# EDGAR Filing Document

**Accession Number:** 0001068204
**File Stem:** 0001193125-25-196764
**Filing Date:** 2025-9
**Character Count:** 531771
**Document Hash:** 7cdee42c4d40cb381fbc3ea9c541b92b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196764.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196764

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TIAA-CREF LIFE FUNDS
- **CENTRAL INDEX KEY:** 0001068204

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08961
- **FILM NUMBER:** 251295347

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-490-9000

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TIAA CREF LIFE FUND
- **DATE OF NAME CHANGE:** 19980813

## Series and Classes Contracts Data

### Nuveen Life Growth Equity Fund (Series ID: S000005088)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000013875 | Nuveen Life Growth Equity Fund | TLGQX           |

### Nuveen Life Money Market Fund (Series ID: S000005089)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000013876 | Nuveen Life Money Market Fund | TLMXX           |

### Nuveen Life Core Equity Fund (Series ID: S000005090)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000013877 | Nuveen Life Core Equity Fund | TLGWX           |

### Nuveen Life International Equity Fund (Series ID: S000005091)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000013878 | Nuveen Life International Equity Fund | TLINX           |

### Nuveen Life Large Cap Value Fund (Series ID: S000005092)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000013879 | Nuveen Life Large Cap Value Fund | TLLVX           |

### Nuveen Life Small Cap Equity Fund (Series ID: S000005093)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000013880 | Nuveen Life Small Cap Equity Fund | TLEQX           |

### Nuveen Life Stock Index Fund (Series ID: S000005094)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000013881 | Nuveen Life Stock Index Fund | TLSTX           |

### Nuveen Life Large Cap Responsible Equity Fund (Series ID: S000005095)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000013882 | Nuveen Life Large Cap Responsible Equity Fund | TLCHX           |

### Nuveen Life Real Estate Securities Select Fund (Series ID: S000005096)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000013883 | Nuveen Life Real Estate Securities Select Fund | TLRSX           |

### Nuveen Life Core Bond Fund (Series ID: S000005097)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000013884 | Nuveen Life Core Bond Fund | TLBDX           |

### Nuveen Life Balanced Fund (Series ID: S000043737)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000135632 | Nuveen Life Balanced Fund | TLBAX           |

?xml version='1.0' encoding='ASCII'? N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-08961</u> 

TIAA-CREF Life Funds

(Exact name of registrant as specified in charter)

730 Third Avenue

New York, New York 10017-3206

(Address of principal executive offices) (Zip code)

Rachael M. Zufall, Esq.

TIAA-CREF Life Funds

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(800) 842-2733</u>

Date of fiscal year end: <u>December</u> <u>31</u>

Date of reporting period: <u>June 30, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Balanced Fund

TLBAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Balanced Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Balanced Fund | $5 | 0.10% |

---

\* The Fund's ratios do not include the expenses or income of the Underlying Funds related to the Balanced Fund. Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $67091380 |
|  Total number of portfolio holdings | 8 |
|  Portfolio turnover (%) | 6% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g01x01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Affiliated investment companies (Underlying Funds)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V864_SAR_0625<br> 4625582 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Core Bond Fund

TLBDX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Core Bond Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Core Bond Fund | $18 | 0.35% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $204303373 |
|  Total number of portfolio holdings | 987 |
|  Portfolio turnover (%) | 42% |

---

What did the Fund invest in? (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g83758g1g01a03.jpg)  | ![LOGO](g83758g1g01b03.jpg)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody's, Standard & Poor's and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V880_SAR_0625<br> 4625609 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Core Equity Fund

TLGWX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Core Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Core Equity Fund | $26 | 0.52% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $212015075 |
|  Total number of portfolio holdings | 55 |
|  Portfolio turnover (%) | 62% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g01a05.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V302_SAR_0625<br> 4625618 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Growth Equity Fund

TLGQX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Growth Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Growth Equity Fund | $27 | 0.52% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $191885684 |
|  Total number of portfolio holdings | 61 |
|  Portfolio turnover (%) | 22% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g01a07.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V104_SAR_0625<br> 4625623 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life International Equity Fund

TLINX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life International Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life International Equity Fund | $33 | 0.60% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $167409831 |
|  Total number of portfolio holdings | 70 |
|  Portfolio turnover (%) | 17% |

---

1 continued>>

------

What did the Fund invest in? (as of June 30, 2025)

---

| | |
|:---|:---|
| ![LOGO](g83758g1g01a09.jpg) | ![LOGO](g83758g1g01b09.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V203_SAR_0625<br> 4625632 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Large Cap Responsible Equity Fund

TLCHX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Large Cap Responsible Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information athttps://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Large Cap Responsible Equity Fund | $11 | 0.22% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $100686293 |
|  Total number of portfolio holdings | 121 |
|  Portfolio turnover (%) | 20% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g01a11.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V500_SAR_0625<br> 4625638 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Large Cap Value Fund

TLLVX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Large Cap Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Large Cap Value Fund | $27 | 0.52% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $85260902 |
|  Total number of portfolio holdings | 79 |
|  Portfolio turnover (%) | 14% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g01a13.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V609_SAR_0625<br> 4625648 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Money Market Fund

TLMXX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Money Market Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Money Market Fund | $8 | 0.15% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $145027699 |
|  Total number of portfolio holdings | 60 |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g01a15.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V872_SAR_0625<br> 4625657 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Real Estate Securities Select Fund

TLRSX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Real Estate Securities Select Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/**.** You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Real Estate Securities Select Fund | $29 | 0.57% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $62828441 |
|  Total number of portfolio holdings | 47 |
|  Portfolio turnover (%) | 19% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g17x17.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V807_SAR_0625<br> 4625669 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Small Cap Equity Fund

TLEQX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Small Cap Equity Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Small Cap Equity Fund | $26 | 0.53% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $65296526 |
|  Total number of portfolio holdings | 392 |
|  Portfolio turnover (%) | 37% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g19x19.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V708_SAR_0625<br> 4625675 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g83758g1g19w55.jpg) | <br>Semi-Annual Shareholder Report <br>June 30, 2025  |

---

Nuveen Life Stock Index Fund

TLSTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Life Stock Index Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information at https://www.tiaa.org/public/prospectuses/. You can also request this information by contacting us at (800) 842-2252.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen Life Stock Index Fund | $4 | 0.08% |

---

\* Annualized for period less than one year.

Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $879721044 |
|  Total number of portfolio holdings | 2633 |
|  Portfolio turnover (%) | 1% |

---

What did the Fund invest in? (as of June 30, 2025)

![LOGO](g83758g1g21x21.jpg)

1 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.tiaa.org/public/prospectuses/, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 842-2252.

---

| | |
|:---|:---|
| 87244V401_SAR_0625<br> 4625685 | ![LOGO](g83758g1g85u20.jpg) |

---

2.0 ------

**Item 2.** **Code of Ethics.** <br>

Not applicable to this filing.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

## Portfolio of Investments June 30, 2025
Balanced

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  | NUVEEN LIFE FUNDS—99.9%(a) |  |
|  | FIXED INCOME—49.7% |  |
| 3550356 | Nuveen Life Core Bond Fund | $33337842 |
|  | TOTAL FIXED INCOME | 33337842 |
|  | INTERNATIONAL EQUITY—9.9% |  |
| 607165 | Nuveen Life International Equity Fund | 6684881 |
|  | TOTAL INTERNATIONAL EQUITY | 6684881 |
|  | U.S. EQUITY—40.3% |  |
| 295178 | Nuveen Life Core Equity Fund | 6786148 |
| 265386 | Nuveen Life Growth Equity Fund | 6398453 |
| 275180 | Nuveen Life Large Cap Value Fund | 5743003 |
| 94800 | Nuveen Life Real Estate Securities Select Fund | 1326249 |
| 86872 | Nuveen Life Small Cap Equity Fund | 1343905 |
| 108918 | Nuveen Life Stock Index Fund | 5423021 |
|  | TOTAL U.S. EQUITY | 27020779 |
|  | TOTAL AFFILIATED INVESTMENT COMPANIES<br>(Cost $52,680,007) | 67043502 |
|  | TOTAL INVESTMENTS—99.9%<br>(Cost $52,680,007) | 67043502 |
|  | OTHER ASSETS & LIABILITIES, NET—0.1% | 47878 |
|  | NET ASSETS—100.0% | $67091380 |

---

(a) The Fund invests its assets in the affiliated Nuveen Life Funds.

4 *See Notes to Financial Statements*

------

Core Bond

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  | LONG-TERM INVESTMENTS - 97.6% |  |  |  |
|  | BANK LOAN OBLIGATIONS - 1.7% |  |  |  |
|  | CAPITAL GOODS - 0.1% |  |  |  |
| $95161 (a) | Centuri Group, Inc, Term Loan B, (TSFR1M + 2.500%) | 6.941% | 08/28/28 | $95348 |
| 93641 (a) | TransDigm, Inc., Term Loan K, (TSFR3M + 2.750%) | 7.046 | 03/22/30 | 94083 |
|  | TOTAL CAPITAL GOODS |  |  | 189431 |
|  | COMMERCIAL & PROFESSIONAL SERVICES - 0.0% |  |  |  |
| 69341 (a) | Dun & Bradstreet Corporation (The), Term Loan, (TSFR1M + 2.250%) | 6.572 | 01/18/29 | 69367 |
|  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 69367 |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.1% |  |  |  |
| 143913 (a) | Belron Finance LLC, Term Loan B, (TSFR3M + 2.750%) | 7.049 | 10/16/31 | 144744 |
| 61487 (a) | CNT Holdings I Corp, Term Loan, (TSFR3M + 2.500%) | 6.780 | 11/08/32 | 61708 |
|  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 206452 |
|  | CONSUMER SERVICES - 0.1% |  |  |  |
| 36841 (a) | 101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M + 1.750%) | 6.077 | 09/20/30 | 36730 |
| 17759 (a) | Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%) | 7.077 | 01/31/31 | 17598 |
| 157049 (a) | Motion Finco Sarl, Term Loan B, (TSFR3M + 3.500%) | 7.799 | 11/30/29 | 149885 |
|  | TOTAL CONSUMER SERVICES |  |  | 204213 |
|  | ENERGY - 0.0% |  |  |  |
| 19498 (a) | Oryx Midstream Services Permian Basin LLC, (TSFR1M + 2.250%) | 6.572 | 10/05/28 | 19516 |
|  | TOTAL ENERGY |  |  | 19516 |
|  | FINANCIAL SERVICES - 0.0% |  |  |  |
| 39192 (a) | Trans Union, LLC, Term Loan B9, (TSFR1M + 1.750%) | 6.077 | 06/24/31 | 39276 |
|  | TOTAL FINANCIAL SERVICES |  |  | 39276 |
|  | FOOD, BEVERAGE & TOBACCO - 0.0% |  |  |  |
| 56522 (a) | Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%) | 6.546 | 03/31/28 | 56789 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 56789 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 0.4% |  |  |  |
| 88549 (a) | Global Medical Response, Inc., PIK Term Loan, (TSFR1M + 4.750%) | 4.914 | 10/02/28 | 88782 |
| 36030 (a) | ICU Medical, Inc., Term Loan B, (TSFR3M + 2.500%) | 6.946 | 01/08/29 | 36156 |
| 83696 (a) | Medline Borrower, LP, Add-on Term Loan B, (TSFR1M + 2.250%) | 6.577 | 10/23/28 | 83887 |
| 82708 (a) | Parexel International Corporation, Term Loan B, (TSFR1M + 2.500%) | 6.827 | 11/15/28 | 82824 |
| 507757 (a) | Surgery Center Holdings, Inc., Term Loan B, (TSFR1M + 2.750%) | 7.077 | 12/19/30 | 510192 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 801841 |
|  | INSURANCE - 0.4% |  |  |  |
| 99250 (a) | Alliant Holdings Intermediate, LLC, Term Loan B6, (TSFR1M + 2.750%) | 7.072 | 09/19/31 | 99385 |
| 429690 (a) | Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 3.000%) | 7.327 | 06/13/31 | 430689 |
| 84718 (a) | HUB International Ltd, (TSFR3M + 2.500%) | 6.769 | 06/20/30 | 85067 |
| 99242 (a) | Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.250%) | 6.577 | 09/15/31 | 99366 |
| 136984 (a) | Sedgwick Claims Management Services, Inc., Term Loan B, (TSFR1M + 3.000%) | 7.327 | 07/31/31 | 137631 |
| 37546 (a) | USI, Inc., Term Loan D, (TSFR3M + 2.250%) | 6.546 | 11/21/29 | 37525 |
|  | TOTAL INSURANCE |  |  | 889663 |
|  | MATERIALS - 0.1% |  |  |  |
| 45410 (a) | Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M + 3.175%) | 7.502 | 04/13/29 | 45372 |
| 46775 (a) | ECO Services Operations Corp, Term Loan B, (TSFR3M + 2.000%) | 6.280 | 06/12/31 | 46549 |
| 89775 (a) | INEOS Quattro Holdings UK Ltd, Term Loan B, (TSFR1M + 4.250%) | 8.577 | 10/07/31 | 82256 |
| 14620 (a) | TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%) | 7.691 | 03/03/28 | 14621 |
|  | TOTAL MATERIALS |  |  | 188798 |
|  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0% |  |  |  |
| 54416 (a) | Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1, (TSFR1M + 2.750%) | 7.077 | 01/31/30 | 54744 |
|  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 54744 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% |  |  |  |
| 124688 (a) | Instructure Holdings, Inc., Term Loan, (TSFR6M + 3.000%) | 7.205 | 11/13/31 | 124965 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 124965 |
|  | SOFTWARE & SERVICES - 0.2% |  |  |  |
| 34433 (a) | Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%) | 7.333 | 07/30/31 | 34259 |
| 37723 (a) | Epicor Software Corporation, Term Loan E, (TSFR1M + 2.750%) | 7.077 | 05/30/31 | 37861 |
| 148875 (a) | Mitchell International, Inc., First Lien Term Loan, (TSFR1M + 3.250%) | 7.577 | 06/17/31 | 148924 |
| 14442 (a) | Rackspace Finance, LLC, First Lien First Out Term Loan, (TSFR1M + 6.250%) | 10.679 | 05/15/28 | 14522 |
| 74970 (a) | Rackspace Finance, LLC, First Lien Second Out Term Loan, (TSFR1M + 2.750%) | 7.179 | 05/15/28 | 34653 |

---

*See Notes to Financial Statements* 5

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | SOFTWARE & SERVICES (continued) |  |  |  |
| $56751 | (a) | UKG Inc., Term Loan B, (TSFR1M + 3.000%) | 7.311% | 02/10/31 | $57029 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | 327248 |
|  |  | TRANSPORTATION - 0.1% |  |  |  |
| 76531 | (a) | Air Canada, Term Loan B, (TSFR3M + 2.000%) | 6.325 | 03/21/31 | 76758 |
| 38328 | (a) | SkyMiles IP Ltd., Skymiles Term Loan B, (TSFR3M + 3.750%) | 8.022 | 10/20/27 | 38623 |
|  |  | TOTAL TRANSPORTATION |  |  | 115381 |
|  |  | UTILITIES - 0.1% |  |  |  |
| 162058 | (a) | Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%) | 6.808 | 05/17/30 | 162628 |
|  |  | TOTAL UTILITIES |  |  | 162628 |
|  |  | TOTAL BANK LOAN OBLIGATIONS<br>(Cost $3,448,427) |  |  | 3450312 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE |
|  |  | CORPORATE BONDS - 32.0% |  |  |  |
|  |  | AUTOMOBILES & COMPONENTS - 0.6% |  |  |  |
| 5000 |  | Dana, Inc | 5.375 | 11/15/27 | 5017 |
| 25000 |  | Dana, Inc | 4.250 | 09/01/30 | 24640 |
| 200000 |  | Ford Motor Credit Co LLC | 7.350 | 03/06/30 | 211128 |
| 62000 |  | General Motors Co | 6.125 | 10/01/25 | 62110 |
| 50000 |  | General Motors Financial Co, Inc | 6.050 | 10/10/25 | 50162 |
| 150000 |  | General Motors Financial Co, Inc | 4.900 | 10/06/29 | 149742 |
| 75000 |  | General Motors Financial Co, Inc | 5.850 | 04/06/30 | 77533 |
| 50000 |  | General Motors Financial Co, Inc | 5.750 | 02/08/31 | 51376 |
| 300000 |  | General Motors Financial Co, Inc | 5.600 | 06/18/31 | 305983 |
| 100000 |  | Goodyear Tire & Rubber Co | 5.250 | 04/30/31 | 96038 |
| 150000 | (b) | ZF North America Capital, Inc | 6.875 | 04/14/28 | 150454 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS |  |  | 1184183 |
|  |  | BANKS - 7.0% |  |  |  |
| 150000 | (b),(c) | Banco Bradesco S.A. | 6.500 | 01/22/30 | 157035 |
| 200000 | (b),(d),(e) | Banco del Estado de Chile | 7.950 | N/A | 207750 |
| 200000 | (b) | Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand | 5.621 | 12/10/29 | 203700 |
| 200000 | (d),(e) | Banco Santander S.A. | 9.625 | N/A | 233244 |
| 200000 | (e) | Bancolombia S.A. | 8.625 | 12/24/34 | 210283 |
| 200000 | (b) | Bangkok Bank PCL | 3.466 | 09/23/36 | 177900 |
| 200000 | (b),(e) | Bank Hapoalim BM | 3.255 | 01/21/32 | 191170 |
| 200000 | (b),(e) | Bank Leumi Le-Israel BM | 3.275 | 01/29/31 | 196200 |
| 1000000 |  | Bank of America Corp | 2.592 | 04/29/31 | 914201 |
| 300000 |  | Bank of America Corp | 5.288 | 04/25/34 | 306010 |
| 150000 |  | Bank of America Corp | 5.511 | 01/24/36 | 154232 |
| 475000 |  | Bank of America Corp | 5.744 | 02/12/36 | 482666 |
| 475000 |  | Bank of America Corp | 2.676 | 06/19/41 | 338796 |
| 290000 | (d) | Bank of America Corp | 6.625 | N/A | 300339 |
| 175000 | (d) | Bank of New York Mellon Corp | 6.300 | N/A | 179780 |
| 200000 |  | Barclays plc | 5.367 | 02/25/31 | 204297 |
| 200000 |  | Barclays plc | 3.330 | 11/24/42 | 148469 |
| 200000 | (d),(e) | Barclays plc | 9.625 | N/A | 222142 |
| 400000 | (b),(d),(e) | BNP Paribas S.A. | 7.450 | N/A | 402400 |
| 250000 |  | CitiBank NA | 4.914 | 05/29/30 | 254800 |
| 350000 |  | CitiBank NA | 5.570 | 04/30/34 | 364583 |
| 150000 |  | Citigroup, Inc | 3.200 | 10/21/26 | 147857 |
| 125000 |  | Citigroup, Inc | 4.300 | 11/20/26 | 124820 |
| 50000 |  | Citigroup, Inc | 4.450 | 09/29/27 | 50048 |
| 30000 |  | Citigroup, Inc | 4.125 | 07/25/28 | 29787 |
| 100000 |  | Citigroup, Inc | 4.542 | 09/19/30 | 99547 |
| 140000 |  | Citigroup, Inc | 2.572 | 06/03/31 | 126968 |
| 175000 | (d) | Citigroup, Inc | 7.625 | N/A | 184169 |
| 100000 | (d) | Citigroup, Inc | 4.000 | N/A | 99295 |
| 250000 | (b) | Credit Agricole S.A. | 5.222 | 05/27/31 | 254662 |
| 200000 | (b),(c),(d),(e) | Credit Agricole S.A. | 6.700 | N/A | 195684 |
| 200000 | (b),(d),(e) | Credit Agricole S.A. | 8.125 | N/A | 202500 |
| 150000 |  | Deutsche Bank AG. | 5.371 | 09/09/27 | 153859 |
| 150000 |  | Deutsche Bank AG. | 6.819 | 11/20/29 | 159993 |

---

6 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | BANKS - 7.0% (continued) |  |  |  |
| $125000 |  | Deutsche Bank AG. | 4.999% | 09/11/30 | $125946 |
| 200000 | (d),(e) | Deutsche Bank AG. | 8.130 | N/A | 206384 |
| 225000 |  | HSBC Holdings plc | 7.390 | 11/03/28 | 238948 |
| 200000 |  | HSBC Holdings plc | 5.130 | 03/03/31 | 202670 |
| 200000 | (d),(e) | HSBC Holdings plc | 8.000 | N/A | 209256 |
| 200000 | (c),(d),(e) | HSBC Holdings plc | 6.950 | N/A | 201059 |
| 125000 |  | JPMorgan Chase & Co | 4.323 | 04/26/28 | 124880 |
| 400000 |  | JPMorgan Chase & Co | 5.581 | 04/22/30 | 415343 |
| 275000 |  | JPMorgan Chase & Co | 3.702 | 05/06/30 | 267654 |
| 250000 |  | JPMorgan Chase & Co | 5.140 | 01/24/31 | 256370 |
| 75000 |  | JPMorgan Chase & Co | 1.953 | 02/04/32 | 65041 |
| 125000 |  | JPMorgan Chase & Co | 4.912 | 07/25/33 | 125724 |
| 650000 |  | JPMorgan Chase & Co | 5.350 | 06/01/34 | 668734 |
| 100000 |  | JPMorgan Chase & Co | 6.254 | 10/23/34 | 108684 |
| 200000 |  | JPMorgan Chase & Co | 5.766 | 04/22/35 | 210118 |
| 275000 |  | JPMorgan Chase & Co | 4.946 | 10/22/35 | 272119 |
| 250000 |  | JPMorgan Chase & Co | 5.572 | 04/22/36 | 259086 |
| 50000 |  | JPMorgan Chase & Co | 2.525 | 11/19/41 | 35046 |
| 250000 |  | JPMorgan Chase & Co | 3.157 | 04/22/42 | 188509 |
| 160000 | (d) | JPMorgan Chase & Co | 3.650 | N/A | 157402 |
| 175000 | (d) | JPMorgan Chase & Co | 6.875 | N/A | 184716 |
| 200000 |  | Lloyds Banking Group plc | 6.068 | 06/13/36 | 205620 |
| 250000 | (d) | M&T Bank Corp | 3.500 | N/A | 241431 |
| 125000 |  | PNC Financial Services Group, Inc | 5.575 | 01/29/36 | 128834 |
| 125000 | (d) | PNC Financial Services Group, Inc | 6.200 | N/A | 127361 |
| 200000 | (d) | Truist Financial Corp | 4.950 | N/A | 199614 |
| 100000 |  | US Bancorp | 4.839 | 02/01/34 | 98742 |
| 375000 |  | Wells Fargo & Co | 2.393 | 06/02/28 | 361280 |
| 100000 |  | Wells Fargo & Co | 6.303 | 10/23/29 | 105689 |
| 250000 |  | Wells Fargo & Co | 5.211 | 12/03/35 | 250962 |
| 125000 | (d) | Wells Fargo & Co | 7.625 | N/A | 134256 |
| 250000 | (d) | Wells Fargo & Co | 3.900 | N/A | 247438 |
|  |  | TOTAL BANKS |  |  | 14304102 |
|  |  | CAPITAL GOODS - 1.3% |  |  |  |
| 450000 |  | Boeing Co | 2.196 | 02/04/26 | 442977 |
| 75000 |  | Boeing Co | 5.705 | 05/01/40 | 74095 |
| 625000 |  | Boeing Co | 5.805 | 05/01/50 | 599375 |
| 50000 | (b) | Chart Industries, Inc | 7.500 | 01/01/30 | 52346 |
| 60000 |  | Embraer Netherlands Finance BV | 5.980 | 02/11/35 | 61848 |
| 350000 |  | Honeywell International, Inc | 5.000 | 03/01/35 | 352253 |
| 150000 |  | L3Harris Technologies, Inc | 5.400 | 07/31/33 | 154077 |
| 175000 |  | Raytheon Technologies Corp | 4.125 | 11/16/28 | 174294 |
| 50000 |  | Raytheon Technologies Corp | 2.250 | 07/01/30 | 45181 |
| 150000 |  | Raytheon Technologies Corp | 6.000 | 03/15/31 | 161165 |
| 200000 | (b) | Sisecam UK plc | 8.625 | 05/02/32 | 202123 |
| 200000 | (b) | Sociedad Quimica y Minera de Chile S.A. | 6.500 | 11/07/33 | 212332 |
| 80000 | (b) | TransDigm, Inc | 6.875 | 12/15/30 | 83007 |
| 15000 | (b) | WESCO Distribution, Inc | 7.250 | 06/15/28 | 15186 |
| 55000 | (b) | Windsor Holdings III LLC | 8.500 | 06/15/30 | 58940 |
|  |  | TOTAL CAPITAL GOODS |  |  | 2689199 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 0.3% |  |  |  |
| 40000 | (b) | ADT Corp | 4.875 | 07/15/32 | 38371 |
| 15000 | (b) | ASGN, Inc | 4.625 | 05/15/28 | 14629 |
| 200000 | (b) | GTCR W-2 MERGER SUB LLC | 7.500 | 01/15/31 | 212303 |
| 31000 | (b) | Prime Security Services Borrower LLC | 5.750 | 04/15/26 | 31161 |
| 26000 | (b) | Prime Security Services Borrower LLC | 3.375 | 08/31/27 | 25181 |
| 70000 | (b) | Prime Security Services Borrower LLC | 6.250 | 01/15/28 | 70110 |
| 100000 |  | Verisk Analytics, Inc | 5.250 | 03/15/35 | 100566 |
| 75000 |  | Verisk Analytics, Inc | 3.625 | 05/15/50 | 53563 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES |  |  | 545884 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% |  |  |  |
| 25000 | (b) | Asbury Automotive Group, Inc | 4.625 | 11/15/29 | 24137 |

---

*See Notes to Financial Statements* 7

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% (continued) | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% (continued) | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% (continued) | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6% (continued) |
| $50000 | (b) | Asbury Automotive Group, Inc | 5.000% | 02/15/32 | $47573 |
| 75000 |  | AutoNation, Inc | 5.890 | 03/15/35 | 76066 |
| 150000 |  | Home Depot, Inc | 4.950 | 06/25/34 | 151807 |
| 32000 | (c) | Kohl's Corp | 4.625 | 05/01/31 | 22972 |
| 80000 | (b) | LCM Investments Holdings II LLC | 4.875 | 05/01/29 | 77796 |
| 40000 | (b) | LCM Investments Holdings II LLC | 8.250 | 08/01/31 | 42527 |
| 45000 | (b) | Lithia Motors, Inc | 4.625 | 12/15/27 | 44649 |
| 175000 |  | Lowe's Cos, Inc | 4.250 | 04/01/52 | 136973 |
| 50000 | (b),(c) | Macy's Retail Holdings LLC | 6.125 | 03/15/32 | 47669 |
| 38000 | (b) | Magic Mergeco, Inc | 5.250 | 05/01/28 | 30381 |
| 125000 |  | O'Reilly Automotive, Inc | 3.600 | 09/01/27 | 123322 |
| 250000 |  | O'Reilly Automotive, Inc | 1.750 | 03/15/31 | 215137 |
| 200000 | (b) | Prosus NV | 4.193 | 01/19/32 | 187330 |
| 75000 |  | Walmart, Inc | 4.350 | 04/28/30 | 75859 |
| 15000 | (b) | Wand NewCo 3, Inc | 7.625 | 01/30/32 | 15764 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |  |  | 1319962 |
|  |  | CONSUMER DURABLES & APPAREL - 0.0% |  |  |  |
| 50000 |  | Newell Brands, Inc | 6.375 | 09/15/27 | 50671 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL |  |  | 50671 |
|  |  | CONSUMER SERVICES - 0.2% |  |  |  |
| 150000 | (b) | Churchill Downs, Inc | 6.750 | 05/01/31 | 154173 |
| 6000 | (b) | Hilton Domestic Operating Co, Inc | 5.750 | 05/01/28 | 6013 |
| 74000 | (b) | Hilton Domestic Operating Co, Inc | 3.625 | 02/15/32 | 67033 |
| 20000 | (b) | International Game Technology plc | 4.125 | 04/15/26 | 19988 |
| 60000 | (b) | International Game Technology plc | 6.250 | 01/15/27 | 60710 |
| 20000 | (b) | Light & Wonder International, Inc | 7.500 | 09/01/31 | 20928 |
| 25000 | (b) | Marriott Ownership Resorts, Inc | 4.500 | 06/15/29 | 24010 |
| 8000 | (b) | NCL Corp Ltd | 5.875 | 03/15/26 | 8010 |
|  |  | TOTAL CONSUMER SERVICES |  |  | 360865 |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3% |  |  |  |
| 70000 | (b),(c) | Albertsons Cos, Inc | 6.500 | 02/15/28 | 71668 |
| 75000 |  | Kroger Co | 5.000 | 09/15/34 | 74463 |
| 100000 |  | Kroger Co | 5.500 | 09/15/54 | 94925 |
| 75000 |  | SYSCO Corp | 5.400 | 03/23/35 | 76286 |
| 100000 |  | SYSCO Corp | 3.150 | 12/14/51 | 63883 |
| 175000 |  | Walmart, Inc | 4.500 | 04/15/53 | 153276 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |  |  | 534501 |
|  |  | ENERGY - 3.7% |  |  |  |
| 100000 | (b) | Antero Midstream Partners LP | 6.625 | 02/01/32 | 103285 |
| 19000 | (b) | Archrock Partners LP | 6.250 | 04/01/28 | 19063 |
| 200000 |  | BP Capital Markets America, Inc | 5.227 | 11/17/34 | 203490 |
| 250000 |  | Cheniere Energy Partners LP | 4.000 | 03/01/31 | 237895 |
| 150000 |  | Cheniere Energy Partners LP | 3.250 | 01/31/32 | 134465 |
| 150000 |  | Cheniere Energy Partners LP | 5.750 | 08/15/34 | 154046 |
| 35000 | (b) | Civitas Resources, Inc | 8.375 | 07/01/28 | 35837 |
| 40000 | (b) | Civitas Resources, Inc | 8.750 | 07/01/31 | 40444 |
| 65000 | (b) | CNX Resources Corp | 7.250 | 03/01/32 | 67302 |
| 35000 | (b) | DT Midstream, Inc | 4.125 | 06/15/29 | 33804 |
| 30000 | (b) | DT Midstream, Inc | 4.375 | 06/15/31 | 28728 |
| 45000 |  | Ecopetrol S.A. | 6.875 | 04/29/30 | 44592 |
| 200000 |  | Ecopetrol S.A. | 4.625 | 11/02/31 | 168915 |
| 250000 |  | Enbridge, Inc | 5.700 | 03/08/33 | 259196 |
| 150000 |  | Enbridge, Inc | 8.500 | 01/15/84 | 167005 |
| 33000 | (b) | Energean Israel Finance Ltd | 4.875 | 03/30/26 | 32569 |
| 100000 |  | Energy Transfer LP | 6.550 | 12/01/33 | 108496 |
| 50000 |  | Energy Transfer LP | 5.550 | 05/15/34 | 50619 |
| 25000 |  | Energy Transfer LP | 5.400 | 10/01/47 | 22263 |
| 100000 |  | Energy Transfer LP | 6.250 | 04/15/49 | 98637 |
| 125000 |  | Energy Transfer LP | 5.000 | 05/15/50 | 104459 |
| 250000 |  | Energy Transfer LP | 5.950 | 05/15/54 | 237824 |
| 100000 |  | Energy Transfer Operating LP | 5.500 | 06/01/27 | 101787 |
| 100000 |  | Enterprise Products Operating LLC | 4.250 | 02/15/48 | 81026 |

---

8 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  | ENERGY - 3.7% (continued) |  |  |  |
| $100000 | Enterprise Products Operating LLC | 4.200% | 01/31/50 | $79254 |
| 100000 | Enterprise Products Operating LLC | 3.200 | 02/15/52 | 65251 |
| 25000 | Enterprise Products Operating LLC | 3.300 | 02/15/53 | 16531 |
| 25000 (b) | EQT Corp | 3.125 | 05/15/26 | 24615 |
| 93000 (b) | EQT Corp | 4.500 | 01/15/29 | 91870 |
| 35000 (b) | EQT Corp | 6.375 | 04/01/29 | 36102 |
| 150000 | Expand Energy Corp | 5.700 | 01/15/35 | 152139 |
| 200000 (b) | Galaxy Pipeline Assets Bidco Ltd | 2.625 | 03/31/36 | 169918 |
| 50000 | Genesis Energy LP | 8.250 | 01/15/29 | 52285 |
| 10000 (b) | Hilcorp Energy I LP | 5.750 | 02/01/29 | 9870 |
| 25000 (b) | Hilcorp Energy I LP | 6.000 | 04/15/30 | 24304 |
| 9000 (b) | Hilcorp Energy I LP | 6.000 | 02/01/31 | 8679 |
| 100000 (b) | Hilcorp Energy I LP | 8.375 | 11/01/33 | 103759 |
| 100000 (b) | Kinetik Holdings LP | 6.625 | 12/15/28 | 102279 |
| 40000 (b) | Kodiak Gas Services LLC | 7.250 | 02/15/29 | 41376 |
| 75000 | Marathon Petroleum Corp | 3.800 | 04/01/28 | 73943 |
| 100000 | Marathon Petroleum Corp | 5.000 | 09/15/54 | 82095 |
| 400000 (b) | Matador Resources Co | 6.250 | 04/15/33 | 397043 |
| 200000 (b) | Oleoducto Central S.A. | 4.000 | 07/14/27 | 194764 |
| 100000 | ONEOK, Inc | 4.500 | 03/15/50 | 77185 |
| 100000 | ONEOK, Inc | 5.700 | 11/01/54 | 92304 |
| 200000 (b) | ORLEN S.A. | 6.000 | 01/30/35 | 205071 |
| 67000 (b) | Parkland Corp | 4.500 | 10/01/29 | 64406 |
| 200000 (b) | Pertamina Persero PT | 1.400 | 02/09/26 | 196000 |
| 200000 (c) | Petrobras Global Finance BV | 6.000 | 01/13/35 | 195897 |
| 100000 | Petroleos Mexicanos | 5.950 | 01/28/31 | 90403 |
| 67000 | Petroleos Mexicanos | 6.700 | 02/16/32 | 62248 |
| 200000 (b) | Petronas Energy Canada Ltd | 2.112 | 03/23/28 | 188765 |
| 200000 | Phillips 66 | 2.150 | 12/15/30 | 176126 |
| 200000 (b) | Qatar Petroleum | 2.250 | 07/12/31 | 175076 |
| 200000 (b) | Raizen Fuels Finance S.A. | 5.700 | 01/17/35 | 187250 |
| 175000 | Sabine Pass Liquefaction LLC | 5.875 | 06/30/26 | 175952 |
| 200000 (b) | Saudi Arabian Oil Co | 2.250 | 11/24/30 | 177403 |
| 125000 | Sunoco Logistics Partners Operations LP | 4.000 | 10/01/27 | 124057 |
| 23000 | Sunoco LP | 4.500 | 05/15/29 | 22328 |
| 25000 | Targa Resources Partners LP | 6.500 | 07/15/27 | 25016 |
| 150000 | TotalEnergies Capital International S.A. | 3.127 | 05/29/50 | 98956 |
| 50000 | TotalEnergies Capital S.A. | 5.488 | 04/05/54 | 48116 |
| 200000 | TransCanada Trust | 5.500 | 09/15/79 | 198028 |
| 16000 (b) | Transocean, Inc | 8.750 | 02/15/30 | 16454 |
| 25000 | USA Compression Partners LP | 6.875 | 09/01/27 | 25050 |
| 100000 (b) | Venture Global Calcasieu Pass LLC | 4.125 | 08/15/31 | 92559 |
| 90000 (b) | Venture Global LNG, Inc | 8.125 | 06/01/28 | 93019 |
| 100000 (b) | Venture Global LNG, Inc | 9.875 | 02/01/32 | 107996 |
| 300000 | Williams Cos, Inc | 5.650 | 03/15/33 | 311758 |
|  | TOTAL ENERGY |  |  | 7489247 |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.1% |  |  |  |
| 150000 | Agree LP | 2.000 | 06/15/28 | 140602 |
| 50000 | American Homes 4 Rent LP | 5.250 | 03/15/35 | 49630 |
| 50000 | American Tower Corp | 3.375 | 10/15/26 | 49361 |
| 150000 | American Tower Corp | 3.800 | 08/15/29 | 145840 |
| 175000 | American Tower Corp | 2.900 | 01/15/30 | 163069 |
| 50000 | American Tower Corp | 2.100 | 06/15/30 | 44404 |
| 50000 | American Tower Corp | 1.875 | 10/15/30 | 43462 |
| 125000 | American Tower Corp | 5.400 | 01/31/35 | 127605 |
| 100000 | Brixmor Operating Partnership LP | 2.250 | 04/01/28 | 94593 |
| 150000 | Essential Properties LP | 2.950 | 07/15/31 | 133396 |
| 50000 | Essex Portfolio LP | 3.000 | 01/15/30 | 46755 |
| 175000 | Essex Portfolio LP | 5.375 | 04/01/35 | 177590 |
| 125000 | GLP Capital LP | 4.000 | 01/15/30 | 120124 |
| 125000 | Healthcare Realty Holdings LP | 3.500 | 08/01/26 | 123434 |
| 50000 | Healthcare Realty Holdings LP | 3.100 | 02/15/30 | 46372 |

---

*See Notes to Financial Statements* 9

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.1% (continued) |  |  |  |
| $100000 |  | Healthcare Realty Holdings LP | 2.400% | 03/15/30 | $89136 |
| 100000 |  | Healthcare Realty Holdings LP | 2.050 | 03/15/31 | 83594 |
| 100000 |  | Highwoods Realty LP | 3.875 | 03/01/27 | 98160 |
| 50000 |  | Highwoods Realty LP | 2.600 | 02/01/31 | 43197 |
| 155000 | (b) | Iron Mountain, Inc | 7.000 | 02/15/29 | 160456 |
| 100000 |  | Kite Realty Group LP | 4.950 | 12/15/31 | 100349 |
| 67000 |  | MPT Operating Partnership LP | 3.500 | 03/15/31 | 47366 |
| 50000 |  | Regency Centers LP | 3.900 | 11/01/25 | 49823 |
| 100000 |  | Regency Centers LP | 3.600 | 02/01/27 | 99071 |
| 50000 |  | Regency Centers LP | 2.950 | 09/15/29 | 47310 |
|  |  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |  |  | 2324699 |
|  |  | FINANCIAL SERVICES - 2.4% |  |  |  |
| 250000 |  | AerCap Ireland Capital DAC | 3.000 | 10/29/28 | 238169 |
| 150000 |  | AerCap Ireland Capital DAC | 3.850 | 10/29/41 | 119940 |
| 225000 | (d) | Bank of New York Mellon Corp | 4.700 | N/A | 224379 |
| 185000 | (c),(d) | Capital One Financial Corp | 3.950 | N/A | 180504 |
| 30000 | (b) | Compass Group Diversified Holdings LLC | 5.250 | 04/15/29 | 26928 |
| 100000 |  | Corebridge Financial, Inc | 6.050 | 09/15/33 | 105264 |
| 75000 |  | Corebridge Financial, Inc | 5.750 | 01/15/34 | 77919 |
| 250000 |  | Discover Bank | 2.700 | 02/06/30 | 230341 |
| 85000 | (b) | FirstCash, Inc | 6.875 | 03/01/32 | 87957 |
| 80000 |  | Fiserv, Inc | 3.500 | 07/01/29 | 77064 |
| 100000 |  | Fiserv, Inc | 5.450 | 03/15/34 | 102430 |
| 250000 |  | Fiserv, Inc | 5.150 | 08/12/34 | 250914 |
| 300000 |  | Goldman Sachs Group, Inc | 4.482 | 08/23/28 | 300399 |
| 150000 |  | Goldman Sachs Group, Inc | 5.330 | 07/23/35 | 151304 |
| 50000 |  | Goldman Sachs Group, Inc | 4.411 | 04/23/39 | 45075 |
| 100000 |  | Goldman Sachs Group, Inc | 3.436 | 02/24/43 | 76242 |
| 150000 | (d) | Goldman Sachs Group, Inc | 7.500 | N/A | 159283 |
| 40000 | (b) | HAT Holdings I LLC | 8.000 | 06/15/27 | 41673 |
| 50000 |  | Icahn Enterprises LP | 5.250 | 05/15/27 | 48447 |
| 38000 |  | Icahn Enterprises LP | 4.375 | 02/01/29 | 31942 |
| 200000 | (b) | Indian Railway Finance Corp Ltd | 3.249 | 02/13/30 | 187647 |
| 475000 |  | Morgan Stanley | 3.125 | 07/27/26 | 469061 |
| 125000 |  | Morgan Stanley | 5.192 | 04/17/31 | 128141 |
| 250000 |  | Morgan Stanley | 5.250 | 04/21/34 | 254312 |
| 100000 |  | Morgan Stanley | 5.424 | 07/21/34 | 102440 |
| 75000 |  | Morgan Stanley | 5.831 | 04/19/35 | 78574 |
| 50000 |  | Morgan Stanley | 5.320 | 07/19/35 | 50610 |
| 175000 |  | Morgan Stanley | 5.587 | 01/18/36 | 179640 |
| 300000 |  | Morgan Stanley | 5.664 | 04/17/36 | 310874 |
| 50000 |  | Navient Corp | 5.500 | 03/15/29 | 48969 |
| 15000 | (b) | PennyMac Financial Services, Inc | 7.875 | 12/15/29 | 15928 |
| 15000 |  | Springleaf Finance Corp | 5.375 | 11/15/29 | 14755 |
| 175000 | (d) | State Street Corp | 6.700 | N/A | 182751 |
| 125000 | (b) | UBS Group AG. | 1.305 | 02/02/27 | 122642 |
| 200000 | (b) | UBS Group AG. | 3.179 | 02/11/43 | 146636 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 4869154 |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.9% |  |  |  |
| 375000 |  | Anheuser-Busch Cos LLC | 4.700 | 02/01/36 | 365906 |
| 186000 |  | Anheuser-Busch Cos LLC | 4.900 | 02/01/46 | 170495 |
| 200000 | (b) | Bimbo Bakeries USA, Inc | 6.050 | 01/15/29 | 209062 |
| 175000 | (b) | Cia Cervecerias Unidas S.A. | 3.350 | 01/19/32 | 155254 |
| 125000 | (b) | Mars, Inc | 5.200 | 03/01/35 | 126497 |
| 125000 | (b) | Mars, Inc | 5.650 | 05/01/45 | 125302 |
| 100000 | (b) | Mars, Inc | 5.700 | 05/01/55 | 99756 |
| 300000 |  | Philip Morris International, Inc | 5.250 | 02/13/34 | 305982 |
| 35000 | (b) | Post Holdings, Inc | 6.250 | 02/15/32 | 35969 |
| 75000 | (b) | Primo Water Holdings, Inc | 4.375 | 04/30/29 | 72715 |

---

10 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.9% (continued) |  |  |  |
| $200000 | (b) | Ulker Biskuvi Sanayi AS. | 7.875% | 07/08/31 | $204453 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO |  |  | 1871391 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 1.2% |  |  |  |
| 50000 |  | Boston Scientific Corp | 2.650 | 06/01/30 | 46289 |
| 100000 |  | Cardinal Health, Inc | 5.750 | 11/15/54 | 98565 |
| 35000 |  | Centene Corp | 2.450 | 07/15/28 | 32502 |
| 180000 |  | Centene Corp | 3.000 | 10/15/30 | 160834 |
| 40000 | (b) | CHS | 5.250 | 05/15/30 | 35470 |
| 300000 |  | CVS Health Corp | 4.780 | 03/25/38 | 275318 |
| 250000 |  | CVS Health Corp | 5.050 | 03/25/48 | 215862 |
| 50000 | (b) | DaVita, Inc | 4.625 | 06/01/30 | 47906 |
| 100000 |  | Elevance Health, Inc | 2.250 | 05/15/30 | 90274 |
| 100000 |  | Elevance Health, Inc | 5.125 | 02/15/53 | 89283 |
| 160000 |  | HCA, Inc | 5.625 | 09/01/28 | 164729 |
| 350000 |  | HCA, Inc | 3.625 | 03/15/32 | 322835 |
| 500000 |  | HCA, Inc | 5.750 | 03/01/35 | 514187 |
| 10000 |  | Tenet Healthcare Corp | 4.625 | 06/15/28 | 9875 |
| 80000 |  | Tenet Healthcare Corp | 4.375 | 01/15/30 | 77440 |
| 240000 |  | UnitedHealth Group, Inc | 2.300 | 05/15/31 | 211512 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  |  | 2392881 |
|  |  | HOUSEHOLD & PERSONAL PRODUCTS - 0.2% |  |  |  |
| 75000 |  | Church & Dwight Co, Inc | 2.300 | 12/15/31 | 65438 |
| 40000 | (b) | Coty, Inc | 6.625 | 07/15/30 | 40916 |
| 100000 |  | Haleon US Capital LLC | 3.625 | 03/24/32 | 93558 |
| 175000 |  | Unilever Capital Corp | 4.625 | 08/12/34 | 173666 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS |  |  | 373578 |
|  |  | INSURANCE - 2.1% |  |  |  |
| 62000 | (b) | Acrisure LLC | 4.250 | 02/15/29 | 59503 |
| 85000 | (b) | Alliant Holdings Intermediate LLC | 6.750 | 04/15/28 | 86411 |
| 200000 | (b) | Allianz SE | 6.350 | 09/06/53 | 209388 |
| 150000 |  | Aon Corp | 5.350 | 02/28/33 | 154414 |
| 200000 | (b) | Ardonagh Finco Ltd | 7.750 | 02/15/31 | 209094 |
| 75000 |  | Berkshire Hathaway Finance Corp | 2.875 | 03/15/32 | 69139 |
| 75000 |  | Berkshire Hathaway Finance Corp | 3.850 | 03/15/52 | 58035 |
| 50000 |  | Brown & Brown, Inc | 5.550 | 06/23/35 | 50987 |
| 400000 |  | Hartford Financial Services Group, Inc | 2.800 | 08/19/29 | 376262 |
| 50000 |  | Hartford Financial Services Group, Inc | 4.300 | 04/15/43 | 42143 |
| 50000 |  | Hartford Financial Services Group, Inc | 2.900 | 09/15/51 | 31267 |
| 55000 | (b) | HUB International Ltd | 7.250 | 06/15/30 | 57477 |
| 50000 | (b) | Liberty Mutual Group, Inc | 3.951 | 10/15/50 | 36556 |
| 50000 |  | MetLife, Inc | 5.000 | 07/15/52 | 45311 |
| 175000 |  | MetLife, Inc | 6.350 | 03/15/55 | 179747 |
| 115000 | (d) | MetLife, Inc | 3.850 | N/A | 114406 |
| 175000 | (b) | Omnis Funding Trust | 6.722 | 05/15/55 | 181348 |
| 130000 | (b) | Panther Escrow Issuer LLC | 7.125 | 06/01/31 | 135038 |
| 150000 |  | PartnerRe Finance B LLC | 4.500 | 10/01/50 | 141137 |
| 225000 |  | Prudential Financial, Inc | 5.200 | 03/14/35 | 227430 |
| 300000 |  | Prudential Financial, Inc | 5.125 | 03/01/52 | 290137 |
| 100000 |  | Prudential Financial, Inc | 6.500 | 03/15/54 | 102725 |
| 200000 |  | Reinsurance Group of America, Inc | 5.750 | 09/15/34 | 205286 |
| 150000 |  | RenaissanceRe Holdings Ltd | 5.800 | 04/01/35 | 154114 |
| 200000 | (b) | Swiss Re Finance Luxembourg S.A. | 5.000 | 04/02/49 | 199200 |
| 325000 |  | UnitedHealth Group, Inc | 5.625 | 07/15/54 | 315257 |
| 300000 | (a),(b) | Vitality Re XIV Ltd, (3-Month US Treasury Bill + 3.500%) | 7.812 | 01/05/27 | 307110 |
| 250000 | (a),(b) | Vitality Re XV Ltd, (3-Month US Treasury Bill + 2.500%) | 0.000 | 01/07/28 | 254225 |
|  |  | TOTAL INSURANCE |  |  | 4293147 |
|  |  | MATERIALS - 1.7% |  |  |  |
| 150000 |  | Amcor Flexibles North America, Inc | 2.630 | 06/19/30 | 136091 |
| 200000 |  | Amcor Flexibles North America, Inc | 2.690 | 05/25/31 | 179088 |
| 200000 |  | AngloGold Ashanti Holdings plc | 3.750 | 10/01/30 | 186619 |
| 95000 | (b) | Arsenal AIC Parent LLC | 8.000 | 10/01/30 | 101383 |
| 38000 |  | Ball Corp | 2.875 | 08/15/30 | 34256 |

---

*See Notes to Financial Statements* 11

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | MATERIALS - 1.7% (continued) |  |  |  |
| $225000 |  | Berry Global, Inc | 1.570% | 01/15/26 | $220977 |
| 150000 |  | Berry Global, Inc | 1.650 | 01/15/27 | 143877 |
| 200000 | (b) | Celulosa Arauco y Constitucion S.A. | 4.250 | 04/30/29 | 193804 |
| 200000 | (b) | Celulosa Arauco y Constitucion S.A. | 6.180 | 05/05/32 | 203720 |
| 200000 | (b) | Cemex SAB de C.V. | 5.450 | 11/19/29 | 200550 |
| 200000 | (b),(d) | Cemex SAB de C.V. | 7.200 | N/A | 202050 |
| 200000 | (b) | Corp Nacional del Cobre de Chile | 6.330 | 01/13/35 | 207536 |
| 200000 | (b) | Freeport Indonesia PT | 5.315 | 04/14/32 | 200508 |
| 65000 | (b) | Mineral Resources Ltd | 9.250 | 10/01/28 | 66522 |
| 100000 |  | Nutrien Ltd | 2.950 | 05/13/30 | 93089 |
| 200000 | (b) | OCP S.A. | 3.750 | 06/23/31 | 179177 |
| 200000 | (b) | Orbia Advance Corp SAB de C.V. | 6.800 | 05/13/30 | 204400 |
| 200000 | (b) | POSCO | 4.500 | 08/04/27 | 199826 |
| 30000 | (b) | Sealed Air Corp | 7.250 | 02/15/31 | 31574 |
| 100000 | (b) | Tronox, Inc | 4.625 | 03/15/29 | 86291 |
| 200000 | (b) | UltraTech Cement Ltd | 2.800 | 02/16/31 | 178990 |
| 200000 | (b) | Windfall Mining Group, Inc | 5.854 | 05/13/32 | 204279 |
|  |  | TOTAL MATERIALS |  |  | 3454607 |
|  |  | MEDIA & ENTERTAINMENT - 0.9% |  |  |  |
| 100000 | (b) | CCO Holdings LLC | 5.125 | 05/01/27 | 99678 |
| 100000 |  | Charter Communications Operating LLC | 4.400 | 04/01/33 | 94157 |
| 225000 |  | Charter Communications Operating LLC | 6.550 | 06/01/34 | 240065 |
| 350000 |  | Charter Communications Operating LLC | 4.800 | 03/01/50 | 280024 |
| 150000 |  | Comcast Corp | 4.150 | 10/15/28 | 149716 |
| 250000 |  | Comcast Corp | 2.887 | 11/01/51 | 152144 |
| 200000 | (b) | CSC Holdings LLC | 11.250 | 05/15/28 | 199247 |
| 40000 | (b) | DIRECTV Holdings LLC | 5.875 | 08/15/27 | 39869 |
| 15000 |  | Lamar Media Corp | 3.625 | 01/15/31 | 13861 |
| 250000 |  | Paramount Global | 4.200 | 05/19/32 | 228175 |
| 110000 | (b) | Sirius XM Radio, Inc | 4.000 | 07/15/28 | 105647 |
| 50000 | (b) | Sirius XM Radio, Inc | 4.125 | 07/01/30 | 46102 |
| 50000 |  | Time Warner Cable LLC | 5.875 | 11/15/40 | 48003 |
| 35000 | (f) | Warnermedia Holdings, Inc | 5.141 | 03/15/52 | 21613 |
| 200000 |  | Weibo Corp | 3.375 | 07/08/30 | 186170 |
|  |  | TOTAL MEDIA & ENTERTAINMENT |  |  | 1904471 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9% |  |  |  |
| 150000 |  | AbbVie, Inc | 4.050 | 11/21/39 | 131476 |
| 550000 |  | Amgen, Inc | 5.650 | 03/02/53 | 537018 |
| 30000 | (b) | Avantor Funding, Inc | 4.625 | 07/15/28 | 29459 |
| 250000 |  | Gilead Sciences, Inc | 5.250 | 10/15/33 | 258632 |
| 350000 |  | Gilead Sciences, Inc | 5.100 | 06/15/35 | 354481 |
| 100000 |  | Gilead Sciences, Inc | 2.600 | 10/01/40 | 71747 |
| 200000 | (b) | Organon Finance LLC | 5.125 | 04/30/31 | 173571 |
| 225000 |  | Pfizer Investment Enterprises Pte Ltd | 5.300 | 05/19/53 | 212402 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 1768786 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.0% |  |  |  |
| 28000 |  | Kennedy-Wilson, Inc | 4.750 | 03/01/29 | 26242 |
| 29000 | (c) | Kennedy-Wilson, Inc | 5.000 | 03/01/31 | 26136 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT |  |  | 52378 |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.4% |  |  |  |
| 250000 | (b) | Broadcom, Inc | 3.469 | 04/15/34 | 223324 |
| 100000 |  | Broadcom, Inc | 4.800 | 10/15/34 | 98792 |
| 365000 | (b) | Broadcom, Inc | 4.926 | 05/15/37 | 354241 |
| 115000 |  | NVIDIA Corp | 2.000 | 06/15/31 | 102020 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 778377 |
|  |  | SOFTWARE & SERVICES - 1.0% |  |  |  |
| 75000 |  | Accenture Capital, Inc | 4.500 | 10/04/34 | 72991 |
| 105000 |  | Adobe, Inc | 2.300 | 02/01/30 | 96824 |
| 500000 |  | AppLovin Corp | 5.125 | 12/01/29 | 506508 |
| 200000 | (b) | CA Magnum Holdings | 5.375 | 10/31/26 | 198532 |
| 90000 | (b) | Gen Digital, Inc | 6.750 | 09/30/27 | 91594 |
| 100000 |  | Microsoft Corp | 1.350 | 09/15/30 | 87581 |

---

12 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | SOFTWARE & SERVICES - 1.0% (continued) |  |  |  |
| $147000 |  | Microsoft Corp | 2.525% | 06/01/50 | $90841 |
| 55000 | (b) | Open Text Corp | 3.875 | 12/01/29 | 51806 |
| 15000 | (b) | Open Text Holdings, Inc | 4.125 | 02/15/30 | 14177 |
| 250000 |  | Oracle Corp | 4.900 | 02/06/33 | 250669 |
| 275000 |  | Oracle Corp | 6.000 | 08/03/55 | 274537 |
| 125000 |  | Roper Technologies, Inc | 1.400 | 09/15/27 | 117581 |
| 75000 |  | Roper Technologies, Inc | 2.000 | 06/30/30 | 66647 |
| 200000 |  | Salesforce, Inc | 2.700 | 07/15/41 | 143868 |
|  |  | TOTAL SOFTWARE & SERVICES |  |  | 2064156 |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% |  |  |  |
| 165000 |  | Amphenol Corp | 2.800 | 02/15/30 | 154802 |
| 60000 |  | Apple, Inc | 2.650 | 02/08/51 | 37253 |
| 80000 | (b) | Imola Merger Corp | 4.750 | 05/15/29 | 77239 |
| 50000 | (b) | Sensata Technologies BV | 4.000 | 04/15/29 | 47554 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 316848 |
|  |  | TELECOMMUNICATION SERVICES - 2.3% |  |  |  |
| 564000 |  | AT&T, Inc | 2.550 | 12/01/33 | 472015 |
| 150000 |  | AT&T, Inc | 4.500 | 05/15/35 | 142933 |
| 855000 |  | AT&T, Inc | 3.550 | 09/15/55 | 576909 |
| 190000 |  | Bell Telephone Co of Canada or Bell Canada | 7.000 | 09/15/55 | 192716 |
| 250000 | (b),(c) | Bharti Airtel Ltd | 3.250 | 06/03/31 | 231633 |
| 200000 | (b) | Empresa Nacional de Telecomunicaciones S.A. | 3.050 | 09/14/32 | 170803 |
| 200000 | (b) | Millicom International Cellular S.A. | 4.500 | 04/27/31 | 182673 |
| 200000 | (b) | Sitios Latinoamerica SAB de C.V. | 5.375 | 04/04/32 | 197160 |
| 175000 |  | T-Mobile US, Inc | 5.875 | 11/15/55 | 174928 |
| 455000 |  | T-Mobile USA, Inc | 2.625 | 02/15/29 | 426860 |
| 225000 |  | T-Mobile USA, Inc | 3.875 | 04/15/30 | 218524 |
| 325000 |  | T-Mobile USA, Inc | 5.050 | 07/15/33 | 327203 |
| 100000 |  | T-Mobile USA, Inc | 3.000 | 02/15/41 | 73176 |
| 125000 |  | T-Mobile USA, Inc | 3.300 | 02/15/51 | 82967 |
| 825000 |  | Verizon Communications, Inc | 2.355 | 03/15/32 | 711148 |
| 250000 |  | Verizon Communications, Inc | 4.780 | 02/15/35 | 243550 |
| 200000 | (b) | Vmed O2 UK Financing I plc | 4.750 | 07/15/31 | 185005 |
| 150000 |  | Vodafone Group plc | 4.250 | 09/17/50 | 116914 |
|  |  | TOTAL TELECOMMUNICATION SERVICES |  |  | 4727117 |
|  |  | TRANSPORTATION - 0.3% |  |  |  |
| 200000 | (b) | Aeropuerto Internacional de Tocumen S.A. | 4.000 | 08/11/41 | 150200 |
| 275000 |  | Canadian Pacific Railway Co | 2.050 | 03/05/30 | 247610 |
| 160000 | (b) | XPO, Inc | 6.250 | 06/01/28 | 162389 |
|  |  | TOTAL TRANSPORTATION |  |  | 560199 |
|  |  | UTILITIES - 2.5% |  |  |  |
| 150000 |  | AEP Transmission Co LLC | 5.400 | 03/15/53 | 144497 |
| 200000 |  | Alabama Power Co | 3.125 | 07/15/51 | 133569 |
| 100000 |  | American Water Capital Corp | 3.000 | 12/01/26 | 98299 |
| 250000 |  | American Water Capital Corp | 2.800 | 05/01/30 | 232270 |
| 60000 |  | American Water Capital Corp | 4.000 | 12/01/46 | 47491 |
| 50000 |  | American Water Capital Corp | 3.750 | 09/01/47 | 38008 |
| 100000 |  | American Water Capital Corp | 3.450 | 05/01/50 | 70595 |
| 100000 |  | Atmos Energy Corp | 1.500 | 01/15/31 | 85373 |
| 175000 |  | Atmos Energy Corp | 5.000 | 12/15/54 | 159133 |
| 125000 |  | Baltimore Gas and Electric Co | 3.750 | 08/15/47 | 94690 |
| 200000 | (b) | Banco Nacional de Comercio Exterior SNC | 5.875 | 05/07/30 | 202622 |
| 50000 |  | Berkshire Hathaway Energy Co | 3.250 | 04/15/28 | 48934 |
| 100000 |  | Black Hills Corp | 3.150 | 01/15/27 | 97783 |
| 100000 |  | CenterPoint Energy Houston Electric LLC | 3.000 | 03/01/32 | 90496 |
| 200000 | (b) | Comision Federal de Electricidad | 5.700 | 01/24/30 | 199700 |
| 100000 |  | Commonwealth Edison Co | 2.750 | 09/01/51 | 60450 |
| 150000 |  | Consolidated Edison Co of New York, Inc | 5.500 | 03/15/55 | 145386 |
| 58000 |  | Consumers Energy Co | 2.650 | 08/15/52 | 35348 |
| 100000 |  | Dominion Energy, Inc | 7.000 | 06/01/54 | 107293 |
| 50000 |  | Dominion Energy, Inc | 6.625 | 05/15/55 | 50744 |
| 125000 |  | DTE Electric Co | 5.400 | 04/01/53 | 122037 |

---

*See Notes to Financial Statements* 13

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  | UTILITIES - 2.5% (continued) |  |  |  |
| $50000 | DTE Energy Co | 5.850% | 05/15/55 | $51190 |
| 50000 | Duke Energy Progress LLC | 2.500 | 08/15/50 | 28930 |
| 50000 | Entergy Louisiana LLC | 5.800 | 03/15/55 | 50006 |
| 100000 | Exelon Corp | 6.500 | 03/15/55 | 101717 |
| 30000 (b) | Ferrellgas LP | 5.375 | 04/01/26 | 29715 |
| 44000 (b) | Ferrellgas LP | 5.875 | 04/01/29 | 40707 |
| 250000 | Florida Power & Light Co | 4.800 | 05/15/33 | 250644 |
| 200000 | Florida Power & Light Co | 3.990 | 03/01/49 | 157448 |
| 75000 | Florida Power & Light Co | 5.700 | 03/15/55 | 75858 |
| 150000 | MidAmerican Energy Co | 3.650 | 04/15/29 | 147109 |
| 95000 | MidAmerican Energy Co | 3.650 | 08/01/48 | 71062 |
| 310000 | NiSource, Inc | 1.700 | 02/15/31 | 265416 |
| 75000 | NiSource, Inc | 5.850 | 04/01/55 | 74213 |
| 85000 (b) | NRG Energy, Inc | 2.450 | 12/02/27 | 80674 |
| 50000 | NRG Energy, Inc | 5.750 | 01/15/28 | 50253 |
| 6000 (b) | ONEOK, Inc | 5.625 | 01/15/28 | 6134 |
| 12000 (b) | Pattern Energy Operations LP | 4.500 | 08/15/28 | 11626 |
| 100000 | PECO Energy Co | 3.000 | 09/15/49 | 65635 |
| 100000 | PECO Energy Co | 2.800 | 06/15/50 | 62699 |
| 200000 (b) | Perusahaan Listrik Negara PT | 3.875 | 07/17/29 | 193668 |
| 125000 | Public Service Co of Colorado | 3.200 | 03/01/50 | 83163 |
| 100000 | Public Service Electric and Gas Co | 4.900 | 12/15/32 | 101790 |
| 200000 | Public Service Electric and Gas Co | 5.450 | 03/01/54 | 195788 |
| 28000 (b) | Superior Plus LP | 4.500 | 03/15/29 | 26930 |
| 190000 (b) | Talen Energy Supply LLC | 8.625 | 06/01/30 | 203617 |
| 50000 | Union Electric Co | 5.125 | 03/15/55 | 46220 |
| 75000 | Virginia Electric and Power Co | 2.950 | 11/15/26 | 73635 |
| 50000 | Virginia Electric and Power Co | 5.550 | 08/15/54 | 48396 |
| 250000 | Wisconsin Power and Light Co | 4.950 | 04/01/33 | 250264 |
|  | TOTAL UTILITIES |  |  | 5109225 |
|  | TOTAL CORPORATE BONDS<br>(Cost $67,479,760) |  |  | 65339628 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | GOVERNMENT BONDS - 49.4% |  |  |  |
|  | FOREIGN GOVERNMENT BONDS - 2.5% |  |  |  |
| 200000 (b) | Angolan Government International Bond | 8.750 | 04/14/32 | 176533 |
| EUR 100,000 (b) | Banque Ouest Africaine de Developpement | 2.750 | 01/22/33 | 99790 |
| 50000 (b) | Bermuda Government International Bond | 4.750 | 02/15/29 | 50250 |
| 225000 | Brazilian Government International Bond | 6.000 | 10/20/33 | 223064 |
| EUR 50,000 | Chile Government International Bond | 3.800 | 07/01/35 | 58652 |
| 200000 | Colombia Government International Bond | 8.000 | 11/14/35 | 200858 |
| 200000 (b) | Costa Rica Government International Bond | 5.625 | 04/30/43 | 179000 |
| 79525 (b) | Ecuador Government International Bond (Step Bond) | 5.000 | 07/31/30 | 68988 |
| 56442 (b) | Ecuador Government International Bond (Step Bond) | 1.000 | 07/31/35 | 40892 |
| 14000 (b) | Ecuador Government International Bond (Step Bond) | 5.000 | 07/31/40 | 8795 |
| 200000 (b) | Egypt Government International Bond | 7.053 | 01/15/32 | 182465 |
| 100000 | European Investment Bank | 4.875 | 02/15/36 | 104676 |
| 200000 (b) | Export-Import Bank of India | 2.250 | 01/13/31 | 175764 |
| 200000 (b) | Guatemala Government Bond | 3.700 | 10/07/33 | 168500 |
| 200000 (b) | Hungary Government International Bond | 6.125 | 05/22/28 | 206565 |
| 93750 (b) | Iraq Government International Bond | 5.800 | 01/15/28 | 92568 |
| 200000 | Israel Government International Bond | 5.375 | 03/12/29 | 203844 |
| 200000 (b) | Ivory Coast Government International Bond (Step Bond) | 8.250 | 01/30/37 | 192642 |
| 200000 | Japan Bank for International Cooperation | 2.375 | 04/20/26 | 197023 |
| 200000 (b) | Kenya Government International Bond | 9.750 | 02/16/31 | 202681 |
| 200000 (b) | Korea Hydro & Nuclear Power Co Ltd | 1.250 | 04/27/26 | 195072 |
| 25000 | Mexico Government International Bond | 3.250 | 04/16/30 | 22985 |
| 205000 (f) | Mexico Government International Bond | 5.850 | 07/02/32 | 207460 |
| 32000 | Mexico Government International Bond | 6.050 | 01/11/40 | 30512 |
| 275000 | Mexico Government International Bond | 4.280 | 08/14/41 | 210732 |
| 250000 | Mexico Government International Bond | 6.400 | 05/07/54 | 229750 |

---

14 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | FOREIGN GOVERNMENT BONDS (continued) |  |  |  |
| $85000 |  | Panama Government International Bond | 6.700% | 01/26/36 | $84417 |
| 200000 | (b) | Paraguay Government International Bond | 6.000 | 02/09/36 | 203060 |
| 130000 |  | Peruvian Government International Bond | 3.000 | 01/15/34 | 109408 |
| 100000 |  | Republic of Poland Government International Bond | 4.875 | 10/04/33 | 99410 |
| 140000 |  | Republic of Poland Government International Bond | 5.500 | 04/04/53 | 130448 |
| 102000 | (b) | Romanian Government International Bond | 5.875 | 01/30/29 | 102682 |
| 275000 | (b) | Rwanda International Government Bond | 5.500 | 08/09/31 | 234133 |
| 200000 | (b),(c) | Saudi Government International Bond | 3.750 | 01/21/55 | 136320 |
| 200000 | (b) | Serbia Government International Bond | 2.125 | 12/01/30 | 168700 |
| 200000 |  | Turkiye Government International Bond | 7.625 | 05/15/34 | 205003 |
|  |  | TOTAL FOREIGN GOVERNMENT BONDS |  |  | 5203642 |
|  |  | MORTGAGE BACKED - 26.7% |  |  |  |
| 100000 | (a),(b) | Angel Oak Mortgage Trust | 2.837 | 11/25/66 | 71681 |
| 78783 | (a),(b) | Bayview Opportunity Master Fund VI Trust | 3.000 | 10/25/51 | 66720 |
| 1398858 | (a),(b) | Citigroup Mortgage Loan Trust | 0.154 | 02/25/52 | 12652 |
| 310000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.100%) | 7.405 | 03/25/42 | 319572 |
| 430000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 4.650%) | 8.956 | 06/25/42 | 458782 |
| 85000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.350%) | 7.655 | 01/25/43 | 88745 |
| 35000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 5.350%) | 9.656 | 05/25/43 | 38315 |
| 565000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.100%) | 7.406 | 06/25/43 | 590218 |
| 325000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 2.700%) | 7.005 | 07/25/43 | 335877 |
| 125000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.900%) | 9.188 | 07/25/43 | 132259 |
| 80000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.550%) | 7.855 | 10/25/43 | 84392 |
| 57514 |  | Fannie Mae Pool | 3.500 | 06/01/32 | 56365 |
| 46411 |  | Fannie Mae Pool | 5.000 | 05/01/35 | 47043 |
| 5455 |  | Fannie Mae Pool | 7.500 | 07/01/35 | 5605 |
| 54891 |  | Fannie Mae Pool | 5.000 | 02/01/36 | 55696 |
| 59659 |  | Fannie Mae Pool | 3.000 | 10/01/39 | 55870 |
| 46654 |  | Fannie Mae Pool | 3.000 | 05/01/40 | 43545 |
| 81414 |  | Fannie Mae Pool | 5.000 | 09/01/40 | 82427 |
| 44678 |  | Fannie Mae Pool | 4.000 | 09/01/42 | 42894 |
| 31545 |  | Fannie Mae Pool | 4.500 | 03/01/44 | 31204 |
| 268246 |  | Fannie Mae Pool | 4.000 | 05/01/44 | 256858 |
| 109964 |  | Fannie Mae Pool | 4.500 | 10/01/44 | 107406 |
| 201027 |  | Fannie Mae Pool | 4.500 | 11/01/44 | 196351 |
| 48007 |  | Fannie Mae Pool | 5.000 | 11/01/44 | 48623 |
| 17553 |  | Fannie Mae Pool | 4.000 | 01/01/45 | 16787 |
| 238808 |  | Fannie Mae Pool | 3.500 | 01/01/46 | 221650 |
| 13994 |  | Fannie Mae Pool | 4.000 | 04/01/46 | 13262 |
| 98977 |  | Fannie Mae Pool | 3.500 | 07/01/46 | 91538 |
| 244799 |  | Fannie Mae Pool | 3.500 | 07/01/46 | 229527 |
| 45155 |  | Fannie Mae Pool | 3.000 | 10/01/46 | 39272 |
| 5405 |  | Fannie Mae Pool | 3.000 | 11/01/47 | 4701 |
| 117845 |  | Fannie Mae Pool | 3.500 | 11/01/47 | 110286 |
| 144972 |  | Fannie Mae Pool | 3.500 | 01/01/48 | 133641 |
| 66288 |  | Fannie Mae Pool | 4.500 | 01/01/48 | 64500 |
| 59089 |  | Fannie Mae Pool | 4.500 | 02/01/48 | 57496 |
| 48802 |  | Fannie Mae Pool | 4.500 | 05/01/48 | 47479 |
| 32962 |  | Fannie Mae Pool | 4.500 | 05/01/48 | 32063 |
| 191742 |  | Fannie Mae Pool | 3.000 | 07/01/50 | 170047 |
| 168779 |  | Fannie Mae Pool | 2.500 | 08/01/51 | 141620 |
| 129804 |  | Fannie Mae Pool | 3.000 | 09/01/51 | 114342 |
| 614853 |  | Fannie Mae Pool | 2.500 | 12/01/51 | 514800 |
| 19680 |  | Fannie Mae Pool | 2.500 | 01/01/52 | 16376 |
| 289452 |  | Fannie Mae Pool | 2.500 | 02/01/52 | 242958 |
| 263130 |  | Fannie Mae Pool | 3.000 | 02/01/52 | 228792 |
| 228483 |  | Fannie Mae Pool | 3.500 | 02/01/52 | 208325 |
| 449436 |  | Fannie Mae Pool | 2.500 | 04/01/52 | 373617 |
| 360986 |  | Fannie Mae Pool | 3.000 | 04/01/52 | 315999 |
| 731374 |  | Fannie Mae Pool | 3.000 | 04/01/52 | 634030 |
| 137150 |  | Fannie Mae Pool | 3.000 | 05/01/52 | 120099 |
| 373563 |  | Fannie Mae Pool | 3.500 | 05/01/52 | 338326 |

---

*See Notes to Financial Statements* 15

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  | MORTGAGE BACKED (continued) |  |  |  |
| $458869 | Fannie Mae Pool | 3.500% | 05/01/52 | $413900 |
| 454677 | Fannie Mae Pool | 4.000 | 05/01/52 | 423655 |
| 16957 | Fannie Mae Pool | 3.000 | 06/01/52 | 14687 |
| 114802 | Fannie Mae Pool | 3.500 | 06/01/52 | 103769 |
| 399859 | Fannie Mae Pool | 3.500 | 06/01/52 | 361272 |
| 750436 | Fannie Mae Pool | 4.000 | 06/01/52 | 699272 |
| 162586 | Fannie Mae Pool | 4.500 | 06/01/52 | 155874 |
| 395746 | Fannie Mae Pool | 4.500 | 06/01/52 | 379246 |
| 1416397 | Fannie Mae Pool | 4.000 | 07/01/52 | 1319826 |
| 156953 | Fannie Mae Pool | 4.500 | 07/01/52 | 150387 |
| 100993 | Fannie Mae Pool | 4.500 | 07/01/52 | 96792 |
| 1426002 | Fannie Mae Pool | 4.000 | 08/01/52 | 1328701 |
| 667757 | Fannie Mae Pool | 4.500 | 08/01/52 | 639915 |
| 1350955 | Fannie Mae Pool | 5.000 | 08/01/52 | 1330644 |
| 735973 | Fannie Mae Pool | 4.000 | 09/01/52 | 685755 |
| 2883322 | Fannie Mae Pool | 4.500 | 09/01/52 | 2763204 |
| 91540 | Fannie Mae Pool | 5.000 | 09/01/52 | 90159 |
| 1578416 | Fannie Mae Pool | 4.000 | 10/01/52 | 1468271 |
| 326196 | Fannie Mae Pool | 4.500 | 10/01/52 | 312618 |
| 213217 | Fannie Mae Pool | 5.000 | 10/01/52 | 209989 |
| 294842 | Fannie Mae Pool | 4.000 | 11/01/52 | 274679 |
| 972950 | Fannie Mae Pool | 4.500 | 11/01/52 | 932487 |
| 263873 | Fannie Mae Pool | 4.500 | 12/01/52 | 252900 |
| 8361 | Fannie Mae Pool | 5.000 | 01/01/53 | 8234 |
| 919186 | Fannie Mae Pool | 5.000 | 02/01/53 | 903945 |
| 335552 | Fannie Mae Pool | 5.500 | 02/01/53 | 336393 |
| 317234 | Fannie Mae Pool | 5.000 | 04/01/53 | 311924 |
| 30426 | Fannie Mae Pool | 5.000 | 06/01/53 | 30099 |
| 1701738 | Fannie Mae Pool | 5.500 | 06/01/53 | 1704248 |
| 1359018 | Fannie Mae Pool | 5.000 | 08/01/53 | 1335292 |
| 142444 | Fannie Mae Pool | 5.500 | 08/01/53 | 142633 |
| 1886174 | Fannie Mae Pool | 5.500 | 10/01/53 | 1888229 |
| 370011 | Fannie Mae Pool | 6.000 | 01/01/54 | 376407 |
| 497917 | Fannie Mae Pool | 4.000 | 02/01/54 | 464328 |
| 270092 | Fannie Mae Pool | 6.000 | 03/01/54 | 274698 |
| 499568 | Fannie Mae Pool | 5.500 | 04/01/54 | 499662 |
| 1961733 | Fannie Mae Pool | 5.500 | 05/01/54 | 1962101 |
| 598122 | Fannie Mae Pool | 6.000 | 06/01/54 | 608146 |
| 2121053 | Fannie Mae Pool | 5.500 | 10/01/54 | 2121451 |
| 56021 (a) | Fannie Mae REMICS, (SOFR30A + 5.836%) | 1.530 | 09/25/43 | 5847 |
| 110152 | Fannie Mae REMICS | 3.500 | 02/25/48 | 97516 |
| 79351 | Fannie Mae REMICS | 4.000 | 07/25/48 | 75215 |
| 140163 | Fannie Mae REMICS | 2.000 | 08/25/50 | 17912 |
| 371624 | Fannie Mae REMICS | 2.000 | 08/25/50 | 246399 |
| 177227 | Fannie Mae REMICS | 2.000 | 10/25/50 | 119816 |
| 406010 | Fannie Mae REMICS | 2.500 | 11/25/50 | 56693 |
| 77524 | Fannie Mae REMICS | 3.000 | 02/25/51 | 12982 |
| 185784 | Fannie Mae REMICS | 2.500 | 11/25/51 | 21420 |
| 265508 | Fannie Mae REMICS | 3.500 | 04/25/52 | 203605 |
| 183411 | Fannie Mae REMICS | 4.500 | 07/25/52 | 160715 |
| 113997 | Fannie Mae REMICS | 4.500 | 08/25/52 | 97817 |
| 82865 | Fannie Mae REMICS | 4.000 | 09/25/52 | 71393 |
| 100781 | Fannie Mae REMICS | 4.000 | 09/25/52 | 83867 |
| 84860 | Fannie Mae REMICS | 4.500 | 10/25/52 | 75640 |
| 90518 | Fannie Mae REMICS | 4.500 | 10/25/52 | 82043 |
| 133122 | Fannie Mae REMICS | 5.500 | 11/25/52 | 133026 |
| 59932 | Federal National Mortgage Association (FNMA) | 2.500 | 02/01/52 | 49850 |
| 10781 | Freddie Mac Gold Pool | 5.000 | 06/01/36 | 10950 |
| 3720 | Freddie Mac Gold Pool | 5.000 | 07/01/39 | 3771 |
| 111883 | Freddie Mac Gold Pool | 3.500 | 04/01/45 | 104160 |
| 301821 | Freddie Mac Gold Pool | 3.500 | 08/01/45 | 281111 |
| 7108 | Freddie Mac Gold Pool | 4.500 | 06/01/47 | 6951 |

---

16 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | MORTGAGE BACKED (continued) |  |  |  |
| $176233 |  | Freddie Mac Gold Pool | 4.000% | 09/01/47 | $167221 |
| 70378 |  | Freddie Mac Gold Pool | 3.500 | 12/01/47 | 65001 |
| 61858 |  | Freddie Mac Gold Pool | 4.500 | 08/01/48 | 60527 |
| 709876 |  | Freddie Mac Pool | 3.000 | 11/01/49 | 628037 |
| 153479 |  | Freddie Mac Pool | 2.500 | 11/01/51 | 127806 |
| 182971 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 161643 |
| 158519 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 139527 |
| 28469 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 25302 |
| 47599 |  | Freddie Mac Pool | 3.000 | 11/01/51 | 42051 |
| 114525 |  | Freddie Mac Pool | 3.000 | 02/01/52 | 99295 |
| 155888 |  | Freddie Mac Pool | 3.000 | 03/01/52 | 135016 |
| 200427 |  | Freddie Mac Pool | 2.500 | 04/01/52 | 167266 |
| 105084 |  | Freddie Mac Pool | 3.000 | 04/01/52 | 92258 |
| 476034 |  | Freddie Mac Pool | 4.000 | 04/01/52 | 443925 |
| 672601 |  | Freddie Mac Pool | 3.000 | 05/01/52 | 583010 |
| 70598 |  | Freddie Mac Pool | 3.000 | 06/01/52 | 61494 |
| 71331 |  | Freddie Mac Pool | 3.000 | 06/01/52 | 61756 |
| 342747 |  | Freddie Mac Pool | 4.500 | 06/01/52 | 328420 |
| 1437927 |  | Freddie Mac Pool | 4.500 | 07/01/52 | 1376357 |
| 344527 |  | Freddie Mac Pool | 4.500 | 07/01/52 | 330127 |
| 110220 |  | Freddie Mac Pool | 6.000 | 11/01/52 | 112340 |
| 1025569 |  | Freddie Mac Pool | 5.000 | 06/01/53 | 1007293 |
| 448399 |  | Freddie Mac Pool | 5.000 | 08/01/53 | 441519 |
| 445804 |  | Freddie Mac Pool | 5.500 | 08/01/53 | 446450 |
| 170938 |  | Freddie Mac REMICS | 3.500 | 01/15/47 | 152715 |
| 138731 |  | Freddie Mac REMICS | 4.000 | 01/15/48 | 132024 |
| 153615 |  | Freddie Mac REMICS | 4.000 | 03/15/48 | 145849 |
| 109400 |  | Freddie Mac REMICS | 4.000 | 04/15/48 | 103369 |
| 72986 | (a) | Freddie Mac REMICS, (SOFR30A + 9.737%) | 2.851 | 06/15/48 | 67670 |
| 96209 | (a) | Freddie Mac REMICS, (SOFR30A + 9.657%) | 2.771 | 10/15/48 | 84309 |
| 135473 |  | Freddie Mac REMICS | 2.000 | 09/25/50 | 90641 |
| 61373 |  | Freddie Mac REMICS | 3.000 | 09/25/50 | 44866 |
| 132495 |  | Freddie Mac REMICS | 3.000 | 10/25/50 | 93907 |
| 417048 |  | Freddie Mac REMICS | 2.500 | 02/25/51 | 68641 |
| 166450 |  | Freddie Mac REMICS | 2.500 | 05/25/51 | 104409 |
| 67412 |  | Freddie Mac REMICS | 4.000 | 08/25/52 | 56471 |
| 79562 |  | Freddie Mac REMICS | 5.500 | 02/25/53 | 78271 |
| 15000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 7.100%) | 11.405 | 01/25/42 | 16009 |
| 60000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.750%) | 9.055 | 02/25/42 | 62895 |
| 95000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 5.650%) | 8.647 | 04/25/42 | 101641 |
| 310400 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%) | 7.655 | 05/25/42 | 322791 |
| 550000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.500%) | 8.805 | 06/25/42 | 585014 |
| 255000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 4.000%) | 8.305 | 07/25/42 | 269337 |
| 125000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.550%) | 7.855 | 08/25/42 | 130908 |
| 290000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.700%) | 8.005 | 09/25/42 | 305708 |
| 70000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.100%) | 8.444 | 03/25/43 | 72987 |
| 1573 | (a),(b) | Freddie Mac STACR Securitized Participation Interests Trust | 3.782 | 02/25/48 | 1527 |
| 2721 | (a),(b) | Freddie Mac STACR Securitized Participation Interests Trust | 3.848 | 05/25/48 | 2640 |
| 3041 |  | Ginnie Mae I Pool | 5.000 | 03/15/34 | 3078 |
| 12137 |  | Ginnie Mae I Pool | 5.000 | 06/15/34 | 12200 |
| 1532 |  | Ginnie Mae I Pool | 5.000 | 04/15/38 | 1545 |
| 3065 |  | Ginnie Mae I Pool | 4.500 | 04/15/40 | 2997 |
| 84336 |  | Ginnie Mae II Pool | 3.000 | 06/20/51 | 74682 |
| 53826 |  | Ginnie Mae II Pool | 3.000 | 12/20/51 | 47631 |
| 88517 |  | Ginnie Mae II Pool | 2.500 | 02/20/52 | 73818 |
| 802343 |  | Ginnie Mae II Pool | 3.500 | 07/20/52 | 731885 |
| 480030 |  | Ginnie Mae II Pool | 4.000 | 08/20/52 | 448532 |
| 319428 |  | Ginnie Mae II Pool | 4.500 | 08/20/52 | 308329 |
| 40201 |  | Ginnie Mae II Pool | 5.000 | 11/20/52 | 39692 |
| 216213 |  | Ginnie Mae II Pool | 4.500 | 03/20/53 | 208322 |
| 261657 |  | Government National Mortgage Association | 5.000 | 01/20/40 | 50420 |
| 180846 |  | Government National Mortgage Association | 5.000 | 03/20/40 | 34804 |

---

*See Notes to Financial Statements* 17

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | MORTGAGE BACKED (continued) |  |  |  |
| $51076 |  | Government National Mortgage Association | 2.500% | 12/20/43 | $45824 |
| 61231 |  | Government National Mortgage Association | 3.000 | 03/20/45 | 55085 |
| 59924 |  | Government National Mortgage Association | 4.000 | 06/20/46 | 6771 |
| 249177 |  | Government National Mortgage Association | 3.000 | 11/20/51 | 178420 |
| 342416 |  | Government National Mortgage Association | 3.000 | 12/20/51 | 249195 |
| 264796 |  | Government National Mortgage Association | 3.000 | 01/20/52 | 196610 |
| 316940 |  | Government National Mortgage Association | 3.000 | 02/20/52 | 215477 |
| 202243 |  | Government National Mortgage Association | 4.000 | 04/20/52 | 171482 |
| 189431 |  | Government National Mortgage Association | 5.000 | 04/20/52 | 34555 |
| 112353 |  | Government National Mortgage Association | 4.000 | 07/20/52 | 92646 |
| 157814 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 140109 |
| 164063 |  | Government National Mortgage Association | 4.500 | 09/20/52 | 152949 |
| 111049 |  | Government National Mortgage Association | 4.500 | 02/20/53 | 101628 |
| 90928 |  | Government National Mortgage Association | 5.500 | 02/20/53 | 90436 |
| 170030 | (a) | Government National Mortgage Association, (SOFR30A + 6.950%) | 2.648 | 05/20/53 | 14239 |
| 124226 | (a) | Government National Mortgage Association, (SOFR30A + 23.205%) | 6.428 | 08/20/53 | 136530 |
| 54335 | (a) | Government National Mortgage Association, (SOFR30A + 25.350%) | 8.573 | 08/20/53 | 64277 |
| 1546805 | (a),(b) | GS Mortgage-Backed Securities Corp Trust | 0.151 | 08/25/51 | 13353 |
| 214359 | (a),(b) | GS Mortgage-Backed Securities Trust | 2.500 | 11/25/51 | 173076 |
| 155818 | (a),(b) | GS Mortgage-Backed Securities Trust | 2.500 | 03/25/52 | 126352 |
| 90058 | (a),(b) | GS Mortgage-Backed Securities Trust | 2.825 | 05/28/52 | 74636 |
| 178776 | (a),(b) | GS Mortgage-Backed Securities Trust | 3.000 | 08/26/52 | 151403 |
| 17374 | (a),(b) | JP Morgan Mortgage Trust | 3.500 | 05/25/47 | 15803 |
| 128301 | (a),(b) | JP Morgan Mortgage Trust | 3.500 | 10/25/48 | 114815 |
| 3214 | (a),(b) | JP Morgan Mortgage Trust | 4.000 | 01/25/49 | 3003 |
| 414990 | (a),(b) | JP Morgan Mortgage Trust | 0.118 | 06/25/51 | 2692 |
| 729128 | (a),(b) | JP Morgan Mortgage Trust | 0.108 | 11/25/51 | 4357 |
| 61976 | (a),(b) | JP Morgan Mortgage Trust | 2.500 | 11/25/51 | 50260 |
| 731781 | (a),(b) | JP Morgan Mortgage Trust | 0.115 | 12/25/51 | 4684 |
| 85618 | (a),(b) | JP Morgan Mortgage Trust | 2.500 | 12/25/51 | 69434 |
| 22582 | (a),(b) | JP Morgan Mortgage Trust | 2.845 | 12/25/51 | 18131 |
| 128827 | (a),(b) | JP Morgan Mortgage Trust | 2.500 | 01/25/52 | 104261 |
| 178615 | (a),(b) | JP Morgan Mortgage Trust | 0.500 | 04/25/52 | 5180 |
| 113775 | (a),(b) | JP Morgan Mortgage Trust | 3.343 | 04/25/52 | 96506 |
| 68265 | (a),(b) | JP Morgan Mortgage Trust | 3.343 | 04/25/52 | 57269 |
| 91020 | (a),(b) | JP Morgan Mortgage Trust | 3.343 | 04/25/52 | 74168 |
| 190948 | (a),(b) | JP Morgan Mortgage Trust | 2.500 | 06/25/52 | 154135 |
| 1067293 | (b) | JP Morgan Mortgage Trust | 0.224 | 07/25/52 | 10325 |
| 198147 | (a),(b) | JP Morgan Mortgage Trust | 2.500 | 07/25/52 | 159985 |
| 305971 | (a),(b) | JP Morgan Mortgage Trust | 3.000 | 08/25/52 | 258916 |
| 159709 | (a),(b) | JP Morgan Mortgage Trust | 3.000 | 10/25/52 | 135147 |
| 102140 | (a),(b) | JP Morgan Mortgage Trust | 3.000 | 11/25/52 | 86371 |
| 126554 | (a),(b) | JP Morgan Mortgage Trust | 3.000 | 04/25/53 | 107092 |
| 75391 | (a),(b) | JP Morgan Mortgage Trust | 5.000 | 06/25/53 | 72906 |
| 75391 | (a),(b) | JP Morgan Mortgage Trust | 5.500 | 06/25/53 | 74545 |
| 109235 | (a),(b) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 08/25/51 | 88513 |
| 108042 | (a),(b) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 09/25/51 | 96109 |
| 92638 | (a),(b) | Morgan Stanley Residential Mortgage Loan Trust | 2.500 | 09/25/51 | 74972 |
| 98213 | (a),(b) | OBX | 3.000 | 01/25/52 | 83109 |
| 196015 | (a),(b) | RCKT Mortgage Trust | 2.500 | 02/25/52 | 158947 |
| 176573 | (a),(b) | RCKT Mortgage Trust | 3.000 | 05/25/52 | 149537 |
| 80130 | (a),(b) | RCKT Mortgage Trust | 4.000 | 06/25/52 | 72448 |
| 5285 | (a),(b) | Sequoia Mortgage Trust | 4.000 | 06/25/49 | 5005 |
| 28006 | (a),(b) | Sequoia Mortgage Trust | 3.500 | 12/25/49 | 25161 |
| 75737 | (a),(b) | Sequoia Mortgage Trust | 2.500 | 06/25/51 | 61414 |
| 100000 | (a),(b) | Verus Securitization Trust | 7.487 | 02/25/68 | 100516 |
| 17031 | (b) | Verus Securitization Trust (Step Bond) | 2.733 | 05/25/65 | 16481 |
| 73342 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust | 3.000 | 08/25/51 | 62181 |
| 92337 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust | 3.309 | 08/25/51 | 77954 |
|  |  | TOTAL MORTGAGE BACKED |  |  | 54578684 |
|  |  | MUNICIPAL BONDS - 0.4% |  |  |  |
| 200000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 3.264 | 09/01/25 | 199627 |

---

18 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | MUNICIPAL BONDS (continued) |  |  |  |
| $200000 |  | City & County of San Francisco CA Community Facilities District No 2014-1 | 4.038% | 09/01/34 | $189168 |
| 170000 |  | New York State Dormitory Authority | 4.294 | 07/01/44 | 144538 |
| 300000 |  | State of Oregon Department of Administrative Services | 4.103 | 05/01/39 | 266820 |
|  |  | TOTAL MUNICIPAL BONDS |  |  | 800153 |
|  |  | U.S. TREASURY SECURITIES - 19.8% |  |  |  |
| 600000 |  | United States Treasury Note | 4.125 | 10/31/26 | 601664 |
| 180000 |  | United States Treasury Note | 4.125 | 01/31/27 | 180823 |
| 1055000 |  | United States Treasury Note | 4.125 | 02/28/27 | 1060481 |
| 1800000 |  | United States Treasury Note | 3.875 | 03/31/27 | 1802813 |
| 100000 |  | United States Treasury Note | 4.250 | 01/15/28 | 101293 |
| 250000 |  | United States Treasury Note | 3.750 | 04/15/28 | 250313 |
| 365000 |  | United States Treasury Note | 3.750 | 05/15/28 | 365542 |
| 2024000 |  | United States Treasury Note | 4.125 | 06/30/32 | 2025581 |
| 275000 |  | United States Treasury Note | 4.250 | 05/15/35 | 275430 |
| 1114000 |  | United States Treasury Note | 4.750 | 02/15/45 | 1108082 |
| 75000 |  | United States Treasury Note | 5.000 | 05/15/45 | 77039 |
| 7144000 |  | United States Treasury Note | 4.625 | 02/15/55 | 6954237 |
| 250000 |  | United States Treasury Note/Bond | 4.250 | 12/31/25 | 250002 |
| 1060000 |  | United States Treasury Note/Bond | 4.250 | 01/31/26 | 1059959 |
| 3100000 |  | United States Treasury Note/Bond | 4.500 | 03/31/26 | 3108477 |
| 595000 |  | United States Treasury Note/Bond | 4.875 | 04/30/26 | 598719 |
| 125000 |  | United States Treasury Note/Bond | 4.625 | 06/30/26 | 125732 |
| 250000 |  | United States Treasury Note/Bond | 4.375 | 12/15/26 | 251865 |
| 150000 |  | United States Treasury Note/Bond | 4.500 | 05/15/27 | 151975 |
| 245000 |  | United States Treasury Note/Bond | 4.875 | 10/31/30 | 257183 |
| 2000000 |  | United States Treasury Note/Bond | 4.125 | 03/31/31 | 2025156 |
| 325000 |  | United States Treasury Note/Bond | 4.625 | 04/30/31 | 337441 |
| 2809000 |  | United States Treasury Note/Bond | 4.125 | 07/31/31 | 2841260 |
| 300000 |  | United States Treasury Note/Bond | 2.250 | 05/15/41 | 217875 |
| 500000 |  | United States Treasury Note/Bond | 2.000 | 11/15/41 | 343867 |
| 5111800 |  | United States Treasury Note/Bond | 2.375 | 02/15/42 | 3718834 |
| 4005000 |  | United States Treasury Note/Bond | 3.875 | 02/15/43 | 3585101 |
| 3668000 |  | United States Treasury Note/Bond | 4.750 | 11/15/43 | 3664131 |
| 1535700 |  | United States Treasury Note/Bond | 3.000 | 11/15/45 | 1169951 |
| 1615000 |  | United States Treasury Note/Bond | 2.875 | 11/15/46 | 1189044 |
| 765000 |  | United States Treasury Note/Bond | 3.000 | 05/15/47 | 572883 |
| 176000 |  | United States Treasury Note/Bond | 3.375 | 11/15/48 | 139226 |
|  |  | TOTAL U.S. TREASURY SECURITIES |  |  | 40411979 |
|  |  | TOTAL GOVERNMENT BONDS<br>(Cost $105,197,652) |  |  | 100994458 |
| SHARES |  | DESCRIPTION |  |  | VALUE |
|  |  | PREFERRED STOCKS - 0.0% |  |  |  |
|  |  | FINANCIAL SERVICES - 0.0% |  |  |  |
| 2600 |  | Morgan Stanley |  |  | 66898 |
|  |  | TOTAL FINANCIAL SERVICES |  |  | 66898 |
|  |  | TOTAL PREFERRED STOCKS<br>(Cost $65,000) |  |  | 66898 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE |
|  |  | STRUCTURED ASSETS - 14.5% |  |  |  |
|  |  | ASSET BACKED - 5.0% |  |  |  |
| 500000 | (a),(b),(f) | AGL CLO 19 Ltd, (TSFR3M + 1.650%), Series 2022 19A | 0.000 | 07/21/38 | 500625 |
| 203993 | (b) | Alterna Funding III LLC, Series 2024 1A | 6.260 | 05/16/39 | 205920 |
| 87913 | (b) | Apollo aviation securitization, Series 2021 2A | 2.798 | 01/15/47 | 81830 |
| 65991 | (b) | BRE Grand Islander Timeshare Issuer LLC, Series 2019 A | 3.280 | 09/26/33 | 65022 |
| 92425 | (b) | Capital Automotive REIT, Series 2021 1A | 1.440 | 08/15/51 | 88580 |
| 98771 | (b) | Capital Automotive REIT, Series 2021 1A | 1.920 | 08/15/51 | 94574 |
| 96750 | (b) | Cars Net Lease Mortgage Notes, Series 2020 1A | 2.010 | 12/15/50 | 90341 |
| 97750 | (b) | Cars Net Lease Mortgage Notes Series, Series 2020 1A | 3.100 | 12/15/50 | 92083 |
| 100000 | (b) | Cars Net Lease Mortgage Notes Series, Series 2020 1A | 4.690 | 12/15/50 | 93154 |
| 12059 |  | Carvana Auto Receivables Trust, Series 2021 N4 | 1.720 | 09/11/28 | 11671 |

---

*See Notes to Financial Statements* 19

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | ASSET BACKED (continued) |  |  |  |
| $100627 | (b) | Carvana Auto Receivables Trust, Series 2022 N1 | 4.130% | 12/11/28 | $99593 |
| 250000 | (a),(b) | Cayuga Park CLO Ltd, (TSFR3M + 1.912%), Series 2020 1A | 1.000 | 07/17/34 | 250760 |
| 144702 | (a),(b) | CBRE Realty Finance, (LIBOR 3 M + 0.300%), Series 2007 1A | 4.855 | 04/07/52 | 14 |
| 1209 |  | Centex Home Equity, Series 2002 A | 5.540 | 01/25/32 | 1206 |
| 449726 | (b) | CF Hippolyta LLC, Series 2020 1 | 1.690 | 07/15/60 | 444913 |
| 217200 | (b) | CF Hippolyta LLC, Series 2020 1 | 1.990 | 07/15/60 | 200761 |
| 89945 | (b) | CF Hippolyta LLC, Series 2020 1 | 2.280 | 07/15/60 | 88996 |
| 235612 | (b) | CF Hippolyta LLC, Series 2021 1A | 1.530 | 03/15/61 | 226688 |
| 235612 | (b) | CF Hippolyta LLC, Series 2021 1A | 1.980 | 03/15/61 | 221304 |
| 230000 | (b) | Cologix Data Centers US Issuer LLC, Series 2021 1A | 3.300 | 12/26/51 | 222564 |
| 117813 | (b) | DB Master Finance LLC, Series 2019 1A | 4.352 | 05/20/49 | 115629 |
| 193000 | (b) | DB Master Finance LLC, Series 2021 1A | 2.045 | 11/20/51 | 185804 |
| 96500 | (b) | DB Master Finance LLC, Series 2021 1A | 2.493 | 11/20/51 | 89352 |
| 15625 | (b) | Diamond Resorts Owner Trust, Series 2021 1A | 2.050 | 11/21/33 | 15542 |
| 185500 | (b) | Domino's Pizza Master Issuer LLC, Series 2015 1A | 4.474 | 10/25/45 | 185105 |
| 145875 | (b) | Domino's Pizza Master Issuer LLC, Series 2021 1A | 2.662 | 04/25/51 | 136107 |
| 59820 | (b) | FNA VI LLC, Series 2021 1A | 1.350 | 01/10/32 | 55620 |
| 50581 | (b) | HERO Funding Trust, Series 2017 3A | 3.190 | 09/20/48 | 44678 |
| 50581 | (b) | HERO Funding Trust, Series 2017 3A | 3.950 | 09/20/48 | 45725 |
| 32447 | (b) | Hilton Grand Vacations Trust, Series 2019 AA | 2.340 | 07/25/33 | 31886 |
| 2086 | (a) | Home Equity Asset Trust, (TSFR1M + 1.614%), Series 2003 1 | 3.986 | 06/25/33 | 2050 |
| 1000000 |  | Honda Auto Receivables Owner Trust, Series 2025 1 | 4.570 | 09/21/29 | 1009664 |
| 145423 | (b) | Horizon Aircraft Finance II Ltd, Series 2019 1 | 3.721 | 07/15/39 | 140474 |
| 144587 | (b) | Horizon Aircraft Finance III Ltd, Series 2019 2 | 3.425 | 11/15/39 | 137429 |
| 600000 | (b) | Hotwire Funding LLC, Series 2023 1A | 5.687 | 05/20/53 | 603866 |
| 500000 | (b) | M&T Bank Auto Receivables Trust, Series 2025 1A | 4.730 | 06/17/30 | 505777 |
| 250000 | (a),(b) | Massachusetts St, (TSFR3M + 1.912%), Series 2021 3A | 6.168 | 01/15/35 | 250419 |
| 41808 | (b) | MVW LLC, Series 2021 2A | 1.830 | 05/20/39 | 39480 |
| 16849 | (b) | Navient Private Education Refi Loan Trust, Series 2020 HA | 1.310 | 01/15/69 | 15833 |
| 68224 | (b) | Navient Student Loan Trust, Series 2019 BA | 3.390 | 12/15/59 | 66710 |
| 233995 | (a),(b) | Neuberger Berman Loan Advisers Clo 40 Ltd, (TSFR3M + 1.322%), Series 2021 40A | 5.582 | 04/16/33 | 234278 |
| 250000 | (a),(b) | Neuberger Berman Loan Advisers Clo 40 Ltd, (TSFR3M + 1.662%), Series 2021 40A | 5.922 | 04/16/33 | 250296 |
| 218192 | (b) | Oak Street Investment Grade Net Lease Fund Series, Series 2021 1A | 1.480 | 01/20/51 | 212737 |
| 89339 | (b) | Oak Street Investment Grade Net Lease Fund Series, Series 2021 2A | 2.380 | 11/20/51 | 85195 |
| 250000 | (a),(b) | OHA Credit Funding 10 Ltd, (TSFR3M + 1.912%), Series 2021 10A | 6.181 | 01/18/36 | 250385 |
| 150000 | (b) | OneMain Financial Issuance Trust, Series 2020 2A | 1.750 | 09/14/35 | 146244 |
| 170000 | (b) | PFS Financing Corp, Series 2024 D | 5.340 | 04/15/29 | 172910 |
| 500000 | (b) | PFS Financing Corp, Series 2025 B | 4.850 | 02/15/30 | 506130 |
| 11520 | (b) | Sierra Timeshare Receivables Funding LLC, Series 2021 1A | 0.990 | 11/20/37 | 11315 |
| 11520 | (b) | Sierra Timeshare Receivables Funding LLC, Series 2021 1A | 1.340 | 11/20/37 | 11318 |
| 11520 | (b) | Sierra Timeshare Receivables Funding LLC, Series 2021 1A | 1.790 | 11/20/37 | 11311 |
| 14071 | (b) | SoFi Professional Loan Program LLC, Series 2017 F | 2.840 | 01/25/41 | 13989 |
| 250000 | (b) | Stack Infrastructure Issuer LLC, Series 2021 1A | 1.877 | 03/26/46 | 244150 |
| 3709 | (a) | Structured Asset Investment Loan Trust, (TSFR1M + 1.014%), Series 2004 8 | 5.334 | 09/25/34 | 3555 |
| 248750 | (b) | Subway Funding LLC, Series 2024 1A | 6.028 | 07/30/54 | 252953 |
| 93750 | (b) | Taco Bell Funding LLC, Series 2016 1A | 4.970 | 05/25/46 | 93749 |
| 127725 | (b) | Taco Bell Funding LLC, Series 2021 1A | 1.946 | 08/25/51 | 121738 |
| 98250 | (b) | Taco Bell Funding LLC, Series 2021 1A | 2.294 | 08/25/51 | 89340 |
| 278215 | (b) | Wendy's Funding LLC, Series 2021 1A | 2.370 | 06/15/51 | 255707 |
| 500000 | (b) | Zayo Issuer LLC, Series 2025 1A | 5.648 | 03/20/55 | 510434 |
|  |  | TOTAL ASSET BACKED |  |  | 10235483 |
|  |  | OTHER MORTGAGE BACKED - 9.5% |  |  |  |
| 86413 | (a),(b) | Agate Bay Mortgage Trust, Series 2015 6 | 3.500 | 09/25/45 | 80163 |
| 500000 | (b) | BANK, Series 2019 BN21 | 2.500 | 10/17/52 | 365952 |
| 200000 | (b) | BBCMS Trust, Series 2015 SRCH | 4.197 | 08/10/35 | 196046 |
| 400000 |  | Benchmark Mortgage Trust, Series 2019 B9 | 4.267 | 03/15/52 | 381688 |
| 200000 |  | Benchmark Mortgage Trust, Series 2019 B12 | 3.419 | 08/15/52 | 186183 |
| 400000 |  | Benchmark Mortgage Trust, Series 2021 B24 | 2.584 | 03/15/54 | 351667 |
| 435000 |  | Benchmark Mortgage Trust, Series 2021 B28 | 2.224 | 08/15/54 | 377313 |
| 500000 | (a) | Benchmark Mortgage Trust, Series 2021 B28 | 2.244 | 08/15/54 | 410957 |
| 450000 |  | Benchmark Mortgage Trust, Series 2019 B14 | 3.049 | 12/15/62 | 420836 |
| 125000 |  | Benchmark Mortgage Trust, Series 2019 B14 | 3.493 | 12/15/62 | 104311 |

---

20 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |
| $291405 | (a),(b) | BX Commercial Mortgage Trust, (TSFR1M + 1.392%), Series 2024 XL5 | 5.703% | 03/15/41 | $292014 |
| 250000 |  | CD Mortgage Trust, Series 2017 CD4 | 3.746 | 05/10/50 | 241236 |
| 250000 | (a),(b) | CF Mortgage Trust, Series 2020 P1 | 3.603 | 04/15/52 | 229149 |
| 130265 |  | CFCRE Commercial Mortgage Trust, Series 2016 C7 | 3.644 | 12/10/54 | 129211 |
| 3409 | (a) | CHL Mortgage Pass-Through Trust, Series 2004 HYB9 | 5.393 | 02/20/35 | 3446 |
| 56876 | (a),(b) | Citigroup Commercial Mortgage Trust, Series 2014 GC23 | 4.741 | 07/10/47 | 53968 |
| 250000 |  | Citigroup Commercial Mortgage Trust, Series 2019 GC41 | 3.018 | 08/10/56 | 228296 |
| 24723 |  | COMM Mortgage Trust, Series 2012 CR4 | 2.853 | 10/15/45 | 23644 |
| 377886 |  | COMM Mortgage Trust, Series 2014 CR17 | 4.377 | 05/10/47 | 365018 |
| 500000 | (a),(b) | COMM Mortgage Trust, Series 2014 UBS3 | 4.767 | 06/10/47 | 215000 |
| 284102 | (a) | COMM Mortgage Trust, Series 2015 CR22 | 3.603 | 03/10/48 | 279411 |
| 200000 | (a),(b) | COMM Mortgage Trust, Series 2015 CR22 | 3.975 | 03/10/48 | 154428 |
| 275421 |  | COMM Mortgage Trust, Series 2015 CR24 | 3.696 | 08/10/48 | 275053 |
| 250000 |  | COMM Mortgage Trust, Series 2015 CR27 | 3.984 | 10/10/48 | 247728 |
| 600000 | (a) | COMM Mortgage Trust, Series 2015 LC23 | 4.158 | 10/10/48 | 596168 |
| 105000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.000%), Series 2022 R05 | 7.305 | 04/25/42 | 107873 |
| 480000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.850%), Series 2022 R06 | 8.155 | 05/25/42 | 502341 |
| 183000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR + 3.600%), Series 2022 R08 | 7.950 | 07/25/42 | 191087 |
| 490000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 4.750%), Series 2022 R09 | 9.056 | 09/25/42 | 525384 |
| 360000 | (a),(b) | Connecticut Avenue Securities Trust, (SOFR30A + 3.750%), Series 2023 R01 | 8.056 | 12/25/42 | 380117 |
| 86172 | (a),(b) | CSMC, Series 2021 NQM8 | 2.405 | 10/25/66 | 75524 |
| 500000 | (a),(b) | CSTL Commercial Mortgage Trust, Series 2024 GATE | 5.052 | 11/10/41 | 497789 |
| 200000 |  | DBJPM Mortgage Trust, Series 2020 C9 | 2.340 | 08/15/53 | 173988 |
| 400000 | (a),(b) | DBSG Mortgage Trust, Series 2024 ALTA | 6.144 | 06/10/37 | 407280 |
| 250000 | (a),(b) | DBSG Mortgage Trust, Series 2024 ALTA | 6.846 | 06/10/37 | 253139 |
| 199767 | (a),(b) | ELP Commercial Mortgage Trust, (TSFR1M + 2.233%), Series 2021 ELP | 6.545 | 11/15/38 | 199668 |
| 77620 | (a),(b) | Flagstar Mortgage Trust, Series 2017 2 | 3.978 | 10/25/47 | 71036 |
| 1825 | (a),(b) | Flagstar Mortgage Trust, Series 2018 5 | 4.000 | 09/25/48 | 1725 |
| 156670 | (a),(b) | Flagstar Mortgage Trust, Series 2021 4 | 2.500 | 06/01/51 | 127043 |
| 91597 | (a),(b) | Flagstar Mortgage Trust, Series 2021 5INV | 3.339 | 07/25/51 | 74830 |
| 92489 | (a),(b) | Flagstar Mortgage Trust, Series 2021 10IN | 3.501 | 10/25/51 | 75577 |
| 160000 | (a),(b) | Freddie Mac STACR REMIC Trust, (SOFR30A + 3.350%), Series 2023 HQA3 | 7.702 | 11/25/43 | 169004 |
| 2805 | (a),(b) | GS Mortgage-Backed Securities Corp Trust, Series 2019 PJ2 | 4.000 | 11/25/49 | 2651 |
| 26688 | (a),(b) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ4 | 3.000 | 01/25/51 | 22908 |
| 601644 | (a),(b) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5 | 0.251 | 03/27/51 | 7824 |
| 91389 | (a),(b) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ5 | 3.000 | 03/27/51 | 78455 |
| 58762 | (a),(b) | GS Mortgage-Backed Securities Corp Trust, Series 2020 PJ6 | 2.500 | 05/25/51 | 48033 |
| 147394 | (a),(b) | GS Mortgage-Backed Securities Corp Trust, Series 2021 PJ5 | 2.500 | 10/25/51 | 119502 |
| 155671 | (a),(b) | GS Mortgage-Backed Securities Corp Trust, Series 2022 PJ2 | 3.000 | 06/25/52 | 131731 |
| 288500 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2021 PJ7 | 2.500 | 01/25/52 | 233942 |
| 135861 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2021 PJ8 | 2.500 | 01/25/52 | 110179 |
| 90220 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2021 PJ7 | 2.721 | 01/25/52 | 72541 |
| 93888 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2022 INV1 | 3.000 | 07/25/52 | 79659 |
| 153453 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2022 HP1 | 3.000 | 09/25/52 | 129957 |
| 119693 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2022 PJ5 | 3.000 | 10/25/52 | 101286 |
| 101192 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2022 PJ6 | 3.000 | 01/25/53 | 85678 |
| 128043 | (a),(b) | GS Mortgage-Backed Securities Trust, Series 2023 PJ1 | 3.500 | 02/25/53 | 111984 |
| 300000 | (a),(b) | Houston Galleria Mall Trust, Series 2025 HGLR | 5.462 | 02/05/45 | 308397 |
| 500000 | (a),(b) | HTL Commercial Mortgage Trust, Series 2024 T53 | 7.324 | 05/10/39 | 506413 |
| 225000 | (a),(b) | ILPT Commercial Mortgage Trust, Series 2025 LPF2 | 5.292 | 07/15/42 | 228610 |
| 22284 | (a),(b) | Imperial Fund Mortgage Trust, Series 2020 NQM1 | 2.051 | 10/25/55 | 21079 |
| 150000 | (b) | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2020 NNN | 3.065 | 01/16/37 | 121501 |
| 23990 | (a),(b) | JP Morgan Mortgage Trust, (LIBOR 1 M - 0.000%), Series 2015 1 | 5.661 | 12/25/44 | 23367 |
| 19810 | (a),(b) | JP Morgan Mortgage Trust, Series 2018 3 | 3.500 | 09/25/48 | 17778 |
| 78469 | (a),(b) | JP Morgan Mortgage Trust, Series 2018 5 | 3.500 | 10/25/48 | 71004 |
| 53839 | (a),(b) | JP Morgan Mortgage Trust, Series 2017 5 | 4.921 | 10/26/48 | 53933 |
| 1737 | (a),(b) | JP Morgan Mortgage Trust, Series 2018 9 | 4.000 | 02/25/49 | 1626 |
| 6201 | (a),(b) | JP Morgan Mortgage Trust, Series 2019 1 | 4.000 | 05/25/49 | 5818 |
| 91516 | (a),(b) | JP Morgan Mortgage Trust, Series 2020 1 | 3.818 | 06/25/50 | 82319 |
| 516920 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 3 | 0.136 | 07/25/51 | 3933 |
| 355166 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 4 | 0.130 | 08/25/51 | 2601 |
| 44867 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 4 | 2.880 | 08/25/51 | 36174 |

---

*See Notes to Financial Statements* 21

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  |  | OTHER MORTGAGE BACKED (continued) |  |  |  |  |
| $574502 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 6 | 0.133% | 10/25/51 | $| 4371 |
| 96947 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 6 | 2.500 | 10/25/51 |  | 78644 |
| 188995 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 INV2 | 0.400 | 12/25/51 |  | 4668 |
| 76833 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 10 | 2.500 | 12/25/51 |  | 62303 |
| 90873 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 INV4 | 3.205 | 01/25/52 |  | 73215 |
| 71527 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 12 | 2.500 | 02/25/52 |  | 58143 |
| 23118 | (a),(b) | JP Morgan Mortgage Trust, Series 2022 INV1 | 3.293 | 03/25/52 |  | 19321 |
| 52830 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 14 | 2.500 | 05/25/52 |  | 42840 |
| 42804 | (a),(b) | JP Morgan Mortgage Trust, Series 2021 LTV2 | 2.927 | 05/25/52 |  | 37016 |
| 198131 | (a),(b) | JP Morgan Mortgage Trust, Series 2022 2 | 3.000 | 08/25/52 |  | 167794 |
| 101260 | (a),(b) | JP Morgan Mortgage Trust, Series 2022 INV3 | 3.000 | 09/25/52 |  | 85787 |
| 306746 | (a),(b) | JP Morgan Mortgage Trust, Series 2022 LTV2 | 3.500 | 09/25/52 |  | 267890 |
| 112999 | (a),(b) | JP Morgan Mortgage Trust, Series 2022 7 | 3.000 | 12/25/52 |  | 95527 |
| 38226 | (a),(b) | JP Morgan Mortgage Trust, Series 2022 7 | 4.000 | 12/25/52 |  | 34561 |
| 318784 | (a) | JPMBB Commercial Mortgage Securities Trust, Series 2015 C29 | 4.118 | 05/15/48 |  | 316815 |
| 500000 |  | JPMBB Commercial Mortgage Securities Trust, Series 2015 C31 | 4.106 | 08/15/48 |  | 492580 |
| 450000 | (a) | JPMBB Commercial Mortgage Securities Trust, Series 2015 C31 | 4.754 | 08/15/48 |  | 425728 |
| 500000 | (a),(b) | JPMBB Commercial Mortgage Securities Trust, Series 2016 C1 | 4.353 | 03/17/49 |  | 438893 |
| 115000 | (a) | JPMDB Commercial Mortgage Securities Trust, Series 2017 C5 | 3.858 | 03/15/50 |  | 105824 |
| 31809 | (a) | Merrill Lynch Mortgage Investors Trust, (TSFR1M + 0.634%), Series 2006 WMC1 | 2.278 | 01/25/37 |  | 31129 |
| 85412 | (a),(b) | Morgan Stanley Residential Mortgage Loan Trust, Series 2023 1 | 4.000 | 02/25/53 |  | 77386 |
| 424429 | (a),(b) | Natixis Commercial Mortgage Securities Trust, (TSFR1M + 1.579%), Series 2019 MILE | 5.915 | 07/15/36 |  | 404458 |
| 400000 | (b) | Natixis Commercial Mortgage Securities Trust, Series 2019 LVL | 3.885 | 08/15/38 |  | 385407 |
| 192177 | (a),(b) | OBX Trust, Series 2021 J2 | 2.500 | 07/25/51 |  | 155835 |
| 164347 | (a),(b) | OBX Trust, Series 2022 INV5 | 4.000 | 10/25/52 |  | 148592 |
| 75469 | (a),(b) | Oceanview Mortgage Trust, Series 2021 1 | 2.500 | 05/25/51 |  | 61197 |
| 550000 | (b) | Olympic Tower Mortgage Trust, Series 2017 OT | 3.566 | 05/10/39 |  | 486897 |
| 500000 | (b) | One Bryant Park Trust, Series 2019 OBP | 2.516 | 09/15/54 |  | 455711 |
| 80130 | (a),(b) | RCKT Mortgage Trust, Series 2022 4 | 3.500 | 06/25/52 |  | 70079 |
| 7992 | (a),(b) | Sequoia Mortgage Trust, Series 2015 2 | 3.500 | 05/25/45 |  | 7372 |
| 12969 | (a),(b) | Sequoia Mortgage Trust, Series 2017 2 | 3.500 | 02/25/47 |  | 11781 |
| 24690 | (a),(b) | Sequoia Mortgage Trust, Series 2018 3 | 3.500 | 03/25/48 |  | 22402 |
| 38804 | (a),(b) | Sequoia Mortgage Trust, Series 2020 3 | 3.000 | 04/25/50 |  | 33207 |
| 90649 | (a),(b) | Sequoia Mortgage Trust, Series 2023 1 | 5.000 | 01/25/53 |  | 86751 |
| 10460 | (a),(b) | Shellpoint Co-Originator Trust, Series 2017 1 | 3.500 | 04/25/47 |  | 9548 |
| 95634 | (a),(b) | Verus Securitization Trust, Series 2021 7 | 2.240 | 10/25/66 |  | 83284 |
| 295000 | (b) | Wells Fargo Commercial Mortgage Trust, Series 2015 NXS3 | 3.153 | 09/15/57 |  | 288886 |
| 324550 |  | Wells Fargo Commercial Mortgage Trust, Series 2016 C32 | 3.560 | 01/15/59 |  | 322152 |
| 1546 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2019 2 | 4.000 | 04/25/49 |  | 1473 |
| 10749 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2019 4 | 3.500 | 09/25/49 |  | 9707 |
| 79378 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2020 4 | 3.000 | 07/25/50 |  | 67718 |
| 176960 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2021 2 | 2.500 | 06/25/51 |  | 143716 |
| 93095 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2021 INV2 | 3.641 | 09/25/51 |  | 77622 |
| 79166 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1 | 3.000 | 03/25/52 |  | 67094 |
| 93252 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1 | 3.426 | 03/25/52 |  | 77218 |
| 98957 | (a),(b) | Wells Fargo Mortgage Backed Securities Trust, Series 2022 INV1 | 3.500 | 03/25/52 |  | 86600 |
|  |  | TOTAL OTHER MORTGAGE BACKED |  |  |  | 19348316 |
|  |  | TOTAL STRUCTURED ASSETS<br>(Cost $30,891,219) |  |  |  | 29583799 |
|  |  | TOTAL LONG-TERM INVESTMENTS<br>(Cost $207,082,058) |  |  |  | 199435095 |
| SHARES |  | DESCRIPTION | RATE |  |  | VALUE |
|  |  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7% | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7% | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7% | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7% | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7% |
| 1467088 | (g) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350 (h) |  |  | 1467088 |
|  |  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $1,467,088) |  |  |  | 1467088 |

---

22 *See Notes to Financial Statements*

------

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALUE |
|  | SHORT-TERM INVESTMENTS - 0.8% |  |  |  |
|  | REPURCHASE AGREEMENT - 0.8% |  |  |  |
| $1542000 (i) | Fixed Income Clearing Corporation | 4.350% | 07/01/25 | $1542000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1542000 |
|  | TOTAL SHORT-TERM INVESTMENTS |  |  |  |
|  | (Cost $1,542,000) |  |  | 1542000 |
|  | TOTAL INVESTMENTS - 99.1% |  |  |  |
|  | (Cost $210,091,146) |  |  | 202444183 |
|  | OTHER ASSETS & LIABILITIES, NET - 0.9% |  |  | 1859190 |
|  | NET ASSETS - 100.0% |  |  | $204303373 |

---

---

| | |
|:---|:---|
| CME | Chicago Mercantile Exchange |
| EUR | Euro |
| LIBOR | London Interbank Offered Rate |
| M | Month |
| PIK | Payment-in-kind ("PIK") security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | 30 Day Average Secured Overnight Financing Rate |
| TSFR1M | CME Term Secured Overnight Financing Rate 1 Month |
| TSFR3M | CME Term Secured Overnight Financing Rate 3 Month |
| TSFR6M | CME Term Secured Overnight Financing Rate 6 Month |

---

(a) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $49,854,034 or 24.6% of Total Investments.

(c) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,417,315.

(d) Perpetual security. Maturity date is not applicable.

(e) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of the end of the reporting period, the Fund's total investment in CoCos was 1.3% of Total Investments.

(f) When-issued or delayed delivery security.

(g) Investments made with cash collateral received from securities on loan.

(h) The rate shown is the one-day yield as of the end of the reporting period.

(i) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $1,542,186 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $1,572,879.

Principal denominated in U.S. Dollars, unless otherwise noted.

### Investments in Derivatives
Forward Foreign Currency Contracts

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency<br>Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency<br> Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver | Counterparty | Settlement Date | Unrealized<br> Appreciation<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation) |
|  | $— | 93659 | EUR | 84531 | Bank of America, N.A. | 07/11/25 | $(5889) |
|  | $— | 58547 | EUR | 49833 | Morgan Stanley Capital Services | 07/11/25 | (138) |
|  |  | 49833 | $— | 58508 | Morgan Stanley Capital Services | 07/01/25 | 142 |
|  | Total | Total | Total | Total | Total | Total | $(5885) |
|  | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | Total unrealized appreciation on forward foreign currency contracts | $142 |
|  | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | Total unrealized depreciation on forward foreign currency contracts | $(6027) |
|  |  | Euro |  |  |  |  |  |

---

*See Notes to Financial Statements* 23

------

## Portfolio of Investments June 30, 2025 (continued)
Core Bond

Credit Default Swaps - Centrally Cleared

PURCHASED

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference<br> Entity | Fixed Rate<br>(Annualized) | Current Credit<br>Spread(a) | Fixed Rate<br>Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount(b) | Value | Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| Citigroup Global Markets, Inc | CDX-NAHYS44V1-5Y5.000% | CDX-NAHYS44V1-5Y5.000% | 1.00% | Quarterly | 06/20/30 | $2000000 | $153499 | $136570 | $16929 |

---

(a) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher likelihood of performance by the seller of protection.

(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

SOLD

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference<br>Entity | Fixed Rate<br>(Annualized) | Current Credit<br>Spread(a) | Fixed Rate<br>Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount(b) | Value | Premiums<br>Paid<br>(Received) | Unrealized<br>Appreciation<br>(Depreciation) |
| Citigroup Global Markets, Inc | CDX-NAHYS44V1-5Y5.000% | CDX-NAHYS44V1-5Y5.000% | 5.00% | Quarterly | 06/20/27 | $7500000 | $(577400) | $(419146) | $(158254) |

---

(a) The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher likelihood of performance by the seller of protection.

(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may be reduced by any recoverable assets, if applicable.

24 *See Notes to Financial Statements*

------

## Portfolio of Investments June 30, 2025
Core Equity

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | LONG-TERM INVESTMENTS - 99.7% |  |
|  | COMMON STOCKS - 99.7% |  |
|  | AUTOMOBILES & COMPONENTS - 0.8% |  |
| 5487<br> (a) | Tesla, Inc | $1743001 |
|  | TOTAL AUTOMOBILES & COMPONENTS | 1743001 |
|  | BANKS - 3.1% |  |
| 44764 | Citigroup, Inc | 3810312 |
| 34251 | Wells Fargo & Co | 2744190 |
|  | TOTAL BANKS | 6554502 |
|  | CAPITAL GOODS - 11.9% |  |
| 22691 | Carrier Global Corp | 1660754 |
| 13620 | Eaton Corp plc | 4862204 |
| 13525 | Howmet Aerospace, Inc | 2517408 |
| 4080 | Parker-Hannifin Corp | 2849758 |
| 27501 | RTX Corp | 4015696 |
| 10822 | Trane Technologies plc | 4733651 |
| 840 | TransDigm Group, Inc | 1277338 |
| 4448 | United Rentals, Inc | 3351123 |
|  | TOTAL CAPITAL GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25267932 |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 6.0% |  |
| 42424<br> (a) | Amazon.com, Inc | 9307402 |
| 4045 | Home Depot, Inc | 1483059 |
| 14917 | TJX Cos, Inc | 1842100 |
|  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 12632561 |
|  | CONSUMER SERVICES - 1.5% |  |
| 9989 | Royal Caribbean Cruises Ltd | 3127956 |
|  | TOTAL CONSUMER SERVICES | 3127956 |
|  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.8% |  |
| 3949 | Costco Wholesale Corp | 3909273 |
| 42207 | Walmart, Inc | 4127001 |
|  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 8036274 |
|  | ENERGY - 0.6% |  |
| 9464 | Chevron Corp | 1355150 |
|  | TOTAL ENERGY | 1355150 |
|  | FINANCIAL SERVICES - 8.4% |  |
| 5289 | Ameriprise Financial, Inc | 2822898 |
| 51600 | Bank of New York Mellon Corp | 4701276 |
| 2391<br> (a) | Berkshire Hathaway, Inc | 1161476 |
| 8356 | Mastercard, Inc (Class A) | 4695571 |
| 12692 | Visa, Inc (Class A) | 4506294 |
|  | TOTAL FINANCIAL SERVICES | 17887515 |
|  | FOOD, BEVERAGE & TOBACCO - 0.9% |  |
| 32310 | Altria Group, Inc | 1894335 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO | 1894335 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 6.1% |  |
| 26082<br> (a) | Boston Scientific Corp | 2801468 |
| 1514 | Cigna Group | 500498 |
| 16600<br> (a) | Edwards Lifesciences Corp | 1298286 |
| 10571 | HCA, Inc | 4049750 |
| 14643<br> (a) | Veeva Systems, Inc | 4216891 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 12866893 |
|  | INSURANCE - 1.7% |  |
| 16107 | Arch Capital Group Ltd | 1466542 |
| 8421 | Progressive Corp | 2247228 |
|  | TOTAL INSURANCE | 3713770 |
|  | MATERIALS - 1.3% |  |
| 5663<br> (a) | Linde plc | 2656966 |
|  | TOTAL MATERIALS | 2656966 |
|  | MEDIA & ENTERTAINMENT - 8.4% |  |
| 15998 | Alphabet, Inc | 2837885 |

---

*See Notes to Financial Statements* 25

------

## Portfolio of Investments June 30, 2025 (continued)
Core Equity

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | MEDIA & ENTERTAINMENT (continued) |  |  |  |
| 20433 | Alphabet, Inc (Class A) |  |  | $3600908 |
| 12162 | Meta Platforms, Inc |  |  | 8976651 |
| 20211 | Walt Disney Co |  |  | 2506366 |
|  | TOTAL MEDIA & ENTERTAINMENT |  |  | 17921810 |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.7% |  |  |  |
| 3296<br> (a) | Alnylam Pharmaceuticals, Inc |  |  | 1074793 |
| 3350 | Eli Lilly & Co |  |  | 2611425 |
| 12784 | Johnson & Johnson |  |  | 1952756 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 5638974 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 16.4% |  |  |  |
| 34249 | Broadcom, Inc |  |  | 9440737 |
| 2609 | KLA Corp |  |  | 2336985 |
| 32500 | Lam Research Corp |  |  | 3163550 |
| 126013 | Nvidia Corp |  |  | 19908794 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  |  | 34850066 |
|  | SOFTWARE & SERVICES - 15.6% |  |  |  |
| 142716 | Gen Digital, Inc |  |  | 4195850 |
| 6542 | Intuit, Inc |  |  | 5152675 |
| 37364 | Microsoft Corp |  |  | 18585227 |
| 16293<br> (a) | Palantir Technologies, Inc |  |  | 2221062 |
| 6956 | Salesforce, Inc |  |  | 1896832 |
| 4727<br> (a) | Snowflake, Inc |  |  | 1057761 |
|  | TOTAL SOFTWARE & SERVICES |  |  | 33109407 |
|  | TECHNOLOGY HARDWARE & EQUIPMENT - 6.3% |  |  |  |
| 47913 | Apple, Inc |  |  | 9830310 |
| 49674 | Cisco Systems, Inc |  |  | 3446382 |
|  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  |  | 13276692 |
|  | TRANSPORTATION - 1.5% |  |  |  |
| 33136<br> (a) | Uber Technologies, Inc |  |  | 3091589 |
|  | TOTAL TRANSPORTATION |  |  | 3091589 |
|  | UTILITIES - 2.7% |  |  |  |
| 33418 | Alliant Energy Corp |  |  | 2020786 |
| 36767 | American Electric Power Co, Inc |  |  | 3814944 |
|  | TOTAL UTILITIES |  |  | 5835730 |
|  | TOTAL COMMON STOCKS<br> (Cost $130,137,435) |  |  | 211461123 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $130,137,435) |  |  | 211461123 |
|  PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS - 0.5% |  |  |  |
|  | REPURCHASE AGREEMENT - 0.5% |  |  |  |
| $1069000<br> (b) | Fixed Income Clearing Corporation | 4.350% | 07/01/25 | 1069000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1069000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $1,069,000) |  |  | 1069000 |
|  | TOTAL INVESTMENTS - 100.2%<br> (Cost $131,206,435) |  |  | 212530123 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.2)% |  |  | (515048) |
|  | NET ASSETS - 100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212015075 |

---

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $1,069,129 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $1,090,426.

26 *See Notes to Financial Statements*

------

## Portfolio of Investments June 30, 2025
Growth Equity

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | LONG-TERM INVESTMENTS - 99.4% |  |
|  |  | COMMON STOCKS - 99.4% |  |
|  |  | AUTOMOBILES & COMPONENTS - 2.2% |  |
| 13321 | (a) | Tesla, Inc | $4231549 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS | 4231549 |
|  |  | BANKS - 0.3% |  |
| 8042 |  | Wells Fargo & Co | 644325 |
|  |  | TOTAL BANKS | 644325 |
|  |  | CAPITAL GOODS - 4.2% |  |
| 9821 | (a) | Boeing Co | 2057794 |
| 6941 |  | General Electric Co | 1786544 |
| 4319 |  | Quanta Services, Inc | 1632927 |
| 754 |  | TransDigm Group, Inc | 1146563 |
| 10866 |  | Vertiv Holdings Co | 1395303 |
|  |  | TOTAL CAPITAL GOODS | 8019131 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 2.2% |  |
| 18569 |  | Experian Group Ltd | 957534 |
| 3757 |  | Verisk Analytics, Inc | 1170305 |
| 11457 |  | Waste Connections, Inc | 2139251 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 4267090 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 11.0% |  |
| 91036 | (a) | Amazon.com, Inc | 19972388 |
| 325 | (a) | Autozone, Inc | 1206475 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21178863 |
|  |  | CONSUMER DURABLES & APPAREL - 0.7% |  |
| 94 | (a) | NVR, Inc | 694252 |
| 112600 |  | PRADA S.p.A | 699533 |
|  |  | TOTAL CONSUMER DURABLES & APPAREL | 1393785 |
|  |  | CONSUMER SERVICES - 4.9% |  |
| 510 |  | Booking Holdings, Inc | 2952512 |
| 126633 | (a) | Carnival Corp | 3560920 |
| 2439 | (a) | Flutter Entertainment plc | 693386 |
| 1242 | (a) | Flutter Entertainment plc | 354914 |
| 20426 |  | Starbucks Corp | 1871634 |
|  |  | TOTAL CONSUMER SERVICES | 9433366 |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9% |  |
| 1649 |  | Costco Wholesale Corp | 1632411 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 1632411 |
|  |  | FINANCIAL SERVICES - 6.9% |  |
| 1052 | (a),(b) | Adyen NV | 1932037 |
| 11321 | (a) | Chime Financial, Inc | 390688 |
| 77546 | (a) | Grab Holdings Ltd | 390057 |
| 8507 |  | KKR & Co, Inc | 1131686 |
| 24822 | (a) | PayPal Holdings, Inc | 1844771 |
| 69729 | (c) | Rocket Cos, Inc | 988757 |
| 18440 |  | Visa, Inc (Class A) | 6547122 |
|  |  | TOTAL FINANCIAL SERVICES | 13225118 |
|  |  | FOOD, BEVERAGE & TOBACCO - 0.9% |  |
| 11549 |  | Mondelez International, Inc | 778864 |
| 16545 | (a) | Monster Beverage Corp | 1036379 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO | 1815243 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 3.1% |  |
| 3564 | (a) | Align Technology, Inc | 674772 |
| 19903 | (a) | DexCom, Inc | 1737333 |
| 4206 | (a) | Intuitive Surgical, Inc | 2285583 |

---

*See Notes to Financial Statements* 27

------

## Portfolio of Investments June 30, 2025 (continued)
Growth Equity

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  | VALUE |
|  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |  |
| 4129<br> (a) | Veeva Systems, Inc |  | $1189069 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES |  | 5886757 |
|  | INSURANCE - 1.5% |  |  |
| 10833 | Progressive Corp |  | 2890894 |
|  | TOTAL INSURANCE |  | 2890894 |
|  | MEDIA & ENTERTAINMENT - 12.0% |  |  |
| 59384 | Alphabet, Inc |  | 10534128 |
| 15588<br> (a) | Liberty Media Corp-Liberty Formula One (Class C) |  | 1628946 |
| 21120 | Match Group, Inc |  | 652397 |
| 10680 | Meta Platforms, Inc |  | 7882801 |
| 3511<br> (a) | ROBLOX Corp |  | 369357 |
| 16068 | Walt Disney Co |  | 1992593 |
|  | TOTAL MEDIA & ENTERTAINMENT |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23060222 |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.9% |  |  |
| 3881 | Eli Lilly & Co |  | 3025356 |
| 11523 | Galderma Group AG. |  | 1674933 |
| 1459 | Regeneron Pharmaceuticals, Inc |  | 765975 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  | 5466264 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 18.3% |  |  |
| 12697 | Applied Materials, Inc |  | 2324440 |
| 38974 | Broadcom, Inc |  | 10743183 |
| 133797 | Nvidia Corp |  | 21138588 |
| 25000 | Taiwan Semiconductor Manufacturing Co Ltd |  | 914234 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |  | 35120445 |
|  | SOFTWARE & SERVICES - 20.0% |  |  |
| 6418<br> (a) | Atlassian Corp Ltd |  | 1303432 |
| 3174<br> (a) | Crowdstrike Holdings, Inc |  | 1616550 |
| 3542 | Intuit, Inc |  | 2789785 |
| 43272 | Microsoft Corp |  | 21523925 |
| 8451<br> (a) | Palo Alto Networks, Inc |  | 1729413 |
| 4582 | Roper Industries, Inc |  | 2597261 |
| 8625 | Salesforce, Inc |  | 2351951 |
| 2040<br> (a) | ServiceNow, Inc |  | 2097283 |
| 10418<br> (a) | Snowflake, Inc |  | 2331236 |
|  | TOTAL SOFTWARE & SERVICES |  | 38340836 |
|  | TECHNOLOGY HARDWARE & EQUIPMENT - 6.8% |  |  |
| 52820 | Apple, Inc |  | 10837079 |
| 20993<br> (a) | Arista Networks, Inc |  | 2147794 |
|  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |  | 12984873 |
|  | UTILITIES - 0.6% |  |  |
| 3514 | Constellation Energy Corp |  | 1134179 |
|  | TOTAL UTILITIES |  | 1134179 |
|  | TOTAL COMMON STOCKS<br> (Cost $82,529,811) |  | 190725351 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $82,529,811) |  | 190725351 |
| SHARES | DESCRIPTION | RATE | VALUE |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.5% |  |  |
| 1023829<br> (d) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350%(e) | 1023829 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $1,023,829) |  | 1023829 |

---

28 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS - 0.2% |  |  |  |
|  | REPURCHASE AGREEMENT - 0.2% |  |  |  |
| $341000<br> (f) | Fixed Income Clearing Corporation | 4.350% | 07/01/25 | $341000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 341000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $341,000) |  |  | 341000 |
|  | TOTAL INVESTMENTS - 100.1%<br> (Cost $83,894,640) |  |  | 192090180 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.1)% |  |  | (204496) |
|  | NET ASSETS - 100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191885684 |

---

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $1,932,037 or 1.0% of Total Investments.

(c) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $978,860.

(d) Investments made with cash collateral received from securities on loan.

(e) The rate shown is the one-day yield as of the end of the reporting period.

(f) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $341,041 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $347,879.

*See Notes to Financial Statements* 29

------

## Portfolio of Investments June 30, 2025
International Equity

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | LONG-TERM INVESTMENTS - 97.3% |  |
|  | COMMON STOCKS - 97.3% |  |
|  | AUSTRALIA - 4.6% |  |
| 87794 | BHP Billiton Ltd | $2112113 |
| 32146 | Commonwealth Bank of Australia | 3912434 |
| 435585 | Glencore plc | 1697318 |
|  | TOTAL AUSTRALIA | 7721865 |
|  | BRAZIL - 1.0% |  |
| 246530 | Itau Unibanco Holding S.A. | 1676627 |
|  | TOTAL BRAZIL | 1676627 |
|  | DENMARK - 4.1% |  |
| 12006 | DSV AS | 2879690 |
| 57944 | Novo Nordisk A.S. | 4015172 |
|  | TOTAL DENMARK | 6894862 |
|  | FINLAND - 1.3% |  |
| 149560 | Nordea Bank AB publ | 2219127 |
|  | TOTAL FINLAND | 2219127 |
|  | FRANCE - 11.9% |  |
| 11123 | Air Liquide | 2293574 |
| 24145 | Airbus SE | 5051150 |
| 16090 | Compagnie de Saint-Gobain | 1890176 |
| 12538 | Essilor International S.A. | 3442844 |
| 3658 | Kering | 796916 |
| 4169 | LVMH Moet Hennessy Louis Vuitton S.A. | 2181972 |
| 32914 | Total S.A. | 2011792 |
| 15084 | Vinci S.A. | 2224443 |
|  | TOTAL FRANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19892867 |
|  | GERMANY - 10.9% |  |
| 28876 | Deutsche Post AG. | 1337532 |
| 13917 | HeidelbergCement AG. | 3277408 |
| 2020 | Rheinmetall AG. | 4277750 |
| 39707 | RWE AG. | 1659285 |
| 8490 | SAP AG. | 2596069 |
| 19968 | Siemens AG. | 5128947 |
|  | TOTAL GERMANY | 18276991 |
|  | INDIA - 0.9% |  |
| 9814 | HDFC Bank Ltd (ADR) | 752440 |
| 39427 | Reliance Industries Ltd | 690099 |
|  | TOTAL INDIA | 1442539 |
|  | INDONESIA - 0.2% |  |
| 1743100 | Bank Rakyat Indonesia | 401890 |
|  | TOTAL INDONESIA | 401890 |
|  | ITALY - 3.0% |  |
| 157992 | Enel S.p.A. | 1499456 |
| 29587 | Moncler S.p.A | 1687687 |
| 27823 | UniCredit S.p.A | 1866460 |
|  | TOTAL ITALY | 5053603 |
|  | JAPAN - 20.8% |  |
| 27600 | Advantest Corp | 2046015 |
| 102100 | Daiichi Sankyo Co Ltd | 2365462 |
| 74000 | Fujitsu Ltd | 1795193 |
| 210555<br> (a) | Hitachi Ltd | 6119640 |
| 116100 | Mitsubishi Electric Corp | 2497191 |
| 360500 | Mitsubishi UFJ Financial Group, Inc | 4914909 |
| 47640 | Nintendo Co Ltd | 4574859 |
| 46900 | ORIX Corp | 1058376 |
| 19700 | SBI Holdings, Inc | 686449 |
| 159460 | Sony Corp | 4146009 |
| 130000 | Sumitomo Mitsui Financial Group, Inc | 3273524 |

---

30 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE |
|  | JAPAN (continued) |  |
| 81615 | Toyota Motor Corp | $1405654 |
|  | TOTAL JAPAN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34883281 |
|  | KOREA, REPUBLIC OF - 0.8% |  |
| 30789 | Samsung Electronics Co Ltd | 1361539 |
|  | TOTAL KOREA, REPUBLIC OF | 1361539 |
|  | MEXICO - 0.8% |  |
| 6700 | Fomento Economico Mexicano SAB de C.V. (ADR) | 689966 |
| 66000 | Grupo Financiero Banorte S.A. de C.V. | 603284 |
|  | TOTAL MEXICO | 1293250 |
|  | NETHERLANDS - 5.6% |  |
| 2937 | ASML Holding NV | 2353527 |
| 21983 | Heineken NV | 1917859 |
| 134391 | ING Groep NV | 2945540 |
| 440690 | Koninklijke KPN NV | 2149770 |
|  | TOTAL NETHERLANDS | 9366696 |
|  | SPAIN - 6.0% |  |
| 280342 | Banco Bilbao Vizcaya Argentaria S.A. | 4316783 |
| 412905 | Banco Santander S.A. | 3419216 |
| 116955 | Iberdrola S.A. | 2249984 |
|  | TOTAL SPAIN | 9985983 |
|  | SWITZERLAND - 4.2% |  |
| 10707 | Cie Financiere Richemont S.A. | 2026115 |
| 2909 | Lonza Group AG. | 2080411 |
| 4200 | Zurich Insurance Group AG | 2938836 |
|  | TOTAL SWITZERLAND | 7045362 |
|  | TAIWAN - 1.0% |  |
| 7205 | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 1631860 |
|  | TOTAL TAIWAN | 1631860 |
|  | UNITED KINGDOM - 7.7% |  |
| 22749 | AstraZeneca plc | 3165958 |
| 470463 | Barclays plc | 2173899 |
| 52309 | British American Tobacco plc | 2487100 |
| 100763 | National Grid plc | 1479066 |
| 6638 | Reckitt Benckiser Group plc | 452227 |
| 49895 | Unilever plc | 3044902 |
|  | TOTAL UNITED KINGDOM | 12803152 |
|  | UNITED STATES - 12.5% |  |
| 137738 | BP plc | 686251 |
| 36681 | CRH plc | 3367316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633990 | Haleon plc | 3258471 |
| 5675<br> (a) | Linde plc | 2662597 |
| 10882 | Nestle S.A. | 1081957 |
| 7110 | Novartis AG. | 862991 |
| 8671 | Roche Holding AG. | 2830385 |
| 122386 | Shell plc | 4269988 |
| 44267 | Smurfit WestRock plc | 1910121 |
|  | TOTAL UNITED STATES | 20930077 |
|  | TOTAL COMMON STOCKS<br> (Cost $111,416,310) | 162881571 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $111,416,310) | 162881571 |

---

*See Notes to Financial Statements* 31

------

## Portfolio of Investments June 30, 2025 (continued)
International Equity

---

| | | | | |
|:---|:---|:---|:---|:---|
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS - 3.2% |  |  |  |
|  | GOVERNMENT AGENCY DEBT - 0.6% |  |  |  |
| $1000000 | Tennessee Valley Authority Discount Notes | 0.000% | 07/09/25 | $998958 |
|  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 998958 |
|  | REPURCHASE AGREEMENT - 2.6% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4372000<br> (b) | Fixed Income Clearing Corporation | 4.350 | 07/01/25 | 4372000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 4372000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $5,371,071) |  |  | 5370958 |
|  | TOTAL INVESTMENTS - 100.5%<br> (Cost $116,787,381) |  |  | 168252529 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.5)% |  |  | (842698) |
|  | NET ASSETS - 100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167409831 |

---

ADR American Depositary Receipt

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $4,372,528 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $4,459,457.

32 *See Notes to Financial Statements*

------

## Portfolio of Investments June 30, 2025
Large Cap Responsible Equity

(Unaudited)

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE |
|  | LONG-TERM INVESTMENTS - 98.6% |  |
|  | COMMON STOCKS - 98.6% |  |
|  | AUTOMOBILES & COMPONENTS - 0.1% |  |
| 1223<br> (a) | Aptiv plc | $83433 |
|  | TOTAL AUTOMOBILES & COMPONENTS | 83433 |
|  | BANKS - 3.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12286 | Citigroup, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045784 |
| 7874 | JPMorgan Chase & Co | 2282752 |
|  | TOTAL BANKS | 3328536 |
|  | CAPITAL GOODS - 8.0% |  |
| 1093<br> (a) | Axon Enterprise, Inc | 904938 |
| 6413 | Carrier Global Corp | 469368 |
| 2824 | Caterpillar, Inc | 1096305 |
| 1507 | Deere & Co | 766294 |
| 2862 | Eaton Corp plc | 1021705 |
| 3170 | Illinois Tool Works, Inc | 783783 |
| 7737 | Ingersoll Rand, Inc | 643564 |
| 677 | Parker-Hannifin Corp | 472864 |
| 2226 | Quanta Services, Inc | 841606 |
| 829 | Trane Technologies plc | 362613 |
| 477 | W.W. Grainger, Inc | 496195 |
| 1189 | Xylem, Inc | 153809 |
|  | TOTAL CAPITAL GOODS | 8013044 |
|  | COMMERCIAL & PROFESSIONAL SERVICES - 2.1% |  |
| 2986 | Automatic Data Processing, Inc | 920882 |
| 12863<br> (a) | Copart, Inc | 631187 |
| 924 | Paychex, Inc | 134405 |
| 1461 | Verisk Analytics, Inc | 455102 |
|  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 2141576 |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.5% |  |
| 10360 | eBay, Inc | 771405 |
| 3826 | Home Depot, Inc | 1402765 |
| 1531 | Lowe's Cos, Inc | 339683 |
| 239 | Pool Corp | 69664 |
| 7391 | TJX Cos, Inc | 912714 |
|  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 3496231 |
|  | CONSUMER DURABLES & APPAREL - 0.2% |  |
| 1507<br> (a) | Deckers Outdoor Corp | 155326 |
|  | TOTAL CONSUMER DURABLES & APPAREL | 155326 |
|  | CONSUMER SERVICES - 4.2% |  |
| 194 | Booking Holdings, Inc | 1123113 |
| 938<br> (a) | DoorDash, Inc | 231226 |
| 1414 | Expedia Group, Inc | 238513 |
| 3543 | McDonald's Corp | 1035158 |
| 2984 | Royal Caribbean Cruises Ltd | 934410 |
| 7649 | Starbucks Corp | 700878 |
|  | TOTAL CONSUMER SERVICES | 4263298 |
|  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9% |  |
| 1531 | Costco Wholesale Corp | 1515598 |
| 3752 | Target Corp | 370135 |
|  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 1885733 |
|  | ENERGY - 1.4% |  |
| 17977 | Baker Hughes Co | 689238 |
| 8225 | ONEOK, Inc | 671407 |
|  | TOTAL ENERGY | 1360645 |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.6% |  |
| 964 | Equinix, Inc | 766833 |
| 2650 | Iron Mountain, Inc | 271810 |
| 7138<br> (b) | Prologis, Inc | 750347 |

---

*See Notes to Financial Statements* 33

------

## Portfolio of Investments June 30, 2025 (continued)
Large Cap Responsible Equity

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 5589 | Welltower, Inc | $859197 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 2648187 |
|  | FINANCIAL SERVICES - 11.4% |  |
| 3488 | American Express Co | 1112602 |
| 1495 | Ameriprise Financial, Inc | 797927 |
| 6020 | Bank of New York Mellon Corp | 548482 |
| 1656 | Goldman Sachs Group, Inc | 1172034 |
| 2789 | Mastercard, Inc (Class A) | 1567251 |
| 1798 | Moody's Corp | 901859 |
| 7622 | Morgan Stanley | 1073635 |
| 2067 | Nasdaq Stock Market, Inc | 184831 |
| 10325 (a) | PayPal Holdings, Inc | 767354 |
| 1993 | S&P Global, Inc | 1050889 |
| 6080 | Synchrony Financial | 405779 |
| 5244 | Visa, Inc (Class A) | 1861882 |
|  | TOTAL FINANCIAL SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11444525 |
|  | FOOD, BEVERAGE & TOBACCO - 1.8% |  |
| 12647 | Coca-Cola Co | 894775 |
| 7041 | PepsiCo, Inc | 929694 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO | 1824469 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 3.5% |  |
| 1698 (a) | Cooper Cos, Inc | 120830 |
| 5374 (a) | Edwards Lifesciences Corp | 420301 |
| 1737 | HCA, Inc | 665445 |
| 998 (a) | IDEXX Laboratories, Inc | 535267 |
| 458 (a) | Insulet Corp | 143894 |
| 876 | McKesson Corp | 641915 |
| 292 | STERIS plc | 70144 |
| 3082 | UnitedHealth Group, Inc | 961492 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 3559288 |
|  | HOUSEHOLD & PERSONAL PRODUCTS - 1.4% |  |
| 8636 | Procter & Gamble Co | 1375887 |
|  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1375887 |
|  | INSURANCE - 2.5% |  |
| 221 | Hartford Financial Services Group, Inc | 28038 |
| 3716 | Marsh & McLennan Cos, Inc | 812466 |
| 3567 | Progressive Corp | 951890 |
| 2837 | Travelers Cos, Inc | 759011 |
|  | TOTAL INSURANCE | 2551405 |
|  | MATERIALS - 2.0% |  |
| 124 | Ball Corp | 6955 |
| 3195 | Ecolab, Inc | 860861 |
| 6776 | International Paper Co | 317320 |
| 14287 | Newmont Goldcorp Corp | 832361 |
|  | TOTAL MATERIALS | 2017497 |
|  | MEDIA & ENTERTAINMENT - 5.7% |  |
| 20116 | Comcast Corp (Class A) | 717940 |
| 5103 | Electronic Arts, Inc | 814949 |
| 4759 (a) | Live Nation, Inc | 719942 |
| 1371 (a) | Netflix, Inc | 1835947 |
| 11475 | News Corp (Class A) | 341037 |
| 3311 (a) | Take-Two Interactive Software, Inc | 804076 |
| 41266 (a) | Warner Bros Discovery, Inc | 472909 |
|  | TOTAL MEDIA & ENTERTAINMENT | 5706800 |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.1% |  |
| 669 | Agilent Technologies, Inc | 78949 |
| 3278 | Amgen, Inc | 915250 |
| 3968 | Bristol-Myers Squibb Co | 183679 |
| 4757 | Danaher Corp | 939698 |
| 2393 | Eli Lilly & Co | 1865415 |
| 5195 | Gilead Sciences, Inc | 575970 |

---

34 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 1854<br> (a) | Vertex Pharmaceuticals, Inc | $825401 |
| 392 | West Pharmaceutical Services, Inc | 85769 |
| 4422 | Zoetis, Inc | 689611 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 6159742 |
|  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5% |  |
| 3914<br> (a) | CBRE Group, Inc | 548430 |
|  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 548430 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 14.5% |  |
| 8208<br> (a) | Advanced Micro Devices, Inc | 1164715 |
| 5561 | Applied Materials, Inc | 1018052 |
| 3249<br> (a) | First Solar, Inc | 537839 |
| 39953 | Intel Corp | 894947 |
| 10231 | Lam Research Corp | 995886 |
| 50953 | Nvidia Corp | 8050065 |
| 3957 | NXP Semiconductors NV | 864565 |
| 5322 | Texas Instruments, Inc | 1104954 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14631023 |
|  | SOFTWARE & SERVICES - 16.9% |  |
| 2501<br> (a) | Adobe, Inc | 967587 |
| 197<br> (a) | Ansys, Inc | 69190 |
| 2825<br> (a) | Autodesk, Inc | 874535 |
| 2829<br> (a) | Cadence Design Systems, Inc | 871757 |
| 4340 | International Business Machines Corp | 1279345 |
| 1475 | Intuit, Inc | 1161754 |
| 15583 | Microsoft Corp | 7751140 |
| 828<br> (a) | PTC, Inc | 142698 |
| 4320 | Salesforce, Inc | 1178021 |
| 1103<br> (a) | ServiceNow, Inc | 1133972 |
| 1699<br> (a) | Synopsys, Inc | 871043 |
| 3109<br> (a) | Workday, Inc | 746160 |
|  | TOTAL SOFTWARE & SERVICES | 17047202 |
|  | TECHNOLOGY HARDWARE & EQUIPMENT - 2.9% |  |
| 39862 | Hewlett Packard Enterprise Co | 815178 |
| 25215 | HP, Inc | 616759 |
| 4810<br> (a) | Keysight Technologies, Inc | 788166 |
| 7460<br> (a) | Trimble Inc | 566811 |
| 2294 | Western Digital Corp | 146793 |
|  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2933707 |
|  | TELECOMMUNICATION SERVICES - 0.8% |  |
| 18758 | Verizon Communications, Inc | 811659 |
|  | TOTAL TELECOMMUNICATION SERVICES | 811659 |
|  | TRANSPORTATION - 0.7% |  |
| 9001 | CSX Corp | 293703 |
| 2247 | Old Dominion Freight Line | 364688 |
| 32 | Union Pacific Corp | 7362 |
|  | TOTAL TRANSPORTATION | 665753 |
|  | UTILITIES - 0.6% |  |
| 1183 | Edison International | 61043 |
| 489 | Eversource Energy | 31110 |
| 12160 | Exelon Corp | 527987 |
|  | TOTAL UTILITIES | 620140 |
|  | TOTAL COMMON STOCKS<br>(Cost $53,766,758) | 99273536 |
|  | TOTAL LONG-TERM INVESTMENTS<br>(Cost $53,766,758) | 99273536 |

---

*See Notes to Financial Statements* 35

------

Large Cap Responsible Equity

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS - 1.6% |  |  |  |
|  | REPURCHASE AGREEMENT - 1.6% |  |  |  |
| $1579000<br> (c) | Fixed Income Clearing Corporation | 4.350% | 07/01/25 | $1579000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1579000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $1,579,000) |  |  | 1579000 |
|  | TOTAL INVESTMENTS - 100.2%<br>(Cost $55,345,758) |  |  | 100852536 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.2)% |  |  | (166243) |
|  | NET ASSETS - 100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100686293 |

---

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(c) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $1,579,191 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $1,610,617.

Investments in Derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts - Long |  |  |  |  |  |
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  S&P 500 E-Mini Index | 5 | 09/19/25 | $1521043 | $1563438 | $42395 |

---

36 *See Notes to Financial Statements*

------

## Portfolio of Investments June 30, 2025
Large Cap Value

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | LONG-TERM INVESTMENTS - 99.6% |  |
|  | COMMON STOCKS - 99.6% |  |
|  | BANKS - 10.5% |  |
| 41923 | Bank of America Corp | $1983796 |
| 13289 | Fifth Third Bancorp | 546577 |
| 12281 | JPMorgan Chase & Co | 3560385 |
| 5182 | PNC Financial Services Group, Inc | 966028 |
| 23978 | Wells Fargo & Co | 1921117 |
|  | TOTAL BANKS | 8977903 |
|  | CAPITAL GOODS - 12.8% |  |
| 6926<br> (a) | Boeing Co | 1451205 |
| 1397 | Deere & Co | 710360 |
| 5473 | Dover Corp | 1002818 |
| 4438 | Eaton Corp plc | 1584321 |
| 9060 | Emerson Electric Co | 1207970 |
| 4211 | Honeywell International, Inc | 980658 |
| 7974 | Masco Corp | 513207 |
| 1983 | Parker-Hannifin Corp | 1385066 |
| 11491 | RTX Corp | 1677916 |
| 979 | Trane Technologies plc | 428224 |
|  | TOTAL CAPITAL GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10941745 |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.9% |  |
| 6546<br> (a) | Amazon.com, Inc | 1436127 |
| 2776 | Home Depot, Inc | 1017792 |
| 9683<br> (a) | O'Reilly Automotive, Inc | 872729 |
|  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 3326648 |
|  | CONSUMER DURABLES & APPAREL - 1.4% |  |
| 155<br> (a) | NVR, Inc | 1144777 |
|  | TOTAL CONSUMER DURABLES & APPAREL | 1144777 |
|  | CONSUMER SERVICES - 2.0% |  |
| 138 | Booking Holdings, Inc | 798915 |
| 3217 | Hilton Worldwide Holdings, Inc | 856816 |
|  | TOTAL CONSUMER SERVICES | 1655731 |
|  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6% |  |
| 13970 | Walmart, Inc | 1365987 |
|  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 1365987 |
|  | ENERGY - 6.3% |  |
| 5638 | Chevron Corp | 807305 |
| 11814 | ConocoPhillips | 1060188 |
| 7778 | EOG Resources, Inc | 930327 |
| 15267 | Exxon Mobil Corp | 1645783 |
| 7088 | Valero Energy Corp | 952769 |
|  | TOTAL ENERGY | 5396372 |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9% |  |
| 10281 | Prologis, Inc | 1080739 |
| 3432 | Simon Property Group, Inc | 551728 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 1632467 |
|  | FINANCIAL SERVICES - 11.6% |  |
| 4423 | American Express Co | 1410849 |
| 4178<br> (a) | Berkshire Hathaway, Inc | 2029547 |
| 1112 | BlackRock, Inc | 1166766 |
| 9908 | Charles Schwab Corp | 904006 |
| 5200<br> (a) | Fiserv, Inc | 896532 |
| 2326 | Goldman Sachs Group, Inc | 1646226 |
| 6921 | Intercontinental Exchange, Inc | 1269796 |
| 4408 | KKR & Co, Inc | 586396 |
|  | TOTAL FINANCIAL SERVICES | 9910118 |
|  | FOOD, BEVERAGE & TOBACCO - 2.3% |  |
| 11367 | Mondelez International, Inc | 766590 |

---

*See Notes to Financial Statements* 37

------

## Portfolio of Investments June 30, 2025 (continued)
Large Cap Value

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 6352 | Philip Morris International, Inc | $1156890 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO | 1923480 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 7.0% |  |
| 11708 | Abbott Laboratories | 1592405 |
| 2988 | Cigna Group | 987773 |
| 2301 | Elevance Health, Inc | 894997 |
| 2681 | HCA, Inc | 1027091 |
| 4540 | UnitedHealth Group, Inc | 1416344 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | 5918610 |
|  | HOUSEHOLD & PERSONAL PRODUCTS - 1.8% |  |
| 9441 | Procter & Gamble Co | 1504140 |
|  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 1504140 |
|  | INSURANCE - 5.0% |  |
| 13691 | American International Group, Inc | 1171813 |
| 3807 | Chubb Ltd | 1102964 |
| 5246 | Marsh & McLennan Cos, Inc | 1146985 |
| 10840 | Metlife, Inc | 871753 |
|  | TOTAL INSURANCE | 4293515 |
|  | MATERIALS - 4.2% |  |
| 11741 | DuPont de Nemours, Inc | 805315 |
| 3272<br> (a) | Linde plc | 1535157 |
| 1713 | Reliance Steel & Aluminum Co | 537711 |
| 17023 | Smurfit WestRock plc | 734542 |
|  | TOTAL MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612725 |
|  | MEDIA & ENTERTAINMENT - 4.8% |  |
| 12411 | Alphabet, Inc | 2201587 |
| 10442 | Comcast Corp (Class A) | 372675 |
| 12482 | Walt Disney Co | 1547893 |
|  | TOTAL MEDIA & ENTERTAINMENT | 4122155 |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.6% |  |
| 3653 | AbbVie, Inc | 678070 |
| 4483 | Danaher Corp | 885572 |
| 11113 | Johnson & Johnson | 1697511 |
| 13297 | Sanofi (ADR) | 642378 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 3903531 |
|  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5% |  |
| 3510 | Analog Devices, Inc | 835450 |
| 5337 | Applied Materials, Inc | 977045 |
| 2529 | Broadcom, Inc | 697119 |
| 6831 | Lam Research Corp | 664930 |
| 6290 | Micron Technology, Inc | 775242 |
| 3402 | NXP Semiconductors NV | 743303 |
|  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 4693089 |
|  | SOFTWARE & SERVICES - 2.8% |  |
| 4053 | Accenture plc | 1211401 |
| 1899 | Microsoft Corp | 944582 |
| 983 | Oracle Corp | 214913 |
|  | TOTAL SOFTWARE & SERVICES | 2370896 |
|  | TECHNOLOGY HARDWARE & EQUIPMENT - 2.5% |  |
| 14282 | Cisco Systems, Inc | 990885 |
| 6733 | TE Connectivity plc | 1135655 |
|  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 2126540 |
|  | TELECOMMUNICATION SERVICES - 1.1% |  |
| 4083 | T-Mobile US, Inc | 972816 |
|  | TOTAL TELECOMMUNICATION SERVICES | 972816 |
|  | TRANSPORTATION - 1.9% |  |
| 1598 | FedEx Corp | 363242 |
| 5452 | Union Pacific Corp | 1254396 |
|  | TOTAL TRANSPORTATION | 1617638 |
|  | UTILITIES - 4.1% |  |
| 7971 | Ameren Corp | 765535 |

---

38 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | UTILITIES (continued) |  |  |  |
| 7490 | American Electric Power Co, Inc |  |  | $777162 |
| 9728 | Duke Energy Corp |  |  | 1147904 |
| 11857 | NextEra Energy, Inc |  |  | 823113 |
|  | TOTAL UTILITIES |  |  | 3513714 |
|  | TOTAL COMMON STOCKS<br> (Cost $50,137,978) |  |  | 84924597 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $50,137,978) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84924597 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS - 0.4% |  |  |  |
|  | REPURCHASE AGREEMENT - 0.4% |  |  |  |
| $370000 (b) | Fixed Income Clearing Corporation | 4.350% | 07/01/25 | 370000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 370000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $370,000) |  |  | 370000 |
|  | TOTAL INVESTMENTS - 100.0%<br> (Cost $50,507,978) |  |  | 85294597 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.0)% |  |  | (33695) |
|  | NET ASSETS - 100.0% |  |  | $85260902 |

---

ADR American Depositary Receipt

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $370,045 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $377,479.

*See Notes to Financial Statements* 39

------

## Portfolio of Investments June 30, 2025
Money Market

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL | PRINCIPAL | DESCRIPTION | RATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | VALUE |
|  |  | SHORT-TERM INVESTMENTS - 105.9% |  |  |  |
|  |  | GOVERNMENT AGENCY DEBT - 19.9% |  |  |  |
| $— | 500000 | Federal Farm Credit Discount Notes | 0.000% | 07/08/25 | $499585 |
|  | 2500000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/07/25 | 2498250 |
|  | 3000000 | Federal Home Loan Bank Discount Notes | 0.000 | 07/18/25 | 2994107 |
|  | 620000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/18/25 | 616503 |
|  | 1615000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/20/25 | 1605508 |
|  | 2500000 | Federal Home Loan Bank Discount Notes | 0.000 | 08/22/25 | 2484725 |
|  | 2750000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/05/25 | 2728679 |
|  | 600000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/17/25 | 594504 |
|  | 600000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/24/25 | 594005 |
|  | 3050000 | Federal Home Loan Bank Discount Notes | 0.000 | 09/26/25 | 3019363 |
|  | 4000000 | Federal Home Loan Bank Discount Notes | 0.000 | 10/29/25 | 3944133 |
|  | 625000 | Federal Home Loan Mortgage Corp | 0.375 | 09/23/25 | 619585 |
|  | 135000 | Federal National Mortgage Association | 2.125 | 04/24/26 | 132925 |
|  | 2250000 | United States Treasury Note/Bond | 0.750 | 04/30/26 | 2190268 |
|  | 2875000 | United States Treasury Note/Bond | 1.625 | 05/15/26 | 2814378 |
|  | 1000000 | United States Treasury Note/Bond | 0.750 | 05/31/26 | 969272 |
|  | 500000 | United States Treasury Note/Bond | 4.875 | 05/31/26 | 503288 |
|  |  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 28809078 |
|  |  | REPURCHASE AGREEMENT - 46.7% |  |  |  |
|  | 22995000 (a) | Fixed Income Clearing Corporation | 4.380 | 07/01/25 | 22995000 |
|  | 3612000 (b) | Fixed Income Clearing Corporation | 4.390 | 07/01/25 | 3612000 |
|  | 41146000 (c) | Fixed Income Clearing Corporation | 4.400 | 07/01/25 | 41146000 |
|  |  | TOTAL REPURCHASE AGREEMENT |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67753000 |
|  |  | TREASURY DEBT - 11.6% |  |  |  |
|  | 625000 | United States Treasury Bill | 0.000 | 09/04/25 | 620653 |
|  | 1500000 | United States Treasury Bill | 0.000 | 10/14/25 | 1481537 |
|  | 2500000 | United States Treasury Bill | 0.000 | 11/20/25 | 2459175 |
|  | 1500000 | United States Treasury Bill | 0.000 | 01/02/26 | 1468661 |
|  | 250000 | United States Treasury Bill | 0.000 | 05/14/26 | 241347 |
|  | 400000 | United States Treasury Bill | 0.000 | 06/11/26 | 384820 |
|  | 1450000 | United States Treasury Note/Bond | 0.250 | 09/30/25 | 1436166 |
|  | 375000 | United States Treasury Note/Bond | 0.375 | 12/31/25 | 367868 |
|  | 500000 | United States Treasury Note/Bond | 0.500 | 02/28/26 | 488061 |
|  | 1000000 | United States Treasury Note/Bond | 4.625 | 02/28/26 | 1003565 |
|  | 750000 | United States Treasury Note/Bond | 0.750 | 03/31/26 | 732292 |
|  | 500000 | United States Treasury Note/Bond | 4.500 | 03/31/26 | 501337 |
|  | 500000 | United States Treasury Note/Bond | 3.750 | 04/15/26 | 498762 |
|  | 5125000 | United States Treasury Note/Bond | 4.875 | 04/30/26 | 5159766 |
|  |  | TOTAL TREASURY DEBT |  |  | 16844010 |
|  |  | VARIABLE RATE SECURITIES - 27.7% |  |  |  |
|  | 300000 (d) | Federal Farm Credit Banks Funding Corp, (SOFR - 0.000%) | 4.390 | 09/11/25 | 300000 |
|  | 250000 (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.055%) | 4.445 | 10/30/25 | 250038 |
|  | 500000 (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.005%) | 4.395 | 12/03/25 | 500000 |
|  | 20000 (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.330%) | 4.720 | 12/29/25 | 20029 |
|  | 15000 (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.100%) | 4.490 | 01/15/26 | 15004 |
|  | 30000 (d) | Federal Farm Credit Banks Funding Corp, (SOFR + 0.090%) | 4.480 | 02/12/26 | 30008 |
|  | 1000000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 07/02/25 | 1000000 |
|  | 1000000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 07/03/25 | 1000000 |
|  | 2500000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 07/07/25 | 2500000 |
|  | 2500000 (d) | Federal Home Loan Banks, (SOFR + 0.005%) | 4.395 | 07/11/25 | 2499996 |
|  | 500000 (d) | Federal Home Loan Banks, (SOFR + 0.010%) | 4.400 | 07/21/25 | 500000 |
|  | 1000000 (d) | Federal Home Loan Banks, (SOFR + 0.010%) | 4.400 | 08/12/25 | 1000000 |
|  | 1000000 (d) | Federal Home Loan Banks, (SOFR + 0.010%) | 4.400 | 08/22/25 | 1000000 |
|  | 3250000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 08/29/25 | 3250000 |
|  | 3750000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 09/08/25 | 3750000 |
|  | 3000000 (d) | Federal Home Loan Banks, (SOFR + 0.015%) | 4.405 | 09/29/25 | 3000000 |
|  | 4000000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.320 | 10/14/25 | 4000000 |
|  | 2500000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.390 | 12/05/25 | 2499949 |
|  | 5500000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.320 | 12/18/25 | 5500000 |

---

40 *See Notes to Financial Statements*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| PRINCIPAL | PRINCIPAL | DESCRIPTION | RATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATURITY | VALUE |
|  |  | VARIABLE RATE SECURITIES (continued) |  |  |  |
| $— | 1250000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.320% | 12/22/25 | $1250000 |
|  | 20000 (d) | Federal Home Loan Banks, (SOFR + 0.145%) | 4.535 | 01/02/26 | 20010 |
|  | 2400000 (d) | Federal Home Loan Banks, (SOFR - 0.000%) | 4.440 | 01/05/26 | 2400000 |
|  | 40000 (d) | Federal Home Loan Banks, (SOFR + 0.090%) | 4.480 | 02/02/26 | 40011 |
|  | 3750000 (d) | Federal Home Loan Banks, (SOFR + 0.005%) | 4.395 | 02/03/26 | 3750000 |
|  | 40000 (d) | Federal Home Loan Banks, (SOFR + 0.090%) | 4.410 | 02/19/26 | 40011 |
|  | 15000 (d) | Federal Home Loan Mortgage Corp, (SOFR + 0.100%) | 4.420 | 02/09/26 | 15005 |
|  |  | TOTAL VARIABLE RATE SECURITIES |  |  | 40130061 |
|  |  | TOTAL SHORT-TERM INVESTMENTS<br>(Cost $153,536,149) |  |  | 153536149 |
|  |  | TOTAL INVESTMENTS - 105.9%<br>(Cost $153,536,149) |  |  | 153536149 |
|  |  | OTHER ASSETS & LIABILITIES, NET - (5.9)% |  |  | (8508450) |
|  |  | NET ASSETS - 100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145027699 |

---

SOFR Secured Overnight Financing Rate

(a) Agreement with Fixed Income Clearing Corporation, 4.380% dated 6/30/25 to be repurchased at $22,997,798 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 0.625% and maturity date 1/15/26, valued at $23,454,900.

(b) Agreement with Fixed Income Clearing Corporation, 4.390% dated 6/30/25 to be repurchased at $3,612,440 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 1/31/29, valued at $3,684,293.

(c) Agreement with Fixed Income Clearing Corporation, 4.400% dated 6/30/25 to be repurchased at $41,151,029 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 3.750% and maturity date 6/30/27, valued at $41,969,037.

(d) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

*See Notes to Financial Statements* 41

------

Real Estate Securities Select

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | LONG-TERM INVESTMENTS - 98.8% |  |
|  | COMMON STOCKS - 98.8% |  |
|  | ASSET MANAGEMENT & CUSTODY BANKS - 0.7% |  |
| 1800 | Blackstone, Inc | $269244 |
| 2200 | iShares Dow Jones US Real Estate Index Fund | 208494 |
|  | TOTAL ASSET MANAGEMENT & CUSTODY BANKS | 477738 |
|  | DATA CENTER REITS - 11.2% |  |
| 17500 | Digital Realty Trust, Inc | 3050775 |
| 5000 | Equinix, Inc | 3977350 |
|  | TOTAL DATA CENTER REITS | 7028125 |
|  | HEALTH CARE REITS - 14.7% |  |
| 29000 | American Healthcare REIT, Inc | 1065460 |
| 18000 | Healthpeak Properties, Inc | 315180 |
| 38000 | Sabra Health Care REIT, Inc | 700720 |
| 36200 | Ventas, Inc | 2286030 |
| 31700 | Welltower, Inc | 4873241 |
|  | TOTAL HEALTH CARE REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9240631 |
|  | HOTEL & RESORT REITS - 0.2% |  |
| 8000 | Host Hotels & Resorts Inc | 122880 |
|  | TOTAL HOTEL & RESORT REITS | 122880 |
|  | HOTELS, RESORTS & CRUISE LINES - 1.2% |  |
| 2700 | Hyatt Hotels Corp | 377055 |
| 1300 | Marriott International, Inc (Class A) | 355173 |
|  | TOTAL HOTELS, RESORTS & CRUISE LINES | 732228 |
|  | INDUSTRIAL REITS - 11.7% |  |
| 4000 | EastGroup Properties, Inc | 668480 |
| 49800 | Prologis, Inc | 5234976 |
| 27400 | Rexford Industrial Realty, Inc | 974618 |
| 8000 | Terreno Realty Corp | 448560 |
|  | TOTAL INDUSTRIAL REITS | 7326634 |
|  | MULTI-FAMILY RESIDENTIAL REITS - 8.7% |  |
| 7500 | AvalonBay Communities, Inc | 1526250 |
| 14500 | Equity Residential | 978605 |
| 2300 | Essex Property Trust, Inc | 651820 |
| 11000 | Mid-America Apartment Communities, Inc | 1628110 |
| 16300 | UDR, Inc | 665529 |
|  | TOTAL MULTI-FAMILY RESIDENTIAL REITS | 5450314 |
|  | OFFICE REITS - 4.4% |  |
| 11500 | Boston Properties, Inc | 775905 |
| 70000 | Hudson Pacific Properties, Inc | 191800 |
| 19700 | SL Green Realty Corp | 1219430 |
| 15600 | Vornado Realty Trust | 596544 |
|  | TOTAL OFFICE REITS | 2783679 |
|  | OTHER SPECIALIZED REITS - 5.3% |  |
| 20000 | Gaming and Leisure Properties, Inc | 933600 |
| 9300 | Iron Mountain, Inc | 953901 |
| 44000 | VICI Properties, Inc | 1434400 |
|  | TOTAL OTHER SPECIALIZED REITS | 3321901 |
|  | RETAIL REITS - 18.2% |  |
| 14500 | Agree Realty Corp | 1059370 |
| 31700 | Curbline Properties Corp | 723711 |
| 52500 | Kimco Realty Corp | 1103550 |
| 30000 | Kite Realty Group Trust | 679500 |
| 20300 | Macerich Co | 328454 |
| 30000 | Realty Income Corp | 1728300 |
| 18500 | Regency Centers Corp | 1317755 |
| 25500 | Simon Property Group, Inc | 4099380 |

---

42 *See Notes to Financial Statements*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION |  |  | VALUE |
|  |  | RETAIL REITS (continued) |  |  |  |
| 12800 |  | Tanger Factory Outlet Centers, Inc |  |  | $391424 |
|  |  | TOTAL RETAIL REITS |  |  | 11431444 |
|  |  | SELF STORAGE REITS - 5.5% |  |  |  |
| 12100 |  | Extra Space Storage, Inc |  |  | 1784024 |
| 5800 |  | Public Storage, Inc |  |  | 1701836 |
|  |  | TOTAL SELF STORAGE REITS |  |  | 3485860 |
|  |  | SINGLE-FAMILY RESIDENTIAL REITS - 5.4% |  |  |  |
| 10900 |  | American Homes 4 Rent |  |  | 393163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16200 |  | Equity Lifestyle Properties, Inc |  |  | 999054 |
| 38000 |  | Invitation Homes, Inc |  |  | 1246400 |
| 5800 |  | Sun Communities, Inc |  |  | 733642 |
|  |  | TOTAL SINGLE-FAMILY RESIDENTIAL REITS |  |  | 3372259 |
|  |  | TELECOM TOWER REITS - 11.6% |  |  |  |
| 18000 |  | American Tower Corp |  |  | 3978360 |
| 20400 |  | Crown Castle, Inc |  |  | 2095692 |
| 5200 |  | SBA Communications Corp |  |  | 1221168 |
|  |  | TOTAL TELECOM TOWER REITS |  |  | 7295220 |
|  |  | TOTAL COMMON STOCKS<br> (Cost $39,835,595) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62068913 |
|  |  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $39,835,595) |  |  | 62068913 |
| PRINCIPAL |  | DESCRIPTION | RATE | MATURITY | VALUE |
|  |  | SHORT-TERM INVESTMENTS - 1.1% |  |  |  |
|  |  | REPURCHASE AGREEMENT - 1.1% |  |  |  |
| $677000 | (a) | Fixed Income Clearing Corporation | 4.350% | 07/01/25 | 677000 |
|  |  | TOTAL REPURCHASE AGREEMENT |  |  | 677000 |
|  |  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $677,000) |  |  | 677000 |
|  |  | TOTAL INVESTMENTS - 99.9%<br> (Cost $40,512,595) |  |  | 62745913 |
|  |  | OTHER ASSETS & LIABILITIES, NET - 0.1% |  |  | 82528 |
|  |  | NET ASSETS - 100.0% |  |  | $62828441 |

---

REIT Real Estate Investment Trust

(a) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $677,082 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 12/31/31, valued at $690,544.

*See Notes to Financial Statements* 43

------

Small Cap Equity

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | LONG-TERM INVESTMENTS - 98.1% |  |
|  | COMMON STOCKS - 98.1% |  |
|  | AUTOMOBILES & COMPONENTS - 0.9% |  |
| 1531<br> (a) | Cooper-Standard Holdings, Inc | $32916 |
| 1578<br> (a) | Dorman Products, Inc | 193573 |
| 5623<br> (a) | Fox Factory Holding Corp | 145861 |
| 2510<br> (a) | Modine Manufacturing Co | 247235 |
|  | TOTAL AUTOMOBILES & COMPONENTS | 619585 |
|  | BANKS - 10.2% |  |
| 2145 | Amalgamated Financial Corp | 66924 |
| 4743 | Ameris Bancorp | 306872 |
| 10890 | Associated Banc-Corp | 265607 |
| 3714<br> (a) | Axos Financial, Inc | 282413 |
| 5284 | Bank of NT Butterfield & Son Ltd | 233975 |
| 5767 | Berkshire Hills Bancorp, Inc | 144406 |
| 3012 | Cadence Bank | 96324 |
| 2785 | Central Pacific Financial Corp | 78064 |
| 1660 | ConnectOne Bancorp, Inc | 38446 |
| 5450<br> (a) | Customers Bancorp, Inc | 320133 |
| 781 | Enterprise Financial Services Corp | 43033 |
| 2943 | First Bancorp | 129757 |
| 8286 | First Busey Corp | 189625 |
| 3963 | First Commonwealth Financial Corp | 64319 |
| 7093 | First Financial Bancorp | 172076 |
| 1765 | First Financial Corp | 95645 |
| 3147 | First Merchants Corp | 120530 |
| 4230 | Hancock Whitney Corp | 242802 |
| 5991 | Heritage Commerce Corp | 59491 |
| 3346 | Heritage Financial Corp | 79769 |
| 4276 | Horizon Bancorp, Inc | 65765 |
| 2096 | Independent Bank Corp | 67931 |
| 2651<br> (a) | Metropolitan Bank Holding Corp | 185570 |
| 3981 | National Bank Holdings Corp | 149725 |
| 12253 | Northwest Bancshares, Inc | 156593 |
| 5633 | OceanFirst Financial Corp | 99197 |
| 8189 | OFG Bancorp | 350489 |
| 5615 | Old National Bancorp | 119824 |
| 6381 | Pacific Premier Bancorp, Inc | 134575 |
| 1451 | Pathward Financial, Inc | 114803 |
| 12223 | Provident Financial Services, Inc | 214269 |
| 3107 | S&T Bancorp, Inc | 117507 |
| 4789 | Towne Bank | 163688 |
| 2160 | Trustmark Corp | 78754 |
| 4167 | UMB Financial Corp | 438202 |
| 8223 | United Bankshares, Inc | 299564 |
| 9140 | United Community Banks, Inc | 272281 |
| 6049 | Veritex Holdings, Inc | 157879 |
| 7008 | WesBanco, Inc | 221663 |
| 3029 | Westamerica Bancorporation | 146725 |
| 1197 | WSFS Financial Corp | 65835 |
|  | TOTAL BANKS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651050 |
|  | CAPITAL GOODS - 12.2% |  |
| 2637 | Albany International Corp (Class A) | 184933 |
| 7401<br> (a) | American Superconductor Corp | 271543 |
| 21523<br> (a) | Archer Aviation, Inc | 233525 |
| 758 | Argan, Inc | 167124 |
| 5299<br> (a) | Astronics Corp | 177410 |
| 11272<br> (a) | Bloom Energy Corp | 269626 |
| 4893<br> (a) | Blue Bird Corp | 211182 |
| 348 | Comfort Systems USA, Inc | 186601 |
| 9093<br> (a) | DNOW, Inc | 134849 |

---

44 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | CAPITAL GOODS (continued) |  |
| 1021 | (a) | Dycom Industries, Inc | $249522 |
| 1099 |  | Enerpac Tool Group Corp | 44575 |
| 1770 |  | ESCO Technologies, Inc | 339610 |
| 3492 |  | Federal Signal Corp | 371619 |
| 2380 |  | Franklin Electric Co, Inc | 213581 |
| 816 |  | FTAI Aviation Ltd | 93873 |
| 2331 | (a) | Gibraltar Industries, Inc | 137529 |
| 3081 |  | Granite Construction, Inc | 288104 |
| 3600 | (a) | Great Lakes Dredge & Dock Corp | 43884 |
| 1705 |  | Griffon Corp | 123391 |
| 4963 | (a) | Hillman Solutions Corp | 35436 |
| 7574 |  | Leonardo DRS, Inc | 352039 |
| 296 |  | Moog, Inc (Class A) | 53567 |
| 4412 |  | Mueller Industries, Inc | 350622 |
| 10707 |  | Mueller Water Products, Inc (Class A) | 257396 |
| 8256 | (a) | NEXTracker, Inc | 448879 |
| 2988 |  | Primoris Services Corp | 232885 |
| 2412 | (a) | Proto Labs, Inc | 96576 |
| 12308 | (a) | Resideo Technologies, Inc | 271514 |
| 2924 |  | REV Group, Inc | 139153 |
| 2599 | (a) | SPX Technologies, Inc | 435800 |
| 1865 | (a) | Sterling Construction Co, Inc | 430311 |
| 1874 |  | Tecnoglass, Inc | 144973 |
| 2083 | (a) | Triumph Group, Inc | 53637 |
| 3290 | (a) | Tutor Perini Corp | 153906 |
| 1723 | (a) | V2X, Inc | 83652 |
| 486 |  | Watts Water Technologies, Inc (Class A) | 119503 |
| 3145 |  | Worthington Enterprises, Inc | 200148 |
| 7502 | (a) | Xometry, Inc | 253493 |
| 2547 |  | Zurn Elkay Water Solutions Corp | 93144 |
|  |  | TOTAL CAPITAL GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7949115 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 3.8% |  |
| 5073 |  | ABM Industries, Inc | 239496 |
| 12548 | (a) | ACV Auctions, Inc | 203529 |
| 2970 |  | Barrett Business Services, Inc | 123819 |
| 2902 |  | CSG Systems International, Inc | 189530 |
| 9003 | (a) | ExlService Holdings, Inc | 394241 |
| 9776 | (a) | Healthcare Services Group | 146933 |
| 2465 |  | Heidrick & Struggles International, Inc | 112798 |
| 809 | (a) | Huron Consulting Group, Inc | 111270 |
| 2024 | (a) | Innodata, Inc | 103669 |
| 7443 |  | Interface, Inc | 155782 |
| 15772 | (a) | Legalzoom.com, Inc | 140529 |
| 7066 | (a) | Montrose Environmental Group, Inc | 154675 |
| 1202 |  | Unifirst Corp | 226240 |
| 9354 | (a) | Upwork, Inc | 125718 |
| 860 | (a) | Willdan Group, Inc | 53759 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 2481988 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.5% |  |
| 3963 | (a) | Abercrombie & Fitch Co (Class A) | 328335 |
| 12121 |  | American Eagle Outfitters, Inc | 116604 |
| 490 | (a) | Asbury Automotive Group, Inc | 116885 |
| 2870 |  | Buckle, Inc | 130154 |
| 1880 |  | Build-A-Bear Workshop, Inc | 96933 |
| 394 | (a) | Carvana Co | 132762 |
| 20942 | (a),(b) | EVgo, Inc | 76438 |
| 7267 | (a) | GigaCloud Technology, Inc | 143741 |
| 4073 | (a) | National Vision Holdings, Inc | 93720 |
| 7115 | (a) | ODP Corp | 128995 |
| 39020 | (a) | Petco Health & Wellness Co, Inc | 110427 |
| 5229 |  | Upbound Group, Inc | 131248 |
| 4410 | (a) | Urban Outfitters, Inc | 319901 |

---

*See Notes to Financial Statements* 45

------

## Portfolio of Investments June 30, 2025 (continued)
Small Cap Equity

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued) |  |
| 5026<br> (a) | Victoria's Secret & Co | $93082 |
| 11868<br> (a) | Warby Parker, Inc | 260265 |
|  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279490 |
|  | CONSUMER DURABLES & APPAREL - 1.3% |  |
| 12250<br> (a) | Figs, Inc | 69090 |
| 8850 | Leggett & Platt, Inc | 78942 |
| 21429<br> (a) | Peloton Interactive, Inc | 148717 |
| 5545<br> (a) | Taylor Morrison Home Corp | 340574 |
| 6168<br> (a) | Tri Pointe Homes, Inc | 197068 |
|  | TOTAL CONSUMER DURABLES & APPAREL | 834391 |
|  | CONSUMER SERVICES - 4.5% |  |
| 214<br> (a) | Biglari Holdings, Inc (B Shares) | 62533 |
| 1003<br> (a) | BJ's Restaurants, Inc | 44734 |
| 2117<br> (a) | Brinker International, Inc | 381759 |
| 645 | Carriage Services, Inc | 29502 |
| 16866<br> (a) | Coursera, Inc | 147746 |
| 286<br> (a) | Duolingo, Inc | 117266 |
| 1719<br> (a) | Everi Holdings, Inc | 24478 |
| 4023<br> (a) | Frontdoor, Inc | 237116 |
| 10923<br> (a) | Laureate Education, Inc | 255380 |
| 6722<br> (a) | Life Time Group Holdings, Inc | 203878 |
| 1678 | Monarch Casino & Resort, Inc | 145046 |
| 6240 | Perdoceo Education Corp | 203986 |
| 14376<br> (a) | Rush Street Interactive, Inc | 214202 |
| 2124<br> (a) | Shake Shack, Inc | 298634 |
| 2086 | Strategic Education, Inc | 177581 |
| 1453<br> (a) | Stride, Inc | 210961 |
| 10771 | Super Group SGHC Ltd | 118158 |
| 2221<br> (a) | Universal Technical Institute, Inc | 75270 |
|  | TOTAL CONSUMER SERVICES | 2948230 |
|  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.0% |  |
| 2938<br> (a) | Chefs' Warehouse, Inc | 187474 |
| 2779<br> (a) | Sprouts Farmers Market, Inc | 457534 |
|  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 645008 |
|  | ENERGY - 5.1% |  |
| 10889 | Archrock, Inc | 270374 |
| 8002 | Ardmore Shipping Corp | 76819 |
| 4440 | California Resources Corp | 202775 |
| 8959<br> (a) | CNX Resources Corp | 301739 |
| 9337 | Delek US Holdings, Inc | 197758 |
| 2930 | Diversified Energy Co plc | 42983 |
| 3289 | Excelerate Energy, Inc | 96433 |
| 7934 | Golar LNG Ltd | 326801 |
| 11220<br> (a) | Green Plains, Inc | 67657 |
| 3661<br> (a) | Hallador Energy Co | 57954 |
| 3799 | Liberty Energy, Inc | 43612 |
| 6960<br> (a) | Lightbridge Corp | 93055 |
| 8752 | Magnolia Oil & Gas Corp | 196745 |
| 12327<br> (a) | NextDecade Corp | 109833 |
| 9144<br> (a) | Oceaneering International, Inc | 189464 |
| 5980<br> (a) | Oil States International, Inc | 32053 |
| 9320<br> (a) | Par Pacific Holdings, Inc | 247260 |
| 20504 | Patterson-UTI Energy, Inc | 121589 |
| 1576<br> (a) | Rex American Resources Corp | 76767 |
| 7050<br> (a) | Sable Offshore Corp | 154959 |
| 9850 | Sitio Royalties Corp | 181043 |
| 7525 | SM Energy Co | 185943 |
| 5156 | Teekay Corp Ltd | 42537 |
| 9200<br> (a) | Tetra Technologies, Inc | 30912 |
|  | TOTAL ENERGY | 3347065 |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.1% |  |
| 7039 | American Assets Trust, Inc | 139020 |

---

46 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 1988 | American Healthcare REIT, Inc | $73039 |
| 12469 | Broadstone Net Lease, Inc | 200127 |
| 7113 | Corporate Office Properties Trust | 196177 |
| 18572 | DiamondRock Hospitality Co | 142261 |
| 6420 | Douglas Emmett, Inc | 96557 |
| 18640 | Empire State Realty Trust, Inc | 150798 |
| 8836 | Essential Properties Realty Trust, Inc | 281957 |
| 5537 | Independence Realty Trust, Inc | 97949 |
| 6842 | InvenTrust Properties Corp | 187471 |
| 11658 | Kite Realty Group Trust | 264054 |
| 3454 | LTC Properties, Inc | 119543 |
| 1144 | National Health Investors, Inc | 80217 |
| 24481 | Paramount Group, Inc | 149334 |
| 7957 | Phillips Edison & Co, Inc | 278734 |
| 18503 | RLJ Lodging Trust | 134702 |
| 928 | Ryman Hospitality Properties, Inc | 91566 |
| 7149 | Summit Hotel Properties, Inc | 36388 |
| 9318 | Tanger Factory Outlet Centers, Inc | 284944 |
| 10692 | Urban Edge Properties | 199513 |
| 7949 | Washington REIT | 126389 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330740 |
|  | FINANCIAL SERVICES - 6.4% |  |
| 2587 | ARMOUR Residential REIT, Inc | 43488 |
| 4969 | Artisan Partners Asset Management, Inc | 220276 |
| 36406<br> (c) | BGC Group, Inc | 372433 |
| 1704<br> (a) | Dave, Inc | 457371 |
| 4386 | Enact Holdings, Inc | 162940 |
| 1930<br> (a) | Encore Capital Group, Inc | 74710 |
| 5510 | Essent Group Ltd | 334622 |
| 8937<br> (a) | Green Dot Corp | 96341 |
| 4325 | Jackson Financial, Inc | 384017 |
| 7160<br> (a) | LendingClub Corp | 86135 |
| 3179<br> (a) | LendingTree, Inc | 117846 |
| 1773 | Merchants Bancorp | 58633 |
| 6400<br> (a) | NCR Corp ATM | 182592 |
| 7439<br> (a) | NMI Holdings, Inc | 313851 |
| 8320 | P10, Inc | 85030 |
| 24367 | Pagseguro Digital Ltd | 234898 |
| 32274<br> (a) | Payoneer Global, Inc | 221077 |
| 7994 | Radian Group, Inc | 287944 |
| 21835<br> (a) | Repay Holdings Corp | 105245 |
| 3638 | Victory Capital Holdings, Inc | 231631 |
| 701 | Virtus Investment Partners, Inc | 127161 |
|  | TOTAL FINANCIAL SERVICES | 4198241 |
|  | FOOD, BEVERAGE & TOBACCO - 1.1% |  |
| 1650 | Calavo Growers, Inc | 43873 |
| 2754 | Cal-Maine Foods, Inc | 274381 |
| 7819 | Dole plc | 109388 |
| 9593 | Primo Brands Corp | 284145 |
|  | TOTAL FOOD, BEVERAGE & TOBACCO | 711787 |
|  | HEALTH CARE EQUIPMENT & SERVICES - 6.5% |  |
| 10531<br> (a) | Alignment Healthcare, Inc | 147434 |
| 2645<br> (a) | AMN Healthcare Services, Inc | 54672 |
| 8479<br> (a) | Angiodynamics, Inc | 84112 |
| 6196<br> (a) | AtriCure, Inc | 203043 |
| 8230<br> (a) | BrightSpring Health Services, Inc | 194146 |
| 26867<br> (a) | Brookdale Senior Living, Inc | 186994 |
| 3887<br> (a) | Castle Biosciences, Inc | 79373 |
| 8292 | Concentra Group Holdings Parent, Inc | 170567 |
| 471<br> (a) | Corvel Corp | 48409 |
| 4985<br> (a) | Fulgent Genetics, Inc | 99102 |
| 2727<br> (a) | Guardant Health, Inc | 141913 |

---

*See Notes to Financial Statements* 47

------

Small Cap Equity

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 9078<br> (a) | Hims & Hers Health, Inc | $452538 |
| 1415<br> (a) | iRhythm Technologies, Inc | 217854 |
| 13023<br> (a) | LifeMD, Inc | 177373 |
| 5566<br> (a) | LifeStance Health Group, Inc | 28776 |
| 4487<br> (a) | LivaNova plc | 202005 |
| 15241<br> (a) | Neogen Corp | 72852 |
| 4989<br> (a) | Novocure Ltd | 88804 |
| 3751<br> (a) | Omnicell, Inc | 110279 |
| 5094<br> (a) | Option Care Health, Inc | 165453 |
| 6186<br> (a) | Pediatrix Medical Group, Inc | 88769 |
| 1310<br> (a) | Pennant Group, Inc | 39104 |
| 6247<br> (a) | Phreesia, Inc | 177790 |
| 9587<br> (a) | Privia Health Group, Inc | 220501 |
| 8617<br> (a) | Progyny, Inc | 189574 |
| 6034 | Select Medical Holdings Corp | 91596 |
| 7225<br> (a) | Tandem Diabetes Care, Inc | 134674 |
| 15910<br> (a) | Teladoc Health, Inc | 138576 |
| 1501 | US Physical Therapy, Inc | 117378 |
| 3021<br> (a) | Waystar Holding Corp | 123468 |
|  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4247129 |
|  | HOUSEHOLD & PERSONAL PRODUCTS - 0.4% |  |
| 1851<br> (a) | BellRing Brands, Inc | 107228 |
| 1414<br> (a) | Central Garden & Pet Co | 49745 |
| 10737<br> (a) | Honest Co, Inc | 54651 |
| 1450<br> (a) | USANA Health Sciences, Inc | 44269 |
|  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 255893 |
|  | INSURANCE - 1.1% |  |
| 2449 | Employers Holdings, Inc | 115544 |
| 8767 | Fidelis Insurance Holdings Ltd | 145357 |
| 8656<br> (a) | Genworth Financial, Inc (Class A) | 67344 |
| 7889<br> (a) | Hamilton Insurance Group Ltd | 170560 |
| 2070<br> (a) | Kingstone Cos, Inc | 31899 |
| 855<br> (a) | Palomar Holdings, Inc | 131884 |
| 1620 | Universal Insurance Holdings, Inc | 44922 |
|  | TOTAL INSURANCE | 707510 |
|  | MATERIALS - 3.4% |  |
| 27498 | Ardagh Metal Packaging S.A. | 117691 |
| 6257 | Avient Corp | 202164 |
| 1906 | Balchem Corp | 303435 |
| 958 | Carpenter Technology Corp | 264772 |
| 4233<br> (a) | Clearwater Paper Corp | 115307 |
| 36096<br> (a) | Coeur Mining, Inc | 319811 |
| 5387<br> (a) | Constellium SE | 71647 |
| 20840 | Hecla Mining Co | 124832 |
| 3111<br> (a) | Intrepid Potash, Inc | 111156 |
| 1818 | Olympic Steel, Inc | 59249 |
| 5718<br> (a) | Rayonier Advanced Materials, Inc | 22014 |
| 4900 | Schweitzer-Mauduit International, Inc | 33418 |
| 2523 | Sensient Technologies Corp | 248566 |
| 18083<br> (a) | SSR Mining, Inc | 230377 |
|  | TOTAL MATERIALS | 2224439 |
|  | MEDIA & ENTERTAINMENT - 2.1% |  |
| 1859<br> (a) | Cargurus, Inc | 62221 |
| 6660<br> (a) | EverQuote, Inc | 161039 |
| 7854 | Gray Television, Inc | 35579 |
| 7828<br> (a) | Grindr, Inc | 177695 |
| 16550<br> (a) | Integral Ad Science Holding Corp | 137530 |
| 13937<br> (a) | Lionsgate Studios Corp | 80974 |
| 11503<br> (a) | Magnite, Inc | 277452 |
| 5996<br> (a) | MediaAlpha, Inc | 65656 |
| 5909<br> (a) | PubMatic, Inc | 73508 |
| 3328<br> (a) | QuinStreet, Inc | 53581 |

---

48 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | MEDIA & ENTERTAINMENT (continued) |  |
| 2960 | (a) | Sphere Entertainment Co | $123728 |
| 3242 |  | TEGNA, Inc | 54336 |
| 2955 | (a) | Yelp, Inc | 101268 |
|  |  | TOTAL MEDIA & ENTERTAINMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404567 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.4% |  |
| 3054 | (a) | Acadia Pharmaceuticals, Inc | 65875 |
| 17196 | (a) | Adaptive Biotechnologies Corp | 200333 |
| 23482 | (a) | ADMA Biologics, Inc | 427607 |
| 40050 | (a) | Akebia Therapeutics, Inc | 145782 |
| 3780 | (a) | Akero Therapeutics, Inc | 201701 |
| 7904 | (a) | Alkermes plc | 226133 |
| 20186 | (a) | Amicus Therapeutics, Inc | 115666 |
| 19488 | (a) | Amneal Pharmaceuticals, Inc | 157658 |
| 5299 | (a),(b) | AnaptysBio, Inc | 117638 |
| 885 | (a) | ANI Pharmaceuticals, Inc | 57746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35349 | (a) | Ardelyx, Inc | 138568 |
| 21977 | (a) | BioCryst Pharmaceuticals, Inc | 196914 |
| 3087 | (a) | Blueprint Medicines Corp | 395692 |
| 2750 | (a) | Brooks Automation, Inc | 84645 |
| 7937 | (a) | Catalyst Pharmaceuticals, Inc | 172233 |
| 5860 | (a) | ChromaDex Corp | 84443 |
| 11237 | (a) | CorMedix, Inc | 138440 |
| 14140 | (a) | Editas Medicine, Inc | 31108 |
| 8752 | (a) | Evolus, Inc | 80606 |
| 8470 | (a) | Innoviva, Inc | 170162 |
| 3493 | (a) | Insmed, Inc | 351535 |
| 33221 | (a) | MannKind Corp | 124247 |
| 4426 | (a) | Mirum Pharmaceuticals, Inc | 225239 |
| 8789 | (a) | Myriad Genetics, Inc | 46670 |
| 5512 | (a) | Pacira BioSciences, Inc | 131737 |
| 6200 | (a) | Personalis, Inc | 40672 |
| 16530 | (a) | Perspective Therapeutics, Inc | 56863 |
| 3304 |  | Phibro Animal Health Corp | 84384 |
| 6335 | (a) | PTC Therapeutics, Inc | 309401 |
| 8848 | (a),(b) | Recursion Pharmaceuticals, Inc | 44771 |
| 5967 | (a) | REGENXBIO, Inc | 48989 |
| 8281 | (a) | Sage Therapeutics, Inc | 75523 |
| 2616 | (a) | Tarsus Pharmaceuticals, Inc | 105974 |
| 15951 | (a) | Terns Pharmaceuticals, Inc | 59497 |
| 6148 | (a) | TG Therapeutics, Inc | 221266 |
| 11476 | (a) | Travere Therapeutics, Inc | 169845 |
| 4900 | (a) | Twist Bioscience Corp | 180271 |
| 3809 | (a) | Veracyte, Inc | 102957 |
| 27318 | (a) | Verve Therapeutics, Inc | 306781 |
| 22759 | (a) | Xeris Biopharma Holdings, Inc | 106285 |
| 9132 | (a) | Zymeworks, Inc | 114607 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 6116464 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.8% |  |
| 24861 | (a) | Compass, Inc | 156127 |
| 14754 | (a) | Cushman & Wakefield plc | 163327 |
| 14282 |  | Newmark Group, Inc | 173526 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 492980 |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3% |  |
| 7243 | (a) | ACM Research, Inc | 187594 |
| 2485 | (a) | Ambarella, Inc | 164171 |
| 3118 | (a) | Credo Technology Group Holding Ltd | 288695 |
| 509 | (a) | Impinj, Inc | 56535 |
| 1540 | (a) | PDF Solutions, Inc | 32925 |
| 6489 | (a) | Rambus, Inc | 415426 |
| 6271 | (a) | Semtech Corp | 283073 |

---

*See Notes to Financial Statements* 49

------

Small Cap Equity

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) |  |
| 4690 | (a) | SMART Global Holdings, Inc | $92909 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 1521328 |
|  |  | SOFTWARE & SERVICES - 6.4% |  |
| 12424 | (a) | Amplitude, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154058 |
| 9530 | (a) | Asana, Inc | 128655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12406 | (a) | AvePoint, Inc | 239560 |
| 4289 | (a) | Braze, Inc | 120521 |
| 12352 | (a) | Clearwater Analytics Holdings, Inc | 270879 |
| 2986 | (a) | Commvault Systems, Inc | 520549 |
| 14908 | (a) | Freshworks, Inc | 222278 |
| 4121 | (a) | Intapp, Inc | 212726 |
| 8665 | (a) | Jamf Holding Corp | 82404 |
| 8833 | (a) | Pagaya Technologies Ltd | 188319 |
| 8926 | (a) | PagerDuty, Inc | 136389 |
| 11122 | (a) | Porch Group, Inc | 131128 |
| 7417 | (a) | PROS Holdings, Inc | 116150 |
| 1483 | (a) | Q2 Holdings, Inc | 138794 |
| 910 | (a) | Qualys, Inc | 130012 |
| 6874 | (a) | Rapid7, Inc | 158996 |
| 7912 | (a) | SEMrush Holdings, Inc | 71604 |
| 6792 | (a) | Sprout Social, Inc | 142021 |
| 1841 | (a) | SPS Commerce, Inc | 250542 |
| 7472 | (a) | Tenable Holdings, Inc | 252404 |
| 2715 | (a) | Varonis Systems, Inc | 137786 |
| 3668 | (a) | Verint Systems, Inc | 72150 |
| 5525 | (a) | Weave Communications, Inc | 45968 |
| 857 | (a) | Workiva, Inc | 58662 |
| 12728 | (a) | Zeta Global Holdings Corp | 197157 |
|  |  | TOTAL SOFTWARE & SERVICES | 4179712 |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT - 5.0% |  |
| 29177 | (a) | CommScope Holding Co, Inc | 241585 |
| 3326 | (a) | Diebold Nixdorf, Inc | 184260 |
| 2306 | (a) | ePlus, Inc | 166262 |
| 12727 | (a) | Extreme Networks, Inc | 228450 |
| 1457 | (a) | Fabrinet | 429349 |
| 5801 | (a) | Knowles Corp | 102214 |
| 6669 | (a) | Netscout Systems, Inc | 165458 |
| 649 | (a) | OSI Systems, Inc | 145934 |
| 6678 | (a) | Sanmina Corp | 653309 |
| 2434 | (a) | Scansource, Inc | 101765 |
| 1715 | (a),(b) | Super Micro Computer, Inc | 84052 |
| 8909 | (a) | TTM Technologies, Inc | 363665 |
| 10398 | (a) | Viasat, Inc | 151811 |
| 9020 |  | Vishay Intertechnology, Inc | 143238 |
| 15321 | (b) | Xerox Holdings Corp | 80742 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 3242094 |
|  |  | TELECOMMUNICATION SERVICES - 1.0% |  |
| 2816 | (a) | Anterix, Inc | 72230 |
| 5691 | (a) | Bandwidth, Inc | 90487 |
| 8410 | (a) | Gogo, Inc | 123459 |
| 1487 |  | IDT Corp | 101592 |
| 57662 | (a) | Lumen Technologies, Inc | 252559 |
|  |  | TOTAL TELECOMMUNICATION SERVICES | 640327 |
|  |  | TRANSPORTATION - 1.2% |  |
| 6820 |  | Costamare, Inc | 62130 |
| 4983 |  | Hub Group, Inc (Class A) | 166582 |
| 626 |  | Matson, Inc | 69705 |
| 4553 | (a) | Skywest, Inc | 468822 |
|  |  | TOTAL TRANSPORTATION | 767239 |
|  |  | UTILITIES - 3.4% |  |
| 1454 |  | Allete, Inc | 93158 |
| 5636 |  | Avista Corp | 213886 |

---

50 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  |  | VALUE |
|  | UTILITIES (continued) |  |  |  |
| 4773 | Black Hills Corp |  |  | $267765 |
| 7634 | Brookfield Infrastructure Corp |  |  | 317575 |
| 5000 | California Water Service Group |  |  | 227400 |
| 15262<br> (a) | Hawaiian Electric Industries, Inc |  |  | 162235 |
| 4521 | NorthWestern Corp |  |  | 231927 |
| 3483 | SJW Corp |  |  | 181012 |
| 3906 | Southwest Gas Holdings Inc |  |  | 290567 |
| 2637 | Spire, Inc |  |  | 192475 |
| 1429 | Unitil Corp |  |  | 74522 |
|  | TOTAL UTILITIES |  |  | 2252522 |
|  | TOTAL COMMON STOCKS<br> (Cost $52,326,883) |  |  | 64048894 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $52,326,883) |  |  | 64048894 |
| SHARES | DESCRIPTION | RATE |  | VALUE |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.5% | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.5% | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.5% |  |
| 312230<br> (d) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350%(e) |  | 312230 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $312,230) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $312,230) | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $312,230) | 312230 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS - 2.1% |  |  |  |
|  | REPURCHASE AGREEMENT - 2.1% |  |  |  |
| $1386000<br> (f) | Fixed Income Clearing Corporation | 4.350 | 07/01/25 | 1386000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 1386000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $1,386,000) |  |  | 1386000 |
|  | TOTAL INVESTMENTS - 100.7%<br> (Cost $54,025,113) |  |  | 65747124 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.7)% |  |  | (450598) |
|  | NET ASSETS - 100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65296526 |

---

REIT Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $377,909.

(c) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(d) Investments made with cash collateral received from securities on loan.

(e) The rate shown is the one-day yield as of the end of the reporting period.

(f) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $1,386,167 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $1,413,791.

Investments in Derivatives

Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  Russell 2000 E-Mini Index | 10 | 09/19/25 | $1059342 | $1095850 | $36508 |

---

*See Notes to Financial Statements* 51

------

## Portfolio of Investments June 30, 2025
Stock Index

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | LONG-TERM INVESTMENTS - 99.1% |  |
|  |  | COMMON STOCKS - 99.1% |  |
|  |  | AUTOMOBILES & COMPONENTS - 1.8% |  |
| 1634 | (a) | Adient plc | $31798 |
| 1752 | (a) | American Axle & Manufacturing Holdings, Inc | 7148 |
| 3197 | (a) | Aptiv plc | 218099 |
| 3319 |  | BorgWarner, Inc | 111120 |
| 271 | (a) | Cooper-Standard Holdings, Inc | 5826 |
| 1652 |  | Dana Inc | 28332 |
| 476 | (a) | Dorman Products, Inc | 58391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57420 |  | Ford Motor Co | 623007 |
| 713 | (a) | Fox Factory Holding Corp | 18495 |
| 890 |  | Garrett Motion, Inc | 9354 |
| 14145 |  | General Motors Co | 696075 |
| 3486 |  | Gentex Corp | 76657 |
| 573 | (a) | Gentherm, Inc | 16210 |
| 4151 | (a) | Goodyear Tire & Rubber Co | 43046 |
| 1042 |  | Harley-Davidson, Inc | 24591 |
| 377 |  | LCI Industries | 34379 |
| 586 |  | Lear Corp | 55658 |
| 16361 | (a),(b) | Lucid Group, Inc | 34522 |
| 772 | (a) | Modine Manufacturing Co | 76042 |
| 571 |  | Patrick Industries, Inc | 52686 |
| 817 |  | Phinia, Inc | 36348 |
| 4728 | (a),(b) | QuantumScape Corp | 31772 |
| 11551 | (a),(b) | Rivian Automotive, Inc | 158711 |
| 2129 | (a),(b) | Solid Power, Inc | 4663 |
| 330 |  | Standard Motor Products, Inc | 10138 |
| 40997 | (a) | Tesla, Inc | 13023107 |
| 900 | (b) | Thor Industries, Inc | 79929 |
| 496 | (a) | Visteon Corp | 46277 |
| 486 |  | Winnebago Industries, Inc | 14094 |
| 343 | (a) | XPEL, Inc | 12314 |
|  |  | TOTAL AUTOMOBILES & COMPONENTS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15638789 |
|  |  | BANKS - 3.9% |  |
| 254 |  | 1st Source Corp | 15766 |
| 95 |  | ACNB Corp | 4070 |
| 197 |  | Amalgamated Financial Corp | 6146 |
| 442 |  | Amerant Bancorp, Inc | 8058 |
| 1222 |  | Ameris Bancorp | 79063 |
| 204 |  | Arrow Financial Corp | 5390 |
| 1508 |  | Associated Banc-Corp | 36780 |
| 1895 |  | Atlantic Union Bankshares Corp | 59276 |
| 945 | (a) | Axos Financial, Inc | 71858 |
| 1824 |  | Banc of California, Inc | 25627 |
| 446 |  | Bancfirst Corp | 55135 |
| 814 | (a) | Bancorp, Inc | 46374 |
| 117 |  | Bank First Corp | 13765 |
| 99116 |  | Bank of America Corp | 4690169 |
| 499 |  | Bank of Hawaii Corp | 33697 |
| 174 |  | Bank of Marin Bancorp | 3974 |
| 415 |  | Bank of NT Butterfield & Son Ltd | 18376 |
| 1270 |  | Bank OZK | 59766 |
| 802 |  | BankUnited, Inc | 28543 |
| 511 |  | Banner Corp | 32781 |
| 219 |  | Bar Harbor Bankshares | 6561 |
| 148 |  | BayCom Corp | 4101 |
| 174 |  | BCB Bancorp, Inc | 1465 |
| 641 |  | Berkshire Hills Bancorp, Inc | 16051 |
| 298 | (a) | Blue Foundry Bancorp | 2852 |
| 193 |  | BOK Financial Corp | 18843 |

---

52 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE |
|  | BANKS (continued) |  |
| 385 (a) | Bridgewater Bancshares, Inc | $6125 |
| 1258 | Brookline Bancorp, Inc | 13272 |
| 197 | Burke & Herbert Financial Services Corp | 11767 |
| 324 | Business First Bancshares, Inc | 7987 |
| 231 | Byline Bancorp, Inc | 6175 |
| 3491 | Cadence Bank | 111642 |
| 238 | Camden National Corp | 9658 |
| 693 (b) | Capital Bancorp, Inc | 23271 |
| 156 | Capital City Bank Group, Inc | 6139 |
| 2332 | Capitol Federal Financial, Inc | 14225 |
| 641 (a) | Carter Bankshares, Inc | 11115 |
| 1220 | Cathay General Bancorp | 55547 |
| 470 | Central Pacific Financial Corp | 13174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27244 | Citigroup, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319009 |
| 167 | Citizens & Northern Corp | 3163 |
| 7295 | Citizens Financial Group, Inc | 326451 |
| 64 (b) | Citizens Financial Services, Inc | 3736 |
| 236 | City Holding Co | 28891 |
| 157 | Civista Bancshares, Inc | 3642 |
| 226 | CNB Financial Corp | 5166 |
| 415 (a) | Coastal Financial Corp | 40201 |
| 163 | Colony Bankcorp, Inc | 2685 |
| 2254 | Columbia Banking System, Inc | 52699 |
| 599 (a) | Columbia Financial, Inc | 8691 |
| 2351 | Comerica, Inc | 140237 |
| 1755 | Commerce Bancshares, Inc | 109108 |
| 1009 | Community Bank System, Inc | 57382 |
| 238 | Community Trust Bancorp, Inc | 12595 |
| 588 | ConnectOne Bancorp, Inc | 13618 |
| 890 | Cullen/Frost Bankers, Inc | 114401 |
| 438 (a) | Customers Bancorp, Inc | 25728 |
| 2357 | CVB Financial Corp | 46645 |
| 611 | Dime Community Bancshares, Inc | 16460 |
| 638 | Eagle Bancorp, Inc | 12428 |
| 2034 | East West Bancorp, Inc | 205393 |
| 2944 | Eastern Bankshares, Inc | 44955 |
| 147 | Enterprise Bancorp, Inc | 5827 |
| 424 | Enterprise Financial Services Corp | 23362 |
| 161 | Equity Bancshares, Inc | 6569 |
| 105 | Esquire Financial Holdings, Inc | 9939 |
| 227 | ESSA Bancorp, Inc | 4404 |
| 193 | Farmers & Merchants Bancorp, Inc | 4879 |
| 378 | Farmers National Banc Corp | 5213 |
| 560 | FB Financial Corp | 25368 |
| 10035 | Fifth Third Bancorp | 412740 |
| 202 | Financial Institutions, Inc | 5187 |
| 440 | First Bancorp | 19400 |
| 2142 | First BanCorp | 44618 |
| 162 | First Bancorp, Inc | 4116 |
| 354 | First Bank | 5476 |
| 1158 | First Busey Corp | 26501 |
| 87 | First Business Financial Services, Inc | 4407 |
| 151 | First Citizens Bancshares, Inc (Class A) | 295427 |
| 1371 | First Commonwealth Financial Corp | 22251 |
| 242 | First Community Bancshares, Inc | 9479 |
| 688 | First Financial Bancorp | 16691 |
| 2288 | First Financial Bankshares, Inc | 82322 |
| 445 (a) | First Foundation, Inc | 2270 |
| 2293 | First Hawaiian, Inc | 57233 |
| 8270 | First Horizon National Corp | 175324 |
| 1459 | First Interstate BancSystem, Inc | 42048 |
| 285 | First Merchants Corp | 10916 |

---

*See Notes to Financial Statements* 53

------

## Portfolio of Investments June 30, 2025 (continued)
Stock Index

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE |
|  | BANKS (continued) |  |
| 93 | First Mid Bancshares, Inc | $3487 |
| 170 (a) | First Western Financial, Inc | 3835 |
| 177 | Five Star Bancorp | 5052 |
| 358 | Flushing Financial Corp | 4253 |
| 5298 | FNB Corp | 77245 |
| 2673 | Fulton Financial Corp | 48221 |
| 158 (a) | FVCBankcorp, Inc | 1864 |
| 325 | German American Bancorp, Inc | 12516 |
| 1648 | Glacier Bancorp, Inc | 70996 |
| 26 | Great Southern Bancorp, Inc | 1528 |
| 132 | Greene County Bancorp, Inc | 2933 |
| 28 | Guaranty Bancshares, Inc | 1188 |
| 1685 | Hancock Whitney Corp | 96719 |
| 484 | Hanmi Financial Corp | 11945 |
| 1147 | HarborOne Bancorp, Inc | 13397 |
| 1217 | Heritage Commerce Corp | 12085 |
| 460 | Heritage Financial Corp | 10966 |
| 1168 | Hilltop Holdings, Inc | 35449 |
| 22 | Hingham Institution For Savings The | 5464 |
| 89 | Home Bancorp, Inc | 4608 |
| 2960 | Home Bancshares, Inc | 84242 |
| 314 (a) | HomeStreet, Inc | 4104 |
| 265 | HomeTrust Bancshares, Inc | 9914 |
| 1956 | Hope Bancorp, Inc | 20988 |
| 501 | Horizon Bancorp, Inc | 7705 |
| 21833 | Huntington Bancshares, Inc | 365921 |
| 726 | Independent Bank Corp | 45655 |
| 308 | Independent Bank Corp | 9982 |
| 843 | International Bancshares Corp | 56110 |
| 164 | John Marshall Bancorp, Inc | 3039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40537 | JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11752082 |
| 2079 | Kearny Financial Corp | 13430 |
| 14139 | Keycorp | 246301 |
| 525 | Lakeland Financial Corp | 32261 |
| 485 | Live Oak Bancshares, Inc | 14453 |
| 2467 | M&T Bank Corp | 478573 |
| 226 | Mercantile Bank Corp | 10489 |
| 224 | Metrocity Bankshares, Inc | 6402 |
| 101 (a) | Metropolitan Bank Holding Corp | 7070 |
| 129 | Mid Penn Bancorp, Inc | 3638 |
| 324 | Midland States Bancorp, Inc | 5612 |
| 169 | MidWestOne Financial Group, Inc | 4862 |
| 142 | MVB Financial Corp | 3199 |
| 535 | National Bank Holdings Corp | 20121 |
| 243 | National Bankshares, Inc | 6610 |
| 669 | NBT Bancorp, Inc | 27797 |
| 3872 (b) | New York Community Bancorp, Inc | 41043 |
| 140 | Nicolet Bankshares, Inc | 17287 |
| 90 | Northeast Bank | 8009 |
| 643 | Northfield Bancorp, Inc | 7382 |
| 1369 | Northwest Bancshares, Inc | 17496 |
| 46292 (a) | NU Holdings Ltd | 635126 |
| 714 | OceanFirst Financial Corp | 12574 |
| 596 | OFG Bancorp | 25509 |
| 3793 | Old National Bancorp | 80943 |
| 432 | Old Second Bancorp, Inc | 7664 |
| 249 | Origin Bancorp, Inc | 8899 |
| 111 | Orrstown Financial Services, Inc | 3533 |
| 1405 | Pacific Premier Bancorp, Inc | 29631 |
| 205 | Park National Corp | 34288 |
| 126 | Parke Bancorp, Inc | 2567 |
| 513 | Pathward Financial, Inc | 40589 |

---

54 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE |
|  | BANKS (continued) |  |
| 144 | PCB Bancorp | $3021 |
| 259 | Peapack Gladstone Financial Corp | 7317 |
| 532 | Peoples Bancorp, Inc | 16247 |
| 101 | Peoples Financial Services Corp | 4986 |
| 1330 | Pinnacle Financial Partners, Inc | 146845 |
| 226<br> (a) | Pioneer Bancorp, Inc | 2719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5833 | PNC Financial Services Group, Inc | 1087388 |
| 420<br> (a) | Ponce Financial Group, Inc | 5813 |
| 973 | Popular, Inc | 107234 |
| 188 | Preferred Bank | 16270 |
| 169 | Primis Financial Corp | 1834 |
| 965 | Prosperity Bancshares, Inc | 67782 |
| 1724 | Provident Financial Services, Inc | 30222 |
| 190 | QCR Holdings, Inc | 12901 |
| 104<br> (b) | RBB Bancorp | 1790 |
| 91 | Red River Bancshares, Inc | 5342 |
| 13998 | Regions Financial Corp | 329233 |
| 970 | Renasant Corp | 34852 |
| 146 | Republic Bancorp, Inc (Class A) | 10674 |
| 540 | S&T Bancorp, Inc | 20423 |
| 977 | Seacoast Banking Corp of Florida | 26985 |
| 726 | ServisFirst Bancshares, Inc | 56272 |
| 130 | Shore Bancshares, Inc | 2044 |
| 192 | Sierra Bancorp | 5700 |
| 1550 | Simmons First National Corp (Class A) | 29388 |
| 116 | SmartFinancial, Inc | 3918 |
| 138 | South Plains Financial, Inc | 4974 |
| 101<br> (a) | Southern First Bancshares, Inc | 3841 |
| 86 | Southern Missouri Bancorp, Inc | 4711 |
| 432 | Southside Bancshares, Inc | 12714 |
| 1748 | SouthState Corp | 160868 |
| 522 | Stellar Bancorp, Inc | 14606 |
| 346<br> (c) | Sterling Bancorp, Inc | 3 |
| 421 | Stock Yards Bancorp, Inc | 33251 |
| 2625 | Synovus Financial Corp | 135844 |
| 932<br> (a) | Texas Capital Bancshares, Inc | 74001 |
| 143 | TFS Financial Corp | 1852 |
| 192<br> (a) | Third Coast Bancshares, Inc | 6273 |
| 229 | Tompkins Trustco, Inc | 14365 |
| 996 | Towne Bank | 34043 |
| 618 | Trico Bancshares | 25023 |
| 513<br> (a) | Triumph Financial, Inc | 28271 |
| 19754 | Truist Financial Corp | 849224 |
| 277 | TrustCo Bank Corp NY | 9257 |
| 1035 | Trustmark Corp | 37736 |
| 920 | UMB Financial Corp | 96747 |
| 1802 | United Bankshares, Inc | 65647 |
| 1315 | United Community Banks, Inc | 39174 |
| 364 | Univest Financial Corp | 10935 |
| 22502 | US Bancorp | 1018216 |
| 328 | USCB Financial Holdings, Inc | 5425 |
| 6140 | Valley National Bancorp | 54830 |
| 1054 | Veritex Holdings, Inc | 27509 |
| 741 | Washington Federal, Inc | 21696 |
| 232 | Washington Trust Bancorp, Inc | 6561 |
| 2747 | Webster Financial Corp | 149986 |
| 47681 | Wells Fargo & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820202 |
| 517 | WesBanco, Inc | 16353 |
| 239 | West Bancorporation, Inc | 4692 |
| 533 | Westamerica Bancorporation | 25819 |
| 1585 | Western Alliance Bancorp | 123598 |
| 940 | Wintrust Financial Corp | 116541 |

---

*See Notes to Financial Statements* 55

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | BANKS (continued) |  |
| 1054 |  | WSFS Financial Corp | $57970 |
| 2395 |  | Zions Bancorporation | 124396 |
|  |  | TOTAL BANKS | 34461040 |
|  |  | CAPITAL GOODS - 6.8% |  |
| 2107 | (a) | 3D Systems Corp | 3245 |
| 7936 |  | 3M Co | 1208177 |
| 1763 |  | A.O. Smith Corp | 115600 |
| 1086 |  | Aaon, Inc | 80093 |
| 511 | (a) | AAR Corp | 35152 |
| 384 |  | Acuity Brands, Inc | 114563 |
| 1058 |  | Advanced Drainage Systems, Inc | 121522 |
| 1906 |  | Aecom Technology Corp | 215111 |
| 407 | (a) | Aerovironment, Inc | 115975 |
| 149 | (a) | AerSale Corp | 895 |
| 840 |  | AGCO Corp | 86654 |
| 1501 |  | Air Lease Corp | 87793 |
| 148 |  | Alamo Group, Inc | 32320 |
| 620 |  | Albany International Corp (Class A) | 43481 |
| 1896 | (a) | Allegheny Technologies, Inc | 163701 |
| 1145 |  | Allegion plc | 165017 |
| 197 |  | Allied Motion Technologies, Inc | 7153 |
| 1313 |  | Allison Transmission Holdings, Inc | 124722 |
| 330 | (b) | Alta Equipment Group, Inc | 2086 |
| 512 | (a) | Ameresco, Inc | 7777 |
| 520 | (a) | American Superconductor Corp | 19079 |
| 254 | (a) | American Woodmark Corp | 13556 |
| 3256 |  | Ametek, Inc | 589206 |
| 3356 | (a) | API Group Corp | 171324 |
| 438 |  | Apogee Enterprises, Inc | 17783 |
| 567 |  | Applied Industrial Technologies, Inc | 131799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7557 | (a) | Archer Aviation, Inc | 81993 |
| 619 |  | Arcosa, Inc | 53673 |
| 244 |  | Argan, Inc | 53797 |
| 564 |  | Armstrong World Industries, Inc | 91616 |
| 2492 | (a),(b) | Array Technologies, Inc | 14703 |
| 334 |  | Astec Industries, Inc | 13924 |
| 340 | (a) | Astronics Corp | 11383 |
| 587 |  | Atkore, Inc | 41413 |
| 1242 |  | Atmus Filtration Technologies, Inc | 45234 |
| 1070 | (a) | Axon Enterprise, Inc | 885896 |
| 2171 | (a) | AZEK Co, Inc | 117994 |
| 406 |  | AZZ, Inc | 38359 |
| 2944 | (a) | Bloom Energy Corp | 70420 |
| 494 | (a) | Blue Bird Corp | 21321 |
| 166 | (a) | BlueLinx Holdings, Inc | 12347 |
| 10582 | (a) | Boeing Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217246 |
| 597 |  | Boise Cascade Co | 51832 |
| 145 | (a) | Bowman Consulting Group Ltd | 4169 |
| 287 |  | Brookfield Business Corp | 8954 |
| 1655 | (a) | Builders FirstSource, Inc | 193122 |
| 1363 |  | BWX Technologies, Inc | 196354 |
| 221 | (a) | Byrna Technologies, Inc | 6824 |
| 228 |  | Cadre Holdings, Inc | 7262 |
| 652 |  | Carlisle Cos, Inc | 243457 |
| 11803 |  | Carrier Global Corp | 863862 |
| 6764 |  | Caterpillar, Inc | 2625852 |
| 669 | (a) | Chart Industries, Inc | 110151 |
| 11796 |  | CNH Industrial NV | 152876 |
| 413 |  | Columbus McKinnon Corp | 6307 |
| 516 |  | Comfort Systems USA, Inc | 276684 |
| 708 |  | Concrete Pumping Holdings, Inc | 4354 |
| 596 | (a) | Construction Partners, Inc | 63343 |

---

56 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | CAPITAL GOODS (continued) |  |
| 2541 | (a) | Core & Main, Inc | $153349 |
| 775 |  | Crane Co | 147165 |
| 225 |  | CSW Industrials, Inc | 64537 |
| 1950 |  | Cummins, Inc | 638625 |
| 616 |  | Curtiss-Wright Corp | 300947 |
| 688 | (a),(b) | Custom Truck One Source, Inc | 3399 |
| 3594 |  | Deere & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827513 |
| 1637 | (a) | DNOW, Inc | 24277 |
| 1516 |  | Donaldson Co, Inc | 105135 |
| 347 |  | Douglas Dynamics, Inc | 10226 |
| 1933 |  | Dover Corp | 354184 |
| 160 | (a) | Ducommun, Inc | 13221 |
| 240 | (a) | DXP Enterprises, Inc | 21036 |
| 352 | (a) | Dycom Industries, Inc | 86025 |
| 5750 |  | Eaton Corp plc | 2052692 |
| 692 |  | EMCOR Group, Inc | 370144 |
| 8334 |  | Emerson Electric Co | 1111172 |
| 738 | (a) | Energy Recovery, Inc | 9432 |
| 917 |  | Enerpac Tool Group Corp | 37194 |
| 413 |  | EnerSys | 35423 |
| 2221 | (a),(b) | Enovix Corp | 22965 |
| 330 |  | EnPro Industries, Inc | 63212 |
| 3077 | (a),(b) | Eos Energy Enterprises, Inc | 15754 |
| 752 |  | Esab Corp | 90654 |
| 458 |  | ESCO Technologies, Inc | 87876 |
| 749 | (a) | Everus Construction Group, Inc | 47584 |
| 16750 |  | Fastenal Co | 703500 |
| 867 |  | Federal Signal Corp | 92266 |
| 2845 |  | Ferguson Enterprises, Inc | 619499 |
| 2325 |  | Flowserve Corp | 121714 |
| 503 | (a),(b) | Fluence Energy, Inc | 3375 |
| 2585 | (a) | Fluor Corp | 132533 |
| 4971 |  | Fortive Corp | 259138 |
| 1891 |  | Fortune Brands Innovations, Inc | 97349 |
| 719 |  | Franklin Electric Co, Inc | 64523 |
| 1534 |  | FTAI Aviation Ltd | 176471 |
| 2911 | (a) | Gates Industrial Corp plc | 67040 |
| 491 |  | GATX Corp | 75398 |
| 3992 |  | GE Vernova, Inc | 2112367 |
| 915 | (a) | Generac Holdings, Inc | 131037 |
| 3705 |  | General Dynamics Corp | 1080600 |
| 15368 |  | General Electric Co | 3955570 |
| 567 | (a) | Gibraltar Industries, Inc | 33453 |
| 187 |  | Global Industrial Co | 5051 |
| 517 | (a) | GMS, Inc | 56224 |
| 368 |  | Gorman-Rupp Co | 13513 |
| 2391 |  | Graco, Inc | 205554 |
| 696 |  | Granite Construction, Inc | 65083 |
| 890 | (a) | Great Lakes Dredge & Dock Corp | 10849 |
| 183 |  | Greenbrier Cos, Inc | 8427 |
| 552 |  | Griffon Corp | 39948 |
| 2020 | (a) | Hayward Holdings, Inc | 27876 |
| 627 |  | HEICO Corp | 205656 |
| 1117 |  | HEICO Corp (Class A) | 289024 |
| 629 |  | Helios Technologies, Inc | 20990 |
| 459 |  | Herc Holdings, Inc | 60446 |
| 1145 |  | Hexcel Corp | 64681 |
| 1406 |  | Hillenbrand, Inc | 28218 |
| 1910 | (a) | Hillman Solutions Corp | 13637 |
| 9369 |  | Honeywell International, Inc | 2181853 |
| 5973 |  | Howmet Aerospace, Inc | 1111754 |
| 789 |  | Hubbell, Inc | 322235 |

---

*See Notes to Financial Statements* 57

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | CAPITAL GOODS (continued) |  |
| 699 | (a) | Hudson Technologies, Inc | $5676 |
| 625 |  | Huntington Ingalls Industries, Inc | 150913 |
| 1987 | (a),(b) | Hyliion Holdings Corp | 2623 |
| 158 |  | Hyster-Yale Materials Handling, Inc | 6285 |
| 1168 |  | IDEX Corp | 205066 |
| 137 | (a) | IES Holdings, Inc | 40584 |
| 4264 |  | Illinois Tool Works, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054274 |
| 5893 |  | Ingersoll Rand, Inc | 490180 |
| 289 |  | Insteel Industries, Inc | 10754 |
| 1437 | (a) | Intuitive Machines, Inc | 15620 |
| 1125 |  | ITT, Inc | 176434 |
| 2008 | (a) | Janus International Group, Inc | 16345 |
| 1178 | (a) | JELD-WEN Holding, Inc | 4618 |
| 595 |  | John Bean Technologies Corp | 71555 |
| 9623 |  | Johnson Controls International plc | 1016381 |
| 166 |  | Kadant, Inc | 52697 |
| 172 |  | Karat Packaging, Inc | 4844 |
| 135 | (a) | Karman Holdings, Inc | 6800 |
| 1307 |  | Kennametal, Inc | 30009 |
| 1903 | (a) | Kratos Defense & Security Solutions, Inc | 88394 |
| 2737 |  | L3Harris Technologies, Inc | 686549 |
| 192 | (a) | Lawson Products, Inc | 5274 |
| 469 |  | Lennox International, Inc | 268850 |
| 1065 |  | Leonardo DRS, Inc | 49501 |
| 153 | (a) | Limbach Holdings, Inc | 21435 |
| 829 |  | Lincoln Electric Holdings, Inc | 171868 |
| 165 |  | Lindsay Corp | 23801 |
| 549 | (a) | Loar Holdings, Inc | 47307 |
| 3053 |  | Lockheed Martin Corp | 1413966 |
| 385 |  | LSI Industries, Inc | 6549 |
| 478 |  | Luxfer Holdings plc | 5822 |
| 539 | (a) | Manitowoc Co, Inc | 6479 |
| 3278 |  | Masco Corp | 210972 |
| 863 | (a) | Mastec, Inc | 147081 |
| 2359 | (a) | Masterbrand, Inc | 25784 |
| 379 |  | McGrath RentCorp | 43949 |
| 952 | (a) | Mercury Computer Systems, Inc | 51275 |
| 2687 | (a),(b) | Microvast Holdings, Inc | 9754 |
| 820 | (a) | Middleby Corp | 118080 |
| 168 |  | Miller Industries, Inc | 7469 |
| 361 |  | Moog, Inc (Class A) | 65330 |
| 1441 | (a) | MRC Global, Inc | 19756 |
| 524 |  | MSC Industrial Direct Co (Class A) | 44550 |
| 1438 |  | Mueller Industries, Inc | 114278 |
| 2381 |  | Mueller Water Products, Inc (Class A) | 57239 |
| 301 | (a) | MYR Group, Inc | 54616 |
| 362 | (a) | NANO Nuclear Energy, Inc | 12485 |
| 76 |  | National Presto Industries, Inc | 7445 |
| 2497 | (a) | Newpark Resources, Inc | 21249 |
| 2162 | (a) | NEXTracker, Inc | 117548 |
| 815 |  | Nordson Corp | 174712 |
| 1990 |  | Northrop Grumman Corp | 994960 |
| 149 | (a) | Northwest Pipe Co | 6110 |
| 1795 | (a),(b) | NuScale Power Corp | 71010 |
| 2708 |  | nVent Electric plc | 198361 |
| 44 |  | Omega Flex, Inc | 1425 |
| 954 |  | Oshkosh Corp | 108317 |
| 5862 |  | Otis Worldwide Corp | 580455 |
| 1236 |  | Owens Corning, Inc | 169975 |
| 7682 |  | PACCAR, Inc | 730251 |
| 291 |  | Park Aerospace Corp | 4298 |
| 1874 |  | Parker-Hannifin Corp | 1308933 |

---

58 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | CAPITAL GOODS (continued) |  |
| 2300 |  | Pentair plc | $236118 |
| 9728 | (a),(b) | Plug Power, Inc | 14495 |
| 141 |  | Powell Industries, Inc | 29673 |
| 86 | (a) | Power Solutions International, Inc | 5562 |
| 51 |  | Preformed Line Products Co | 8150 |
| 729 |  | Primoris Services Corp | 56818 |
| 509 | (a) | Proto Labs, Inc | 20380 |
| 492 |  | Quanex Building Products Corp | 9299 |
| 2186 |  | Quanta Services, Inc | 826483 |
| 7409 | (a),(b) | QXO, Inc | 159590 |
| 1657 | (a) | Ralliant Corp | 80348 |
| 405 | (a) | RBC Bearings, Inc | 155844 |
| 402 | (a),(b) | Redwire Corp | 6553 |
| 1033 |  | Regal-Beloit Corp | 149744 |
| 2451 | (a) | Resideo Technologies, Inc | 54069 |
| 562 |  | REV Group, Inc | 26746 |
| 5598 | (a),(b) | Rocket Lab Corp | 200240 |
| 1621 |  | Rockwell Automation, Inc | 538448 |
| 19576 |  | RTX Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858488 |
| 216 |  | Rush Enterprises, Inc | 11336 |
| 1036 |  | Rush Enterprises, Inc (Class A) | 53364 |
| 2324 |  | Sensata Technologies Holding plc | 69976 |
| 2761 | (a) | Shoals Technologies Group, Inc | 11734 |
| 514 |  | Shyft Group, Inc | 6446 |
| 537 |  | Simpson Manufacturing Co, Inc | 83401 |
| 727 | (a) | SiteOne Landscape Supply, Inc | 87923 |
| 785 |  | Snap-On, Inc | 244276 |
| 1891 | (a) | Spirit Aerosystems Holdings, Inc (Class A) | 72142 |
| 647 | (a) | SPX Technologies, Inc | 108489 |
| 1578 | (a) | StandardAero, Inc | 49944 |
| 195 |  | Standex International Corp | 30514 |
| 2281 |  | Stanley Black & Decker, Inc | 154538 |
| 394 | (a) | Sterling Construction Co, Inc | 90908 |
| 3438 | (a) | Sunrun, Inc | 28123 |
| 328 |  | Tecnoglass, Inc | 25374 |
| 268 |  | Tennant Co | 20765 |
| 939 |  | Terex Corp | 43842 |
| 2639 |  | Textron, Inc | 211885 |
| 509 | (a) | Thermon Group Holdings, Inc | 14293 |
| 881 |  | Timken Co | 63917 |
| 638 | (a) | Titan International, Inc | 6552 |
| 282 | (a),(b) | Titan Machinery, Inc | 5586 |
| 1203 |  | Toro Co | 85028 |
| 3263 |  | Trane Technologies plc | 1427269 |
| 121 | (a) | Transcat, Inc | 10401 |
| 812 |  | TransDigm Group, Inc | 1234760 |
| 1561 | (a) | Trex Co, Inc | 84887 |
| 642 |  | Trinity Industries, Inc | 17340 |
| 1063 | (a) | Triumph Group, Inc | 27372 |
| 553 | (a) | Tutor Perini Corp | 25869 |
| 901 |  | UFP Industries, Inc | 89523 |
| 965 |  | United Rentals, Inc | 727031 |
| 156 | (a) | V2X, Inc | 7574 |
| 262 |  | Valmont Industries, Inc | 85561 |
| 5469 |  | Vertiv Holdings Co | 702274 |
| 339 | (a) | Vicor Corp | 15377 |
| 637 |  | W.W. Grainger, Inc | 662633 |
| 918 |  | Wabash National Corp | 9758 |
| 535 |  | Watsco, Inc | 236267 |
| 406 |  | Watts Water Technologies, Inc (Class A) | 99831 |
| 605 |  | WESCO International, Inc | 112046 |
| 2492 |  | Westinghouse Air Brake Technologies Corp | 521700 |

---

*See Notes to Financial Statements* 59

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | CAPITAL GOODS (continued) |  |
| 37 |  | Willis Lease Finance Corp | $5283 |
| 2174 |  | WillScot Mobile Mini Holdings Corp | 59568 |
| 893 |  | Woodward Inc | 218865 |
| 702 |  | Worthington Enterprises, Inc | 44675 |
| 576 | (a) | Xometry, Inc | 19463 |
| 3543 |  | Xylem, Inc | 458322 |
| 2011 |  | Zurn Elkay Water Solutions Corp | 73542 |
|  |  | TOTAL CAPITAL GOODS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60040814 |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES - 1.5% |  |
| 1238 |  | ABM Industries, Inc | 58446 |
| 1696 |  | ACCO Brands Corp | 6072 |
| 1880 | (a) | ACV Auctions, Inc | 30494 |
| 7145 |  | Alight, Inc | 40441 |
| 1964 | (a),(b) | Amentum Holdings, Inc | 46370 |
| 343 | (a) | Asure Software, Inc | 3348 |
| 5976 |  | Automatic Data Processing, Inc | 1842998 |
| 440 |  | Barrett Business Services, Inc | 18344 |
| 261 | (a),(b) | BlackSky Technology, Inc | 5371 |
| 1951 |  | Booz Allen Hamilton Holding Corp | 203158 |
| 329 | (a) | BrightView Holdings, Inc | 5478 |
| 599 |  | Brink's Co | 53485 |
| 1631 |  | Broadridge Financial Solutions, Inc | 396382 |
| 343 | (a) | CACI International, Inc (Class A) | 163508 |
| 801 | (a) | Casella Waste Systems, Inc (Class A) | 92419 |
| 778 | (a) | CBIZ, Inc | 55790 |
| 375 | (a) | CECO Environmental Corp | 10616 |
| 2239 | (a) | Ceridian HCM Holding, Inc | 124018 |
| 270 | (a) | Cimpress plc | 12690 |
| 5070 |  | Cintas Corp | 1129951 |
| 3616 | (a),(b) | Clarivate plc | 15549 |
| 706 | (a) | Clean Harbors, Inc | 163213 |
| 177 | (b) | Compx International, Inc | 4703 |
| 448 | (b) | Concentrix Corp | 23679 |
| 3045 | (a) | Conduent, Inc | 8039 |
| 12759 | (a) | Copart, Inc | 626084 |
| 2056 | (a) | CoreCivic, Inc | 43320 |
| 128 |  | CRA International, Inc | 23983 |
| 520 |  | CSG Systems International, Inc | 33961 |
| 754 |  | Deluxe Corp | 11996 |
| 633 | (a) | Driven Brands Holdings, Inc | 11116 |
| 3839 |  | Dun & Bradstreet Holdings, Inc | 34897 |
| 394 |  | Ennis, Inc | 7147 |
| 1834 |  | Equifax, Inc | 475685 |
| 2555 | (a) | ExlService Holdings, Inc | 111883 |
| 645 |  | Exponent, Inc | 48188 |
| 804 | (a) | First Advantage Corp | 13354 |
| 178 | (a) | Forrester Research, Inc | 1762 |
| 148 | (a) | Franklin Covey Co | 3377 |
| 524 | (a) | FTI Consulting, Inc | 84626 |
| 2244 |  | Genpact Ltd | 98758 |
| 1830 | (a) | GEO Group, Inc | 43829 |
| 1393 | (a) | Harsco Corp | 12091 |
| 1153 | (a) | Healthcare Services Group | 17330 |
| 286 |  | Heidrick & Struggles International, Inc | 13087 |
| 1168 |  | Herman Miller, Inc | 22683 |
| 757 |  | HNI Corp | 37229 |
| 334 | (a) | Huron Consulting Group, Inc | 45938 |
| 282 |  | ICF International, Inc | 23888 |
| 404 | (a),(b) | Innodata, Inc | 20693 |
| 674 |  | Insperity, Inc | 40521 |
| 961 |  | Interface, Inc | 20114 |
| 1852 |  | Jacobs Solutions, Inc | 243445 |

---

60 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | COMMERCIAL & PROFESSIONAL SERVICES (continued) |  |
| 2016 |  | KBR, Inc | $96647 |
| 654 |  | Kelly Services, Inc (Class A) | 7658 |
| 366 |  | Kforce, Inc | 15054 |
| 1048 |  | Korn/Ferry International | 76850 |
| 1550 | (a) | Legalzoom.com, Inc | 13811 |
| 1894 |  | Leidos Holdings, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298797 |
| 484 | (a) | Liquidity Services, Inc | 11418 |
| 931 |  | Manpower, Inc | 37612 |
| 902 |  | MAXIMUS, Inc | 63320 |
| 361 | (a) | Montrose Environmental Group, Inc | 7902 |
| 529 |  | MSA Safety, Inc | 88623 |
| 896 | (a) | NV5 Global, Inc | 20689 |
| 2200 | (a) | OPENLANE, Inc | 53790 |
| 633 | (a) | Parsons Corp | 45430 |
| 4689 |  | Paychex, Inc | 682062 |
| 737 |  | Paycom Software, Inc | 170542 |
| 665 | (a) | Paylocity Holding Corp | 120491 |
| 2896 |  | Pitney Bowes, Inc | 31595 |
| 2398 | (a) | Planet Labs PBC | 14628 |
| 2533 |  | RB Global, Inc | 268979 |
| 2995 |  | Republic Services, Inc | 738597 |
| 514 |  | Resources Connection, Inc | 2760 |
| 1790 |  | Robert Half International, Inc | 73480 |
| 3886 |  | Rollins, Inc | 219248 |
| 822 |  | Science Applications International Corp | 92565 |
| 2991 |  | SS&C Technologies Holdings, Inc | 247655 |
| 1776 |  | Steelcase, Inc (Class A) | 18524 |
| 4060 |  | Tetra Tech, Inc | 145998 |
| 3000 |  | TransUnion | 264000 |
| 480 |  | TriNet Group, Inc | 35107 |
| 645 | (a) | TrueBlue, Inc | 4180 |
| 369 |  | TTEC Holdings, Inc | 1775 |
| 237 |  | Unifirst Corp | 44608 |
| 1953 | (a) | Upwork, Inc | 26248 |
| 3580 |  | Veralto Corp | 361401 |
| 2049 |  | Verisk Analytics, Inc | 638264 |
| 2291 | (a) | Verra Mobility Corp | 58169 |
| 2027 |  | Vestis Corp | 11615 |
| 209 |  | VSE Corp | 27375 |
| 5417 |  | Waste Management, Inc | 1239518 |
| 116 | (a) | Willdan Group, Inc | 7251 |
| 684 | (a) | WNS Holdings Ltd | 43256 |
|  |  | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 13113039 |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.5% |  |
| 426 | (a),(b) | 1-800-FLOWERS.COM, Inc (Class A) | 2096 |
| 780 | (a) | Abercrombie & Fitch Co (Class A) | 64623 |
| 1229 |  | Academy Sports & Outdoors, Inc | 55071 |
| 887 | (b) | Advance Auto Parts, Inc | 41237 |
| 288 |  | A-Mark Precious Metals, Inc | 6388 |
| 139712 | (a) | Amazon.com, Inc | 30651416 |
| 2547 |  | American Eagle Outfitters, Inc | 24502 |
| 122 | (a) | America's Car-Mart, Inc | 6837 |
| 758 | (a) | Arhaus, Inc | 6572 |
| 1783 | (b) | Arko Corp | 7542 |
| 238 | (a) | Asbury Automotive Group, Inc | 56772 |
| 396 | (a) | Autonation, Inc | 78665 |
| 245 | (a) | Autozone, Inc | 909496 |
| 1577 | (a) | BARK, Inc | 1387 |
| 2789 |  | Bath & Body Works, Inc | 83558 |
| 2879 |  | Best Buy Co, Inc | 193267 |
| 455 | (a) | Boot Barn Holdings, Inc | 69160 |
| 526 |  | Buckle, Inc | 23854 |

---

*See Notes to Financial Statements* 61

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued) |  |
| 200 |  | Build-A-Bear Workshop, Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10312 |
| 945 | (a) | Burlington Stores, Inc | 219845 |
| 331 |  | Caleres, Inc | 4045 |
| 670 |  | Camping World Holdings, Inc | 11517 |
| 2317 | (a) | Carmax, Inc | 155726 |
| 1862 | (a) | Carvana Co | 627420 |
| 2902 | (a) | Chewy, Inc | 123683 |
| 17607 | (a) | Coupang, Inc | 527506 |
| 892 |  | Designer Brands, Inc | 2123 |
| 825 |  | Dick's Sporting Goods, Inc | 163193 |
| 77 | (b) | Dillard's, Inc (Class A) | 32173 |
| 6957 |  | eBay, Inc | 518018 |
| 1599 | (a) | Etsy, Inc | 80206 |
| 1181 | (a),(b) | EVgo, Inc | 4311 |
| 739 | (a) | Five Below, Inc | 96942 |
| 1672 | (a) | Floor & Decor Holdings, Inc | 127005 |
| 1404 | (a) | Foot Locker, Inc | 34398 |
| 5773 | (a) | GameStop Corp (Class A) | 140803 |
| 3094 |  | Gap, Inc | 67480 |
| 127 | (a) | Genesco, Inc | 2501 |
| 2011 |  | Genuine Parts Co | 243954 |
| 363 | (a) | GigaCloud Technology, Inc | 7180 |
| 208 |  | Group 1 Automotive, Inc | 90836 |
| 339 | (a),(b) | Groupon, Inc | 11340 |
| 286 |  | Haverty Furniture Cos, Inc | 5820 |
| 14476 |  | Home Depot, Inc | 5307481 |
| 1622 |  | Kohl's Corp | 13755 |
| 221 | (a) | Lands' End, Inc | 2367 |
| 381 |  | Lithia Motors, Inc (Class A) | 128709 |
| 3494 |  | LKQ Corp | 129313 |
| 8157 |  | Lowe's Cos, Inc | 1809794 |
| 4222 |  | Macy's, Inc | 49229 |
| 389 | (a) | MarineMax, Inc | 9779 |
| 566 |  | Monro Muffler, Inc | 8439 |
| 276 |  | Murphy USA, Inc | 112277 |
| 1406 | (a) | National Vision Holdings, Inc | 32352 |
| 740 | (a) | ODP Corp | 13416 |
| 827 | (a) | Ollie's Bargain Outlet Holdings, Inc | 108982 |
| 180 | (a),(b) | OneWater Marine, Inc | 2410 |
| 12525 | (a) | O'Reilly Automotive, Inc | 1128878 |
| 752 | (a) | Overstock.com, Inc | 5174 |
| 256 |  | Penske Auto Group, Inc | 43983 |
| 1122 | (a),(b) | Petco Health & Wellness Co, Inc | 3175 |
| 531 |  | Pool Corp | 154776 |
| 1291 | (a) | RealReal, Inc | 6184 |
| 610 | (a) | Revolve Group, Inc | 12230 |
| 219 | (a) | RH | 41393 |
| 4735 |  | Ross Stores, Inc | 604091 |
| 1437 | (a) | Sally Beauty Holdings, Inc | 13307 |
| 406 |  | Shoe Carnival, Inc | 7596 |
| 583 |  | Signet Jewelers Ltd | 46378 |
| 441 | (a),(b) | Sleep Number Corp | 2979 |
| 345 |  | Sonic Automotive, Inc (Class A) | 27576 |
| 1508 | (a) | Stitch Fix, Inc | 5580 |
| 1347 | (a) | ThredUp, Inc | 10089 |
| 16259 |  | TJX Cos, Inc | 2007824 |
| 7677 |  | Tractor Supply Co | 405115 |
| 673 | (a) | Ulta Beauty, Inc | 314843 |
| 941 |  | Upbound Group, Inc | 23619 |
| 760 | (a) | Urban Outfitters, Inc | 55130 |
| 1485 | (a) | Valvoline, Inc | 56237 |
| 1365 | (a) | Victoria's Secret & Co | 25280 |

---

62 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL (continued) |  |
| 1287 | (a) | Warby Parker, Inc | $28224 |
| 1297 | (a) | Wayfair, Inc | 66329 |
| 203 |  | Weyco Group, Inc | 6731 |
| 1754 |  | Williams-Sonoma, Inc | 286551 |
| 37 |  | Winmark Corp | 13972 |
| 314 | (a) | Zumiez, Inc | 4164 |
|  |  | TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48726491 |
|  |  | CONSUMER DURABLES & APPAREL - 0.8% |  |
| 338 |  | Acushnet Holdings Corp | 24613 |
| 2031 | (a) | Amer Sports, Inc | 78722 |
| 1083 | (a),(b) | AMMO, Inc | 1386 |
| 285 | (a) | Beazer Homes USA, Inc | 6375 |
| 539 | (a) | BK LC Lux Finco 2 Sarl | 26508 |
| 974 |  | Brunswick Corp | 53804 |
| 2097 | (a) | Callaway Golf Co | 16881 |
| 1736 | (a) | Capri Holdings Ltd | 30727 |
| 450 |  | Carter's, Inc | 13558 |
| 132 | (a) | Cavco Industries, Inc | 57345 |
| 279 |  | Century Communities, Inc | 15713 |
| 307 |  | Clarus Corp | 1065 |
| 604 |  | Columbia Sportswear Co | 36892 |
| 761 |  | Cricut, Inc | 5152 |
| 817 | (a) | Crocs, Inc | 82746 |
| 2236 | (a) | Deckers Outdoor Corp | 230464 |
| 4274 |  | DR Horton, Inc | 551004 |
| 197 | (a),(b) | Dream Finders Homes, Inc | 4951 |
| 327 |  | Ethan Allen Interiors, Inc | 9107 |
| 2133 | (a) | Figs, Inc | 12030 |
| 389 | (a) | Funko, Inc | 1852 |
| 2304 | (a) | Garmin Ltd | 480891 |
| 682 | (a) | G-III Apparel Group Ltd | 15277 |
| 426 | (a) | Green Brick Partners, Inc | 26787 |
| 6162 | (a) | Hanesbrands, Inc | 28222 |
| 1790 |  | Hasbro, Inc | 132138 |
| 444 | (a) | Helen of Troy Ltd | 12601 |
| 81 | (a) | Hovnanian Enterprises, Inc | 8469 |
| 379 |  | Installed Building Products, Inc | 68341 |
| 75 |  | Johnson Outdoors, Inc | 2270 |
| 451 |  | KB Home | 23889 |
| 811 |  | Kontoor Brands, Inc | 53502 |
| 706 | (a) | Latham Group, Inc | 4504 |
| 696 |  | La-Z-Boy, Inc | 25870 |
| 2404 |  | Leggett & Platt, Inc | 21444 |
| 3434 |  | Lennar Corp (Class A) | 379835 |
| 16 |  | Lennar Corp (Class B) | 1684 |
| 43 | (a) | LGI Homes, Inc | 2215 |
| 223 | (a) | Lovesac Co | 4059 |
| 1540 | (a) | Lululemon Athletica, Inc | 365873 |
| 301 | (a) | M/I Homes, Inc | 33748 |
| 287 | (a) | Malibu Boats, Inc | 8995 |
| 156 |  | Marine Products Corp | 1328 |
| 295 | (a),(b) | MasterCraft Boat Holdings, Inc | 5481 |
| 4838 | (a) | Mattel, Inc | 95405 |
| 1058 |  | Meritage Homes Corp | 70854 |
| 694 | (a) | Mohawk Industries, Inc | 72759 |
| 227 |  | Movado Group, Inc | 3462 |
| 6236 |  | Newell Rubbermaid, Inc | 33674 |
| 16840 |  | Nike, Inc (Class B) | 1196314 |
| 44 | (a) | NVR, Inc | 324969 |
| 3016 | (a) | On Holding AG. | 156983 |
| 276 |  | Oxford Industries, Inc | 11109 |
| 4992 | (a) | Peloton Interactive, Inc | 34644 |

---

*See Notes to Financial Statements* 63

------

Stock Index

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE |
|  | CONSUMER DURABLES & APPAREL (continued) |  |
| 365 | Polaris Industries, Inc | $14837 |
| 3194 | Pulte Homes, Inc | 336839 |
| 766 | PVH Corp | 52548 |
| 607 | Ralph Lauren Corp | 166488 |
| 200 | Rocky Brands, Inc | 4438 |
| 1024 (a) | SharkNinja Global SPV Ltd | 101366 |
| 2043 (a) | Skechers U.S.A., Inc (Class A) | 128913 |
| 703 (a) | Skyline Champion Corp | 44015 |
| 840 | Smith & Wesson Brands, Inc | 7291 |
| 2102 (a) | Sonos, Inc | 22723 |
| 1383 | Steven Madden Ltd | 33164 |
| 272 | Sturm Ruger & Co, Inc | 9765 |
| 3111 | Tapestry, Inc | 273177 |
| 1140 (a) | Taylor Morrison Home Corp | 70019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622 | Tempur Sealy International, Inc | 178427 |
| 1447 | Toll Brothers, Inc | 165146 |
| 449 (a) | TopBuild Corp | 145359 |
| 194 (a) | Traeger, Inc | 332 |
| 707 (a) | Tri Pointe Homes, Inc | 22589 |
| 3425 (a) | Under Armour, Inc (Class A) | 23393 |
| 3626 (a) | Under Armour, Inc (Class C) | 23533 |
| 5338 | VF Corp | 62721 |
| 646 (b) | Whirlpool Corp | 65517 |
| 1465 | Wolverine World Wide, Inc | 26487 |
| 1421 (a) | YETI Holdings, Inc | 44790 |
|  | TOTAL CONSUMER DURABLES & APPAREL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992368 |
|  | CONSUMER SERVICES - 2.4% |  |
| 700 (a) | Accel Entertainment, Inc | 8239 |
| 4138 | ADT, Inc | 35049 |
| 586 (a) | Adtalem Global Education, Inc | 74557 |
| 6291 (a) | Airbnb, Inc | 832551 |
| 202 (a) | American Public Education, Inc | 6153 |
| 4054 | Aramark | 169741 |
| 17 (a) | Biglari Holdings, Inc (B Shares) | 4968 |
| 356 (a) | BJ's Restaurants, Inc | 15878 |
| 1539 | Bloomin' Brands, Inc | 13251 |
| 477 | Booking Holdings, Inc | 2761467 |
| 1079 | Boyd Gaming Corp | 84410 |
| 804 (a) | Bright Horizons Family Solutions, Inc | 99366 |
| 615 (a) | Brinker International, Inc | 110903 |
| 3464 (a) | Caesars Entertainment, Inc | 98343 |
| 14994 (a) | Carnival Corp | 421631 |
| 234 | Carriage Services, Inc | 10703 |
| 1368 (a) | Cava Group, Inc | 115227 |
| 702 (b) | Cheesecake Factory | 43987 |
| 19648 (a) | Chipotle Mexican Grill, Inc (Class A) | 1103235 |
| 430 (b) | Choice Hotels International, Inc | 54558 |
| 947 | Churchill Downs, Inc | 95647 |
| 1836 (a) | Coursera, Inc | 16083 |
| 463 (b) | Cracker Barrel Old Country Store, Inc | 28280 |
| 1711 | Darden Restaurants, Inc | 372947 |
| 539 (a) | Dave & Buster's Entertainment, Inc | 16213 |
| 1168 (a) | Denny's Corp | 4789 |
| 266 | Dine Brands Global Inc. | 6472 |
| 496 | Domino's Pizza, Inc | 223498 |
| 5163 (a) | DoorDash, Inc | 1272731 |
| 6847 (a) | DraftKings, Inc | 293668 |
| 542 (a) | Duolingo, Inc | 222231 |
| 1616 (a) | Dutch Bros, Inc | 110486 |
| 302 (a) | El Pollo Loco Holdings, Inc | 3325 |
| 281 (a) | European Wax Center, Inc | 1582 |
| 1316 (a) | Everi Holdings, Inc | 18740 |

---

64 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | CONSUMER SERVICES (continued) |  |
| 1834 |  | Expedia Group, Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309359 |
| 2457 | (a) | Flutter Entertainment plc | 702112 |
| 1135 | (a) | Frontdoor, Inc | 66897 |
| 2710 | (a) | Genius Sports Ltd | 28184 |
| 1807 | (a),(b) | Global Business Travel Group I | 11384 |
| 229 |  | Golden Entertainment, Inc | 6739 |
| 58 |  | Graham Holdings Co | 54878 |
| 410 | (a) | Grand Canyon Education, Inc | 77490 |
| 2195 |  | H&R Block, Inc | 120484 |
| 1409 | (a),(b) | Hilton Grand Vacations, Inc | 58516 |
| 3426 |  | Hilton Worldwide Holdings, Inc | 912481 |
| 573 | (b) | Hyatt Hotels Corp | 80019 |
| 357 | (a) | Inspired Entertainment, Inc | 2917 |
| 1684 |  | International Game Technology plc | 26624 |
| 431 | (b) | Jack in the Box, Inc | 7525 |
| 1311 | (b) | Krispy Kreme, Inc | 3815 |
| 89 | (a),(b) | Kura Sushi USA, Inc | 7661 |
| 4770 |  | Las Vegas Sands Corp | 207543 |
| 1806 | (a) | Laureate Education, Inc | 42224 |
| 1730 | (a) | Life Time Group Holdings, Inc | 52471 |
| 1373 | (a) | Light & Wonder, Inc | 132165 |
| 283 | (a) | Lincoln Educational Services Corp | 6523 |
| 464 | (a) | Lindblad Expeditions Holdings, Inc | 5415 |
| 3261 |  | Marriott International, Inc (Class A) | 890938 |
| 418 |  | Marriott Vacations Worldwide Corp | 30226 |
| 491 |  | Matthews International Corp (Class A) | 11740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10464 |  | McDonald's Corp | 3057267 |
| 3190 | (a) | MGM Resorts International | 109704 |
| 844 | (a) | Mister Car Wash, Inc | 5072 |
| 173 |  | Monarch Casino & Resort, Inc | 14954 |
| 911 | (a),(b) | Nerdy, Inc | 1485 |
| 6767 | (a) | Norwegian Cruise Line Holdings Ltd | 137235 |
| 1026 |  | OneSpaWorld Holdings Ltd | 20920 |
| 565 | (b) | Papa John's International, Inc | 27651 |
| 2314 | (a),(b) | Penn National Gaming, Inc | 41351 |
| 1137 |  | Perdoceo Education Corp | 37169 |
| 1210 | (a) | Planet Fitness, Inc | 131950 |
| 525 | (a),(b) | Portillo's, Inc | 6127 |
| 592 | (a) | Potbelly Corp | 7252 |
| 142 |  | RCI Hospitality Holdings, Inc | 5413 |
| 924 |  | Red Rock Resorts, Inc | 48076 |
| 4162 |  | Restaurant Brands International, Inc | 275899 |
| 3597 |  | Royal Caribbean Cruises Ltd | 1126365 |
| 822 | (a) | Rush Street Interactive, Inc | 12248 |
| 5391 | (a) | Sabre Corp | 17036 |
| 764 | (a),(b) | SeaWorld Entertainment, Inc | 36023 |
| 613 | (a),(b) | Serve Robotics, Inc | 7013 |
| 2052 |  | Service Corp International | 167033 |
| 596 | (a) | Shake Shack, Inc | 83798 |
| 1080 | (b) | Six Flags Entertainment Corp | 32864 |
| 16694 |  | Starbucks Corp | 1529671 |
| 403 |  | Strategic Education, Inc | 34307 |
| 644 | (a) | Stride, Inc | 93502 |
| 1928 |  | Super Group SGHC Ltd | 21150 |
| 1443 | (a),(b) | Sweetgreen, Inc | 21472 |
| 877 | (a),(b) | Target Hospitality Corp | 6244 |
| 913 |  | Texas Roadhouse, Inc (Class A) | 171105 |
| 776 |  | Travel & Leisure Co | 40049 |
| 1149 | (a) | Udemy, Inc | 8077 |
| 434 | (a) | Universal Technical Institute, Inc | 14708 |
| 600 | (b) | Vail Resorts, Inc | 94278 |
| 440 | (a) | Viad Corp | 12685 |

---

*See Notes to Financial Statements* 65

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | CONSUMER SERVICES (continued) |  |
| 2538 | (a) | Viking Holdings Ltd | $135250 |
| 2362 |  | Wendy's Co | 26974 |
| 398 |  | Wingstop, Inc | 134023 |
| 1311 |  | Wyndham Hotels & Resorts, Inc | 106466 |
| 1274 |  | Wynn Resorts Ltd | 119336 |
| 268 | (a) | Xponential Fitness, Inc | 2007 |
| 4156 |  | Yum! Brands, Inc | 615836 |
|  |  | TOTAL CONSUMER SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21204284 |
|  |  | CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9% |  |
| 5179 |  | Albertsons Cos, Inc | 111400 |
| 418 |  | Andersons, Inc | 15361 |
| 1935 | (a) | BJ's Wholesale Club Holdings, Inc | 208651 |
| 550 |  | Casey's General Stores, Inc | 280648 |
| 515 | (a) | Chefs' Warehouse, Inc | 32862 |
| 6474 |  | Costco Wholesale Corp | 6408872 |
| 3152 |  | Dollar General Corp | 360526 |
| 3015 | (a) | Dollar Tree, Inc | 298606 |
| 1460 | (a) | Grocery Outlet Holding Corp | 18133 |
| 626 | (a) | HF Foods Group, Inc | 1991 |
| 213 |  | Ingles Markets, Inc (Class A) | 13500 |
| 9003 |  | Kroger Co | 645785 |
| 2675 | (a) | Maplebear, Inc | 121017 |
| 286 |  | Natural Grocers by Vitamin Cottage, Inc | 11226 |
| 2414 | (a) | Performance Food Group Co | 211153 |
| 385 |  | Pricesmart, Inc | 40440 |
| 584 |  | SpartanNash Co | 15470 |
| 1482 | (a) | Sprouts Farmers Market, Inc | 243996 |
| 7149 |  | Sysco Corp | 541465 |
| 6655 |  | Target Corp | 656516 |
| 943 | (a) | United Natural Foods, Inc | 21981 |
| 3115 | (a) | US Foods Holding Corp | 239886 |
| 127 |  | Village Super Market (Class A) | 4890 |
| 9068 |  | Walgreens Boots Alliance, Inc | 104101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63579 |  | Walmart, Inc | 6216755 |
| 218 |  | Weis Markets, Inc | 15803 |
|  |  | TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 16841034 |
|  |  | ENERGY - 3.1% |  |
| 5480 |  | Antero Midstream Corp | 103846 |
| 4251 | (a) | Antero Resources Corp | 171230 |
| 5314 |  | APA Corp | 97193 |
| 2039 |  | Archrock, Inc | 50628 |
| 667 |  | Ardmore Shipping Corp | 6403 |
| 271 |  | Aris Water Solution, Inc | 6409 |
| 937 | (b) | Atlas Energy Solutions, Inc | 12528 |
| 14797 |  | Baker Hughes Co | 567317 |
| 1892 |  | Berry Corp | 5241 |
| 3755 | (b) | Borr Drilling Ltd | 6872 |
| 351 | (a) | Bristow Group, Inc | 11573 |
| 10702 |  | Cabot Oil & Gas Corp | 271617 |
| 845 |  | Cactus, Inc | 36943 |
| 912 |  | California Resources Corp | 41651 |
| 868 | (a) | Calumet, Inc | 13675 |
| 243 | (a),(b) | Centrus Energy Corp | 44513 |
| 3416 |  | ChampionX Corp | 84854 |
| 3259 |  | Cheniere Energy, Inc | 793632 |
| 3168 |  | Chesapeake Energy Corp | 370466 |
| 23802 |  | Chevron Corp | 3408208 |
| 845 |  | Chord Energy Corp | 81838 |
| 966 |  | Civitas Resources, Inc | 26584 |
| 2877 | (a) | Clean Energy Fuels Corp | 5610 |
| 2191 | (a) | CNX Resources Corp | 73793 |
| 1500 | (a),(b) | Comstock Resources, Inc | 41505 |

---

66 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | ENERGY (continued) |  |
| 18686 |  | ConocoPhillips | $1676882 |
| 809 |  | Core Laboratories, Inc | 9320 |
| 692 |  | Core Natural Resources, Inc | 48260 |
| 1895 |  | Crescent Energy Co | 16297 |
| 583 |  | CVR Energy, Inc | 15654 |
| 1373 |  | Delek US Holdings, Inc | 29080 |
| 9048 |  | Devon Energy Corp | 287817 |
| 2136 |  | DHT Holdings, Inc | 23090 |
| 2815 |  | Diamondback Energy, Inc | 386781 |
| 626 |  | Diversified Energy Co plc | 9183 |
| 333 | (a) | DMC Global, Inc | 2684 |
| 395 |  | Dorian LPG Ltd | 9630 |
| 1673 |  | DT Midstream, Inc | 183879 |
| 165 | (a),(b) | Empire Petroleum Corp | 871 |
| 2241 | (a),(b) | Encore Energy Corp | 6409 |
| 2496 | (a),(b) | Energy Fuels, Inc | 14352 |
| 8251 |  | EOG Resources, Inc | 986902 |
| 8868 |  | EQT Corp | 517182 |
| 275 |  | Excelerate Energy, Inc | 8063 |
| 1226 | (a) | Expro Group Holdings NV | 10531 |
| 63184 |  | Exxon Mobil Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6811235 |
| 408 |  | FLEX LNG Ltd | 8968 |
| 226 | (a) | Forum Energy Technologies, Inc | 4400 |
| 400 |  | FutureFuel Corp | 1552 |
| 1122 |  | Golar LNG Ltd | 46215 |
| 842 | (a) | Green Plains, Inc | 5077 |
| 179 | (a) | Gulfport Energy Operating Corp | 36009 |
| 345 | (a) | Hallador Energy Co | 5461 |
| 11949 |  | Halliburton Co | 243521 |
| 2743 | (a) | Helix Energy Solutions Group, Inc | 17116 |
| 1274 |  | Helmerich & Payne, Inc | 19314 |
| 4227 |  | Hess Corp | 585609 |
| 2393 |  | HF Sinclair Corp | 98305 |
| 110 | (b) | HighPeak Energy, Inc | 1078 |
| 582 | (a) | Innovex International, Inc | 9091 |
| 275 |  | International Seaways, Inc | 10032 |
| 29005 |  | Kinder Morgan, Inc | 852747 |
| 465 |  | Kinetik Holdings, Inc | 20483 |
| 553 |  | Kodiak Gas Services, Inc | 18951 |
| 6795 | (a) | Kosmos Energy Ltd | 11687 |
| 2207 |  | Liberty Energy, Inc | 25336 |
| 2448 |  | Magnolia Oil & Gas Corp | 55031 |
| 767 | (a) | Mammoth Energy Services, Inc | 2148 |
| 4571 |  | Marathon Petroleum Corp | 759289 |
| 1395 |  | Matador Resources Co | 66569 |
| 1623 |  | Murphy Oil Corp | 36518 |
| 146 | (a),(b) | Nabors Industries Ltd | 4091 |
| 75 |  | Nacco Industries, Inc (Class A) | 3323 |
| 1716 | (a) | NextDecade Corp | 15290 |
| 2086 |  | Noble Corp plc | 55383 |
| 3490 | (b) | Nordic American Tankers Ltd | 9179 |
| 1326 |  | Northern Oil and Gas, Inc | 37592 |
| 5678 |  | NOV, Inc | 70578 |
| 9895 |  | Occidental Petroleum Corp | 415689 |
| 1532 | (a) | Oceaneering International, Inc | 31743 |
| 1209 | (a) | Oil States International, Inc | 6480 |
| 8837 |  | ONEOK, Inc | 721364 |
| 3516 |  | Ovintiv, Inc | 133784 |
| 677 | (a) | Par Pacific Holdings, Inc | 17961 |
| 5496 |  | Patterson-UTI Energy, Inc | 32591 |
| 1808 |  | PBF Energy, Inc | 39179 |
| 1975 |  | Peabody Energy Corp | 26505 |

---

*See Notes to Financial Statements* 67

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | ENERGY (continued) |  |
| 9481 |  | Permian Resources Corp | $129131 |
| 6002 |  | Phillips 66 | 716039 |
| 1367 | (a) | ProPetro Holding Corp | 8161 |
| 4095 |  | Range Resources Corp | 166544 |
| 475 |  | Ranger Energy Services, Inc | 5672 |
| 276 | (a) | Rex American Resources Corp | 13444 |
| 151 |  | Riley Exploration Permian, Inc | 3961 |
| 1202 |  | RPC, Inc | 5686 |
| 966 | (a) | Sable Offshore Corp | 21233 |
| 532 |  | SandRidge Energy, Inc | 5756 |
| 19926 |  | Schlumberger Ltd | 673499 |
| 477 |  | Scorpio Tankers, Inc | 18665 |
| 649 | (a) | SEACOR Marine Holdings, Inc | 3310 |
| 1139 | (a) | Seadrill Ltd | 29899 |
| 988 |  | Select Water Solutions, Inc | 8536 |
| 1567 | (b) | SFL Corp Ltd | 13053 |
| 1209 |  | Sitio Royalties Corp | 22221 |
| 743 |  | SM Energy Co | 18360 |
| 678 |  | Solaris Oilfield Infrastructure, Inc | 19181 |
| 1711 | (a) | Talos Energy, Inc | 14509 |
| 3258 |  | Targa Resources Corp | 567153 |
| 6518 |  | TechnipFMC plc | 224480 |
| 1069 |  | Teekay Corp Ltd | 8819 |
| 376 |  | Teekay Tankers Ltd | 15687 |
| 2062 | (a) | Tetra Technologies, Inc | 6928 |
| 282 |  | Texas Pacific Land Corp | 297902 |
| 854 | (a) | Tidewater, Inc | 39395 |
| 5024 | (a),(b) | Transocean Ltd | 13012 |
| 4698 | (a),(b) | Uranium Energy Corp | 31946 |
| 1000 |  | Vaalco Energy, Inc | 3610 |
| 993 | (a),(b) | Valaris Ltd | 41815 |
| 4627 |  | Valero Energy Corp | 621961 |
| 1275 |  | Viper Energy Partners LP | 48616 |
| 279 | (a),(b) | Vital Energy, Inc | 4489 |
| 433 | (b) | Vitesse Energy, Inc | 9565 |
| 2083 | (b) | W&T Offshore, Inc | 3437 |
| 774 |  | Weatherford International plc | 38940 |
| 17994 |  | Williams Cos, Inc | 1130203 |
| 1068 |  | World Fuel Services Corp | 30278 |
|  |  | TOTAL ENERGY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26984566 |
|  |  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.2% |  |
| 1492 |  | Acadia Realty Trust | 27706 |
| 1175 |  | Agree Realty Corp | 85845 |
| 1192 |  | Alexander & Baldwin, Inc | 21253 |
| 57 |  | Alexander's, Inc | 12843 |
| 2524 |  | Alexandria Real Estate Equities, Inc | 183318 |
| 357 |  | Alpine Income Property Trust, Inc | 5251 |
| 714 |  | American Assets Trust, Inc | 14102 |
| 2047 |  | American Healthcare REIT, Inc | 75207 |
| 4773 |  | American Homes 4 Rent | 172162 |
| 6901 |  | American Tower Corp | 1525259 |
| 4437 |  | Americold Realty Trust, Inc | 73787 |
| 1848 |  | Apartment Investment and Management Co | 15985 |
| 2947 |  | Apple Hospitality REIT, Inc | 34391 |
| 1769 |  | Armada Hoffler Properties, Inc | 12153 |
| 1970 |  | AvalonBay Communities, Inc | 400895 |
| 2348 |  | Boston Properties, Inc | 158420 |
| 1429 |  | Braemar Hotels & Resorts, Inc | 3501 |
| 2649 |  | Brandywine Realty Trust | 11364 |
| 4252 |  | Brixmor Property Group, Inc | 110722 |
| 2559 |  | Broadstone Net Lease, Inc | 41072 |
| 572 |  | BRT Apartments Corp | 8946 |

---

68 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 1599 | Camden Property Trust | $180191 |
| 2085 | CareTrust REIT, Inc | 63801 |
| 493 | CBL & Associates Properties, Inc | 12517 |
| 275 | Centerspace | 16552 |
| 919 | Chatham Lodging Trust | 6405 |
| 707 | City Office REIT, Inc | 3775 |
| 588 | Clipper Realty, Inc | 2158 |
| 544 | Community Healthcare Trust, Inc | 9047 |
| 1123 | Corporate Office Properties Trust | 30972 |
| 2578 | Cousins Properties, Inc | 77417 |
| 6420 | Crown Castle, Inc | 659527 |
| 273 | CTO Realty Growth, Inc | 4712 |
| 3658 | CubeSmart | 155465 |
| 1290 | Curbline Properties Corp | 29451 |
| 3453 | DiamondRock Hospitality Co | 26450 |
| 4778 | Digital Realty Trust, Inc | 832949 |
| 5068 | Diversified Healthcare Trust | 18143 |
| 2323 | Douglas Emmett, Inc | 34938 |
| 570 | Easterly Government Properties, Inc | 12654 |
| 673 | EastGroup Properties, Inc | 112472 |
| 3012 | Empire State Realty Trust, Inc | 24367 |
| 787 | EPR Properties | 45851 |
| 1405 | Equinix, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117635 |
| 2701 | Equity Lifestyle Properties, Inc | 166571 |
| 5586 | Equity Residential | 376999 |
| 2334 | Essential Properties Realty Trust, Inc | 74478 |
| 896 | Essex Property Trust, Inc | 253926 |
| 3159 | Extra Space Storage, Inc | 465763 |
| 729 | Farmland Partners, Inc | 8391 |
| 1347 | Federal Realty Investment Trust | 127952 |
| 1998 | First Industrial Realty Trust, Inc | 96164 |
| 1235 | Four Corners Property Trust, Inc | 33234 |
| 3355 | Gaming and Leisure Properties, Inc | 156611 |
| 763 | Getty Realty Corp | 21089 |
| 475 | Gladstone Commercial Corp | 6807 |
| 687 | Gladstone Land Corp | 6987 |
| 1151 | Global Medical REIT, Inc | 7976 |
| 3106 | Global Net Lease, Inc | 23450 |
| 6024 | Healthcare Realty Trust, Inc | 95541 |
| 10142 | Healthpeak Properties, Inc | 177586 |
| 1796 | Highwoods Properties, Inc | 55838 |
| 9517 | Host Hotels & Resorts Inc | 146181 |
| 2438 | Hudson Pacific Properties, Inc | 6680 |
| 3525 | Independence Realty Trust, Inc | 62357 |
| 1204 | Industrial Logistics Properties Trust | 5478 |
| 439 | Innovative Industrial Properties, Inc | 24242 |
| 1140 | InvenTrust Properties Corp | 31236 |
| 8599 | Invitation Homes, Inc | 282047 |
| 4395 | Iron Mountain, Inc | 450795 |
| 2053 | JBG SMITH Properties | 35517 |
| 1970 | Kilroy Realty Corp | 67591 |
| 9833 | Kimco Realty Corp | 206690 |
| 3663 | Kite Realty Group Trust | 82967 |
| 1307 | Lamar Advertising Co | 158618 |
| 2203 | Lexington Realty Trust | 18197 |
| 768 | Lineage, Inc | 33423 |
| 431 | LTC Properties, Inc | 14917 |
| 3615 | Macerich Co | 58491 |
| 1437 | Mack-Cali Realty Corp | 21397 |
| 9560 | Medical Properties Trust, Inc | 41204 |
| 1755 | Mid-America Apartment Communities, Inc | 259758 |
| 2065 | Millrose Properties, Inc | 58873 |

---

*See Notes to Financial Statements* 69

------

Stock Index

---

| | | |
|:---|:---|:---|
| SHARES | DESCRIPTION | VALUE |
|  | EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) |  |
| 460 | National Health Investors, Inc | $32255 |
| 2749 | National Retail Properties, Inc | 118702 |
| 1216 | National Storage Affiliates Trust | 38900 |
| 215<br> (a) | NET Lease Office Properties | 6998 |
| 1149 | NETSTREIT Corp | 19453 |
| 1120 | NexPoint Diversified Real Estate Trust | 4693 |
| 478 | NexPoint Residential Trust, Inc | 15927 |
| 3987 | Omega Healthcare Investors, Inc | 146124 |
| 254 | One Liberty Properties, Inc | 6060 |
| 1605 | Outfront Media, Inc | 26194 |
| 3099 | Paramount Group, Inc | 18904 |
| 2538 | Park Hotels & Resorts, Inc | 25964 |
| 554 | Peakstone Realty Trust | 7318 |
| 2135 | Pebblebrook Hotel Trust | 21329 |
| 1776 | Phillips Edison & Co, Inc | 62213 |
| 2219 | Piedmont Office Realty Trust, Inc | 16177 |
| 445 | Plymouth Industrial REIT, Inc | 7147 |
| 255 | Postal Realty Trust, Inc | 3756 |
| 1459 | PotlatchDeltic Corp | 55982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13534 | Prologis, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422694 |
| 2331 | Public Storage, Inc | 683962 |
| 1674 | Rayonier, Inc | 37129 |
| 12822 | Realty Income Corp | 738675 |
| 2644 | Regency Centers Corp | 188332 |
| 3142 | Rexford Industrial Realty, Inc | 111761 |
| 1824 | RLJ Lodging Trust | 13279 |
| 875 | Ryman Hospitality Properties, Inc | 86336 |
| 3697 | Sabra Health Care REIT, Inc | 68173 |
| 571 | Safehold, Inc | 8885 |
| 370 | Saul Centers, Inc | 12632 |
| 1572 | SBA Communications Corp | 369168 |
| 2237 | Service Properties Trust | 5346 |
| 659 | Sila Realty Trust, Inc | 15599 |
| 4726 | Simon Property Group, Inc | 759752 |
| 645 | SITE Centers Corp | 7295 |
| 1013 | SL Green Realty Corp | 62705 |
| 2713 | STAG Industrial, Inc | 98428 |
| 2137 | Summit Hotel Properties, Inc | 10877 |
| 1974 | Sun Communities, Inc | 249691 |
| 4344 | Sunstone Hotel Investors, Inc | 37706 |
| 1735 | Tanger Factory Outlet Centers, Inc | 53056 |
| 1413 | Terreno Realty Corp | 79227 |
| 4667 | UDR, Inc | 190554 |
| 567 | UMH Properties, Inc | 9520 |
| 3661 | Uniti Group, Inc | 15816 |
| 198 | Universal Health Realty Income Trust | 7914 |
| 2537 | Urban Edge Properties | 47340 |
| 6423 | Ventas, Inc | 405612 |
| 14973 | VICI Properties, Inc | 488120 |
| 3062 | Vornado Realty Trust | 117091 |
| 1848 | Washington REIT | 29383 |
| 9278<br> (d) | Welltower, Inc | 1426307 |
| 11281 | Weyerhaeuser Co | 289809 |
| 550 | Whitestone REIT | 6864 |
| 2793 | WP Carey, Inc | 174227 |
| 2302 | Xenia Hotels & Resorts, Inc | 28936 |
|  | TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 19685950 |
|  | FINANCIAL SERVICES - 8.4% |  |
| 906<br> (a) | Acacia Research (Acacia Technologies) | 3243 |
| 488 | Affiliated Managers Group, Inc | 96024 |
| 3902<br> (a) | Affirm Holdings, Inc | 269784 |
| 10726 | AGNC Investment Corp | 98572 |

---

70 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | FINANCIAL SERVICES (continued) |  |
| 243 |  | Alerus Financial Corp | $5259 |
| 4438 |  | Ally Financial, Inc | 172860 |
| 8062 |  | American Express Co | 2571617 |
| 1392 |  | Ameriprise Financial, Inc | 742952 |
| 253 |  | Angel Oak Mortgage REIT, Inc | 2383 |
| 7406 |  | Annaly Capital Management, Inc | 139381 |
| 2943 |  | Apollo Commercial Real Estate Finance, Inc | 28488 |
| 6095 |  | Apollo Global Management, Inc | 864698 |
| 2387 |  | Arbor Realty Trust, Inc | 25541 |
| 645 |  | Ares Commercial Real Estate Corp | 3077 |
| 2756 |  | Ares Management Corp | 477339 |
| 281 |  | ARMOUR Residential REIT, Inc | 4724 |
| 870 |  | Artisan Partners Asset Management, Inc | 38567 |
| 123 | (a) | Atlanticus Holdings Corp | 6734 |
| 2445 | (a) | AvidXchange Holdings, Inc | 23937 |
| 461 |  | Banco Latinoamericano de Exportaciones S.A. (Class E) | 18578 |
| 10556 |  | Bank of New York Mellon Corp | 961757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26815 | (a) | Berkshire Hathaway, Inc | 13025923 |
| 5076 |  | BGC Group, Inc | 51927 |
| 2183 |  | BlackRock, Inc | 2290513 |
| 2460 |  | Blackstone Mortgage Trust, Inc | 47355 |
| 10535 |  | Blackstone, Inc | 1575825 |
| 8025 | (a) | Block, Inc | 545138 |
| 7723 |  | Blue Owl Capital, Inc | 148359 |
| 829 |  | Bread Financial Holdings, Inc | 47352 |
| 642 |  | Brightsphere Investment Group, Inc | 22624 |
| 1289 |  | BrightSpire Capital, Inc | 6509 |
| 4881 |  | Brookfield Asset Management Ltd | 269822 |
| 3022 |  | Burford Capital Ltd | 43094 |
| 1450 |  | Cannae Holdings, Inc | 30232 |
| 923 | (a) | Cantaloupe, Inc | 10144 |
| 9238 |  | Capital One Financial Corp | 1965477 |
| 3299 |  | Carlyle Group, Inc | 169569 |
| 222 |  | Cass Information Systems, Inc | 9646 |
| 1493 |  | Cboe Global Markets, Inc | 348183 |
| 24472 |  | Charles Schwab Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232825 |
| 152 |  | Chicago Atlantic Real Estate Finance, Inc | 2122 |
| 1022 |  | Chimera Investment Corp | 14175 |
| 1435 |  | Claros Mortgage Trust, Inc | 4090 |
| 5278 |  | CME Group, Inc | 1454722 |
| 461 |  | Cohen & Steers, Inc | 34736 |
| 2990 | (a) | Coinbase Global, Inc | 1047965 |
| 797 |  | Compass Diversified Trust | 5005 |
| 326 | (a) | Consumer Portfolio Services, Inc | 3205 |
| 3855 |  | Corebridge Financial, Inc | 136852 |
| 972 | (a) | Corpay, Inc | 322529 |
| 79 | (a),(b) | Credit Acceptance Corp | 40245 |
| 132 | (a) | Dave, Inc | 35430 |
| 49 |  | Diamond Hill Investment Group, Inc | 7120 |
| 2419 |  | DigitalBridge Group, Inc | 25037 |
| 461 | (a) | Donnelley Financial Solutions, Inc | 28421 |
| 258 |  | Dynex Capital, Inc | 3153 |
| 718 |  | Ellington Financial, Inc | 9327 |
| 375 |  | Enact Holdings, Inc | 13931 |
| 502 | (a) | Encore Capital Group, Inc | 19432 |
| 370 | (a) | Enova International, Inc | 41262 |
| 4607 |  | Equitable Holdings, Inc | 258453 |
| 1475 |  | Essent Group Ltd | 89577 |
| 728 | (a) | Euronet Worldwide, Inc | 73805 |
| 638 |  | Evercore Partners, Inc (Class A) | 172273 |
| 941 |  | EVERTEC, Inc | 33923 |
| 541 |  | Factset Research Systems, Inc | 241978 |

---

*See Notes to Financial Statements* 71

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | FINANCIAL SERVICES (continued) |  |
| 139 |  | Federal Agricultural Mortgage Corp | $27005 |
| 7802 |  | Fidelity National Information Services, Inc | 635161 |
| 556 |  | FirstCash Holdings, Inc | 75138 |
| 8108 | (a) | Fiserv, Inc | 1397900 |
| 1440 | (a) | Flywire Corp | 16848 |
| 137 | (a),(b) | Forge Global Holdings, Inc | 2608 |
| 1010 |  | Franklin BSP Realty Trust, Inc | 10797 |
| 3439 |  | Franklin Resources, Inc | 82020 |
| 224 | (a) | Freedom Holding Corp | 32715 |
| 257 |  | GCM Grosvenor, Inc | 2971 |
| 3688 |  | Global Payments, Inc | 295188 |
| 4437 |  | Goldman Sachs Group, Inc | 3140287 |
| 905 | (a) | Green Dot Corp | 9756 |
| 562 |  | Hamilton Lane, Inc | 79871 |
| 1655 |  | Hannon Armstrong Sustainable Infrastructure Capital, Inc | 44453 |
| 796 |  | Houlihan Lokey, Inc | 143240 |
| 6412 |  | Interactive Brokers Group, Inc (Class A) | 355289 |
| 8228 |  | Intercontinental Exchange, Inc | 1509591 |
| 339 | (a) | International Money Express, Inc | 3421 |
| 6004 |  | Invesco Ltd | 94683 |
| 366 |  | Invesco Mortgage Capital, Inc | 2869 |
| 1116 |  | Jack Henry & Associates, Inc | 201070 |
| 911 |  | Jackson Financial, Inc | 80888 |
| 2276 |  | Janus Henderson Group plc | 88400 |
| 2648 |  | Jefferies Financial Group, Inc | 144819 |
| 10029 |  | KKR & Co, Inc | 1334158 |
| 648 |  | KKR Real Estate Finance Trust, Inc | 5683 |
| 1766 |  | Ladder Capital Corp | 18984 |
| 1898 |  | Lazard, Inc | 91066 |
| 1618 | (a) | LendingClub Corp | 19465 |
| 196 | (a) | LendingTree, Inc | 7266 |
| 1109 |  | LPL Financial Holdings, Inc | 415842 |
| 310 |  | Marex Group plc | 12236 |
| 528 |  | MarketAxess Holdings, Inc | 117924 |
| 7301 | (a) | Marqeta, Inc | 42565 |
| 11893 |  | Mastercard, Inc (Class A) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6683152 |
| 232 |  | Merchants Bancorp | 7672 |
| 2131 |  | MFA Financial, Inc | 20159 |
| 3558 |  | MGIC Investment Corp | 99055 |
| 877 |  | Moelis & Co | 54655 |
| 2307 |  | Moody's Corp | 1157168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16735 |  | Morgan Stanley | 2357292 |
| 392 |  | Morningstar, Inc | 123061 |
| 845 | (a) | Mr Cooper Group, Inc | 126082 |
| 1102 |  | MSCI, Inc (Class A) | 635567 |
| 6024 |  | Nasdaq Stock Market, Inc | 538666 |
| 1245 |  | Navient Corp | 17554 |
| 1156 | (a) | NCR Corp ATM | 32981 |
| 212 |  | Nelnet, Inc (Class A) | 25677 |
| 410 | (a) | NerdWallet, Inc | 4498 |
| 1613 |  | New York Mortgage Trust, Inc | 10807 |
| 298 |  | NewtekOne, Inc | 3361 |
| 131 |  | Nexpoint Real Estate Finance, Inc | 1806 |
| 1272 | (a) | NMI Holdings, Inc | 53666 |
| 2878 |  | Northern Trust Corp | 364902 |
| 148 | (a) | Ocwen Financial Corp | 5649 |
| 1689 |  | OneMain Holdings, Inc | 96273 |
| 1687 | (a) | Open Lending Corp | 3273 |
| 402 |  | Orchid Island Capital, Inc | 2818 |
| 600 |  | P10, Inc | 6132 |
| 3227 |  | Pagseguro Digital Ltd | 31108 |
| 245 |  | Patria Investments Ltd | 3445 |

---

72 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | FINANCIAL SERVICES (continued) |  |
| 3424 | (a) | Payoneer Global, Inc | $23454 |
| 14231 | (a) | PayPal Holdings, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057648 |
| 652 | (a),(b) | Paysafe Ltd | 8228 |
| 1316 | (a) | Paysign Inc | 9475 |
| 399 |  | PennyMac Financial Services, Inc | 39756 |
| 1723 |  | PennyMac Mortgage Investment Trust | 22158 |
| 904 |  | Perella Weinberg Partners | 17556 |
| 273 |  | Piper Jaffray Cos | 75878 |
| 397 |  | PJT Partners, Inc | 65509 |
| 719 | (a) | PRA Group, Inc | 10605 |
| 675 |  | PROG Holdings, Inc | 19811 |
| 1751 |  | Radian Group, Inc | 63071 |
| 2725 |  | Raymond James Financial, Inc | 417933 |
| 1941 |  | Ready Capital Corp | 8482 |
| 1612 |  | Redwood Trust, Inc | 9527 |
| 143 |  | Regional Management Corp | 4177 |
| 2189 | (a) | Remitly Global, Inc | 41088 |
| 1337 | (a) | Repay Holdings Corp | 6444 |
| 6918 |  | Rithm Capital Corp | 78104 |
| 10731 | (a) | Robinhood Markets, Inc | 1004744 |
| 2233 | (b) | Rocket Cos, Inc | 31664 |
| 4475 |  | S&P Global, Inc | 2359623 |
| 1255 |  | SEI Investments Co | 112774 |
| 213 | (a) | Sezzle, Inc | 38180 |
| 854 | (a),(b) | Shift4 Payments, Inc | 84640 |
| 184 |  | Silvercrest Asset Management Group, Inc | 2918 |
| 3536 |  | SLM Corp | 115945 |
| 15128 | (a) | SoFi Technologies, Inc | 275481 |
| 3745 |  | Starwood Property Trust, Inc | 75162 |
| 4343 |  | State Street Corp | 461835 |
| 809 |  | StepStone Group, Inc | 44900 |
| 1604 |  | Stifel Financial Corp | 166463 |
| 3904 | (a) | StoneCo Ltd | 62620 |
| 541 | (a) | StoneX Group, Inc | 49307 |
| 41 |  | Sunrise Realty Trust, Inc | 435 |
| 474 |  | SWK Holdings Corp | 6987 |
| 5840 |  | Synchrony Financial | 389762 |
| 3029 |  | T Rowe Price Group, Inc | 292299 |
| 6729 | (a) | Toast, Inc | 298027 |
| 867 |  | TPG RE Finance Trust, Inc | 6693 |
| 1440 |  | TPG, Inc | 75528 |
| 1734 |  | Tradeweb Markets, Inc | 253858 |
| 1156 |  | Two Harbors Investment Corp | 12450 |
| 1255 | (a) | Upstart Holdings, Inc | 81173 |
| 1161 |  | UWM Holdings Corp | 4807 |
| 208 | (a) | Velocity Financial, Inc | 3856 |
| 544 |  | Victory Capital Holdings, Inc | 34636 |
| 1409 |  | Virtu Financial, Inc | 63109 |
| 115 |  | Virtus Investment Partners, Inc | 20861 |
| 24876 |  | Visa, Inc (Class A) | 8832224 |
| 1567 |  | Voya Financial, Inc | 111257 |
| 543 |  | Walker & Dunlop, Inc | 38271 |
| 384 |  | Waterstone Financial, Inc | 5303 |
| 5021 |  | Western Union Co | 42277 |
| 530 | (a) | WEX, Inc | 77852 |
| 1867 |  | WisdomTree, Inc | 21489 |
| 90 | (a) | World Acceptance Corp | 14861 |
| 6368 |  | XP, Inc | 128634 |
|  |  | TOTAL FINANCIAL SERVICES | 74205265 |
|  |  | FOOD, BEVERAGE & TOBACCO - 2.2% |  |
| 176 |  | Alico, Inc | 5752 |
| 24803 |  | Altria Group, Inc | 1454200 |

---

*See Notes to Financial Statements* 73

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 6926 |  | Archer-Daniels-Midland Co | $365554 |
| 1190 | (b) | B&G Foods, Inc (Class A) | 5034 |
| 980 | (a),(b) | Beyond Meat, Inc | 3420 |
| 157 | (a) | Boston Beer Co, Inc (Class A) | 29957 |
| 349 | (a),(b) | BRC, Inc | 457 |
| 711 |  | Brown-Forman Corp (Class A) | 19531 |
| 2220 |  | Brown-Forman Corp (Class B) | 59740 |
| 1774 |  | Bunge Global S.A. | 142417 |
| 345 |  | Calavo Growers, Inc | 9174 |
| 610 |  | Cal-Maine Foods, Inc | 60774 |
| 2625 |  | Campbell Soup Co | 80456 |
| 2463 | (a) | Celsius Holdings, Inc | 114259 |
| 56705 |  | Coca-Cola Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011879 |
| 671 |  | Coca-Cola Consolidated Inc | 74917 |
| 5931 |  | ConAgra Brands, Inc | 121408 |
| 1956 |  | Constellation Brands, Inc (Class A) | 318202 |
| 2102 | (a) | Darling International, Inc | 79750 |
| 751 |  | Dole plc | 10506 |
| 2984 |  | Flowers Foods, Inc | 47684 |
| 499 |  | Fresh Del Monte Produce, Inc | 16178 |
| 722 | (a) | Freshpet, Inc | 49067 |
| 7741 |  | General Mills, Inc | 401061 |
| 1593 | (a) | Hain Celestial Group, Inc | 2421 |
| 2193 |  | Hershey Co | 363928 |
| 4050 |  | Hormel Foods Corp | 122512 |
| 877 |  | Ingredion, Inc | 118939 |
| 1388 | (a),(b) | Ispire Technology, Inc | 3553 |
| 277 |  | J&J Snack Foods Corp | 31415 |
| 1619 |  | J.M. Smucker Co | 158986 |
| 199 |  | John B Sanfilippo & Son, Inc | 12585 |
| 3688 |  | Kellogg Co | 293307 |
| 17944 |  | Keurig Dr Pepper, Inc | 593229 |
| 12706 |  | Kraft Heinz Co | 328069 |
| 2143 |  | Lamb Weston Holdings, Inc | 111115 |
| 364 |  | Lancaster Colony Corp | 62888 |
| 302 |  | Limoneira Co | 4726 |
| 3655 |  | McCormick & Co, Inc | 277122 |
| 203 |  | MGP Ingredients, Inc | 6084 |
| 926 | (a) | Mission Produce, Inc | 10853 |
| 2211 |  | Molson Coors Brewing Co (Class B) | 106327 |
| 19330 |  | Mondelez International, Inc | 1303615 |
| 10374 | (a) | Monster Beverage Corp | 649827 |
| 366 | (a) | National Beverage Corp | 15826 |
| 19998 |  | PepsiCo, Inc | 2640536 |
| 22846 |  | Philip Morris International, Inc | 4160942 |
| 538 |  | Pilgrim's Pride Corp | 24199 |
| 770 | (a) | Post Holdings, Inc | 83953 |
| 3184 |  | Primo Brands Corp | 94310 |
| 4 |  | Seaboard Corp | 11445 |
| 134 | (a) | Seneca Foods Corp | 13592 |
| 1484 | (a) | Simply Good Foods Co | 46880 |
| 1555 | (a) | SunOpta, Inc | 9019 |
| 964 | (a) | TreeHouse Foods, Inc | 18721 |
| 190 |  | Turning Point Brands, Inc | 14396 |
| 4102 |  | Tyson Foods, Inc (Class A) | 229466 |
| 318 |  | Universal Corp | 18520 |
| 803 |  | Utz Brands, Inc | 10078 |
| 454 | (a) | Vita Coco Co, Inc | 16389 |
| 420 | (a) | Vital Farms, Inc | 16178 |

---

74 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | FOOD, BEVERAGE & TOBACCO (continued) |  |
| 1057 | (b) | WK Kellogg Co | $16849 |
|  |  | TOTAL FOOD, BEVERAGE & TOBACCO | 19484177 |
|  |  | HEALTH CARE EQUIPMENT & SERVICES - 4.1% |  |
| 25371 |  | Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3450710 |
| 911 | (a) | Acadia Healthcare Co, Inc | 20671 |
| 1473 | (a) | Accuray, Inc | 2018 |
| 1314 | (a) | AdaptHealth Corp | 12391 |
| 230 | (a) | Addus HomeCare Corp | 26494 |
| 4406 | (a) | agilon health, Inc | 10134 |
| 1015 | (a) | Align Technology, Inc | 192170 |
| 1430 | (a) | Alignment Healthcare, Inc | 20020 |
| 1508 | (a) | Alphatec Holdings, Inc | 16739 |
| 448 | (a) | Amedisys, Inc | 44079 |
| 2525 |  | AmerisourceBergen Corp | 757121 |
| 740 | (a) | AMN Healthcare Services, Inc | 15296 |
| 563 | (a) | Angiodynamics, Inc | 5585 |
| 640 | (a) | Apollo Medical Holdings, Inc | 15923 |
| 673 | (a) | AtriCure, Inc | 22054 |
| 725 | (a) | Avanos Medical, Inc | 8874 |
| 2914 | (a) | Aveanna Healthcare Holdings, Inc | 15240 |
| 560 | (a) | Axogen, Inc | 6076 |
| 7747 |  | Baxter International, Inc | 234579 |
| 4164 |  | Becton Dickinson & Co | 717249 |
| 21544 | (a) | Boston Scientific Corp | 2314041 |
| 961 | (a) | BrightSpring Health Services, Inc | 22670 |
| 2873 | (a) | Brookdale Senior Living, Inc | 19996 |
| 3501 |  | Cardinal Health, Inc | 588168 |
| 373 | (a) | Castle Biosciences, Inc | 7617 |
| 7053 | (a) | Centene Corp | 382837 |
| 1866 | (a) | Certara, Inc | 21832 |
| 2819 | (a) | Cerus Corp | 3975 |
| 223 |  | Chemed Corp | 108585 |
| 3924 |  | Cigna Group | 1297196 |
| 5253 | (a) | Clover Health Investments Corp | 14656 |
| 1354 | (b) | Concentra Group Holdings Parent, Inc | 27852 |
| 422 |  | Conmed Corp | 21978 |
| 2978 | (a) | Cooper Cos, Inc | 211914 |
| 489 | (a) | Corvel Corp | 50259 |
| 544 | (a) | Cross Country Healthcare, Inc | 7099 |
| 480 | (a) | CryoLife, Inc | 14928 |
| 210 | (a),(b) | CVRx, Inc | 1235 |
| 18458 |  | CVS Health Corp | 1273233 |
| 607 | (a) | DaVita, Inc | 86467 |
| 485 | (a) | Definitive Healthcare Corp | 1891 |
| 367 | (a) | Delcath Systems, Inc | 4991 |
| 2739 |  | Dentsply Sirona, Inc | 43495 |
| 5647 | (a) | DexCom, Inc | 492927 |
| 1250 | (a),(b) | DocGo, Inc | 1962 |
| 1826 | (a) | Doximity, Inc | 112007 |
| 8455 | (a) | Edwards Lifesciences Corp | 661266 |
| 3323 |  | Elevance Health, Inc | 1292514 |
| 985 |  | Embecta Corp | 9545 |
| 1608 |  | Encompass Health Corp | 197189 |
| 804 | (a) | Enhabit, Inc | 7751 |
| 653 | (a) | Enovis Corp | 20478 |
| 804 |  | Ensign Group, Inc | 124025 |
| 2830 | (a) | Envista Holdings Corp | 55298 |
| 1677 | (a) | Evolent Health, Inc | 18883 |
| 350 | (a) | Fulgent Genetics, Inc | 6958 |
| 6421 |  | GE HealthCare Technologies, Inc | 475603 |
| 262 | (a) | GeneDx Holdings Corp | 24185 |
| 710 | (a) | Glaukos Corp | 73336 |

---

*See Notes to Financial Statements* 75

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 1754 | (a) | Globus Medical, Inc | $103521 |
| 1770 | (a) | Guardant Health, Inc | 92111 |
| 520 | (a) | Haemonetics Corp | 38797 |
| 2585 |  | HCA, Inc | 990314 |
| 737 | (a) | Health Catalyst, Inc | 2778 |
| 1162 | (a) | HealthEquity, Inc | 121731 |
| 399 |  | HealthStream, Inc | 11040 |
| 1761 | (a) | Henry Schein, Inc | 128641 |
| 2950 | (a) | Hims & Hers Health, Inc | 147058 |
| 3293 | (a) | Hologic, Inc | 214572 |
| 1711 |  | Humana, Inc | 418305 |
| 362 | (a) | ICU Medical, Inc | 47838 |
| 1199 | (a) | IDEXX Laboratories, Inc | 643072 |
| 655 | (a) | Inogen, Inc | 4605 |
| 465 | (a) | Inspire Medical Systems, Inc | 60343 |
| 1048 | (a) | Insulet Corp | 329261 |
| 572 | (a) | Integer Holdings Corp | 70339 |
| 1378 | (a) | Integra LifeSciences Holdings Corp | 16908 |
| 5173 | (a) | Intuitive Surgical, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811060 |
| 96 |  | iRadimed Corp | 5740 |
| 477 | (a) | iRhythm Technologies, Inc | 73439 |
| 229 | (a) | Joint Corp | 2643 |
| 1276 |  | Labcorp Holdings, Inc | 334963 |
| 847 | (a) | Lantheus Holdings, Inc | 69335 |
| 236 |  | LeMaitre Vascular, Inc | 19600 |
| 529 | (a) | LifeMD, Inc | 7205 |
| 1584 | (a) | LifeStance Health Group, Inc | 8189 |
| 892 | (a) | LivaNova plc | 40158 |
| 671 | (a) | Masimo Corp | 112876 |
| 1840 |  | McKesson Corp | 1348315 |
| 18684 |  | Medtronic plc | 1628684 |
| 985 | (a) | Merit Medical Systems, Inc | 92078 |
| 807 | (a) | Molina Healthcare, Inc | 240405 |
| 734 | (a),(b) | Nano-X Imaging Ltd | 3795 |
| 173 |  | National Healthcare Corp | 18513 |
| 208 |  | National Research Corp | 3494 |
| 3187 | (a) | Neogen Corp | 15234 |
| 2015 | (a) | NeoGenomics, Inc | 14730 |
| 1767 | (a) | Novocure Ltd | 31453 |
| 52 | (a) | Nutex Health, Inc | 6473 |
| 758 | (a) | Omnicell, Inc | 22285 |
| 8804 | (a) | Opko Health, Inc | 11621 |
| 366 | (a) | OptimizeRx Corp | 4941 |
| 2503 | (a) | Option Care Health, Inc | 81297 |
| 1144 | (a) | OraSure Technologies, Inc | 3432 |
| 473 | (a) | Orthofix Medical, Inc | 5274 |
| 333 | (a) | OrthoPediatrics Corp | 7153 |
| 253 | (a) | Outset Medical, Inc | 4860 |
| 1223 | (a) | Owens & Minor, Inc | 11129 |
| 295 | (a) | PACS Group, Inc | 3811 |
| 1431 | (a) | Pediatrix Medical Group, Inc | 20535 |
| 524 | (a) | Pennant Group, Inc | 15641 |
| 506 | (a) | Penumbra, Inc | 129855 |
| 1227 | (a) | Performant Financial Corp | 4908 |
| 771 | (a) | Phreesia, Inc | 21943 |
| 1445 |  | Premier, Inc | 31689 |
| 1501 | (a) | Privia Health Group, Inc | 34523 |
| 666 | (a) | PROCEPT BioRobotics Corp | 38362 |
| 1198 | (a) | Progyny, Inc | 26356 |
| 1215 | (a) | Pulmonx Corp | 3147 |
| 1569 |  | Quest Diagnostics, Inc | 281839 |
| 828 | (a) | QuidelOrtho Corp | 23863 |

---

76 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | HEALTH CARE EQUIPMENT & SERVICES (continued) |  |
| 1004 | (a) | RadNet, Inc | $57138 |
| 2163 |  | Resmed, Inc | 558054 |
| 524 | (a) | RxSight, Inc | 6812 |
| 896 | (a) | Schrodinger, Inc | 18028 |
| 1678 |  | Select Medical Holdings Corp | 25472 |
| 442 | (a) | SI-BONE, Inc | 8318 |
| 227 |  | Simulations Plus, Inc | 3961 |
| 1913 | (a) | Solventum Corp | 145082 |
| 793 | (a),(b) | STAAR Surgical Co | 13307 |
| 1422 |  | STERIS plc | 341593 |
| 5045 |  | Stryker Corp | 1995953 |
| 987 | (a),(b) | Surgery Partners, Inc | 21941 |
| 300 | (a) | SurModics, Inc | 8913 |
| 280 | (a) | Tactile Systems Technology, Inc | 2839 |
| 1069 | (a) | Tandem Diabetes Care, Inc | 19926 |
| 2648 | (a) | Teladoc Health, Inc | 23064 |
| 671 |  | Teleflex, Inc | 79420 |
| 1365 | (a) | Tenet Healthcare Corp | 240240 |
| 495 | (a) | TransMedics Group, Inc | 66335 |
| 533 | (a) | Treace Medical Concepts, Inc | 3134 |
| 159 | (a) | UFP Technologies, Inc | 38821 |
| 13287 |  | UnitedHealth Group, Inc | 4145145 |
| 856 |  | Universal Health Services, Inc (Class B) | 155064 |
| 187 |  | US Physical Therapy, Inc | 14623 |
| 80 |  | Utah Medical Products, Inc | 4554 |
| 587 | (a) | Varex Imaging Corp | 5089 |
| 2162 | (a) | Veeva Systems, Inc | 622613 |
| 611 | (a) | Viemed Healthcare, Inc | 4222 |
| 1015 | (a) | Waystar Holding Corp | 41483 |
| 2839 |  | Zimmer Biomet Holdings, Inc | 258945 |
| 516 | (a) | Zimvie, Inc | 4825 |
|  |  | TOTAL HEALTH CARE EQUIPMENT & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35747259 |
|  |  | HOUSEHOLD & PERSONAL PRODUCTS - 1.0% |  |
| 2141 | (a) | BellRing Brands, Inc | 124028 |
| 160 | (a) | Central Garden & Pet Co | 5629 |
| 765 | (a) | Central Garden and Pet Co (Class A) | 23937 |
| 3631 |  | Church & Dwight Co, Inc | 348975 |
| 1793 |  | Clorox Co | 215285 |
| 11754 |  | Colgate-Palmolive Co | 1068439 |
| 5109 | (a) | Coty, Inc | 23757 |
| 893 |  | Edgewell Personal Care Co | 20905 |
| 830 | (a) | elf Beauty, Inc | 103285 |
| 484 |  | Energizer Holdings, Inc | 9757 |
| 3300 |  | Estee Lauder Cos (Class A) | 266640 |
| 1810 | (a) | Herbalife Ltd | 15602 |
| 253 |  | Inter Parfums, Inc | 33221 |
| 28159 |  | Kenvue, Inc | 589368 |
| 4781 |  | Kimberly-Clark Corp | 616367 |
| 188 | (a) | Medifast, Inc | 2641 |
| 140 | (a) | Nature's Sunshine Products, Inc | 2071 |
| 938 |  | Nu Skin Enterprises, Inc (Class A) | 7495 |
| 122 |  | Oil-Dri Corp of America | 7197 |
| 1877 | (a),(b) | Olaplex Holdings, Inc | 2628 |
| 34287 |  | Procter & Gamble Co | 5462605 |
| 455 |  | Reynolds Consumer Products, Inc | 9746 |
| 432 |  | Spectrum Brands Holdings, Inc | 22896 |
| 180 | (a) | USANA Health Sciences, Inc | 5495 |
| 1168 | (a),(b) | Waldencast plc | 2862 |
| 266 |  | WD-40 Co | 60672 |
|  |  | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 9051503 |
|  |  | INSURANCE - 2.2% |  |
| 7094 |  | Aflac, Inc | 748133 |

---

*See Notes to Financial Statements* 77

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | INSURANCE (continued) |  |
| 3960 |  | Allstate Corp | $797188 |
| 699 | (a) | AMBAC Financial Group, Inc | 4963 |
| 972 |  | American Financial Group, Inc | 122676 |
| 8719 |  | American International Group, Inc | 746259 |
| 299 |  | Amerisafe, Inc | 13075 |
| 2944 |  | Aon plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050301 |
| 5302 |  | Arch Capital Group Ltd | 482747 |
| 801 |  | Assurant, Inc | 158189 |
| 670 |  | Assured Guaranty Ltd | 58357 |
| 1011 |  | Axis Capital Holdings Ltd | 104962 |
| 735 | (a) | Brighthouse Financial, Inc | 39521 |
| 3989 |  | Brown & Brown, Inc | 442260 |
| 891 | (a),(b) | BRP Group, Inc | 38144 |
| 5463 |  | Chubb Ltd | 1582740 |
| 2414 |  | Cincinnati Financial Corp | 359493 |
| 261 |  | CNA Financial Corp | 12144 |
| 1716 |  | CNO Financial Group, Inc | 66203 |
| 428 |  | Donegal Group, Inc (Class A) | 8571 |
| 488 |  | Employers Holdings, Inc | 23024 |
| 180 | (a) | Enstar Group Ltd | 60545 |
| 581 |  | Everest Re Group Ltd | 197453 |
| 311 |  | F&G Annuities & Life, Inc | 9946 |
| 774 |  | Fidelis Insurance Holdings Ltd | 12833 |
| 3617 |  | Fidelity National Financial, Inc | 202769 |
| 1450 |  | First American Financial Corp | 89016 |
| 3612 |  | Gallagher (Arthur J.) & Co | 1156273 |
| 5182 | (a) | Genworth Financial, Inc (Class A) | 40316 |
| 1244 |  | Globe Life, Inc | 154617 |
| 286 |  | Goosehead Insurance, Inc | 30176 |
| 928 | (a) | Greenlight Capital Re Ltd (Class A) | 13335 |
| 476 |  | Hanover Insurance Group, Inc | 80858 |
| 4138 |  | Hartford Financial Services Group, Inc | 524988 |
| 121 |  | HCI Group, Inc | 18416 |
| 314 | (a) | Heritage Insurance Holdings, Inc | 7831 |
| 370 | (a),(b) | Hippo Holdings, Inc | 10334 |
| 637 |  | Horace Mann Educators Corp | 27372 |
| 23 |  | Investors Title Co | 4860 |
| 648 |  | James River Group Holdings Ltd | 3797 |
| 911 |  | Kemper Corp | 58796 |
| 296 |  | Kinsale Capital Group, Inc | 143234 |
| 657 | (a),(b) | Lemonade, Inc | 28783 |
| 2568 |  | Lincoln National Corp | 88853 |
| 2537 |  | Loews Corp | 232541 |
| 186 | (a) | Markel Corp | 371509 |
| 7213 |  | Marsh & McLennan Cos, Inc | 1577050 |
| 1028 | (a) | MBIA, Inc | 4462 |
| 429 |  | Mercury General Corp | 28889 |
| 8073 |  | Metlife, Inc | 649231 |
| 579 | (a) | NI Holdings, Inc | 7376 |
| 3323 |  | Old Republic International Corp | 127736 |
| 3027 | (a) | Oscar Health, Inc | 64899 |
| 391 | (a) | Palomar Holdings, Inc | 60312 |
| 515 |  | Primerica, Inc | 140940 |
| 3403 |  | Principal Financial Group | 270300 |
| 820 | (a) | ProAssurance Corp | 18721 |
| 8569 |  | Progressive Corp | 2286723 |
| 5202 |  | Prudential Financial, Inc | 558903 |
| 903 |  | Reinsurance Group of America, Inc (Class A) | 179119 |
| 739 |  | RenaissanceRe Holdings Ltd | 179503 |
| 1200 |  | RLI Corp | 86664 |
| 149 | (a) | Root, Inc | 19068 |
| 1568 |  | Ryan Specialty Holdings, Inc | 106608 |

---

78 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | INSURANCE (continued) |  |
| 227 |  | Safety Insurance Group, Inc | $18022 |
| 1030 |  | Selective Insurance Group, Inc | 89250 |
| 1153 | (a) | SiriusPoint Ltd | 23510 |
| 355 | (a) | Skyward Specialty Insurance Group, Inc | 20515 |
| 351 |  | Stewart Information Services Corp | 22850 |
| 433 |  | Tiptree, Inc | 10210 |
| 3345 |  | Travelers Cos, Inc | 894921 |
| 628 | (a) | Trupanion, Inc | 34760 |
| 338 |  | United Fire Group, Inc | 9701 |
| 503 |  | Universal Insurance Holdings, Inc | 13948 |
| 2714 |  | Unum Group | 219183 |
| 4395 |  | W.R. Berkley Corp | 322901 |
| 41 |  | White Mountains Insurance Group Ltd | 73625 |
| 1480 |  | Willis Towers Watson plc | 453620 |
|  |  | TOTAL INSURANCE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19001921 |
|  |  | MATERIALS - 2.2% |  |
| 461 |  | AdvanSix, Inc | 10949 |
| 3229 |  | Air Products & Chemicals, Inc | 910772 |
| 1837 | (b) | Albemarle Corp | 115125 |
| 3744 |  | Alcoa Corp | 110485 |
| 188 | (a) | Alpha Metallurgical Resources, Inc | 21146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32683 |  | Amcor plc | 300357 |
| 429 | (a) | American Vanguard Corp | 1682 |
| 7264 |  | AngloGold Ashanti PLC | 331020 |
| 939 |  | Aptargroup, Inc | 146888 |
| 1615 |  | Ardagh Metal Packaging S.A. | 6912 |
| 912 |  | Ashland, Inc | 45855 |
| 767 | (a) | ASP Isotopes, Inc | 5645 |
| 821 | (a) | Aspen Aerogels, Inc | 4860 |
| 1228 |  | Avery Dennison Corp | 215477 |
| 1490 |  | Avient Corp | 48142 |
| 3004 | (a) | Axalta Coating Systems Ltd | 89189 |
| 457 |  | Balchem Corp | 72754 |
| 4252 |  | Ball Corp | 238495 |
| 953 |  | Cabot Corp | 71475 |
| 235 |  | Caledonia Mining Corp plc | 4540 |
| 658 |  | Carpenter Technology Corp | 181858 |
| 1299 |  | Celanese Corp (Series A) | 71874 |
| 831 | (a) | Century Aluminum Co | 14975 |
| 2472 |  | CF Industries Holdings, Inc | 227424 |
| 2216 | (b) | Chemours Co | 25373 |
| 261 | (a) | Clearwater Paper Corp | 7110 |
| 7384 | (a),(b) | Cleveland-Cliffs, Inc | 56118 |
| 8643 | (a) | Coeur Mining, Inc | 76577 |
| 1719 |  | Commercial Metals Co | 84076 |
| 532 | (a) | Compass Minerals International, Inc | 10688 |
| 1802 | (a) | Constellium SE | 23967 |
| 9980 |  | Corteva, Inc | 743809 |
| 9949 |  | CRH plc | 913318 |
| 1750 |  | Crown Holdings, Inc | 180215 |
| 1053 | (a) | Dakota Gold Corp | 3886 |
| 10963 |  | Dow, Inc | 290300 |
| 6192 |  | DuPont de Nemours, Inc | 424709 |
| 491 |  | Eagle Materials, Inc | 99236 |
| 1608 |  | Eastman Chemical Co | 120053 |
| 3648 |  | Ecolab, Inc | 982917 |
| 868 | (a) | Ecovyst, Inc | 7144 |
| 3499 |  | Element Solutions, Inc | 79252 |
| 1510 |  | FMC Corp | 63043 |
| 20740 |  | Freeport-McMoRan, Inc (Class B) | 899079 |
| 3855 |  | Graphic Packaging Holding Co | 81225 |
| 395 |  | Greif, Inc (Class A) | 25671 |

---

*See Notes to Financial Statements* 79

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | MATERIALS (continued) |  |
| 87 |  | Greif, Inc (Class B) | $6004 |
| 784 |  | H.B. Fuller Co | 47158 |
| 284 |  | Hawkins, Inc | 40356 |
| 9435 |  | Hecla Mining Co | 56516 |
| 3269 |  | Huntsman Corp | 34063 |
| 292 | (a) | Ingevity Corp | 12582 |
| 373 |  | Innospec, Inc | 31366 |
| 3821 |  | International Flavors & Fragrances, Inc | 281035 |
| 7433 |  | International Paper Co | 348087 |
| 149 | (a) | Intrepid Potash, Inc | 5324 |
| 806 | (a),(b) | Ivanhoe Electric, Inc | 7310 |
| 261 |  | Kaiser Aluminum Corp | 20854 |
| 749 | (a) | Knife River Corp | 61148 |
| 315 |  | Koppers Holdings, Inc | 10127 |
| 357 |  | Kronos Worldwide, Inc | 2213 |
| 6822 | (a) | Linde plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200746 |
| 948 |  | Louisiana-Pacific Corp | 81519 |
| 542 | (a) | LSB Industries, Inc | 4228 |
| 3865 |  | LyondellBasell Industries NV | 223629 |
| 906 |  | Martin Marietta Materials, Inc | 497358 |
| 300 |  | Materion Corp | 23811 |
| 788 | (a),(b) | Metals Acquisition Ltd | 9527 |
| 402 |  | Minerals Technologies, Inc | 22138 |
| 4782 |  | Mosaic Co | 174447 |
| 1657 | (a),(b) | MP Materials Corp | 55128 |
| 371 |  | Myers Industries, Inc | 5376 |
| 95 |  | NewMarket Corp | 65632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16571 |  | Newmont Goldcorp Corp | 965426 |
| 3868 | (a) | Novagold Resources, Inc | 15820 |
| 3407 |  | Nucor Corp | 441343 |
| 2284 | (a) | O-I Glass, Inc | 33666 |
| 1412 |  | Olin Corp | 28367 |
| 163 |  | Olympic Steel, Inc | 5312 |
| 1050 |  | Orion S.A. | 11014 |
| 1266 |  | Packaging Corp of America | 238578 |
| 2514 | (a) | Perimeter Solutions, Inc | 34995 |
| 657 | (a),(b) | Perpetua Resources Corp | 7976 |
| 282 | (a) | Piedmont Lithium, Inc | 1641 |
| 3330 |  | PPG Industries, Inc | 378788 |
| 1897 | (a),(b) | PureCycle Technologies, Inc | 25989 |
| 201 | (b) | Quaker Chemical Corp | 22500 |
| 376 | (b) | Ramaco Resources, Inc | 4941 |
| 564 | (a) | Ranpak Holdings Corp | 2013 |
| 877 | (a) | Rayonier Advanced Materials, Inc | 3376 |
| 772 |  | Reliance Steel & Aluminum Co | 242331 |
| 969 |  | Royal Gold, Inc | 172327 |
| 1793 |  | RPM International, Inc | 196943 |
| 272 |  | Ryerson Holding Corp | 5867 |
| 421 |  | Schnitzer Steel Industries, Inc (Class A) | 12499 |
| 1019 |  | Schweitzer-Mauduit International, Inc | 6950 |
| 716 |  | Scotts Miracle-Gro Co (Class A) | 47227 |
| 1816 |  | Sealed Air Corp | 56350 |
| 804 |  | Sensient Technologies Corp | 79210 |
| 3399 |  | Sherwin-Williams Co | 1167081 |
| 1204 |  | Silgan Holdings, Inc | 65233 |
| 7872 |  | Smurfit WestRock plc | 339677 |
| 1381 |  | Sonoco Products Co | 60156 |
| 1112 |  | Southern Copper Corp | 112501 |
| 3317 | (a) | SSR Mining, Inc | 42259 |
| 1995 |  | Steel Dynamics, Inc | 255380 |
| 410 |  | Stepan Co | 22378 |
| 1010 |  | SunCoke Energy, Inc | 8676 |

---

80 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | MATERIALS (continued) |  |
| 619 |  | Sylvamo Corp | $31012 |
| 717 | (a) | TimkenSteel Corp | 11049 |
| 394 | (a) | Tredegar Corp | 3467 |
| 716 |  | Trimas Corp | 20485 |
| 1767 |  | Tronox Holdings plc | 8959 |
| 150 |  | United States Lime & Minerals, Inc | 14970 |
| 1962 |  | Vulcan Materials Co | 511729 |
| 816 |  | Warrior Met Coal, Inc | 37397 |
| 327 |  | Westlake Chemical Corp | 24829 |
| 702 |  | Worthington Steel, Inc | 20941 |
|  |  | TOTAL MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19572975 |
|  |  | MEDIA & ENTERTAINMENT - 8.3% |  |
| 988 | (a),(b) | Advantage Solutions, Inc | 1304 |
| 69066 |  | Alphabet, Inc | 12251618 |
| 84811 |  | Alphabet, Inc (Class A) | 14946243 |
| 2686 | (a) | Altice USA, Inc | 5748 |
| 4333 | (a) | AMC Entertainment Holdings, Inc | 13432 |
| 543 | (a) | AMC Networks, Inc | 3405 |
| 710 | (a) | Angi, Inc | 10835 |
| 170 | (a),(b) | Atlanta Braves Holdings, Inc | 8366 |
| 632 | (a) | Atlanta Braves Holdings, Inc | 29559 |
| 380 | (a),(b) | Boston Omaha Corp | 5335 |
| 1441 | (a),(b) | Bumble, Inc | 9496 |
| 92 |  | Cable One, Inc | 12494 |
| 1657 | (a) | Cargurus, Inc | 55460 |
| 1131 | (a) | Cars.com, Inc | 13402 |
| 1333 | (a) | Charter Communications, Inc | 544944 |
| 1232 | (b) | Cinemark Holdings, Inc | 37182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53857 |  | Comcast Corp (Class A) | 1922156 |
| 17 | (a) | Daily Journal Corp | 7178 |
| 1815 | (a) | DoubleVerify Holdings, Inc | 27171 |
| 2158 | (a) | EchoStar Corp (Class A) | 59777 |
| 3874 |  | Electronic Arts, Inc | 618678 |
| 1005 |  | Entravision Communications Corp (Class A) | 2332 |
| 1205 | (a) | Eventbrite, Inc | 3169 |
| 249 | (a) | EverQuote, Inc | 6021 |
| 3354 |  | Fox Corp (Class A) | 187958 |
| 2154 |  | Fox Corp (Class B) | 111211 |
| 4657 | (a) | fuboTV, Inc | 17976 |
| 2328 | (a) | Gannett Co, Inc | 8334 |
| 1547 |  | Gray Television, Inc | 7008 |
| 307 | (a) | Grindr, Inc | 6969 |
| 1354 | (a) | IAC, Inc | 50558 |
| 902 | (a),(b) | IMAX Corp | 25220 |
| 556 | (a) | Integral Ad Science Holding Corp | 4620 |
| 5591 |  | Interpublic Group of Cos, Inc | 136868 |
| 693 |  | John Wiley & Sons, Inc (Class A) | 30929 |
| 1489 | (a) | Liberty Broadband Corp | 146488 |
| 103 | (a) | Liberty Broadband Corp (Class A) | 10075 |
| 398 | (a) | Liberty Media Corp-Liberty Formula One (Class A) | 37794 |
| 3000 | (a) | Liberty Media Corp-Liberty Formula One (Class C) | 313500 |
| 382 | (a) | Liberty Media Corp-Liberty Live (Class A) | 30361 |
| 869 | (a) | Liberty Media Corp-Liberty Live (Class C) | 70528 |
| 2655 | (a) | Lionsgate Studios Corp | 15426 |
| 2320 | (a) | Live Nation, Inc | 350970 |
| 585 | (a) | Madison Square Garden Entertainment Corp | 23382 |
| 293 | (a) | Madison Square Garden Sports Corp | 61222 |
| 2210 | (a) | Magnite, Inc | 53305 |
| 294 |  | Marcus Corp | 4957 |
| 3476 |  | Match Group, Inc | 107374 |
| 278 | (a) | MediaAlpha, Inc | 3044 |
| 31858 |  | Meta Platforms, Inc | 23514071 |

---

*See Notes to Financial Statements* 81

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | MEDIA & ENTERTAINMENT (continued) |  |
| 6188 | (a) | Netflix, Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8286536 |
| 2321 |  | New York Times Co (Class A) | 129930 |
| 5430 |  | News Corp (Class A) | 161380 |
| 1096 |  | News Corp (Class B) | 37604 |
| 488 |  | Nexstar Media Group, Inc | 84400 |
| 1900 | (a) | Nextdoor Holdings, Inc | 3154 |
| 2760 |  | Omnicom Group, Inc | 198554 |
| 692 | (a) | Outbrain, Inc | 1716 |
| 89 |  | Paramount Global (Class A) | 2043 |
| 7881 |  | Paramount Global (Class B) | 101665 |
| 8286 | (a) | Pinterest, Inc | 297136 |
| 1390 | (a) | Playstudios, Inc | 1821 |
| 896 |  | Playtika Holding Corp | 4238 |
| 683 | (a) | PubMatic, Inc | 8497 |
| 1085 | (a) | QuinStreet, Inc | 17468 |
| 1670 | (a) | Reddit, Inc | 251452 |
| 378 | (a) | Reservoir Media, Inc | 2899 |
| 8157 | (a) | ROBLOX Corp | 858116 |
| 1784 | (a) | Roku, Inc | 156796 |
| 810 | (a) | Rumble, Inc | 7274 |
| 438 |  | Scholastic Corp | 9189 |
| 366 |  | Shutterstock, Inc | 6939 |
| 862 |  | Sinclair, Inc | 11913 |
| 2484 |  | Sirius XM Holdings, Inc | 57057 |
| 496 | (a),(b) | Sphere Entertainment Co | 20733 |
| 2229 | (a) | Spotify Technology S.A. | 1710401 |
| 1314 | (a),(b) | Stagwell, Inc | 5913 |
| 176 | (a),(b) | Starz Entertainment Corp | 2828 |
| 2593 | (a) | Take-Two Interactive Software, Inc | 629710 |
| 378 | (a) | TechTarget, Inc | 2937 |
| 2032 |  | TEGNA, Inc | 34056 |
| 380 | (a) | Thryv Holdings, Inc | 4621 |
| 1047 |  | TKO Group Holdings, Inc | 190502 |
| 1758 | (a) | TripAdvisor, Inc | 22942 |
| 1632 | (a) | TrueCar, Inc | 3101 |
| 1426 | (a) | Trump Media & Technology Group Corp | 25725 |
| 2350 | (a) | Vimeo, Inc | 9494 |
| 448 | (a),(b) | Vivid Seats, Inc | 757 |
| 26429 |  | Walt Disney Co | 3277460 |
| 33011 | (a) | Warner Bros Discovery, Inc | 378306 |
| 736 | (a) | WideOpenWest, Inc | 2988 |
| 1209 | (a) | Yelp, Inc | 41432 |
| 795 | (a) | Ziff Davis, Inc | 24065 |
| 1228 | (a) | ZipRecruiter, Inc | 6152 |
| 4927 | (a) | ZoomInfo Technologies, Inc | 49861 |
|  |  | TOTAL MEDIA & ENTERTAINMENT | 73067214 |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.4% |  |
| 1510 | (a),(b) | 10X Genomics, Inc | 17486 |
| 684 | (a),(b) | 4D Molecular Therapeutics, Inc | 2538 |
| 1662 | (a) | 89bio, Inc | 16321 |
| 25889 |  | AbbVie, Inc | 4805516 |
| 2077 | (a) | Acadia Pharmaceuticals, Inc | 44801 |
| 2888 | (a) | Adaptive Biotechnologies Corp | 33645 |
| 3230 | (a) | ADMA Biologics, Inc | 58818 |
| 4145 |  | Agilent Technologies, Inc | 489151 |
| 1081 | (a) | Agios Pharmaceuticals, Inc | 35954 |
| 3465 | (a) | Akebia Therapeutics, Inc | 12613 |
| 1048 | (a) | Akero Therapeutics, Inc | 55921 |
| 717 | (a) | Aldeyra Therapeutics, Inc | 2746 |
| 1021 | (a),(b) | Alector, Inc | 1429 |
| 2120 | (a) | Alkermes plc | 60653 |
| 1319 | (a),(b) | Allogene Therapeutics, Inc | 1490 |

---

82 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 1841 | (a) | Alnylam Pharmaceuticals, Inc | $600332 |
| 827 | (a),(b) | Altimmune, Inc | 3200 |
| 524 | (a),(b) | Alumis, Inc | 1572 |
| 7856 |  | Amgen, Inc | 2193474 |
| 4499 | (a) | Amicus Therapeutics, Inc | 25779 |
| 2013 | (a) | Amneal Pharmaceuticals, Inc | 16285 |
| 552 | (a) | Amphastar Pharmaceuticals, Inc | 12674 |
| 1055 | (a) | Amylyx Pharmaceuticals, Inc | 6763 |
| 305 | (a),(b) | AnaptysBio, Inc | 6771 |
| 1126 | (a),(b) | Anavex Life Sciences Corp | 10382 |
| 258 | (a) | ANI Pharmaceuticals, Inc | 16834 |
| 216 | (a) | Anika Therapeutics, Inc | 2285 |
| 1130 | (a),(b) | Annexon, Inc | 2712 |
| 1622 | (a) | Apellis Pharmaceuticals, Inc | 28077 |
| 655 | (a) | Apogee Therapeutics, Inc | 28447 |
| 1513 | (a) | Arbutus Biopharma Corp | 4675 |
| 630 | (a) | Arcellx, Inc | 41485 |
| 607 | (a) | Arcturus Therapeutics Holdings, Inc | 7897 |
| 799 | (a) | Arcus Biosciences, Inc | 6504 |
| 1658 | (a) | Arcutis Biotherapeutics, Inc | 23245 |
| 3415 | (a) | Ardelyx, Inc | 13387 |
| 1723 | (a) | Arrowhead Pharmaceuticals, Inc | 27223 |
| 552 | (a) | ARS Pharmaceuticals, Inc | 9632 |
| 937 | (a) | Arvinas, Inc | 6896 |
| 425 | (a) | Astria Therapeutics, Inc | 2278 |
| 1067 | (a) | Atea Pharmaceuticals, Inc | 3841 |
| 1175 | (a) | aTyr Pharma, Inc | 5957 |
| 338 | (a) | Aura Biosciences, Inc | 2116 |
| 2219 | (a) | Aurinia Pharmaceuticals, Inc | 18795 |
| 1424 | (a) | Avadel Pharmaceuticals plc | 12602 |
| 10369 | (a) | Avantor, Inc | 139567 |
| 1580 | (a) | Avidity Biosciences, Inc | 44872 |
| 414 | (a),(b) | Avita Medical, Inc | 2190 |
| 533 | (a) | Axsome Therapeutics, Inc | 55640 |
| 1068 | (a) | Beam Therapeutics, Inc | 18167 |
| 2996 | (a) | BioCryst Pharmaceuticals, Inc | 26844 |
| 2177 | (a) | Biogen, Inc | 273409 |
| 1167 | (a) | Biohaven Ltd | 16466 |
| 571 | (a) | BioLife Solutions, Inc | 12299 |
| 2848 | (a) | BioMarin Pharmaceutical, Inc | 156555 |
| 315 | (a) | Bio-Rad Laboratories, Inc (Class A) | 76016 |
| 2406 |  | Bio-Techne Corp | 123789 |
| 975 | (a) | Blueprint Medicines Corp | 124975 |
| 2174 | (a) | Bridgebio Pharma, Inc | 93873 |
| 30027 |  | Bristol-Myers Squibb Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389950 |
| 894 | (a) | Brooks Automation, Inc | 27517 |
| 1736 |  | Bruker BioSciences Corp | 71523 |
| 2009 | (a),(b) | Candel Therapeutics, Inc | 10166 |
| 1551 | (a),(b) | Capricor Therapeutics, Inc | 15401 |
| 831 | (a) | CareDx, Inc | 16238 |
| 334 | (a),(b) | Cargo Therapeutics, Inc | 1376 |
| 2132 | (a) | Catalyst Pharmaceuticals, Inc | 46264 |
| 422 | (a),(b) | Celcuity, Inc | 5634 |
| 777 | (a) | Celldex Therapeutics, Inc | 15812 |
| 668 | (a) | CG oncology, Inc | 17368 |
| 742 | (a) | Charles River Laboratories International, Inc | 112584 |
| 854 | (a),(c) | Chinook Therapeutics, Inc | 9 |
| 690 | (a) | ChromaDex Corp | 9943 |
| 139 | (a),(b) | Cidara Therapeutics, Inc | 6771 |
| 5038 | (a) | Codexis, Inc | 12293 |
| 1087 | (a) | Cogent Biosciences, Inc | 7805 |
| 773 | (a) | Collegium Pharmaceutical, Inc | 22858 |

---

*See Notes to Financial Statements* 83

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 1591 | (a),(b) | Compass Therapeutics, Inc | $4137 |
| 1298 | (a) | Corcept Therapeutics, Inc | 95273 |
| 889 | (a) | CorMedix, Inc | 10952 |
| 1198 | (a) | Crinetics Pharmaceuticals, Inc | 34454 |
| 1068 | (a),(b) | CRISPR Therapeutics AG. | 51948 |
| 670 | (a) | CryoPort, Inc | 4998 |
| 427 | (a) | Cullinan Oncology, Inc | 3215 |
| 1861 | (a) | Cytek Biosciences, Inc | 6327 |
| 1742 | (a) | Cytokinetics, Inc | 57556 |
| 9308 |  | Danaher Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838702 |
| 722 | (a) | Day One Biopharmaceuticals, Inc | 4693 |
| 1799 | (a) | Denali Therapeutics, Inc | 25168 |
| 578 | (a) | Design Therapeutics, Inc | 1948 |
| 299 | (a) | Disc Medicine, Inc | 15835 |
| 1903 | (a) | Dynavax Technologies Corp | 18878 |
| 1256 | (a) | Dyne Therapeutics, Inc | 11957 |
| 1121 | (a) | Edgewise Therapeutics, Inc | 14696 |
| 1580 | (a),(b) | Editas Medicine, Inc | 3476 |
| 7744 | (a) | Elanco Animal Health, Inc | 110584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694 |  | Eli Lilly & Co | 9115824 |
| 301 | (a) | Enanta Pharmaceuticals, Inc | 2276 |
| 352 | (a),(b) | Enliven Therapeutics, Inc | 7061 |
| 380 | (a) | Entrada Therapeutics, Inc | 2554 |
| 1213 | (a) | Erasca, Inc | 1541 |
| 437 | (a) | Eton Pharmaceuticals, Inc | 6227 |
| 533 | (a) | Evolus, Inc | 4909 |
| 2598 | (a) | Exact Sciences Corp | 138058 |
| 4091 | (a) | Exelixis, Inc | 180311 |
| 625 | (a),(b) | EyePoint Pharmaceuticals, Inc | 5881 |
| 2725 | (a) | Fate Therapeutics, Inc | 3052 |
| 410 | (a) | Foghorn Therapeutics, Inc | 1927 |
| 1498 | (a) | Fortrea Holdings, Inc | 7400 |
| 800 | (a) | Fulcrum Therapeutics, Inc | 5504 |
| 7738 | (a) | Geron Corp | 10911 |
| 18293 |  | Gilead Sciences, Inc | 2028145 |
| 440 | (a),(b) | GRAIL, Inc | 22625 |
| 1788 | (a) | Halozyme Therapeutics, Inc | 93012 |
| 405 | (a) | Harmony Biosciences Holdings, Inc | 12798 |
| 367 | (a) | Harrow Health, Inc | 11208 |
| 268 | (a),(b) | Heron Therapeutics, Inc | 555 |
| 1440 | (a),(b) | Humacyte, Inc | 3010 |
| 1134 | (a) | Ideaya Biosciences, Inc | 23837 |
| 2344 | (a) | Illumina, Inc | 223641 |
| 2150 | (a),(b) | ImmunityBio, Inc | 5676 |
| 800 | (a),(b) | Immunome, Inc | 7440 |
| 892 | (a) | Immunovant, Inc | 14272 |
| 2172 | (a) | Incyte Corp | 147913 |
| 1524 | (a) | Indivior plc | 22464 |
| 119 | (a),(b) | Inhibrx Biosciences, Inc | 1698 |
| 477 | (a),(c) | Inhibrx, Inc | 309 |
| 1186 | (a) | Innoviva, Inc | 23827 |
| 2513 | (a) | Insmed, Inc | 252908 |
| 1443 | (a),(b) | Intellia Therapeutics, Inc | 13535 |
| 2335 | (a) | Ionis Pharmaceuticals, Inc | 92256 |
| 3405 | (a),(b) | Iovance Biotherapeutics, Inc | 5857 |
| 2576 | (a) | IQVIA Holdings, Inc | 405952 |
| 343 | (a) | iTeos Therapeutics, Inc | 3420 |
| 5 |  | Jade Biosciences, Inc | 50 |
| 435 | (a) | Janux Therapeutics, Inc | 10048 |
| 780 | (a) | Jazz Pharmaceuticals plc | 82774 |
| 35153 |  | Johnson & Johnson | 5369621 |
| 390 | (a) | KalVista Pharmaceuticals, Inc | 4409 |

---

84 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 337 | (a) | Keros Therapeutics, Inc | $4499 |
| 557 | (a) | Kodiak Sciences, Inc | 2078 |
| 380 | (a) | Krystal Biotech, Inc | 52235 |
| 1038 | (a) | Kura Oncology, Inc | 5989 |
| 584 | (a) | Kymera Therapeutics, Inc | 25486 |
| 969 | (a),(b) | Larimar Therapeutics, Inc | 2800 |
| 164 | (a),(b) | LENZ Therapeutics, Inc | 4807 |
| 305 | (a) | Ligand Pharmaceuticals, Inc (Class B) | 34672 |
| 933 | (a) | Liquidia Corp | 11625 |
| 273 | (a),(b) | Madrigal Pharmaceuticals, Inc | 82621 |
| 371 | (a),(b) | Magenta Therapeutics, Inc | 6912 |
| 4140 | (a) | MannKind Corp | 15484 |
| 1760 | (a),(b) | Maravai LifeSciences Holdings, Inc | 4242 |
| 1600 | (a) | MaxCyte, Inc | 3488 |
| 354 | (a) | Medpace Holdings, Inc | 111106 |
| 1264 | (a),(b) | MeiraGTx Holdings plc | 8241 |
| 36819 |  | Merck & Co, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914592 |
| 49 |  | Mesa Laboratories, Inc | 4617 |
| 171 | (a) | Metsera, Inc | 4865 |
| 308 | (a) | Mettler-Toledo International, Inc | 361814 |
| 1942 | (a) | MiMedx Group, Inc | 11866 |
| 948 | (a) | Mind Medicine MindMed, Inc | 6153 |
| 215 | (a) | Mineralys Therapeutics, Inc | 2909 |
| 461 | (a) | Mirum Pharmaceuticals, Inc | 23460 |
| 5135 | (a) | Moderna, Inc | 141675 |
| 579 | (a),(b) | Monte Rosa Therapeutics, Inc | 2611 |
| 1296 | (a) | Myriad Genetics, Inc | 6882 |
| 1833 | (a) | Natera, Inc | 309667 |
| 1406 | (a) | Neurocrine Biosciences, Inc | 176720 |
| 1017 | (a),(b) | Nkarta, Inc | 1688 |
| 1714 | (a),(b) | Novavax, Inc | 10798 |
| 774 | (a) | Nurix Therapeutics, Inc | 8816 |
| 489 | (a) | Nuvalent, Inc | 37311 |
| 4693 | (a),(b) | Nuvation Bio, Inc | 9151 |
| 2421 | (a) | Ocular Therapeutix, Inc | 22467 |
| 486 | (a) | Olema Pharmaceuticals, Inc | 2070 |
| 1954 | (a),(b) | Omeros Corp | 5862 |
| 115 | (a),(c) | OmniAb Operations, Inc | 1 |
| 115 | (a),(c) | OmniAb Operations, Inc | 1 |
| 1496 | (a) | OmniAb, Inc | 2603 |
| 1082 | (a),(b) | Organogenesis Holdings, Inc | 3960 |
| 2757 |  | Organon & Co | 26688 |
| 684 | (a),(b) | ORIC Pharmaceuticals, Inc | 6943 |
| 686 | (a) | Pacira BioSciences, Inc | 16395 |
| 1832 |  | PerkinElmer, Inc | 177191 |
| 1306 |  | Perrigo Co plc | 34896 |
| 83149 |  | Pfizer, Inc | 2015532 |
| 326 | (a),(b) | Phathom Pharmaceuticals, Inc | 3126 |
| 293 |  | Phibro Animal Health Corp | 7483 |
| 268 | (a) | Praxis Precision Medicines, Inc | 11269 |
| 4045 | (a),(b) | Precigen, Inc | 5744 |
| 817 | (a) | Prestige Consumer Healthcare, Inc. | 65237 |
| 667 | (a),(b) | Prime Medicine, Inc | 1647 |
| 892 | (a) | Protagonist Therapeutics, Inc | 49301 |
| 672 | (a) | Prothena Corp plc | 4079 |
| 1091 | (a) | PTC Therapeutics, Inc | 53284 |
| 3309 | (b) | QIAGEN NV | 159031 |
| 537 | (a),(b) | Quanterix Corp | 3571 |
| 4583 | (a) | Quantum-Si, Inc | 8983 |
| 4449 | (a),(b) | Recursion Pharmaceuticals, Inc | 22512 |
| 1529 |  | Regeneron Pharmaceuticals, Inc | 802725 |
| 696 | (a) | REGENXBIO, Inc | 5714 |

---

*See Notes to Financial Statements* 85

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 1583 | (a) | Relay Therapeutics, Inc | $5477 |
| 754 | (a) | Repligen Corp | 93783 |
| 560 | (a) | Replimune Group, Inc | 5202 |
| 2331 | (a) | REVOLUTION Medicines, Inc | 85757 |
| 818 | (a) | Rhythm Pharmaceuticals, Inc | 51689 |
| 870 | (a) | Rocket Pharmaceuticals, Inc | 2131 |
| 5899 | (a) | Roivant Sciences Ltd | 66482 |
| 5021 |  | Royalty Pharma plc | 180907 |
| 944 | (a) | Sage Therapeutics, Inc | 8609 |
| 2069 | (a),(b) | Sana Biotechnology, Inc | 5648 |
| 1450 | (a) | Sarepta Therapeutics, Inc | 24795 |
| 1798 | (a),(b) | Savara, Inc | 4099 |
| 1134 | (a) | Scholar Rock Holding Corp | 40166 |
| 424 | (a),(b) | scPharmaceuticals, Inc | 1615 |
| 842 |  | SIGA Technologies, Inc | 5490 |
| 531 | (a) | Soleno Therapeutics, Inc | 44487 |
| 1436 | (a) | Sotera Health Co | 15968 |
| 896 | (a) | SpringWorks Therapeutics, Inc | 42103 |
| 538 | (a),(b) | Spyre Therapeutics, Inc | 8054 |
| 622 | (a),(b) | Stoke Therapeutics, Inc | 7060 |
| 1658 | (a),(b) | Summit Therapeutics, Inc | 35282 |
| 725 | (a) | Supernus Pharmaceuticals, Inc | 22852 |
| 1070 | (a) | Syndax Pharmaceuticals, Inc | 10021 |
| 905 | (a),(b) | Tango Therapeutics, Inc | 4634 |
| 501 | (a) | Tarsus Pharmaceuticals, Inc | 20296 |
| 4750 | (a),(b) | Taysha Gene Therapies, Inc | 10972 |
| 1179 | (a) | Tempus AI, Inc | 74914 |
| 693 | (a) | Terns Pharmaceuticals, Inc | 2585 |
| 2027 | (a) | TG Therapeutics, Inc | 72952 |
| 1031 | (a) | Theravance Biopharma, Inc | 11372 |
| 5499 |  | Thermo Fisher Scientific, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229625 |
| 1139 | (a) | Third Harmonic Bio, Inc | 6185 |
| 501 | (a),(b) | Tourmaline Bio, Inc | 8011 |
| 940 | (a) | Travere Therapeutics, Inc | 13912 |
| 983 | (a) | Trevi Therapeutics, Inc | 5377 |
| 941 | (a) | Twist Bioscience Corp | 34619 |
| 356 | (a),(b) | Tyra Biosciences, Inc | 3407 |
| 1344 | (a) | Ultragenyx Pharmaceutical, Inc | 48868 |
| 621 | (a) | United Therapeutics Corp | 178444 |
| 442 | (a),(b) | Upstream Bio, Inc | 4853 |
| 424 | (a) | UroGen Pharma Ltd | 5809 |
| 819 | (a) | Vanda Pharmaceuticals, Inc | 3866 |
| 1691 | (a) | Vaxcyte, Inc | 54974 |
| 550 | (a) | Vera Therapeutics, Inc | 12958 |
| 1155 | (a) | Veracyte, Inc | 31220 |
| 796 | (a) | Vericel Corp | 33870 |
| 3762 | (a) | Vertex Pharmaceuticals, Inc | 1674842 |
| 1170 | (a) | Verve Therapeutics, Inc | 13139 |
| 16135 |  | Viatris, Inc | 144086 |
| 1580 | (a) | Viking Therapeutics, Inc | 41870 |
| 1193 | (a) | Vir Biotechnology, Inc | 6013 |
| 609 | (a) | Viridian Therapeutics, Inc | 8514 |
| 496 | (a) | Voyager Therapeutics, Inc | 1543 |
| 891 | (a) | Waters Corp | 310995 |
| 909 | (a) | WaVe Life Sciences Ltd | 5908 |
| 1076 |  | West Pharmaceutical Services, Inc | 235429 |
| 962 | (a) | Xencor, Inc | 7561 |
| 712 | (a) | Xenon Pharmaceuticals, Inc | 22286 |
| 3180 | (a) | Xeris Biopharma Holdings, Inc | 14851 |
| 616 | (a),(b) | Y-mAbs Therapeutics, Inc | 2778 |
| 597 | (a),(b) | Zevra Therapeutics, Inc | 5260 |
| 6562 |  | Zoetis, Inc | 1023344 |

---

86 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES (continued) |  |
| 888 | (a) | Zymeworks, Inc | $11144 |
|  |  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47528027 |
|  |  | REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2% |  |
| 2208 | (a) | Anywhere Real Estate, Inc | 7993 |
| 4420 | (a) | CBRE Group, Inc | 619330 |
| 6120 | (a) | Compass, Inc | 38434 |
| 6012 | (a) | CoStar Group, Inc | 483365 |
| 3367 | (a) | Cushman & Wakefield plc | 37273 |
| 1235 | (b) | eXp World Holdings, Inc | 11238 |
| 240 | (a) | Forestar Group, Inc | 4800 |
| 204 | (a) | FRP Holdings, Inc | 5486 |
| 342 | (a) | Howard Hughes Holdings, Inc | 23085 |
| 680 | (a) | Jones Lang LaSalle, Inc | 173930 |
| 2137 |  | Kennedy-Wilson Holdings, Inc | 14532 |
| 406 |  | Marcus & Millichap, Inc | 12468 |
| 252 | (a) | Maui Land & Pineapple Co, Inc | 4584 |
| 2520 |  | Newmark Group, Inc | 30618 |
| 349 | (a) | Re/Max Holdings, Inc | 2855 |
| 1246 | (a) | Real Brokerage, Inc | 5619 |
| 1711 | (a) | Redfin Corp | 19146 |
| 497 |  | RMR Group, Inc | 8126 |
| 38 | (a) | Seaport Entertainment Group, Inc | 712 |
| 747 |  | St. Joe Co | 35632 |
| 152 | (a),(b) | Stratus Properties, Inc | 2870 |
| 268 | (a),(b) | Tejon Ranch Co | 4545 |
| 181 | (a) | Transcontinental Realty Investors, Inc | 7712 |
| 567 | (a) | Zillow Group, Inc (Class A) | 38834 |
| 2204 | (a) | Zillow Group, Inc (Class C) | 154390 |
|  |  | TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 1747577 |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.1% |  |
| 759 | (a) | ACM Research, Inc | 19658 |
| 23462 | (a) | Advanced Micro Devices, Inc | 3329258 |
| 407 | (a),(b) | Aehr Test Systems | 5262 |
| 1615 | (a) | Allegro MicroSystems, Inc | 55217 |
| 441 | (a) | Alpha & Omega Semiconductor Ltd | 11316 |
| 567 | (a) | Ambarella, Inc | 37459 |
| 1705 |  | Amkor Technology, Inc | 35788 |
| 7231 |  | Analog Devices, Inc | 1721123 |
| 11816 |  | Applied Materials, Inc | 2163155 |
| 2060 | (a) | Astera Labs, Inc | 186265 |
| 510 | (a) | Axcelis Technologies, Inc | 35542 |
| 67388 |  | Broadcom, Inc | 18575502 |
| 333 | (a) | Ceva, Inc | 7319 |
| 821 | (a) | Cirrus Logic, Inc | 85593 |
| 772 | (a) | Cohu, Inc | 14853 |
| 2082 | (a) | Credo Technology Group Holding Ltd | 192772 |
| 836 | (a) | Diodes, Inc | 44216 |
| 1966 | (a) | Enphase Energy, Inc | 77952 |
| 2213 |  | Entegris, Inc | 178478 |
| 1498 | (a) | First Solar, Inc | 247979 |
| 1150 | (a) | Formfactor, Inc | 39571 |
| 1472 | (a) | GLOBALFOUNDRIES, Inc | 56230 |
| 434 | (a) | Ichor Holdings Ltd | 8524 |
| 346 | (a) | Impinj, Inc | 38430 |
| 2044 | (a),(b) | indie Semiconductor, Inc | 7277 |
| 63082 |  | Intel Corp | 1413037 |
| 1936 |  | KLA Corp | 1734153 |
| 970 |  | Kulicke & Soffa Industries, Inc | 33562 |
| 18689 |  | Lam Research Corp | 1819187 |
| 1951 | (a) | Lattice Semiconductor Corp | 95579 |
| 799 | (a) | MACOM Technology Solutions Holdings, Inc | 114489 |
| 12476 |  | Marvell Technology, Inc | 965642 |

---

*See Notes to Financial Statements* 87

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) |  |
| 1137 | (a) | MaxLinear, Inc | $16157 |
| 7872 |  | Microchip Technology, Inc | 553953 |
| 16171 |  | Micron Technology, Inc | 1993076 |
| 1013 |  | MKS Instruments, Inc | 100652 |
| 685 |  | Monolithic Power Systems, Inc | 500995 |
| 1749 | (a) | Navitas Semiconductor Corp | 11456 |
| 85 |  | NVE Corp | 6257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341421 |  | Nvidia Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53941104 |
| 6217 | (a) | ON Semiconductor Corp | 325833 |
| 783 | (a) | Onto Innovation, Inc | 79028 |
| 409 | (a) | PDF Solutions, Inc | 8744 |
| 1020 | (a) | Photronics, Inc | 19207 |
| 990 |  | Power Integrations, Inc | 55341 |
| 1161 | (a) | Qorvo, Inc | 98581 |
| 16057 |  | QUALCOMM, Inc | 2557238 |
| 1355 | (a) | Rambus, Inc | 86747 |
| 3959 | (a),(b) | Rigetti Computing, Inc | 46954 |
| 1200 | (a) | Semtech Corp | 54168 |
| 517 | (a) | Silicon Laboratories, Inc | 76185 |
| 272 | (a) | SiTime Corp | 57958 |
| 106 | (a),(b) | SkyWater Technology, Inc | 1043 |
| 2351 |  | Skyworks Solutions, Inc | 175197 |
| 592 | (a) | SMART Global Holdings, Inc | 11728 |
| 653 | (a) | Synaptics, Inc | 42327 |
| 2323 |  | Teradyne, Inc | 208884 |
| 13298 |  | Texas Instruments, Inc | 2760931 |
| 789 | (a) | Ultra Clean Holdings | 17808 |
| 681 |  | Universal Display Corp | 105187 |
| 729 | (a) | Veeco Instruments, Inc | 14813 |
|  |  | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 97277940 |
|  |  | SOFTWARE & SERVICES - 12.5% |  |
| 1702 | (a) | 8x8, Inc | 3336 |
| 978 |  | A10 Networks, Inc | 18924 |
| 9154 |  | Accenture plc | 2736039 |
| 1575 | (a) | ACI Worldwide, Inc | 72308 |
| 1587 |  | Adeia, Inc | 22440 |
| 6223 | (a) | Adobe, Inc | 2407554 |
| 400 | (a) | Agilysys, Inc | 45856 |
| 2195 | (a) | Akamai Technologies, Inc | 175073 |
| 790 | (a) | Alarm.com Holdings, Inc | 44690 |
| 641 | (a) | Alkami Technology, Inc | 19320 |
| 1524 |  | Amdocs Ltd | 139050 |
| 894 | (a) | Amplitude, Inc | 11086 |
| 1228 | (a) | Ansys, Inc | 431298 |
| 306 | (a) | Appfolio, Inc | 70466 |
| 674 | (a) | Appian Corp | 20126 |
| 3503 | (a) | AppLovin Corp | 1226330 |
| 1411 | (a) | Asana, Inc | 19049 |
| 777 | (a) | ASGN, Inc | 38796 |
| 2345 | (a) | Atlassian Corp Ltd | 476246 |
| 13223 | (a) | Aurora Innovation, Inc | 69289 |
| 3146 | (a) | Autodesk, Inc | 973907 |
| 2036 | (a) | AvePoint, Inc | 39315 |
| 1862 |  | Bentley Systems, Inc | 100492 |
| 3982 | (a),(b) | BigBear.ai Holdings, Inc | 27038 |
| 1087 | (a) | BigCommerce Holdings, Inc | 5435 |
| 1385 | (a) | BILL Holdings, Inc | 64070 |
| 4938 | (a),(b) | Bit Digital, Inc | 10814 |
| 1235 | (a) | Bitdeer Technologies Group | 14178 |
| 538 | (a) | Blackbaud, Inc | 34545 |
| 875 | (a) | BlackLine, Inc | 49543 |
| 4515 | (a) | Blend Labs, Inc | 14900 |

---

88 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | SOFTWARE & SERVICES (continued) |  |
| 2369 | (a) | Box, Inc | $80949 |
| 862 | (a) | Braze, Inc | 24222 |
| 1519 | (a),(b) | C3.ai, Inc | 37322 |
| 3958 | (a) | Cadence Design Systems, Inc | 1219658 |
| 6392 | (a) | CCC Intelligent Solutions Holdings, Inc | 60149 |
| 664 | (a),(b) | Cerence, Inc | 6779 |
| 3823 | (a),(b) | Cipher Mining, Inc | 18274 |
| 3480 | (a),(b) | Cleanspark, Inc | 38384 |
| 1277 |  | Clear Secure, Inc | 35450 |
| 3044 | (a) | Clearwater Analytics Holdings, Inc | 66755 |
| 4534 | (a) | Cloudflare, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277 |  | Cognizant Technology Solutions Corp (Class A) | 567824 |
| 679 | (a) | Commvault Systems, Inc | 118370 |
| 3788 | (a) | Confluent, Inc | 94435 |
| 265 | (a) | Consensus Cloud Solutions, Inc | 6111 |
| 3902 | (a) | Core Scientific, Inc | 66607 |
| 485 | (a) | Couchbase, Inc | 11824 |
| 3540 | (a) | Crowdstrike Holdings, Inc | 1802957 |
| 430 | (a) | CS Disco, Inc | 1879 |
| 4533 | (a) | Datadog, Inc | 608918 |
| 348 | (a),(b) | Digimarc Corp | 4597 |
| 1549 | (a) | Digital Turbine, Inc | 9139 |
| 1139 | (a) | DigitalOcean Holdings, Inc | 32530 |
| 2984 | (a) | DocuSign, Inc | 232424 |
| 895 |  | Dolby Laboratories, Inc (Class A) | 66463 |
| 549 | (a) | Domo, Inc | 7670 |
| 3221 | (a) | Dropbox, Inc | 92121 |
| 4081 | (a) | D-Wave Quantum, Inc | 59746 |
| 2153 | (a) | DXC Technology Co | 32919 |
| 4449 | (a) | Dynatrace, Inc | 245629 |
| 3144 | (a) | E2open Parent Holdings, Inc | 10155 |
| 543 | (a) | eGain Corp | 3394 |
| 1268 | (a) | Elastic NV | 106930 |
| 857 | (a) | EPAM Systems, Inc | 151535 |
| 472 | (a),(b) | EverCommerce, Inc | 4956 |
| 350 | (a) | Fair Isaac Corp | 639786 |
| 1817 | (a) | Fastly, Inc | 12828 |
| 1139 | (a) | Five9, Inc | 30161 |
| 9262 | (a) | Fortinet, Inc | 979179 |
| 3124 | (a) | Freshworks, Inc | 46579 |
| 1070 | (a) | Gartner, Inc | 432515 |
| 7650 |  | Gen Digital, Inc | 224910 |
| 1859 | (a),(b) | Gitlab, Inc | 83860 |
| 671 | (a) | Globant S.A. | 60954 |
| 2071 | (a) | GoDaddy, Inc | 372904 |
| 699 | (a) | Grid Dynamics Holdings, Inc | 8073 |
| 1261 | (a) | Guidewire Software, Inc | 296902 |
| 450 |  | Hackett Group, Inc | 11439 |
| 734 | (a) | HubSpot, Inc | 408566 |
| 1256 | (a) | Hut 8 Corp | 23362 |
| 280 | (a),(b) | I3 Verticals, Inc | 7694 |
| 112 | (a) | IBEX Holdings Ltd | 3259 |
| 937 | (a) | Informatica, Inc | 22816 |
| 412 |  | Information Services Group, Inc | 1978 |
| 596 | (a) | Intapp, Inc | 30766 |
| 322 |  | InterDigital, Inc | 72202 |
| 13450 |  | International Business Machines Corp | 3964791 |
| 3974 |  | Intuit, Inc | 3130042 |
| 1086 | (a) | Jamf Holding Corp | 10328 |
| 1692 | (a) | Kaltura, Inc | 3401 |
| 3355 | (a) | Kyndryl Holdings, Inc | 140776 |
| 197 | (a),(b) | Life360, Inc | 12854 |

---

*See Notes to Financial Statements* 89

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| SHARES |  | DESCRIPTION | VALUE |
|  |  | SOFTWARE & SERVICES (continued) |  |
| 1208 | (a) | LiveRamp Holdings, Inc | $39912 |
| 908 | (a) | Manhattan Associates, Inc | 179303 |
| 4895 | (a),(b) | Marathon Digital Holdings, Inc | 76754 |
| 365 | (a) | MeridianLink, Inc | 5924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108205 |  | Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53822249 |
| 3636 | (a) | MicroStrategy, Inc (Class A) | 1469780 |
| 781 | (a) | Mitek Systems, Inc | 7732 |
| 1102 | (a) | MongoDB, Inc | 231409 |
| 1055 | (a) | N-able, Inc | 8546 |
| 1156 | (a),(b) | nCino OpCo, Inc | 32333 |
| 2313 | (a) | NCR Corp | 27131 |
| 1555 | (a) | NextNav, Inc | 23636 |
| 3653 | (a) | Nutanix, Inc | 279235 |
| 2287 | (a) | Okta, Inc | 228631 |
| 1468 | (a) | Olo, Inc | 13065 |
| 710 | (a) | ON24, Inc | 3855 |
| 634 |  | OneSpan, Inc | 10581 |
| 365 | (a) | Ooma, Inc | 4709 |
| 24072 |  | Oracle Corp | 5262861 |
| 571 | (a) | Pagaya Technologies Ltd | 12174 |
| 1327 | (a) | PagerDuty, Inc | 20277 |
| 31840 | (a) | Palantir Technologies, Inc | 4340429 |
| 9509 | (a) | Palo Alto Networks, Inc | 1945922 |
| 1496 |  | Pegasystems, Inc | 80978 |
| 2005 | (a) | Porch Group, Inc | 23639 |
| 1625 | (a) | Procore Technologies, Inc | 111183 |
| 766 |  | Progress Software Corp | 48901 |
| 671 | (a) | PROS Holdings, Inc | 10508 |
| 1723 | (a) | PTC, Inc | 296942 |
| 877 | (a) | Q2 Holdings, Inc | 82078 |
| 667 | (a) | Qualys, Inc | 95294 |
| 930 | (a) | Rapid7, Inc | 21511 |
| 175 |  | Red Violet, Inc | 8610 |
| 1545 | (a) | Rimini Street, Inc | 5825 |
| 1417 | (a) | RingCentral, Inc | 40172 |
| 4615 | (a),(b) | Riot Platforms, Inc | 52150 |
| 1537 |  | Roper Industries, Inc | 871233 |
| 1386 | (a) | Rubrik, Inc | 124172 |
| 536 | (a) | SailPoint, Inc | 12253 |
| 13564 |  | Salesforce, Inc | 3698767 |
| 3766 | (a) | Samsara, Inc | 149811 |
| 433 |  | Sapiens International Corp NV | 12665 |
| 348 | (a) | SEMrush Holdings, Inc | 3149 |
| 3816 | (a) | SentinelOne, Inc | 69756 |
| 2991 | (a) | ServiceNow, Inc | 3074987 |
| 4509 | (a) | Snowflake, Inc | 1008979 |
| 5166 | (a),(b) | SoundHound AI, Inc | 55431 |
| 307 | (a) | SoundThinking, Inc | 4008 |
| 1168 | (a) | Sprinklr, Inc | 9881 |
| 904 | (a) | Sprout Social, Inc | 18903 |
| 599 | (a) | SPS Commerce, Inc | 81518 |
| 2266 | (a) | Synopsys, Inc | 1161733 |
| 1778 | (a) | Tenable Holdings, Inc | 60061 |
| 1844 | (a) | Teradata Corp | 41140 |
| 3595 | (a),(b) | Terawulf, Inc | 15746 |
| 6568 | (a) | Trade Desk, Inc | 472830 |
| 256 | (a) | TSS, Inc | 7380 |
| 143 | (a),(b) | Tucows, Inc | 2819 |
| 2155 | (a) | Twilio, Inc | 267996 |
| 620 | (a) | Tyler Technologies, Inc | 367561 |
| 6303 | (a) | UiPath, Inc | 80678 |
| 1098 | (a) | Unisys Corp | 4974 |

---

90 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | SOFTWARE & SERVICES (continued) |  |
| 4707 | (a) | Unity Software, Inc | $113909 |
| 1710 | (a) | Varonis Systems, Inc | 86783 |
| 1154 | (a) | Verint Systems, Inc | 22699 |
| 1236 |  | VeriSign, Inc | 356957 |
| 823 | (a) | Vertex, Inc | 29081 |
| 945 | (a) | Viant Technology, Inc | 12502 |
| 514 | (a) | Weave Communications, Inc | 4276 |
| 3116 | (a) | Workday, Inc | 747840 |
| 767 | (a) | Workiva, Inc | 52501 |
| 634 | (a) | Xperi, Inc | 5015 |
| 1753 | (a) | Yext, Inc | 14901 |
| 2537 | (a) | Zeta Global Holdings Corp | 39298 |
| 3882 | (a) | Zoom Video Communications, Inc | 302718 |
| 1377 | (a) | Zscaler, Inc | 432295 |
|  |  | TOTAL SOFTWARE & SERVICES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110052851 |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT - 7.0% |  |
| 380 | (a),(b) | 908 Devices, Inc | 2709 |
| 806 | (a) | ADTRAN Holdings, Inc | 7230 |
| 617 |  | Advanced Energy Industries, Inc | 81752 |
| 391 | (a) | Aeva Technologies, Inc | 14776 |
| 17375 |  | Amphenol Corp (Class A) | 1715781 |
| 215008 |  | Apple, Inc | 44113191 |
| 623 | (a),(b) | Applied Optoelectronics, Inc | 16005 |
| 15062 | (a) | Arista Networks, Inc | 1540993 |
| 1538 | (a) | Arlo Technologies, Inc | 26084 |
| 833 | (a) | Arrow Electronics, Inc | 106149 |
| 170 | (a) | Aviat Networks, Inc | 4088 |
| 1668 |  | Avnet, Inc | 88537 |
| 438 |  | Badger Meter, Inc | 107288 |
| 126 |  | Bel Fuse, Inc (Class B) | 12309 |
| 636 |  | Belden CDT, Inc | 73649 |
| 773 |  | Benchmark Electronics, Inc | 30016 |
| 909 | (a) | Calix, Inc | 48350 |
| 1922 |  | CDW Corp | 343250 |
| 2128 | (a) | Ciena Corp | 173070 |
| 58351 |  | Cisco Systems, Inc | 4048392 |
| 153 | (a) | Clearfield, Inc | 6642 |
| 2887 |  | Cognex Corp | 91576 |
| 2137 | (a) | Coherent Corp | 190642 |
| 3509 | (a) | CommScope Holding Co, Inc | 29055 |
| 11249 |  | Corning, Inc | 591585 |
| 426 | (a) | Corsair Gaming, Inc | 4017 |
| 775 |  | Crane NXT Co | 41773 |
| 485 |  | CTS Corp | 20666 |
| 610 | (a),(b) | Daktronics, Inc | 9223 |
| 4547 |  | Dell Technologies, Inc | 557462 |
| 361 | (a) | Diebold Nixdorf, Inc | 19999 |
| 400 | (a) | Digi International, Inc | 13944 |
| 830 | (a),(b) | Eastman Kodak Co | 4690 |
| 404 | (a) | ePlus, Inc | 29128 |
| 1500 | (a) | Evolv Technologies Holdings, Inc | 9360 |
| 1698 | (a) | Extreme Networks, Inc | 30479 |
| 822 | (a) | F5 Networks, Inc | 241931 |
| 545 | (a) | Fabrinet | 160601 |
| 288 | (a) | FARO Technologies, Inc | 12649 |
| 4974 | (a) | Flextronics International Ltd | 248302 |
| 1454 | (a) | Harmonic, Inc | 13769 |
| 19689 |  | Hewlett Packard Enterprise Co | 402640 |
| 14008 |  | HP, Inc | 342636 |
| 463 | (a) | Insight Enterprises, Inc | 63933 |
| 3375 | (a),(b) | IonQ, Inc | 145024 |
| 549 | (a) | IPG Photonics Corp | 37689 |

---

*See Notes to Financial Statements* 91

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | TECHNOLOGY HARDWARE & EQUIPMENT (continued) |  |
| 678 | (a) | Itron, Inc | $89245 |
| 1500 |  | Jabil Inc | 327150 |
| 4469 |  | Juniper Networks, Inc | 178447 |
| 2444 | (a) | Keysight Technologies, Inc | 400474 |
| 548 | (a) | Kimball Electronics, Inc | 10538 |
| 1352 | (a) | Knowles Corp | 23822 |
| 375 |  | Littelfuse, Inc | 85024 |
| 1153 | (a),(b) | Lumentum Holdings, Inc | 109604 |
| 569 |  | Methode Electronics, Inc | 5411 |
| 2725 | (a),(b) | MicroVision, Inc | 3107 |
| 2874 | (a) | Mirion Technologies, Inc | 61877 |
| 2394 |  | Motorola Solutions, Inc | 1006581 |
| 533 |  | Napco Security Technologies, Inc | 15825 |
| 2914 |  | NetApp, Inc | 310487 |
| 505 | (a) | Netgear, Inc | 14680 |
| 1389 | (a) | Netscout Systems, Inc | 34461 |
| 829 | (a) | nLight, Inc | 16315 |
| 592 | (a) | Novanta, Inc | 76327 |
| 280 | (a) | OSI Systems, Inc | 62961 |
| 679 | (a) | Ouster, Inc | 16466 |
| 404 | (a) | PAR Technology Corp | 28025 |
| 196 |  | PC Connection, Inc | 12893 |
| 521 | (a) | Plexus Corp | 70497 |
| 1393 | (a),(b) | Powerfleet, Inc | 6004 |
| 4619 | (a) | Pure Storage, Inc | 265962 |
| 1612 | (a) | Quantum Computing, Inc | 30902 |
| 996 | (a),(b) | Red Cat Holdings, Inc | 7251 |
| 1053 | (a) | Ribbon Communications, Inc | 4223 |
| 262 | (a) | Rogers Corp | 17942 |
| 1641 | (a) | SanDisk Corp | 74419 |
| 940 | (a) | Sanmina Corp | 91960 |
| 463 | (a) | Scansource, Inc | 19358 |
| 7411 | (a),(b) | Super Micro Computer, Inc | 363213 |
| 1107 |  | TD SYNNEX Corp | 150220 |
| 646 | (a) | Teledyne Technologies, Inc | 330952 |
| 3605 | (a) | Trimble Inc | 273908 |
| 1439 | (a) | TTM Technologies, Inc | 58740 |
| 301 | (a) | Turtle Beach Corp | 4163 |
| 52 |  | Ubiquiti, Inc | 21406 |
| 1868 | (a) | Viasat, Inc | 27273 |
| 4189 | (a) | Viavi Solutions, Inc | 42183 |
| 2099 |  | Vishay Intertechnology, Inc | 33332 |
| 301 | (a) | Vishay Precision Group, Inc | 8458 |
| 2108 |  | Vontier Corp | 77785 |
| 4924 |  | Western Digital Corp | 315087 |
| 2215 | (b) | Xerox Holdings Corp | 11673 |
| 725 | (a) | Zebra Technologies Corp (Class A) | 223561 |
|  |  | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61293226 |
|  |  | TELECOMMUNICATION SERVICES - 0.9% |  |
| 422 | (a) | Anterix, Inc | 10824 |
| 2458 | (a),(b) | AST SpaceMobile, Inc | 114862 |
| 102644 |  | AT&T, Inc | 2970517 |
| 251 |  | ATN International, Inc | 4079 |
| 378 | (a) | Bandwidth, Inc | 6010 |
| 772 |  | Cogent Communications Group, Inc | 37218 |
| 3199 | (a) | Frontier Communications Parent, Inc | 116444 |
| 1815 | (a),(c) | GCI Liberty, Inc | 18 |
| 701 | (a) | Globalstar, Inc | 16509 |
| 987 | (a) | Gogo, Inc | 14489 |
| 350 |  | IDT Corp | 23912 |
| 1551 |  | Iridium Communications, Inc | 46794 |
| 2326 | (a) | Liberty Global Ltd | 23283 |

---

92 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | TELECOMMUNICATION SERVICES (continued) |  |
| 2448 | (a) | Liberty Global Ltd | $25239 |
| 681 | (a) | Liberty Latin America Ltd (Class A) | 4154 |
| 2483 | (a) | Liberty Latin America Ltd (Class C) | 15444 |
| 14080 | (a) | Lumen Technologies, Inc | 61670 |
| 1285 |  | Millicom International Cellular S.A. | 48149 |
| 869 |  | Shenandoah Telecom Co | 11871 |
| 319 |  | Spok Holdings, Inc | 5640 |
| 1219 |  | Telephone and Data Systems, Inc | 43372 |
| 6752 |  | T-Mobile US, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608732 |
| 61615 |  | Verizon Communications, Inc | 2666081 |
|  |  | TOTAL TELECOMMUNICATION SERVICES | 7875311 |
|  |  | TRANSPORTATION - 1.4% |  |
| 1857 | (a) | Alaska Air Group, Inc | 91884 |
| 268 |  | Allegiant Travel Co | 14727 |
| 141 | (a),(b) | Amerco, Inc | 8539 |
| 9378 | (a) | American Airlines Group, Inc | 105221 |
| 424 |  | ArcBest Corp | 32652 |
| 258 | (a) | Avis Budget Group, Inc | 43615 |
| 969 | (a) | Blade Air Mobility, Inc | 3905 |
| 1731 |  | CH Robinson Worldwide, Inc | 166089 |
| 153 | (a) | Costamare Bulkers Holdings Ltd | 1326 |
| 767 |  | Costamare, Inc | 6987 |
| 370 |  | Covenant Logistics Group, Inc | 8921 |
| 27278 |  | CSX Corp | 890081 |
| 9620 |  | Delta Air Lines, Inc | 473112 |
| 1952 |  | Expeditors International Washington, Inc | 223016 |
| 3177 |  | FedEx Corp | 722164 |
| 241 | (a) | Forward Air Corp | 5914 |
| 438 | (a),(b) | Frontier Group Holdings, Inc | 1590 |
| 2042 |  | FTAI Infrastructure, Inc | 12599 |
| 497 |  | Genco Shipping & Trading Ltd | 6496 |
| 1990 |  | Golden Ocean Group Ltd | 14567 |
| 1764 | (a) | GXO Logistics, Inc | 85907 |
| 728 |  | Heartland Express, Inc | 6290 |
| 2161 | (a),(b) | Hertz Global Holdings, Inc | 14760 |
| 1010 |  | Hub Group, Inc (Class A) | 33764 |
| 1145 |  | JB Hunt Transport Services, Inc | 164422 |
| 5315 | (a),(b) | JetBlue Airways Corp | 22482 |
| 6206 | (a),(b) | Joby Aviation, Inc | 65473 |
| 877 | (a) | Kirby Corp | 99461 |
| 2433 |  | Knight-Swift Transportation Holdings, Inc | 107612 |
| 505 |  | Landstar System, Inc | 70205 |
| 5632 | (a) | Lyft, Inc (Class A) | 88760 |
| 796 |  | Marten Transport Ltd | 10340 |
| 563 |  | Matson, Inc | 62690 |
| 3288 |  | Norfolk Southern Corp | 841629 |
| 2766 |  | Old Dominion Freight Line | 448922 |
| 136 | (a),(b) | PAM Transportation Services, Inc | 1750 |
| 580 | (a) | Radiant Logistics, Inc | 3526 |
| 1622 | (a) | RXO, Inc | 25498 |
| 582 |  | Ryder System, Inc | 92538 |
| 1291 |  | Safe Bulkers, Inc | 4661 |
| 425 | (a) | Saia, Inc | 116446 |
| 932 |  | Schneider National, Inc | 22508 |
| 547 | (a) | Skywest, Inc | 56325 |
| 7584 |  | Southwest Airlines Co | 246025 |
| 383 | (a) | Sun Country Airlines Holdings, Inc | 4500 |
| 29420 | (a) | Uber Technologies, Inc | 2744886 |
| 1022 |  | U-Haul Holding Co | 55566 |
| 8726 |  | Union Pacific Corp | 2007678 |
| 4804 | (a) | United Airlines Holdings, Inc | 382543 |
| 10650 |  | United Parcel Service, Inc (Class B) | 1075011 |

---

*See Notes to Financial Statements* 93

------

Stock Index

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | TRANSPORTATION (continued) |  |
| 122 | (b) | Universal Truckload Services, Inc | $3096 |
| 1147 |  | Werner Enterprises, Inc | 31382 |
| 1710 | (a) | XPO, Inc | 215956 |
|  |  | TOTAL TRANSPORTATION | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12046017 |
|  |  | UTILITIES - 2.3% |  |
| 9453 |  | AES Corp | 99446 |
| 696 |  | Allete, Inc | 44593 |
| 3722 |  | Alliant Energy Corp | 225069 |
| 3939 |  | Ameren Corp | 378302 |
| 7770 |  | American Electric Power Co, Inc | 806215 |
| 420 |  | American States Water Co | 32197 |
| 3007 |  | American Water Works Co, Inc | 418304 |
| 2236 |  | Atmos Energy Corp | 344590 |
| 1326 |  | Avista Corp | 50322 |
| 1043 |  | Black Hills Corp | 58512 |
| 1571 |  | Brookfield Infrastructure Corp | 65354 |
| 2251 |  | Brookfield Renewable Corp | 73788 |
| 829 | (a),(b) | Cadiz, Inc | 2479 |
| 934 |  | California Water Service Group | 42478 |
| 9499 |  | Centerpoint Energy, Inc | 348993 |
| 358 |  | Chesapeake Utilities Corp | 43039 |
| 545 |  | Clearway Energy, Inc (Class A) | 16492 |
| 1281 |  | Clearway Energy, Inc (Class C) | 40992 |
| 4154 |  | CMS Energy Corp | 287789 |
| 5088 |  | Consolidated Edison, Inc | 510581 |
| 268 |  | Consolidated Water Co, Inc | 8045 |
| 4581 |  | Constellation Energy Corp | 1478564 |
| 12631 |  | Dominion Energy, Inc | 713904 |
| 2956 |  | DTE Energy Co | 391552 |
| 11262 |  | Duke Energy Corp | 1328916 |
| 5773 |  | Edison International | 297887 |
| 6384 |  | Entergy Corp | 530638 |
| 3201 |  | Essential Utilities, Inc | 118885 |
| 3168 |  | Evergy, Inc | 218370 |
| 5408 |  | Eversource Energy | 344057 |
| 14844 |  | Exelon Corp | 644526 |
| 8477 |  | FirstEnergy Corp | 341284 |
| 572 |  | Genie Energy Ltd | 15375 |
| 765 |  | Global Water Resources, Inc | 7795 |
| 2154 | (a) | Hawaiian Electric Industries, Inc | 22897 |
| 772 |  | Idacorp, Inc | 89127 |
| 2999 |  | MDU Resources Group, Inc | 49993 |
| 685 |  | MGE Energy, Inc | 60581 |
| 240 |  | Middlesex Water Co | 13003 |
| 1443 | (a),(b) | Montauk Renewables, Inc | 3203 |
| 1095 |  | National Fuel Gas Co | 92757 |
| 1561 |  | New Jersey Resources Corp | 69964 |
| 30265 |  | NextEra Energy, Inc | 2100996 |
| 6256 |  | NiSource, Inc | 252367 |
| 666 |  | Northwest Natural Holding Co | 26454 |
| 812 |  | NorthWestern Corp | 41656 |
| 2999 |  | NRG Energy, Inc | 481579 |
| 3276 |  | OGE Energy Corp | 145389 |
| 1461 | (a),(b) | Oklo, Inc | 81801 |
| 919 |  | ONE Gas, Inc | 66039 |
| 846 |  | Ormat Technologies, Inc | 70861 |
| 743 |  | Otter Tail Corp | 57278 |
| 31893 | (e) | PG&E Corp | 444588 |
| 1604 |  | Pinnacle West Capital Corp | 143510 |
| 1358 |  | PNM Resources, Inc | 76483 |
| 1106 |  | Portland General Electric Co | 44937 |
| 10591 |  | PPL Corp | 358929 |

---

94 *See Notes to Financial Statements*

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| SHARES | DESCRIPTION |  |  | VALUE |
|  | UTILITIES (continued) |  |  |  |
| 7169 | Public Service Enterprise Group, Inc |  |  | $603486 |
| 250 (a) | Pure Cycle Corp |  |  | 2680 |
| 191 (b) | RGC Resources, Inc |  |  | 4275 |
| 9323 | Sempra Energy |  |  | 706404 |
| 216 | SJW Corp |  |  | 11226 |
| 15957 | Southern Co |  |  | 1465331 |
| 728 | Southwest Gas Holdings Inc |  |  | 54156 |
| 880 | Spire, Inc |  |  | 64231 |
| 654 (a) | Talen Energy Corp |  |  | 190164 |
| 3105 | UGI Corp |  |  | 113084 |
| 537 | Unitil Corp |  |  | 28005 |
| 5049 | Vistra Corp |  |  | 978547 |
| 4569 | WEC Energy Group, Inc |  |  | 476090 |
| 8483 | Xcel Energy, Inc |  |  | 577692 |
| 203 | York Water Co |  |  | 6415 |
|  | TOTAL UTILITIES |  |  | 20405511 |
|  | TOTAL COMMON STOCKS<br> (Cost $200,924,675) |  |  | 872045149 |
| SHARES | DESCRIPTION |  | EXPIRATION<br>DATE | VALUE |
|  | RIGHTS/WARRANTS - 0.0% |  |  |  |
|  | PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% |  |  |  |
| 735 (c) | AstraZeneca plc |  | 02/20/29 | 228 |
| 854 (c) | Chinook Therapeutics, Inc |  | 01/02/30 | 8 |
| 145 (c) | Tobira Therapeutics, Inc |  |  | 9 |
|  | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |  |  | 245 |
|  | TOTAL RIGHTS/WARRANTS<br> (Cost $236) |  |  | 245 |
|  | TOTAL LONG-TERM INVESTMENTS<br> (Cost $200,924,911) |  |  | 872045394 |
| SHARES | DESCRIPTION | RATE |  | VALUE |
|  | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2% |  |  |  |
| 1753681 (f) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.350%(g) |  | 1753681 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br> (Cost $1,753,681) |  |  | 1753681 |
| PRINCIPAL | DESCRIPTION | RATE | MATURITY | VALUE |
|  | SHORT-TERM INVESTMENTS - 1.0% |  |  |  |
|  | GOVERNMENT AGENCY DEBT - 0.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000000 | Tennessee Valley Authority Discount Notes | 0.000 | 07/09/25 | 998958 |
|  | TOTAL GOVERNMENT AGENCY DEBT |  |  | 998958 |
|  | REPURCHASE AGREEMENT - 0.9% |  |  |  |
| 7173000 (h) | Fixed Income Clearing Corporation | 4.350 | 07/01/25 | 7173000 |
|  | TOTAL REPURCHASE AGREEMENT |  |  | 7173000 |
|  | TOTAL SHORT-TERM INVESTMENTS<br> (Cost $8,172,071) |  |  | 8171958 |
|  | TOTAL INVESTMENTS - 100.3%<br> (Cost $210,850,663) |  |  | 881971033 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.3)% |  |  | (2249989) |
|  | NET ASSETS - 100.0% |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879721044 |
| <br>REIT Real Estate Investment Trust | <br>REIT Real Estate Investment Trust | <br>REIT Real Estate Investment Trust |  |  |

---

*See Notes to Financial Statements* 95

------

Stock Index

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) All or a portion of these securities are out on loan. The aggregate value of securities on loan is $4,536,690.

(c) For fair value measurement disclosure purposes, investment classified as Level 3.

(d) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(e) In bankruptcy

(f) Investments made with cash collateral received from securities on loan.

(g) The rate shown is the one-day yield as of the end of the reporting period.

(h) Agreement with Fixed Income Clearing Corporation, 4.350% dated 6/30/25 to be repurchased at $7,173,867 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.375% and maturity date 5/15/34, valued at $7,316,537.

Investments in Derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Futures Contracts - Long |  |  |  |  |  |
|  Description | Number of<br>Contracts | Expiration<br>Date | Notional<br> Amount | Value | Unrealized<br>Appreciation<br>(Depreciation) |
|  S&P 500 E-Mini Index | 25 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7603669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7817187 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213518 |

---

96 *See Notes to Financial Statements*

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97.0 ------

## Statement of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| June 30, 2025 (Unaudited) | Balanced | Core Bond | Core Equity | Growth Equity |
|  ASSETS |  |  |  |  |
|  Affiliated investments, at value<sup>‡</sup> | $67043502 | $– | $– | $– |
|  Long-term investments, at value<sup>\*†</sup> |  | 199435095 | 211461123 | 190725351 |
|  Short-term investments, at value<sup>#</sup> |  | 1542000 | 1069000 | 341000 |
|  Investments purchased with collateral from securities lending, at value (cost approximates value) |  | 1467088 |  | 1023829 |
|  Cash |  | 176579 | 551 |  |
|  Cash denominated in foreign currencies<sup>^</sup> |  |  |  |  |
|  Cash collateral at brokers for investments in futures contracts |  |  |  |  |
|  Cash collateral at brokers for investments in mortgage dollar rolls |  | 1960000 |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 1056 | 93257 | 31463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | 1706824 | 129 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 613483 | 4617689 |  | 2447172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims |  | 1007 | 2262 | 10811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from Adviser | 5771 | 9108 | 10420 | 6638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2009 | 197209 | 4609 | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  | 7138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  |
|  Unrealized appreciation on forward foreign currency contracts |  | 142 |  |  |
|  Other | 5541 | 72326 | 49068 | 40462 |
|  Total assets | 67670306 | 211193261 | 212690419 | 194632797 |
|  LIABILITIES |  |  |  |  |
|  Due to affiliates | 2187 | 2363 | 5545 | 4209 |
|  Cash collateral due to broker |  | 2559 |  |  |
|  Cash overdraft | 230412 |  |  | 313 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 5435 | 49768 | 75835 | 68462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral from securities lending |  | 1467088 |  | 1023829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement | 316614 | 2358104 |  | 817009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - when-issued/delayed-delivery settlement |  | 2812641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 862 | 3873 | 511157 | 769854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swap contracts |  | 26805 |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  | 6027 |  |  |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 3875 | 56409 | 8625 | 11294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 6106 | 18800 | 11582 | 11512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting expenses | 7856 | 12770 | 10735 | 10102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing agent fees | 344 | 352 | 460 | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 5235 | 72329 | 49762 | 28897 |
|  Other |  |  | 1643 | 1239 |
|  Total liabilities | 578926 | 6889888 | 675344 | 2747113 |
|  Net assets | $67091380 | $204303373 | $212015075 | $191885684 |
|  NET ASSETS CONSIST OF: |  |  |  |  |
|  Paid-in capital | $51227746 | $219587222 | $94641756 | $71291583 |
|  Total distributable earnings (loss) | 15863634 | (15283849) | 117373319 | 120594101 |
|  Net assets | $67091380 | $204303373 | $212015075 | $191885684 |
|  Shares outstanding | 5000569.61 | 21762081.83 | 9223012.71 | 7959311.21 |
|  Net asset value per share | $13.42 | $9.39 | $22.99 | $24.11 |
|  <sup>\*</sup> Includes securities loaned of | $– | $1417315 | $– | $978860 |
|  <sup>‡</sup> Affiliated investments, cost | $52680007 | $– | $– | $– |
|  <sup>†</sup> Long-term investments, cost | $– | $207082058 | $130137435 | $82529811 |
|  <sup>#</sup> Short-term investments, cost | $– | $1542000 | $1069000 | $341000 |
|  <sup>^</sup> Cash denominated in foreign currencies, cost | $– | $– | $– | $– |
|  Authorized shares - per class | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.0001 | $0.0001 | $0.0001 | $0.0001 |

---

98 See *Notes to Financial Statements*

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| International Equity | Large Cap<br>Responsible Equity | Large Cap Value | Money Market | Real Estate<br>Securities Select | Small Cap Equity | Stock Index |
| $– | $– | $– | $– | $– | $– | $– |
| 162881571 | 99273536 | 84924597 |  | 62068913 | 64048894 | 872045394 |
| 5370958 | 1579000 | 370000 | 153536149 | 677000 | 1386000 | 8171958 |
|  |  |  |  |  | 312230 | 1753681 |
| 529 |  | 233 | 64 | 273 | 863 | 346 |
| 132976 |  |  |  |  |  |  |
|  |  |  |  |  | 3 | 1413 |
| 204542 | 47630 | 40586 |  | 199392 | 47019 | 463970 |
| 528 | 191 | 45 | 270163 | 82 | 168 | 867 |
|  |  | 463089 |  |  |  |  |
| 422898 |  | 214 |  |  |  |  |
| 5035 | 2824 | 7261 | 3783 | 6404 | 5528 |  |
| 5311 | 466 | 127351 |  | 21021 | 599 | 6511 |
|  | 7500 |  |  |  | 1450 | 37500 |
| 55977 | 25938 | 39715 | 1323 | 50912 | 33040 | 296298 |
| 169080325 | 100937085 | 85973091 | 153811482 | 63023997 | 65835794 | 882777938 |
| 3487 | 2273 | 2260 | 2303 | 2239 | 2250 | 3027 |
|  | 32 |  |  |  |  |  |
|  | 172 |  |  |  |  |  |
| 67694 | 12079 | 30622 | 12226 | 25926 | 24190 | 42182 |
|  |  |  |  |  | 312230 | 1753681 |
| 52941 |  |  |  |  |  |  |
| 936757 |  | 453908 | 3868661 |  |  |  |
| 505467 | 177563 | 157364 | 4850740 | 86637 | 131096 | 915643 |
| 13790 | 10101 | 7740 | 25515 | 7705 | 17867 | 14638 |
| 16060 | 8463 | 11889 | 9332 | 12394 | 10343 | 15104 |
| 11902 | 9093 | 8542 | 14313 | 9153 | 7530 | 17793 |
| 366 | 405 | 356 | 273 | 347 | 306 | 664 |
| 57743 | 26246 | 39508 | 420 | 51118 | 32957 | 294162 |
| 4287 | 4365 |  |  | 37 | 499 |  |
| 1670494 | 250792 | 712189 | 8783783 | 195556 | 539268 | 3056894 |
| $167409831 | $100686293 | $85260902 | $145027699 | $62828441 | $65296526 | $879721044 |
| $121595796 | $41965459 | $40880426 | $145018809 | $35913548 | $43265607 | $133520754 |
| 45814035 | 58720834 | 44380476 | 8890 | 26914893 | 22030919 | 746200290 |
| $167409831 | $100686293 | $85260902 | $145027699 | $62828441 | $65296526 | $879721044 |
| 15199769.55 | 4467646.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4084429.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145002752.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492114.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221118.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17667261.64 |
| $11.01 | $22.54 | $20.87 | $1.00 | $13.99 | $15.47 | $49.79 |
| $– | $– | $– | $– | $– | $377909 | $4536690 |
| $– | $– | $– | $– | $– | $– | $– |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111416310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53766758 | $50137978 | $– | $39835595 | $52326883 | $200924911 |
| $5371071 | $1579000 | $370000 | $153536149 | $677000 | $1386000 | $8172071 |
| $132612 | $– | $– | $– | $– | $– | $– |
| Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
| $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 | $0.0001 |

---

*See Notes to Financial Statements* 99

------

## Statement of Operations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six Months Ended June 30, 2025 (Unaudited) | Balanced | Core Bond | Core Equity | Growth Equity | International<br>Equity |
|  INVESTMENT INCOME |  |  |  |  |  |
|  Affiliated income | $– | $– | $27506 | $12101 | $10752 |
|  Dividends |  | 2113 | 1182415 | 524911 | 3104722 |
|  Interest | 1136 | 4870395 | 18716 | 29515 | 75077 |
|  Securities lending income, net |  | 2577 |  | 21011 | 3754 |
|  Tax withheld |  | (313) |  | (12831) | (341786) |
|  Total investment income | 1136 | 4874772 | 1228637 | 574707 | 2852519 |
|  EXPENSES |  |  |  |  |  |
|  Management fees | 32137 | 301832 | 458040 | 398065 | 390002 |
|  Shareholder servicing agent fees | 863 | 1165 | 1391 | 1207 | 1110 |
|  Administrative service fees | 6016 | 6608 | 6655 | 6582 | 6478 |
|  Trustees fees | 265 | 876 | 959 | 839 | 638 |
|  Custodian expenses | 3982 | 55752 | 9350 | 11823 | 22640 |
|  Overdraft expense | 1005 |  |  | 1932 |  |
|  Professional fees | 7078 | 20634 | 13125 | 12800 | 17216 |
|  Shareholder reporting expenses | 17669 | 18907 | 18389 | 18317 | 18988 |
|  Other | 13066 | 15786 | 21647 | 20281 | 30537 |
|  Total expenses | 82081 | 421560 | 529556 | 471846 | 487609 |
|  Expenses reimbursed by the investment adviser | (48910) | (68807) | (197) | (9863) | (19537) |
|  Net expenses | 33171 | 352753 | 529359 | 461983 | 468072 |
|  Net investment income (loss) | (32035) | 4522019 | 699278 | 112724 | 2384447 |
|  REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |  |
|  Realized gain (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments |  | (1824747) | 7540958 | 8401068 | 2409394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 200219 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (140818) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 66 | 714 | 611 | (1401) | (15917) |
|  Net realized gain (loss) | 200285 | (1964851) | 7541569 | 8399667 | 2393477 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<sup>‡</sup> |  | 5160629 | (3281925) | 939586 | 20607199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 3365220 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (11081) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (100155) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | (627) | 169 | 1353 | 50845 |
|  Net change in unrealized appreciation (depreciation) | 3365220 | 5048766 | (3281756) | 940939 | 20658044 |
|  Net realized and unrealized gain (loss) | 3565505 | 3083915 | 4259813 | 9340606 | 23051521 |
|  Net increase (decrease) in net assets from operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25435968 |
|  <sup>‡</sup> Net of change in unrealized foreign capital gains taxes | $– | $– | $– | $– | $(52941) |

---

100 See *Notes to Financial Statements*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Large Cap<br> Responsible Equity | Large Cap Value | Money Market | Real Estate<br>Securities Select | Small Cap Equity | Stock Index |
|  $– | $6920 | $– | $4868 | $– | $– |
| 621448 | 797736 |  | 980305 | 390588 | 5307050 |
| 23249 | 10566 | 3113710 | 14085 | 19459 | 113179 |
|  – | 788 |  |  | 8639 | 12167 |
| (1151) | (5280) |  |  | (1515) | (1069) |
| 643546 | 810730 | 3113710 | 999258 | 417171 | 5431327 |
| 71076 | 182879 | 70971 | 157435 | 148375 | 250977 |
| 1059 | 921 | 891 | 865 | 783 | 3160 |
| 6362 | 6314 | 6465 | 6274 | 6288 | 8322 |
| 427 | 353 | 614 | 293 | 323 | 3876 |
| 10783 | 15064 | 24898 | 7895 | 20691 | 14833 |
| 583 | 167 |  |  | 633 |  |
| 9659 | 12484 | 10441 | 12847 | 11288 | 21626 |
| 30343 | 18100 | 19533 | 18092 | 18225 | 19442 |
| 19863 | 13499 | 7679 | 16708 | 17730 | 17032 |
| 150155 | 249781 | 141492 | 220409 | 224336 | 339268 |
| (45297) | (38243) | (33719) | (40893) | (52708) |  |
| 104858 | 211538 | 107773 | 179516 | 171628 | 339268 |
| 538688 | 599192 | 3005937 | 819742 | 245543 | 5092059 |
| 1252025 | 2747212 | (964) | 918624 | 1946006 | 28030669 |
|  – |  |  |  |  |  |
| (81054) |  |  |  | (97911) | (205757) |
|  – |  |  |  |  |  |
| 62 | 21 | 7 | 19 | 39 | 107 |
| 1171033 | 2747233 | (957) | 918643 | 1848134 | 27825019 |
| 6347327 | 2445570 |  | (1455400) | (2393641) | 14105991 |
|  – |  |  |  |  |  |
| 44930 |  |  |  | 55661 | 289428 |
|  – |  |  |  |  |  |
|  – |  |  |  |  |  |
|  – | 25 |  |  |  |  |
| 6392257 | 2445595 |  | (1455400) | (2337980) | 14395419 |
| 7563290 | 5192828 | (957) | (536757) | (489846) | 42220438 |
| $8101978 | $5792020 | $3004980 | $282985 | $(244303) | $47312497 |
|  $– | $– | $– | $– | $– | $– |

---

*See Notes to Financial Statements* 101

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balanced | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Bond |
|  | Unaudited<br> Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Unaudited<br> Six Months Ended<br> 6/30/25 | Year Ended<br>12/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $(32035) | $1648436 | $4522019 | $8821753 |
|  Net realized gain (loss) | 200285 | 2471858 | (1964851) | (2934408) |
|  Net change in unrealized appreciation (depreciation) | 3365220 | 2623634 | 5048766 | (637689) |
|  Net increase (decrease) in net assets from operations | 3533470 | 6743928 | 7605934 | 5249656 |
|  Distributions to shareholders |  | (3150395) |  | (7706663) |
|  Total distributions |  | (3150395) |  | (7706663) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions | 569802 | 1744222 | 8038470 | 17182088 |
|  Reinvestments of distributions |  | 3149775 |  | 7706438 |
|  Redemptions | (1363058) | (12017358) | (12585819) | (22081178) |
|  Net increase (decrease) from Fund share transactions | (793256) | (7123361) | (4547349) | 2807348 |
|  Net increase (decrease) in net assets | 2740214 | (3529828) | 3058585 | 350341 |
|  Net assets at the beginning of period | 64351166 | 67880994 | 201244788 | 200894447 |
|  Net assets at the end of period | $67091380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64351166 | $204303373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201244788 |

---

102 *See Notes to Financial Statements*

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core Equity | Growth Equity | Growth Equity | International Equity | International Equity | Large Cap Responsible Equity | Large Cap Responsible Equity |
|  Unaudited<br> Six Months Ended<br> 6/30/25 | Year Ended<br>12/31/24 | Unaudited<br> Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Unaudited<br> Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Unaudited<br> Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 |
| $699278 | $1820259 | $112724 | $122458 | $2384447 | $2935484 | $538688 | $1094263 |
| 7541569 | 26757676 | 8399667 | 8531169 | 2393477 | 4256 | 1171033 | 11196315 |
| (3281756) | 22727138 | 940939 | 34768755 | 20658044 | 1944525 | 6392257 | 3181668 |
| 4959091 | 51305073 | 9453330 | 43422382 | 25435968 | 4884265 | 8101978 | 15472246 |
|  – | (8702763) |  | (440583) |  | (3279596) |  | (6107652) |
|  – | (8702763) |  | (440583) |  | (3279596) |  | (6107652) |
| 4716182 | 14935449 | 9164459 | 19308576 | 8183941 | 15446204 | 1121850 | 8110708 |
|  – | 8702193 |  | 440583 |  | 3279596 |  | 6106805 |
| (14289698) | (33328383) | (15060976) | (31871078) | (11531716) | (14671914) | (5684766) | (15403343) |
| (9573516) | (9690741) | (5896517) | (12121919) | (3347775) | 4053886 | (4562916) | (1185830) |
| (4614425) | 32911569 | 3556813 | 30859880 | 22088193 | 5658555 | 3539062 | 8178764 |
| 216629500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183717931 | 188328871 | 157468991 | 145321638 | 139663083 | 97147231 | 88968467 |
| $212015075 | $216629500 | $191885684 | $188328871 | $167409831 | $145321638 | $100686293 | $97147231 |

---

*See Notes to Financial Statements* 103

------

## Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Large Cap Value | Large Cap Value | Money Market | Money Market |
| | Unaudited<br> Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 | Unaudited<br> Six Months Ended<br> 6/30/25 | Year Ended<br> 12/31/24 |
|  OPERATIONS |  |  |  |  |
|  Net investment income (loss) | $599192 | $1219700 | $3005937 | $6735393 |
|  Net realized gain (loss) | 2747233 | 5965650 | (957) | 7747 |
|  Net change in unrealized appreciation (depreciation) | 2445595 | 4395833 |  |  |
|  Net increase (decrease) in net assets from operations | 5792020 | 11581183 | 3004980 | 6743140 |
|  Distributions to shareholders |  | (6685760) | (3005943) | (6735853) |
|  Total distributions |  | (6685760) | (3005943) | (6735853) |
|  FUND SHARE TRANSACTIONS |  |  |  |  |
|  Subscriptions | 3895108 | 7352430 | 65955961 | 106680927 |
|  Reinvestments of distributions |  | 6684727 | 3005848 | 6736745 |
|  Redemptions | (5734683) | (18029490) | (56534642) | (112732239) |
|  Net increase (decrease) from Fund share transactions | (1839575) | (3992333) | 12427167 | 685433 |
|  Net increase (decrease) in net assets | 3952445 | 903090 | 12426204 | 692720 |
|  Net assets at the beginning of period | 81308457 | 80405367 | 132601495 | 131908775 |
|  Net assets at the end of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85260902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81308457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145027699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132601495 |

---

104 *See Notes to Financial Statements*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Real Estate Securities Select | Real Estate Securities Select | Small Cap Equity | Small Cap Equity | Stock Index | Stock Index |
| Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended 12/31/24 | Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended 12/31/24 | Unaudited<br>Six Months Ended<br>6/30/25 | Year Ended<br> 12/31/24 |
| $819742 | $1708624 | $245543 | $485184 | $5092059 | $10657471 |
| 918643 | 3431949 | 1848134 | 7996034 | 27825019 | 39885488 |
| (1455400) | (2061932) | (2337980) | 1312770 | 14395419 | 125821577 |
| 282985 | 3078641 | (244303) | 9793988 | 47312497 | 176364536 |
|  | (1870883) |  | (1345173) |  | (23783232) |
|  | (1870883) |  | (1345173) |  | (23783232) |
| 2227460 | 6679014 | 2097531 | 13932319 | 13302121 | 29321180 |
|  | 1870722 |  | 1345173 |  | 23783232 |
| (4393012) | (15499743) | (6703240) | (19154324) | (55187178) | (106939594) |
| (2165552) | (6950007) | (4605709) | (3876832) | (41885057) | (53835182) |
| (1882567) | (5742249) | (4850012) | 4571983 | 5427440 | 98746122 |
| 64711008 | 70453257 | 70146538 | 65574555 | 874293604 | 775547482 |
| $62828441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64711008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65296526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70146538 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879721044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874293604 |

---

*See Notes to Financial Statements* 105

------

## Financial Highlights
The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br>Gain (Loss) | Total | From Net<br>Investment<br>Income | From Net<br>Realized<br>Gains | Total |<br>Net Asset<br>Value,<br>End of<br>Period |
|  Balanced |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | $12.71 | $(0.01) | $0.72 | $0.71 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $– | $13.42 |
|  12/31/24 | 12.07 | 0.31 | 0.95 | 1.26 | (0.27) | (0.35) | (0.62) | 12.71 |
|  12/31/23 | 11.01 | 0.25 | 1.44 | 1.69 | (0.30) | (0.33) | (0.63) | 12.07 |
|  12/31/22 | 14.29 | 0.20 | (2.60) | (2.40) | (0.33) | (0.55) | (0.88) | 11.01 |
|  12/31/21 | 13.57 | 0.22 | 1.10 | 1.32 | (0.26) | (0.34) | (0.60) | 14.29 |
|  12/31/20 | 12.45 | 0.26 | 1.45 | 1.71 | (0.26) | (0.33) | (0.59) | 13.57 |
|  Core Bond |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | 9.05 | 0.20 | 0.14 | 0.34 |  |  |  | 9.39 |
|  12/31/24 | 9.15 | 0.40 | (0.14) | 0.26 | (0.36) |  | (0.36) | 9.05 |
|  12/31/23 | 8.89 | 0.37 | 0.17 | 0.54 | (0.28) |  | (0.28) | 9.15 |
|  12/31/22 | 10.56 | 0.27 | (1.67) | (1.40) | (0.21) | (0.06) | (0.27) | 8.89 |
|  12/31/21 | 11.10 | 0.22 | (0.33) | (0.11) | (0.25) | (0.18) | (0.43) | 10.56 |
|  12/31/20 | 10.59 | 0.27 | 0.56 | 0.83 | (0.32) |  | (0.32) | 11.10 |
|  Core Equity |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | 22.41 | 0.07 | 0.51 | 0.58 |  |  |  | 22.99 |
|  12/31/24 | 18.12 | 0.19 | 5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | (0.18) | (0.73) | (0.91) | 22.41 |
|  12/31/23 | 17.53 | 0.19 | 5.08 | 5.27 | (0.23) | (4.45) | (4.68) | 18.12 |
|  12/31/22 | 26.06 | 0.23 | (6.11) | (5.88) | (0.17) | (2.48) | (2.65) | 17.53 |
|  12/31/21 | 21.40 | 0.15 | 5.19 | 5.34 | (0.19) | (0.49) | (0.68) | 26.06 |
|  12/31/20 | 18.82 | 0.18 | 3.49 | 3.67 | (0.25) | (0.84) | (1.09) | 21.40 |
|  Growth Equity |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(e)</sup> | 22.89 | 0.01 | 1.21 | 1.22 |  |  |  | 24.11 |
|  12/31/24 | 17.89 | 0.01 | 5.04 | 5.05 | (0.05) |  | (0.05) | 22.89 |
|  12/31/23 | 12.25 | 0.05 | 5.63 | 5.68 | (0.04) |  | (0.04) | 17.89 |
|  12/31/22 | 20.88 | 0.04 | (6.92) | (6.88) |  | (1.75) | (1.75) | 12.25 |
|  12/31/21 | 21.88 | (0.02) | 3.55 | 3.53 | (0.06) | (4.47) | (4.53) | 20.88 |
|  12/31/20 | 16.38 | 0.04 | 6.92 | 6.96 | (0.06) | (1.40) | (1.46) | 21.88 |

---

(a) Based on average shares outstanding.

(b) Total returns are not annualized.

(c) The Fund's ratios do not include the expenses or income of the Underlying Funds related to the Balanced Fund.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

(e) Unaudited

(f) Annualized.

---

| | |
|:---|:---|
| †† | Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Funds would have been lower.  |

---

106 See *Notes to Financial Statements*

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | | |
| Total<br>Return<sup>††,(b)</sup> | Net Assets,<br>End of<br>Period (000) | Gross<br> Expenses<sup>(c)</sup> | Net<br>Expenses<sup>(c)</sup> | Net<br> Investment<br>Income (Loss)<sup>(c),(d)</sup> | Portfolio<br>Turnover Rate | Portfolio<br>Turnover<br>Rate Excluding<br>Mortgage<br>Dollar Rolls |
| 5.59% | $67091 | 0.26 %<sup>(f)</sup> | 0.10 % <sup>(f)</sup> | (0.10)% <sup>(f)</sup> | 6% | 6% |
| 10.38 | 64351 | 0.22 | 0.10 | 2.46 | 12 | 12 |
| 15.77 | 67881 | 0.21 | 0.10 | 2.13 | 15 | 15 |
| (16.59) | 62013 | 0.21 | 0.10 | 1.63 | 18 | 18 |
| 9.78 | 81075 | 0.18 | 0.10 | 1.52 | 16 | 16 |
| 14.16 | 74157 | 0.18 | 0.10 | 2.06 | 28 | 28 |
| 3.76 | 204303 | 0.42 <sup>(f)</sup> | 0.35 <sup>(f)</sup> | 4.49 <sup>(f)</sup> | 42 | 41 |
| 2.71 | 201245 | 0.42 | 0.35 | 4.39 | 79 | 71 |
| 6.27 | 200894 | 0.42 | 0.35 | 4.13 | 75 | 72 |
| (13.21) | 191255 | 0.42 | 0.35 | 2.90 | 181 | 104 |
| (0.99) | 230014 | 0.42 | 0.35 | 2.03 | 258 | 89 |
| 7.86 | 217823 | 0.37 | 0.35 | 2.52 | 154 | 91 |
| 2.59 | 212015 | 0.52 <sup>(f)</sup> | 0.52 <sup>(f)</sup> | 0.69 <sup>(f)</sup> | 62 | 62 |
| 28.83 | 216630 | 0.51 | 0.51 | 0.87 | 43 | 43 |
| 32.93 | 183718 | 0.53 | 0.51 | 1.02 | 46 | 46 |
| (22.24) | 147881 | 0.54 | 0.52 | 1.07 | 123 | 123 |
| 25.17 | 210649 | 0.52 | 0.52 | 0.63 | 63 | 63 |
| 20.44 | 177154 | 0.54 | 0.52 | 0.95 | 64 | 64 |
| 5.33 | 191886 | 0.53 <sup>(f)</sup> | 0.52 <sup>(f)</sup> | 0.13 <sup>(f)</sup> | 22 | 22 |
| 28.26 | 188329 | 0.52 | 0.52 | 0.07 | 33 | 33 |
| 46.42 | 157469 | 0.53 | 0.52 | 0.32 | 46 | 46 |
| (32.92) | 114369 | 0.56 | 0.52 | 0.27 | 52 | 52 |
| 16.16 | 177066 | 0.52 | 0.52 | (0.09) | 56 | 56 |
| 43.97 | 166435 | 0.54 | 0.52 | 0.22 | 120 | 120 |

---

*See Notes to Financial Statements* 107

------

## Financial Highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br>Gain (Loss) | Total | From Net<br>Investment<br>Income | From Net<br>Realized<br>Gains | Total |<br>Net Asset<br>Value,<br>End of<br>Period |
|  International Equity |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | $9.37 | $0.15 | $1.49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | $— | $— | $— | $11.01 |
|  12/31/24 | 9.24 | 0.20 | 0.15 | 0.35 | (0.22) |  | (0.22) | 9.37 |
|  12/31/23 | 8.11 | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | 1.32 | (0.19) |  | (0.19) | 9.24 |
|  12/31/22 | 10.11 | 0.21 | (1.94) | (1.73) | (0.27) |  | (0.27) | 8.11 |
|  12/31/21 | 9.22 | 0.27 | 0.73 | 1.00 | (0.11) |  | (0.11) | 10.11 |
|  12/31/20 | 8.12 | 0.12 | 1.11 | 1.23 | (0.13) |  | (0.13) | 9.22 |
|  Large Cap Responsible Equity |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | 20.73 | 0.12 | 1.69 | 1.81 |  |  |  | 22.54 |
|  12/31/24 | 18.72 | 0.23 | 3.14 | 3.37 | (0.31) | (1.05) | (1.36) | 20.73 |
|  12/31/23 | 15.98 | 0.29 | 3.20 | 3.49 | (0.25) | (0.50) | (0.75) | 18.72 |
|  12/31/22 | 22.74 | 0.26 | (4.50) | (4.24) | (0.24) | (2.28) | (2.52) | 15.98 |
|  12/31/21 | 18.67 | 0.23 | 4.64 | 4.87 | (0.23) | (0.57) | (0.80) | 22.74 |
|  12/31/20 | 16.75 | 0.23 | 3.00 | 3.23 | (0.27) | (1.04) | (1.31) | 18.67 |
|  Large Cap Value |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | 19.46 | 0.15 | 1.26 | 1.41 |  |  |  | 20.87 |
|  12/31/24 | 18.38 | 0.29 | 2.44 | 2.73 | (0.32) | (1.33) | (1.65) | 19.46 |
|  12/31/23 | 16.60 | 0.29 | 2.04 | 2.33 | (0.29) | (0.26) | (0.55) | 18.38 |
|  12/31/22 | 19.02 | 0.27 | (1.73) | (1.46) | (0.23) | (0.73) | (0.96) | 16.60 |
|  12/31/21 | 15.20 | 0.21 | 3.85 | 4.06 | (0.24) |  | (0.24) | 19.02 |
|  12/31/20 | 14.92 | 0.25 | 0.30 | 0.55 | (0.27) |  | (0.27) | 15.20 |
|  Money Market |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | 1.00 | 0.02 |  | 0.02 | (0.02) |  | (0.02) | 1.00 |
|  12/31/24 | 1.00 | 0.05 |  | 0.05 | (0.05) | (0.00)<sup>(f)</sup> | (0.05) | 1.00 |
|  12/31/23 | 1.00 | 0.05 | 0.00 <sup>(f)</sup> | 0.05 | (0.05) |  | (0.05) | 1.00 |
|  12/31/22 | 1.00 | 0.02 | (0.01) | 0.01 | (0.01) |  | (0.01) | 1.00 |
|  12/31/21 | 1.00 |  |  |  |  |  |  | 1.00 |
|  12/31/20 | 1.00 | 0.00 <sup>(f)</sup> |  | 0.00 <sup>(f)</sup> | 0.00 <sup>(f)</sup> |  | 0.00 <sup>(f)</sup> | 1.00 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are not annualized. 

<sup>(c)</sup> Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

<sup>(d)</sup> Unaudited

<sup>(e)</sup> Annualized.

<sup>(f)</sup> Value rounded to zero.

---

| | |
|:---|:---|
| <sup>††</sup> | Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Funds would have been lower.  |

---

108 See *Notes to Financial Statements*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br>Return<sup>††,(b)</sup> | Net Assets,<br>End of<br>Period (000) | Gross<br>Expenses | Net<br>Expenses | Net Investment<br>Income (Loss)<sup>(c)</sup> | Portfolio<br>Turnover<br>Rate |
| 17.50% | $167410 | 0.62 % <sup>(e)</sup> | 0.60 % <sup>(e)</sup> | 3.06 % <sup>(e)</sup> | 17% |
| 3.64 | 145322 | 0.61 | 0.60 | 2.00 | 9 |
| 16.41 | 139663 | 0.61 | 0.60 | 2.41 | 21 |
| (16.70) | 121540 | 0.63 | 0.60 | 2.50 | 23 |
| 10.84 | 143490 | 0.61 | 0.60 | 2.71 | 22 |
| 15.34 | 122446 | 0.64 | 0.60 | 1.52 | 88 |
| 8.73 | 100686 | 0.32 <sup>(e)</sup> | 0.22 <sup>(e)</sup> | 1.14 <sup>(e)</sup> | 20 |
| 18.02 | 97147 | 0.26 | 0.22 | 1.14 | 53 |
| 22.41 | 88968 | 0.29 | 0.22 | 1.69 | 27 |
| (17.83) | 77038 | 0.29 | 0.22 | 1.37 | 20 |
| 26.35 | 102130 | 0.26 | 0.22 | 1.09 | 31 |
| 20.47 | 81812 | 0.30 | 0.22 | 1.38 | 29 |
| 7.25 | 85261 | 0.61 <sup>(e)</sup> | 0.52 <sup>(e)</sup> | 1.47 <sup>(e)</sup> | 14 |
| 14.78 | 81308 | 0.60 | 0.52 | 1.45 | 17 |
| 14.30 | 80405 | 0.60 | 0.52 | 1.70 | 25 |
| (7.10) | 77516 | 0.60 | 0.52 | 1.55 | 23 |
| 26.85 | 91789 | 0.58 | 0.52 | 1.19 | 27 |
| 4.01 | 73829 | 0.61 | 0.52 | 1.85 | 30 |
| 2.12 | 145028 | 0.20 <sup>(e)</sup> | 0.15 <sup>(e)</sup> | 4.24 <sup>(e)</sup> |  |
| 5.17 | 132601 | 0.21 | 0.15 | 5.05 |  |
| 5.02 | 131909 | 0.20 | 0.15 | 4.91 |  |
| 1.46 | 133926 | 0.21 | 0.15 | 1.55 |  |
| 0.00 | 96930 | 0.22 | 0.06 | 0.00 |  |
| 0.41 | 115039 | 0.20 | 0.14 | 0.37 |  |

---

*See Notes to Financial Statements* 109

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions | Less Distributions | Less Distributions | |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net Realized/<br>Unrealized<br>Gain (Loss) | Total | From Net<br>Investment<br>Income | From Net<br>Realized<br>Gains | Total |<br>Net Asset<br>Value,<br>End of<br>Period |
|  Real Estate Securities Select |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | $13.93 | $0.18 | $(0.12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $13.99 |
|  12/31/24 | 13.65 | 0.35 | 0.33 | 0.68 | (0.40) |  | (0.40) | 13.93 |
|  12/31/23 | 12.54 | 0.35 | 1.10 | 1.45 | (0.34) |  | (0.34) | 13.65 |
|  12/31/22 | 19.94 | 0.33 | (6.04) | (5.71) | (0.25) | (1.44) | (1.69) | 12.54 |
|  12/31/21 | 14.53 | 0.23 | 5.48 | 5.71 | (0.26) | (0.04) | (0.30) | 19.94 |
|  12/31/20 | 15.60 | 0.27 | (0.17) | 0.10 | (0.34) | (0.83) | (1.17) | 14.53 |
|  Small Cap Equity |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | 15.51 | 0.06 | (0.10) | (0.04) |  |  |  | 15.47 |
|  12/31/24 | 13.63 | 0.11 | 2.07 | 2.18 | (0.14) | (0.16) | (0.30) | 15.51 |
|  12/31/23 | 11.89 | 0.11 | 2.05 | 2.16 | (0.11) | (0.31) | (0.42) | 13.63 |
|  12/31/22 | 17.52 | 0.11 | (3.05) | (2.94) | (0.08) | (2.61) | (2.69) | 11.89 |
|  12/31/21 | 14.11 | 0.07 | 3.42 | 3.49 | (0.08) |  | (0.08) | 17.52 |
|  12/31/20 | 13.13 | 0.06 | 1.46 | 1.52 | (0.10) | (0.44) | (0.54) | 14.11 |
|  Stock Index |  |  |  |  |  |  |  |  |
|  6/30/25<sup>(d)</sup> | 47.11 | 0.28 | 2.40 | 2.68 |  |  |  | 49.79 |
|  12/31/24 | 39.17 | 0.56 | 8.67 | 9.23 | (0.62) | (0.67) | (1.29) | 47.11 |
|  12/31/23 | 31.88 | 0.57 | 7.58 | 8.15 | (0.53) | (0.33) | (0.86) | 39.17 |
|  12/31/22 | 41.02 | 0.52 | (8.44) | (7.92) | (0.47) | (0.75) | (1.22) | 31.88 |
|  12/31/21 | 33.13 | 0.46 | 8.00 | 8.46 | (0.47) | (0.10) | (0.57) | 41.02 |
|  12/31/20 | 28.02 | 0.44 | 5.28 | 5.72 | (0.48) | (0.13) | (0.61) | 33.13 |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Total returns are not annualized. 

<sup>(c)</sup> Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements, when applicable.

<sup>(d)</sup> Unaudited

<sup>(e)</sup> Annualized.

---

| | |
|:---|:---|
| <sup>††</sup> | Total returns for the shares of the Funds do not include the effect of expenses attributable to the variable annuity or variable life insurance product; if they did, returns for the shares of the Funds would have been lower.  |

---

110 See *Notes to Financial Statements*

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data | Ratios and Supplemental Data |
| | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | |
| Total<br>Return<sup>††,(b)</sup> | Net Assets,<br>End of<br>Period (000) | Gross<br>Expenses | Net<br>Expenses | Net<br> Investment<br>Income (Loss)<sup>(c)</sup> | Portfolio<br>Turnover<br>Rate |
| 0.43% | $62828 | 0.70 % <sup>(e)</sup> | 0.57 % <sup>(e)</sup> | 2.60 % <sup>(e)</sup> | 19% |
| 4.78 | 64711 | 0.66 | 0.57 | 2.55 | 30 |
| 12.01 | 70453 | 0.65 | 0.57 | 2.76 | 9 |
| (28.62) | 71123 | 0.63 | 0.57 | 2.09 | 33 |
| 39.53 | 108168 | 0.61 | 0.57 | 1.37 | 38 |
| 1.27 | 80816 | 0.62 | 0.57 | 1.86 | 44 |
| (0.26) | 65297 | 0.70 <sup>(e)</sup> | 0.53 <sup>(e)</sup> | 0.76 <sup>(e)</sup> | 37 |
| 16.01 | 70147 | 0.63 | 0.53 | 0.71 | 83 |
| 18.65 | 65575 | 0.64 | 0.53 | 0.86 | 80 |
| (15.63) | 57667 | 0.66 | 0.53 | 0.78 | 73 |
| 24.76 | 74964 | 0.62 | 0.53 | 0.44 | 78 |
| 12.80 | 60254 | 0.69 | 0.53 | 0.55 | 97 |
| 5.69 | 879721 | 0.08 <sup>(e)</sup> | 0.08 <sup>(e)</sup> | 1.22 <sup>(e)</sup> | 1 |
| 23.67 | 874294 | 0.10 | 0.09 | 1.27 | 1 |
| 25.91 | 775547 | 0.08 | 0.08 | 1.60 | 1 |
| (19.18) | 653220 | 0.09 | 0.09 | 1.48 | 2 |
| 25.63 | 833428 | 0.08 | 0.08 | 1.22 | 3 |
| 20.76 | 678732 | 0.09 | 0.09 | 1.58 | 3 |

---

*See Notes to Financial Statements* 111

------

## Notes to Financial Statements
(Unaudited)

1. General Information

Trust and Fund Information: TIAA-CREF Life Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, ("1940 Act"), as amended. The Trust is comprised of the following (collectively the "Funds" or individually, the "Fund"), among others:

---

| | |
|:---|:---|
| Fund Name | Short Name |
|  Nuveen Life Balanced Fund | Balanced |
|  Nuveen Life Core Bond Fund | Core Bond |
|  Nuveen Life Core Equity Fund | Core Equity |
|  Nuveen Life Growth Equity Fund | Growth Equity |
|  Nuveen Life International Equity Fund | International Equity |
|  Nuveen Life Large Cap Responsible Equity Fund | Large Cap Responsible Equity |
|  Nuveen Life Large Cap Value Fund | Large Cap Value |
|  Nuveen Life Money Market Fund | Money Market |
|  Nuveen Life Real Estate Securities Select Fund | Real Estate Securities Select |
|  Nuveen Life Small Cap Equity Fund | Small Cap Equity |
|  Nuveen Life Stock Index Fund | Stock Index |

---

Current Fiscal Period: The end of the reporting period for the Funds is June 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2025 (the "current fiscal period").

Investment Adviser: Teachers Advisors, LLC (the "Adviser"), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), is registered with the Securities and Exchange Commission ("SEC") as an investment adviser and provides investment management services for the Funds.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 946, *Financial Services–Investment Companies*. The net asset value ("NAV") for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: The Funds pay the members of the Board of Trustees ("Board") all of whom are independent, certain remuneration for their services, plus travel and other expenses. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of Assets and Liabilities. Trustees' fees, including any deferred compensation incurred, are reflected in the Statement of Operations.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities held in the Funds' portfolios. Distributions received from certain securities in which the Real Estate Securities Select invest, most notably real estate investment trust ("REIT") securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security reports the tax character of its distributions only once per year, generally during the first two months of the calendar year for the previous year. The distribution is included in the Fund's ordinary income until such time the Fund is notified by the issuer of the actual tax character. For the current fiscal period, dividend income, net realized gain (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of ordinary income, capital gain, and/or return of capital as reported by the issuers of such securities as of the prior calendar year end.

Foreign Currency Transactions and Translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

------

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received and are recognized as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) of foreign currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized appreciation (depreciation)" on the Statement of Operations, when applicable.

Foreign Taxes: The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Indemnification: Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Investments and Investment Income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income also reflects payment-in kind ("PIK") interest, paydown gains and losses and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash.

Netting Agreements: In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker ("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

------

## Notes to Financial Statements (continued)
3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to the oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

• Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Prices of fixed-income securities are provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

The Money Market Fund's portfolio securities are valued on an amortized cost basis. Money Market investments are generally classified as Level 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing service using the procedures approved by the Adviser, subject to the oversight of the Board, and are classified as Level 2.

Swap contracts are marked-to-market daily based upon a price supplied by pricing services. Swaps are generally classified as Level 2.

------

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to value them:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Level 1 | Level 2 | Level 3 | Total |
|  Balanced |  |  |  |  |
|  Affiliated investment companies | $67043502 | $– | $– | $67043502 |
|  Total | $67043502 | $– | $– | $67043502 |
|  Core Bond |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank loan obligations | $– | $3450312 | $– | $3450312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  | 65339628 |  | 65339628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government bonds |  | 100994458 |  | 100994458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks | 66898 |  |  | 66898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Structured assets |  | 29583799 |  | 29583799 |
|  Investments purchased with collateral from securities lending | 1467088 |  |  | 1467088 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 1542000 |  | 1542000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit default swap contracts\* |  | (141325) |  | (141325) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts\* |  | (5885) |  | (5885) |
|  Total | $1533986 | $200762987 | $– | $202296973 |
|  Core Equity |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $211461123 | $– | $– | $211461123 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 1069000 |  | 1069000 |
|  Total | $211461123 | $1069000 | $– | $212530123 |
|  Growth Equity |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $183853694 | $6871657 | $– | $190725351 |
|  Investments purchased with collateral from securities lending | 1023829 |  |  | 1023829 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 341000 |  | 341000 |
|  Total | $184877523 | $7212657 | $– | $192090180 |
|  International Equity |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $13294211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$149587360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$162881571 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Government agency debt |  | 998958 |  | 998958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 4372000 |  | 4372000 |
|  Total | $13294211 | $154958318 | $– | $168252529 |
|  Large Cap Responsible Equity |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $99273536 | $– | $– | $99273536 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 1579000 |  | 1579000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 42395 |  |  | 42395 |
|  Total | $99315931 | $1579000 | $– | $100894931 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Level 1 | Level 2 | Level 3 | Total |
|  Large Cap Value |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $84924597 | $– | $– | $84924597 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 370000 |  | 370000 |
|  Total | $84924597 | $370000 | $– | $85294597 |
|  Money Market |  |  |  |  |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Government agency debt | $– | $28809078 | $– | $28809078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 67753000 |  | 67753000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury debt |  | 16844010 |  | 16844010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variable rate securities |  | 40130061 |  | 40130061 |
|  Total | $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153536149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153536149 |
|  Real Estate Securities Select |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $62068913 | $– | $– | $62068913 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 677000 |  | 677000 |
|  Total | $62068913 | $677000 | $– | $62745913 |
|  Small Cap Equity |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $64048894 | $– | $– | $64048894 |
|  Investments purchased with collateral from securities lending | 312230 |  |  | 312230 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 1386000 |  | 1386000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 36508 |  |  | 36508 |
|  Total | $64397632 | $1386000 | $– | $65783632 |
|  Stock Index |  |  |  |  |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks | $871964460 | $80348 | $341 | $872045149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rights/Warrants |  |  | 245 | 245 |
|  Investments purchased with collateral from securities lending | 1753681 |  |  | 1753681 |
|  Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Government agency debt |  | 998958 |  | 998958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase agreement |  | 7173000 |  | 7173000 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\* | 213518 |  |  | 213518 |
|  Total | $873931659 | $8252306 | $586 | $882184551 |

---

\* Represents net unrealized appreciation (depreciation).

4. Portfolio Securities

Mortgage Dollar Roll Transactions: Some of the Funds may enter into mortgage dollar rolls in which a Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, a Fund forgoes principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the repurchase price is recorded as a realized gain or loss.

Repurchase Agreements: In connection with transactions in repurchase agreements, it is the Fund's policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements:

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Short-term Investments, | Collateral Pledged |
| Fund | Counterparty | at Value | (From) Counterparty |
| Core Bond | Fixed Income Clearing Corporation | $1542000 | $(1572879) |
| Core Equity | Fixed Income Clearing Corporation | 1069000 | (1090426) |
| Growth Equity | Fixed Income Clearing Corporation | 341000 | (347879) |
| International Equity | Fixed Income Clearing Corporation | 4372000 | (4459457) |
| Large Cap Responsible Equity | Fixed Income Clearing Corporation | 1579000 | (1610617) |
| Large Cap Value | Fixed Income Clearing Corporation | 370000 | (377479) |
| Money Market | Fixed Income Clearing Corporation | 67753000 | (69108230) |
| Real Estate Securities Select | Fixed Income Clearing Corporation | 677000 | (690544) |
| Small Cap Equity | Fixed Income Clearing Corporation | 1386000 | (1413791) |
| Stock Index | Fixed Income Clearing Corporation | 7173000 | (7316537) |

---

Securities Lending: Certain Funds may lend their securities to qualified institutional borrowers to earn additional income. A Fund receives cash collateral and non-cash collateral (in the form of Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. Cash collateral received by the Fund will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent ("Agent") for the purpose of investing cash collateral.

The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statement of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statement of Assets and Liabilities as it is held by the Agent or by a third-party bank engaged by the Agent as a special "tri-party" custodian on behalf of the Funds, and the Funds do not have the ability to sell or re-hypothecate those securities.

As of the end of the current fiscal period, securities lending transactions are for equity and fixed income securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. Securities lending income recognized by the Funds consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statement of Operations. In lending its securities, a Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

As of the end of the current fiscal period, the total value of securities on loan and the total value of collateral received were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Aggregate Value of Securities on Loan | Aggregate Value of Securities on Loan | Aggregate Value of Securities on Loan | |  | |
|  Fund | Equity<br> Securities | Fixed Income<br>Securities | Cash Collateral<br>Received <br>\* | Non-Cash Collateral<br>Received | <br>\*\* | Total Collateral<br>Received |
|  Core Bond | $– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1417315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1467088 | $– |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1467088 |
|  Growth Equity | 978860 |  | 1023829 |  |  | 1023829 |
|  Small Cap Equity | 377909 |  | 312230 | 148566 |  | 460796 |
|  Stock Index | 4536690 |  | 1753681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969545 |  | 4723226 |

---

\* May include cash and investment of cash collateral.

\*\* As of the end of the current fiscal period, the non-cash collateral received by the Funds was comprised of U.S. Treasury securities.

Zero Coupon Securities: A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Purchases and Sales: Long-term purchases and sales during the current fiscal period were as follows:

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund  | Non-U.S. Government<br>Purchases | U.S. Government<br>Purchases | Non-U.S. Government<br>Sales | U.S. Government<br>Sales |
|  Balanced | $3614968 | $– | $4427591 | $– |
|  Core Bond | 26398553 | 61270814 | 24944742 | 58105435 |
|  Core Equity | 127944242 |  | 136607100 |  |
|  Growth Equity | 39331263 |  | 45227639 |  |
|  International Equity | 26576877 |  | 29533147 |  |
|  Large Cap Responsible Equity | 18564771 |  | 23574513 |  |
|  Large Cap Value | 11388707 |  | 12811643 |  |
|  Real Estate Securities Select | 11968368 |  | 12452863 |  |
|  Small Cap Equity | 23897367 |  | 29228152 |  |
|  Stock Index<br>| 10188268  | –  | 52101623  | –  |

---

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed- delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If the Funds have outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund (other than Money Market) is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Futures Contracts: Certain Funds are subject to equity price and interest rate risk in the normal course of pursuing their investment objectives. The Funds use futures contracts to manage exposure to the equity and bond markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking-to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as "variation margin" which are recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

The average notional amount of futures contracts outstanding during the current fiscal period was as follows:

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| | |
|:---|:---|
| Fund<br>| Average Notional Amount of Futures Contracts Outstanding\*<br>|
|  Large Cap Responsible Equity | $984893 |
|  Small Cap Equity | 643745 |
|  Stock Index | 5902484 |

---

\* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. 

Forward Foreign Currency Contracts: Certain Funds may use forward foreign currency contracts ("forward contracts") to hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies in the normal course of pursuing their investment objectives.

------

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all details of the contract are negotiated between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are reflected as appreciation or depreciation on the Statement of Assets and Liabilities. The Funds realize gains and losses at the time the forward contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets and Liabilities.

The average notional amount of forward contracts outstanding during the current fiscal period was as follows:

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| | |
|:---|:---|
| Fund<br>| Average Notional Amount of Forward Contracts Outstanding\*<br>|
|  Core Bond | $131057 |

---

\* The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. 

The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those forward foreign currency contracts as of the end of the reporting period.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund | Counterparty | Gross<br>Unrealized<br>Appreciation on<br>Forward Foreign<br>Currency<br>Contracts\* | Gross<br>Unrealized<br>Depreciation on<br>Forward Foreign<br>Currency<br>Contracts\* | Net Unrealized<br>Appreciation<br>(Depreciation)<br>on Forward<br>Foreign Currency<br>Contracts | Collateral<br>Pledged<br> to (from)<br>Counterparty | Net<br>Exposure |
|  Core Bond | Bank of America, N.A. | $– | $(5889) | $(5889) | $– | $(5889) |
|  | Morgan Stanley Capital Services | 142 | (138) | 4 |  | 4 |
|  | Total | $142 | $(6027) | $(5885) | $– | $(5885) |

---

\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund's Portfolio of Investments.

Credit Default Swap Contracts: Certain Funds are subject to credit risk in the normal course of pursuing their investment objectives. The Funds (other than Money Market) invest in credit default swaps to hedge or manage the risks associated with assets held in the Funds and/or to facilitate the implementation of portfolio strategies to seek to increase the total return.

Credit default swap contracts involve one party making a stream of payments (buyer of protection) to another party (seller of protection) in exchange for the right to receive a specified return if/when there is a credit event by a third party. Credit events are agreement specific but may include bankruptcy, failure to pay, or restructuring. When a Fund has bought (sold) protection in a credit default swap upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either (i) receive (deliver) that security, or an equivalent amount of cash, from the counterparty in exchange for receipt (payment) of the notional amount to the counterparty, or (ii) receive (pay) a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Payments paid (received) at the beginning of the measurement period are reflected as swap premiums paid (received) on the Statement of Assets and Liabilities, when applicable. Credit default swaps are "marked-to-market" on a daily basis to reflect the value of the swap agreement at the end of each trading day and are recognized as unrealized appreciation (depreciation) on the Statement of Operations.

Credit default swaps can be settled either directly with the counterparty ("OTC") or through a central clearinghouse ("centrally cleared"). For OTC swaps, the daily change in the market value of the swap contract, along with any daily interest fees accrued, are recognized as unrealized appreciation (depreciation) on credit default swaps on the Statement of Assets and Liabilities.

Upon the execution of a centrally cleared swap, a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the swap contracts. These daily cash settlements are known as "variation margin" and are recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on credit default swaps.

The difference between the value of the security received (delivered) and the notional amount delivered (received) as well as payments received or made as a result of a credit event or termination of a contract are recognized as realized gains or losses on the Statement of Operations.

The maximum potential amount of future payments the Fund could incur as a buyer or seller of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

------

The average notional amount of credit default swap contracts outstanding during the current fiscal period was as follows:

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| | |
|:---|:---|
| Fund<br>| Average Notional Amount of Swap Contracts Outstanding\*<br>|
|  Core Bond | $7166667 |

---

\* The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. 

As of the end of the reporting period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
|  Derivative Instrument | Risk Exposure | Location | Value | Location | Value |
|  Core Bond |  |  |  |  |  |
|  Forward foreign currency contracts | Foreign currency<br>exchange rate | Unrealized appreciation<br>on forward contracts | $142 | Unrealized depreciation<br>on forward contracts | $(6027) |
|  Credit default swap contracts | Credit | Unrealized appreciation<br>on swap contracts<sup>\*</sup> | 16929 | Unrealized depreciation<br>on swap contracts<sup>\*</sup> | (158254) |
|  Large Cap Responsible Equity<br> Futures contracts<br>| <br> Equity | <br> Unrealized appreciation<br> on futures contracts<sup>\*</sup> | <br> 42395 | <br> -  | <br> – |
|  Small Cap Equity<br> Futures contracts<br>| <br> Equity | <br> Unrealized appreciation<br>on futures contracts<sup>\*</sup> | <br> 36508 | <br> -  | <br> – |
|  Stock Index<br> Futures contracts<br>| <br> Equity | <br> Unrealized appreciation<br> on futures contracts<sup>\*</sup> | <br> 213518 | <br> -  | <br> – |

---

\* Value represents the cumulative unrealized appreciation (depreciation) of cleared derivative contracts as reported in the Fund's Portfolio of investments. The Statements of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers on open cleared derivative contracts.

During the current fiscal period, the effect of derivative contracts on the Funds' Statement of Operations was as follows:

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| | | | |
|:---|:---|:---|:---|
| Derivative Instrument<br>| Risk Exposure<br>| Net Realized Gain<br>(Loss) | Change in Unrealized<br>Appreciation<br>(Depreciation) |
|  Core Bond |  |  |  |
|  Forward foreign currency contracts | Foreign currency exchange rate | $– | $(11081) |
|  Swap contracts | Credit | (140818) | (100155) |
|  Large Cap Responsible Equity |  |  |  |
|  Futures contracts | Equity | (81054) | 44930 |
|  Small Cap Equity |  |  |  |
|  Futures contracts | Equity | (97911) | 55661 |
|  Stock Index |  |  |  |
|  Futures contracts | Equity | (205757) | 289428 |

---

Market and Counterparty Credit Risk: In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

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6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Balanced | Shares | Value | Shares | Value |
|  Subscriptions | 44156 | $569802 | 138683 | $1744222 |
|  Reinvestments of distributions |  |  | 245119 | 3149775 |
|  Redemptions | (105064) | (1363058) | (948463) | (12017358) |
|  Net increase (decrease) from shareholder transactions | (60908) | $(793256) | (564661) | $(7123361) |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Core Bond | Shares | Value | Shares | Value |
|  Subscriptions | 876466 | $8038470 | 1876370 | $17182088 |
|  Reinvestments of distributions |  |  | 826871 | 7706438 |
|  Redemptions | (1361927) | (12585819) | (2407198) | (22081178) |
|  Net increase (decrease) from shareholder transactions | (485461) | $(4547349) | 296043 | $2807348 |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Core Equity | Shares | Value | Shares | Value |
|  Subscriptions | 215275 | $4716182 | 705757 | $14935449 |
|  Reinvestments of distributions |  |  | 397905 | 8702193 |
|  Redemptions | (658572) | (14289698) | (1575751) | (33328383) |
|  Net increase (decrease) from shareholder transactions | (443297) | $(9573516) | (472089) | $(9690741) |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Growth Equity | Shares | Value | Shares | Value |
|  Subscriptions | 411446 | $9164459 | 956403 | $19308576 |
|  Reinvestments of distributions |  |  | 20675 | 440583 |
|  Redemptions | (678708) | (15060976) | (1552858) | (31871078) |
|  Net increase (decrease) from shareholder transactions | (267262) | $(5896517) | (575780) | $(12121919) |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  International Equity | Shares | Value | Shares | Value |
|  Subscriptions | 805600 | $8183941 | 1574300 | $15446204 |
|  Reinvestments of distributions |  |  | 329277 | 3279596 |
|  Redemptions | (1111965) | (11531716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1504680) | (14671914) |
|  Net increase (decrease) from shareholder transactions | (306365) | $(3347775) | 398897 | $4053886 |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Large Cap Responsible Equity | Shares | Value | Shares | Value |
|  Subscriptions | 54103 | $1121850 | 385114 | $8110708 |
|  Reinvestments of distributions |  |  | 296303 | 6106805 |
|  Redemptions | (272563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5684766) | (748614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15403343) |
|  Net increase (decrease) from shareholder transactions | (218460) | $(4562916) | (67197) | $(1185830) |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Large Cap Value | Shares | Value | Shares | Value |
|  Subscriptions | 193338 | $3895108 | 372234 | $7352430 |
|  Reinvestments of distributions |  |  | 339844 | 6684727 |
|  Redemptions | (287791) | (5734683) | (906754) | (18029490) |
|  Net increase (decrease) from shareholder transactions | (94453) | $(1839575) | (194676) | $(3992333) |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Money Market | Shares | Value | Shares | Value |
|  Subscriptions | 65955961 | $65955961 | 106680927 | $106680927 |
|  Reinvestments of distributions | 3005848 | 3005848 | 6736745 | 6736745 |
|  Redemptions | (56534642) | (56534642) | (112732239) | (112732239) |
|  Net increase (decrease) from shareholder transactions | 12427167 | $12427167 | 685433 | $685433 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Real Estate Securities Select | Shares | Value | Shares | Value |
|  Subscriptions | 159134 | $2227460 | 473945 | $6679014 |
|  Reinvestments of distributions |  |  | 125805 | 1870722 |
|  Redemptions | (313482) | (4393012) | (1116360) | (15499743) |
|  Net increase (decrease) from shareholder transactions | (154348) | $(2165552) | (516610) | $(6950007) |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Small Cap Equity | Shares | Value | Shares | Value |
|  Subscriptions | 142394 | $2097531 | 931594 | $13932319 |
|  Reinvestments of distributions |  |  | 87292 | 1345173 |
|  Redemptions | (445192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6703240) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1305768) | (19154324) |
|  Net increase (decrease) from shareholder transactions | (302798) | $(4605709) | (286882) | $(3876832) |
|  | Six Months Ended<br>6/30/25 | Six Months Ended<br>6/30/25 | Year Ended<br>12/31/24 | Year Ended<br>12/31/24 |
|  Stock Index | Shares | Value | Shares | Value |
|  Subscriptions | 289585 | $13302121 | 669384 | $29321180 |
|  Reinvestments of distributions |  |  | 523053 | 23783232 |
|  Redemptions | (1181361) | (55187178) | (2432705) | (106939594) |
|  Net increase (decrease) from shareholder transactions | (891776) | $(41885057) | (1240268) | $(53835182) |

---

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund<br>| Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  Balanced | $55798562 | $14969809 | $(3724869) | $11244940 |
|  Core Bond | 210147658 | 2082393 | (9927193) | (7844800) |
|  Core Equity | 131788909 | 81923173 | (1181959) | 80741214 |
|  Growth Equity | 84804367 | 109622437 | (2336624) | 107285813 |
|  International Equity | 117257290 | 57118866 | (6123627) | 50995239 |
|  Large Cap Responsible Equity | 56424727 | 47141764 | (2671560) | 44470204 |
|  Large Cap Value | 51425160 | 35625116 | (1755679) | 33869437 |
|  Money Market | 153536149 |  |  |  |
|  Real Estate Securities Select | 40860612 | 22560398 | (675097) | 21885301 |
|  Small Cap Equity | 54861270 | 15123869 | (4201507) | 10922362 |
|  Stock Index<br>| 218598414  | 688366563  | (24780426 ) | 663586137  |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

------

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Unrealized<br>Appreciation<br>(Depreciation) | Capital Loss<br>Carryforwards | Late-Year<br>Loss Deferrals | Other<br>Book-to-Tax<br>Differences | Total |
| &nbsp;&nbsp; Balanced | $2225066 | $2230285 | $7879720 | $– | $– | $(4907) | $12330164 |
| &nbsp;&nbsp; Core Bond | 8718358 |  | (12899506) | (18641056) |  | (67579) | (22889783) |
| &nbsp;&nbsp; Core Equity | 2945982 | 25488792 | 84022999 |  |  | (43545) | 112414228 |
| &nbsp;&nbsp; Growth Equity | 148930 | 4675095 | 106345926 |  |  | (29180) | 111140771 |
| &nbsp;&nbsp; International Equity | 3127002 |  | 30312260 | (13001150) |  | (60045) | 20378067 |
| &nbsp;&nbsp; Large Cap Responsible Equity | 3214332 | 9304893 | 38126623 |  |  | (26993) | 50618855 |
| &nbsp;&nbsp; Large Cap Value | 1317013 | 5888715 | 31423833 |  |  | (41105) | 38588456 |
| &nbsp;&nbsp; Money Market | 9853 |  |  |  |  |  | 9853 |
| &nbsp;&nbsp; Real Estate Securities Select | 1839800 | 1504845 | 23340701 |  |  | (53438) | 26631908 |
| &nbsp;&nbsp; Small Cap Equity | 1151702 | 7841887 | 13316003 |  |  | (34370) | 22275222 |
| &nbsp;&nbsp; Stock Index | 12779003 | 36831056 | 649684428 |  |  | (406333) | 698888154 |

---

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
| &nbsp;&nbsp; Balanced | $– | $– | $– |
| &nbsp;&nbsp; Core Bond | 10137152 | 8503904 | 18641056 |
| &nbsp;&nbsp; Core Equity |  |  |  |
| &nbsp;&nbsp; Growth Equity |  |  |  |
| &nbsp;&nbsp; International Equity | 2159173 | 10841977 | 13001150 |
| &nbsp;&nbsp; Large Cap Responsible Equity |  |  |  |
| &nbsp;&nbsp; Large Cap Value |  |  |  |
| &nbsp;&nbsp; Money Market |  |  |  |
| &nbsp;&nbsp; Real Estate Securities Select |  |  |  |
| &nbsp;&nbsp; Small Cap Equity |  |  |  |
| &nbsp;&nbsp; Stock Index |  |  |  |

---

8. Management Fees and Other Transactions with Affiliates

Management Fees: The Adviser provides investment advisory services for the Funds pursuant to an Investment Advisory Agreement between the Adviser and the Funds. The Funds have also entered into an Administrative Service Agreement with the Adviser under which the Funds pay the Adviser for its costs in providing certain administrative and compliance services to the Funds. The Adviser has agreed to gradually reduce expenses allocated to the Funds under the Administrative Services Agreement over a three-year period commencing May 1, 2024. After the expiration of this three-year period, the Adviser will no longer allocate expenses to the Funds under the Administrative Services Agreement.

The management fee schedule for each Fund, other than Balanced, Large Cap Responsible Equity, Money Market and Stock Index, consists of two components: a Fund-level fee, based only on the amount of assets within a Fund, and a complex-level fee, based on the aggregate amount of all eligible assets managed by the Adviser and Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors"). For the Balanced, Large Cap Responsible Equity, Money Market and Stock Index, the advisory fee schedule consists of one component, a Fund-level fee, based on the amount of assets within a Fund.

The Adviser has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of the end of the current fiscal period, the investment management fees and maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets:

---

| | | |
|:---|:---|:---|
| Fund | Fund-Level Fee | Maximum Expense Amounts‡ |
| &nbsp;&nbsp; Balanced | 0.10% | 0.10% |
| &nbsp;&nbsp; Core Bond | 0.14 | 0.35 |
| &nbsp;&nbsp; Core Equity | 0.29 | 0.52 |
| &nbsp;&nbsp; Growth Equity | 0.29 | 0.52 |
| &nbsp;&nbsp; International Equity | 0.34 | 0.60 |
| &nbsp;&nbsp; Large Cap Responsible Equity | 0.15 | 0.22 |
| &nbsp;&nbsp; Large Cap Value | 0.29 | 0.52 |
| &nbsp;&nbsp; Money Market | 0.10 | 0.15 |
| &nbsp;&nbsp; Real Estate Securities Select | 0.34 | 0.57 |
| &nbsp;&nbsp; Small Cap Equity | 0.30 | 0.53 |
| &nbsp;&nbsp; Stock Index | 0.06 | 0.09 |

---

------

‡ Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2026. The reimbursement arrangements can only be changed with the approval of the Board.

For each Fund subject to the complex-level fee, each Fund's overall complex-level fee begins at a maximum rate of 0.1600% of a Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion. Therefore, the maximum management fee rate for each such Fund is the Fund-level fee plus 0.1600%. The complex-level fee rate for each such Fund is determined by taking the current overall complex-level fee rate and applying that rate to all eligible assets of the Fund. With respect to the assets of each such Fund that are not eligible assets, those assets are subject to the maximum complex-level fee rate (0.1600%). As of May 1, 2025, 21% of the net assets of each such Fund are eligible assets, and that percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the net assets of a Fund. The current overall complex-level fee schedule is as follows:

---

| | |
|:---|:---|
| Complex Level Asset Breakpoint Level\* | Complex Level Fee |
|  For the first $124.3 billion | 0.1600% |
|  For the next $75.7 billion | 0.1350 |
|  For the next $200 billion | 0.1325 |
|  For eligible assets over $400 billion | 0.1300 |

---

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen-branded open-end funds ("Nuveen Mutual Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of Adviser-advised active equity and fixed income Nuveen Mutual Funds (except those identified above). Eligible assets include closed-end fund assets managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by Nuveen Fund Advisors as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. 

For Balanced, Money Market, Large Cap Responsible Equity and Stock Index, the management fee schedule consists of one component, a Fund-level fee, based on the amount of assets within a Fund. <br>

As of the end of the reporting period, the complex-level fee rate for each Fund was as follows:

---

| | |
|:---|:---|
| Fund | Complex-Level Fee |
| &nbsp;&nbsp; Core Bond | 0.1594% |
| &nbsp;&nbsp; Core Equity | 0.1594% |
| &nbsp;&nbsp; Growth Equity | 0.1594% |
| &nbsp;&nbsp; International Equity | 0.1594% |
| &nbsp;&nbsp; Large Cap Value | 0.1594% |
| &nbsp;&nbsp; Real Estate Securities Select | 0.1594% |
| &nbsp;&nbsp; Small Cap Equity | 0.1594% |

---

Other Transactions with Affiliates: The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds, which is disclosed below, is recognized in "Affiliated Income" on the Statement of Operations and any amounts due to the Funds at the end of the reporting period are recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:

---

| | |
|:---|:---|
| Fund | Value |
| &nbsp;&nbsp; Core Equity | $27506 |
| &nbsp;&nbsp; Growth Equity | 12101 |
| &nbsp;&nbsp; International Equity | 10752 |
| &nbsp;&nbsp; Large Cap Value | 6920 |
| &nbsp;&nbsp; Real Estate Securities Select | 4868 |

---

The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross- trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are affected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:

------

---

| | | | |
|:---|:---|:---|:---|
| Fund | Purchases | Sales | Realized Gain (Loss) |
|  Core Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105666 | $208836 |
|  Growth Equity | 670804 | 1839342 | 520363 |
|  Large Cap Responsible Equity | 207810 | 81235 | (12253) |
|  Large Cap Value |  | 66456 | 12093 |
|  Small Cap Equity | 77209 | 26797 | 23805 |
|  Stock Index |  | 151722 | (10991) |

---

Affiliated Owned Shares: As of the end of the reporting period, certain registered separate accounts Nuveen Life, which is a wholly owned subsidiary of TIAA, have various sub-accounts which invest in the Funds.

The following is the percentage of the Funds' shares owned by affiliates as of the end of the current fiscal period:

---

| | | | |
|:---|:---|:---|:---|
| Underlying Fund | Investments in funds<br>held by Nuveen Life | Investments in funds<br>held by Life Balanced | Total |
|  Balanced | 100% | –% | 100% |
|  Core Bond | 84 | 16 | 100 |
|  Core Equity | 97 | 3 | 100 |
|  Growth Equity | 97 | 3 | 100 |
|  International Equity | 96 | 4 | 100 |
|  Large Cap Responsible Equity | 100 |  | 100 |
|  Large Cap Value | 93 | 7 | 100 |
|  Money Market | 100 |  | 100 |
|  Real Estate Securities Select | 98 | 2 | 100 |
|  Small Cap Equity | 98 | 2 | 100 |
|  Stock Index | 99 | 1 | 100 |

---

Affiliated Investment Companies: Investments in other investment companies advised by the Adviser are deemed to be affiliated investments. Balanced invests its assets in shares of the affiliated Nuveen Life Funds. A complete schedule of the portfolio holdings for each of the affiliated investments is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available on the SEC's website at www.sec.gov. A copy of the annual report, semi-annual report and financial statements is available for each of the affiliated investments at https://www.tiaa.org/public/prospectuses, or upon request by calling (800) 842-2252. Information regarding transactions with affiliated investment companies is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Issue | Value at<br>12/31/24 | Purchases<br>Cost | Sales<br>Proceeds | Realized<br>Gain<br>(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Value at<br>6/30/25 | Shares at<br>6/30/25 | Dividend Income |
|  Balanced |  |  |  |  |  |  |  |  |
|  Nuveen Life Funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bond | $32247276 | $1619808 | $1749654 | $(171372) | $1391784 | $33337842 | 3550356 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Equity | 6404378 | 529744 | 342996 | 18084 | 176938 | 6786148 | 295178 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Growth Equity | 6283903 | 484504 | 749560 | 163280 | 216326 | 6398453 | 265386 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 6413110 | 6188 | 801318 | 146876 | 920025 | 6684881 | 607165 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Large Cap Value | 5256645 | 422467 | 319089 | 2518 | 380462 | 5743003 | 275180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Securities Select | 1283581 | 96757 | 62007 | 1670 | 6248 | 1326249 | 94800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity | 1261309 | 186965 | 109716 | (402) | 5749 | 1343905 | 86872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Index | 5140484 | 268535 | 293251 | 39565 | 267688 | 5423021 | 108918 |  |
|  | $64290686 | $3614968 | $4427591 | $200219 | $3365220 | $67043502 | 5283854 | $– |

---

9. Borrowing Arrangements

Line of Credit: The Funds (other than Balanced and Money Market) along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other than on-going leveraging for investment purposes), and replaces the previous facility. Each Participating Fund is allocated a designated proportion of the facility's capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

------

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

There were no borrowings under this credit facility by the Funds during the current fiscal period.

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Teachers Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

## Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

#### Nuveen Life Core Bond Fund

#### Nuveen Life Core Equity Fund

#### Nuveen Life Growth Equity Fund

#### Nuveen Life International Equity Fund

#### Nuveen Life Large Cap Value Fund

#### Nuveen Life Money Market Fund

#### Nuveen Life Real Estate Securities Select Fund

#### Nuveen Life Small Cap Equity Fund

#### Nuveen Life Large Cap Responsible Equity Fund

#### Nuveen Life Stock Index Fund

#### Nuveen Life Balanced Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (collectively, the "Board" and each Trustee, a "Board Member") of TIAA-CREF Life Funds (the "Trust") approved, for each applicable series of the Trust, the renewal of the investment management agreement with Teachers Advisors, LLC ("TAL" and TAL is the "Adviser") pursuant to which TAL serves as investment adviser to such funds. TAL is an indirect wholly owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"). The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the investment management agreement (each an "Advisory Agreement") with respect to each series covered by this report (the "Funds").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Advisory Agreement on behalf of the applicable Fund on an annual basis. To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by TAL, including the Funds, and the group of funds advised by Nuveen Fund Advisors, LLC ("NFAL" and collectively, the "Nuveen funds" or the "funds"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA. The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting the Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for the Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Adviser and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

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## Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Adviser; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Adviser as a result of its relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by the Adviser, Broadridge or other service providers were not independently verified by the Board Members.

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

**A.** **Nature, Extent and Quality of Services** 

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the Adviser's services provided to each respective Fund.

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The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families (the "Consolidation") to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

With respect to the Funds, the Adviser and its investment team(s) are responsible for providing portfolio management of the Funds and managing the assets of the Funds, including conducting research, identifying investments and placing orders for the purchase or sale of the portfolio investments for the respective Fund. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds, the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution. The Board considered that certain non-investment and non-distribution services were provided by the Adviser or its affiliates pursuant to a separate administrative agreement; however, given the Consolidation of the asset management businesses of TIAA and Nuveen, such administrative agreement was being phased out over a specified period with the administrative services for the funds to be provided under the respective Advisory Agreements at no additional cost.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

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In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with its services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

**B.** **The Investment Performance of the Funds and Adviser** 

In evaluating the quality of the services provided by the Adviser, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to a benchmark for the prescribed periods as described below. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to a benchmark for the prescribed periods.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate-and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the applicable adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

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• For Nuveen Life Core Bond Fund (formerly, TIAA-CREF Life Core Bond Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Core Equity Fund (formerly, TIAA-CREF Life Growth & Income Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Growth Equity Fund (formerly, TIAA-CREF Life Growth Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life International Equity Fund (formerly, TIAA-CREF Life International Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund's performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund outperformed its benchmark for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Large Cap Value Fund (formerly, TIAA-CREF Life Large-Cap Value Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Money Market Fund (formerly, TIAA-CREF Life Money Market Fund), in considering the performance of the Fund relative to its benchmark, the Board considered thatthe Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Real Estate Securities Select Fund (formerly, TIAA-CREF Life Real Estate Securities Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund's performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund outperformed its benchmark for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Small Cap Equity Fund (formerly, TIAA-CREF Life Small-Cap Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

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• For Nuveen Life Large Cap Responsible Equity Fund (formerly, TIAA-CREF Life Social Choice Equity Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Stock Index Fund (formerly, TIAA-CREF Life Stock Index Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund's performance was slightly below the performance of its benchmark for the one- and five-year periods ended December 31, 2024, the Fund matched its benchmark for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

• For Nuveen Life Balanced Fund (formerly, TIAA-CREF Life Balanced Fund), in considering the performance of the Fund relative to its benchmark, the Board considered that although the Fund's performance was slightly below the performance of its benchmark for the three-year period ended December 31, 2024, the Fund outperformed or matched its benchmark for the one- and five-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreement.

**C.** **Fees, Expenses and Profitability** 

**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

In its review, the Board considered that in 2024, the Board approved changes to the management fee schedule of certain Funds to include a complex-wide component with corresponding changes to the fund-level fee schedule and to phase in assets of the participating funds into the calculation of the complex size over a ten-year period beginning May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow. Participating Funds included each Fund other than the Nuveen Life Money Market Fund, Nuveen Life Large Cap Responsible Equity Fund, Nuveen Life Stock Index Fund and Nuveen Life Balanced Fund. In addition, in conjunction with the Consolidation, the Board considered that the separate administrative agreement pursuant to which the Adviser provided the Funds with certain administrative services also began to be phased out over a three-year period beginning on May 1, 2024 and related savings.

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The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and with respect to the open-end Funds, for a more focused group of comparable peers (the "Expense Group") established by Broadridge. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

• For Nuveen Life Core Bond Fund (formerly, TIAA-CREF Life Core Bond Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Core Equity Fund (formerly, TIAA-CREF Life Growth & Income Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Growth Equity Fund (formerly, TIAA-CREF Life Growth Equity Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life International Equity Fund (formerly, TIAA-CREF Life International Equity Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Large Cap Value Fund (formerly, TIAA-CREF Life Large-Cap Value Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Money Market Fund (formerly, TIAA-CREF Life Money Market Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

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• For Nuveen Life Real Estate Securities Select Fund (formerly, TIAA-CREF Life Real Estate Securities Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Small Cap Equity Fund (formerly, TIAA-CREF Small-Cap Equity Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Large Cap Responsible Equity Fund (formerly, TIAA-CREF Life Social Choice Equity Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Stock Index Fund (formerly, TIAA-CREF Life Stock Index Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Life Balanced Fund (formerly, TIAA-CREF Life Balanced Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, first quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Universe. Further, the Fund's contractual management fee rate matched the Expense Group median, and the Fund's actual management fee rate and net total expense ratio were below the Expense Group median. The Fund's contractual management fee rate, actual management fee rate and net total expense ratio each were below the Expense Universe median. The Board considered that the Fund's actual management fee was zero after fee waivers/reimbursements.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to the Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

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**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser and/or its affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as an Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board concluded that the varying levels of fees were reasonable given the foregoing.

**3.** **Profitability of the Adviser** 

In considering the costs of services to be provided and profits to be realized by the Adviser from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and NFAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and NFAL on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

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Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

**D.** **Economies of Scale and Whether Fee Levels Reflect These Economies of Scale** 

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure.

As noted above, the Board considered that it approved in 2024 changes to the management fee structure of certain Funds to incorporate a complex-level component. Accordingly, such participating Funds' management fee would be comprised of a fund-level component and a complex-level component. Participating Funds in the complex-level component include each Fund except the Nuveen Life Money Market Fund, Nuveen Life Large Cap Responsible Equity Fund, Nuveen Life Stock Index Fund and Nuveen Life Balanced Fund. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

In addition to the fund-level and complex-level fee schedules (as applicable), the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

------

**E.** **Indirect Benefits** 

The Board Members received and considered information regarding various indirect benefits the Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and the Adviser and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023. With respect to the Funds, the Board Members considered that the Adviser or its affiliates were reimbursed for certain costs of administrative services pursuant to an administrative agreement; however, such administrative agreement was being phased out over time.

In addition, the Board Members considered that the Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered that the Adviser reimburses the funds it advises for all such costs.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

**F.** **Other Considerations** 

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees implemented after the registrant last provided disclosure in response to this Item.

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**Item 16.** **Controls and Procedures.** <br>

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

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| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d83758dex99a3.htm)  |

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(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d83758dex99b.htm)

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

<u>TIAA-CREF Life Funds</u>

---

| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |

---

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

---

| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer<br> (principal executive officer) |
| Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.(A)(3)

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>** 

I, Jordan M. Farris, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Jordan M. Farris |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer<br> (principal executive officer) |

---

------

**<u>CERTIFICATION</u>** 

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of TIAA-CREF Life Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.(B)

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of TIAA-CREF Life Funds (the "Registrant") on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Jordan M. Farris <br>|
|  |  | Jordan M. Farris  |
|  |  | Chief Administrative Officer  |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: September 5, 2025 | By: | /s/ Marc Cardella <br>|
|  |  | Marc Cardella  |
|  |  | Vice President and Controller  |
|  |  | (principal financial officer) |

---