Northwestern Mutual Series Fund NPORT-P Short-Term Bond Portfolio (Mar 2024 report)

Short-Term Bond Portfolio

SCHEDULE OF INVESTMENTS

March 31, 2024 (unaudited)

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Basic Materials (1.1%)
ArcelorMittal 3.600%, 7/16/24		225,000		223
Celanese US Holdings LLC 6.050%, 3/15/25		334,000		335
Celulosa Arauco y Constitucion SA 4.500%, 8/1/24		365,000		363
LYB International Finance III LLC 1.250%, 10/1/25		373,000		350
Newmont Corp. / Newcrest Finance Pty, Ltd. 5.300%, 3/15/26 144A		240,000		241
Nucor Corp. 3.950%, 5/23/25		275,000		271
Nutrien, Ltd. 4.900%, 3/27/28		240,000		239
POSCO 4.375%, 8/4/25 §		1,000,000		984
The Sherwin-Williams Co.
4.050%, 8/8/24		155,000		154
4.250%, 8/8/25		230,000		227
Steel Dynamics, Inc. 2.800%, 12/15/24		200,000		196
Westlake Chemical Corp. 0.875%, 8/15/24		435,000		427
Total				4,010
Communications (2.9%)
AT&T, Inc. 4.100%, 2/15/28		205,000		199
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.908%, 7/23/25		2,090,000		2,064
6.150%, 11/10/26		255,000		257
Cox Communications, Inc.
3.150%, 8/15/24 144A		1,023,000		1,012
3.500%, 8/15/27 144A		215,000		204
Crown Castle Towers LLC 4.241%, 7/15/48 144A		175,000		167
KT Corp. 4.000%, 8/8/25 144A		1,020,000		1,001
NBN Co., Ltd. 1.450%, 5/5/26 144A		1,000,000		926
NTT Finance Corp.
4.142%, 7/26/24 144A		200,000		199
4.239%, 7/25/25 144A		200,000		197
Rogers Communications, Inc.
2.950%, 3/15/25		930,000		907
3.200%, 3/15/27		690,000		655
5.000%, 2/15/29		570,000		566
T-Mobile USA, Inc.
2.250%, 2/15/26		470,000		445
3.500%, 4/15/25		595,000		583
Verizon Communications, Inc.
0.850%, 11/20/25		500,000		466
1.450%, 3/20/26		650,000		606

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Communications continued
2.625%, 8/15/26		845,000		801
Total				11,255
Consumer, Cyclical (5.9%)
Advance Auto Parts, Inc. 5.900%, 3/9/26		475,000		474
American Airlines Pass Through Trust, Series 2017-2, Class B 3.700%, 4/15/27		170,908		166
Aptiv PLC / Aptiv Corp. 2.396%, 2/18/25		130,000		126
AutoZone, Inc.
3.125%, 4/18/24		515,000		514
6.250%, 11/1/28		370,000		388
Brunswick Corp. 0.850%, 8/18/24		685,000		672
Daimler Finance North America LLC
1.625%, 12/13/24 144A		580,000		564
5.000%, 1/15/27 144A		190,000		189
5.150%, 1/16/26 144A		165,000		164
Dollar General Corp.
4.625%, 11/1/27		145,000		143
5.200%, 7/5/28		347,000		349
Ford Motor Credit Co. LLC
5.125%, 6/16/25		605,000		600
5.800%, 3/5/27		485,000		487
General Motors Financial Co., Inc.
2.900%, 2/26/25		965,000		941
5.400%, 4/6/26		300,000		300
5.400%, 5/8/27		235,000		236
Genuine Parts Co. 1.750%, 2/1/25		220,000		213
Hasbro, Inc. 3.000%, 11/19/24		1,030,000		1,012
Hyundai Capital America
0.875%, 6/14/24 144A		510,000		505
1.000%, 9/17/24 144A		255,000		249
5.250%, 1/8/27 144A		200,000		200
5.500%, 3/30/26 144A		270,000		270
5.600%, 3/30/28 144A		350,000		354
6.250%, 11/3/25 144A		260,000		263
Hyundai Motor Co.
2.125%, 4/24/25 144A		200,000		193
Lowe’s Companies, Inc.
3.350%, 4/1/27		175,000		167
4.400%, 9/8/25		660,000		652
4.800%, 4/1/26		385,000		383
Marriott International, Inc.
3.600%, 4/15/24		1,160,000		1,159
3.750%, 3/15/25		110,000		108
5.450%, 9/15/26		195,000		196
5.750%, 5/1/25		120,000		120
Mattel, Inc.
3.375%, 4/1/26 144A		445,000		426
5.875%, 12/15/27 144A		485,000		487

1

Short-Term Bond Portfolio

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Consumer, Cyclical continued
Mercedes-Benz Finance North America LLC
4.800%, 3/30/26 144A		410,000		408
4.800%, 1/11/27 144A		1,170,000		1,166
Nordstrom, Inc. 2.300%, 4/8/24		85,000		85
O’Reilly Automotive, Inc. 5.750%, 11/20/26		380,000		386
Ross Stores, Inc.
0.875%, 4/15/26		625,000		574
3.375%, 9/15/24		135,000		133
4.600%, 4/15/25		1,355,000		1,342
Starbucks Corp. 4.750%, 2/15/26		465,000		462
Tapestry, Inc.
7.000%, 11/27/26		95,000		98
7.050%, 11/27/25		80,000		82
Toyota Motor Credit Corp. 3.050%, 3/22/27		325,000		309
VF Corp.
2.400%, 4/23/25		881,000		848
2.800%, 4/23/27		455,000		414
Volkswagen Group of America Finance LLC
3.950%, 6/6/25 144A		390,000		383
5.700%, 9/12/26 144A		335,000		338
5.800%, 9/12/25 144A		395,000		397
6.000%, 11/16/26 144A		380,000		387
WarnerMedia Holdings, Inc.
3.755%, 3/15/27		1,545,000		1,474
6.412%, 3/15/26		275,000		275
Total				22,831
Consumer, Non-cyclical (8.7%)
AbbVie, Inc.
2.600%, 11/21/24		1,935,000		1,900
2.950%, 11/21/26		1,120,000		1,067
4.800%, 3/15/27		395,000		395
AstraZeneca Finance LLC 1.200%, 5/28/26		805,000		744
BAT International Finance PLC
1.668%, 3/25/26		475,000		442
4.448%, 3/16/28		1,010,000		981
Becton Dickinson and Co.
3.363%, 6/6/24		690,000		687
3.734%, 12/15/24		170,000		168
4.693%, 2/13/28		805,000		797
Bristol-Myers Squibb Co. 4.900%, 2/22/27		290,000		291
4.900%, 2/22/29		330,000		331
4.950%, 2/20/26		220,000		220
Campbell Soup Co. 5.200%, 3/19/27		305,000		306
Cardinal Health, Inc. 3.079%, 6/15/24		310,000		308
3.500%, 11/15/24		525,000		517
Coca-Cola European Partners PLC
0.800%, 5/3/24 144A		1,335,000		1,329
1.500%, 1/15/27 144A		200,000		181
Constellation Brands, Inc. 3.600%, 5/9/24		485,000		484

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Consumer, Non-cyclical continued
CSL Finance PLC
3.850%, 4/27/27 144A		200,000		193
CVS Health Corp.
1.300%, 8/21/27		945,000		838
2.875%, 6/1/26		265,000		253
3.000%, 8/15/26		220,000		210
5.000%, 2/20/26		560,000		558
Element Fleet Management Corp.
5.643%, 3/13/27 144A		355,000		356
Elevance Health, Inc. 5.350%, 10/15/25		180,000		180
ERAC USA Finance LLC
4.600%, 5/1/28 144A		735,000		726
5.000%, 2/15/29 144A		280,000		280
HCA, Inc.
3.125%, 3/15/27		580,000		548
5.375%, 2/1/25		350,000		349
5.875%, 2/15/26		390,000		392
Health Care Service Corp.
1.500%, 6/1/25 144A		780,000		744
HPHT Finance 19, Ltd. 2.875%, 11/5/24 §		1,200,000		1,179
Humana, Inc.
1.350%, 2/3/27		75,000		67
3.850%, 10/1/24		545,000		540
4.500%, 4/1/25		565,000		559
5.750%, 3/1/28		140,000		143
Imperial Brands Finance PLC
3.125%, 7/26/24 144A		1,055,000		1,046
4.250%, 7/21/25 144A		710,000		697
IQVIA, Inc. 6.250%, 2/1/29		255,000		265
JDE Peet’s NV 0.800%, 9/24/24 144A		295,000		288
Mars, Inc. 4.550%, 4/20/28 144A		770,000		762
Mondelez International, Inc.
2.625%, 3/17/27		415,000		389
4.250%, 9/15/25 144A		305,000		300
PeaceHealth Obligated Group 1.375%, 11/15/25		105,000		98
Pelabuhan Indonesia Persero PT 4.875%, 10/1/24		950,000		945
Perrigo Finance Unlimited Co. 3.900%, 12/15/24		372,000		365
Pfizer Investment Enterprises Pte., Ltd.
4.450%, 5/19/26		985,000		975
4.450%, 5/19/28		400,000		394
Philip Morris International, Inc.
4.875%, 2/13/26		490,000		488
5.000%, 11/17/25		295,000		294
5.125%, 11/15/24		585,000		584
Revvity, Inc. 0.850%, 9/15/24		745,000		728
S&P Global, Inc. 2.450%, 3/1/27		1,120,000		1,048
Solventum Corp. 5.450%, 2/25/27 144A		725,000		727
UnitedHealth Group, Inc.
3.700%, 5/15/27		605,000		587

2

Short-Term Bond Portfolio

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Consumer, Non-cyclical continued
5.250%, 2/15/28		380,000		387
Utah Acquisition Sub, Inc. 3.950%, 6/15/26		935,000		903
Viatris, Inc.
1.650%, 6/22/25		800,000		761
2.300%, 6/22/27		429,000		389
Viterra Finance BV 4.900%, 4/21/27 144A		600,000		590
Total				33,273
Energy (2.7%)
Aker BP ASA 2.000%, 7/15/26 144A		246,000		227
Canadian Natural Resources, Ltd. 2.050%, 7/15/25		760,000		727
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25		910,000		910
Columbia Pipelines Holding Co. LLC 6.055%, 8/15/26 144A		90,000		91
DCP Midstream Operating LP 5.375%, 7/15/25		1,040,000		1,036
Enbridge, Inc.
2.500%, 1/15/25		640,000		625
2.500%, 2/14/25		330,000		321
5.900%, 11/15/26		230,000		234
6.000%, 11/15/28		190,000		198
Energy Transfer LP
2.900%, 5/15/25		115,000		112
4.250%, 4/1/24		35,000		35
6.050%, 12/1/26		875,000		892
Equinor ASA 2.875%, 4/6/25		880,000		860
Gray Oak Pipeline LLC 2.600%, 10/15/25 144A		205,000		196
ONEOK, Inc. 5.550%, 11/1/26		410,000		414
Ovintiv, Inc. 5.650%, 5/15/25		465,000		465
Pioneer Natural Resources Co. 5.100%, 3/29/26		505,000		504
Sabine Pass Liquefaction LLC
5.625%, 3/1/25		700,000		699
5.750%, 5/15/24		100,000		100
TransCanada PipeLines, Ltd. 6.203%, 3/9/26		910,000		910
The Williams Cos., Inc. 5.400%, 3/2/26		985,000		988
Total				10,544
Financial (18.1%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
1.650%, 10/29/24		331,000		323
6.100%, 1/15/27		420,000		427
6.450%, 4/15/27 144A		842,000		865
American Express Co. 2.250%, 3/4/25		975,000		948
5.098%, (US SOFR plus 1.000%), 2/16/28 α		215,000		215
American Tower Corp. 1.600%, 4/15/26		931,000		865

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Financial continued
2.400%, 3/15/25		360,000		349
3.550%, 7/15/27		379,000		360
Athene Global Funding
1.716%, 1/7/25 144A		930,000		902
5.684%, 2/23/26 144A		550,000		552
Avolon Holdings Funding, Ltd.
2.125%, 2/21/26 144A		610,000		568
2.875%, 2/15/25 144A		435,000		423
3.950%, 7/1/24 144A		130,000		129
5.750%, 3/1/29 144A		390,000		388
6.375%, 5/4/28 144A		185,000		189
Banco del Estado de Chile 2.704%, 1/9/25 144A		260,000		253
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander Mexico 5.375%, 4/17/25 §		800,000		797
Banco Santander SA 3.496%, 3/24/25		600,000		589
5.552%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.250%), 3/14/28 α		400,000		400
5.770%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.450%), 6/30/24 α		600,000		600
Bank Mandiri Persero Tbk PT 5.500%, 4/4/26 §		670,000		670
Bank of America Corp.
0.976%, (US SOFR plus 0.690%), 4/22/25 α		605,000		603
1.734%, (US SOFR plus 0.960%), 7/22/27 α		415,000		383
3.384%, (US SOFR plus 1.330%), 4/2/26 α		580,000		567
3.841%, (US SOFR plus 1.110%), 4/25/25 α		415,000		414
5.080%, (US SOFR plus 1.290%), 1/20/27 α		395,000		393
Bank of Montreal
3.700%, 6/7/25		775,000		760
4.250%, 9/14/24		390,000		388
5.300%, 6/5/26		455,000		456
The Bank of New York Mellon Corp.
4.414%, (US SOFR plus 1.345%), 7/24/26 α		515,000		509
4.947%, (US SOFR plus 1.026%), 4/26/27 α		560,000		557
5.148%, (US SOFR plus 1.067%), 5/22/26 α		410,000		409
Banque Federative du Credit Mutuel SA
0.998%, 2/4/25 144A		665,000		640
4.935%, 1/26/26 144A		400,000		397
Barclays PLC
5.304%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 2.300%), 8/9/26 α		385,000		383
5.674%, (US SOFR plus 1.490%), 3/12/28 α		215,000		216
7.325%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 3.050%), 11/2/26 α		390,000		400
BPCE SA 4.500%, 3/15/25 144A		790,000		778
Brighthouse Financial Global Funding
1.000%, 4/12/24 144A		495,000		494
1.550%, 5/24/26 144A		145,000		133
Brixmor Operating Partnership LP 3.650%, 6/15/24		440,000		438

3

Short-Term Bond Portfolio

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Financial continued
CaixaBank SA
6.208%, (US SOFR plus 2.700%), 1/18/29 144A α		590,000		602
6.684%, (US SOFR plus 2.080%), 9/13/27 144A α		615,000		628
Capital One Financial Corp.
2.636%, (US SOFR plus 1.290%), 3/3/26 α		585,000		569
4.985%, (US SOFR plus 2.160%), 7/24/26 α		460,000		457
5.700%, (US SOFR plus 1.905%), 2/1/30 α		250,000		252
6.312%, (US SOFR plus 2.640%), 6/8/29 α		255,000		262
7.149%, (US SOFR plus 2.440%), 10/29/27 α		240,000		250
The Charles Schwab Corp. 2.450%, 3/3/27		906,000		844
Citigroup, Inc.
0.981%, (US SOFR plus 0.669%), 5/1/25 α		500,000		498
3.106%, (US SOFR plus 2.842%), 4/8/26 α		650,000		634
4.140%, (US SOFR plus 1.372%), 5/24/25 α		555,000		553
4.400%, 6/10/25		250,000		247
5.174%, (US SOFR plus 1.364%), 2/13/30 α		375,000		373
CNO Global Funding
1.650%, 1/6/25 144A		685,000		662
1.750%, 10/7/26 144A		830,000		756
Cooperatieve Rabobank UA 3.875%, 8/22/24		355,000		353
Corebridge Financial, Inc. 3.500%, 4/4/25		455,000		445
Corebridge Global Funding 5.200%, 1/12/29 144A		185,000		185
Creditcorp, Ltd. 2.750%, 6/17/25 144A		200,000		193
Crown Castle International Corp.
1.050%, 7/15/26		615,000		559
2.900%, 3/15/27		580,000		543
4.450%, 2/15/26		570,000		561
Crown Castle, Inc. 5.000%, 1/11/28		185,000		183
Crown Castle, Inc. 5.600%, 6/1/29		295,000		299
Danske Bank A/S
5.427%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.950%), 3/1/28 144A α		390,000		391
6.259%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.180%), 9/22/26 144A α		265,000		268
Discover Bank 2.450%, 9/12/24		580,000		571
Equitable Financial Life Global Funding
1.000%, 1/9/26 144A		210,000		194
1.100%, 11/12/24 144A		530,000		515
1.400%, 7/7/25 144A		75,000		71
1.700%, 11/12/26 144A		305,000		278
Essex Portfolio LP 3.875%, 5/1/24		600,000		599
Fifth Third Bancorp 6.339%, (US SOFR plus 2.340%), 7/27/29 α		210,000		216
Fifth Third Bank NA 5.852%, (US SOFR Index plus 1.230%), 10/27/25 α		1,235,000		1,234

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Financial continued
First American Financial Corp. 4.600%, 11/15/24		195,000		193
The Goldman Sachs Group, Inc.
3.500%, 4/1/25		490,000		481
4.482%, (US SOFR plus 1.725%), 8/23/28 α		390,000		381
5.700%, 11/1/24		230,000		230
5.798%, (US SOFR plus 1.075%), 8/10/26 α		625,000		627
5.823%, (US SOFR plus 0.486%), 10/21/24		315,000		315
5.824%, (US SOFR plus 0.505%), 9/10/24		335,000		335
HSBC Holdings PLC 1.645%, (US SOFR plus 1.538%), 4/18/26 α		910,000		872
Huntington National Bank 5.699%, (US SOFR plus 1.215%), 11/18/25 α		270,000		268
Jackson National Life Global Funding 1.750%, 1/12/25 144A		620,000		601
JPMorgan Chase & Co.
0.824%, (US SOFR 3 Month plus 0.540%), 6/1/25 α		560,000		555
2.083%, (US SOFR plus 1.850%), 4/22/26 α		890,000		858
4.080%, (US SOFR plus 1.320%), 4/26/26 α		865,000		852
5.040%, (US SOFR plus 1.190%), 1/23/28 α		375,000		374
6.222%, (US SOFR plus 0.885%), 4/22/27		350,000		351
Kilroy Realty LP 4.375%, 10/1/25		180,000		176
LeasePlan Corp. NV 2.875%, 10/24/24 144A		1,005,000		989
Lloyds Banking Group PLC
5.462%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.375%), 1/5/28 α		460,000		460
LPL Financial Holdings, Inc. 6.750%, 11/17/28		190,000		199
LSEGA Financing PLC 0.650%, 4/6/24 144A		1,105,000		1,104
Marsh & McLennan Cos., Inc. 3.750%, 3/14/26		105,000		103
Mitsubishi UFJ Financial Group, Inc.
0.953%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.550%), 7/19/25 α		785,000		773
Morgan Stanley
1.164%, (US SOFR plus 0.560%), 10/21/25 α		445,000		433
2.630%, (US SOFR plus 0.940%), 2/18/26 α		545,000		530
3.620%, (US SOFR plus 1.160%), 4/17/25 α		390,000		390
6.138%, (US SOFR plus 1.770%), 10/16/26 α		525,000		531
Morgan Stanley Bank NA 4.754%, 4/21/26		475,000		472
Nasdaq, Inc. 5.650%, 6/28/25		95,000		95
NatWest Markets PLC 0.800%, 8/12/24 144A		390,000		383
Northern Trust Corp. 3.950%, 10/30/25		330,000		323
The PNC Financial Services Group, Inc.
4.758%, (US SOFR Index plus 1.085%), 1/26/27 α		575,000		570
5.300%, (US SOFR plus 1.342%), 1/21/28 α		155,000		155

4

Short-Term Bond Portfolio

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Financial continued
5.671%, (US SOFR Index plus 1.090%), 10/28/25 α		760,000		760
5.812%, (US SOFR plus 1.322%), 6/12/26 α		215,000		216
Principal Life Global Funding II 0.750%, 4/12/24 144A		530,000		529
Public Storage 5.807%, (US SOFR plus 0.470%), 4/23/24		280,000		280
Realty Income Corp. 5.050%, 1/13/26		140,000		140
Royal Bank of Canada 4.875%, 1/19/27		865,000		863
Santander Holdings USA, Inc. 2.490%, (US SOFR plus 1.249%), 1/6/28 α		410,000		373
SBA Tower Trust
1.631%, 5/15/51 144A		280,000		253
1.884%, 1/15/26 144A		160,000		149
2.836%, 1/15/50 144A		770,000		752
3.869%, 10/15/49 144A		120,000		119
6.599%, 11/15/52 144A		619,000		634
Simon Property Group LP
2.000%, 9/13/24		225,000		221
3.375%, 10/1/24		450,000		445
Societe Generale SA
5.519%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.500%), 1/19/28 144A α		970,000		963
Standard Chartered PLC
1.822%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.950%), 11/23/25 144A α		255,000		248
State Bank of India 1.800%, 7/13/26		1,050,000		970
State Street Corp.
4.857%, (US SOFR plus 0.604%), 1/26/26 α		245,000		244
5.104%, (US SOFR plus 1.130%), 5/18/26 α		385,000		384
5.272%, 8/3/26		685,000		689
Svenska Handelsbanken AB 0.550%, 6/11/24 144A		420,000		416
Synchrony Financial 4.250%, 8/15/24		1,130,000		1,123
The Toronto-Dominion Bank
4.285%, 9/13/24		985,000		979
5.532%, 7/17/26		970,000		978
Truist Financial Corp. 5.719%, (US SOFR plus 0.400%), 6/9/25		410,000		409
UBS AG 0.700%, 8/9/24 144A		280,000		275
UBS Group AG
1.494%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 0.850%), 8/10/27 144A α		215,000		196
4.488%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.550%), 5/12/26 144A α		200,000		197
4.490%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.600%), 8/5/25 144A α		565,000		562
6.327%, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year plus 1.600%), 12/22/27 144A α		425,000		434

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Financial continued
US Bancorp
4.548%, (US SOFR plus 1.660%), 7/22/28 α		780,000		764
5.727%, (US SOFR plus 1.430%), 10/21/26 α		320,000		322
Wells Fargo & Co.
2.188%, (US SOFR plus 2.000%), 4/30/26 α		400,000		385
3.908%, (US SOFR plus 1.320%), 4/25/26 α		610,000		599
4.540%, (US SOFR plus 1.560%), 8/15/26 α		590,000		582
The Western Union Co. 2.850%, 1/10/25		1,225,000		1,198
WP Carey, Inc. 4.600%, 4/1/24		805,000		805
Total				69,810
Industrial (2.6%)
Amcor Flexibles North America, Inc. 4.000%, 5/17/25		450,000		442
Amphenol Corp.
2.050%, 3/1/25		405,000		392
4.750%, 3/30/26		205,000		203
BAE Systems PLC 5.000%, 3/26/27 144A		450,000		449
Canadian Pacific Railway Co.
1.350%, 12/2/24		725,000		705
1.750%, 12/2/26		315,000		289
DAE Funding LLC 1.550%, 8/1/24 144A		265,000		261
GATX Corp.
3.250%, 3/30/25		870,000		849
3.250%, 9/15/26		360,000		344
3.850%, 3/30/27		164,000		158
5.400%, 3/15/27		390,000		393
Mohawk Industries, Inc. 5.850%, 9/18/28		310,000		319
Otis Worldwide Corp. 2.056%, 4/5/25		485,000		469
Owens Corning, Inc. 3.400%, 8/15/26		66,000		63
Parker Hannifin Corp. 3.650%, 6/15/24		875,000		871
Penske Truck Leasing Co. LP / PTL Finance Corp.
2.700%, 11/1/24 144A		497,000		488
3.450%, 7/1/24 144A		200,000		199
5.350%, 1/12/27 144A		190,000		190
5.750%, 5/24/26 144A		980,000		987
Regal Rexnord Corp. 6.050%, 2/15/26 144A		370,000		372
Republic Services, Inc.
0.875%, 11/15/25		120,000		112
2.500%, 8/15/24		495,000		489
SMBC Aviation Capital Finance DAC 3.550%, 4/15/24 144A		400,000		400
Tyco Electronics Group SA 4.500%, 2/13/26		530,000		524
Total				9,968

5

Short-Term Bond Portfolio

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Technology (2.1%)
Analog Devices, Inc. 5.601%, (US SOFR Index plus 0.250%), 10/1/24		170,000		170
CDW LLC / CDW Finance Corp. 5.500%, 12/1/24		180,000		179
Fiserv, Inc.
2.750%, 7/1/24		800,000		794
5.150%, 3/15/27		480,000		482
Fortinet, Inc. 1.000%, 3/15/26		380,000		350
Microchip Technology, Inc. 0.983%, 9/1/24		560,000		549
Micron Technology, Inc.
4.185%, 2/15/27		95,000		93
4.975%, 2/6/26		100,000		99
5.375%, 4/15/28		575,000		581
NXP BV / NXP Funding LLC / NXP USA, Inc.
2.700%, 5/1/25		445,000		432
3.150%, 5/1/27		40,000		38
3.875%, 6/18/26		340,000		330
4.400%, 6/1/27		80,000		78
Oracle Corp. 2.500%, 4/1/25		1,250,000		1,212
Qorvo, Inc. 1.750%, 12/15/24		275,000		267
Roper Technologies, Inc.
1.000%, 9/15/25		115,000		108
2.350%, 9/15/24		165,000		162
Take-Two Interactive Software, Inc.
3.550%, 4/14/25		295,000		289
5.000%, 3/28/26		585,000		582
Western Digital Corp. 4.750%, 2/15/26		990,000		967
Workday, Inc. 3.500%, 4/1/27		265,000		254
Total				8,016
Utilities (2.7%)
The AES Corp. 3.300%, 7/15/25 144A		365,000		354
American Electric Power Co., Inc. 5.200%, 1/15/29		675,000		677
APT Pipelines, Ltd. 4.200%, 3/23/25 144A		1,335,000		1,315
Constellation Energy Generation LLC 5.600%, 3/1/28		315,000		321
DTE Energy Co. 4.220%, 11/1/24		550,000		545
Enel Finance International NV
1.375%, 7/12/26 144A		645,000		590
2.650%, 9/10/24 144A		1,000,000		986
6.800%, 10/14/25 144A		200,000		204
Exelon Corp. 5.150%, 3/15/29		200,000		200
Georgia Power Co. 5.004%, 2/23/27		175,000		175
NextEra Energy Capital Holdings, Inc.
1.875%, 1/15/27		685,000		627
4.450%, 6/20/25		540,000		533
5.749%, 9/1/25		280,000		281

Corporate Bonds (46.8%)	Shares/ Par +		Value $ (000’s)
Utilities continued
6.051%, 3/1/25		255,000		256
NiSource, Inc. 5.250%, 3/30/28		130,000		131
NRG Energy, Inc.
3.750%, 6/15/24 144A		270,000		268
Pacific Gas & Electric Co. 3.500%, 6/15/25		555,000		541
PacifiCorp 5.100%, 2/15/29		240,000		242
Sempra
3.300%, 4/1/25		385,000		377
5.400%, 8/1/26		270,000		271
Southern California Gas Co. 2.950%, 4/15/27		410,000		387
Terraform Global Operating LP 6.125%, 3/1/26 144A		915,000		902
Vistra Operations Co. LLC 5.125%, 5/13/25 144A		234,000		232
Total				10,415
Total Corporate Bonds (Cost: $182,400)				180,122
Governments (22.2%)
Governments (22.2%)
Korea Electric Power Corp. 5.375%, 4/6/26 144A		1,000,000		1,003
Korea Housing Finance Corp. 4.625%, 2/24/28 144A		960,000		955
Korea Hydro & Nuclear Power Co., Ltd.
1.250%, 4/27/26 144A		795,000		733
4.250%, 7/27/27 144A		220,000		214
5.000%, 7/18/28 144A		250,000		250
US Treasury
4.000%, 12/15/25		1,025,000		1,012
4.250%, 12/31/25		14,620,000		14,500
4.250%, 1/31/26 b		25,710,000		25,507
4.500%, 11/15/25		1,300,000		1,294
4.500%, 3/31/26		11,585,000		11,556
4.625%, 2/28/26		23,470,000		23,451
4.875%, 11/30/25		2,635,000		2,639
5.000%, 9/30/25		485,000		486
US Treasury Inflation Index Bond 2.375%, 10/15/28		1,866,557		1,910
Total				85,510
Total Governments (Cost: $85,871)				85,510
Municipal Bonds (0.1%)
Municipal Bonds (0.1%)
Golden State Tobacco Securitization Corp. 1.711%, 6/1/24 RB		435,000		432
Total Municipal Bonds (Cost: $435)				432

6

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities (15.3%)
Ally Auto Receivables Trust, Series 2023-A, Class B 6.010%, 1/17/34 144A		89,190		89
Ally Auto Receivables Trust, Series 2023-A, Class C 6.080%, 1/17/34 144A		165,680		167
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class C 1.590%, 10/20/25		36,378		36
AmeriCredit Automobile Receivables Trust, Series 2020-1, Class D 1.800%, 12/18/25		315,000		311
AmeriCredit Automobile Receivables Trust, Series 2020-3, Class C 1.060%, 8/18/26		245,000		238
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class C 0.890%, 10/19/26		430,000		415
AmeriCredit Automobile Receivables Trust, Series 2021-1, Class D 1.210%, 12/18/26		270,000		255
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D 1.290%, 6/18/27		575,000		533
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class C 5.800%, 12/18/28		380,000		383
Apidos CLO, Ltd., Series 2018-18A, Class AR 6.472%, (US SOFR 3 Month plus 1.150%), 10/22/30 144A		800,000		798
Atrium XIII 6.470%, (US SOFR 3 Month plus 1.150%), 11/21/30 144A		495,000		495
Auxilior Term Funding LLC, Series 2023-1A, Class A2 6.180%, 12/15/28 144A		575,000		578
Avis Budget Rental Car Funding AESOP LLC, Series 2020-1A, Class A 2.330%, 8/20/26 144A		250,000		241
Avis Budget Rental Car Funding AESOP LLC, Series 2022-5A, Class C 9.270%, 4/20/27 144A		165,000		165
Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class C 6.180%, 10/20/27 144A		120,000		120
AXIS Equipment Finance Receivables LLC, Series 2021-1A, Class D 2.300%, 11/22/27 144A		280,000		272
AXIS Equipment Finance Receivables LLC, Series 2024-1A, Class A2 5.380%, 1/21/31 144A		175,000		175
AXIS Equipment Finance Receivables LLC, Series 2024-1A, Class C 5.550%, 1/21/31 144A		125,000		125
Ballyrock, Ltd.
6.636%, (US SOFR 3 Month plus 1.322%), 4/15/34 144A		250,000		249
Bayview Opportunity Master Fund Trust, Series 2024-CAR1, Class A
6.572%, (US 30 Day Average SOFR plus 1.100%), 12/26/31 144A Æ		265,000		265

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A 3.280%, 9/26/33 144A		107,905		104
CarMax Auto Owner Trust, Series 2020-4, Class D 1.750%, 4/15/27		300,000		291
CarMax Auto Owner Trust, Series 2023-2, Class C 5.570%, 11/15/28		585,000		583
CarMax Auto Owner Trust, Series 2023-2, Class D 6.550%, 10/15/29		390,000		394
CarMax Auto Owner Trust, Series 2023-3, Class B 5.470%, 2/15/29		225,000		225
CarMax Auto Owner Trust, Series 2023-3, Class C 5.610%, 2/15/29		655,000		655
CarMax Auto Owner Trust, Series 2023-3, Class D 6.440%, 12/16/30		210,000		212
CarMax Auto Owner Trust, Series 2024-1, Class A4 4.940%, 8/15/29		150,000		150
CarMax Auto Owner Trust, Series 2024-1, Class C 5.470%, 8/15/29		290,000		289
Cedar Funding, Ltd., Series 2018-7A, Class A1
6.579%, (US SOFR 3 Month plus 1.262%), 1/20/31 144A		256,251		256
Cedar Funding, Ltd., Series 2021-14A, Class A
6.676%, (US SOFR 3 Month plus 1.362%), 7/15/33 144A		695,000		694
CIFC Funding, Ltd., Series 2014-2RA, Class A1
6.630%, (US SOFR 3 Month plus 1.312%), 4/24/30 144A		619,917		620
CIFC Funding, Ltd., Series 2021-4A, Class A
6.626%, (US SOFR 3 Month plus 1.312%), 7/15/33 144A		905,000		906
Dell International LLC 6.750%, 10/22/29 144A		100,000		101
DLLAA LLC, Series 2023-1A, Class A3 5.640%, 2/22/28 144A		395,000		399
DLLST LLC, Series 2024-1A, Class A3 5.050%, 8/20/27 144A		140,000		139
DLLST LLC, Series 2024-1A, Class A4 4.930%, 4/22/30 144A		40,000		40
Driven Brands Funding LLC, Series 2018-1A, Class A2 4.739%, 4/20/48 144A		193,213		190
Driven Brands Funding LLC, Series 2019-1A, Class A2 4.641%, 4/20/49 144A		133,000		129
Dryden Senior Loan Fund, Series 2020-86A, Class A1R
6.678%, (US SOFR 3 Month plus 1.362%), 7/17/34 144A		610,000		608
Elara HGV Timeshare Issuer LLC, Series 2017-A, Class A 2.690%, 3/25/30 144A		18,826		19

7

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Elara HGV Timeshare Issuer LLC, Series 2019-A, Class A 2.610%, 1/25/34 144A		106,343		101
Elara HGV Timeshare Issuer LLC, Series 2023-A, Class A 6.160%, 2/25/38 144A		256,817		261
Elara HGV Timeshare Issuer LLC, Series 2023-A, Class C 7.300%, 2/25/38 144A		223,136		227
Enterprise Fleet Financing LLC, Series 2023-2, Class A2 5.560%, 4/22/30 144A		601,309		602
Exeter Automobile Receivables Trust, Series 2022-3A, Class C 5.300%, 9/15/27		190,000		189
Exeter Automobile Receivables Trust, Series 2022-4A, Class D 5.980%, 12/15/28		305,000		304
Exeter Automobile Receivables Trust, Series 2022-5A, Class C 6.510%, 12/15/27		965,000		970
Exeter Automobile Receivables Trust, Series 2023-1A, Class D 6.690%, 6/15/29		80,000		81
Finance of America HECM Buyout, Series 2022-HB2, Class A1A 4.000%, (AFC), 8/1/32 144A		395,867		388
FirstKey Homes Trust, Series 2020-SFR1, Class D 2.241%, 8/17/37 144A		1,080,000		1,018
FirstKey Homes Trust, Series 2020-SFR2, Class D 1.968%, 10/19/37 144A		655,000		611
Ford Credit Auto Lease Trust, Series 2023-B, Class B 6.200%, 2/15/27		150,000		152
Ford Credit Auto Lease Trust, Series 2023-B, Class C 6.430%, 4/15/27		285,000		290
Ford Credit Auto Owner Trust, Series 2020-1, Class B 2.290%, 8/15/31 144A		445,000		432
Ford Credit Auto Owner Trust, Series 2020-2, Class C 1.740%, 4/15/33 144A		310,000		291
Ford Credit Auto Owner Trust, Series 2022-A, Class C 4.180%, 10/15/25		1,020,000		1,008
Ford Credit Auto Owner Trust, Series 2023-A, Class B 5.070%, 1/15/29		905,000		898
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class C 5.750%, 5/15/28 144A		245,000		244
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class D 6.620%, 5/15/28 144A		440,000		444
GM Financial Automobile Leasing Trust, Series 2022-3, Class C 5.130%, 8/20/26		585,000		580

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
GM Financial Automobile Leasing Trust, Series 2023-1, Class B 5.030%, 9/18/28		155,000		155
GM Financial Automobile Leasing Trust, Series 2023-1, Class C 5.760%, 1/20/27		970,000		971
GM Financial Consumer Automobile Receivables Trust, Series 2020-4, Class C 1.050%, 5/18/26		225,000		220
Hardee’s Funding LLC, Series 2018-1A, Class A23 5.710%, 6/20/48 144A		269,325		256
Hardee’s Funding LLC, Series 2018-1A, Class A21I 4.959%, 6/20/48 144A Æ		666,225		660
Hardee’s Funding LLC, Series 2020-1A, Class A2 3.981%, 12/20/50 144A		1,006,200		906
Hilton Grand Vacations Trust, Series 2020-AA, Class A 2.740%, 2/25/39 144A		165,257		157
Hilton Grand Vacations Trust, Series 2022-1D, Class A 3.610%, 6/20/34 144A		123,509		119
Hilton Grand Vacations Trust, Series 2023-1A, Class B 6.110%, 1/25/38 144A		678,541		685
Hilton Grand Vacations Trust, Series 2023-1A, Class C 6.940%, 1/25/38 144A		126,715		129
Home Partners of America Trust, Series 2022-1, Class A 3.930%, 4/17/39 144A		254,615		244
HPEFS Equipment Trust, Series 2021-2A, Class D 1.290%, 3/20/29 144A		340,000		333
HPEFS Equipment Trust, Series 2023-1A, Class C 5.910%, 4/20/28 144A		355,000		356
HPEFS Equipment Trust, Series 2023-2A, Class C 6.480%, 1/21/31 144A		125,000		127
HPEFS Equipment Trust, Series 2023-2A, Class D 6.970%, 7/21/31 144A		125,000		127
HPEFS Equipment Trust, Series 2024-1A, Class C 5.330%, 6/20/31 144A		680,000		677
Jamestown CLO, Ltd.
7.586%, (US SOFR 3 Month plus 2.262%), 4/25/30 144A		250,000		249
JPMorgan Chase Bank NA, Series 2021-2, Class D 1.138%, 12/26/28 144A		44,021		43
KKR Financial CLO, Ltd., Series 2021-29A, Class A
6.776%, (US SOFR 3 Month plus 1.462%), 1/15/32 144A		1,000,000		1,001

8

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Madison Park Funding, Ltd., Series 2017-23A, Class AR
6.551%, (US SOFR 3 Month plus 1.232%), 7/27/31 144A		688,482		688
Madison Park Funding, Ltd., Series 2017-23A, Class BR
7.131%, (US SOFR 3 Month plus 1.812%), 7/27/31 144A		710,000		710
Madison Park Funding, Ltd., Series 2019-37A, Class AR
6.646%, (US SOFR 3 Month plus 1.332%), 7/15/33 144A		450,000		450
Madison Park Funding, Ltd., Series 2022-33A, Class AR
6.604%, (US SOFR 3 Month plus 1.290%), 10/15/32 144A		1,025,000		1,025
Magnetite CLO, Ltd., Series 2020-25A, Class A
6.786%, (US SOFR 3 Month plus 1.462%), 1/25/32 144A		965,000		964
Marble Point CLO XII, Ltd., Series 2018-1A, Class A
6.586%, (US SOFR 3 Month plus 1.272%), 7/16/31 144A		370,637		370
Marble Point CLO, Ltd., Series 2018-2A, Class A12R
6.522%, (US SOFR 3 Month plus 1.200%), 1/20/32 144A		1,200,000		1,201
MidOcean Credit CLO XI, Ltd.
7.096%, (US SOFR 3 Month plus 1.730%), 10/18/33 144A		305,000		306
8.016%, (US SOFR 3 Month plus 2.650%), 10/18/33 144A		455,000		452
MMAF Equipment Finance LLC, Series 2021-A, Class A5 1.190%, 11/13/43 144A		100,000		92
MVW Owner Trust, Series 2019-2A, Class A 2.440%, 10/20/38 144A		47,955		45
MVW Owner Trust, Series 2020-1A, Class A 1.740%, 10/20/37 144A		235,989		221
MVW Owner Trust, Series 2020-1A, Class B 2.730%, 10/20/37 144A		131,657		125
MVW Owner Trust, Series 2021-1WA, Class B 1.440%, 1/22/41 144A		42,213		39
MVW Owner Trust, Series 2021-1WA, Class C 1.940%, 1/22/41 144A		62,476		58
MVW Owner Trust, Series 2023-1A, Class A 4.930%, 10/20/40 144A		651,033		641
MVW Owner Trust, Series 2023-2A, Class A 6.180%, 11/20/40 144A		477,864		491
MVW Owner Trust, Series 2023-2A, Class B 6.330%, 11/20/40 144A		102,068		104
Navient Private Education Refi Loan Trust, Series 2019-A, Class A2A 3.420%, 1/15/43 144A		114,378		111
Navient Private Education Refi Loan Trust, Series 2019-D, Class A2A 3.010%, 12/15/59 144A		155,111		147
Navient Private Education Refi Loan Trust, Series 2019-EA, Class A2A 2.640%, 5/15/68 144A		205,980		195

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Navient Private Education Refi Loan Trust, Series 2020-A, Class A2A 2.460%, 11/15/68 144A		209,130		197
Navient Private Education Refi Loan Trust, Series 2020-CA, Class A2A 2.150%, 11/15/68 144A		780,157		725
Navient Private Education Refi Loan Trust, Series 2020-DA, Class A 1.690%, 5/15/69 144A		143,879		131
Navient Private Education Refi Loan Trust, Series 2020-GA, Class A 1.170%, 9/16/69 144A		91,289		82
Navient Student Loan Trust, Series 2019-GA, Class A 2.400%, 10/15/68 144A		317,961		299
Navient Student Loan Trust, Series 2020-HA, Class A 1.310%, 1/15/69 144A		44,568		41
Navistar Financial Dealer Note Master Trust, Series 2023-1, Class A 6.180%, 8/25/28 144A		360,000		363
Nelnet Student Loan Trust, Series 2020-1A, Class A
6.184%, (US SOFR 1 Month plus 0.855%), 3/26/68 144A		84,311		84
Nelnet Student Loan Trust, Series 2021-CA, Class AFX 1.320%, 4/20/62 144A		533,963		484
Nelnet Student Loan Trust, Series 2021-DA, Class AFX 1.630%, 4/20/62 144A		187,331		171
Neuberger Berman CLO, Ltd., Series 2017-26A, Class BR
6.960%, (US SOFR 3 Month plus 1.662%), 10/18/30 144A		500,000		501
Neuberger Berman CLO, Ltd., Series 2019-32A, Class AR
6.561%, (US SOFR 3 Month plus 1.252%), 1/20/32 144A		250,000		250
Neuberger Berman CLO, Ltd., Series 2021-40A, Class A
6.636%, (US SOFR 3 Month plus 1.322%), 4/16/33 144A		270,000		270
Oaktree CLO, Ltd., Series 2022-2A, Class A1R
6.864%, (US SOFR 3 Month plus 1.550%), 7/15/33 144A		700,000		699
OCP CLO, Ltd., Series 2017-13A, Class A2R
7.126%, (US SOFR 3 Month plus 1.812%), 7/15/30 144A		760,000		760
Octane Receivables Trust, Series 2021-2A, Class A 1.210%, 9/20/28 144A		88,137		86
Octane Receivables Trust, Series 2022-1A, Class B 4.900%, 5/22/28 144A		395,000		389
Octane Receivables Trust, Series 2023-1A, Class A 5.870%, 5/21/29 144A		81,396		82
Octane Receivables Trust, Series 2023-1A, Class B 5.960%, 7/20/29 144A		225,000		224

9

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Octane Receivables Trust, Series 2023-3A, Class B 6.480%, 7/20/29 144A		135,000		136
Octane Receivables Trust, Series 2023-3A, Class C 6.740%, 8/20/29 144A		100,000		101
Octane Receivables Trust, Series 2023-3A, Class D 7.580%, 9/20/29 144A		100,000		104
OZLM Funding II, Ltd.
6.510%, (US SOFR 3 Month plus 1.200%), 7/30/31 144A		760,000		761
OZLM XXI, Ltd., Series 2017-21A, Class A1R
6.473%, (US SOFR 3 Month plus 1.150%), 1/20/31 144A		1,180,000		1,181
Planet Fitness Master Issuer LLC, Series 2018-A1, Class A2II 4.666%, 9/5/48 144A		803,250		786
Post Road Equipment Finance, Series 2024-1A, Class A2 5.590%, 11/15/29 144A		100,000		100
Progress Residential Trust, Series 2020-SFR2, Class A 2.078%, 6/18/37 144A		154,479		148
Santander Bank Auto Credit-Linked Notes, Series 2021-1A, Class B 1.833%, 12/15/31 144A		38,843		38
Santander Bank Auto Credit-Linked Notes, Series 2022-B, Class C 5.916%, 8/16/32 144A		81,191		81
Santander Bank Auto Credit-Linked Notes, Series 2022-C, Class B 6.451%, 12/15/32 144A		425,786		427
Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class A2 5.644%, 12/15/33 144A		226,878		227
Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class D 6.663%, 12/15/33 144A		280,000		281
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class C 1.290%, 4/15/26 144A		141,528		141
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class D 1.570%, 1/15/27 144A		450,000		424
Santander Drive Auto Receivables Trust, Series 2020-3, Class D 1.640%, 11/16/26		132,845		131
Santander Drive Auto Receivables Trust, Series 2021-4, Class D 1.670%, 10/15/27		450,000		428
Santander Drive Auto Receivables Trust, Series 2023-1, Class C 5.090%, 5/15/30		260,000		257
Santander Retail Auto Lease Trust, Series 2021-B, Class D 1.410%, 11/20/25 144A		440,000		437
Santander Retail Auto Lease Trust, Series 2021-C, Class C 1.110%, 3/20/26 144A		365,000		362

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Santander Retail Auto Lease Trust, Series 2022-B, Class B 3.850%, 3/22/27 144A		150,000		148
SBNA Auto Lease Trust, Series 2024-A, Class A3 5.390%, 11/20/26 144A		145,000		145
SBNA Auto Lease Trust, Series 2024-A, Class A4 5.240%, 1/22/29 144A		140,000		140
SCF Equipment Leasing Trust, Series 2023-1A, Class A3 6.170%, 5/20/32 144A		470,000		483
SEB Funding LLC 7.386%, 4/30/54 144A		600,000		606
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3 4.950%, 5/21/29 144A		160,000		159
SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C 5.510%, 1/20/32 144A		55,000		55
Sierra Receivables Funding Co. LLC, Series 2019-2A, Class A 2.590%, 5/20/36 144A		82,924		82
Sierra Receivables Funding Co. LLC, Series 2019-3A, Class A 2.340%, 7/15/38 144A		202,712		200
Sierra Receivables Funding Co. LLC, Series 2020-2A, Class C 3.510%, 7/20/37 144A		71,419		69
Sierra Receivables Funding Co. LLC, Series 2021-2A, Class B 1.800%, 9/20/38 144A		112,229		105
Sierra Receivables Funding Co. LLC, Series 2021-2A, Class C 1.950%, 9/20/38 144A		234,433		219
SMB Private Education Loan Trust, Series 2014-A, Class A3
6.940%, (US SOFR 1 Month plus 1.615%), 4/15/32 144A		20,332		20
SMB Private Education Loan Trust, Series 2016-C, Class A2B
6.540%, (US SOFR 1 Month plus 1.215%), 9/15/34 144A		58,424		58
SMB Private Education Loan Trust, Series 2018-B, Class A2A 3.600%, 1/15/37 144A		80,099		78
SMB Private Education Loan Trust, Series 2018-B, Class A2B
6.160%, (US SOFR 1 Month plus 0.835%), 1/15/37 144A		191,665		191
SMB Private Education Loan Trust, Series 2020-BA, Class A1A 1.290%, 7/15/53 144A		94,843		86
SMB Private Education Loan Trust, Series 2020-PTB, Class A2A 1.600%, 9/15/54 144A		680,281		619
SMB Private Education Loan Trust, Series 2021-B, Class A 1.310%, 7/17/51 144A		458,736		416

10

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Asset Backed Securities continued
Symphony CLO I, Ltd., Series 2021-1A, Class B
7.036%, (US SOFR 3 Month plus 1.712%), 10/25/29 144A		815,000		799
Symphony CLO XXIII, Ltd., Series 2021-23A, Class AR
6.596%, (US SOFR 3 Month plus 1.282%), 1/15/34 144A		1,037,252		1,038
Symphony CLO XXVI, Ltd., Series 2021-26A, Class AR
6.659%, (US SOFR 3 Month plus 1.342%), 4/20/33 144A		285,000		285
U.S. Bank NA, Series 2023-1, Class B 6.789%, 8/25/32 144A		213,126		214
Verdant Receivables LLC, Series 2023-1A, Class A2 6.240%, 1/13/31 144A		554,184		555
Wheels Fleet Lease Funding, Series 2023-2A, Class A 6.460%, 8/18/38 144A		775,000		781
World Omni Auto Receivables Trust, Series 2022-A, Class C 2.550%, 9/15/28		325,000		306
World Omni Select Auto Trust, Series 2020-A, Class B 0.840%, 6/15/26		11,122		11
World Omni Select Auto Trust, Series 2020-A, Class C 1.250%, 10/15/26		310,000		306
World Omni Select Auto Trust, Series 2021-A, Class D 1.440%, 11/15/27		180,000		168
World Omni Select Auto Trust, Series 2023-A, Class B 5.870%, 8/15/28		445,000		447
Total				59,033
Mortgage Securities (13.3%)
Angel Oak Mortgage Trust, Series 2020-3, Class A3 2.872%, (AFC), 4/25/65 144A		45,263		42
Angel Oak Mortgage Trust, Series 2021-1, Class A1 0.909%, (AFC), 1/25/66 144A		263,355		222
Angel Oak Mortgage Trust, Series 2021-1, Class A2 1.115%, (AFC), 1/25/66 144A		77,045		65
Angel Oak Mortgage Trust, Series 2021-2, Class A1 0.985%, (AFC), 4/25/66 144A		251,565		208
Angel Oak Mortgage Trust, Series 2021-2, Class A2 1.190%, (AFC), 4/25/66 144A		79,348		66
Angel Oak Mortgage Trust, Series 2021-3, Class A1 1.068%, (AFC), 5/25/66 144A		183,446		154
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A
6.473%, (US SOFR 1 Month plus 1.147%), 9/15/34 144A		935,000		935

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
BAMLL Commercial Mortgage Securities Trust, Series 2021-JACX, Class C
7.440%, (US SOFR 1 Month plus 2.115%), 9/15/38 144A		435,000		375
BANK, Series 2019-BNK24, Class A1 2.056%, 11/15/62		8,181		8
Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A5 2.500%, (AFC), 11/25/51 144A		315,042		274
Bayview MSR Opportunity Master Fund Trust, Series 2022-1, Class A5 2.500%, (AFC), 12/25/51 144A		399,284		344
BCP Trust, Series 2021-330N, Class A
6.239%, (US SOFR 1 Month plus 0.914%), 6/15/38 144A		290,000		276
BINOM Securitization Trust, Series 2021-INV1, Class A3 2.625%, (AFC), 6/25/56 144A		167,417		143
BPR Trust, Series 2021-TY, Class B
6.590%, (US SOFR 1 Month plus 1.265%), 9/25/38 144A		450,000		444
BRAVO Residential Funding Trust, Series 2021-NQM3, Class A1 1.699%, (AFC), 4/26/60 144A		253,161		232
BSREP Commercial Mortgage Trust, Series 2021-DC, Class D
7.340%, (US SOFR 1 Month plus 2.015%), 8/15/38 144A		189,541		146
BX Commercial Mortgage Trust, Series 2019- IMC, Class A
6.371%, (US SOFR 1 Month plus 1.046%), 4/15/34 144A		100,000		100
BX Commercial Mortgage Trust, Series 2022- CSMO, Class B
8.466%, (US SOFR 1 Month plus 3.141%), 6/15/27 144A		570,000		572
BX Commerical Mortgage Trust, Series 2019- IMC, Class B
6.671%, (US SOFR 1 Month plus 1.346%), 4/15/34 144A		355,000		354
BX Trust, Series 2021-ARIA, Class C
7.085%, (US SOFR 1 Month plus 1.761%), 10/15/36 144A		330,000		325
BX Trust, Series 2021-VIEW, Class A
6.719%, (US SOFR 1 Month plus 1.395%), 6/15/36 144A		255,000		248
CIM Trust, Series 2020-INV1, Class A2 2.500%, (AFC), 4/25/50 144A		270,110		220
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class B 3.518%, (CSTR), 5/10/35 144A		435,000		411
Citigroup Commercial Mortgage Trust, Series 2013-375P, Class C 3.518%, (CSTR), 5/10/35 144A		255,000		236
Citigroup Mortgage Loan Trust, Series 2020- EXP2, Class A3 2.500%, 8/25/50 144A		258,067		217
Citigroup Mortgage Loan Trust, Series 2020-EXP2, Class A4 2.500%, (AFC), 8/25/50 144A		358,426		300

11

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Cold Storage Trust, Series 2020-ICE5, Class B
6.732%, (US SOFR 1 Month plus 1.415%), 11/15/37 144A		953,501		952
COLT Mortgage Loan Trust, Series 2020-3, Class A1 1.506%, (AFC), 4/27/65 144A		22,761		21
COLT Mortgage Loan Trust, Series 2021-1, Class A2 1.167%, (AFC), 6/25/66 144A		245,289		200
COMM Mortgage Trust, Series 2014-CR15, Class B 3.956%, (CSTR), 2/10/47		236,202		228
COMM Mortgage Trust, Series 2014-CR19, Class AM 4.080%, 8/10/47		495,000		488
COMM Mortgage Trust, Series 2014-CR19, Class D 4.621%, (CSTR), 8/10/47 144A		185,000		164
COMM Mortgage Trust, Series 2014-UBS2, Class B 4.701%, 3/10/47		130,290		124
COMM Mortgage Trust, Series 2014-UBS5, Class A4 3.838%, 9/10/47		630,000		622
COMM Mortgage Trust, Series 2015-CR22, Class B 3.926%, (AFC), 3/10/48		235,000		218
COMM Mortgage Trust, Series 2015-CR22, Class C 4.066%, (CSTR), 3/10/48		440,000		398
COMM Mortgage Trust, Series 2017-PANW, Class D 3.935%, (CSTR, AFC), 10/10/29 144A		195,000		173
Connecticut Avenue Securities Trust, Series 2022-R01, Class 1M1
6.320%, (US 30 Day Average SOFR plus 1.000%), 12/25/41 144A		201,832		202
Credit Suisse Mortgage Trust, Series 2019-
ICE4, Class C
6.803%, (US SOFR 1 Month plus 1.477%), 5/15/36 144A		513,722		513
Credit Suisse Mortgage Trust, Series 2019- ICE4, Class D
6.973%, (US SOFR 1 Month plus 1.647%), 5/15/36 144A		403,995		404
Credit Suisse Mortgage Trust, Series 2020-NET, Class A 2.256%, 8/15/37 144A		193,672		180
Credit Suisse Mortgage Trust, Series 2020- NET, Class D 3.704%, (CSTR), 8/15/37 144A		445,000		409
CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4 3.718%, 8/15/48		305,000		296
CSAIL Commercial Mortgage Trust, Series 2019-C16, Class A1 2.360%, 6/15/52		22,878		23
CyrusOne Data Centers Issuer I LLC, Series 2024-1A, Class A2 4.760%, 3/22/49 144A		115,000		108

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Deephaven Residential Mortgage Trust, Series 2021-1, Class A3 1.128%, (AFC), 5/25/65 144A		57,976		54
Deephaven Residential Mortgage Trust, Series 2021-2, Class A3 1.260%, (AFC), 4/25/66 144A		106,295		91
Ellington Financial Mortgage Trust, Series 2019-2, Class A3 3.046%, (AFC), 11/25/59 144A		41,134		39
Ellington Financial Mortgage Trust, Series 2021-1, Class A1 0.797%, (AFC), 2/25/66 144A		57,430		48
Ellington Financial Mortgage Trust, Series 2021-1, Class A3 1.106%, (AFC), 2/25/66 144A		47,624		40
Ellington Financial Mortgage Trust, Series 2021-2, Class A3 1.291%, (AFC), 6/25/66 144A		147,208		118
Ellington Financial Mortgage Trust, Series 2021-3, Class A3 1.550%, (AFC), 9/25/66 144A		155,703		122
Extended Stay America Trust, Series 2021-
ESH, Class C
7.139%, (US SOFR 1 Month plus 1.815%), 7/15/38 144A		438,843		438
Federal Home Loan Mortgage Corp.
1.500%, 2/1/36		619,080		539
2.500%, 1/1/52		550,004		460
2.500%, 4/1/52		296,308		248
3.000%, 11/1/34		30,270		28
3.500%, 3/1/46		30,318		28
3.500%, 12/1/47		272,141		248
4.000%, 12/1/49		84,886		80
4.500%, 4/1/38		355,359		350
4.500%, 5/1/50		49,872		48
5.000%, 12/1/41		104,908		105
5.500%, 8/1/53		537,824		537
6.000%, 9/1/34		931		1
6.000%, 2/1/35		17,742		18
6.000%, 9/1/35		5,861		6
6.000%, 2/1/53		294,748		302
7.000%, 3/1/39		33,289		34
7.500%, 6/1/38		28,845		30
Federal Home Loan Mortgage Corp., Series 2017-SC02, Class M1 3.865%, (CSTR), 5/25/47 144A		15,793		15
Federal Home Loan Mortgage Corp., Series 3713, Class PA 2.000%, 2/15/40		30,051		29
Federal Home Loan Mortgage Corp., Series 4092, Class CL 1.250%, 6/15/27		71,014		69
Federal Home Loan Mortgage Corp., Series K753, Class A1 4.600%, 6/25/30		332,360		332
Federal National Mortgage Association
2.000%, 10/1/50		206,798		165
2.500%, 1/1/52		763,885		637
3.000%, 4/1/24		99		–	π
3.000%, 9/1/28		117,807		113
3.000%, 12/1/34		69,978		66

12

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
3.000%, 3/1/35		29,773		28
3.000%, 6/1/52		1,109,380		955
3.500%, 5/1/27		104,670		102
3.500%, 4/1/46		186,023		170
3.500%, 2/1/48		324,657		296
3.500%, 1/1/52		123,212		111
4.000%, 1/1/47		50,746		48
4.000%, 2/1/49		10,233		10
4.000%, 11/1/49		30,250		28
4.000%, 12/1/49		10,095		9
4.000%, 8/1/52		188,233		175
4.000%, 9/1/52		954,918		886
4.500%, 5/1/40		39,450		39
4.500%, 9/1/40		34,410		34
4.500%, 5/1/41		68,252		67
4.500%, 8/1/48		20,194		20
4.500%, 9/1/48		18,904		18
4.500%, 10/1/48		136,456		132
4.500%, 11/1/48		27,210		26
4.500%, 12/1/48		144,057		139
4.500%, 5/1/49		80,211		78
4.500%, 1/1/50		17,911		17
4.500%, 7/1/52		1,175,251		1,119
4.500%, 8/1/52		723,486		689
5.000%, 10/1/33		55,818		56
5.000%, 6/1/40		33,947		34
5.000%, 7/1/45		50,771		51
5.000%, 9/1/48		48,311		48
5.000%, 2/1/49		21,910		22
5.000%, 8/1/49		17,307		17
5.000%, 10/1/52		361,508		353
5.000%, 9/1/53		308,365		302
5.500%, 8/1/37		33,740		34
5.500%, 2/1/38		128,761		131
5.500%, 10/1/53		342,379		342
6.000%, 3/1/34		28,935		30
6.000%, 8/1/34		78,983		82
6.000%, 11/1/34		2,896		3
6.000%, 12/1/34		1,084		1
6.000%, 4/1/35		1,871		2
6.000%, 5/1/38		1,283		1
6.000%, 10/1/40		64,359		67
6.000%, 2/1/49		266,204		280
6.000%, 7/1/53		310,877		315
6.000%, 8/1/53		2,297,945		2,329
6.500%, 7/1/32		8,921		9
6.500%, 12/1/32		8,466		9
Federal National Mortgage Association, Series 2011-113, Class AG 2.500%, 11/25/26		12,414		12
Federal National Mortgage Association, Series 2017-90, Class KA 3.000%, 11/25/47		158,792		145
Federal National Mortgage Association, Series 2017-C05, Class 1ED3
6.635%, (US 30 Day Average SOFR plus 1.315%), 1/25/30		1,662		2

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Federal National Mortgage Association, Series 2018-C03, Class 1EB2
6.285%, (US 30 Day Average SOFR plus 0.965%), 10/25/30		118,377		118
Flagstar Mortgage Trust, Series 2020-1INV,
Class A11
6.000%, (US SOFR 1 Month plus 0.965%), 3/25/50 144A		96,200		91
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class A 3.144%, 12/10/36 144A		300,000		293
Galton Funding Mortgage Trust, Series 2018-1, Class A33 3.500%, (AFC), 11/25/57 144A		24,753		22
Galton Funding Mortgage Trust, Series 2019-1, Class A21 4.500%, (AFC), 2/25/59 144A		24,616		23
Galton Funding Mortgage Trust, Series 2019-1, Class A32 4.000%, (AFC), 2/25/59 144A		10,709		10
Galton Funding Mortgage Trust, Series 2019- H1, Class M1 3.339%, (AFC), 10/25/59 144A		260,000		244
Galton Funding Mortgage Trust, Series 2020- H1, Class M1 2.832%, (AFC), 1/25/60 144A		285,000		237
Government National Mortgage Association 3.000%, 9/20/47		449,284		401
3.500%, 12/20/42		2,925		3
3.500%, 9/20/43		39,792		37
3.500%, 8/20/44		76,177		70
3.500%, 10/20/46		503		–	π
3.500%, 11/20/46		30,349		28
3.500%, 1/20/47		33,222		31
3.500%, 7/20/52		1,034,616		941
4.000%, 3/20/48		61,236		58
4.000%, 4/20/50		234,478		220
4.000%, 10/20/50		144,102		136
4.000%, 9/20/52		189,809		178
4.500%, 7/20/41		163,068		161
4.500%, 10/20/52		1,129,350		1,086
5.000%, 3/20/34		166,440		168
5.000%, 1/20/48		26,302		26
5.000%, 2/20/48		126,648		127
5.500%, 6/20/37		38,416		40
5.500%, 9/15/45		111,185		114
5.500%, 3/20/48		18,507		19
5.500%, 12/20/48		10,600		11
5.500%, 2/20/49		134,722		137
Government National Mortgage Association TBA 6.500%, 4/18/54		455,000		463
Great Wolf Trust, Series 2019-WOLF, Class A
6.673%, (US SOFR 1 Month plus 1.349%), 12/15/36 144A		114,730		115
Great Wolf Trust, Series 2019-WOLF, Class B
6.973%, (US SOFR 1 Month plus 1.649%), 12/15/36 144A		65,250		65
Great Wolf Trust, Series 2019-WOLF, Class C
7.272%, (US SOFR 1 Month plus 1.948%), 12/15/36 144A		207,265		207

13

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
GS Mortgage Backed Securities Trust, Series 2014-EB1A, Class 2A1 5.133%, (CSTR), 7/25/44 144A		2,701		3
GS Mortgage Securities Trust, Series 2021-
ROSS, Class B
7.040%, (US SOFR 1 Month plus 1.715%), 5/15/26 144A		390,000		311
Imperial Fund Mortgage Trust, Series 2021- NQM2, Class A3 1.516%, (AFC), 9/25/56 144A		235,974		194
Imperial Fund Mortgage Trust, Series 2022- NQM4, Class A1 4.767%, (AFC), 6/25/67 144A Σ		713,166		700
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class C
7.540%, (US SOFR 1 Month plus 2.215%), 9/15/29 144A		250,000		195
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-609M, Class B
7.460%, (US SOFR 1 Month plus 2.135%), 10/15/33 144A		540,000		508
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020-609M, Class C
7.860%, (US SOFR 1 Month plus 2.535%), 10/15/33 144A		440,000		387
JP Morgan Mortgage Trust, Series 2020-INV1, Class A11
6.000%, (US SOFR 1 Month plus 0.945%), (AFC), 8/25/50 144A		41,131		39
JP Morgan Mortgage Trust, Series 2020-INV1, Class A15 3.500%, (AFC), 8/25/50 144A		66,958		59
JPMBB Commercial Mortgage Securities Trust, Series 2014-C23, Class A5 3.934%, 9/15/47		540,000		535
KIND Trust, Series 2021-KIND, Class C 7.194%, (US SOFR 1 Month plus 1.865%), 8/15/38 144A		575,276		557
LSTAR Commercial Mortgage Trust, Series 2017-5, Class AS 4.021%, 3/10/50 144A		340,000		312
MetLife Securitization Trust, Series 2017-1A, Class A 3.000%, (AFC), 4/25/55 144A		64,104		60
MFRA Trust, Series 2021-INV1, Class A1 0.852%, (AFC), 1/25/56 144A		85,565		80
MFRA Trust, Series 2021-NQM2, Class A2 1.317%, (AFC), 11/25/64 144A		108,752		93
Morgan Stanley Capital I Trust, Series 2014-150E, Class A 3.912%, 9/9/32 144A		610,000		534
Morgan Stanley Capital I Trust, Series 2019- NUGS, Class D
7.240%, (US SOFR 1 Month plus 1.915%), 12/15/36 144A		315,000		88
Morgan Stanley Residential Mortgage Loan Trust, Series 2021-2, Class A4 2.500%, (AFC), 5/25/51 144A		128,644		113

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Morgan Stanley Residential Mortgage Loan Trust, Series 2023-NQM1, Class A2 7.530%, (AFC), 9/25/68 144A Σ		143,842		146
New Residential Mortgage Loan Trust, Series 2021-INV2, Class A7 2.500%, (AFC), 9/25/51 144A		769,730		671
NLT Trust, Series 2021-INV2, Class A3 1.520%, (AFC), 8/25/56 144A		205,454		170
OBX Trust, Series 2019-EXP2, Class 2A2 6.635%, (US SOFR 1 Month plus 1.315%), 7/25/59 144A		49,280		48
OBX Trust, Series 2019-EXP3, Class 2A1
6.344%, (US SOFR 1 Month plus 1.015%), (AFC), 10/25/59 144A		57,446		57
OBX Trust, Series 2020-EXP1, Class 1A8 3.500%, 2/25/60 144A		138,343		122
OBX Trust, Series 2020-EXP1, Class 2A1
6.194%, (US SOFR 1 Month plus 0.865%), 2/25/60 144A		120,947		116
OBX Trust, Series 2020-EXP1, Class 2A2
6.394%, (US SOFR 1 Month plus 1.065%), 2/25/60 144A		71,975		65
OBX Trust, Series 2020-EXP2, Class A8 3.000%, (AFC), 5/25/60 144A		171,247		145
OBX Trust, Series 2020-EXP2, Class A9 3.000%, (AFC), 5/25/60 144A		42,812		36
OBX Trust, Series 2020-EXP3, Class 1A8 3.000%, (AFC), 1/25/60 144A		147,588		128
OBX Trust, Series 2020-INV1, Class A5 3.500%, (AFC), 12/25/49 144A		38,645		34
OBX Trust, Series 2023-NQM10, Class A2 6.920%, (AFC), 10/25/63 144A Σ		95,562		96
OBX Trust, Series 2023-NQM9, Class A2 7.513%, (AFC), 10/25/63 144A Σ		93,607		95
ONE Park Mortgage Trust, Series 2021-PARK, Class B
6.389%, (US SOFR 1 Month plus 1.065%), 3/15/36 144A		755,000		721
ONE Park Mortgage Trust, Series 2021-PARK, Class C
6.539%, (US SOFR 1 Month plus 1.215%), 3/15/36 144A		405,000		381
SCG Mortgage Trust, Series 2023-NASH, Class A
7.716%, (US SOFR 1 Month plus 2.391%), 12/15/40 144A		380,000		382
Sequoia Mortgage Trust, Series 2018-CH2, Class A21 4.000%, (AFC), 6/25/48 144A		19,418		18
Sequoia Mortgage Trust, Series 2018-CH2, Class A3 4.000%, (AFC), 6/25/48 144A		44,791		41
Sequoia Mortgage Trust, Series 2018-CH3, Class A19 4.500%, (AFC), 8/25/48 144A		2,853		3
SG Residential Mortgage Trust, Series 2020-2, Class A1 1.381%, (AFC), 5/25/65 144A		91,905		81
STACR Trust, Series 2021-DNA3, Class M2
7.420%, (US 30 Day Average SOFR plus 2.100%), 10/25/33 144A		395,000		402

14

Short-Term Bond Portfolio

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
STACR Trust, Series 2021-DNA5, Class M2
6.970%, (US 30 Day Average SOFR plus 1.650%), 1/25/34 144A		151,825		152
STACR Trust, Series 2021-DNA7, Class M1
6.170%, (US 30 Day Average SOFR plus 0.850%), 11/25/41 144A		153,901		154
STACR Trust, Series 2021-DNA7, Class M2
7.120%, (US 30 Day Average SOFR plus 1.800%), 11/25/41 144A		375,000		377
STACR Trust, Series 2022-DNA5, Class M1A
8.270%, (US 30 Day Average SOFR plus 2.950%), 6/25/42 144A		481,810		494
STACR Trust, Series 2023-HQA3, Class A1
7.170%, (US 30 Day Average SOFR plus 1.850%), 11/25/43 144A		166,916		169
STACR Trust, Series 2024-HQA1, Class A1
6.569%, (US 30 Day Average SOFR plus 1.250%), 3/25/44 144A		720,000		720
Starwood Mortgage Residential Trust, Series 2019-INV1, Class A3 2.916%, (AFC), 9/27/49 144A		159,561		154
Starwood Mortgage Residential Trust, Series 2020-1, Class A2 2.408%, (AFC), 2/25/50 144A		155,167		145
Starwood Mortgage Residential Trust, Series 2021-2, Class A1 0.943%, (AFC), 5/25/65 144A		126,590		114
Starwood Mortgage Residential Trust, Series 2021-4, Class A1 1.162%, (AFC), 8/25/56 144A		568,417		472
Toorak Mortgage Corp., Series 2021-INV1, Class A2 1.409%, (AFC), 12/31/99 144A		105,319		90
Towd Point Mortgage Trust, Series 2015-1, Class A1 3.000%, (AFC), 1/28/58 144A		35,738		35
Towd Point Mortgage Trust, Series 2017-1, Class A1 2.750%, (AFC), 10/25/56 144A		1,162		1
Towd Point Mortgage Trust, Series 2017-3, Class A1 2.750%, (AFC), 7/25/57 144A		33,849		33
Towd Point Mortgage Trust, Series 2022-4, Class A1 3.750%, (AFC), 9/25/62 144A		810,037		754
Uniform Mortgage Backed Security TBA 6.000%, 4/11/54		625,000		631
United Wholsale Mortgage LLC, Series 2021- INV2, Class A4 2.500%, (AFC), 9/25/51 144A		144,803		125
Verus Securitization Trust, Series 2019-INV2, Class A1 3.913%, (AFC), 7/25/59 144A		51,519		49
Verus Securitization Trust, Series 2019-INV2, Class A2 4.117%, (AFC), 7/25/59 144A		69,221		66
Verus Securitization Trust, Series 2020-2, Class A1 2.226%, (AFC), 5/25/60 144A		37,328		37

Structured Products (28.6%)	Shares/ Par +		Value $ (000’s)
Mortgage Securities continued
Verus Securitization Trust, Series 2020-5, Class A3 1.733%, (AFC), 5/25/65 144A Σ		60,048		56
Verus Securitization Trust, Series 2020-INV1, Class A1 1.977%, (AFC), 4/25/60 144A		6,174		6
Verus Securitization Trust, Series 2021-1, Class A1 0.815%, (AFC), 1/25/66 144A		76,459		67
Verus Securitization Trust, Series 2021-1, Class A3 1.155%, (AFC), 1/25/66 144A		62,419		55
Verus Securitization Trust, Series 2021-2, Class A1 1.031%, (AFC), 2/25/66 144A		143,882		124
Verus Securitization Trust, Series 2021-2, Class A2 1.052%, (AFC), 1/25/66 144A		106,112		93
Verus Securitization Trust, Series 2021-5, Class A3 1.373%, (AFC), 9/25/66 144A		193,941		161
Verus Securitization Trust, Series 2021-7, Class A1 1.829%, (AFC), 10/25/66 144A		759,919		657
Verus Securitization Trust, Series 2021-R1, Class A2 1.057%, (AFC), 10/25/63 144A		45,002		41
Verus Securitization Trust, Series 2021-R2, Class A1 0.918%, (AFC), 2/25/64 144A		150,884		133
Verus Securitization Trust, Series 2022-1, Class A3 3.288%, (AFC), 1/25/67 144A		838,356		737
Verus Securitization Trust, Series 2022-6, Class A1 4.910%, (AFC), 6/25/67 144A Σ		211,662		209
Verus Securitization Trust, Series 2023-6, Class A2 6.939%, (AFC), 9/25/68 144A Σ		254,530		256
Verus Securitization Trust, Series 2023-7, Class A2 7.272%, (AFC), 10/25/68 144A Σ		312,776		317
Verus Securitization Trust, Series 2023-8, Class A2 6.664%, (AFC), 12/25/68 144A Σ		206,866		208
Verus Securitization Trust, Series 2023-INV3, Class A2 7.330%, (AFC), 11/25/68 144A		538,201		545
Vista Point Securitization Trust, Series 2020-2, Class A3 2.496%, (AFC), 4/25/65 144A		40,532		37
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, Class A2 3.020%, 7/15/58		34,481		34
Total				51,065
Total Structured Products (Cost: $114,157)				110,098

15

Short-Term Bond Portfolio

Short-Term Investments (1.5%)	Shares/ Par +		Value $ (000’s)
Commercial Paper (1.3%)
Bacardi, Ltd. 0.000%, 4/25/24		1,025,000		1,020
Crown Castle, Inc. 0.000%, 4/30/24		1,015,000		1,010
International Flavors & Fragrances, Inc. 0.000%, 4/3/24		1,020,000		1,019
VF Corp. 0.000%, 7/23/24		1,005,000		987
Walgreens Boots Alliance, Inc. 0.000%, 4/15/24		1,015,000		1,012
Total				5,048
Financial (0.2%)
Ally Financial, Inc. 3.875%, 5/21/24		840,000		837
Total				837
Total Short-Term Investments (Cost: $5,886)				5,885
Total Investments (99.2%) (Cost: $388,749)@				382,047
Other Assets, Less Liabilities (0.8%)				3,009
Net Assets (100.0%)				385,056

 

Exchange Traded or Centrally Cleared Derivatives

Futures

Issuer	Long/ Short		Currency		Notional Par (000’s)		Number of Contracts		Expiration Date		Notional Value (000’s)		Unrealized Appreciation/ (Depreciation) (000’s)			Variation Margin (000’s)
Five-Year US Treasury Note Future		Short		USD		1,800		18		6/24	$	1,926	$	(3	)	$	5
Ten-Year US Treasury Note Future		Short		USD		6,100		61		6/24		6,759		(23	)		5
Two-Year US Treasury Note Future		Long		USD		93,000		465		6/24		95,085		(88	)		(86	)
Ultra Long Term US Treasury Bond Future		Short		USD		600		6		6/24		774		(12	)		(3	)
Ultra Ten-Year US Treasury Note Future		Short		USD		6,200		62		6/24		7,106		(34	)		1
													$	(160	)	$	(78	)

	Financial Derivative Assets								Financial Derivative Liabilities
	Variation Margin (000’s)						Variation Margin (000’s)								Market Value (000’s)
	Swaps		Futures		Total		Swaps		Futures			Total			Options
Total Exchange-Traded or Centrally Cleared Derivatives	$	–	$	11	$	11	$	–	$	(89	)	$	(89	)	$	–

+ All par is stated in U.S. Dollar unless otherwise noted.

144A Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold as transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2024 the value of these securities (in thousands) was $125,965 representing 32.7% of the net assets.

§ Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. At March 31, 2024, the aggregate value of these securities was $3,630 (in thousands), representing 1.0% of net assets.

α Rate shown is the rate as of the period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future.

b Part or all of the security has been pledged as collateral.

Æ Security valued using significant unobservable inputs.

π Amount is less than one thousand.

Σ Stepped coupon bond for which the coupon rate of interest adjusts on specified date(s); rate shown is effective rate at period-end.

16

Short-Term Bond Portfolio

@ At March 31, 2024, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $388,749 and the net unrealized depreciation of investments based on that cost was $6,862 which is comprised of $1,020 aggregate gross unrealized appreciation and $7,882 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report.

17

Short-Term Bond Portfolio

The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:

Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives

Level 2 - fair value is determined by other significant observable inputs

Level 3 - fair value is determined by significant unobservable inputs

The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio’s perceived risk of that instrument.

The following is a summary of the inputs used in valuing the Portfolio’s Investments at March 31, 2024.

	Valuation Inputs
Description	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs
	(Amounts in thousands)
Assets:
Municipal Bonds	$	—		$	432	$	—
Corporate Bonds		—			180,122		—
Governments		—			85,510		—
Structured Products
Asset Backed Securities		—			58,108		925
Mortgage Securities		—			51,065		—
Short-Term Investments		—			5,885		—
Total Assets:	$	—		$	381,122	$	925
Liabilities:
Other Financial Instruments^
Futures		(160	)		—		—
Total Liabilities:	$	(160	)	$	—	$	—

^ Other financial instruments are derivative instruments such as futures and forward foreign currency contracts, which are valued at the unrealized appreciation (depreciation) on the instrument, and securities sold short, reverse repurchase agreements, written options and swaps contracts, which are valued at market value.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended March 31, 2024.

For the period ended March 31, 2024, there was a transfer from Level 2 to Level 3 in the amount of $660 (in thousands). This transfer was the result of a decrease in the quantity of observable inputs for the security that was previously priced by a third party vendor.

18

Abbreviations (unaudited)

Abbreviations that may be used in the preceding statements

ADR	American Depositary Receipt
AFC	Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the
	underlying loans is lower than the uncapped rate, then the security will pay at the lower rate.
CSTR	Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral.
IO	Interest Only Security
PO	Principal Only Security
GDR	Global Depositary Receipt
GO	General Obligation
RB	Revenue Bond
CPURNSA	U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted
IBOR	Interbank Offered Rate
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
ICE	Intercontinental Exchange
FTSE	Financial Times Stock Exchange
SONIA	Sterling Overnight Index Average Rate
SONIO	Sterling Overnight Interbank Average Rate
MUTKCALM	Bank of Japan Unsecured Overnight Call Rate
DAC	Designated Activity Company
TBA	To Be Announced
CMT	Constant Maturity Treasury
OIS	Overnight Index Swaps
BBR	Bank Bill Rate
BBSW	Bank Bill Swap Reference Rate
BONCER	National Treasury Bond in Pesos with Adjustment for CER
DIFC	Dubai International Financial Centre
EURIBOR	Euro Interbank Offered Rate
SDR	Swedish Depository Receipt
ETF	Exchange Traded Fund
Currency Abbreviations
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Yuan Renminbi - Offshore
CNY	Chinese Yuan Renminbi
DKK	Danish Krone
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican New Peso
NOK	Norwegian Krone
PEN	Peruvian Sol
RUB	Russian Ruble
SAR	Saudi Riyal
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

1