Large Company Value Portfolio |
Schedule of Investments |
as of March 31, 2024 (Unaudited) |
COMMON STOCKS - 81.3% | Shares | Value | ||||
Communication Services - 3.4% | ||||||
Alphabet, Inc. - Class A(a) | 12,117 | $ | 1,828,820 | |||
Alphabet, Inc. - Class C(a) | 1,450 | 220,777 | ||||
AT&T, Inc. | 25,200 | 443,520 | ||||
Comcast Corp. - Class A | 31,998 | 1,387,113 | ||||
Electronic Arts, Inc. | 1,428 | 189,453 | ||||
Liberty Broadband Corp. - Class A(a) | 550 | 31,416 | ||||
Liberty Broadband Corp. - Class C(a) | 410 | 23,464 | ||||
Live Nation Entertainment, Inc.(a) | 240 | 25,385 | ||||
Meta Platforms, Inc. - Class A | 40 | 19,423 | ||||
Omnicom Group, Inc. | 3,157 | 305,471 | ||||
Paramount Global - Class B | 15,400 | 181,258 | ||||
Playtika Holding Corp. | 6,008 | 42,356 | ||||
Take-Two Interactive Software, Inc.(a) | 876 | 130,077 | ||||
The New York Times Co. - Class A | 973 | 42,053 | ||||
The Walt Disney Co. | 60 | 7,342 | ||||
Verizon Communications, Inc. | 9,400 | 394,424 | ||||
Vodafone Group PLC - ADR | 40,985 | 364,767 | ||||
Warner Bros Discovery, Inc.(a) | 45,804 | 399,869 | ||||
6,036,988 | ||||||
Consumer Discretionary - 6.5% | ||||||
Adient PLC(a) | 5,665 | 186,492 | ||||
Amazon.com, Inc.(a) | 6,102 | 1,100,678 | ||||
Aptiv PLC(a) | 6,900 | 549,585 | ||||
Booking Holdings, Inc. | 78 | 282,975 | ||||
BorgWarner, Inc. | 7,400 | 257,076 | ||||
Carter's, Inc. | 700 | 59,276 | ||||
Darden Restaurants, Inc. | 300 | 50,145 | ||||
Dick's Sporting Goods, Inc. | 1,680 | 377,765 | ||||
DoorDash, Inc. - Class A(a) | 3,236 | 445,662 | ||||
DR Horton, Inc. | 1,000 | 164,550 | ||||
eBay, Inc. | 6,920 | 365,238 | ||||
Expedia Group, Inc.(a) | 40 | 5,510 | ||||
General Motors Co. | 39,084 | 1,772,458 | ||||
Grand Canyon Education, Inc.(a) | 2,318 | 315,735 | ||||
Kohl's Corp. | 297 | 8,658 | ||||
Lennar Corp. - Class A | 450 | 77,391 | ||||
Lennar Corp. - Class B | 300 | 46,254 | ||||
Lowe's Cos., Inc. | 140 | 35,662 | ||||
LVMH Moet Hennessy Louis Vuitton SE | 273 | 245,547 | ||||
Magna International, Inc. | 15,972 | 870,155 | ||||
McDonald's Corp. | 1,064 | 299,995 | ||||
Murphy USA, Inc. | 170 | 71,264 | ||||
NIKE, Inc. - Class B | 5,831 | 547,997 | ||||
Ollie's Bargain Outlet Holdings, Inc.(a) | 1,310 | 104,237 | ||||
O'Reilly Automotive, Inc.(a) | 150 | 169,332 | ||||
PulteGroup, Inc. | 2,566 | 309,511 | ||||
Ralph Lauren Corp. | 1,030 | 193,393 | ||||
Ross Stores, Inc. | 3,180 | 466,697 | ||||
Royal Caribbean Cruises Ltd.(a) | 820 | 113,988 | ||||
Starbucks Corp. | 1,770 | 161,760 | ||||
The Gap, Inc. | 15,670 | 431,709 | ||||
Toll Brothers, Inc. | 4,335 | 560,818 | ||||
TopBuild Corp.(a) | 660 | 290,882 | ||||
Travel + Leisure Co. | 2,300 | 112,608 | ||||
Valvoline, Inc.(a) | 2,410 | 107,414 | ||||
Williams-Sonoma, Inc. | 730 | 231,797 | ||||
Yum! Brands, Inc. | 860 | 119,239 | ||||
11,509,453 | ||||||
Consumer Staples - 3.5% | ||||||
Colgate-Palmolive Co. | 11,417 | 1,028,100 | ||||
Conagra Brands, Inc. | 9,400 | 278,616 | ||||
Costco Wholesale Corp. | 834 | 611,013 | ||||
Diageo PLC | 6,439 | 237,755 | ||||
General Mills, Inc. | 1,740 | 121,748 | ||||
Grocery Outlet Holding Corp.(a) | 970 | 27,917 | ||||
Kenvue, Inc. | 21,615 | 463,858 | ||||
Mondelez International, Inc. - Class A | 2,265 | 158,550 | ||||
PepsiCo, Inc. | 1,215 | 212,637 | ||||
Pernod Ricard SA | 1,078 | 174,392 | ||||
Post Holdings, Inc.(a) | 570 | 60,580 | ||||
The Boston Beer Co., Inc. - Class A(a) | 202 | 61,493 | ||||
The Coca-Cola Co. | 3,493 | 213,702 | ||||
The Procter & Gamble Co. | 4,499 | 729,962 | ||||
Unilever PLC - ADR | 21,415 | 1,074,819 | ||||
US Foods Holding Corp.(a) | 770 | 41,557 | ||||
Walmart, Inc. | 10,704 | 644,060 | ||||
6,140,759 | ||||||
Energy - 6.9% | ||||||
Antero Midstream Corp. | 15,073 | 211,926 | ||||
Antero Resources Corp.(a) | 2,250 | 65,250 | ||||
APA Corp. | 56,653 | 1,947,730 | ||||
Baker Hughes Co. | 9,855 | 330,143 | ||||
Cenovus Energy, Inc. | 18,105 | 361,919 | ||||
Chevron Corp. | 2,024 | 319,266 | ||||
ConocoPhillips | 7,517 | 956,764 | ||||
Equitrans Midstream Corp. | 7,020 | 87,680 | ||||
Exxon Mobil Corp. | 10,027 | 1,165,538 | ||||
Halliburton Co. | 10,340 | 407,603 | ||||
HF Sinclair Corp. | 1,016 | 61,336 | ||||
Marathon Oil Corp. | 52,648 | 1,492,044 | ||||
Marathon Petroleum Corp. | 2,020 | 407,030 | ||||
Murphy Oil Corp. | 6,650 | 303,905 | ||||
NOV, Inc. | 51,695 | 1,009,086 | ||||
Ovintiv, Inc. | 12,800 | 664,320 | ||||
Schlumberger NV | 6,900 | 378,189 | ||||
Shell PLC - ADR | 14,337 | 961,152 | ||||
Southwestern Energy Co.(a) | 6,570 | 49,801 | ||||
Targa Resources Corp. | 588 | 65,850 | ||||
TechnipFMC PLC | 14,850 | 372,884 | ||||
TotalEnergies SE | 6,360 | 435,500 | ||||
Valero Energy Corp. | 1,090 | 186,052 | ||||
12,240,968 | ||||||
Financials - 20.5% | ||||||
AIB Group PLC | 38,054 | 193,121 | ||||
Ally Financial, Inc. | 690 | 28,007 | ||||
American Express Co. | 2,740 | 623,871 | ||||
American International Group, Inc. | 16,109 | 1,259,241 | ||||
Aon PLC - Class A | 2,022 | 674,781 | ||||
Arch Capital Group Ltd.(a) | 1,482 | 136,996 | ||||
Arthur J Gallagher & Co. | 2,372 | 593,095 | ||||
Assurant, Inc. | 430 | 80,943 | ||||
Axis Capital Holdings Ltd. | 4,590 | 298,442 | ||||
Bank of America Corp. | 40,615 | 1,540,121 | ||||
Bank of New York Mellon Corp. | 16,197 | 933,271 | ||||
Bank OZK | 930 | 42,278 | ||||
Berkshire Hathaway, Inc. - Class B(a) | 4,427 | 1,861,642 | ||||
BlackRock, Inc. | 50 | 41,685 | ||||
Block, Inc.(a) | 3,530 | 298,567 | ||||
Blue Owl Capital, Inc. - Class A | 6,610 | 124,665 | ||||
Brown & Brown, Inc. | 300 | 26,262 | ||||
Capital One Financial Corp. | 4,190 | 623,849 | ||||
Cboe Global Markets, Inc. | 760 | 139,635 | ||||
Chubb Ltd. | 2,352 | 609,474 | ||||
Cincinnati Financial Corp. | 3,300 | 409,761 | ||||
Citigroup, Inc. | 37,326 | 2,360,496 | ||||
Citizens Financial Group, Inc. | 35,315 | 1,281,581 | ||||
CME Group, Inc. | 3,788 | 815,519 | ||||
Corebridge Financial, Inc. | 24,100 | 692,393 | ||||
Discover Financial Services | 5,340 | 700,021 | ||||
Everest Group Ltd. | 232 | 92,220 | ||||
Fidelity National Information Services, Inc. | 18,630 | 1,381,973 | ||||
Fifth Third Bancorp | 1,930 | 71,815 | ||||
First Citizens BancShares, Inc. - Class A | 164 | 268,140 | ||||
First Horizon Corp. | 10,290 | 158,466 | ||||
Fiserv, Inc.(a) | 470 | 75,115 | ||||
FNB Corp. | 2,540 | 35,814 | ||||
Hartford Financial Services Group, Inc. | 12,847 | 1,323,883 | ||||
JPMorgan Chase & Co. | 6,677 | 1,337,403 | ||||
KeyCorp | 2,180 | 34,466 | ||||
Loews Corp. | 1,940 | 151,883 | ||||
M&T Bank Corp. | 3,020 | 439,229 | ||||
Marsh & McLennan Cos., Inc. | 2,518 | 518,658 | ||||
Mastercard, Inc. - Class A | 2,267 | 1,091,719 | ||||
MetLife, Inc. | 1,910 | 141,550 | ||||
MGIC Investment Corp. | 17,940 | 401,138 | ||||
Moody's Corp. | 1,563 | 614,306 | ||||
Morningstar, Inc. | 900 | 277,533 | ||||
MSCI, Inc. | 520 | 291,434 | ||||
Northern Trust Corp. | 3,442 | 306,063 | ||||
Old Republic International Corp. | 3,460 | 106,291 | ||||
Pinnacle Financial Partners, Inc. | 896 | 76,948 | ||||
Popular, Inc. | 5,180 | 456,306 | ||||
Primerica, Inc. | 676 | 171,001 | ||||
Reinsurance Group of America, Inc. | 240 | 46,291 | ||||
Resona Holdings, Inc. | 30,800 | 189,626 | ||||
RLI Corp. | 1,490 | 221,220 | ||||
S&P Global, Inc. | 1,121 | 476,929 | ||||
SLM Corp. | 12,410 | 270,414 | ||||
State Street Corp. | 10,196 | 788,355 | ||||
Stifel Financial Corp. | 2,418 | 189,015 | ||||
StoneCo Ltd. - Class A(a) | 4,710 | 78,233 | ||||
T Rowe Price Group, Inc. | 220 | 26,822 | ||||
The Allstate Corp. | 331 | 57,266 | ||||
The Charles Schwab Corp. | 16,071 | 1,162,576 | ||||
The Goldman Sachs Group, Inc. | 3,355 | 1,401,350 | ||||
The Progressive Corp. | 1,302 | 269,280 | ||||
The Travelers Cos., Inc. | 70 | 16,110 | ||||
The Western Union Co. | 2,860 | 39,983 | ||||
US Bancorp | 30,605 | 1,368,044 | ||||
Voya Financial, Inc. | 1,520 | 112,358 | ||||
W R Berkley Corp. | 3,092 | 273,456 | ||||
Wells Fargo & Co. | 42,001 | 2,434,379 | ||||
WEX, Inc.(a) | 270 | 64,133 | ||||
Willis Towers Watson PLC | 1,459 | 401,225 | ||||
36,100,136 | ||||||
Health Care - 11.2% | ||||||
Abbott Laboratories | 3,930 | 446,684 | ||||
Agilent Technologies, Inc. | 5,648 | 821,840 | ||||
Amgen, Inc. | 730 | 207,554 | ||||
Becton Dickinson & Co. | 140 | 34,643 | ||||
Bio-Rad Laboratories, Inc. - Class A(a) | 1,137 | 393,254 | ||||
Bio-Techne Corp. | 1,809 | 127,336 | ||||
Boston Scientific Corp.(a) | 1,250 | 85,613 | ||||
Bristol-Myers Squibb Co. | 6,451 | 349,838 | ||||
Bruker Corp. | 8,196 | 769,932 | ||||
Cardinal Health, Inc. | 950 | 106,305 | ||||
Centene Corp.(a) | 9,952 | 781,033 | ||||
Chemed Corp. | 532 | 341,507 | ||||
CVS Health Corp. | 18,369 | 1,465,110 | ||||
Danaher Corp. | 1,508 | 376,578 | ||||
Elevance Health, Inc. | 3,740 | 1,939,339 | ||||
Envista Holdings Corp.(a) | 9,436 | 201,742 | ||||
Exelixis, Inc.(a) | 19,835 | 470,685 | ||||
GE HealthCare Technologies, Inc. | 11,158 | 1,014,373 | ||||
Gilead Sciences, Inc. | 2,966 | 217,260 | ||||
GSK PLC - ADR | 6,561 | 281,270 | ||||
HCA Healthcare, Inc. | 2,904 | 968,571 | ||||
Humana, Inc. | 1,220 | 422,998 | ||||
ICON PLC(a) | 2,466 | 828,453 | ||||
Incyte Corp.(a) | 8,290 | 472,281 | ||||
IQVIA Holdings, Inc.(a) | 623 | 157,550 | ||||
Jazz Pharmaceuticals PLC(a) | 340 | 40,943 | ||||
Johnson & Johnson | 6,720 | 1,063,036 | ||||
Laboratory Corp. of America Holdings | 1,300 | 283,998 | ||||
Maravai LifeSciences Holdings, Inc. - Class A(a) | 9,158 | 79,400 | ||||
Medtronic PLC | 14,983 | 1,305,767 | ||||
Merck & Co., Inc. | 4,990 | 658,431 | ||||
Moderna, Inc.(a) | 260 | 27,706 | ||||
Molina Healthcare, Inc.(a) | 150 | 61,625 | ||||
Organon & Co. | 11,090 | 208,492 | ||||
Sanofi SA - ADR | 5,385 | 261,711 | ||||
Stryker Corp. | 1,370 | 490,282 | ||||
The Cigna Group | 2,777 | 1,008,579 | ||||
United Therapeutics Corp.(a) | 290 | 66,619 | ||||
UnitedHealth Group, Inc. | 900 | 445,230 | ||||
Vertex Pharmaceuticals, Inc.(a) | 210 | 87,782 | ||||
Zimmer Biomet Holdings, Inc. | 2,584 | 341,036 | ||||
19,712,386 | ||||||
Industrials - 12.1% | ||||||
Acuity Brands, Inc. | 190 | 51,059 | ||||
AECOM | 1,690 | 165,755 | ||||
Allegion PLC | 1,414 | 190,480 | ||||
Armstrong World Industries, Inc. | 1,220 | 151,548 | ||||
Automatic Data Processing, Inc. | 860 | 214,776 | ||||
Caterpillar, Inc. | 1,050 | 384,752 | ||||
Cintas Corp. | 410 | 281,682 | ||||
CNH Industrial NV | 47,130 | 610,805 | ||||
Core & Main, Inc. - Class A(a) | 330 | 18,893 | ||||
Crane Co. | 400 | 54,052 | ||||
Cummins, Inc. | 2,906 | 856,253 | ||||
Curtiss-Wright Corp. | 114 | 29,177 | ||||
Eaton Corp. PLC | 1,300 | 406,484 | ||||
EMCOR Group, Inc. | 3,052 | 1,068,810 | ||||
Equifax, Inc. | 940 | 251,469 | ||||
Esab Corp. | 2,315 | 255,970 | ||||
Fastenal Co. | 2,070 | 159,680 | ||||
FedEx Corp. | 4,080 | 1,182,140 | ||||
Ferguson PLC | 2,164 | 472,683 | ||||
Flowserve Corp. | 2,590 | 118,311 | ||||
Fluor Corp.(a) | 5,616 | 237,444 | ||||
FTI Consulting, Inc.(a) | 121 | 25,445 | ||||
Gates Industrial Corp. PLC(a) | 4,040 | 71,548 | ||||
General Dynamics Corp. | 2,037 | 575,432 | ||||
General Electric Co. | 5,616 | 985,776 | ||||
Graco, Inc. | 1,980 | 185,051 | ||||
Honeywell International, Inc. | 2,950 | 605,488 | ||||
Howmet Aerospace, Inc. | 5,080 | 347,624 | ||||
Hubbell, Inc. | 546 | 226,617 | ||||
IDEX Corp. | 840 | 204,977 | ||||
Ingersoll Rand, Inc. | 3,978 | 377,711 | ||||
ITT, Inc. | 1,210 | 164,596 | ||||
Johnson Controls International PLC | 6,729 | 439,538 | ||||
MSA Safety, Inc. | 1,370 | 265,218 | ||||
Oshkosh Corp. | 3,340 | 416,531 | ||||
Otis Worldwide Corp. | 9,483 | 941,377 | ||||
PACCAR, Inc. | 7,056 | 874,168 | ||||
Parker-Hannifin Corp. | 340 | 188,969 | ||||
RBC Bearings, Inc.(a) | 857 | 231,690 | ||||
Regal Rexnord Corp. | 976 | 175,778 | ||||
Republic Services, Inc. | 1,205 | 230,685 | ||||
Rockwell Automation, Inc. | 1,592 | 463,797 | ||||
RTX Corp. | 8,360 | 815,351 | ||||
Science Applications International Corp. | 610 | 79,538 | ||||
Simpson Manufacturing Co., Inc. | 985 | 202,102 | ||||
Tetra Tech, Inc. | 1,255 | 231,811 | ||||
Textron, Inc. | 3,150 | 302,180 | ||||
The AZEK Co., Inc.(a) | 6,710 | 336,976 | ||||
The Boeing Co.(a) | 6,150 | 1,186,890 | ||||
The Timken Co. | 3,200 | 279,776 | ||||
Trane Technologies PLC | 1,558 | 467,712 | ||||
TransUnion | 3,039 | 242,512 | ||||
United Parcel Service, Inc. - Class B | 300 | 44,589 | ||||
Verisk Analytics, Inc. | 993 | 234,080 | ||||
Watsco, Inc. | 1,006 | 434,562 | ||||
Watts Water Technologies, Inc. - Class A | 3,177 | 675,271 | ||||
Westinghouse Air Brake Technologies Corp. | 2,127 | 309,861 | ||||
Woodward, Inc. | 1,660 | 255,839 | ||||
Xylem, Inc. | 680 | 87,883 | ||||
21,347,172 | ||||||
Information Technology - 12.1% | ||||||
Accenture PLC - Class A | 1,805 | 625,631 | ||||
Adobe, Inc.(a) | 522 | 263,401 | ||||
Analog Devices, Inc. | 4,073 | 805,599 | ||||
ANSYS, Inc.(a) | 443 | 153,792 | ||||
Applied Materials, Inc. | 2,053 | 423,390 | ||||
AppLovin Corp. - Class A(a) | 1,340 | 92,755 | ||||
Autodesk, Inc.(a) | 1,493 | 388,807 | ||||
Cadence Design Systems, Inc.(a) | 3,898 | 1,213,369 | ||||
Capgemini SE | 2,132 | 490,615 | ||||
Cirrus Logic, Inc.(a) | 860 | 79,602 | ||||
Cisco Systems, Inc. | 20,570 | 1,026,649 | ||||
Cognizant Technology Solutions Corp. - Class A | 3,558 | 260,766 | ||||
Corning, Inc. | 14,251 | 469,713 | ||||
F5, Inc.(a) | 8,653 | 1,640,522 | ||||
Gen Digital, Inc. | 12,430 | 278,432 | ||||
GoDaddy, Inc. - Class A(a) | 2,017 | 239,378 | ||||
Intel Corp. | 10,416 | 460,075 | ||||
KLA Corp. | 674 | 470,836 | ||||
Lam Research Corp. | 642 | 623,748 | ||||
LiveRamp Holdings, Inc.(a) | 1,676 | 57,822 | ||||
Manhattan Associates, Inc.(a) | 897 | 224,456 | ||||
Micron Technology, Inc. | 10,280 | 1,211,909 | ||||
Microsoft Corp. | 6,131 | 2,579,435 | ||||
Motorola Solutions, Inc. | 80 | 28,398 | ||||
NetApp, Inc. | 5,230 | 548,993 | ||||
Nutanix, Inc. - Class A(a) | 1,370 | 84,556 | ||||
Okta, Inc.(a) | 1,110 | 116,128 | ||||
Oracle Corp. | 3,062 | 384,618 | ||||
PTC, Inc.(a) | 1,117 | 211,046 | ||||
Pure Storage, Inc. - Class A(a) | 1,160 | 60,308 | ||||
QUALCOMM, Inc. | 880 | 148,984 | ||||
Salesforce, Inc. | 4,791 | 1,442,953 | ||||
Synopsys, Inc.(a) | 1,368 | 781,812 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3,243 | 441,210 | ||||
TD SYNNEX Corp. | 620 | 70,122 | ||||
TE Connectivity Ltd. | 4,941 | 717,631 | ||||
Telefonaktiebolaget LM Ericsson - ADR | 297,652 | 1,640,062 | ||||
UiPath, Inc. - Class A(a) | 2,930 | 66,423 | ||||
VeriSign, Inc.(a) | 219 | 41,503 | ||||
Workday, Inc. - Class A(a) | 1,265 | 345,029 | ||||
21,210,478 | ||||||
Materials - 3.5% | ||||||
Ashland, Inc. | 1,620 | 157,739 | ||||
Corteva, Inc. | 5,873 | 338,696 | ||||
CRH PLC | 4,760 | 410,598 | ||||
Eagle Materials, Inc. | 1,690 | 459,258 | ||||
Ecolab, Inc. | 190 | 43,871 | ||||
Franco-Nevada Corp. | 3,138 | 373,905 | ||||
International Paper Co. | 4,335 | 169,152 | ||||
Linde PLC | 28 | 13,001 | ||||
Martin Marietta Materials, Inc. | 1,107 | 679,632 | ||||
NewMarket Corp. | 444 | 281,771 | ||||
Newmont Corp. | 4,260 | 152,678 | ||||
Nucor Corp. | 980 | 193,942 | ||||
Olin Corp. | 12,850 | 755,580 | ||||
Royal Gold, Inc. | 2,358 | 287,228 | ||||
RPM International, Inc. | 1,712 | 203,642 | ||||
SSR Mining, Inc. | 3,909 | 17,434 | ||||
The Sherwin-Williams Co. | 669 | 232,364 | ||||
Vulcan Materials Co. | 2,779 | 758,445 | ||||
Wheaton Precious Metals Corp. | 5,519 | 259,948 | ||||
5,788,884 | ||||||
Real Estate - 0.2% | ||||||
CBRE Group, Inc. - Class A(a) | 3,316 | 322,448 | ||||
Utilities - 1.4% | ||||||
American Electric Power Co., Inc. | 980 | 84,378 | ||||
Constellation Energy Corp. | 150 | 27,728 | ||||
Dominion Energy, Inc. | 3,510 | 172,656 | ||||
Duke Energy Corp. | 1,100 | 106,381 | ||||
Evergy, Inc. | 170 | 9,075 | ||||
Eversource Energy | 1,830 | 109,379 | ||||
Exelon Corp. | 2,350 | 88,290 | ||||
IDACORP, Inc. | 240 | 22,294 | ||||
NextEra Energy, Inc. | 6,580 | 420,527 | ||||
NiSource, Inc. | 2,360 | 65,278 | ||||
PPL Corp. | 36,903 | 1,015,939 | ||||
Public Service Enterprise Group, Inc. | 670 | 44,743 | ||||
Sempra | 190 | 13,648 | ||||
The Southern Co. | 2,061 | 147,855 | ||||
Vistra Corp. | 430 | 29,950 | ||||
Xcel Energy, Inc. | 490 | 26,338 | ||||
2,384,459 | ||||||
TOTAL COMMON STOCKS (Cost $109,245,199) | 142,794,131 | |||||
CORPORATE BONDS - 3.1% | Par | Value | ||||
Basic Materials - 0.1% | ||||||
Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | 39,000 | 39,125 | ||||
Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027) | 41,000 | 40,171 | ||||
Nutrien Ltd., 5.95%, 11/07/2025 | 59,000 | 59,434 | ||||
PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026) | 68,000 | 63,013 | ||||
Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027) | 47,000 | 41,823 | ||||
243,566 | ||||||
Communications - 0.2% | ||||||
Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030) | 64,000 | 53,362 | ||||
AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031) | 87,000 | 70,792 | ||||
Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027) | 11,000 | 10,573 | ||||
The Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029) | 42,000 | 36,581 | ||||
T-Mobile USA, Inc. | ||||||
2.25%, 02/15/2026 (Callable 04/12/2024) | 74,000 | 70,043 | ||||
3.75%, 04/15/2027 (Callable 02/15/2027) | 35,000 | 33,748 | ||||
Verizon Communications, Inc. | ||||||
2.10%, 03/22/2028 (Callable 01/22/2028)(b) | 45,000 | 40,516 | ||||
2.36%, 03/15/2032 (Callable 12/15/2031) | 96,000 | 78,709 | ||||
394,324 | ||||||
Consumer Cyclical - 0.2% | ||||||
American Honda Finance Corp., 1.20%, 07/08/2025 | 44,000 | 41,803 | ||||
Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028) | 60,000 | 52,513 | ||||
Lowe's Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027) | 42,000 | 40,086 | ||||
O'Reilly Automotive, Inc., 3.60%, 09/01/2027 (Callable 06/01/2027) | 86,000 | 82,039 | ||||
Ross Stores, Inc., 4.60%, 04/15/2025 (Callable 03/15/2025) | 69,000 | 68,288 | ||||
Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026) | 64,000 | 58,566 | ||||
343,295 | ||||||
Consumer Non-Cyclical - 0.5% | ||||||
AbbVie, Inc., 3.80%, 03/15/2025 (Callable 12/15/2024) | 74,000 | 72,955 | ||||
Amgen, Inc., 3.20%, 11/02/2027 (Callable 08/02/2027) | 69,000 | 65,102 | ||||
CVS Health Corp. | ||||||
3.88%, 07/20/2025 (Callable 04/20/2025) | 148,000 | 145,205 | ||||
1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030) | 54,000 | 44,262 | ||||
Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026) | 37,000 | 34,214 | ||||
HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029) | 60,000 | 56,775 | ||||
Johnson & Johnson, 1.30%, 09/01/2030 (Callable 06/01/2030) | 60,000 | 49,592 | ||||
Keurig Dr Pepper, Inc., 4.42%, 05/25/2025 (Callable 03/25/2025) | 7,000 | 6,919 | ||||
Nestle Holdings, Inc., 5.25%, 03/13/2026 (c) | 150,000 | 150,732 | ||||
PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029) | 25,000 | 22,703 | ||||
Royalty Pharma PLC | ||||||
1.20%, 09/02/2025 (Callable 08/02/2025) | 38,000 | 35,714 | ||||
1.75%, 09/02/2027 (Callable 07/02/2027) | 107,000 | 95,487 | ||||
2.20%, 09/02/2030 (Callable 06/02/2030) | 42,000 | 34,858 | ||||
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)(c) | 65,000 | 59,813 | ||||
874,331 | ||||||
Energy - 0.2% | ||||||
Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026) | 69,000 | 63,205 | ||||
Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029) | 46,000 | 41,086 | ||||
Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 45,000 | 41,230 | ||||
MPLX LP | ||||||
4.88%, 12/01/2024 (Callable 09/01/2024) | 44,000 | 43,727 | ||||
2.65%, 08/15/2030 (Callable 05/15/2030) | 16,000 | 13,711 | ||||
Ovintiv Exploration, Inc., 5.38%, 01/01/2026 (Callable 10/01/2025) | 60,000 | 59,775 | ||||
Plains All American Pipeline LP, 4.65%, 10/15/2025 (Callable 07/15/2025) | 60,000 | 59,242 | ||||
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026) | 34,000 | 33,915 | ||||
355,891 | ||||||
Financials - 1.3% | ||||||
American Express Co., 2.25%, 03/04/2025 (Callable 02/01/2025) | 40,000 | 38,867 | ||||
Aviation Capital Group LLC, 6.38%, 07/15/2030 (Callable 05/15/2030)(c) | 24,000 | 24,643 | ||||
Bank of America Corp. | ||||||
4.00%, 01/22/2025 | 44,000 | 43,337 | ||||
0.98% to 04/22/2024 then SOFR + 0.69%, 04/22/2025 (Callable 04/22/2024) | 116,000 | 115,558 | ||||
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | 194,000 | 178,867 | ||||
3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027) | 26,000 | 24,723 | ||||
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 10,000 | 9,387 | ||||
2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 103,000 | 88,806 | ||||
Blackstone Holdings Finance Co. LLC | ||||||
1.63%, 08/05/2028 (Callable 06/05/2028)(c) | 62,000 | 53,782 | ||||
2.50%, 01/10/2030 (Callable 10/10/2029)(c) | 23,000 | 19,886 | ||||
Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) | 58,000 | 52,971 | ||||
Citigroup, Inc., 0.98% to 05/01/2024 then SOFR + 0.67%, 05/01/2025 (Callable 05/01/2024) | 72,000 | 71,628 | ||||
Equinix, Inc. | ||||||
1.25%, 07/15/2025 (Callable 06/15/2025) | 77,000 | 72,643 | ||||
2.90%, 11/18/2026 (Callable 09/18/2026) | 40,000 | 37,523 | ||||
Goldman Sachs Group, Inc., 0.86% to 02/12/2025 then SOFR + 0.61%, 02/12/2026 (Callable 02/12/2025) | 55,000 | 52,589 | ||||
HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | 200,000 | 175,100 | ||||
JPMorgan Chase & Co. | ||||||
1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | 99,000 | 89,933 | ||||
2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027) | 48,000 | 45,058 | ||||
2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 31,000 | 27,358 | ||||
1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 8,000 | 6,512 | ||||
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 43,000 | 36,269 | ||||
Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026) | 30,000 | 28,680 | ||||
Morgan Stanley | ||||||
1.16% to 10/21/2024 then SOFR + 0.56%, 10/21/2025 (Callable 10/21/2024) | 65,000 | 63,260 | ||||
2.19% to 04/28/2025 then SOFR + 1.99%, 04/28/2026 (Callable 04/28/2025) | 139,000 | 134,062 | ||||
1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026) | 111,000 | 102,523 | ||||
1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | 72,000 | 65,989 | ||||
2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 15,000 | 12,209 | ||||
5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 (Callable 04/21/2033) | 64,000 | 63,177 | ||||
5.94% to 02/07/2034 then 5 yr. CMT Rate + 1.80%, 02/07/2039 (Callable 02/07/2034) | 4,000 | 3,954 | ||||
Realty, Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030) | 69,000 | 61,755 | ||||
Royal Bank of Canada, 1.20%, 04/27/2026 | 50,000 | 46,182 | ||||
Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027 (b)(c) | 52,000 | 48,710 | ||||
The Bank of Nova Scotia, 2.70%, 08/03/2026 | 66,000 | 62,443 | ||||
US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027) | 23,000 | 22,530 | ||||
Wells Fargo & Co. | ||||||
2.16% to 02/11/2025 then 3 mo. Term SOFR + 1.01%, 02/11/2026 (Callable 02/11/2025) | 23,000 | 22,308 | ||||
4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026 (Callable 08/15/2025) | 28,000 | 27,562 | ||||
3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 26,000 | 24,758 | ||||
2,055,542 | ||||||
Industrials - 0.1% | ||||||
Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029) | 77,000 | 67,997 | ||||
Caterpillar Financial Services Corp., 3.25%, 12/01/2024 | 57,000 | 56,147 | ||||
Parker-Hannifin Corp., 4.25%, 09/15/2027 (Callable 08/15/2027) | 61,000 | 59,750 | ||||
183,894 | ||||||
Technology - 0.2% | ||||||
Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027) | 54,000 | 47,744 | ||||
Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026) | 43,000 | 41,314 | ||||
Fiserv, Inc. | ||||||
3.85%, 06/01/2025 (Callable 03/01/2025) | 39,000 | 38,245 | ||||
5.45%, 03/02/2028 (Callable 02/02/2028) | 60,000 | 60,552 | ||||
Intel Corp., 3.70%, 07/29/2025 (Callable 04/29/2025) | 24,000 | 23,527 | ||||
Oracle Corp. | ||||||
3.25%, 11/15/2027 (Callable 08/15/2027) | 66,000 | 62,039 | ||||
2.95%, 04/01/2030 (Callable 01/01/2030) | 121,000 | 107,542 | ||||
VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031) | 37,000 | 30,114 | ||||
411,077 | ||||||
Utilities - 0.3% | ||||||
Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 47,000 | 45,397 | ||||
Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027) | 92,000 | 86,481 | ||||
Entergy Corp., 0.90%, 09/15/2025 (Callable 08/15/2025) | 61,000 | 57,155 | ||||
NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027) | 70,000 | 69,026 | ||||
Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026) | 74,000 | 70,038 | ||||
Southwestern Electric Power Co., 1.65%, 03/15/2026 (Callable 02/15/2026) | 45,000 | 41,960 | ||||
The AES Corp., 1.38%, 01/15/2026 (Callable 12/15/2025) | 45,000 | 41,670 | ||||
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/2025 (Callable 03/01/2025)(c) | 59,000 | 57,802 | ||||
WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027) | 39,000 | 39,041 | ||||
508,570 | ||||||
TOTAL CORPORATE BONDS (Cost $5,591,756) | 5,370,490 | |||||
Open-End Funds - 3.0% | Shares | Value | ||||
Voya VACS Series EMHCD Fund | 113 | 1,191 | ||||
Voya VACS Series HYB Fund | 83,162 | 851,581 | ||||
Voya VACS Series SC Fund - Class SC | 428,399 | 4,425,358 | ||||
TOTAL OPEN-END FUNDS (Cost $5,446,315) | 5,278,130 | |||||
COLLATERALIZED LOAN OBLIGATIONS - 1.9% | Par | Value | ||||
Apidos CLO, Series 2015-23A, Class AR, 6.80% (3 mo. Term SOFR + 1.48%), 04/15/2033 (Callable 04/15/2024)(c) | 250,000 | 250,183 | ||||
Arbor Realty Trust, Inc. | ||||||
Series 2021-FL2, Class B, 7.04% (1 mo. Term SOFR + 1.71%), 05/15/2036 (Callable 04/15/2024)(c) | 250,000 | 246,535 | ||||
Series 2021-FL3, Class C, 7.29% (1 mo. Term SOFR + 1.96%), 08/15/2034 (Callable 04/15/2024)(c) | 225,000 | 216,321 | ||||
Benefit Street Partners CLO Ltd., Series 2019-19A, Class A, 6.93% (3 mo. Term SOFR + 1.61%), 01/15/2033 (Callable 04/15/2024)(c) | 250,000 | 250,000 | ||||
Carlyle Global Market Strategies, Series 2021-1A, Class A1, 6.72% (3 mo. Term SOFR + 1.40%), 04/15/2034 (Callable 04/15/2024)(c) | 250,000 | 250,209 | ||||
Greystone Commercial Real Estate Notes, Series 2021-FL3, Class C, 7.44% (1 mo. Term SOFR + 2.11%), 07/15/2039 (Callable 04/15/2024)(c) | 225,000 | 212,849 | ||||
Madison Park Funding Ltd., Series 2016-21A, Class ABRR, 6.98% (3 mo. Term SOFR + 1.66%), 10/15/2032 (Callable 04/15/2024)(c) | 250,000 | 249,993 | ||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL6, Class C, 7.29% (1 mo. Term SOFR + 1.96%), 07/16/2036 (Callable 04/16/2024)(c) | 225,000 | 215,936 | ||||
Neuberger Berman CLO Ltd., Series 2019-34A, Class A1R, 6.56% (3 mo. Term SOFR + 1.24%), 01/20/2035 (Callable 04/20/2024)(c) | 250,000 | 249,975 | ||||
Oaktree CLO Ltd., Series 2019-1A, Class A1R, 6.69% (3 mo. Term SOFR + 1.37%), 04/22/2030 (Callable 04/22/2024)(c) | 250,000 | 249,816 | ||||
Octagon Investment Partners Ltd., Series 2020-3A, Class AR, 6.73% (3 mo. Term SOFR + 1.41%), 10/20/2034 (Callable 04/20/2024)(c) | 250,000 | 250,044 | ||||
OHA Credit Funding, Series 2019-3A, Class AR, 6.72% (3 mo. Term SOFR + 1.40%), 07/02/2035 (Callable 04/20/2024)(c) | 250,000 | 249,570 | ||||
OHA Loan Funding Ltd., Series 2015-1A, Class AR3, 6.72% (3 mo. Term SOFR + 1.41%), 01/19/2037 (Callable 04/19/2024)(c) | 270,000 | 270,285 | ||||
Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 6.72% (3 mo. Term SOFR + 1.41%), 11/14/2034 (Callable 05/14/2024)(c) | 250,000 | 250,019 | ||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $3,437,066) | 3,411,735 | |||||
REAL ESTATE INVESTMENT TRUSTS - 1.6% | Shares | Value | ||||
Boston Properties, Inc. | 2,720 | 177,643 | ||||
Camden Property Trust | 330 | 32,472 | ||||
Cousins Properties, Inc. | 5,880 | 141,355 | ||||
EPR Properties | 6,720 | 285,264 | ||||
Equinix, Inc. | 100 | 82,533 | ||||
Healthpeak Properties, Inc. | 1,480 | 27,750 | ||||
Host Hotels & Resorts, Inc. | 8,860 | 183,225 | ||||
Kilroy Realty Corp. | 840 | 30,601 | ||||
Lamar Advertising Co. - Class A | 500 | 59,705 | ||||
Mid-America Apartment Communities, Inc. | 199 | 26,184 | ||||
National Storage Affiliates Trust | 670 | 26,237 | ||||
Park Hotels & Resorts, Inc. | 43,640 | 763,264 | ||||
Rayonier, Inc. | 5,769 | 191,762 | ||||
SBA Communications Corp. | 1,020 | 221,034 | ||||
VICI Properties, Inc. | 1,310 | 39,025 | ||||
Welltower, Inc. | 5,548 | 518,405 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,801,824) | 2,806,459 | |||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.6% | Par | Value | ||||
BBCMS Trust, Series 2021-C10, Class XA, 1.28%, 07/15/2054 (Callable 05/15/2031)(d)(e) | 982,517 | 63,073 | ||||
BX Trust | ||||||
Series 2020-VKNG, Class C, 6.84% (1 mo. Term SOFR + 1.51%), 10/15/2037 (c) | 70,000 | 69,496 | ||||
Series 2022-CSMO, Class B, 8.47% (1 mo. Term SOFR + 3.14%), 06/15/2027 (c) | 100,000 | 100,281 | ||||
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039 (c) | 200,000 | 198,937 | ||||
Series 2022-PSB, Class A, 7.78% (1 mo. Term SOFR + 2.45%), 08/15/2039 (c) | 174,252 | 175,124 | ||||
COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 04/25/2024)(c)(e) | 142,150 | 108,956 | ||||
DBJPM 20-C9 Mortgage Trust, Series 2020-C9, Class XA, 1.70%, 09/15/2053 (Callable 06/15/2030)(d)(e) | 454,268 | 23,637 | ||||
DK Trust, Series 2024-SPBX, Class A, 6.85% (1 mo. Term SOFR + 1.50%), 03/15/2034 (c) | 125,000 | 125,117 | ||||
Federal Home Loan Mortgage Corp. | ||||||
Series K110, Class X1, 1.70%, 04/25/2030 (Callable 04/25/2030)(d)(e) | 297,670 | 23,109 | ||||
Series K118, Class X1, 0.96%, 09/25/2030 (Callable 06/25/2030)(d)(e) | 594,675 | 28,677 | ||||
Series K151, Class X1, 0.36%, 04/25/2030 (Callable 02/25/2030)(d)(e) | 1,569,891 | 26,872 | ||||
GSCG Trust, Series 2019-600C, Class A, 2.94%, 09/06/2034 (c) | 120,000 | 93,070 | ||||
JP Morgan Chase Commercial Mortgage Securities, Series 2019-ICON, Class A, 3.88%, 01/05/2034 (c) | 86,282 | 83,961 | ||||
JP Morgan Mortgage Trust | ||||||
Series 2015-3, Class A3, 3.50%, 05/25/2045 (Callable 04/25/2024)(c)(e) | 32,583 | 29,293 | ||||
Series 2017-2, Class A3, 3.50%, 05/25/2047 (Callable 08/25/2028)(c)(e) | 31,927 | 28,228 | ||||
Series 2018-5, Class A1, 3.50%, 10/25/2048 (Callable 06/25/2027)(c)(e) | 56,244 | 49,690 | ||||
Series 2019-1, Class A3, 4.00%, 05/25/2049 (Callable 04/25/2024)(c)(e) | 8,002 | 7,388 | ||||
Series 2019-INV3, Class A3, 3.50%, 05/25/2050 (Callable 07/25/2032)(c)(e) | 50,442 | 45,008 | ||||
Series 2020-2, Class A15, 3.50%, 07/25/2050 (Callable 06/25/2030)(c)(e) | 38,827 | 33,824 | ||||
Series 2022-6, Class A3, 3.00%, 11/25/2052 (Callable 12/25/2043)(c)(e) | 179,820 | 150,684 | ||||
Series 2023-2, Class A3A, 5.00%, 07/25/2053 (Callable 08/25/2035)(c)(e) | 83,423 | 80,252 | ||||
KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class C, 2.93%, 11/05/2044 (c)(e) | 225,000 | 146,875 | ||||
Morgan Stanley Capital I Trust 2014-MP, Series 2016-BNK2, Class C, 3.88%, 11/15/2049 (Callable 11/15/2026)(e) | 100,000 | 71,619 | ||||
Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 01/25/2049)(c)(e) | 100,000 | 61,763 | ||||
PSMC Trust, Series 2020-3, Class A1, 3.00%, 11/25/2050 (Callable 06/25/2045)(c)(e) | 31,743 | 27,031 | ||||
Ready Capital Corp., Series 2021-FL5, Class B, 7.19% (1 mo. Term SOFR + 1.86%), 04/25/2038 (Callable 03/25/2025)(c) | 250,000 | 247,089 | ||||
Sequoia Mortgage Trust | ||||||
Series 2013-3, Class A2, 2.50%, 03/25/2043 (Callable 01/25/2027)(e) | 43,130 | 36,354 | ||||
Series 2019-CH2, Class A1, 4.50%, 08/25/2049 (Callable 07/25/2024)(c)(e) | 1,068 | 1,045 | ||||
Series 2020-4, Class A8, 2.50%, 11/25/2050 (Callable 12/25/2046)(c)(e) | 100,000 | 70,187 | ||||
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041 (c) | 140,000 | 115,834 | ||||
Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, 6.99%, 12/10/2034 (c)(e) | 150,000 | 153,262 | ||||
Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, 06/25/2066 (Callable 06/25/2024)(c)(e) | 145,441 | 119,437 | ||||
Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 10/25/2039)(c)(f) | 54,350 | 46,503 | ||||
WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class B, 4.21%, 08/15/2047 (Callable 08/15/2024)(e) | 120,000 | 111,519 | ||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,103,240) | 2,753,195 | |||||
ASSET-BACKED SECURITIES - 1.5% | Par | Value | ||||
American Airlines Group, Inc. | ||||||
Series 2015-2, 3.60%, 09/22/2027 | 39,124 | 36,947 | ||||
Series 2016-1, 3.58%, 01/15/2028 | 1,286 | 1,202 | ||||
Series 2016-2, 3.20%, 06/15/2028 | 12,141 | 11,113 | ||||
Beacon Container Finance LLC, Series 2021-1A, Class A, 2.25%, 10/22/2046 (Callable 04/20/2024)(c) | 75,833 | 67,657 | ||||
CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 02/15/2029 (Callable 06/15/2027) | 100,000 | 99,299 | ||||
CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 05/15/2027) | 200,000 | 196,650 | ||||
Container Leasing International LLC, Series 2022-1A, Class A, 2.72%, 01/18/2047 (Callable 04/18/2024)(c) | 81,813 | 72,867 | ||||
FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034 | 86,162 | 71,157 | ||||
General Motors Financial Co., Inc., Series 2021-2, Class C, 1.01%, 01/19/2027 (Callable 12/18/2025) | 100,000 | 94,088 | ||||
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 09/18/2028 (Callable 01/16/2027) | 150,000 | 149,613 | ||||
Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 03/15/2027) | 150,000 | 152,301 | ||||
IPFS Corp., Series 2021-A, Class A, 0.71%, 04/15/2026 (c) | 100,000 | 99,837 | ||||
Kubota Credit Owner Trust, Series 2023-1A, Class A3, 5.02%, 06/15/2027 (Callable 12/15/2026)(c) | 100,000 | 99,664 | ||||
Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 10/25/2028)(c) | 79,609 | 70,642 | ||||
Marlette Funding Trust, Series 2021-1A, Class C, 1.41%, 06/16/2031 (Callable 03/15/2025)(c) | 266 | 266 | ||||
Mosaic Solar Loans LLC | ||||||
Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 09/20/2029)(c) | 194,430 | 181,545 | ||||
Series 2020-2A, Class A, 1.44%, 08/20/2046 (Callable 08/20/2032)(c) | 48,162 | 40,442 | ||||
Navient Student Loan Trust | ||||||
Series 2020-GA, Class A, 1.17%, 09/16/2069 (Callable 10/15/2027)(c) | 48,687 | 43,858 | ||||
Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 06/15/2028)(c) | 35,563 | 31,104 | ||||
Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 10/15/2032)(c) | 178,244 | 179,096 | ||||
OneMain Financial Issuance Trust, Series 2023-1A, Class A, 5.50%, 06/14/2038 (Callable 06/14/2028)(c) | 100,000 | 101,604 | ||||
Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 02/10/2025)(c) | 98,550 | 94,725 | ||||
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class C, 1.03%, 11/16/2026 (Callable 12/15/2025)(c) | 100,000 | 94,654 | ||||
SMB Private Education Loan Trust, Series 2020-PTB, Class A2A, 1.60%, 09/15/2054 (c) | 93,189 | 84,761 | ||||
SoFi Consumer Loan Program Trust | ||||||
Series 2021-1, Class B, 1.30%, 09/25/2030 (Callable 08/25/2024)(c) | 53,958 | 53,784 | ||||
Series 2023-1S, Class A, 5.81%, 05/15/2031 (Callable 06/15/2025)(c) | 23,070 | 23,057 | ||||
SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, 3.34%, 08/25/2047 (Callable 10/25/2025)(c) | 19,738 | 19,286 | ||||
Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)(c) | 103,539 | 95,772 | ||||
Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051 (c) | 126,323 | 104,353 | ||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 09/15/2027 (Callable 04/15/2026)(c) | 200,000 | 198,264 | ||||
TOTAL ASSET-BACKED SECURITIES (Cost $2,687,094) | 2,569,608 | |||||
U.S. TREASURY OBLIGATIONS - 0.3% | Par | Value | ||||
United States Treasury Note/Bond | ||||||
0.25%, 06/15/2024 | 50,000 | 49,484 | ||||
0.75%, 11/15/2024 | 9,900 | 9,631 | ||||
2.88%, 04/30/2025 | 2,000 | 1,956 | ||||
3.00%, 07/15/2025 | 15,000 | 14,646 | ||||
4.63%, 02/28/2026 | 68,000 | 67,947 | ||||
4.50%, 03/31/2026 | 50,000 | 49,875 | ||||
4.13%, 06/15/2026 | 33,000 | 32,680 | ||||
0.88%, 09/30/2026 | 60,200 | 55,083 | ||||
1.25%, 11/30/2026 | 90,100 | 82,836 | ||||
1.50%, 01/31/2027 | 9,900 | 9,128 | ||||
4.25%, 03/15/2027 | 24,000 | 23,888 | ||||
2.75%, 04/30/2027 | 300 | 286 | ||||
3.25%, 06/30/2027 | 500 | 483 | ||||
1.25%, 09/30/2028 | 700 | 614 | ||||
4.25%, 02/28/2029 | 6,000 | 6,008 | ||||
2.75%, 08/15/2032 | 5,100 | 4,575 | ||||
4.13%, 11/15/2032 | 4,300 | 4,271 | ||||
3.50%, 02/15/2033 | 24,600 | 23,301 | ||||
4.00%, 02/15/2034 | 14,600 | 14,358 | ||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $464,729) | 451,050 | |||||
TOTAL INVESTMENTS - 94.3% (Cost $132,777,223) | $ | 165,434,798 | ||||
Money Market Deposit Account - 3.8%(g) | 6,718,805 | |||||
Other Assets in Excess of Liabilities - 1.9% | 3,273,051 | |||||
TOTAL NET ASSETS - 100.0% | $ | 175,426,654 |
Percentages are stated as a percent of net assets. | |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
ADR - American Depositary Receipt |
CMT - Constant Maturity Treasury Rate |
LIBOR - London Interbank Offered Rate |
NV - Naamloze Vennootschap |
PLC - Public Limited Company |
SA - Sociedad Anónima |
SOFR - Secured Overnight Financing Rate |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of March 31, 2024. The total market value of these securities was $89,374 which represented 0.1% of net assets. |
(c) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2024, the value of these securities total $7,952,676 or 4.5% of the Fund’s net assets. |
(d) | Interest only security. |
(e) | Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2024. |
(f) | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
(g) | The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of March 31, 2024 was 5.28%. |
Large Company Value Portfolio | |||||||||||||
Schedule of Open Futures Contracts | |||||||||||||
as of March 31, 2024 (Unaudited) | |||||||||||||
Description | Contracts Purchased | Expiration Date | Notional | Value / Unrealized Appreciation (Depreciation) | |||||||||
U.S. Treasury 2 Year Notes | 6 | 06/28/2024 | $ | 1,226,906 | $ | (381 | ) | ||||||
Description | Contracts Sold | Expiration Date | Notional | Value / Unrealized Appreciation (Depreciation) | |||||||||
10 Year U.S. Ultra Treasury Notes | (6) | 06/18/2024 | $ | 687,656 | $ | (3,153 | ) | ||||||
U.S. Treasury 10 Year Notes | (8) | 06/18/2024 | 886,375 | (5,402 | ) | ||||||||
U.S. Treasury 5 Year Note | (9) | 06/28/2024 | 963,141 | (2,830 | ) | ||||||||
U.S. Treasury Long Bonds | (6) | 06/18/2024 | 722,625 | (11,075 | ) | ||||||||
U.S. Treasury Ultra Bonds | (1) | 06/18/2024 | 129,000 | (2,143 | ) | ||||||||
$ | (24,603 | ) | |||||||||||
Total Unrealized Appreciation (Depreciation) | $ | (24,984 | ) |
Large Company Value Portfolio |
Schedule of Total Return Swap Contracts |
as of March 31, 2024 (Unaudited) |
Reference Entity | Counterparty | Pay/Receive Total Returns on Reference Entity | Maturity Date | Financing Rate | Payment Frequency | Notional Amount | Upfront Payments (Receipts) | Value/ Unrealized Appreciation (Depreciation) | |||||||||
RUSSELL 1000 VALUE INDEX TOTAL RETURN | Morgan Stanley | Receive | 01/31/2025 | (U.S. Federal Funds Rate + 0.42%) | Monthly | $ | 30,481,983 | $ | 0 | $ | 3,477,348 | ||||||
$ | 0 | $ | 3,477,348 | ||||||||||||||
LARGE COMPANY VALUE PORTFOLIO | ||||||||||||||
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||||||||
March 31, 2024 (Unaudited) | ||||||||||||||
1. Securities Valuation | ||||||||||||||
Securities listed or traded on U.S. exchanges, including options, futures, swaptions and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and ask prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and ask prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Pricing Committee of Wilshire Advisors LLC (the “Adviser”) it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. | ||||||||||||||
Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Adviser’s Pricing Committee, whose members include at least two representatives of the Adviser, one of whom is an officer of the Company. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Portfolios. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security. | ||||||||||||||
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows: ● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date; ● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and ● Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). | ||||||||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the period ended March 31, 2024, there have been no significant changes to the Portfolio's fair value methodologies. | ||||||||||||||
The following is a summary of the inputs used to value the Portfolio's investments as of March 31, 2024: |
Large Company Value Portfolio | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | 142,794,131 | – | – | 142,794,131 | ||||||||||||
Corporate Bonds | – | 5,370,490 | – | 5,370,490 | ||||||||||||
Open-End Funds | 851,581 | 4,426,549 | – | 5,278,130 | ||||||||||||
Collateralized Loan Obligations | – | 3,411,735 | – | 3,411,735 | ||||||||||||
Real Estate Investment Trusts | 2,806,459 | – | – | 2,806,459 | ||||||||||||
Collateralized Mortgage Obligations | – | 2,753,195 | – | 2,753,195 | ||||||||||||
Asset-Backed Securities | – | 2,569,608 | – | 2,569,608 | ||||||||||||
U.S. Treasury Obligations | – | 451,050 | – | 451,050 | ||||||||||||
Total Assets | 146,452,171 | 18,982,627 | – | 165,434,798 | ||||||||||||
Other Financial Instruments*: | ||||||||||||||||
Assets | ||||||||||||||||
Total Return Swaps | 3,477,348 | – | – | 3,477,348 | ||||||||||||
Total Assets | 3,477,348 | – | – | 3,477,348 | ||||||||||||
Liabilities | ||||||||||||||||
Futures | (24,984 | ) | – | – | (24,984 | ) | ||||||||||
Total Liabilities | (24,984 | ) | – | – | (24,984 | ) | ||||||||||
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of March 31, 2024. | ||||||||||||||||
Refer to the Schedule of Investments for industry classifications. |
Refer to the Portfolio's Schedule of Investments for a listing of the securities by industry or sector type. Large Company Value Portfolio did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2024. |
2. Affiliated Investments | |||||||||||||||||
Due to Voya managing a portion of Large Company Value Portfolio during the three months ended March 31, 2024, certain securities held by the Portfolio are considered | |||||||||||||||||
affiliated investments. Purchases and sales of shares of affiliated registered investment companies by Large Company Value Portfolio during the three months ended | |||||||||||||||||
March 31, 2024 and the value of such investments as of March 31, 2024 were as follows: |
Fund | Value as of December 31, 2023 | Purchases | Proceeds from Sales | Realized Loss | Change in Unrealized Appreciation (Depreciation) | Value as of March 31, 2024 | Income Distribution | Long-Term Capital Gain Distribution | ||||||||||||||||||||||||
Voya VACS Series EMHCD Fund . . . | $ | 1,161 | $ | 19 | $ | - | $ | - | $ | 11 | $ | 1,191 | $ | 18 | $ | - | ||||||||||||||||
Voya VACS Series HYB Fund . . . . . | 840,168 | 16,315 | - | - | (4,902 | ) | 851,581 | 16,265 | - | |||||||||||||||||||||||
Voya VACS Series SC Fund . . . . . . . | 4,331,284 | 51,587 | - | - | 42,487 | 4,425,358 | 52,615 | - | ||||||||||||||||||||||||
$ | 5,172,613 | $ | 67,921 | $ | - | $ | - | $ | 37,596 | $ | 5,278,130 | $ | 68,898 | $ | - | |||||||||||||||||