Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

1

Issues

Maturity

Date

Principal

Amount

Value

BONDS

–

102.08%

ASSET-BACKED

SECURITIES

—

6.73%**  

Academic

Loan

Funding

Trust,

Series

2012-1A,

Class

A2

(LIBOR

USD

1-Month

plus

1.10%)

1.25%

12/27/44

1,2

$

648,371‌

$

654,324‌

AMMC

CLO

19

Ltd.,

Series

2016-19A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.14%)

1.38%

10/16/28

1,2,3

920,000‌

919,043‌

Barings

CLO

Ltd.,

Series

2013-IA,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.80%)

1.02%

01/20/28

1,2,3

1,216,170‌

1,213,823‌

Barings

CLO

Ltd.,

Series

2016-2A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.08%)

1.30%

07/20/28

1,2,3

50,000‌

50,002‌

Bayview

Commercial

Asset

Trust,

Series

2004-3,

Class

A1

(LIBOR

USD

1-Month

plus

0.56%)

0.70%

01/25/35

1,2

318,318‌

312,251‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2010-1,

Class

A2

(LIBOR

USD

3-Month

plus

1.20%)

1.41%

02/25/35

2

650,000‌

658,384‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2011-1,

Class

A2

(LIBOR

USD

3-Month

plus

0.80%)

1.01%

02/25/30

2

20,923‌

21,005‌

Brazos

Higher

Education

Authority,

Inc.,

Series

2011-2,

Class

A3

(LIBOR

USD

3-Month

plus

1.00%)

1.21%

10/27/36

2

1,030,000‌

1,032,224‌

CIT

Education

Loan

Trust,

Series

2007-1,

Class

A

(LIBOR

USD

3-Month

plus

0.09%)

0.34%

03/25/42

1,2

237,375‌

227,640‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2006-WFH1,

Class

M5

(LIBOR

USD

1-Month

plus

0.78%)

0.93%

01/25/36

2

2,000,000‌

1,939,185‌

CoreVest

American

Finance

Trust,

Series

2019-1,

Class

XA

(IO)

2.16%

03/15/52

1,4

5,836,952‌

418,842‌

Countrywide

Asset-Backed

Certificates

Trust,

Series

2005-7,

Class

MV5

(LIBOR

USD

1-Month

plus

1.13%)

1.27%

11/25/35

2

4,220,000‌

4,149,033‌

Dryden

XXVI

Senior

Loan

Fund,

Series

2013-26A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.90%)

1.14%

04/15/29

1,2,3

1,785,000‌

1,777,744‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Educational

Funding

of

the

South,

Inc.,

Series

2011-1,

Class

A2

(LIBOR

USD

3-Month

plus

0.65%)

0.86%

04/25/35

2

$

226,285‌

$

225,299‌

GCO

Education

Loan

Funding

Trust

II,

Series

2006-2AR,

Class

A1RN

(LIBOR

USD

1-Month

plus

0.65%)

0.80%

08/27/46

1,2

769,270‌

747,354‌

Global

SC

Finance

II

SRL,

Series

2014-1A,

Class

A2

(Barbados)

3.09%

07/17/29

1,3

600,208‌

607,052‌

Higher

Education

Funding

I,

Series

2014-1,

Class

A

(LIBOR

USD

3-Month

plus

1.05%)

1.26%

05/25/34

1,2

883,284‌

886,514‌

J.G.

Wentworth

XXX

LLC,

Series

2013-3A,

Class

A

4.08%

01/17/73

1

410,226‌

471,619‌

J.G.

Wentworth

XXXII

LLC,

Series

2014-2A,

Class

A

3.61%

01/17/73

1

776,624‌

871,163‌

LCM

XVIII

LP,

Series

19A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.24%)

1.48%

07/15/27

1,2,3

47,245‌

47,236‌

LCM

XX

LP,

Series

20A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.04%)

1.26%

10/20/27

1,2,3

1,700,000‌

1,698,251‌

Magnetite

XVIII

Ltd.,

Series

2016-18A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.08%)

1.30%

11/15/28

1,2,3

50,000‌

49,959‌

Morgan

Stanley

ABS

Capital

I,

Inc.,

Trust,

Series

2005-HE3,

Class

M5

(LIBOR

USD

1-Month

plus

1.03%)

1.18%

07/25/35

2

5,000,000‌

4,970,616‌

Navient

Student

Loan

Trust,

Series

2014-1,

Class

A3

(LIBOR

USD

1-Month

plus

0.51%)

0.66%

06/25/31

2

660,837‌

641,574‌

Navient

Student

Loan

Trust,

Series

2014-3,

Class

A

(LIBOR

USD

1-Month

plus

0.62%)

0.77%

03/25/83

2

1,689,264‌

1,664,042‌

Navient

Student

Loan

Trust,

Series

2014-4,

Class

A

(LIBOR

USD

1-Month

plus

0.62%)

0.77%

03/25/83

2

1,536,113‌

1,504,158‌

Navient

Student

Loan

Trust,

Series

2016-2A,

Class

A3

(LIBOR

USD

1-Month

plus

1.50%)

1.65%

06/25/65

1,2

1,640,000‌

1,696,887‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

2

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

Nelnet

Student

Loan

Trust,

Series

2014-4A,

Class

A2

(LIBOR

USD

1-Month

plus

0.95%)

1.10%

11/25/48

1,2

$

1,370,000‌

$

1,373,909‌

OCP

CLO

Ltd.,

Series

2020-19A,

Class

A1

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.75%)

2.07%

07/20/31

1,2,3

1,850,000‌

1,856,105‌

Recette

CLO

Ltd.,

Series

2015-1A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

0.92%)

1.14%

10/20/27

1,2,3

1,132,864‌

1,132,361‌

SLC

Student

Loan

Trust,

Series

2004-1,

Class

B

(LIBOR

USD

3-Month

plus

0.29%)

0.51%

08/15/31

2

131,908‌

118,791‌

SLC

Student

Loan

Trust,

Series

2008-1,

Class

A4A

(LIBOR

USD

3-Month

plus

1.60%)

1.82%

12/15/32

2

282,418‌

288,632‌

SLM

Student

Loan

Trust,

Series

2004-2,

Class

B

(LIBOR

USD

3-Month

plus

0.47%)

0.68%

07/25/39

2

165,531‌

153,412‌

SLM

Student

Loan

Trust,

Series

2006-8,

Class

A6

(LIBOR

USD

3-Month

plus

0.16%)

0.37%

01/25/41

2

1,025,000‌

999,983‌

SLM

Student

Loan

Trust,

Series

2008-2,

Class

A3

(LIBOR

USD

3-Month

plus

0.75%)

0.96%

04/25/23

2

3,647,790‌

3,549,910‌

SLM

Student

Loan

Trust,

Series

2008-2,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

1.41%

01/25/83

2

185,000‌

168,894‌

SLM

Student

Loan

Trust,

Series

2008-3,

Class

B

(LIBOR

USD

3-Month

plus

1.20%)

1.41%

04/26/83

2

185,000‌

170,254‌

SLM

Student

Loan

Trust,

Series

2008-4,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

2.06%

04/25/73

2

185,000‌

178,240‌

SLM

Student

Loan

Trust,

Series

2008-5,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

2.06%

07/25/73

2

2,235,000‌

2,202,518‌

SLM

Student

Loan

Trust,

Series

2008-6,

Class

A4

(LIBOR

USD

3-Month

plus

1.10%)

1.31%

07/25/23

2

1,949,684‌

1,904,475‌

Issues

Maturity

Date

Principal

Amount

Value

ASSET-BACKED

SECURITIES

(continued)

SLM

Student

Loan

Trust,

Series

2008-6,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

2.06%

07/26/83

2

$

185,000‌

$

177,192‌

SLM

Student

Loan

Trust,

Series

2008-7,

Class

B

(LIBOR

USD

3-Month

plus

1.85%)

2.06%

07/26/83

2

185,000‌

179,635‌

SLM

Student

Loan

Trust,

Series

2008-8,

Class

B

(LIBOR

USD

3-Month

plus

2.25%)

2.46%

10/25/75

2

185,000‌

185,211‌

SLM

Student

Loan

Trust,

Series

2008-9,

Class

A

(LIBOR

USD

3-Month

plus

1.50%)

1.71%

04/25/23

2

692,226‌

686,722‌

SLM

Student

Loan

Trust,

Series

2008-9,

Class

B

(LIBOR

USD

3-Month

plus

2.25%)

2.46%

10/25/83

2

1,885,000‌

1,870,402‌

SLM

Student

Loan

Trust,

Series

2009-3,

Class

A

(LIBOR

USD

1-Month

plus

0.75%)

0.90%

01/25/45

1,2

3,082,536‌

3,067,287‌

SLM

Student

Loan

Trust,

Series

2011-2,

Class

A2

(LIBOR

USD

1-Month

plus

1.20%)

1.35%

10/25/34

2

500,000‌

508,224‌

SLM

Student

Loan

Trust,

Series

2012-7,

Class

A3

(LIBOR

USD

1-Month

plus

0.65%)

0.80%

05/26/26

2

625,143‌

590,472‌

Structured

Receivables

Finance

LLC,

Series

2010-A,

Class

B

7.61%

01/16/46

1

484,608‌

555,903‌

Student

Loan

Consolidation

Center

Student

Loan

Trust

I,

Series

2002-2,

Class

B2

(28

Day

Auction

Rate

plus

0.00%)

1.61%

07/01/42

1,2

600,000‌

553,464‌

TCI-Flatiron

CLO

Ltd.,

Series

2016-1A,

Class

AR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.22%)

1.44%

07/17/28

1,2,3

10,000‌

10,000‌

Treman

Park

CLO

Ltd.,

Series

2015-1A,

Class

ARR

(Cayman

Islands)

(LIBOR

USD

3-Month

plus

1.07%)

1.29%

10/20/28

1,2,3

50,000‌

50,002‌

Total

Asset-Backed

Securities

(Cost

$51,975,082)

51,987,222‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

3

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

—

1.16%*  

Automotive

—

0.02%

Panther

BF

Aggregator

2

LP,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.50%)

3.65%

04/30/26

2

$

193,929‌

$

193,645‌

Communications

—

0.28%

CenturyLink,

Inc.,

Term

Loan

A,

1st

Lien

(LIBOR

plus

2.00%)

2.15%

01/31/25

2

237,500‌

234,056‌

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.25%)

2.40%

03/15/27

2

346,500‌

343,382‌

Charter

Communications

Operating

LLC,

Term

Loan

B2,

1st

Lien

(LIBOR

plus

1.75%)

1.90%

02/01/27

2

98,997‌

98,596‌

CSC

Holdings

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.25%)

2.41%

01/15/26

2

353,700‌

349,279‌

Intelsat

Jackson

Holdings,

Delayed-Draw

Term

Loan,

1st

Lien

(Luxembourg)

(LIBOR

plus

5.50%)

6.50%

07/14/21

2,3

48,500‌

49,615‌

Intelsat

Jackson

Holdings

SA,

Term

Loan

B5,

1st

Lien

(Luxembourg)

8.63%

01/02/24

2,3

225,000‌

229,300‌

Level

3

Parent

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

1.90%

03/01/27

2

400,000‌

394,250‌

Zayo

Group

Holdings,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

3.00%)

3.15%

03/09/27

2

445,395‌

443,684‌

2,142,162‌

Consumer

Discretionary

—

0.02%

Reynolds

Group

Holdings,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.75%)

2.90%

02/05/23

2

164,008‌

163,598‌

Electric

—

0.02%

Vistra

Operations

Co.,

LLC,

Term

Loan

B3,

1st

Lien

(LIBOR

plus

1.75%)

1.89%

12/31/25

2

111,503‌

111,270‌

1.90%

12/31/25

2

26,963‌

26,907‌

138,177‌

Finance

—

0.21%

Avolon

TLB

Borrower

1

U.S.

LLC,

Term

Loan

B3,

1st

Lien

(LIBOR

plus

1.75%)

2.50%

01/15/25

2

52,744‌

52,464‌

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Finance

(continued)

Delos

Finance

SARL,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

2.00%

10/06/23

2

$

1,556,095‌

$

1,556,741‌

1,609,205‌

Food

—

0.04%

Hostess

Brands

LLC,

Term

Loan,

1st

Lien

(LIBOR

plus

2.25%)

3.00%

08/03/25

2

296,992‌

295,903‌

Gaming

—

0.01%

Churchill

Downs,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.00%)

2.15%

12/27/24

2

53,618‌

53,266‌

Health

Care

—

0.26%

Avantor

Funding,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.50%)

3.50%

11/08/27

2

610,000‌

611,909‌

Change

Healthcare

Holdings

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.50%)

3.50%

03/01/24

2

319,550‌

318,613‌

Elanco

Animal

Health,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

1.90%

08/01/27

2

925,403‌

918,560‌

Gentiva

Health

Services,

Inc.,

Term

Loan,

1st

Lien

(LIBOR

plus

3.25%)

3.44%

07/02/25

2

27,145‌

27,077‌

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

2.00%)

2.10%

11/15/27

2

99,000‌

98,304‌

1,974,463‌

Industrials

—

0.11%

Berry

Plastics

Group,

Inc.,

Term

Loan

Y,

1st

Lien

(LIBOR

plus

2.00%)

2.15%

07/01/26

2

543,235‌

541,472‌

TransDigm,

Inc.,

Term

Loan

E,

1st

Lien

(LIBOR

plus

2.25%)

2.40%

05/30/25

2

295,005‌

289,828‌

831,300‌

Information

Technology

—

0.03%

Broadcom,

Inc.,

Delayed-Draw

Term

Loan

A3

(LIBOR

plus

1.13%)

1.27%

11/04/22

2

117,339‌

117,302‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

4

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

BANK

LOANS

(continued)

Information

Technology

(continued)

SS&C

Technologies,

Inc.,

Term

Loan

B3,

1st

Lien

(LIBOR

plus

1.75%)

1.90%

04/16/25

2

$

79,253‌

$

78,435‌

Term

Loan

B4,

1st

Lien

(LIBOR

plus

1.75%)

1.90%

04/16/25

2

61,324‌

60,692‌

256,429‌

Real

Estate

Investment

Trust

(REIT)

—

0.14%

VICI

Properties

1

LLC,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

1.89%

12/20/24

2

1,125,000‌

1,109,109‌

Services

—

0.01%

GFL

Environmental,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

3.00%)

3.00%

12/22/25

2

98,750‌

99,017‌

Transportation

—

0.01%

American

Airlines,

Inc.,

Term

Loan

B,

1st

Lien

(LIBOR

plus

1.75%)

1.90%

01/29/27

2

75,000‌

64,875‌

Total

Bank

Loans

(Cost

$8,599,221)

8,931,149‌

CORPORATES

—

27.68%*  

Automotive

—

0.12%

General

Motors

Co.

4.88%

10/02/23

845,000‌

938,278‌

Banking

—

4.06%

Bank

of

America

Corp.

2.59%

04/29/31

4

720,000‌

771,658‌

3.00%

12/20/23

4

2,497,000‌

2,629,124‌

Bank

of

America

Corp.

(MTN)

2.50%

02/13/31

4

1,235,000‌

1,307,026‌

3.09%

10/01/25

4

152,000‌

164,630‌

3.56%

04/23/27

4

605,000‌

683,445‌

Bank

of

New

York

Mellon

Corp.

(The)

(MTN)

2.60%

02/07/22

665,000‌

680,704‌

3.25%

09/11/24

365,000‌

401,912‌

Fifth

Third

Bancorp

2.55%

05/05/27

910,000‌

991,806‌

HSBC

Holdings

PLC

(United

Kingdom)

1.59%

05/24/27

3,4

820,000‌

834,302‌

2.01%

09/22/28

3,4

1,990,000‌

2,040,319‌

JPMorgan

Chase

&

Co.

2.01%

03/13/26

4

785,000‌

826,345‌

2.52%

04/22/31

4

290,000‌

312,099‌

3.20%

06/15/26

715,000‌

800,210‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Banking

(continued)

3.96%

01/29/27

4

$

50,000‌

$

57,494‌

4.02%

12/05/24

4

1,820,000‌

2,005,801‌

4.49%

03/24/31

4

865,000‌

1,067,869‌

Lloyds

Banking

Group

PLC

(United

Kingdom)

3.87%

07/09/25

3,4

3,020,000‌

3,332,266‌

3.90%

03/12/24

3

355,000‌

390,627‌

Santander

UK

Group

Holdings

PLC

(United

Kingdom)

4.80%

11/15/24

3,4

1,730,000‌

1,924,893‌

Santander

UK

PLC

(United

Kingdom)

5.00%

11/07/23

1,3

330,000‌

364,545‌

Wells

Fargo

&

Co.

(MTN)

2.39%

06/02/28

4

885,000‌

943,033‌

2.57%

02/11/31

4

2,435,000‌

2,593,821‌

2.88%

10/30/30

4

3,815,000‌

4,166,157‌

3.58%

05/22/28

4

1,810,000‌

2,052,981‌

31,343,067‌

Communications

—

3.05%

AT&T,

Inc.

2.55%

12/01/33

1

2,714,000‌

2,789,636‌

4.35%

03/01/29

365,000‌

435,770‌

(LIBOR

USD

3-Month

plus

1.18%)

1.40%

06/12/24

2

1,200,000‌

1,229,768‌

Charter

Communications

Operating

LLC/Charter

Communications

Operating

Capital

4.91%

07/23/25

500,000‌

581,580‌

CSC

Holdings

LLC

5.38%

02/01/28

1

65,000‌

69,550‌

6.50%

02/01/29

1

43,000‌

48,630‌

Fox

Corp.

3.50%

04/08/30

1,500,000‌

1,706,521‌

Frontier

Communications

Corp.

5.00%

05/01/28

1

400,000‌

417,394‌

Intelsat

Jackson

Holdings

SA

(Luxembourg)

8.50%

10/15/24

1,3,5,6

1,003,000‌

717,145‌

9.75%

07/15/25

1,3,5,6

585,000‌

422,728‌

SES

GLOBAL

Americas

Holdings

GP

5.30%

03/25/44

1

750,000‌

823,251‌

SES

SA

(Luxembourg)

3.60%

04/04/23

1,3

1,500,000‌

1,587,749‌

Sirius

XM

Radio,

Inc.

3.88%

08/01/22

1

219,000‌

222,285‌

Sprint

Corp.

7.88%

09/15/23

65,000‌

75,338‌

Sprint

Spectrum

Co.

LLC/Sprint

Spectrum

Co.

II

LLC/Sprint

Spectrum

Co.

III

LLC

3.36%

09/20/21

1

718,500‌

725,685‌

4.74%

03/20/25

1

780,000‌

847,248‌

5.15%

03/20/28

1

1,785,000‌

2,070,600‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

5

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Communications

(continued)

Time

Warner

Cable

LLC

4.00%

09/01/21

$

50,000‌

$

50,715‌

T-Mobile

USA,

Inc.

2.55%

02/15/31

1

740,000‌

777,977‌

3.88%

04/15/30

1

1,500,000‌

1,739,175‌

4.50%

02/01/26

172,000‌

176,164‌

6.00%

03/01/23

280,000‌

280,700‌

6.00%

04/15/24

293,000‌

296,958‌

ViacomCBS,

Inc.

4.20%

05/19/32

1,000,000‌

1,204,532‌

Virgin

Media

Secured

Finance

PLC

(United

Kingdom)

4.50%

08/15/30

1,3

1,600,000‌

1,680,730‌

5.50%

05/15/29

1,3

65,000‌

70,547‌

Vodafone

Group

PLC

(United

Kingdom)

4.38%

05/30/28

3

780,000‌

934,777‌

Walt

Disney

Co.

(The)

2.00%

09/01/29

335,000‌

350,399‌

2.65%

01/13/31

1,090,000‌

1,196,433‌

23,529,985‌

Consumer

Discretionary

—

1.00%

Anheuser-Busch

InBev

Worldwide,

Inc.

3.50%

06/01/30

1,090,000‌

1,264,123‌

4.38%

04/15/38

725,000‌

898,811‌

4.75%

01/23/29

730,000‌

902,078‌

Bacardi

Ltd.

(Bermuda)

4.70%

05/15/28

1,3

605,000‌

718,596‌

BAT

Capital

Corp.

2.73%

03/25/31

555,000‌

575,307‌

3.46%

09/06/29

770,000‌

841,448‌

4.39%

08/15/37

830,000‌

933,453‌

Reynolds

American,

Inc.

4.45%

06/12/25

365,000‌

415,894‌

5.70%

08/15/35

940,000‌

1,175,493‌

7,725,203‌

Electric

—

1.02%

AEP

Texas,

Inc.

3.85%

10/01/25

1

1,150,000‌

1,294,788‌

Duke

Energy

Corp.

2.65%

09/01/26

30,000‌

32,713‌

Duquesne

Light

Holdings,

Inc.

5.90%

12/01/21

1

395,000‌

412,001‌

Evergy

Missouri

West,

Inc.

8.27%

11/15/21

1,995,000‌

2,116,361‌

Metropolitan

Edison

Co.

4.00%

04/15/25

1

770,000‌

836,565‌

Public

Service

Co.

of

New

Mexico

3.85%

08/01/25

1,405,000‌

1,548,723‌

Southwestern

Electric

Power

Co.

3.55%

02/15/22

955,000‌

980,845‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Electric

(continued)

Tucson

Electric

Power

Co.

3.85%

03/15/23

$

595,000‌

$

634,256‌

7,856,252‌

Energy

—

2.82%

BP

Capital

Markets

America,

Inc.

3.63%

04/06/30

1,000,000‌

1,165,871‌

Brooklyn

Union

Gas

Co.

(The)

3.41%

03/10/26

1

2,555,000‌

2,856,342‌

Canadian

Natural

Resources

Ltd.

(Canada)

3.85%

06/01/27

3

8,000‌

8,989‌

Cheniere

Energy

Partners

LP

5.25%

10/01/25

65,000‌

66,771‌

Concho

Resources,

Inc.

3.75%

10/01/27

30,000‌

34,307‌

Energy

Transfer

Operating

LP

3.75%

05/15/30

385,000‌

412,067‌

4.75%

01/15/26

130,000‌

146,513‌

4.95%

06/15/28

1,000,000‌

1,153,323‌

5.25%

04/15/29

1,270,000‌

1,481,567‌

5.50%

06/01/27

531,000‌

625,818‌

Exxon

Mobil

Corp.

2.61%

10/15/30

1,755,000‌

1,919,539‌

Petroleos

Mexicanos

(Mexico)

2.00%

12/20/22

3

600,000‌

611,708‌

5.95%

01/28/31

3

2,360,000‌

2,348,200‌

6.63%

06/15/35

3

1,780,000‌

1,764,968‌

Plains

All

American

Pipeline

LP/PAA

Finance

Corp.

4.65%

10/15/25

780,000‌

874,146‌

Rockies

Express

Pipeline

LLC

4.80%

05/15/30

1

400,000‌

411,516‌

4.95%

07/15/29

1

1,000,000‌

1,041,097‌

Ruby

Pipeline

LLC

7.75%

04/01/22

1

613,068‌

603,872‌

Sabine

Pass

Liquefaction

LLC

5.75%

05/15/24

1,081,000‌

1,237,093‌

Sunoco

Logistics

Partners

Operations

LP

3.45%

01/15/23

105,000‌

109,392‌

Targa

Resources

Partners

LP/Targa

Resources

Partners

Finance

Corp.

6.88%

01/15/29

119,000‌

134,221‌

TC

PipeLines

LP

4.65%

06/15/21

2,030,000‌

2,044,585‌

USA

Compression

Partners

LP/USA

Compression

Finance

Corp.

6.88%

04/01/26

60,000‌

62,812‌

6.88%

09/01/27

181,000‌

193,538‌

Williams

Cos.,

Inc.

(The)

3.35%

08/15/22

480,000‌

498,632‌

21,806,887‌

Entertainment

—

0.03%

Live

Nation

Entertainment,

Inc.

4.75%

10/15/27

1

227,000‌

233,012‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

6

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

—

4.44%

AerCap

Ireland

Capital

DAC/AerCap

Global

Aviation

Trust

(Ireland)

3.50%

05/26/22

3

$

355,000‌

$

366,553‌

3.65%

07/21/27

3

355,000‌

385,987‌

3.95%

02/01/22

3

160,000‌

164,571‌

4.45%

12/16/21

3

750,000‌

772,509‌

Air

Lease

Corp.

2.25%

01/15/23

1,000,000‌

1,027,433‌

3.25%

03/01/25

820,000‌

874,623‌

3.25%

10/01/29

525,000‌

554,699‌

Avolon

Holdings

Funding

Ltd.

(Cayman

Islands)

2.88%

02/15/25

1,3

1,160,000‌

1,183,988‌

5.13%

10/01/23

1,3

75,000‌

80,334‌

Citigroup,

Inc.

2.57%

06/03/31

4

1,235,000‌

1,317,441‌

4.41%

03/31/31

4

985,000‌

1,195,397‌

Daimler

Finance

North

America

LLC

3.00%

02/22/21

1

30,000‌

30,100‌

(LIBOR

USD

3-Month

plus

0.90%)

1.12%

02/15/22

1,2

1,900,000‌

1,914,614‌

Durrah

MSN

35603

(Cayman

Islands)

1.68%

01/22/25

3

2,406,735‌

2,463,648‌

Ford

Motor

Credit

Co.

LLC

3.20%

01/15/21

2,500,000‌

2,504,375‌

3.22%

01/09/22

500,000‌

505,888‌

3.34%

03/28/22

40,000‌

40,586‌

3.81%

10/12/21

385,000‌

390,053‌

(LIBOR

USD

3-Month

plus

0.81%)

1.05%

04/05/21

2

850,000‌

849,971‌

GE

Capital

Funding

LLC

4.40%

05/15/30

1

730,000‌

861,204‌

GE

Capital

International

Funding

Co.

(Ireland)

4.42%

11/15/35

3

1,805,000‌

2,150,889‌

General

Motors

Financial

Co.,

Inc.

3.15%

06/30/22

495,000‌

512,467‌

3.20%

07/06/21

1,040,000‌

1,051,274‌

3.45%

04/10/22

120,000‌

123,604‌

3.55%

04/09/21

1,000,000‌

1,007,769‌

4.20%

11/06/21

265,000‌

272,958‌

4.38%

09/25/21

220,000‌

225,973‌

Goldman

Sachs

Group,

Inc.

(The)

3.75%

02/25/26

20,000‌

22,734‌

3.81%

04/23/29

4

350,000‌

401,996‌

Nationwide

Building

Society

(United

Kingdom)

3.62%

04/26/23

1,3,4

390,000‌

405,256‌

3.77%

03/08/24

1,3,4

1,140,000‌

1,213,583‌

Park

Aerospace

Holdings

Ltd.

(Cayman

Islands)

4.50%

03/15/23

1,3

860,000‌

901,670‌

5.25%

08/15/22

1,3

675,000‌

708,681‌

5.50%

02/15/24

1,3

140,000‌

152,796‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Finance

(continued)

Raymond

James

Financial,

Inc.

5.63%

04/01/24

$

1,990,000‌

$

2,298,715‌

Safina

Ltd.

(Cayman

Islands)

2.00%

12/30/23

3

3,743,798‌

3,838,201‌

Sandalwood

2013

LLC

2.90%

07/10/25

1,449,885‌

1,527,755‌

34,300,295‌

Food

—

1.01%

Conagra

Brands,

Inc.

4.60%

11/01/25

1,400,000‌

1,650,513‌

Kraft

Heinz

Foods

Co.

5.00%

07/15/35

4,795,000‌

5,774,333‌

6.88%

01/26/39

245,000‌

342,700‌

Pilgrim's

Pride

Corp.

5.88%

09/30/27

1

65,000‌

70,566‌

7,838,112‌

Gaming

—

0.03%

Caesars

Entertainment,

Inc.

6.25%

07/01/25

1

230,000‌

245,244‌

Health

Care

—

4.73%

AbbVie,

Inc.

3.60%

05/14/25

1,152,000‌

1,284,172‌

3.85%

06/15/24

1,342,000‌

1,479,128‌

Advocate

Health

&

Hospitals

Corp.,

Series

2020

2.21%

06/15/30

103,000‌

107,583‌

Aetna,

Inc.

2.80%

06/15/23

50,000‌

52,668‌

3.50%

11/15/24

1,250,000‌

1,373,367‌

Alcon

Finance

Corp.

2.75%

09/23/26

1

2,300,000‌

2,519,244‌

Amgen,

Inc.

3.63%

05/15/22

50,000‌

51,818‌

Bayer

U.S.

Finance

II

LLC

4.25%

12/15/25

1

575,000‌

658,135‌

4.38%

12/15/28

1

2,900,000‌

3,413,299‌

5.50%

08/15/25

1

1,100,000‌

1,293,693‌

Bayer

U.S.

Finance

LLC

3.38%

10/08/24

1

1,020,000‌

1,114,785‌

Baylor

Scott

&

White

Holdings

2.65%

11/15/26

1,530,000‌

1,645,487‌

Becton

Dickinson

and

Co.

3.36%

06/06/24

1,300,000‌

1,411,885‌

Bon

Secours

Mercy

Health,

Inc.,

Series

20-2

2.10%

06/01/31

1,205,000‌

1,203,800‌

Centene

Corp.

3.00%

10/15/30

3,170,000‌

3,363,846‌

Cigna

Corp.

4.13%

11/15/25

2,365,000‌

2,725,711‌

CommonSpirit

Health

2.78%

10/01/30

810,000‌

863,456‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

7

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Health

Care

(continued)

CVS

Health

Corp.

2.88%

06/01/26

$

50,000‌

$

54,957‌

3.25%

08/15/29

2,890,000‌

3,258,431‌

DENTSPLY

SIRONA,

Inc.

3.25%

06/01/30

1,000,000‌

1,115,067‌

Elanco

Animal

Health,

Inc.

4.91%

08/27/21

1,000,000‌

1,024,375‌

HCA,

Inc.

4.13%

06/15/29

1,145,000‌

1,330,621‌

5.00%

03/15/24

815,000‌

917,580‌

5.25%

04/15/25

206,000‌

240,683‌

5.25%

06/15/26

1,070,000‌

1,268,502‌

Hologic,

Inc.

4.63%

02/01/28

1

60,000‌

63,900‌

Humana,

Inc.

3.85%

10/01/24

860,000‌

952,735‌

3.95%

03/15/27

885,000‌

1,019,341‌

Royalty

Pharma

PLC

(United

Kingdom)

2.20%

09/02/30

1,3

675,000‌

694,413‌

36,502,682‌

Industrials

—

1.22%

Amcor

Finance

USA,

Inc.

3.63%

04/28/26

1,950,000‌

2,188,324‌

4.50%

05/15/28

30,000‌

35,874‌

BAE

Systems

Holdings,

Inc.

3.80%

10/07/24

1

630,000‌

703,553‌

Crane

Co.

4.45%

12/15/23

1,130,000‌

1,230,872‌

General

Electric

Co.

(MTN)

(LIBOR

USD

3-Month

plus

0.38%)

0.60%

05/05/26

2

1,090,000‌

1,049,086‌

(LIBOR

USD

3-Month

plus

0.48%)

0.70%

08/15/36

2

1,115,000‌

819,525‌

General

Electric

Co.,

Series

A

(MTN)

6.75%

03/15/32

250,000‌

350,962‌

L3Harris

Technologies,

Inc.

3.85%

06/15/23

410,000‌

442,752‌

Mauser

Packaging

Solutions

Holding

Co.

5.50%

04/15/24

1

65,000‌

66,377‌

PowerTeam

Services

LLC

9.03%

12/04/25

1

455,000‌

506,898‌

Sealed

Air

Corp.

4.00%

12/01/27

1

65,000‌

69,550‌

5.50%

09/15/25

1

600,000‌

672,465‌

Sydney

Airport

Finance

Co.

Pty

Ltd.

(Australia)

3.38%

04/30/25

1,3

410,000‌

442,813‌

WRKCo,

Inc.

4.65%

03/15/26

730,000‌

859,505‌

9,438,556‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Information

Technology

—

0.26%

Apple,

Inc.

3.25%

02/23/26

$

20,000‌

$

22,459‌

Broadcom,

Inc.

3.63%

10/15/24

695,000‌

763,976‌

Change

Healthcare

Holdings

LLC/Change

Healthcare

Finance,

Inc.

5.75%

03/01/25

1

65,000‌

66,544‌

Intel

Corp.

3.90%

03/25/30

910,000‌

1,093,367‌

Oracle

Corp.

2.40%

09/15/23

40,000‌

42,081‌

1,988,427‌

Insurance

—

0.17%

Berkshire

Hathaway,

Inc.

3.13%

03/15/26

55,000‌

61,480‌

Nationwide

Mutual

Insurance

Co.

2.51%

12/15/24

1,4

1,212,000‌

1,211,792‌

New

York

Life

Global

Funding

3.00%

01/10/28

1

50,000‌

55,877‌

1,329,149‌

Materials

—

0.27%

International

Flavors

&

Fragrances,

Inc.

4.45%

09/26/28

800,000‌

948,274‌

Nutrition

&

Biosciences,

Inc.

2.30%

11/01/30

1

1,090,000‌

1,123,688‌

2,071,962‌

Real

Estate

Investment

Trust

(REIT)

—

2.21%

American

Campus

Communities

Operating

Partnership

LP

3.75%

04/15/23

50,000‌

53,112‌

4.13%

07/01/24

1,250,000‌

1,365,574‌

Boston

Properties

LP

3.25%

01/30/31

745,000‌

824,299‌

CyrusOne

LP/CyrusOne

Finance

Corp.

2.90%

11/15/24

1,450,000‌

1,550,753‌

3.45%

11/15/29

1,000,000‌

1,079,471‌

GLP

Capital

LP/GLP

Financing

II,

Inc.

3.35%

09/01/24

1,140,000‌

1,200,876‌

5.25%

06/01/25

685,000‌

772,803‌

5.38%

11/01/23

30,000‌

32,803‌

5.38%

04/15/26

1,373,000‌

1,578,325‌

5.75%

06/01/28

325,000‌

385,894‌

Healthcare

Realty

Trust,

Inc.

3.88%

05/01/25

1,400,000‌

1,529,296‌

Healthpeak

Properties,

Inc.

4.25%

11/15/23

29,000‌

31,770‌

Life

Storage

LP

2.20%

10/15/30

1,000,000‌

1,022,953‌

Piedmont

Operating

Partnership

LP

3.40%

06/01/23

1,210,000‌

1,260,299‌

SL

Green

Operating

Partnership

LP

3.25%

10/15/22

1,350,000‌

1,393,248‌

(LIBOR

USD

3-Month

plus

0.98%)

1.20%

08/16/21

2

1,000,000‌

997,799‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

8

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Real

Estate

Investment

Trust

(REIT)

(continued)

Ventas

Realty

LP

3.25%

10/15/26

$

1,155,000‌

$

1,274,687‌

Welltower,

Inc.

3.75%

03/15/23

640,000‌

679,965‌

17,033,927‌

Retail

—

0.16%

1011778

BC

ULC/New

Red

Finance,

Inc.

(Canada)

3.50%

02/15/29

1,3

405,000‌

406,551‌

Alimentation

Couche-Tard,

Inc.

(Canada)

2.70%

07/26/22

1,3

10,000‌

10,342‌

3.55%

07/26/27

1,3

640,000‌

718,800‌

Walgreens

Boots

Alliance,

Inc.

3.80%

11/18/24

65,000‌

71,802‌

1,207,495‌

Services

—

0.59%

Emory

University,

Series

2020

2.14%

09/01/30

740,000‌

778,907‌

GFL

Environmental,

Inc.

(Canada)

3.75%

08/01/25

1,3

600,000‌

616,125‌

IHS

Markit

Ltd.

(Bermuda)

4.13%

08/01/23

3

1,245,000‌

1,355,637‌

4.75%

02/15/25

1,3

1,340,000‌

1,539,459‌

Waste

Pro

USA,

Inc.

5.50%

02/15/26

1

274,000‌

280,961‌

4,571,089‌

Transportation

—

0.49%

Continental

Airlines

Pass-Through

Trust,

Series

2007-1,

Class

A

5.98%

04/19/22

1,365,938‌

1,383,005‌

Delta

Air

Lines

Pass-Through

Trust,

Series

2002-1,

Class

G1

6.72%

01/02/23

505,464‌

522,487‌

Northwest

Airlines

Pass-Through

Trust,

Series

2001-1,

Class

A1

7.04%

04/01/22

793,888‌

769,465‌

U.S.

Airways

Pass-Through

Trust,

Series

2001-1G,

Class

G

7.08%

03/20/21

67,410‌

67,671‌

U.S.

Airways

Pass-Through

Trust,

Series

2011-1,

Class

A

7.13%

10/22/23

470,645‌

435,396‌

U.S.

Airways

Pass-Through

Trust,

Series

2012-1,

Class

A

5.90%

10/01/24

324,065‌

321,034‌

Issues

Maturity

Date

Principal

Amount

Value

CORPORATES

(continued)

Transportation

(continued)

U.S.

Airways

Pass-Through

Trust,

Series

2012-2,

Class

A

4.63%

06/03/25

$

281,539‌

$

252,921‌

3,751,979‌

Total

Corporates

(Cost

$199,956,925)

213,711,601‌

MORTGAGE-BACKED

—

18.10%**  

Non-Agency

Commercial

Mortgage-Backed

—

2.33%

Banc

of

America

Merrill

Lynch

Commercial

Mortgage

Trust,

Series

2018-PARK,

Class

A

4.09%

08/10/38

1,4

1,095,000‌

1,285,544‌

BX

Trust,

Series

2019-OC11,

Class

A

3.20%

12/09/41

1

375,000‌

413,121‌

CALI

Mortgage

Trust,

Series

2019-101C,

Class

A

3.96%

03/10/39

1

805,000‌

944,950‌

Century

Plaza

Towers,

Series

2019-CPT,

Class

A

2.87%

11/13/39

1

715,000‌

789,545‌

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC36,

Class

A5

3.62%

02/10/49

3,250,000‌

3,662,872‌

Citigroup

Commercial

Mortgage

Trust,

Series

2016-GC37,

Class

A4

3.31%

04/10/49

1,000,000‌

1,110,151‌

Commercial

Mortgage

Trust,

Series

2014-UBS2,

Class

XA

(IO)

1.15%

03/10/47

4

24,423,173‌

709,288‌

DC

Office

Trust,

Series

2019-MTC,

Class

A

2.97%

09/15/45

1

765,000‌

846,710‌

Hudson

Yards

Mortgage

Trust,

Series

2019-30HY,

Class

A

3.23%

07/10/39

1

760,000‌

864,232‌

Hudson

Yards

Mortgage

Trust,

Series

2019-55HY,

Class

A

2.94%

12/10/41

1,4

765,000‌

856,844‌

JPMBB

Commercial

Mortgage

Securities

Trust,

Series

2015-C29,

Class

XA

(IO)

0.65%

05/15/48

4

28,801,826‌

705,337‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2019-OSB,

Class

A

3.40%

06/05/39

1

740,000‌

848,429‌

MKT

Mortgage

Trust,

Series

2020-525M,

Class

A

2.69%

02/12/40

1

945,000‌

1,020,158‌

Natixis

Commercial

Mortgage

Securities

Trust,

Series

2020-2PAC,

Class

A

2.97%

12/15/38

1

775,000‌

811,293‌

One

Bryant

Park

Trust,

Series

2019-OBP,

Class

A

2.52%

09/15/54

1

960,000‌

1,031,402‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

9

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Commercial

Mortgage-Backed

(continued)

RBS

Commercial

Funding,

Inc.,

Trust,

Series

2013-GSP,

Class

A

3.83%

01/15/32

1,4

$

560,000‌

$

591,844‌

SFAVE

Commercial

Mortgage

Securities

Trust,

Series

2015-5AVE,

Class

A2B

4.14%

01/05/43

1,4

45,000‌

43,238‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C26,

Class

XA

(IO)

1.21%

02/15/48

4

34,347,653‌

1,422,213‌

17,957,171‌

Non-Agency

Mortgage-Backed

—

5.74%

ACE

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2005-HE2,

Class

M5

(LIBOR

USD

1-Month

plus

1.02%)

1.17%

04/25/35

2

2,600,000‌

2,580,260‌

Amresco

Residential

Securities

Corp.

Mortgage

Loan

Trust,

Series

1998-1,

Class

A5

(STEP-reset

date

02/25/21)

6.72%

10/25/27

13,984‌

14,224‌

Asset-Backed

Securities

Corp.

Home

Equity

Loan

Trust,

Series

2004-HE9,

Class

M1

(LIBOR

USD

1-Month

plus

0.98%)

1.12%

12/25/34

2

429,101‌

420,052‌

Banc

of

America

Funding

Trust,

Series

2003-2,

Class

1A1

6.50%

06/25/32

3,955‌

4,061‌

Banc

of

America

Funding

Trust,

Series

2015-R2,

Class

9A1

(LIBOR

USD

1-Month

plus

0.22%)

0.36%

03/27/36

1,2

112,350‌

113,219‌

Bear

Stearns

ALT-A

Trust,

Series

2004-12,

Class

1M1

(LIBOR

USD

1-Month

plus

0.93%)

1.08%

01/25/35

2

3,655,499‌

3,612,647‌

Bear

Stearns

Asset-Backed

Securities

I

Trust,

Series

2005-HE12,

Class

M2

(LIBOR

USD

1-Month

plus

0.75%)

0.90%

12/25/35

2

1,058,813‌

1,052,133‌

Chevy

Chase

Mortgage

Funding

LLC,

Mortgage-Backed

Certificates,

Series

2005-2A,

Class

A1

(LIBOR

USD

1-Month

plus

0.18%)

0.33%

05/25/36

1,2

59,177‌

54,875‌

Citigroup

Mortgage

Loan

Trust,

Inc.,

Series

2004-HYB1,

Class

A41

2.48%

02/25/34

4

6,866‌

6,823‌

Conseco

Finance

Corp.,

Series

1996-7,

Class

M1

7.70%

09/15/26

4

71,063‌

72,815‌

Conseco

Finance

Corp.,

Series

1998-4,

Class

A5

6.18%

04/01/30

51,143‌

51,182‌

Conseco

Finance

Corp.,

Series

1998-6,

Class

A8

6.66%

06/01/30

4

52,776‌

53,372‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Countrywide

Home

Loan

Mortgage

Pass-Through

Trust,

Series

2004-14,

Class

4A1

2.66%

08/25/34

4

$

74,335‌

$

71,523‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2003-CB3,

Class

AF1

(STEP-reset

date

02/25/21)

3.38%

12/25/32

643,007‌

650,433‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2006-CB2,

Class

AF4

(STEP-reset

date

02/25/21)

3.18%

12/25/36

410,770‌

407,497‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2007-CB5,

Class

A1

(LIBOR

USD

1-Month

plus

0.06%)

0.21%

04/25/37

2

122,761‌

92,099‌

Credit-Based

Asset

Servicing

and

Securitization

LLC,

Series

2007-CB5,

Class

A3

(LIBOR

USD

1-Month

plus

0.25%)

0.40%

04/25/37

2

1,458,723‌

1,127,049‌

First

Franklin

Mortgage

Loan

Trust,

Series

2005-FFH4,

Class

M1

(LIBOR

USD

1-Month

plus

0.72%)

0.87%

12/25/35

2

1,617,283‌

1,619,585‌

First

Horizon

Alternative

Mortgage

Securities

Trust,

Series

2004-AA3,

Class

A1

2.44%

09/25/34

4

81,878‌

80,309‌

GSR

Mortgage

Loan

Trust,

Series

2004-9,

Class

5A7

2.94%

08/25/34

4

30,408‌

30,156‌

HarborView

Mortgage

Loan

Trust,

Series

2007-7,

Class

2A1A

(LIBOR

USD

1-Month

plus

1.00%)

1.15%

10/25/37

2

2,267,548‌

2,279,100‌

HomeBanc

Mortgage

Trust,

Series

2005-4,

Class

A1

(LIBOR

USD

1-Month

plus

0.54%)

0.69%

10/25/35

2

30,528‌

30,706‌

HSI

Asset

Securitization

Corp.

Trust,

Series

2005-OPT1,

Class

M1

(LIBOR

USD

1-Month

plus

0.63%)

0.78%

11/25/35

2

356,351‌

354,475‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2004-AR7,

Class

A2

(LIBOR

USD

1-Month

plus

0.86%)

1.01%

09/25/34

2

9,962‌

9,498‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2004-AR8,

Class

2A2A

(LIBOR

USD

1-Month

plus

0.80%)

0.95%

11/25/34

2

29,131‌

27,652‌

IndyMac

Index

Mortgage

Loan

Trust,

Series

2007-AR11,

Class

1A1

3.05%

06/25/37

4

644,943‌

628,238‌

IndyMac

Manufactured

Housing

Contract

Pass-Through

Certificates,

Series

1997-1,

Class

A3

6.61%

02/25/28

55,470‌

56,082‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

10

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

IndyMac

Manufactured

Housing

Contract

Pass-Through

Certificates,

Series

1997-1,

Class

A4

6.75%

02/25/28

$

14,767‌

$

14,940‌

IndyMac

Manufactured

Housing

Contract

Pass-Through

Certificates,

Series

1998-1,

Class

A4

6.49%

09/25/28

81,792‌

84,861‌

JPMorgan

Mortgage

Acquisition

Trust,

Series

2006-CH1,

Class

M2

(LIBOR

USD

1-Month

plus

0.29%)

0.44%

07/25/36

2

3,745,000‌

3,695,233‌

JPMorgan

Mortgage

Trust,

Series

2007-A3,

Class

3A2

3.80%

05/25/37

4

166,388‌

166,432‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2003-6,

Class

4A2

2.54%

01/25/34

4

76,548‌

81,099‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2004-5,

Class

3A1

4.13%

06/25/34

4

1,788‌

1,857‌

MASTR

Adjustable

Rate

Mortgages

Trust,

Series

2007-HF2,

Class

A1

(LIBOR

USD

1-Month

plus

0.31%)

0.46%

09/25/37

2

1,894,220‌

1,852,144‌

MASTR

Seasoned

Securitization

Trust,

Series

2004-1,

Class

4A1

2.69%

10/25/32

4

7,342‌

7,444‌

MASTR

Seasoned

Securitization

Trust,

Series

2005-1,

Class

4A1

2.73%

10/25/32

4

19,049‌

19,372‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-3,

Class

A2C

(LIBOR

USD

1-Month

plus

0.18%)

0.33%

06/25/37

2

413,569‌

297,088‌

Merrill

Lynch

First

Franklin

Mortgage

Loan

Trust,

Series

2007-3,

Class

A2D

(LIBOR

USD

1-Month

plus

0.25%)

0.40%

06/25/37

2

764,265‌

714,981‌

Mid-State

Capital

Corp.

Trust,

Series

2004-1,

Class

A

6.01%

08/15/37

214,007‌

228,780‌

Mid-State

Capital

Corp.

Trust,

Series

2004-1,

Class

B

8.90%

08/15/37

293,736‌

332,786‌

Mid-State

Capital

Corp.

Trust,

Series

2004-1,

Class

M1

6.50%

08/15/37

209,811‌

222,408‌

Mid-State

Capital

Corp.

Trust,

Series

2005-1,

Class

M2

7.08%

01/15/40

402,667‌

453,633‌

Mid-State

Trust

XI,

Series

11,

Class

A1

4.86%

07/15/38

541,285‌

580,989‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Morgan

Stanley

ABS

Capital

I

Trust,

Series

2004-NC7,

Class

M2

(LIBOR

USD

1-Month

plus

0.93%)

1.08%

07/25/34

2

$

152,560‌

$

149,852‌

Nationstar

Home

Equity

Loan

Trust,

Series

2007-B,

Class

1AV1

(LIBOR

USD

1-Month

plus

0.22%)

0.37%

04/25/37

2

3,903,159‌

3,864,625‌

New

Century

Home

Equity

Loan

Trust,

Series

2005-1,

Class

M1

(LIBOR

USD

1-Month

plus

0.68%)

0.82%

03/25/35

2

4,513,149‌

4,482,673‌

New

Century

Home

Equity

Loan

Trust,

Series

2005-D,

Class

A1

(LIBOR

USD

1-Month

plus

0.22%)

0.37%

02/25/36

2

2,603,572‌

2,590,533‌

New

York

Mortgage

Trust,

Series

2005-3,

Class

A1

(LIBOR

USD

1-Month

plus

0.48%)

0.63%

02/25/36

2

763,815‌

754,975‌

Nomura

Resecuritization

Trust,

Series

2014-7R,

Class

2A3

(LIBOR

USD

1-Month

plus

0.20%)

0.35%

12/26/35

1,2

122,629‌

122,973‌

Option

One

Mortgage

Loan

Trust,

Series

2005-2,

Class

M1

(LIBOR

USD

1-Month

plus

0.66%)

0.81%

05/25/35

2

114,484‌

114,455‌

RBSSP

Resecuritization

Trust,

Series

2009-12,

Class

17A2

2.37%

10/25/35

1,4

3,028,742‌

2,981,672‌

Residential

Asset

Mortgage

Products

Trust,

Series

2003-SL1,

Class

A41

8.00%

04/25/31

22,130‌

22,621‌

Residential

Asset

Mortgage

Products

Trust,

Series

2004-SL1,

Class

A7

7.00%

11/25/31

9,556‌

10,112‌

Residential

Asset

Mortgage

Products

Trust,

Series

2006-NC1,

Class

A3

(LIBOR

USD

1-Month

plus

0.60%)

0.75%

01/25/36

2

1,252,707‌

1,246,294‌

Residential

Asset

Securities

Corp.,

Series

2005-AHL3,

Class

A3

(LIBOR

USD

1-Month

plus

0.68%)

0.83%

11/25/35

2

47,291‌

47,102‌

Residential

Asset

Securitization

Trust,

Series

2004-IP2,

Class

2A1

3.12%

12/25/34

4

13,586‌

13,518‌

Structured

Adjustable

Rate

Mortgage

Loan

Trust,

Series

2004-15,

Class

A

2.95%

10/25/34

4

820,196‌

785,334‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2005-AR1,

Class

A1

(LIBOR

USD

1-Month

plus

0.48%)

0.63%

04/19/35

2

509,873‌

509,589‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

11

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

Non-Agency

Mortgage-Backed

(continued)

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2005-AR8,

Class

A2

(Federal

Reserve

US

12-Month

Cumulative

Average

plus

1.48%)

3.63%

02/25/36

2

$

477,045‌

$

464,406‌

Structured

Asset

Mortgage

Investments

II

Trust,

Series

2006-AR3,

Class

22A1

2.88%

05/25/36

4

1,947,077‌

1,196,052‌

WaMu

Mortgage

Pass-Through

Certificates,

Series

2005-AR13,

Class

A1A3

(LIBOR

USD

1-Month

plus

1.56%)

1.71%

10/25/45

2

711,898‌

724,081‌

44,334,979‌

U.S.

Agency

Commercial

Mortgage-Backed

—

0.04%

Fannie

Mae-Aces,

Series

2015-M4,

Class

X2

(IO)

0.38%

07/25/22

4

82,334,608‌

229,166‌

Freddie

Mac

Multifamily

Structured

Pass-Through

Certificates,

Series

K021,

Class

A2

2.40%

06/25/22

105,000‌

107,860‌

337,026‌

U.S.

Agency

Mortgage-Backed

—

9.99%

Fannie

Mae

Pool

253974

7.00%

08/01/31

1,294‌

1,457‌

Fannie

Mae

Pool

254232

6.50%

03/01/22

585‌

597‌

Fannie

Mae

Pool

527247

7.00%

09/01/26

15‌

16‌

Fannie

Mae

Pool

545191

7.00%

09/01/31

661‌

762‌

Fannie

Mae

Pool

545646

7.00%

09/01/26

8‌

9‌

Fannie

Mae

Pool

549740

6.50%

10/01/27

3,460‌

3,879‌

Fannie

Mae

Pool

606108

7.00%

03/01/31

356‌

360‌

Fannie

Mae

Pool

630599

7.00%

05/01/32

3,242‌

3,790‌

Fannie

Mae

Pool

655928

7.00%

08/01/32

2,416‌

2,910‌

Fannie

Mae

Pool

735207

7.00%

04/01/34

919‌

1,090‌

Fannie

Mae

Pool

735686

6.50%

12/01/22

168‌

172‌

Fannie

Mae

Pool

735861

6.50%

09/01/33

58,008‌

64,985‌

Fannie

Mae

Pool

764388

(LIBOR

USD

6-Month

plus

1.38%)

2.26%

03/01/34

2

7,646‌

7,714‌

Fannie

Mae

Pool

776708

5.00%

05/01/34

94,731‌

110,033‌

Fannie

Mae

Pool

817611

(LIBOR

USD

6-Month

plus

1.58%)

1.95%

11/01/35

2

6,138‌

6,213‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

Pool

844773

(LIBOR

USD

12-Month

plus

1.59%)

1.99%

12/01/35

2

$

8,418‌

$

8,463‌

Fannie

Mae

Pool

889184

5.50%

09/01/36

76,842‌

89,786‌

Fannie

Mae

Pool

890221

5.50%

12/01/33

117,623‌

136,292‌

Fannie

Mae

Pool

918445

(LIBOR

USD

12-Month

plus

1.57%)

3.57%

05/01/37

2

497‌

521‌

Fannie

Mae

Pool

939419

(LIBOR

USD

12-Month

plus

1.26%)

3.02%

05/01/37

2

22,014‌

22,215‌

Fannie

Mae

Pool

AL0209

4.50%

05/01/41

306,829‌

351,762‌

Fannie

Mae

Pool

AM8645

2.69%

05/01/27

97,439‌

107,089‌

Fannie

Mae

Pool

AN2786

2.76%

09/01/36

48,990‌

54,707‌

Fannie

Mae

Pool

BL6060

2.46%

04/01/40

1,160,000‌

1,252,989‌

Fannie

Mae

Pool

CA1710

4.50%

05/01/48

20,731‌

22,504‌

Fannie

Mae

Pool

CA1711

4.50%

05/01/48

1,489,322‌

1,619,462‌

Fannie

Mae

Pool

CA2208

4.50%

08/01/48

20,910‌

22,707‌

Fannie

Mae

Pool

FM2318

3.50%

09/01/49

1,917,481‌

2,076,605‌

Fannie

Mae

Pool

FN0039

3.18%

09/01/27

4

35,829‌

40,376‌

Fannie

Mae

Pool

MA1527

3.00%

08/01/33

22,554‌

24,021‌

Fannie

Mae

Pool

MA1561

3.00%

09/01/33

1,248,389‌

1,329,580‌

Fannie

Mae

Pool

MA1608

3.50%

10/01/33

1,124,356‌

1,216,148‌

Fannie

Mae

Pool

MA3427

4.00%

07/01/33

17,868‌

18,986‌

Fannie

Mae

Pool

MA3537

4.50%

12/01/48

1,658,041‌

1,794,894‌

Fannie

Mae

Pool

MA3811

3.00%

10/01/49

1,611,898‌

1,659,178‌

Fannie

Mae

Pool

MA4152

2.00%

10/01/40

3,411,977‌

3,549,677‌

Fannie

Mae

REMICS,

Series

1993-80,

Class

S

(-1.22

X

LIBOR

USD

1-Month

plus

10.88%,

10.88%

Cap)

10.70%

05/25/23

2

1,108‌

1,214‌

Fannie

Mae

REMICS,

Series

2001-52,

Class

YZ

6.50%

10/25/31

117,927‌

138,857‌

Fannie

Mae

REMICS,

Series

2003-124,

Class

TS

(-14.00

X

LIBOR

USD

1-Month

plus

100.80%,

9.80%

Cap)

9.80%

01/25/34

2

3,882‌

4,671‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

12

/

December

2020

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Fannie

Mae

REMICS,

Series

2007-64,

Class

FA

(LIBOR

USD

1-Month

plus

0.47%)

0.62%

07/25/37

2

$

53,588‌

$

54,127‌

Fannie

Mae

REMICS,

Series

2008-50,

Class

SA

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.05%,

6.05%

Cap)

5.90%

11/25/36

2

936,989‌

190,960‌

Fannie

Mae

REMICS,

Series

2018-38,

Class

PA

3.50%

06/25/47

11,386‌

11,867‌

Fannie

Mae

REMICS,

Series

2018-43,

Class

CT

3.00%

06/25/48

538,630‌

571,883‌

Fannie

Mae

REMICS,

Series

2018-55,

Class

PA

3.50%

01/25/47

109,751‌

114,039‌

Fannie

Mae

REMICS,

Series

2018-86,

Class

JA

4.00%

05/25/47

693,512‌

720,326‌

Fannie

Mae

Trust,

Series

2003-W6,

Class

5T

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

8.15%,

0.55%

Cap)

0.55%

09/25/42

2

8,942,453‌

137,421‌

Freddie

Mac

Gold

Pool

A25162

5.50%

05/01/34

96,537‌

111,894‌

Freddie

Mac

Gold

Pool

A33262

5.50%

02/01/35

33,590‌

39,504‌

Freddie

Mac

Gold

Pool

A68781

5.50%

10/01/37

6,131‌

7,155‌

Freddie

Mac

Gold

Pool

C03813

3.50%

04/01/42

773,435‌

845,518‌

Freddie

Mac

Gold

Pool

C90504

6.50%

12/01/21

61‌

62‌

Freddie

Mac

Gold

Pool

G01548

7.50%

07/01/32

221,082‌

270,876‌

Freddie

Mac

Gold

Pool

G01644

5.50%

02/01/34

59,278‌

69,187‌

Freddie

Mac

Gold

Pool

G02366

6.50%

10/01/36

48,216‌

57,665‌

Freddie

Mac

Gold

Pool

G08844

5.00%

10/01/48

454,778‌

503,966‌

Freddie

Mac

Gold

Pool

G12393

5.50%

10/01/21

1,115‌

1,119‌

Freddie

Mac

Gold

Pool

G12909

6.00%

11/01/22

23,946‌

24,777‌

Freddie

Mac

Gold

Pool

G13032

6.00%

09/01/22

4,568‌

4,634‌

Freddie

Mac

Gold

Pool

G15897

2.50%

09/01/31

31,158‌

33,065‌

Freddie

Mac

Gold

Pool

G16085

2.50%

02/01/32

1,874,382‌

1,995,031‌

Freddie

Mac

Gold

Pool

G16524

3.50%

05/01/33

75,787‌

81,858‌

Freddie

Mac

Gold

Pool

G16756

3.50%

01/01/34

1,591,397‌

1,718,186‌

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

Freddie

Mac

Gold

Pool

G18581

2.50%

01/01/31

$

33,734‌

$

35,363‌

Freddie

Mac

Gold

Pool

J06246

5.50%

10/01/21

819‌

823‌

Freddie

Mac

Pool

SD7503

3.50%

08/01/49

5,383,493‌

5,829,452‌

Freddie

Mac

REMICS,

Series

1602,

Class

SN

(-4.25

X

PRIME

plus

46.22%,

10.09%

Cap)

10.09%

10/15/23

2

6,147‌

6,542‌

Freddie

Mac

REMICS,

Series

2174,

Class

PN

6.00%

07/15/29

22,616‌

25,518‌

Freddie

Mac

REMICS,

Series

3460,

Class

SA

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.20%,

6.20%

Cap)

6.04%

06/15/38

2

903,174‌

201,606‌

Freddie

Mac

REMICS,

Series

4030,

Class

HS

(IO)

(-1.00

X

LIBOR

USD

1-Month

plus

6.61%,

6.61%

Cap)

6.45%

04/15/42

2

780,306‌

160,533‌

Ginnie

Mae

(TBA)

2.00%

01/20/51

6,100,000‌

6,377,024‌

2.50%

01/20/51

3,900,000‌

4,128,516‌

Ginnie

Mae

I

Pool

782810

4.50%

11/15/39

657,084‌

748,450‌

Ginnie

Mae

II

Pool

80968

(US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

plus

1.50%)

2.25%

07/20/34

2

15,919‌

16,597‌

Ginnie

Mae

II

Pool

MA4454

5.00%

05/20/47

30,098‌

33,168‌

Ginnie

Mae

II

Pool

MA4511

4.00%

06/20/47

8,838‌

9,541‌

Ginnie

Mae

II

Pool

MA4588

4.50%

07/20/47

311,623‌

340,253‌

Ginnie

Mae

II

Pool

MA4589

5.00%

07/20/47

1,643,633‌

1,827,543‌

Ginnie

Mae

II

Pool

MA4838

4.00%

11/20/47

836,620‌

903,715‌

Ginnie

Mae

II

Pool

MA4901

4.00%

12/20/47

676,127‌

729,514‌

Ginnie

Mae

II

Pool

MA5399

4.50%

08/20/48

947,728‌

1,024,432‌

Ginnie

Mae

II

Pool

MA5530

5.00%

10/20/48

12,865‌

14,103‌

Ginnie

Mae

II

Pool

MA6030

3.50%

07/20/49

263,301‌

271,884‌

Ginnie

Mae

II

Pool

MA6080

3.00%

08/20/49

106,897‌

109,561‌

Ginnie

Mae

II

Pool

MA6209

3.00%

10/20/49

1,846,649‌

1,907,226‌

Ginnie

Mae,

Series

2004-8,

Class

SE

(-2.00

X

LIBOR

USD

1-Month

plus

14.30%,

14.30%

Cap)

14.00%

11/26/23

2

10,651‌

12,162‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

13

Issues

Maturity

Date

Principal

Amount

Value

MORTGAGE-BACKED

(continued)

U.S.

Agency

Mortgage-Backed

(continued)

UMBS

(TBA)

1.50%

01/01/36

$

175,000‌

$

180,072‌

2.00%

01/01/51

17,025,000‌

17,692,699‌

2.00%

02/01/51

5,525,000‌

5,732,835‌

2.50%

01/01/51

2,350,000‌

2,477,414‌

2.50%

02/01/51

2,875,000‌

3,026,050‌

77,134,407‌

Total

Mortgage-Backed

(Cost

$136,414,121)

139,763,583‌

MUNICIPAL

BONDS

—

1.34%*  

California

—

0.33%

City

of

San

Francisco

Public

Utilities

Commission

Water

Revenue

Bonds,

Series

G

2.19%

11/01/32

795,000‌

826,938‌

Los

Angeles

Department

of

Airports

Revenue

Bonds,

Port,

Airport

and

Marina

Improvements,

Series

A

5.00%

05/15/36

325,000‌

411,788‌

Los

Angeles

Department

of

Water

&

Power

Power

System

Revenue,

Taxable

Bonds,

Electric

Light

&

Power

Improvements,

Series

C

5.52%

07/01/27

50,000‌

63,588‌

Los

Angeles

Unified

School

District,

Build

America

Taxable

Bonds,

School

Improvements,

Series

KR

5.75%

07/01/34

875,000‌

1,235,588‌

2,537,902‌

Florida

—

0.13%

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

C

4.06%

10/01/31

280,000‌

315,177‌

County

of

Miami-Dade

Aviation

Revenue

Bonds,

Airport

and

Marina

Improvements,

Series

D

3.50%

10/01/31

245,000‌

266,582‌

Greater

Orlando

Aviation

Authority,

Port,

Airport

and

Marina

Improvements,

Series

A

5.00%

10/01/44

330,000‌

409,200‌

990,959‌

Georgia

—

0.11%

City

of

Atlanta

Water

&

Wastewater

Revenue

Bonds

2.26%

11/01/35

810,000‌

849,718‌

Massachusetts

—

0.11%

Massachusetts

School

Building

Authority

Revenue

Bonds,

Series

B

2.87%

10/15/31

765,000‌

824,962‌

New

York

—

0.66%

Metropolitan

Transportation

Authority,

Build

America

Bonds,

Transit

Improvements

6.55%

11/15/31

25,000‌

30,847‌

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue

Bonds,

Public

Improvements,

Series

B-1

4.00%

08/01/38

800,000‌

920,184‌

Issues

Maturity

Date

Principal

Amount

Value

MUNICIPAL

BONDS

(continued)

New

York

(continued)

New

York

City

Transitional

Finance

Authority

Revenue,

Future

Tax

Secured

Revenue,

Qualified

School

Construction

Bonds,

School

Improvements,

Series

G-3

5.27%

05/01/27

$

1,465,000‌

$

1,823,383‌

New

York

State

Dormitory

Authority

Revenue

Bonds,

School

Improvements,

Series

A

5.00%

03/15/47

640,000‌

797,344‌

New

York

State

Dormitory

Authority,

Build

America

Bonds,

University

&

College

Improvements,

Series

D

5.50%

03/15/30

70,000‌

85,868‌

New

York

State

Dormitory

Authority,

Taxable

Bonds,

Transit

Improvements,

Series

F

3.03%

02/15/33

1,245,000‌

1,412,863‌

5,070,489‌

Pennsylvania

—

0.00%

Pennsylvania

Economic

Development

Financing

Authority,

Taxable

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

B

3.20%

11/15/27

40,000‌

43,201‌

Washington

—

0.00%

State

of

Washington,

Build

America

Bonds,

Highway

Improvements

5.04%

08/01/31

40,000‌

50,831‌

Total

Municipal

Bonds

(Cost

$9,674,989)

10,368,062‌

U.S.

AGENCY

SECURITIES

—

0.03%  

U.S.

Agency

Securities

—

0.03%

Resolution

Funding

Corp.

(Strip

Principal)

(PO)

0.00%

01/15/21

7

230,000‌

229,996‌

Total

U.S.

Agency

Securities

(Cost

$229,838)

U.S.

TREASURY

SECURITIES

—

47.04%  

U.S.

Treasury

Notes

—

47.04%

U.S.

Treasury

Notes

0.13%

10/31/22

110,705,000‌

110,717,973‌

0.13%

11/30/22

90,300,000‌

90,310,582‌

0.38%

11/30/25

85,865,000‌

85,989,102‌

0.38%

12/31/25

67,105,000‌

67,160,047‌

U.S.

Treasury

Notes

(WI)

0.88%

11/15/30

9,111,000‌

9,081,816‌

Total

U.S.

Treasury

Securities

(Cost

$362,910,559)

363,259,520‌

Total

Bonds

—

102.08%

(Cost

$769,760,735)

788,251,133‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

14

/

December

2020

SIGNIFICANT

ACCOUNTING

POLICIES

The

following

is

a

summary

of

significant

accounting

policies

consistently

followed

by

the

Fund:

Net

Asset

Value:

The

Net

Asset

Value

(“NAV”)

of

each

class

of

the

Fund

is

determined

by

dividing

the

net

assets

attributable

to

each

class

of

shares

of

the

Fund

by

the

number

of

issued

and

outstanding

shares

of

the

class

of

the

Fund

on

each

business

day

as

of

4

p.m.

ET.

Security

Valuation:

Fixed

income

securities

for

which

market

quotations

are

readily

available

are

valued

at

prices

as

provided

by

independent

pricing

vendors

or

broker

quotes.

The

Fund

receives

pricing

information

from

independent

pricing

vendors

approved

by

the

Board

of

Trustees

(the

“Board”

or

the

“Board

of

Trustees”).

Securities

with

a

demand

feature

exercisable

within

one

to

seven

days

are

valued

at

par.

The

Issues

Shares

Value

COMMON

STOCK

—

0.00%

Electric

—

0.00%

Homer

City

Holdings

LLC

†,5,8,9

8,014

$

—‌

Total

Common

Stock

(Cost

$457,400)

Issues

Maturity

Date

Principal

Amount

/

Shares

Value

SHORT-TERM

INVESTMENTS

—

0.00%

Money

Market

Funds

—

0.00%

Fidelity

Investments

Money

Market

Funds

-

Government

Portfolio

0.01%

10,11

24,528‌

24,528‌

Total

Short-Term

Investments

(Cost

$24,528)

Total

Investments

-

102.08%

(Cost

$770,242,663)

788,275,661

Liabilities

in

Excess

of

Other

Assets

-

(2.08)%

(16,042,724‌)

Net

Assets

-

100.00%

$

772,232,937‌

1

Securities

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

The

securities

may

be

resold

in

transactions

exempt

from

registration,

normally

to

qualified

institutional

buyers.

2

Floating

rate

security.

The

rate

disclosed

was

in

effect

at

December

31,

2020.

3

U.S.

dollar-denominated

security

issued

by

foreign-domiciled

entity.

4

Variable

rate

security.

Interest

rate

disclosed

is

as

of

the

most

recent

information

available.

Certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

5

Non-income producing

security.

6

Security

is

currently

in

default

with

regard

to

scheduled

interest

or

principal

payments.

7

Zero

coupon

bond.

The

rate

shown

is

the

effective

yield

as

of

December

31,

2020.

8

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

9

Illiquid

security

as

determined

under

procedures

approved

by

the

Board

of

Trustees.

The

aggregate

value

of

illiquid

securities

is

$0,

which

is

0.00%

of

total

net

assets.

10

Represents

the

current

yield

as

of

December

31,

2020.

11

Securities,

or

a

portion

thereof,

pledged

as

collateral

for

swaps.

The

total

market

value

of

collateral

pledged

is

$34.

†

Fair

valued

security.

The

aggregate

value

of

fair

valued

securities

is

$0,

which

is

0.00%

of

total

net

assets.

Fair

valued

securities

are

not

valued

utilizing

an

independent

quote

but

were

valued

pursuant

to

guidelines

established

by

the

Board

of

Trustees.

This

figure

represents

securities

that

are

priced

using

a

benchmark

pricing

system

and

securities

that

have

been

deemed

permanently

stale.

See

Notes

to

Financial

Statements.

*

Securities

with

a

call

or

reset

feature

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity.

**

Securities

backed

by

mortgage

or

consumer

loans

where

payment

is

periodically

made

will

have

an

effective

maturity

date

sooner

than

the

stated

maturity

date.

Note:

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

for

more

meaningful

presentation

for

investors.

(CLO):

Collateralized

Loan

Obligation

(IO):

Interest

Only

(LIBOR):

London

InterBank

Offer

Rate

(MTN):

Medium-Term

Note

(PO):

Principal

Only

(STEP):

Step

Coupon

Bond

(TBA):

To-Be-Announced

(USD):

U.S.

Dollar

(WI):

When

Issued

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

FUTURES

CONTRACTS:

LONG

POSITIONS

U.S.

Treasury

Five

Year

Note

296

03/31/21

$

37,344,563‌

$

55,213‌

$

55,213‌

U.S.

Treasury

Two

Year

Note

131

03/31/21

28,947,930‌

3,578‌

3,578‌

66,292,493‌

58,791‌

58,791‌

FUTURES

CONTRACTS:

SHORT

POSITIONS

U.S.

Treasury

Ten

Year

Ultra

Bond

65

03/22/21

(10,163,359‌)

42,688‌

42,688‌

U.S.

Treasury

Ultra

Bond

21

03/22/21

(4,484,813‌)

27,081‌

27,081‌

(14,648,172‌)

69,769‌

69,769‌

TOTAL

FUTURES

CONTRACTS

$

51,644,321‌

$

128,560‌

$

128,560‌

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

December

2020

/

15

Fund

also

uses

a

benchmark

pricing

system

to

the

extent

vendors’

prices

for

their

securities

are

either

inaccurate

(such

as

when

the

reported

prices

are

different

from

recent

known

market

transactions)

or

are

not

available

from

another

pricing

source.

For

a

security

priced

using

this

system,

the

Adviser

initially

selects

a

proxy

composed

of

a

relevant

security

(e.g.,

U.S.

Treasury

Note)

or

benchmark

(e.g.,

LIBOR)

and

a

multiplier,

divisor

or

margin

that

the

Adviser

believes

would

together

best

reflect

changes

in

the

market

value

of

the

security.

The

value

of

the

security

changes

daily

based

on

changes

to

the

market

price

of

the

assigned

benchmark.

The

benchmark

pricing

system

is

continuously

reviewed

by

the

Adviser

and

implemented

according

to

the

pricing

policy

reviewed

by

the

Board.

S&P

500

Index

futures

contracts

are

valued

at

the

first

sale

price

after

4

p.m.

ET

on

the

Chicago

Mercantile

Exchange.

All

other

futures

contracts

are

valued

at

the

official

settlement

price

of

the

exchange

on

which

those

securities

are

traded.

Equity

securities,

including

depository

receipts,

are

valued

at

the

last

reported

sale

price

or

the

market’s

closing

price

on

the

exchange

or

market

on

which

such

securities

are

traded,

as

of

the

close

of

business

on

the

day

the

securities

are

being

valued

or,

lacking

any

sales,

at

the

average

of

the

bid

and

asked

prices.

In

cases

where

equity

securities

are

traded

on

more

than

one

exchange,

the

securities

are

valued

on

the

exchange

or

market

determined

by

the

Adviser

to

be

the

broadest

and

most

representative

market,

which

may

be

either

a

securities

exchange

or

the

over-the-counter

market.

Equity

options

are

valued

at

the

average

of

the

bid

and

asked

prices.

Securities

and

other

assets

that

cannot

be

valued

as

described

above

will

be

valued

at

their

fair

value

as

determined

by

the

Adviser

under

guidelines

established

by

and

under

the

general

supervision

and

responsibility

of

the

Board.

Investments

in

registered

open-ended

investment

companies,

including

those

classified

as

money

market

funds,

are

valued

based

upon

the

reported

NAV

of

such

investments.

Fair

value

methods

approved

by

the

Board

of

Trustees

include,

but

are

not

limited

to,

obtaining

market

quotations

from

secondary

pricing

services,

broker-dealers,

or

widely

used

quotation

systems.

General

factors

considered

in

determining

the

fair

value

of

securities

include

fundamental

analytical

data,

the

nature

and

duration

of

any

restrictions

on

disposition

of

the

securities,

and

an

evaluation

of

the

forces

that

influenced

the

market

in

which

the

investments

are

purchased

and

sold.

These

securities

are

either

categorized

as

Level

2

or

3

depending

on

the

relevant

inputs

used.

In

the

event

that

the

security

or

asset

cannot

be

valued

pursuant

to

one

of

the

valuation

methods

established

by

the

Board,

the

value

of

the

security

or

asset

will

be

determined

in

good

faith

by

the

Pricing

Committee

of

the

Board,

generally

based

upon

recommendation

provided

by

the

Adviser.

When

the

Fund

uses

these

fair

valuation

methods

applied

by

the

Adviser

that

use

significant

unobservable

inputs

to

determine

its

NAV,

securities

will

be

priced

by

a

method

that

the

Board

or

persons

acting

at

their

direction

believe

accurately

reflect

fair

value

and

are

categorized

as

Level

3

of

the

fair

value

hierarchy.

These

methods

may

require

subjective

determinations

about

the

value

of

a

security.

While

the

Fund’s

policy

is

intended

to

result

in

a

calculation

of

its

NAV

that

fairly

reflects

security

values

as

of

the

time

of

pricing,

the

Fund

cannot

guarantee

that

values

determined

by

the

Board

or

persons

acting

at

their

direction

would

accurately

reflect

the

price

that

the

Fund

could

obtain

for

a

security

if

it

were

to

dispose

of

that

security

as

of

the

time

of

pricing

(for

instance,

in

a

forced

or

distressed

sale).

The

prices

used

by

the

Fund

may

differ

from

the

value

that

would

be

realized

if

the

securities

were

sold.

Fair

Value

Measurements:

Various

inputs

are

used

in

determining

the

fair

value

of

investments,

which

are

as

follows:

*

Level

1

-

unadjusted

quoted

prices

in

active

markets

for

identical

securities

*

Level

2

-

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

*

Level

3

-

significant

unobservable

inputs

that

are

not

corroborated

by

observable

market

data

The

inputs

or

methodology

used

for

valuing

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

investments

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

measurement

in

its

entirety

requires

judgment

and

consideration

of

factors

specific

to

each

security.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

In

periods

of

market

dislocation,

the

observability

of

prices

and

inputs

may

be

reduced

for

many

instruments.

This

condition,

as

well

as

changes

related

to

liquidity

of

investments,

could

cause

a

security

to

be

reclassified

between

Level

1,

Level

2,

or

Level

3.

Intermediate

Bond

Fund

Schedule

of

Portfolio

Investments

December

31,

2020

(Unaudited)

16

/

December

2020

In

certain

cases,

the

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

summary

of

inputs

used

to

value

the

Fund’s

investments

and

other

financial

instruments

carried

at

fair

value

as

of

December

31,

2020

is

as

follows:

Certain

securities

held

by

the

Funds

are

categorized

as

Level

3

investments.

Their

prices

may

be

derived

by

utilizing

unobservable

prior

transaction

values

or

information

from

third

party

valuation

services.

The

value

of

Level

3

investments

could

be

significantly

affected

by

changes

in

these

unobservable

inputs.

For

the

period

ended

December

31,

2020

,

a

reconciliation

of

Level

3

investments

is

presented

when

the

Fund

had

a

significant

amount

of

Level

3

investments

at

the

beginning

and/or

end

of

the

period

in

relation

to

net

assets.

The

following

table

is

a

reconciliation

of

Level

3

investments

for

which

significant

unobservable

inputs

were

used

in

determining

fair

value:

INTERMEDIATE

BOND

FUND

LEVEL

1

LEVEL

2

LEVEL

3

TOTAL

Investments

in

Securities

Assets:

Short-Term

Investments:

Money

Market

Funds

$

24,528‌

$

—‌

$

—‌

$

24,528‌

Long-Term

Investments:

Asset-Backed

Securities

—‌

51,987,222‌

—‌

51,987,222‌

Bank

Loans

—‌

8,931,149‌

—‌

8,931,149‌

Common

Stock

—‌

—‌

—‌

—‌

Corporates

—‌

213,711,601‌

—‌

213,711,601‌

Mortgage-Backed

—‌

139,763,583‌

—‌

139,763,583‌

Municipal

Bonds

—‌

10,368,062‌

—‌

10,368,062‌

U.S.

Agency

Securities

—‌

229,996‌

—‌

229,996‌

U.S.

Treasury

Securities

363,259,520‌

—‌

—‌

363,259,520‌

Other

Financial

Instruments

*

Assets:

Interest

rate

contracts

128,560‌

—‌

—‌

128,560‌

Total

$

363,412,608‌

$

424,991,613‌

$

—‌

$

788,404,221‌

*Other

financial

instruments

include

futures.

Interest

rate

contracts

include

futures.

INTERMEDIATE

BOND

FUND

COMMON

STOCK

Balance

as

of

April

1,

2020

$

441‌

Accrued

discounts/premiums

—‌

Realized

gain/(loss)

—‌

Change

in

unrealized

(depreciation)*

(441‌)

Purchases

—‌

Sales

—‌

Transfers

into

Level

3**

—‌

Transfers

out

of

Level

3**

—‌

Balance

as

of

December

31,

2020

$

—‌

*The

change

in

unrealized

appreciation/(depreciation)

on

securities

still

held

at

December

31,

2020

was

$(441)

and

is

included

in

the

related

net

realized

gains/(losses)

and

net

change

in

appreciation/(depreciation)

in

the

Statements

of

Operations.

**There

were

no

transfers

between

level

2

and

3

for

the

period

ended

December

31,

2020.