corp
2,512,964
4,343
Intuit,
Inc
2,854,263
1,086
(a)
Jamf
Holding
Corp
17,919
1,692
(a)
Kaltura,
Inc
2,030
3,355
(a)
Kyndryl
Holdings,
Inc
88,270
1,208
(a)
LiveRamp
Holdings,
Inc
37,376
1,006
(a)
Manhattan
Associates,
Inc
248,160
4,294
(a)
Marathon
Digital
Holdings,
Inc
85,236
5,907
(a)
Matterport,
Inc
26,404
365
(a)
MeridianLink,
Inc
7,796
118,043
Microsoft
Corp
52,759,319
248
(a),(b)
MicroStrategy,
Inc
(Class
A)
341,615
781
(a)
Mitek
Systems,
Inc
8,732
1,116
(a)
MongoDB,
Inc
278,955
1,055
(a)
N-able,
Inc
16,068
1,156
(a)
nCino
OpCo,
Inc
36,356
2,313
(a)
NCR
Corp
28,566
1,978
(a),(b)
NextNav,
Inc
16,042
4,029
(a)
Nutanix,
Inc
229,049
2,511
(a)
Okta,
Inc
235,055
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
SOFTWARE
&
SERVICES—continued
1,468
(a)
Olo,
Inc
$
6,489
710
(a)
ON24,
Inc
4,267
634
(a)
OneSpan,
Inc
8,128
24,871
Oracle
Corp
3,511,785
1,327
(a)
PagerDuty,
Inc
30,428
31,854
(a)
Palantir
Technologies,
Inc
806,862
4,907
(a)
Palo
Alto
Networks,
Inc
1,663,522
779
(a)
Paycor
HCM,
Inc
9,893
665
(a)
Paylocity
Holding
Corp
87,680
748
Pegasystems,
Inc
45,276
509
(a)
Perficient,
Inc
38,068
682
(a)
PowerSchool
Holdings,
Inc
15,270
1,625
(a)
Procore
Technologies,
Inc
107,754
766
Progress
Software
Corp
41,563
671
(a)
PROS
Holdings,
Inc
19,224
1,823
(a)
PTC,
Inc
331,184
877
(a)
Q2
Holdings,
Inc
52,909
667
(a)
Qualys,
Inc
95,114
930
(a)
Rapid7,
Inc
40,204
1,545
(a)
Rimini
Street,
Inc
4,743
1,417
(a)
RingCentral,
Inc
39,959
3,490
(a),(b)
Riot
Platforms,
Inc
31,899
1,656
Roper
Industries,
Inc
933,421
14,934
Salesforce,
Inc
3,839,531
433
Sapiens
International
Corp
NV
14,692
348
(a)
SEMrush
Holdings,
Inc
4,660
3,422
(a)
SentinelOne,
Inc
72,033
3,252
(a)
ServiceNow,
Inc
2,558,251
2,057
(a)
Smartsheet,
Inc
90,673
4,960
(a)
Snowflake,
Inc
670,046
668
SolarWinds
Corp
8,049
4,448
(a),(b)
SoundHound
AI,
Inc
17,570
307
(a)
SoundThinking,
Inc
3,739
1,168
(a)
Sprinklr,
Inc
11,236
904
(a)
Sprout
Social,
Inc
32,255
599
(a)
SPS
Commerce,
Inc
112,708
900
(a)
Squarespace,
Inc
39,267
2,406
(a)
Synopsys,
Inc
1,431,714
1,778
(a)
Tenable
Holdings,
Inc
77,485
1,844
(a)
Teradata
Corp
63,729
3,595
(a),(b)
Terawulf,
Inc
15,998
1,255
(a)
Thoughtworks
Holding,
Inc
3,564
6,910
(a)
Trade
Desk,
Inc
674,900
143
(a)
Tucows,
Inc
2,763
2,852
(a)
Twilio,
Inc
162,022
662
(a)
Tyler
Technologies,
Inc
332,840
6,303
(a)
UiPath,
Inc
79,922
1,098
(a)
Unisys
Corp
4,535
4,707
(a)
Unity
Software,
Inc
76,536
1,710
(a)
Varonis
Systems,
Inc
82,029
1,154
(a)
Verint
Systems,
Inc
37,159
1,357
(a)
VeriSign,
Inc
241,275
823
(a)
Vertex,
Inc
29,669
945
(a)
Viant
Technology,
Inc
9,327
514
(a)
Weave
Communications,
Inc
4,636
3,334
(a)
Workday,
Inc
745,349
767
(a)
Workiva,
Inc
55,983
634
(a)
Xperi,
Inc
5,205
1,753
(a)
Yext,
Inc
9,379
2,537
(a)
Zeta
Global
Holdings
Corp
44,778
4,218
(a)
Zoom
Video
Communications,
Inc
249,663
1,411
(a)
Zscaler,
Inc
271,180
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
SOFTWARE
&
SERVICES—continued
1,687
(a)
Zuora,
Inc
$
16,752
TOTAL
SOFTWARE
&
SERVICES
99,616,252
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
7
.6
%
380
(a)
908
Devices,
Inc
1,957
806
ADTRAN
Holdings,
Inc
4,240
617
Advanced
Energy
Industries,
Inc
67,105
391
(a),(b)
Aeva
Technologies,
Inc
985
18,570
Amphenol
Corp
(Class
A)
1,251,061
230,712
Apple,
Inc
48,592,561
4,072
(a)
Arista
Networks,
Inc
1,427,155
1,538
(a)
Arlo
Technologies,
Inc
20,056
900
(a)
Arrow
Electronics,
Inc
108,684
170
(a)
Aviat
Networks,
Inc
4,877
1,668
Avnet,
Inc
85,885
438
Badger
Meter,
Inc
81,621
126
Bel
Fuse,
Inc
(Class
B)
8,220
636
Belden
CDT,
Inc
59,657
773
Benchmark
Electronics,
Inc
30,503
909
(a)
Calix,
Inc
32,206
2,171
CDW
Corp
485,957
2,128
(a)
Ciena
Corp
102,527
64,631
Cisco
Systems,
Inc
3,070,619
153
(a)
Clearfield,
Inc
5,900
2,887
Cognex
Corp
134,996
2,063
(a)
Coherent
Corp
149,485
12,431
Corning,
Inc
482,944
426
(a)
Corsair
Gaming,
Inc
4,703
775
Crane
NXT
Co
47,600
485
CTS
Corp
24,556
610
(a)
Daktronics,
Inc
8,509
3,907
Dell
Technologies,
Inc
538,814
361
(a)
Diebold
Nixdorf,
Inc
13,891
400
(a)
Digi
International,
Inc
9,172
830
(a)
Eastman
Kodak
Co
4,465
404
(a)
ePlus,
Inc
29,767
1,500
(a),(b)
Evolv
Technologies
Holdings,
Inc
3,825
1,698
(a)
Extreme
Networks,
Inc
22,838
926
(a)
F5
Networks,
Inc
159,485
545
(a)
Fabrinet
133,411
288
(a)
FARO
Technologies,
Inc
4,608
1,454
(a)
Harmonic,
Inc
17,114
21,096
Hewlett
Packard
Enterprise
Co
446,602
15,190
HP,
Inc
531,954
2,966
(a)
Infinera
Corp
18,063
463
(a)
Insight
Enterprises,
Inc
91,841
2,518
(a),(b)
IonQ,
Inc
17,702
549
(a)
IPG
Photonics
Corp
46,330
693
(a)
Iteris,
Inc
3,001
678
(a)
Itron,
Inc
67,095
1,888
Jabil
Inc
205,396
4,916
Juniper
Networks,
Inc
179,237
2,696
(a)
Keysight
Technologies,
Inc
368,678
548
(a)
Kimball
Electronics,
Inc
12,045
1,352
(a)
Knowles
Corp
23,336
1,886
(a),(b)
Lightwave
Logic,
Inc
5,639
375
Littelfuse,
Inc
95,846
1,153
(a)
Lumentum
Holdings,
Inc
58,711
569
Methode
Electronics,
Inc
5,889
2,725
(a),(b)
MicroVision,
Inc
2,888
2,874
(a)
Mirion
Technologies,
Inc
30,867
2,607
Motorola
Solutions,
Inc
1,006,432
533
Napco
Security
Technologies,
Inc
27,689
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
TECHNOLOGY
HARDWARE
&
EQUIPMENT—continued
3,187
NetApp,
Inc
$
410,486
505
(a)
Netgear,
Inc
7,726
1,389
(a)
Netscout
Systems,
Inc
25,405
829
(a)
nLight,
Inc
9,061
592
(a)
Novanta,
Inc
96,561
280
(a)
OSI
Systems,
Inc
38,506
404
(a)
PAR
Technology
Corp
19,024
196
PC
Connection,
Inc
12,583
521
(a)
Plexus
Corp
53,757
4,619
(a)
Pure
Storage,
Inc
296,586
1,053
(a)
Ribbon
Communications,
Inc
3,464
262
(a)
Rogers
Corp
31,600
940
(a)
Sanmina
Corp
62,275
463
(a)
Scansource,
Inc
20,516
2,874
(a)
SmartRent,
Inc
6,869
794
(a)
Super
Micro
Computer,
Inc
650,564
1,107
TD
SYNNEX
Corp
127,748
743
(a)
Teledyne
Technologies,
Inc
288,269
3,962
(a)
Trimble
Inc
221,555
1,439
(a)
TTM
Technologies,
Inc
27,960
301
(a)
Turtle
Beach
Corp
4,316
96
Ubiquiti,
Inc
13,983
1,868
(a)
Viasat,
Inc
23,724
4,189
(a)
Viavi
Solutions,
Inc
28,778
2,099
Vishay
Intertechnology,
Inc
46,808
301
(a)
Vishay
Precision
Group,
Inc
9,162
2,801
Vontier
Corp
106,998
5,297
(a)
Western
Digital
Corp
401,354
2,215
Xerox
Holdings
Corp
25,738
800
(a)
Zebra
Technologies
Corp
(Class
A)
247,144
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
63,795,720
TELECOMMUNICATION
SERVICES
-
0
.8
%
422
(a)
Anterix,
Inc
16,707
1,827
(a),(b)
AST
SpaceMobile,
Inc
21,211
113,835
AT&T,
Inc
2,175,387
251
ATN
International,
Inc
5,723
378
(a)
Bandwidth,
Inc
6,381
772
Cogent
Communications
Group,
Inc
43,572
1,064
(a)
Consolidated
Communications
Holdings,
Inc
4,682
2,158
(a)
EchoStar
Corp
(Class
A)
38,434
3,950
(a)
Frontier
Communications
Parent,
Inc
103,411
1,815
(a),(c)
GCI
Liberty,
Inc
18
10,525
(a)
Globalstar,
Inc
11,788
987
(a)
Gogo,
Inc
9,495
350
IDT
Corp
12,572
2,020
Iridium
Communications,
Inc
53,772
2,448
(a)
Liberty
Global
Ltd
43,697
2,326
(a)
Liberty
Global
Ltd
40,542
681
(a)
Liberty
Latin
America
Ltd
(Class
A)
6,544
2,483
(a)
Liberty
Latin
America
Ltd
(Class
C)
23,886
365
(a)
Ooma,
Inc
3,624
869
Shenandoah
Telecom
Co
14,191
319
Spok
Holdings,
Inc
4,724
1,775
Telephone
and
Data
Systems,
Inc
36,796
7,625
T-Mobile
US,
Inc
1,343,373
66,929
Verizon
Communications,
Inc
2,760,152
TOTAL
TELECOMMUNICATION
SERVICES
6,780,682
TRANSPORTATION
-
1
.6
%
1,148
(a)
Air
Transport
Services
Group,
Inc
15,923
1,857
(a)
Alaska
Air
Group,
Inc
75,023
268
Allegiant
Travel
Co
13,462
141
(a),(b)
Amerco,
Inc
8,704
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
TRANSPORTATION—continued
9,378
(a),(b)
American
Airlines
Group,
Inc
$
106,253
424
ArcBest
Corp
45,402
258
Avis
Budget
Group,
Inc
26,966
969
(a)
Blade
Air
Mobility,
Inc
3,372
1,985
CH
Robinson
Worldwide,
Inc
174,918
767
Costamare,
Inc
12,602
185
Covenant
Logistics
Group,
Inc
9,119
31,070
CSX
Corp
1,039,292
10,062
Delta
Air
Lines,
Inc
477,341
2,188
Expeditors
International
Washington,
Inc
273,041
3,551
FedEx
Corp
1,064,732
438
(a),(b)
Frontier
Group
Holdings,
Inc
2,159
2,042
FTAI
Infrastructure,
Inc
17,623
497
Genco
Shipping
&
Trading
Ltd
10,591
1,990
Golden
Ocean
Group
Ltd
27,462
1,764
(a)
GXO
Logistics,
Inc
89,082
905
(a)
Hawaiian
Holdings,
Inc
11,249
728
Heartland
Express,
Inc
8,976
2,161
(a)
Hertz
Global
Holdings,
Inc
7,628
1,010
Hub
Group,
Inc
(Class
A)
43,481
1,306
JB
Hunt
Transport
Services,
Inc
208,960
5,315
(a)
JetBlue
Airways
Corp
32,368
6,206
(a),(b)
Joby
Aviation,
Inc
31,651
877
(a)
Kirby
Corp
105,003
2,433
Knight-Swift
Transportation
Holdings,
Inc
121,455
666
Landstar
System,
Inc
122,864
5,632
(a)
Lyft,
Inc
(Class
A)
79,411
796
Marten
Transport
Ltd
14,686
563
Matson,
Inc
73,736
3,595
Norfolk
Southern
Corp
771,811
3,124
Old
Dominion
Freight
Line
551,698
136
(a)
PAM
Transportation
Services,
Inc
2,362
580
(a)
Radiant
Logistics,
Inc
3,300
1,622
(a)
RXO,
Inc
42,415
775
Ryder
System,
Inc
96,007
1,291
Safe
Bulkers,
Inc
7,514
425
(a)
Saia,
Inc
201,573
932
Schneider
National,
Inc
22,517
802
(a)
Skywest,
Inc
65,820
9,743
Southwest
Airlines
Co
278,747
383
(a)
Sun
Country
Airlines
Holdings,
Inc
4,811
31,787
(a)
Uber
Technologies,
Inc
2,310,279
1,488
U-Haul
Holding
Co
89,310
9,689
Union
Pacific
Corp
2,192,233
4,987
(a)
United
Airlines
Holdings,
Inc
242,667
11,578
United
Parcel
Service,
Inc
(Class
B)
1,584,449
122
Universal
Truckload
Services,
Inc
4,952
1,147
Werner
Enterprises,
Inc
41,097
1,710
(a)
XPO,
Inc
181,517
TOTAL
TRANSPORTATION
13,049,614
UTILITIES
-
2
.2
%
11,476
AES
Corp
201,633
1,097
Allete,
Inc
68,398
3,722
Alliant
Energy
Corp
189,450
1,833
(a)
Altus
Power,
Inc
7,185
4,249
Ameren
Corp
302,146
8,480
American
Electric
Power
Co,
Inc
744,035
745
American
States
Water
Co
54,065
3,189
American
Water
Works
Co,
Inc
411,891
2,236
Atmos
Energy
Corp
260,829
810
Avangrid,
Inc
28,779
1,326
Avista
Corp
45,893
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
UTILITIES—continued
1,043
Black
Hills
Corp
$
56,718
1,865
Brookfield
Infrastructure
Corp
62,776
2,251
(b)
Brookfield
Renewable
Corp
63,883
829
(a),(b)
Cadiz,
Inc
2,562
934
California
Water
Service
Group
45,290
10,119
Centerpoint
Energy,
Inc
313,487
358
Chesapeake
Utilities
Corp
38,020
545
Clearway
Energy,
Inc
(Class
A)
12,350
1,281
Clearway
Energy,
Inc
(Class
C)
31,628
4,560
CMS
Energy
Corp
271,457
5,356
Consolidated
Edison,
Inc
478,934
268
Consolidated
Water
Co,
Inc
7,113
5,008
Constellation
Energy
Corp
1,002,952
13,414
Dominion
Energy,
Inc
657,286
3,346
DTE
Energy
Co
371,439
12,171
Duke
Energy
Corp
1,219,899
6,251
Edison
International
448,884
3,424
Entergy
Corp
366,368
3,872
Essential
Utilities,
Inc
144,542
3,168
Evergy,
Inc
167,809
5,967
Eversource
Energy
338,389
15,967
Exelon
Corp
552,618
8,477
FirstEnergy
Corp
324,415
572
Genie
Energy
Ltd
8,363
765
Global
Water
Resources,
Inc
9,257
1,594
Hawaiian
Electric
Industries,
Inc
14,378
772
Idacorp,
Inc
71,912
685
MGE
Energy,
Inc
51,183
240
Middlesex
Water
Co
12,542
1,443
(a)
Montauk
Renewables,
Inc
8,225
1,427
National
Fuel
Gas
Co
77,329
1,561
New
Jersey
Resources
Corp
66,717
32,828
NextEra
Energy,
Inc
2,324,551
6,256
NiSource,
Inc
180,235
666
Northwest
Natural
Holding
Co
24,049
812
NorthWestern
Corp
40,665
3,514
NRG
Energy,
Inc
273,600
3,276
OGE
Energy
Corp
116,953
919
ONE
Gas,
Inc
58,678
846
Ormat
Technologies,
Inc
60,658
743
Otter
Tail
Corp
65,079
33,242
(e)
PG&E
Corp
580,405
1,897
Pinnacle
West
Capital
Corp
144,893
1,358
PNM
Resources,
Inc
50,192
1,712
Portland
General
Electric
Co
74,027
11,333
PPL
Corp
313,357
7,737
Public
Service
Enterprise
Group,
Inc
570,217
250
(a)
Pure
Cycle
Corp
2,388
191
RGC
Resources,
Inc
3,906
9,914
Sempra
Energy
754,059
505
SJW
Corp
27,381
17,272
Southern
Co
1,339,789
1,078
Southwest
Gas
Holdings
Inc
75,870
880
Spire,
Inc
53,442
1,678
(a),(b)
Sunnova
Energy
International,
Inc
9,363
3,105
UGI
Corp
71,105
537
Unitil
Corp
27,811
5,563
Vistra
Corp
478,307
5,239
WEC
Energy
Group,
Inc
411,052
9,168
Xcel
Energy,
Inc
489,663
Stock
Index
Fund
June
30,
2024
See
Notes
to
Financial
Statements
Portfolio
of
Investments
(continued)
SHARES
DESCRIPTION
REFERENCERATE
&
SPREAD
VALUE
UTILITIES—continued
203
York
Water
Co
$
7,529
TOTAL
UTILITIES
18,242,253
TOTAL
COMMON
STOCKS
832,563,336
(Cost
$225,843,353)
EXPIRATION
DATE
RIGHTS/WARRANTS
-
0.0%
MATERIALS
-
0
.0
%
549
(c)
Danimer
Scientific,
Inc
05/03/29
6
TOTAL
MATERIALS
6
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0
.0
%
735
(c)
AstraZeneca
plc
02/20/29
228
854
(c)
Chinook
Therapeutics,
Inc
8
145
(c)
Tobira
Therapeutics,
Inc
9
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
245
TOTAL
RIGHTS/WARRANTS
251
(Cost
$237)
TOTAL
LONG-TERM
INVESTMENTS
832,563,587
(Cost
$225,843,590)
PRINCIPAL
RATE
MATURITY
DATE
SHORT-TERM
INVESTMENTS
-
0.7%
GOVERNMENT
AGENCY
DEBT
-
0
.7
%
$
5,087,000
Federal
Home
Loan
Bank
(FHLB)
0
.000
%
07/01/24
5,084,777
1,250,000
FHLB
0
.000
07/19/24
1,246,175
TOTAL
GOVERNMENT
AGENCY
DEBT
6,330,952
TOTAL
SHORT-TERM
INVESTMENTS
6,330,952
(Cost
$6,333,706)
SHARES
EXP
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.1%
840,778
(f)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5
.330
(g)
840,778
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
840,778
(Cost
$840,778)
TOTAL
INVESTMENTS
-
100.2%
839,735,317
(Cost
$233,018,074)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.2)%
(
1,826,706
)
NET
ASSETS
-
100.0%
$
837,908,611
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
$2,054,185.
(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)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(g)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
See
Notes
to
Financial
Statements
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
S&P
500
E-Mini
Index
22
09/20/24
$
6,083,983
$
6,073,650
$
(
10,333
)
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
June
30,
2024
(Unaudited)
22.1
Balanced
22.2
Core
Bond
22.3
Core
Equity
22.4
Growth
Equity
ASSETS
Affiliated
investments,
at
value
‡
$
66,649,042
$
–
$
–
$
–
Long-term
investments,
at
value
*†
–
191,305,519
209,300,256
178,589,388
Short-term
investments,
at
value
#
–
4,100,927
1,326,420
1,665,272
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
–
1,404,373
–
735,282
Cash
–
–
–
223
Cash
denominated
in
foreign
currencies
^
–
–
–
–
Cash
collateral
at
brokers
for
investments
in
futures
contracts
–
–
–
–
Cash
collateral
at
brokers
for
investments
in
mortgage
dollar
rolls
–
1,960,000
–
–
Receivables:
Dividends
–
1,056
56,439
16,301
Interest
–
1,711,096
–
–
Investments
sold
487,047
83,097
20,380,004
–
Reclaims
–
–
5,407
5,571
Reimbursement
from
Adviser
12,706
30,085
23,440
21,940
Shares
sold
10,275
184,591
1,893
908
Variation
margin
on
futures
contracts
–
–
–
–
Unrealized
appreciation
on
forward
foreign
currency
contracts
–
254
–
–
Other
7,873
73,044
62,807
30,296
Total
assets
67,166,943
200,854,042
231,156,666
181,065,181
LIABILITIES
Due
to
affiliates
4,032
4,340
4,290
4,249
Cash
overdraft
105,884
651
1,902
–
Payables:
Management
fees
5,499
49,194
77,761
65,269
Collateral
from
securities
lending
–
1,404,373
–
735,282
Capital
gain
taxes
–
–
–
–
Investments
purchased
-
regular
settlement
315,112
108
19,685,880
–
Shares
redeemed
601
28,605
580,693
780,688
Variation
margin
on
futures
contracts
–
–
–
–
Accrued
expenses:
Custodian
fees
1,836
29,601
3,670
6,538
Professional
fees
6,984
19,932
12,455
12,302
Shareholder
reporting
expenses
744
6,469
3,988
3,693
Shareholder
servicing
agent
fees
329
352
428
382
Trustees
fees
6,758
75,411
53,124
32,339
Total
liabilities
447,779
1,619,036
20,424,191
1,640,742
Net
assets
$
66,719,164
$
199,235,006
$
210,732,475
$
179,424,439
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
65,309,797
$
219,027,948
$
105,453,092
$
82,624,825
Total
distributable
earnings
(loss)
1,409,367
(
19,792,942
)
105,279,383
96,799,614
Net
assets
$
66,719,164
$
199,235,006
$
210,732,475
$
179,424,439
Shares
outstanding
5,196,576
21,696,583
9,716,282
8,474,017
Net
asset
value
per
share
$12.84
$9.18
$21.69
$21.17
*
Includes
securities
loaned
of
$
–
$
1,383,389
$
–
$
727,485
‡
Affiliated
investments,
cost
$
55,146,655
$
–
$
–
$
–
†
Long-term
investments,
cost
$
–
$
204,219,598
$
127,047,079
$
80,625,439
#
Short-term
investments,
cost
$
–
$
4,102,706
$
1,327,000
$
1,666,000
^
Cash
denominated
in
foreign
currencies,
cost
$
–
$
–
$
–
$
–
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
See
Notes
to
Financial
Statements
22.5
International
Equity
22.6
Large
Cap
Responsible
Equity
22.7
Large
Cap
Value
22.8
Money
Market
22.9
Real
Estate
Securities
Select
23.01
Small
Cap
Equity
23.01
Stock
Index
$
–
$
–
$
–
$
–
$
–
$
–
$
–
146,845,281
94,227,160
82,668,244
–
61,137,433
64,490,347
832,563,587
345,849
1,185,482
298,869
137,906,477
2,620,854
979,572
6,330,952
–
–
–
–
–
179,800
840,778
–
–
–
–
–
761
338
214,512
–
–
–
–
–
–
–
3,788
–
–
–
22
–
–
–
–
–
–
–
–
56,232
47,350
48,736
–
218,034
54,494
451,731
–
–
–
211,227
–
–
–
–
85,307
3,378,357
–
–
6,204,883
7,658,126
370,004
–
194
–
–
–
–
18,773
12,435
13,721
17,857
13,672
11,710
74,791
146,930
–
160,329
900,136
2,618
31,396
1,369
–
–
–
–
–
2,205
–
–
–
–
–
–
–
–
63,087
24,856
44,251
2,297
55,813
36,198
377,429
148,060,668
95,586,378
86,612,701
139,037,994
64,048,424
71,991,388
848,299,101
4,205
4,112
4,094
4,203
4,084
4,063
5,447
1,739
5,593
1,916
2,334
1,955
–
–
60,833
11,642
30,675
10,694
25,610
24,603
41,073
–
–
–
–
–
179,800
840,778
22,505
–
–
–
–
–
–
–
–
3,613,310
4,913,732
133,166
6,190,886
7,258,497
90,923
219,722
196,204
3,340
111,118
113,599
1,779,252
–
5,630
–
–
–
–
26,950
11,823
4,377
9,151
10,507
3,463
8,198
6,230
16,963
9,484
12,456
9,969
12,945
11,326
17,875
5,342
2,208
2,224
7,587
2,231
2,271
13,376
361
382
334
271
332
284
691
59,764
27,777
40,398
4,664
51,231
33,667
400,321
274,458
290,927
3,910,762
4,967,301
346,135
6,568,697
10,390,490
$
147,786,210
$
95,295,451
$
82,701,939
$
134,070,693
$
63,702,289
$
65,422,691
$
837,908,611
$
118,037,857
$
43,775,656
$
41,932,616
$
134,068,076
$
40,417,519
$
47,418,483
$
189,078,130
29,748,353
51,519,795
40,769,323
2,617
23,284,770
18,004,208
648,830,481
$
147,786,210
$
95,295,451
$
82,701,939
$
134,070,693
$
63,702,289
$
65,422,691
$
837,908,611
14,806,614
4,560,018
4,129,081
134,052,020
4,810,835
4,501,966
18,846,324
$9.98
$20.90
$20.03
$1.00
$13.24
$14.53
$44.46
$
1,370,889
$
–
$
–
$
–
$
–
$
368,686
$
2,054,185
$
–
$
–
$
–
$
–
$
–
$
–
$
–
$
108,750,197
$
56,474,490
$
51,205,580
$
–
$
38,316,615
$
52,630,974
$
225,843,590
$
346,000
$
1,186,000
$
299,000
$
137,906,477
$
2,622,000
$
980,000
$
6,333,706
$
214,546
$
–
$
–
$
–
$
–
$
–
$
–
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
$
0
.0001
See
Notes
to
Financial
Statements
Six
Months
Ended
June
30,
2024
(Unaudited)
22.1
Balanced
22.2
Core
Bond
22.3
Core
Equity
22.4
Growth
Equity
22.5
International
Equity
INVESTMENT
INCOME
Affiliated
income
$
–
$
–
$
7,315
$
11,124
$
7,930
Dividends
–
2,111
1,345,375
521,209
2,779,792
Interest
1,272
4,712,937
19,912
54,049
35,157
Securities
lending
income,
net
–
10,582
–
79
2,654
Tax
withheld
–
(
121
)
–
(
15,415
)
(
322,905
)
Total
investment
income
1,272
4,725,509
1,372,602
571,046
2,502,628
EXPENSES
Management
fees
33,311
296,073
446,952
380,460
358,836
Shareholder
servicing
agent
fees
821
1,048
1,233
1,079
1,003
Administrative
service
fees
11,068
11,895
11,837
11,706
11,572
Trustees
fees
5,488
16,083
15,805
13,788
11,478
Custodian
expenses
3,649
59,924
7,544
10,703
22,798
Overdraft
expense
947
1,237
630
281
167
Professional
fees
6,952
18,148
12,013
12,794
16,118
Shareholder
reporting
expenses
13,076
31,590
16,588
26,796
25,350
Other
7,678
13,106
11,827
8,852
14,096
Total
expenses
82,990
449,104
524,429
466,459
461,418
Expenses
reimbursed
by
the
investment
adviser
(
48,703
)
(
101,856
)
(
16,965
)
(
26,488
)
(
30,599
)
Net
expenses
34,287
347,248
507,464
439,971
430,819
Net
investment
income
(loss)
(
33,015
)
4,378,261
865,138
131,075
2,071,809
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
–
(
2,254,093
)
14,228,078
3,035,651
(
295,402
)
Affiliated
investments
1,080,292
–
–
–
–
Futures
contracts
–
(
5,739
)
–
–
–
Swaps
contracts
–
(
785,835
)
–
–
–
Foreign
currency
transactions
99
16,861
27
(
2,377
)
(
22,067
)
Net
realized
gain
(loss)
1,080,391
(
3,028,806
)
14,228,105
3,033,274
(
317,469
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
‡
–
(
1,338,626
)
20,374,515
25,476,450
9,235,772
Affiliated
investments
3,127,745
–
–
–
–
Futures
contracts
–
–
–
–
–
Forward
foreign
currency
contracts
–
3,244
–
–
–
Swaps
contracts
–
625,829
–
–
–
Foreign
currency
translations
–
(
68
)
(
293
)
(
157
)
(
15,157
)
Net
change
in
unrealized
appreciation
(depreciation)
3,127,745
(
709,621
)
20,374,222
25,476,293
9,220,615
Net
realized
and
unrealized
gain
(loss)
4,208,136
(
3,738,427
)
34,602,327
28,509,567
8,903,146
Net
increase
(decrease)
in
net
assets
from
operations
$
4,175,121
$
639,834
$
35,467,465
$
28,640,642
$
10,974,955
‡
Net
of
change
in
unrealized
foreign
capital
gains
taxes
$
–
$
–
$
–
$
–
$
(
22,504
)
See
Notes
to
Financial
Statements
22.6
Large
Cap
Responsible
Equity
22.7
Large
Cap
Value
22.8
Money
Market
22.9
Real
Estate
Securities
Select
23.01
Small
Cap
Equity
23.01
Stock
Index
$
–
$
1,649
$
–
$
4,881
$
–
$
–
640,966
840,961
–
1,040,636
388,701
5,348,015
27,030
7,276
3,460,184
19,736
26,573
95,506
(
63,936
)
–
–
–
425
33,918
(
837
)
(
5,171
)
–
–
(
2,010
)
(
1,258
)
603,223
844,715
3,460,184
1,065,253
413,689
5,476,181
68,686
184,972
64,360
159,780
148,766
241,577
973
857
790
814
718
2,631
11,313
11,263
11,543
11,197
11,172
14,990
7,422
6,622
10,352
5,365
5,255
65,116
8,625
17,302
26,357
6,721
13,484
10,944
169
110
–
1,842
495
1,186
9,558
11,856
8,774
12,154
11,360
34,845
17,279
15,110
25,133
14,677
14,287
104,479
5,606
7,998
6,408
9,776
9,390
13,563
129,631
256,090
153,717
222,326
214,927
489,331
(
28,695
)
(
42,197
)
(
56,631
)
(
38,299
)
(
42,993
)
(
125,751
)
100,936
213,893
97,086
184,027
171,934
363,580
502,287
630,822
3,363,098
881,226
241,755
5,112,601
7,785,372
2,928,115
51
(
89,781
)
4,877,055
21,326,031
–
–
–
–
–
–
73,277
–
–
–
(
29,412
)
490,057
–
–
–
–
–
–
352
31
120
155
(
490
)
1,748
7,859,001
2,928,146
171
(
89,626
)
4,847,153
21,817,836
1,794,009
3,517,329
–
(
2,930,978
)
(
923,590
)
75,745,570
–
–
–
–
–
–
(
20,592
)
–
–
–
14,730
(
155,552
)
–
–
–
–
–
–
–
–
–
–
–
–
–
(
6
)
–
–
–
–
1,773,417
3,517,323
–
(
2,930,978
)
(
908,860
)
75,590,018
9,632,418
6,445,469
171
(
3,020,604
)
3,938,293
97,407,854
$
10,134,705
$
7,076,291
$
3,363,269
$
(
2,139,378
)
$
4,180,048
$
102,520,455
$
–
$
–
$
–
$
–
$
–
$
–
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
22.1
Balanced
22.2
Core
Bond
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
(
33,015
)
$
1,360,539
$
4,378,261
$
7,992,808
Net
realized
gain
(loss)
1,080,391
1,480,779
(
3,028,806
)
(
5,658,661
)
Net
change
in
unrealized
appreciation
(depreciation)
3,127,745
6,543,562
(
709,621
)
9,460,616
Net
increase
(decrease)
in
net
assets
from
operations
4,175,121
9,384,880
639,834
11,794,763
Distributions
to
shareholders
–
(
3,335,427
)
–
(
5,989,908
)
Total
distributions
–
(
3,335,427
)
–
(
5,989,908
)
FUND
SHARE
TRANSACTIONS
Subscriptions
1,080,543
2,931,563
10,225,358
14,180,765
Reinvestments
of
distributions
–
3,334,803
–
5,989,731
Redemptions
(
6,417,494
)
(
6,448,302
)
(
12,524,633
)
(
16,335,461
)
Net
increase
(decrease)
from
Fund
share
transactions
(
5,336,951
)
(
181,936
)
(
2,299,275
)
3,835,035
Net
increase
(decrease)
in
net
assets
(
1,161,830
)
5,867,517
(
1,659,441
)
9,639,890
Net
assets
at
the
beginning
of
period
67,880,994
62,013,477
200,894,447
191,254,557
Net
assets
at
the
end
of
period
$
66,719,164
$
67,880,994
$
199,235,006
$
200,894,447
See
Notes
to
Financial
Statements
22.3
Core
Equity
22.4
Growth
Equity
22.5
International
Equity
22.6
Large
Cap
Responsible
Equity
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
$
865,138
$
1,708,096
$
131,075
$
438,195
$
2,071,809
$
3,181,494
$
502,287
$
1,392,034
14,228,105
7,108,907
3,033,274
1,941,870
(
317,469
)
(
6,230,576
)
7,859,001
4,492,613
20,374,222
38,560,207
25,476,293
49,457,586
9,220,615
22,925,552
1,773,417
10,880,570
35,467,465
47,377,210
28,640,642
51,837,651
10,974,955
19,876,470
10,134,705
16,765,217
–
(
37,697,754
)
–
(
363,656
)
–
(
2,790,012
)
–
(
3,496,765
)
–
(
37,697,754
)
–
(
363,656
)
–
(
2,790,012
)
–
(
3,496,765
)
8,003,431
10,828,379
7,531,806
15,169,719
6,062,146
13,275,221
2,785,633
4,183,682
–
37,694,834
–
363,656
–
2,790,012
–
3,496,296
(
16,456,352
)
(
22,365,439
)
(
14,217,000
)
(
23,907,405
)
(
8,913,974
)
(
15,028,324
)
(
6,593,354
)
(
9,017,542
)
(
8,452,921
)
26,157,774
(
6,685,194
)
(
8,374,030
)
(
2,851,828
)
1,036,909
(
3,807,721
)
(
1,337,564
)
27,014,544
35,837,230
21,955,448
43,099,965
8,123,127
18,123,367
6,326,984
11,930,888
183,717,931
147,880,701
157,468,991
114,369,026
139,663,083
121,539,716
88,968,467
77,037,579
$
210,732,475
$
183,717,931
$
179,424,439
$
157,468,991
$
147,786,210
$
139,663,083
$
95,295,451
$
88,968,467
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
Statement
of
Changes
in
Net
Assets
(continued)
22.7
Large
Cap
Value
22.8
Money
Market
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
630,822
$
1,306,783
$
3,363,098
$
6,386,477
Net
realized
gain
(loss)
2,928,146
5,446,885
171
1,705
Net
change
in
unrealized
appreciation
(depreciation)
3,517,323
3,618,546
–
–
Net
increase
(decrease)
in
net
assets
from
operations
7,076,291
10,372,214
3,363,269
6,388,182
Distributions
to
shareholders
–
(
2,412,597
)
(
3,363,218
)
(
6,386,477
)
Total
distributions
–
(
2,412,597
)
(
3,363,218
)
(
6,386,477
)
FUND
SHARE
TRANSACTIONS
Subscriptions
4,668,658
8,886,382
51,407,797
72,270,512
Reinvestments
of
distributions
–
2,412,256
3,363,218
6,386,477
Redemptions
(
9,448,377
)
(
16,368,582
)
(
52,609,148
)
(
80,675,892
)
Net
increase
(decrease)
from
Fund
share
transactions
(
4,779,719
)
(
5,069,944
)
2,161,867
(
2,018,903
)
Net
increase
(decrease)
in
net
assets
2,296,572
2,889,673
2,161,918
(
2,017,198
)
Net
assets
at
the
beginning
of
period
80,405,367
77,515,694
131,908,775
133,925,973
Net
assets
at
the
end
of
period
$
82,701,939
$
80,405,367
$
134,070,693
$
131,908,775
See
Notes
to
Financial
Statements
22.9
Real
Estate
Securities
Select
23.01
Small
Cap
Equity
23.01
Stock
Index
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
$
881,226
$
1,872,482
$
241,755
$
515,740
$
5,112,601
$
11,307,344
(
89,626
)
(
1,764,915
)
4,847,153
854,954
21,817,836
12,802,458
(
2,930,978
)
7,596,254
(
908,860
)
9,086,960
75,590,018
139,733,401
(
2,139,378
)
7,703,821
4,180,048
10,457,654
102,520,455
163,843,203
–
(
1,778,359
)
–
(
1,997,008
)
–
(
17,015,717
)
–
(
1,778,359
)
–
(
1,997,008
)
–
(
17,015,717
)
2,655,573
6,401,008
4,942,430
7,643,450
14,232,237
29,743,404
–
1,778,220
–
1,997,008
–
17,015,717
(
7,267,163
)
(
14,774,347
)
(
9,274,342
)
(
10,193,294
)
(
54,391,563
)
(
71,258,660
)
(
4,611,590
)
(
6,595,119
)
(
4,331,912
)
(
552,836
)
(
40,159,326
)
(
24,499,539
)
(
6,750,968
)
(
669,657
)
(
151,864
)
7,907,810
62,361,129
122,327,947
70,453,257
71,122,914
65,574,555
57,666,745
775,547,482
653,219,535
$
63,702,289
$
70,453,257
$
65,422,691
$
65,574,555
$
837,908,611
$
775,547,482
See
Notes
to
Financial
Statements
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
Balanced
6/30/24
#
$
12.07
$
(0.01)
$
0.78
$
0.77
$
—
$
—
$
—
$
12.84
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
22.2
Core
Bond
6/30/24
#
9.15
0.20
(0.17)
0.03
—
—
—
9.18
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
22.3
Core
Equity
6/30/24
#
18.12
0.09
3.48
3.57
—
—
—
21.69
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
22.4
Growth
Equity
6/30/24
#
17.89
0.02
3.26
3.28
—
—
—
21.17
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
#
Unaudited
††
Total
returns
for
the
shares
of
the
Funds
do
not
include
the
effect
of
expenses
attributable
to
the
variable
annuity
or
variable
life
insurance
product;
if
they
did,
returns
for
the
shares
of
the
Funds
would
have
been
lower.
a
Based
on
average
shares
outstanding.
b
Total
returns
are
not
annualized.
c
Percentage
is
annualized.
e
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
investment
adviser
and
other
transactions
with
affiliates
note
in
the
Notes
to
Financial
Statements,
when
applicable.
f
The
Fund’s
expenses
do
not
include
the
expenses
of
the
Underlying
Funds
related
to
the
Balanced
Fund.
See
Notes
to
Financial
Statements
Ratios
and
Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return
††,b
Net
Assets,
End
of
Period
(000)
Gross
Expenses
f
Net
Expenses
f
Net
Investment
Income
(Loss)
e
Portfolio
Turnover
Rate
Portfolio
Turnover
Rate
Excluding
Mortgage
Dollar
Rolls
6.38
%
$
66,719
0.25
%
c
0.10
%
c
(0.10)
%
c
5
%
5
%
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
0.33
199,235
0.45
c
0.35
c
4.43
c
44
38
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
19.70
210,732
0.53
c
0.51
c
0.87
c
23
23
32.93
183,718
0.53
0.51
1.02
46
46
(22.24)
147,881
0.54
0.52
1.07
123
123
25.17
210,649
0.52
0.52
0.63
63
63
20.44
177,154
0.54
0.52
0.95
64
64
30.10
160,225
0.55
0.52
1.35
63
63
18.33
179,424
0.55
c
0.52
c
0.15
c
12
12
46.42
157,469
0.53
0.52
0.32
46
46
(32.92)
114,369
0.56
0.52
0.27
52
52
16.16
177,066
0.52
0.52
(0.09)
56
56
43.97
166,435
0.54
0.52
0.22
120
120
30.73
117,939
0.57
0.52
0.39
108
108
Financial
Highlights
(continued)
See
Notes
to
Financial
Statements
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
International
Equity
6/30/24
#
$
9
.24
$
0
.14
$
0
.60
$
0
.74
$
—
$
—
$
—
$
9
.98
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
22.6
Large
Cap
Responsible
Equity
6/30/24
#
18
.72
0
.14
2
.04
2
.18
—
—
—
20
.90
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
Large
Cap
Value
6/30/24
#
18
.38
0
.15
1
.50
1
.65
—
—
—
20
.03
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
22.8
Money
Market
6/30/24
#
1
.00
0
.03
—
0
.03
(
0
.03
)
—
(
0
.03
)
1
.00
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
#
Unaudited
††
Total
returns
for
the
shares
of
the
Funds
do
not
include
the
effect
of
expenses
attributable
to
the
variable
annuity
or
variable
life
insurance
product;
if
they
did,
returns
for
the
shares
of
the
Funds
would
have
been
lower.
a
Based
on
average
shares
outstanding.
b
Total
returns
are
not
annualized.
c
Percentage
is
annualized.
d
Value
rounded
to
zero.
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
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
8
.01
%
$
147,786
0
.64
%
c
0
.60
%
c
2
.89
%
c
6
%
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
11
.65
95,295
0
.28
c
0
.22
c
1
.38
c
34
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
8
.98
82,702
0
.62
c
0
.52
c
1
.53
c
11
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
2
.63
134,071
0
.24
c
0
.15
c
5
.23
c
—
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
—
Financial
Highlights
(continued)
See
Notes
to
Financial
Statements
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
Real
Estate
Securities
Select
6/30/24
#
$
13
.65
$
0
.18
$
(
0
.59
)
$
(
0
.41
)
$
—
$
—
$
—
$
13
.24
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
23.01
Small
Cap
Equity
6/30/24
#
13
.63
0
.05
0
.85
0
.90
—
—
—
14
.53
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
23.01
Stock
Index
6/30/24
#
39
.17
0
.26
5
.03
5
.29
—
—
—
44
.46
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
#
Unaudited
††
Total
returns
for
the
shares
of
the
Funds
do
not
include
the
effect
of
expenses
attributable
to
the
variable
annuity
or
variable
life
insurance
product;
if
they
did,
returns
for
the
shares
of
the
Funds
would
have
been
lower.
a
Based
on
average
shares
outstanding.
b
Total
returns
are
not
annualized.
c
Percentage
is
annualized.
e
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
investment
adviser
and
other
transactions
with
affiliates
note
in
the
Notes
to
Financial
Statements,
when
applicable.
See
Notes
to
Financial
Statements
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
(
3
.00
)
%
$
63,702
0
.70
%
c
0
.58
%
c
2
.76
%
c
10
%
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
6
.60
65,423
0
.66
c
0
.53
c
0
.75
c
39
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
13
.51
837,909
0
.12
c
0
.09
c
1
.27
c
1
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
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Trust
and
Fund
Information:
TIAA-CREF
Funds
(the
“Trust”)
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
(“1940
Act”),
as
amended.
The
Trust
is
comprised
of
the
following
(collectively
the
“Funds”
or
individually,
the
“Fund”),
among
others:
Fund
Name
Changes:
Effective
May
1,
2024,
each
Fund’s
name
changed
as
noted
above
and
therefore
all
references
to
the
names
of
the
Funds
in
this
report
have
been
updated.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the Funds
is
June
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
June
30,
2024
(the
"current
fiscal
period").
Investment
Advisor:
Teachers
Advisors,
LLC
(the
“Adviser”),
a
wholly
owned
indirect
subsidiary
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”),
is
registered
with
the
Securities
and
Exchange
Commission
(“SEC”)
as
an
investment
adviser
and
provides
investment
management
services
for
the
Funds.
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.
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.
The
Board
has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
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. 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
compensation
incurred,
are
reflected
in
the
Statement
of
Operations.
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
Select
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
Fund’s
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
prior
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.
New
Name
Former
Name
Short
Name
Nuveen
Life
Balanced
Fund
TIAA-CREF
Life
Balanced
Fund
Balanced
Nuveen
Life
Core
Bond
Fund
TIAA-CREF
Life
Core
Bond
Fund
Core
Bond
Nuveen
Life
Core
Equity
Fund
TIAA-CREF
Life
Growth
&
Income
Fund
Core
Equity
Nuveen
Life
Growth
Equity
Fund
TIAA-CREF
Life
Growth
Equity
Fund
Growth
Equity
Nuveen
Life
International
Equity
Fund
TIAA-CREF
Life
International
Equity
Fund
International
Equity
Nuveen
Life
Large
Cap
Responsible
Equity
Fund
TIAA-CREF
Life
Social
Choice
Equity
Fund
Large
Cap
Responsible
Equity
Nuveen
Life
Large
Cap
Value
Fund
TIAA-CREF
Life
Large-Cap
Value
Fund
Large
Cap
Value
Nuveen
Life
Money
Market
Fund
TIAA-CREF
Life
Money
Market
Fund
Money
Market
Nuveen
Life
Real
Estate
Securities
Select
Fund
TIAA-CREF
Life
Real
Estate
Securities
Fund
Real
Estate
Securities
Select
Nuveen
Life
Small
Cap
Equity
Fund
TIAA-CREF
Life
Small-Cap
Equity
Fund
Small
Cap
Equity
Nuveen
Life
Stock
Index
Fund
TIAA-CREF
Life
Stock
Index
Fund
Stock
Index
1
1
1
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
“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 “Change
in
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
Foreign
Taxes:
The Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the Funds
invest.
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.
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.
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.
3.
Investment
Valuation
and
Fair
Value
Measurements
The Funds'
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
that
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level 1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
Balanced
Registered
investment
companies
$66,649,042
$—
$—
$66,649,042
Total
$66,649,042
$—
$—
$66,649,042
1
1
1
1
1
Fund
Level
1
Level
2
Level
3
Total
Core
Bond
Long-Term
Investments
:
Bank
loan
obligations
$—
$3,018,573
$—
$3,018,573
Corporate
bonds
—
68,674,014
—
68,674,014
Government
bonds
—
92,627,897
—
92,627,897
Structured
assets
—
26,917,175
—
26,917,175
Preferred
stocks
67,860
—
—
67,860
Short-Term
Investments
:
Government
agency
debt
—
4,100,927
—
4,100,927
Investments
purchased
with
collateral
from
securities
lending
1,404,373
—
—
1,404,373
Investments
in
Derivatives
:
Forward
foreign
currency
contracts*
—
254
—
254
Total
$1,472,233
$195,338,840
$—
$196,811,073
1
1
1
1
1
Core
Equity
Long-Term
Investments
:
Common
stocks
$209,300,256
$—
$—
$209,300,256
Short-Term
Investments
:
Government
agency
debt
—
1,326,420
—
1,326,420
Total
$209,300,256
$1,326,420
$—
$210,626,676
1
1
1
1
1
Growth
Equity
Long-Term
Investments
:
Common
stocks
$168,346,911
$10,242,477
$—
$178,589,388
Short-Term
Investments
:
Government
agency
debt
—
1,665,272
—
1,665,272
Investments
purchased
with
collateral
from
securities
lending
735,282
—
—
735,282
Total
$169,082,193
$11,907,749
$—
$180,989,942
1
1
1
1
1
International
Equity
Long-Term
Investments
:
Common
stocks
$12,667,655
$134,177,626
$—
$146,845,281
Short-Term
Investments
:
Government
agency
debt
—
345,849
—
345,849
Total
$12,667,655
$134,523,475
$—
$147,191,130
1
1
1
1
1
Large
Cap
Responsible
Equity
Long-Term
Investments
:
Common
stocks
$94,227,160
$—
$—
$94,227,160
Short-Term
Investments
:
Government
agency
debt
—
1,185,482
—
1,185,482
Investments
in
Derivatives
:
Futures
contracts*
(3,486)
—
—
(3,486)
Total
$94,223,674
$1,185,482
$—
$95,409,156
1
1
1
1
1
Large
Cap
Value
Long-Term
Investments
:
Common
stocks
$82,668,084
$—
$160
$82,668,244
Short-Term
Investments
:
Government
agency
debt
—
298,869
—
298,869
Total
$82,668,084
$298,869
$160
$82,967,113
1
1
1
1
1
Money
Market
Short-Term
Investments:
Government
agency
debt
$
—
$
20,215,935
$
—
$
20,215,935
Repurchase
agreement
—
66,414,000
—
66,414,000
Treasury
debt
—
28,416,693
—
28,416,693
Treasury
inflation
protected
securities
—
329,857
—
329,857
Variable
rate
securities
—
22,529,992
—
22,529,992
Total
$—
$137,906,477
$—
$137,906,477
1
1
1
1
1
Real
Estate
Securities
Select
Long-Term
Investments
:
Common
stocks
$61,137,433
$—
$—
$61,137,433
Short-Term
Investments
:
Government
agency
debt
—
2,620,854
—
2,620,854
Total
$61,137,433
$2,620,854
$—
$63,758,287
1
1
1
1
1
Notes
to
Financial
Statements
(Unaudited)
(continued)
4.
Portfolio
Securities
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
cash
collateral
and
non-cash
collateral
(in
the
form
of
Treasury
securities
or
other
collateral
permitted
by
applicable
law)
against
the
loaned
securities
and
maintains
collateral
in
an
amount
not
less
than
100%
of
the
market
value
of
loaned
securities
during
the
period
of
the
loan;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the Fund
the
next
business
day.
Cash
collateral
received
by the
Fund will
generally
be
invested
in
high-quality
short-term
instruments
or
in
one
or
more
funds
maintained
by
the
securities
lending
agent
(“Agent”)
for
the
purpose
of
investing
cash
collateral.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
reflected
in
the
Statement
of
Assets
and
Liabilities.
Non-cash
collateral
is
not
disclosed
in
the
Funds’
Statement
of
Assets
and
Liabilities
as
it
is
held
by
the Agent
or
by
a
third-party
bank
engaged
by
the
Agent
as
a
special
"tri-party" custodian on
behalf
of
the Funds,
and
the
Funds
do
not
have
the
ability
to
sell
or
re-hypothecate
those
securities.
As
of
the
end
of
the
current
fiscal
period,
securities
lending
transactions are
for equity
and
fixed
income
securities,
and
the
resulting
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
Securities
lending
income
recognized
by
the
Funds consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
reflected
separately
in
the
Statement
of
Operations.
In
lending
its
securities,
a
Fund bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
As
of
the
end
of
the
current
fiscal
period,
the
total
value
of
securities
on
loan
and
the
total
value
of
collateral
received
were
as
follows:
Fund
Level
1
Level
2
Level
3
Total
Small
Cap
Equity
Long-Term
Investments
:
Common
stocks
$64,490,347
$—
$—
$64,490,347
Short-Term
Investments
:
Government
agency
debt
—
979,572
—
979,572
Investments
purchased
with
collateral
from
securities
lending
179,800
—
—
179,800
Investments
in
Derivatives
:
Futures
contracts*
15,925
—
—
15,925
Total
$64,686,072
$979,572
$—
$65,665,644
1
1
1
1
1
Stock
Index
Long-Term
Investments
:
Common
stocks
$832,559,006
$—
$4,330
$832,563,336
Rights/Warrants
—
—
251
251
Short-Term
Investments
:
Government
agency
debt
—
6,330,952
—
6,330,952
Investments
purchased
with
collateral
from
securities
lending
840,778
—
—
840,778
Investments
in
Derivatives
:
Futures
contracts*
(10,333)
—
—
(10,333)
Total
$833,389,451
$6,330,952
$4,581
$839,724,984
1
1
1
1
1
*
Represents
net
unrealized
appreciation
(depreciation).
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
Money
Market
Fixed
Income
Clearing
Corporation
$
66,414,000
$
(67,742,367)
Zero
Coupon
Securities:
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
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
outstanding 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
) 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.
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.
Aggregate
Value
of
Securities
on
Loan
Fund
Equity
Securities
Fixed
Income
Securities
Cash
Collateral
Received*
Non-Cash
Collateral
Received**
Total
Collateral
Received
Growth
Equity
$727,485
$–
$735,282
$–
$735,282
Small
Cap
Equity
368,686
–
179,800
198,191
377,991
Stock
Index
2,054,184
–
840,778
1,365,057
2,205,835
International
Equity
1,370,889
–
–
1,449,237
1,449,237
Core
Bond
–
1,383,389
1,404,373
27,178
1,431,551
*May
include
cash
and
investment
of
cash
collateral.
**As
of
the
end
of
the
current
fiscal
period,
the
non-cash
collateral
received
by
the
Funds
was
comprised
of
U.S.
Treasury
securities.
Fund
Non-U.S.
Government
Purchases
U.S.
Government
Purchases
Non-U.S.
Government
Sales
U.S.
Government
Sales
22.1
Balanced
$
3,322,904
$
–
$
8,698,367
$
–
22.2
Core
Bond
16,046,105
71,315,892
29,058,960
54,508,152
22.3
Core
Equity
46,231,766
–
54,244,432
–
22.4
Growth
Equity
19,378,434
–
25,412,384
–
22.5
International
Equity
10,680,658
–
8,839,485
–
22.6
Large
Cap
Responsible
Equity
30,828,751
–
34,395,379
–
22.7
Large
Cap
Value
9,264,384
–
13,279,025
–
22.8
Money
Market
–
328,843
–
–
22.9
Real
Estate
Securities
Select
6,590,652
–
12,283,084
–
23.01
Small
Cap
Equity
25,313,426
–
29,510,902
–
23.01
Stock
Index
8,652,749
–
43,355,541
–
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
The
following
table
presents
the
forward
foreign
currency
contracts
subject
to
netting
agreements
and
the
collateral
delivered
related
to
those
forward
foreign
currency
contracts
as
of
the
end
of
the
reporting
period.
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*
22.6
Large
Cap
Responsible
Equity
$
1,292,582
23.01
Small
Cap
Equity
855,479
23.01
Stock
Index
4,700,189
*
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*
22.2
Core
Bond
$
81,951
*
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.
Account
Counterparty
Gross
Unrealized
Appreciation
on
Forward
Foreign
Currency
Contracts*
Gross
Unrealized
Depreciation
on
Forward
Foreign
Currency
Contracts*
Net
Unrealized
Appreciation
(Depreciation)
on
Forward
Foreign
Currency
Contracts
Collateral
Pledged
to
(from)
Counterparty
Net
Exposure
Core
Bond
JPMorgan
Chase
Bank
$
254
$
—
$
254
$
—
$
254
*
Represents
gross
unrealized
appreciation
(depreciation)
for
the
counterparty
as
reported
in
the
Fund's
Portfolio
of
Investments.
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.
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the Funds'
Statement
of
Operations
was
as
follows:
Fund
Average
Notional
Amount
of
Swap
Contracts
Outstanding*
22.2
Core
Bond
$
5,290,000
*
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
Core
Bond
Forward
foreign
currency
contracts
Foreign
currency
exchange
rate
Unrealized
appreciation
on
forward
contracts
$
254
-
$
–
1
1
1
1
1
1
1
1
Large
Cap
Responsible
Equity
Futures
contracts
Equity
-
–
Unrealized
depreciation
on
futures
contracts
*
(3,486)
1
1
1
1
1
1
1
1
Small
Cap
Equity
Futures
contracts
Equity
Unrealized
appreciation
on
futures
contracts
*
15,925
-
–
1
1
1
1
1
1
1
1
Stock
Index
Futures
contracts
Equity
-
–
Unrealized
depreciation
on
futures
contracts
*
(10,333)
1
1
1
1
1
1
1
1
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
22.2
Core
Bond
Futures
contracts
Interest
rate
$
(5,739)
$
–
Forward
contracts
Foreign
currency
exchange
rate
–
3,244
Swap
contracts
Credit
(785,835)
625,829
22.6
Large
Cap
Responsible
Equity
Futures
contracts
Equity
73,277
(20,592)
23.01
Small
Cap
Equity
Futures
contracts
Equity
(29,412)
14,730
23.01
Stock
Index
Futures
contracts
Equity
490,057
(155,552)
Notes
to
Financial
Statements
(Unaudited)
(continued)
6.
Fund
Shares
Transactions
in
Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.1
Balanced
Shares
Amount
Shares
Amount
Subscriptions
87,181
$
1,080,543
247,764
$
2,931,563
Reinvestments
of
distributions
–
–
299,085
3,334,803
Redemptions
(516,744)
(6,417,494)
(552,165)
(6,448,302)
Net
increase
(decrease)
from
shareholder
transactions
(429,563)
$
(5,336,951)
(5,316)
$
(181,936)
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.2
Core
Bond
Shares
Amount
Shares
Amount
Subscriptions
1,124,208
$
10,225,358
1,568,414
$
14,180,765
Reinvestments
of
distributions
–
–
690,857
5,989,731
Redemptions
(1,379,125)
(12,524,633)
(1,813,872)
(16,335,461)
Net
increase
(decrease)
from
shareholder
transactions
(254,917)
$
(2,299,275)
445,399
$
3,835,035
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.3
Core
Equity
Shares
Amount
Shares
Amount
Subscriptions
395,144
$
8,003,431
553,040
$
10,828,379
Reinvestments
of
distributions
–
–
2,306,905
37,694,834
Redemptions
(817,261)
(16,456,352)
(1,158,689)
(22,365,439)
Net
increase
(decrease)
from
shareholder
transactions
(422,117)
$
(8,452,921)
1,701,256
$
26,157,774
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.4
Growth
Equity
Shares
Amount
Shares
Amount
Subscriptions
398,494
$
7,531,806
995,210
$
15,169,719
Reinvestments
of
distributions
–
–
23,371
363,656
Redemptions
(726,830)
(14,217,000)
(1,553,059)
(23,907,405)
Net
increase
(decrease)
from
shareholder
transactions
(328,336)
$
(6,685,194)
(534,478)
$
(8,374,030)
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.5
International
Equity
Shares
Amount
Shares
Amount
Subscriptions
620,498
$
6,062,146
1,510,263
$
13,275,221
Reinvestments
of
distributions
–
–
324,420
2,790,012
Redemptions
(921,122)
(8,913,974)
(1,713,091)
(15,028,324)
Net
increase
(decrease)
from
shareholder
transactions
(300,624)
$
(2,851,828)
121,592
$
1,036,909
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.6
Large
Cap
Responsible
Equity
Shares
Amount
Shares
Amount
Subscriptions
139,279
$
2,785,633
246,846
$
4,183,682
Reinvestments
of
distributions
–
–
209,359
3,496,296
Redemptions
(332,564)
(6,593,354)
(523,181)
(9,017,542)
Net
increase
(decrease)
from
shareholder
transactions
(193,285)
$
(3,807,721)
(66,976)
$
(1,337,564)
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.7
Large
Cap
Value
Shares
Amount
Shares
Amount
Subscriptions
240,670
$
4,668,658
514,970
$
8,886,382
Reinvestments
of
distributions
–
–
142,906
2,412,256
Redemptions
(485,148)
(9,448,377)
(954,536)
(16,368,582)
Net
increase
(decrease)
from
shareholder
transactions
(244,478)
$
(4,779,719)
(296,660)
$
(5,069,944)
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.8
Money
Market
Shares
Amount
Shares
Amount
Subscriptions
51,407,797
$
51,407,797
72,266,641
$
72,270,512
Reinvestments
of
distributions
3,363,218
3,363,218
6,390,348
6,386,477
Redemptions
(52,609,148)
(52,609,148)
(80,675,892)
(80,675,892)
Net
increase
(decrease)
from
shareholder
transactions
2,161,867
$
2,161,867
(2,018,903)
$
(2,018,903)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund’s
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund’s
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund’s
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
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.
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
22.9
Real
Estate
Securities
Select
Shares
Amount
Shares
Amount
Subscriptions
201,300
$
2,655,573
489,102
$
6,401,008
Reinvestments
of
distributions
–
–
150,188
1,778,220
Redemptions
(553,537)
(7,267,163)
(1,147,994)
(14,774,347)
Net
increase
(decrease)
from
shareholder
transactions
(352,237)
$
(4,611,590)
(508,704)
$
(6,595,119)
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
23.01
Small
Cap
Equity
Shares
Amount
Shares
Amount
Subscriptions
353,597
$
4,942,430
601,413
$
7,643,450
Reinvestments
of
distributions
–
–
167,394
1,997,008
Redemptions
(662,430)
(9,274,342)
(807,684)
(10,193,294)
Net
increase
(decrease)
from
shareholder
transactions
(308,833)
$
(4,331,912)
(38,877)
$
(552,836)
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
23.01
Stock
Index
Shares
Amount
Shares
Amount
Subscriptions
343,246
$
14,232,237
834,404
$
29,743,404
Reinvestments
of
distributions
–
–
484,364
17,015,717
Redemptions
(1,296,228)
(54,391,563)
(2,009,075)
(71,258,660)
Net
increase
(decrease)
from
shareholder
transactions
(952,982)
$
(40,159,326)
(690,307)
$
(24,499,539)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
22.1
Balanced
$57,931,508
$13,328,767
$(4,611,233)
$8,717,534
22.2
Core
Bond
209,761,848
1,341,805
(14,292,580)
(12,950,775)
22.3
Core
Equity
129,171,371
83,505,765
(2,050,460)
81,455,305
22.4
Growth
Equity
84,244,406
100,867,850
(4,122,313)
96,745,537
22.5
International
Equity
109,346,555
42,540,788
(4,696,213)
37,844,575
22.6
Large
Cap
Responsible
Equity
58,477,212
39,485,149
(2,553,205)
36,931,944
22.7
Large
Cap
Value
52,433,966
32,094,550
(1,561,403)
30,533,147
22.8
Money
Market
137,906,477
–
–
–
22.9
Real
Estate
Securities
Select
41,358,479
23,148,758
(748,950)
22,399,808
23.01
Small
Cap
Equity
54,101,691
14,561,417
(2,997,464)
11,563,953
23.01
Stock
Index
241,601,094
626,408,548
(28,284,658)
598,123,890
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
prior
fiscal
period end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Investment
Adviser
and
Other
Transactions
with
Affiliates
The
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.
The
Adviser
has
agreed
to
gradually
reduce
expenses
allocated
to
the
Funds
under
the
Administrative
Services
Agreement
over
a
three-year
period
commencing
May
1,
2024.
After
the
expiration
of
this
three-year
period,
the
Adviser
will
no
longer
allocate
expenses
to
the
Funds
under
the
Administrative
Services
Agreement.
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.
Effective
May
1,
2024,
the
management
fee
schedule
for
each
Fund,
other
than
Balanced,
Large
Cap
Responsible
Equity,
Money
Market
and
Stock
Index,
consists
of
two
components:
a
Fund-level
fee,
based
only
on
the
amount
of
assets
within
a
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
assets
managed
by
the
Adviser
and
Nuveen
Fund
Advisors,
LLC
(“Nuveen
Fund
Advisors”).
For
the
Balanced
Fund,
Large
Cap
Responsible
Equity
Fund,
Money
Market
Fund
and
Stock
Index
Fund,
the
advisory
fee
schedule
consists
of
one
component,
a
Fund-level
fee,
based
on
the
amount
of
assets
within
a
Fund.
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:
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
Balanced
$1,532,496
$1,617,808
$5,589,788
$–
$–
$(3,461)
$8,736,631
22.2
Core
Bond
7,706,550
–
(12,237,921)
(15,903,700)
–
2,295
(20,432,776)
22.3
Core
Equity
5,399,150
3,303,514
61,115,141
–
–
(5,889)
69,811,916
22.4
Growth
Equity
440,538
–
71,269,212
(3,542,166)
–
(8,614)
68,158,970
22.5
International
Equity
3,279,582
–
28,587,286
(13,081,670)
–
(11,800)
18,773,398
22.6
Large
Cap
Responsible
Equity
1,882,141
4,225,375
35,152,936
–
–
(6,190)
41,254,262
22.7
Large
Cap
Value
2,464,113
4,221,516
27,015,797
–
–
(8,392)
33,693,034
22.8
Money
Market
2,525
41
–
–
–
–
2,566
22.9
Real
Estate
Securities
Select
1,870,880
–
25,330,786
(1,767,807)
–
(9,709)
25,424,150
23.01
Small
Cap
Equity
608,132
736,994
12,487,542
–
–
(6,261)
13,826,407
23.01
Stock
Index
11,668,757
12,118,538
522,562,652
–
–
(39,883)
546,310,064
Fund
Short-Term
Long-Term
Total
22.1
Balanced
$–
$–
$–
22.2
Core
Bond
9,748,857
6,154,843
15,903,700
22.3
Core
Equity
–
–
–
22.4
Growth
Equity
3,542,166
–
3,542,166
22.5
International
Equity
2,273,434
10,808,236
13,081,670
22.6
Large
Cap
Responsible
Equity
–
–
–
22.7
Large
Cap
Value
–
–
–
22.8
Money
Market
–
–
–
22.9
Real
Estate
Securities
Select
63,809
1,703,998
1,767,807
23.01
Small
Cap
Equity
–
–
–
23.01
Stock
Index
–
–
–
As
of
May
1,
2024
for
each
Fund
subject
to
the
complex-level
fee,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
a
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
such
Fund
is
the
Fund-level
fee
plus
0.1600%.
The
complex-level
fee
rate
for
each
such
Fund
is
determined
by
taking
the
current
overall
complex-level
fee
rate
and
applying
that
rate
to
all
eligible
assets
of
the
Fund.
With
respect
to
the
assets
of
each
such
Fund
that
are
not
eligible
assets,
those
assets
are
subject
to
the
maximum
complex
–level
fee
rate
(0.1600%).
As
of
May
1,
2024,
11%
of
the
net
assets
of
each
such
Fund
are
eligible
assets,
and
that
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
net
assets
of
a
Fund.
The
current
overall
complex-level
fee
schedule
is
as
follows:
Prior
to
May
1,
2024,
the
advisory
fees
charged
under
the
Investment
Advisory
Agreement
with
respect
to
each
Fund
were
made
up
of
one
component,
and
were
based
upon
the
average
daily
net
assets
of
each
Fund
as
follows:
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
"Affiliated
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:
Fund
Fund-Level
Fee
Maximum
Expense
Amounts‡
22.1
Balanced
0.10%
0.10%
22.2
Core
Bond
0.14
0.35
22.3
Core
Equity
0.29
0.52
22.4
Growth
Equity
0.29
0.52
22.5
International
Equity
0.34
0.60
22.6
Large
Cap
Responsible
Equity
0.15
0.22
22.7
Large
Cap
Value
0.29
0.52
22.8
Money
Market
0.10
0.15
22.9
Real
Estate
Securities
Select
0.34
0.57
23.01
Small
Cap
Equity
0.30
0.53
23.01
Stock
Index
0.06
0.09
‡
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,
2025.
The
reimbursement
arrangements
can
only
be
changed
with
the
approval
of
the
Board.
Complex
Level
Asset
Breakpoint
Level*
Complex
Level
Fee
For
the
first
$124.3
billion
0.1600%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen-branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
Adviser-advised
active
equity
and
fixed
income
Nuveen
Mutual
Funds
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
Nuveen
Fund
Advisors
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
Nuveen
Fund
Advisors
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
For
Balanced,
Money
Market,
Large
Cap
Responsible
Equity
and
Stock
Index,
the
management
fee
schedule
consists
of
one
component,
a
Fund-level
fee,
based
on
the
amount
of
assets
within
a
Fund.
Fund
Investment
Advisory
Fee
For
the
Period
January
1,
2024
through
April
30,
2024
22.1
Balanced
0.10%
22.2
Core
Bond
0.30
22.3
Core
Equity
0.45
22.4
Growth
Equity
0.45
22.5
International
Equity
0.50
22.6
Large
Cap
Responsible
Equity
0.15
22.7
Large
Cap
Value
0.45
22.8
Money
Market
0.10
22.9
Real
Estate
Securities
Select
0.50
23.01
Small
Cap
Equity
0.46
23.01
Stock
Index
0.06
Notes
to
Financial
Statements
(Unaudited)
(continued)
The Funds are
permitted
to
purchase
or
sell securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Adviser
or
by
an
affiliate
of
the
Adviser
(each
an,
"Affiliated
Entity")
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-
trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
affected
at
the
current
market price
(as
provided
by
an
independent
pricing
service) without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
the
following
security
transactions
with
affiliated
entities:
As
of
the
end
of
the
reporting
period,
certain
registered
separate
accounts
Nuveen 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
Nuveen
Life
Balanced
Fund
invests
its
assets
in
shares
of
the
affiliated
Nuveen Life
Funds.
Information
regarding
transactions
with
affiliated
companies
is
as
follows:
Fund
Value
22.3
Core
Equity
$7,315
22.4
Growth
Equity
11,124
22.5
International
Equity
7,930
22.7
Large
Cap
Value
1,649
22.9
Real
Estate
Securities
Select
4,881
Fund
Purchases
Sales
Realized
Gain
(Loss)
Core
Equity
$
82,541
$
–
$
–
Growth
Equity
60,106
209,717
(22,174)
Large
Cap
Value
–
61,927
27,329
Small
Cap
Equity
51,803
31,459
20,430
Stock
Index
–
1,587,816
697,282
Underlying
Fund
Investments
in
funds
held
by
Nuveen
Life
Investments
in
funds
held
by
Life
Balanced
Total
22.1
Balanced
100
%
–
%
100
%
22.2
Core
Bond
92
8
100
22.3
Core
Equity
98
2
100
22.4
Growth
Equity
98
2
100
22.5
International
Equity
98
2
100
22.6
Large
Cap
Responsible
Equity
100
–
100
22.7
Large
Cap
Value
97
3
100
22.8
Money
Market
100
–
100
22.9
Real
Estate
Securities
Select
99
1
100
23.01
Small
Cap
Equity
99
1
100
23.01
Stock
Index
100
–
100
Issue
Value
at
12/31/23
Purchases
Cost
Sales
Proceeds
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
6/30/24
Shares
at
6/30/24
Dividend
Income
Balanced
Core
Bond
$
33,783,255
$
2,478,503
$
3,113,646
$
(403,422)
$
494,857
$
33,239,547
3,620,866
$
–
Core
Equity
6,805,089
62,841
1,412,365
248,954
980,393
6,684,912
308,203
–
Growth
Equity
6,615,111
98,024
1,204,938
416,888
732,614
6,657,699
314,487
–
International
Equity
6,827,828
217,211
972,919
143,271
376,427
6,591,818
660,503
–
Large
Cap
Value
5,639,885
188,295
909,229
250,583
224,670
5,394,204
269,306
–
Real
Estate
Securities
Select
1,357,874
153,591
117,965
955
(38,625)
1,355,830
102,404
–
Small
Cap
Equity
1,348,371
74,921
171,745
17,647
70,734
1,339,928
92,218
–
Stock
Index
5,439,065
49,518
795,560
405,406
286,675
5,385,104
121,122
–
$67,816,478
$3,322,904
$8,698,367
$1,080,282
$3,127,745
$66,649,042
5,489,109
$–
9.
Inter-Fund
Lending
Program
Pursuant
to
an
exemptive
order
issued
by
the
SEC,
the
Funds may
participate
in
an
inter-fund
lending
program.
This
program
allows
the
Funds to
lend
cash
to
and/or
borrow
cash
from
certain
other
affiliated
Funds for
temporary
purposes,
(e.g.,
to
satisfy
redemption
requests
or
to
cover
unanticipated
cash
shortfalls).
The
program
is
subject
to
a
number
of
conditions,
including
the
requirement
that
no
Fund may
borrow
or
lend
money
under
the
program
unless
it
receives
a
more
favorable
interest
rate
than
is
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction.
In
addition,
a
Fund may
participate
in
the
program
only
if
its
participation
is
consistent
with
the
Fund’s investment
policies
and
limitations
and
authorized
by
its
portfolio
manager(s).
During the current
fiscal
period,
there
were
no
inter-fund
borrowing
or
lending
transactions.
10.
Line
of
Credit
The Funds
(other
than
Money
Market
Fund)
participated
in
a
$1
billion
unsecured
revolving
credit
facility
that
was
used
for
temporary
purposes,
including,
without
limitation,
the
funding
of
shareholder
redemptions.
This
facility
was
entered
into
on
June
13,
2023
and
expired
on
June
11,
2024.
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
was
borne
by
the
participating
accounts
and
mutual
funds
on
a
pro
rata
basis.
Interest
associated
with
any
borrowing
under
the
facility
was
charged
to
the
borrowing
accounts
or
mutual
funds
at
a
specified
rate
of
interest.
The Funds were
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.
During
June
2024,
the
Funds
(other
than
Money
Market),
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes),
and
replaces
the
previous
facility.
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2025.
There
were
no
borrowings
under
this
credit
facility
by
the
Funds
during
the
current
fiscal
period.
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items “Trustee Fees” and “Management Fees” as part of the financial statements filed under Item 7 of this Form N-CSR.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract |
Nuveen Life Balanced Fund
Nuveen Life Core Bond Fund
Nuveen Life Core Equity Fund
Nuveen Life Growth Equity Fund
Nuveen Life International Equity Fund
Nuveen Life Large Cap Responsible Equity Fund
Nuveen Life Large Cap Value Fund
Nuveen Life Money Market Fund
Nuveen Life Real Estate Securities Select Fund
Nuveen Life Small Cap Equity Fund
Nuveen Life Stock Index Fund
The Approval Process
At meetings held on April 18 and 19, 2024 (the “Meeting”), the Board of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of TIAA-CREF Life Funds (the “Trust”) approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC (“TAL” and TAL is an “Adviser”) pursuant to which TAL serves as investment adviser to such funds. The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an “Advisory Agreement”) with respect to each series listed above (the “Funds”).
In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. In addition, the fund complex consists of the group of funds advised by TAL (collectively referred to as the “TC funds”) and the group of funds advised by Nuveen Fund Advisors, LLC (“NFAL” and such funds are collectively, the “Nuveen funds”). For clarity, TAL serves as Adviser to the TC funds, including the Funds, and NFAL serves as “Adviser” to the Nuveen funds. The Board Members considered that the prior separate boards of the TC funds and Nuveen funds were consolidated effective in January 2024. Accordingly, at the Meeting, the Board Members considered the review of the advisory agreements for the TC funds as well as reviewed the investment management agreements and sub-advisory agreements for the Nuveen funds. Depending on the appropriate context, references to “the Adviser” may be to TAL with respect to the TC funds and/or NFAL with respect to the Nuveen funds.
The Board Members considered the review of the advisory agreements of the TC funds and the Nuveen funds to be an ongoing process. The Board Members therefore employed the accumulated information, knowledge and experience they had gained during their tenure on the respective board of the TC funds or Nuveen funds (as the case may be) governing the applicable funds and working with the respective investment advisers and sub-advisers, as applicable, in their review of the advisory agreements for the fund complex.
During the course of the year prior to the Meeting, the Board and/or its committees received a wide variety of materials that covered a range of topics relevant to the Board’s annual consideration of the renewal of the advisory agreements, including reports on fund investment results over various periods; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements (as applicable); the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to
1
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
financial intermediaries, including 12b-1 expenses (as applicable); securities lending (as applicable); and overall market and regulatory developments. The Board also met periodically with and/or received presentations by key investment professionals managing a fund’s portfolio. In particular, at the Board meeting held on February 27-29, 2024 (the “February Meeting”), the Board and/or its Investment Committee received the annual performance review of the funds as described in further detail below. The presentations, discussions and meetings throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser and how such services have changed over time in light of new or modified regulatory requirements, changes to market conditions or other factors. In connection with its annual consideration of the advisory agreements, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the advisory agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; the consolidation of the Nuveen fund family and TC fund family; a review of product actions advanced in 2023 for the benefit of particular funds and/or the fund complex; a review of the applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; a review of contractual and/or voluntary expense caps and fee waivers for the TC funds; a description of portfolio manager compensation; a description of the profitability and/or financial data of Nuveen and TAL; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each respective fund to those of a peer universe and, with respect to open-end funds, also to a peer group of funds selected by Broadridge, subject to certain exceptions.
The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the fund complex is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.
As part of their review, the Board Members and independent legal counsel met by videoconference in executive session on April 10, 2024 (the “April Executive Session”) to review and discuss materials provided in connection with their annual review of the advisory agreements for the fund complex. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests.
The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.
The Board’s decisions to renew each Advisory Agreement were not based on a single identified factor, but rather each decision reflected the comprehensive consideration of all the information provided to the Board and its committees
2
throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the funds’ advisory arrangements and oversight of the funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser’s services provided to each respective Fund with particular focus on the services and enhancements or changes to such services provided during the last year.
The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as continual program of improvement and innovation aimed at enhancing the funds and fund complex for investors and meeting the needs of an increasingly complex regulatory environment. In particular, over the past several years, the Board considered the significant resources, both financial and personnel, the Adviser and its affiliates have committed in working to consolidate the Nuveen fund family and TC fund family under one centralized umbrella. The Board considered that the organizational changes in bringing together Nuveen, its affiliates and TIAA’s (as defined below) asset management businesses, consolidating the Nuveen and TC fund families and other initiatives were anticipated to provide various benefits for the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. As part of these efforts, the boards of the TC funds and Nuveen funds were consolidated effective in January 2024. In addition, in conjunction with these consolidation efforts, the Board approved at the Meeting changes to fee and breakpoint structures that could provide cost savings to participating funds, as described in further detail below.
The Board also reviewed information regarding other product actions undertaken or continued by management in the 2023 calendar year in seeking to improve the effectiveness of the organization, the product line-up as well as particular funds through, among other things, continuing to review and optimize the product line and gaining efficiencies through mergers and liquidations; reviewing and updating investment policies and benchmarks; implementing fee waivers and/or expense cap changes for certain funds; evaluating and adjusting portfolio management teams as appropriate for various funds; and developing policy positions on a broad range of regulatory proposals that may impact the funds and communicating with lawmakers and other regulatory authorities to help ensure these positions are considered. In its review, the Board considered that the funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the applicable funds have expanded over the years as a result of, among other things, regulatory, market and other developments, such as the adoption of the tailored shareholder report or the revised fund name rule.
In considering the breadth and quality of services TAL and its various teams provide with respect to the TC funds, the Board considered that TAL is responsible for providing various types of investment advisory services, including, among other things, furnishing an investment program for each TC fund; managing the assets of such funds, including conducting
3
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the fund; and evaluating fund performance and implementing changes thereto. The Board further considered that over the course of the 2023 calendar year, the Nuveen global public product team which supports the funds in the fund complex and their shareholders assessed the investment personnel across the investment leadership teams which resulted in additions or other modifications to the portfolio management teams of various funds. The Board also reviewed a description of the compensation structure applicable to certain portfolio managers.
In addition to the above investment advisory services, the Board further considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds. Given the highly regulated industry in which the funds operate, the Board considered the breadth of the Adviser’s compliance program and related policies and procedures. The Board reviewed various initiatives the Adviser’s compliance team undertook or continued in 2023, in part, to address new regulatory requirements, support international business growth and product development, enhance international trading capabilities, enhance monitoring capabilities in light of the new regulatory requirements and guidance and maintain a comprehensive training program. The Board further considered, among other things, that other non-advisory services provided included, among other things, board support and reporting; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); risk management, including reviews of the liquidity risk management and derivatives risk management programs; legal support services; regulatory advocacy; and cybersecurity, business continuity and disaster recovery planning and testing. With respect to the TC funds, the Board considered that certain non-investment and non-distribution services were provided by TAL or its affiliates pursuant to a separate administrative agreement; however, given the consolidation of the TC funds and Nuveen funds with the centralization of services and resources, such administrative agreement was anticipated to be phased out over a three-year period with the administrative services for the Funds to be provided under the respective Advisory Agreements at no additional cost.
Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the funds, including to enhance global talent, middle office systems, software and international and internal capabilities. The Board considered the access provided by the Adviser and its affiliates to a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the funds including during stressed times. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.
In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the applicable funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Adviser
4
In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In this regard, the Board and/or its Investment Committee reviewed, among other things, performance of the Funds over the one-, three- and five-year periods ending December 31, 2023. The Board performed its annual review of fund performance at its February Meeting and an additional review at the April Executive Session and also reviewed and discussed performance data at its other regularly scheduled quarterly meetings throughout the year. The Board therefore took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including management’s analysis of a fund’s performance with particular focus on funds that met certain challenged performance measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.
The Board considered that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results.
In its evaluation, the Board reviewed fund performance results from different perspectives. In general, subject to certain exceptions, the Board reviewed both absolute and relative fund performance over the various time periods and considered performance results in light of a fund’s investment objective(s), strategies and risks. With respect to the relative performance, the Board considered fund performance in comparison to the performance of peer funds, subject to certain exceptions, and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). In reviewing such comparative performance, the Board was cognizant of the inherent limitations of such data which can make meaningful performance comparisons generally difficult. With respect to relative performance of a fund compared to a benchmark index, differences, among other things, in the investment objective(s) and strategies of a fund and the benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would necessarily contribute to differences in performance results and limit the value of the comparative performance information. With respect to the Funds, the Board reviewed fund performance relative to a Fund’s benchmark. The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.
In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and
5
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
circumstances, including any differences between the respective fund and its benchmark, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.
The performance determinations with respect to each Fund are summarized below.
| • | | For Nuveen Life Balanced Fund (formerly, TIAA-CREF Life Balanced Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2023, the Fund outperformed its benchmark for the one-year period ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Core Bond Fund (formerly, TIAA-CREF Life Core Bond Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Core Equity Fund (formerly, TIAA-CREF Life Growth & Income Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2023, the Fund outperformed its benchmark for the one-year period ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Growth Equity Fund (formerly, TIAA-CREF Life Growth Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three- and five-year periods ended December 31, 2023, the Fund outperformed its benchmark for the one-year period ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life International Equity Fund (formerly, TIAA-CREF Life International Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund’s performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2023, the Fund outperformed its benchmark for the five-year period ended December 31, 2023. On the basis of the Board’s ongoing review of investment |
6
| | performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Large Cap Responsible Equity Fund (formerly, TIAA-CREF Life Social Choice Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Large Cap Value Fund (formerly, TIAA-CREF Life Large-Cap Value Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Money Market Fund (formerly, TIAA-CREF Life Money Market Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Real Estate Securities Select Fund (formerly, TIAA-CREF Life Real Estate Securities Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund’s performance was below the performance of its benchmark for the three-year period ended December 31, 2023, the Fund outperformed its benchmark for the one- and five-year periods ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Small Cap Equity Fund (formerly, TIAA-CREF Life Small-Cap Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement. |
| • | | For Nuveen Life Stock Index Fund (formerly, TIAA-CREF Life Stock Index Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund’s performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2023. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s |
7
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreement.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of its annual review, the Board generally reviewed, among other things, the contractual management fee and net/actual management fee (i.e., the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also reviewed information about other expenses and the total operating expense ratio of each Fund (after any fee waivers and/or expense reimbursements). More specifically, the Board Members reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of funds (the “Expense Universe”) and for a more focused subset of comparable funds (the “Expense Group”) established by Broadridge (subject to certain exceptions). The Board Members reviewed the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable) and considered that differences between the applicable fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.
The Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective fund. The Board Members also considered, in relevant part, a Fund’s management fee and net total expense ratio in light of the Fund’s performance history, including reviewing certain funds identified by management and/or the Board as having a higher net total expense ratio or management fee compared to their respective peers coupled with experiencing periods of challenged performance and considering the reasons for such comparative positions. In their evaluation of the fee arrangements for the Funds, the Board Members also reviewed the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective fund (if any). In its review, the Board considered that the management fees of the Nuveen funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow. To extend the ability to share in savings as complex assets increase to the TC funds, the Board approved changes to the management fee schedule of certain TC funds, including the Nuveen Life Core Bond Fund, Nuveen Life Core Equity Fund, Nuveen Life Growth Equity Fund, Nuveen Life International Equity Fund, Nuveen Life Large Cap Value Fund, Nuveen Life Real Estate Securities Select Fund and Nuveen Life Small Cap Equity Fund (rebranded under the Nuveen name effective May 1, 2024), to include a complex-wide fee component with corresponding changes to the fund-level fee schedule and to phase in assets of the participating TC funds into the calculation of the complex size over a ten-year period. The Board considered management’s representation that there would be no increase to any participating TC fund’s respective advisory agreement fee rate. Rather, the change sought to allow shareholders of participating TC funds to benefit from breakpoints in the fee schedule as a result of increases in the size of the fund complex even if the size of a particular TC fund’s assets did not
8
increase. In addition, in conjunction with the consolidation of the Nuveen funds and TC funds, the TC funds will phase out the separate administrative agreement pursuant to which TAL provided certain administrative services as well as the reimbursement to TAL of certain costs thereunder over a three-year period.
The Board’s considerations regarding the comparative fee data for each of the Funds are set forth below. With respect to the quartile rankings noted below, the first quartile represents the range of funds with the lowest management fee rate or net total expense ratio, as applicable, and the fourth quartile represents the range of funds with the highest management fee rate or net total expense ratio, as applicable. The Board considered that Broadridge only calculates quartiles if a minimum number of peers is available and therefore quartile rankings may not be available for certain Expense Groups and/or Expense Universes.
| • | | For Nuveen Life Balanced Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Core Bond Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Core Equity Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Growth Equity Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life International Equity Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Large Cap Responsible Equity Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Large Cap Value Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Money Market Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Real Estate Securities Select Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
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| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
| • | | For Nuveen Life Small Cap Equity Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
| • | | For Nuveen Life Stock Index Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe. In addition, the Fund’s actual management fee rate and net total expense ratio were below the Expense Group median. |
Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board reviewed the equal weighted average fee or other fee data for the other types of clients managed in a similar manner to certain of the Nuveen funds and TC funds. The Board considered the Adviser’s rationale for the differences in the management fee rates of the funds compared to the management fee rates charged to these other types of clients. In this regard, the Board considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the funds compared to that provided to other clients as well as differences in investment policies; regulatory, disclosure and governance requirements; servicing relationships with vendors; the manner of managing such assets; product structure; investor profiles; and account sizes all may contribute to variations in relative fee rates. Further, differences in the client base, governing bodies, distribution, jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. In addition, differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board considered the wide range of services in addition to investment management that the Adviser had provided to the funds compared to other types of clients as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. The Board concluded that the varying levels of fees were reasonable given, among other things, the more extensive services, regulatory requirements and legal liabilities, and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company compared to that required in advising other types of clients.
3. Profitability of the Adviser
In their review, the Board Members reviewed a variety of profitability information relating to TAL as a result of its advisory services to the TC funds. In developing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board Members received profitability data for TAL attributable to the TC funds in the aggregate and on a per-TC fund basis. The Board Members reviewed, among other things, TAL’s profitability margin (pre- and post-distribution expenses) for the TC funds for each
10
year from 2014 to 2023 as well as TAL’s revenue, expenses and net earnings before federal income tax (pre- and post-distribution expenses) from the TC funds for the year ended December 31, 2023 and as compared to December 31, 2022. The Board reviewed the profitability margins (pre- and post-marketing and pre-tax) of TAL for the TC funds for the 2023 fiscal year compared to the profitability margins (pre-marketing (subject to exceptions) and post-marketing and pre-tax) of a peer group of certain asset management firms for the 2022 fiscal year (the most recent year data available). The Board considered that TAL had calculated that it incurred a net loss for the one-year period ended December 31, 2023 with respect to its services to each of the Funds except for the Nuveen Life Stock Index Fund. In evaluating profitability data, the Board Members considered the difficulty in calculating profitability particularly at the individual Fund level given that differing but reasonable allocation methodologies could be employed and lead to significantly different results. The Board Members also reviewed the unaudited financial statements for TAL dated December 31, 2023.
Aside from the profitability data, the Board considered that NFAL and TAL are affiliates of Teachers Insurance and Annuity Association of America (“TIAA”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA, and TAL is an indirect wholly owned subsidiary of TIAA. Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2023 and 2022 calendar years to consider the financial strength of TIAA. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the reinvestments the Adviser, its parent and/or other affiliates made into their business through, among other things, the investment of seed capital in certain funds, initiatives in international expansion, investments in infrastructure and continued investments in enhancements to technological capabilities.
In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s level of profitability from its relationship with each Fund was not unreasonable over various time frames in light of the nature, extent and quality of services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the funds in the fund complex, including the Funds, whether these economies of scale have been appropriately shared with such funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are various methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the applicable funds for the fees paid. The Board considered that the Adviser has generally employed one or more of these various methods among the applicable funds. The Board considered that the Funds, however, do not have fund-level breakpoint schedules.
The Board considered that the management fee of TAL for the TC funds was comprised of only a fund-level fee. However, effective May 1, 2024, the Board approved the implementation of a complex-level component to the fee arrangement of certain TC funds, including the Nuveen Life Core Bond Fund, Nuveen Life Core Equity Fund, Nuveen Life Growth Equity Fund, Nuveen Life International Equity Fund, Nuveen Life Large Cap Value Fund, Nuveen Life Real Estate Securities Select
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| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract (continued) |
Fund and Nuveen Life Small Cap Equity Fund, pursuant to which the management fee would be comprised of a fund-level component and a complex-level component, subject to certain exceptions. To implement the new structure, the fund-level component was reduced by an amount at least equal to the new complex-level fee component. The complex-level fee component contains its own breakpoint schedule which is designed to deliver the benefits of economies of scale to shareholders when the assets of eligible funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules (if any) are designed to share economies of scale with shareholders if the particular fund grows. The Board considered that the assets of the participating TC funds to be included in the calculation of the complex-wide fee would be phased into the complex-wide assets in determining the complex-level fee over a ten-year period. The Board reviewed the projected shareholder savings derived from such modifications to the complex-wide fee calculation over a ten-year period from 2024 to 2033. The Board considered management’s representation that there will be no increase to any Fund’s respective advisory agreement fee rate. Similarly, the Board considered that certain reimbursements of administrative costs to TAL under its administrative agreement will also be phased out over a three-year period.
In addition to the fund-level and complex-level fee schedules, the Board Members considered the contractual and/or voluntary expense caps (if any) applicable to a Fund. The Board considered that such waivers and reimbursements applicable to the respective funds are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.
The Board Members also considered the continued reinvestment in Nuveen/TIAA’s business to enhance its capabilities and services to the benefit of its various clients. The Board understood that many of these investments were not specific to individual funds, but rather incurred across a variety of products and services pursuant to which the family of funds as a whole may benefit. The Board further considered that the Adviser and its affiliates have provided certain additional services, including, but not limited to, services required by new regulations and regulatory interpretations, without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies.
Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex, including the Funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. The funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-advisers to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen. In this regard, the Funds are used primarily as investment options for products offered by an affiliate of the Adviser.
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or
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shareholder services to the open-end funds for which it may be compensated. The Board Members also considered that certain share classes of the funds (subject to certain exceptions) pay 12b-1 fees, some of which may be retained by the Adviser’s affiliate.
The Board Members considered that TAL or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was anticipated to be phased out over time.
In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of its clients, although the Board Members also considered that the Adviser reimburses the Funds for all such costs.
The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.
Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.
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| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to open-end investment companies.
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to open-end investment companies.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
| Item 16. | Controls and Procedures. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
| (a) | Not applicable to open-end investment companies. |
| (b) | Not applicable to open-end investment companies. |
| Item 18. | Recovery of Erroneously Awarded Compensation. |
| (a)(1) | Not applicable to this filing. |
| (a)(2) | Not applicable to this filing. |
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.
TIAA-CREF Life Funds
| | | | | | | | |
| Date: September 5, 2024 | | | | 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.
| | | | | | | | |
| Date: September 5, 2024 | | | | By: | | /s/ Jordan M. Farris | | |
| | | | | | Jordan M. Farris | | |
| | | | | | Chief Administrative Officer | | |
| | | | | | (principal executive officer) | | |
| | | | |
| Date: September 5, 2024 | | | | By: | | /s/ E. Scott Wickerham | | |
| | | | | | E. Scott Wickerham | | |
| | | | | | Vice President and Controller | | |
| | | | | | (principal financial officer) | | |
